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
SMBlackRock 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, 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 03/31/2024
Date of reporting period: 03/31/2024
Item 1 – Report to Stockholders
(a) The Report to Shareholders is attached herewith.
(b) Not Applicable
MARCH
31,
2024
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2024
Annual
Report
BlackRock
Funds
SM
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
March
31,
2024.
Higher
interest
rates
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
while
remaining
above
pre-pandemic
levels.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
has
had
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
second
half
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies,
while
small-capitalization
U.S.
stocks’
advance
was
slower
but
still
robust.
Meanwhile,
international
developed
market
equities
also
gained
strongly,
while
emerging
market
stocks
advanced
at
a
more
modest
pace.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
higher
yields
drove
positive
returns
overall
for
10-
year
U.S.
Treasuries
and
solid
gains
in
shorter-duration
U.S.
Treasuries.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
twice
during
the
12-month
period,
but
paused
its
tightening
after
its
July
meeting.
The
Fed
also
continued
to
reduce
its
balance
sheet
by
not
replacing
some
of
the
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
despite
the
market’s
hopes
for
rapid
interest
rate
cuts,
as
reflected
in
the
ongoing
rally.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
Looking
at
developed
market
stocks,
we
have
an
overweight
stance
on
U.S.
stocks
overall,
particularly
given
the
promise
of
emerging
AI
technologies.
We
are
also
overweight
Japanese
stocks
as
shareholder-friendly
policies
generate
increased
investor
interest,
although
we
maintain
an
underweight
stance
on
European
stocks.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
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
March
31,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
23.48
%
29.88
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
19.94
19.71
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
16.81
15.32
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
10.42
8.15
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.68
5.24
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
4.88
(2.44
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
5.99
1.70
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.48
3.13
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
8.73
11.15
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Money
Market
Overview
..................................................................................................
4
Fund
Information
.......................................................................................................
5
Disclosure
of
Expenses
...................................................................................................
5
Financial
Statements:
Schedule
of
Investments
................................................................................................
6
Statement
of
Assets
and
Liabilities
..........................................................................................
10
Statement
of
Operations
................................................................................................
12
Statements
of
Changes
in
Net
Assets
........................................................................................
13
Financial
Highlights
.....................................................................................................
14
Notes
to
Financial
Statements
...............................................................................................
19
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
25
Important
Tax
Information
.................................................................................................
26
Trustee
and
Officer
Information
..............................................................................................
27
Additional
Information
....................................................................................................
31
Glossary
of
Terms
Used
in
This
Report
.........................................................................................
33
Money
Market
Overview
For
the
12-Month
Period
Ended
on
March
31,
2024
2024
BlackRock
Annual
Report
to
Shareholders
4
During
the
12-month
period
ended
March
31,
2024,
economic
conditions
in
the
United
States
remained
robust
throughout
most
of
the
reporting
period.
The
unemployment
rate
trended
at
low
levels
throughout,
although
edged
up
to
3.8%
in
March
2024.
The
consumer
price
index
(“CPI”)
hit
3.09%
in
January
2023
(the
lowest
rate
since
March
2021)
but
showed
signs
of
potential
reflation,
rising
to
3.2%
by
the
end
of
the
quarter.
The
Federal
Open
Market
Committee
(the
“FOMC”
or
the
“Committee”),
increased
the
range
of
the
federal
funds
target
rate
to
5.25%-5.50%
in
July
2023
and
has
since
left
the
rate
unchanged
to
assess
the
impact
of
policy
firming
on
inflation
and
employment.
The
median
federal
funds
rate
forecast
contained
in
the
Summary
of
Economic
Projections
(“SEP”)
released
in
conjunction
with
the
FOMC
meeting
for
2024
was
unchanged
from
the
December
2023
projection
of
4.60%
and
continued
to
imply,
in
our
estimation,
three
cuts
of
0.25%
in
the
range
for
the
target
rate
for
2024.
The
FOMC
again
noted
it
will
continue
reducing
its
holdings
of
Treasury
securities,
agency
debt
and
agency
mortgage-backed
securities
as
delineated
in
its
Plans
for
Reducing
the
Size
of
the
Federal
Reserve’s
Balance
Sheet
released
in
conjunction
with
the
May
4,
2022,
FOMC
meeting.
In
a
statement
released
in
conjunction
with
the
meeting,
the
Committee
reiterated
that
inflation
“remains
elevated”
while
again
acknowledging
that
it
has
“eased
over
the
past
year.”
The
statement
also
continued
to
recognize
the
“solid
pace”
of
economic
growth.
The
Committee
also
echoed
its
previous
outlook
for
future
interest
rate
actions,
noting
“any
adjustments”
to
the
federal
funds
target
range
would
be
based
on
an
evaluation
of
“incoming
data,
the
evolving
outlook,
and
the
balance
of
risks,”
while
again
acknowledging
that
the
FOMC
“does
not
expect
it
will
be
appropriate
to
reduce
the
target
range
until
it
has
gained
greater
confidence
that
inflation
is
moving
sustainably
toward”
its
2%
target.
Utilization
of
the
Federal
Reserve’s
Reverse
Repo
program
(“RRP”)
decreased
in
2024
as
investors
rotated
out
of
the
RRP
and
into
new
Treasury
supply
and
dealer
repo
rates
remained
more
attractive,
in
our
opinion.
Year
to
date,
balances
held
at
the
RRP
have
fallen
from
$700
billion
to
$594
billion
at
March
month-end.
As
of
March
31,
2024,
Treasury
bill
(“T-bill”)
tenors
between
one-month
and
one-year
traded
between
5.03%
and
5.37%.
For
reference,
T-bills
of
the
same
tenors
traded
between
4.53%
and
4.62%
as
of
March
31,
2023.
Rates
continuously
trended
upward
through
early
2023
and
since
appeared
to
have
leveled
off
with
the
expectation
that
the
Fed
may
have
reached
the
end
of
its
hiking
cycle.
Portfolio
positioning
as
of
March
31,
2024
reflected
our
outlook
that
the
Fed
may
be
considering
holding
interest
rates
higher
for
longer
over
the
coming
months.
The
Fund
has
been
selectively
adding
duration
into
longer-dated
fixed
rate
positions,
resulting
in
a
portfolio
weighted
average
maturity
(“WAM”)
of
42
days.
The
decreased
allocation
to
floating-rate
securities
of
14%
reflects
our
view
that
fixed-rate
investments
may
be
more
attractive
at
this
time.
Portfolio
purchases
over
the
reporting
period
were
primarily
focused
on
U.S.
dollar
denominated
certificate
of
deposits
and
commercial
paper
with
floating
rate
coupons
indexed
to
the
secured
overnight
financing
rate
(“SOFR”)—a
broad
measure
of
the
cost
of
borrowing
cash
overnight
collateralized
by
Treasury
securities—
and
fixed
rate
securities
appropriately
priced
in
line
with
our
expectations
for
the
future
path
of
monetary
policy.
Issuer
and
security
selection
were
consistent
with
the
environmental
focus
of
the
portfolio.
Fund
Information
as
of
March
31,
2024
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
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
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
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
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.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
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
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(10/01/23)
Ending
Account
Value
(03/31/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
1,027.00
$
1.01
$
1,000.00
$
1,024.00
$
1.01
0
.20
%
Premier
..................................
1,000.00
1,027.00
1.01
1,000.00
1,024.00
1.01
0
.20
Service
..................................
1,000.00
1,025.60
2.38
1,000.00
1,022.65
2.38
0
.47
Investor
A
................................
1,000.00
1,025.60
2.48
1,000.00
1,022.55
2.48
0
.49
Investor
C
................................
1,000.00
1,021.40
6.57
1,000.00
1,018.50
6.56
1
.30
(a)
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
183/366
(to
reflect
the
one-half
year
period
shown).
CURRENT
SEVEN-DAY
YIELDS
7-Day
SEC
Yields
7-Day
Yields
Institutional
..............................
5
.31
%
5
.31
%
Premier
................................
5
.31
5
.31
Service
................................
5
.03
5
.03
Investor
A
...............................
5
.02
5
.02
Investor
C
...............................
4
.21
4
.21
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
Repurchase
Agreements
...............................
37
.7
%
Commercial
Paper
...................................
30
.0
Certificates
of
Deposit
.................................
18
.2
Time
Deposits
......................................
6
.8
U.S.
Treasury
Obligations
..............................
2
.3
Municipal
Bonds
....................................
0
.5
U.S.
Government
Sponsored
Agency
Obligations
..............
0
.5
Corporate
Bonds
....................................
0
.2
Other
Assets
Less
Liabilities
............................
3
.8
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
March
31,
2024
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
—
2.1%
Bank
of
America
NA
5.90
%
,
05/14/24
..................
USD
10,000
$
10,000,000
(1-day
SOFR
+
0.64%),
5.97
%
,
07/15/24
(a)
.
5,000
5,000,000
5.75
%
,
11/14/24
..................
12,000
12,000,000
5.15
%
,
01/22/25
..................
6,600
6,600,000
5.22
%
,
02/06/25
..................
5,516
5,516,000
Citibank
NA
5.88
%
,
05/08/24
..................
7,500
7,500,000
5.89
%
,
05/10/24
..................
5,000
5,000,000
5.92
%
,
06/20/24
..................
12,000
12,000,000
63,616,000
Yankee
—
16.1%
(b)
Bank
of
Montreal,
Chicago
5.82
%
,
05/28/24
..................
2,000
2,000,000
5.80
%
,
11/12/24
..................
8,000
8,000,000
5.60
%
,
11/29/24
..................
9,000
9,000,000
5.50
%
,
12/06/24
..................
7,000
7,000,000
Bank
of
Nova
Scotia
(The),
Houston
5.82
%
,
05/28/24
..................
5,000
5,000,000
(1-day
SOFR
+
0.47%),
5.80
%
,
06/03/24
(a)
.
12,000
12,000,000
5.80
%
,
11/08/24
..................
7,000
7,000,000
(1-day
SOFR
+
0.30%),
5.63
%
,
02/21/25
(a)
.
5,750
5,750,000
Barclays
Bank
plc,
New
York
,
5.57
%
,
06/20/24
7,000
7,000,000
BNP
Paribas
SA,
New
York
5.45
%
,
10/01/24
..................
8,000
8,000,000
(1-day
SOFR
+
0.21%),
5.54
%
,
11/26/24
(a)
.
9,000
9,000,000
5.23
%
,
12/18/24
..................
10,000
10,000,000
5.28
%
,
12/31/24
..................
6,000
6,000,000
Canadian
Imperial
Bank
of
Commerce,
New
York
5.90
%
,
06/13/24
..................
11,000
11,000,000
5.17
%
,
02/07/25
..................
11,000
11,000,000
Commonwealth
Bank
of
Australia,
New
York
,
5.70
%
,
11/27/24
..................
10,000
10,000,000
Credit
Agricole
Corporate
&
Investment
Bank
SA,
New
York
5.69
%
,
05/21/24
..................
13,000
13,000,000
5.42
%
,
06/11/24
..................
19,455
19,456,968
5.41
%
,
07/01/24
..................
6,500
6,500,000
Credit
Industriel
et
Commercial,
New
York
(1-day
SOFR
+
0.37%),
5.70
%
,
04/08/24
(a)
.
10,000
10,000,000
5.46
%
,
06/17/24
..................
10,500
10,500,000
DZ
Bank
AG,
New
York
,
5.80
%
,
04/19/24
....
12,000
11,999,973
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
New
York
5.33
%
,
04/02/24
..................
20,000
20,000,000
(1-day
SOFR
+
0.18%),
5.51
%
,
08/27/24
(a)
.
6,000
6,000,000
(1-day
SOFR
+
0.18%),
5.51
%
,
09/05/24
(a)
.
7,000
7,000,000
(1-day
SOFR
+
0.20%),
5.53
%
,
10/01/24
(a)
.
15,000
15,000,000
Mizuho
Bank
Ltd.,
New
York
,
(1-day
SOFR
+
0.19%),
5.51
%
,
09/26/24
(a)
...........
9,000
9,000,000
Natixis
SA,
New
York
,
(1-day
SOFR
+
0.18%),
5.51
%
,
09/10/24
(a)
.................
10,250
10,250,000
Nordea
Bank
Abp,
New
York
(a)
(1-day
SOFR
+
0.52%),
5.85
%
,
04/18/24
..
10,000
10,000,000
(1-day
SOFR
+
0.47%),
5.80
%
,
07/24/24
..
8,000
8,000,000
Royal
Bank
of
Canada,
New
York
,
5.96
%
,
09/19/24
..................
4,500
4,500,000
Skandinaviska
Enskilda
Banken
AB,
New
York
,
(1-day
SOFR
+
0.17%),
5.49
%
,
09/27/24
(a)
.
7,000
7,000,000
Sumitomo
Mitsui
Banking
Corp.,
New
York
(a)
(1-day
SOFR
+
0.21%),
5.54
%
,
07/23/24
..
9,250
9,250,000
(1-day
SOFR
+
0.17%),
5.50
%
,
08/06/24
..
16,000
16,000,000
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
(1-day
SOFR
+
0.17%),
5.50
%
,
08/13/24
..
USD
12,000
$
12,000,000
(1-day
SOFR
+
0.17%),
5.50
%
,
08/28/24
..
11,500
11,500,000
(1-day
SOFR
+
0.25%),
5.58
%
,
09/27/24
..
10,000
10,000,000
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
5.42
%
,
04/26/24
..................
29,620
29,620,120
(1-day
SOFR
+
0.27%),
5.60
%
,
07/08/24
(a)
.
14,000
14,000,000
(1-day
SOFR
+
0.21%),
5.54
%
,
07/22/24
(a)
.
15,000
15,000,000
(1-day
SOFR
+
0.18%),
5.50
%
,
08/01/24
(a)
.
15,000
15,000,000
(1-day
SOFR
+
0.17%),
5.50
%
,
08/26/24
(a)
.
6,000
6,000,000
(1-day
SOFR
+
0.17%),
5.50
%
,
09/05/24
(a)
.
14,000
14,000,000
Toronto-Dominion
Bank
(The),
New
York
5.82
%
,
05/24/24
..................
5,000
5,000,000
6.00
%
,
10/02/24
..................
8,000
8,000,000
5.15
%
,
12/31/24
..................
6,000
6,000,000
Westpac
Banking
Corp.,
New
York
(1-day
SOFR
+
0.59%),
5.92
%
,
05/22/24
(a)
.
6,000
6,000,000
5.25
%
,
01/22/25
..................
7,000
7,000,000
(1-day
SOFR
+
0.30%),
5.63
%
,
01/31/25
(a)
.
3,000
3,000,000
483,327,061
Total
Certificates
of
Deposit
—
18
.2
%
(Cost:
$
546,943,061
)
..............................
546,943,061
Commercial
Paper
Albion
Capital
Corp.
SA
(c)
5.54%
,
05/15/24
..................
13,000
12,914,994
5.54%
,
05/28/24
(d)
.................
22,000
21,812,597
Alinghi
Funding
Co.
LLC
,
5.52%
,
10/04/24
(d)
..
10,000
9,723,067
Aquitaine
Funding
Co.
LLC
(c)
5.44%
,
04/02/24
(d)
.................
12,000
11,998,206
5.48%
,
04/15/24
(d)
.................
13,000
12,972,801
5.52%
,
04/24/24
(d)
.................
30,000
29,896,692
5.53%
,
05/01/24
(d)
.................
19,000
18,914,817
5.56%
,
05/31/24
..................
11,500
11,397,075
Atlantic
Asset
Securitization
LLC
,
(1-day
SOFR
+
0.18%),
5.51%
,
06/19/24
(a)
(c)
.........
18,000
18,000,000
Australia
&
New
Zealand
Banking
Group
Ltd.
(c)
(1-day
SOFR
+
0.50%),
5.83%
,
04/02/24
(a)
4,000
4,000,000
5.44%
,
05/01/24
..................
13,000
12,938,900
5.39%
,
07/01/24
(d)
.................
8,500
8,380,000
5.48%
,
08/29/24
..................
8,000
7,817,333
5.31%
,
01/06/25
(d)
.................
12,000
11,548,267
5.30%
,
01/14/25
..................
6,000
5,764,800
Bank
of
America
Securities,
Inc.
,
(1-day
SOFR
+
0.20%),
5.52%
,
09/26/24
(a)
(c)
.........
10,000
10,000,000
Bank
of
Montreal
(d)
5.39%
,
04/03/24
..................
5,000
4,998,433
5.43%
,
11/06/24
..................
7,500
7,249,975
Barton
Capital
SA
,
5.50%
,
05/08/24
(c)
(d)
.....
14,500
14,420,270
BPCE
SA
(c)
5.43%
,
05/08/24
..................
7,000
6,961,582
(1-day
SOFR
+
0.25%),
5.58%
,
08/01/24
(a)
13,000
13,000,000
Britannia
Funding
Co.
LLC
,
5.56%
,
08/20/24
(c)
15,000
14,688,625
CDP
Financial,
Inc.
5.46%
,
05/29/24
(d)
.................
6,000
5,949,154
5.47%
,
07/23/24
(c)
.................
14,000
13,756,987
Chariot
Funding
LLC
,
5.41%
,
04/03/24
(c)
(d)
...
37,000
36,988,962
Cisco
Systems,
Inc.
,
5.44%
,
05/29/24
(c)
(d)
....
10,000
9,914,128
Columbia
Funding
Co.
LLC
(c)
5.44%
,
04/16/24
..................
15,000
14,966,125
5.57%
,
07/10/24
..................
15,000
14,781,250
5.57%
,
08/01/24
(d)
.................
10,000
9,823,778
5.58%
,
09/19/24
(d)
.................
20,353
19,834,812
Schedule
of
Investments
(continued)
March
31,
2024
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Commonwealth
Bank
of
Australia
,
(1-day
SOFR
+
0.30%),
5.63%
,
01/31/25
(a)
(c)
.........
USD
5,000
$
5,000,000
DNB
Bank
ASA
(c)(d)
5.41%
,
05/28/24
..................
13,500
13,382,651
5.43%
,
06/13/24
..................
7,000
6,919,873
5.41%
,
07/30/24
..................
5,000
4,906,667
5.38%
,
12/05/24
..................
10,000
9,638,333
5.35%
,
01/22/25
..................
12,900
12,378,682
Fairway
Finance
Co.
LLC
,
5.50%
,
05/28/24
(c)
(d)
4,000
3,964,533
FMS
Wertmanagement
(d)
5.41%
,
05/02/24
..................
3,000
2,985,818
5.41%
,
05/03/24
..................
3,000
2,985,360
Goldman
Sachs
International
,
5.50%
,
06/11/24
(c)
(d)
.....................
6,000
5,936,100
HAT
Holdings
I
LLC
,
5.47%
,
04/05/24
(d)
.....
10,000
9,994,022
Hydro-Quebec
(c)(d)
5.34%
,
04/02/24
..................
35,000
34,994,808
5.34%
,
04/03/24
..................
10,000
9,997,045
ING
US
Funding
LLC
(c)
5.50%
,
05/01/24
..................
22,000
21,896,417
5.51%
,
07/01/24
(d)
.................
5,000
4,929,096
Kreditanstalt
fuer
Wiederaufbau
,
5.40%
,
05/02/24
(c)
(d)
.....................
8,000
7,961,939
Liberty
Street
Funding
LLC
,
5.48%
,
05/07/24
(d)
17,000
16,903,865
Mackinac
Funding
Co.
LLC
(c)
5.46%
,
04/16/24
(d)
.................
8,500
8,480,981
5.51%
,
06/07/24
..................
15,000
14,847,575
5.53%
,
09/04/24
(d)
.................
15,000
14,657,450
Macquarie
Bank
Ltd.
5.47%
,
04/08/24
(d)
.................
2,955
2,951,788
5.47%
,
04/11/24
(d)
.................
21,500
21,466,257
5.48%
,
04/18/24
(c)
.................
15,000
14,959,979
5.62%
,
08/01/24
(c)
(d)
................
5,000
4,911,889
(1-day
SOFR
+
0.17%),
5.49%
,
08/16/24
(a)
(c)
15,000
15,000,000
(1-day
SOFR
+
0.20%),
5.52%
,
09/20/24
(a)
(c)
5,500
5,500,000
(1-day
SOFR
+
0.19%),
5.51%
,
10/07/24
(a)
(c)
7,500
7,497,955
National
Australia
Bank
Ltd.
(c)
(1-day
SOFR
+
0.50%),
5.83%
,
04/12/24
(a)
4,500
4,500,000
5.39%
,
04/15/24
(d)
.................
12,000
11,973,866
(1-day
SOFR
+
0.35%),
5.68%
,
04/19/24
(a)
11,000
11,000,000
5.40%
,
10/04/24
(d)
.................
13,000
12,658,122
(1-day
SOFR
+
0.19%),
5.52%
,
10/21/24
(a)
11,500
11,500,000
Ontario
Teachers'
Finance
Trust
,
5.39%
,
08/06/24
(c)
......................
10,000
9,805,972
Province
of
Quebec
,
5.42%
,
05/07/24
(c)
(d)
....
15,000
14,920,200
Royal
Bank
of
Canada
(1-day
SOFR
+
0.60%),
5.93%
,
05/23/24
(a)
(c)
9,400
9,400,000
5.41%
,
11/06/24
(d)
.................
6,000
5,799,980
(1-day
SOFR
+
0.35%),
5.68%
,
01/21/25
(a)
(c)
12,000
12,000,000
Svenska
Handelsbanken
AB
(c)
5.38%
,
08/01/24
..................
10,000
9,811,917
5.45%
,
10/21/24
(d)
.................
10,000
9,702,830
Thunder
Bay
Funding
LLC
,
5.49%
,
06/11/24
(c)
(d)
14,000
13,852,281
UBS
AG
,
5.51%
,
05/31/24
(d)
.............
7,000
6,933,150
Versailles
Commercial
Paper
LLC
5.49%
,
05/15/24
(c)
.................
10,000
9,934,000
5.51%
,
05/23/24
..................
11,000
10,914,676
5.56%
,
07/01/24
(c)
(d)
................
20,000
19,729,528
Westpac
Banking
Corp.
(1-day
SOFR
+
0.50%),
5.83%
,
04/19/24
(a)
(c)
5,000
5,000,000
(1-day
SOFR
+
0.52%),
5.85%
,
04/19/24
(a)
(c)
5,000
5,000,000
(1-day
SOFR
+
0.47%),
5.80%
,
07/22/24
(a)
(c)
10,000
10,000,000
5.40%
,
11/07/24
(d)
.................
6,500
6,285,500
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
5.39%
,
11/14/24
(c)
.................
USD
9,000
$
8,693,550
Total
Commercial
Paper
—
30
.0
%
(Cost:
$
899,878,285
)
..............................
899,878,285
Corporate
Bonds
Beverages
—
0.2%
PepsiCo,
Inc.,
(SOFR
Index
+
0.40%),
5.77%,
11/12/24
(a)
.....................
5,530
5,530,000
Total
Corporate
Bonds
—
0
.2
%
(Cost:
$
5,530,000
)
...............................
5,530,000
Municipal
Bonds
Colorado
—
0.5%
(e)
Colorado
Housing
&
Finance
Authority
,
Series
2021C-2
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
5.35
%
,
04/04/24
.........
8,365
8,365,000
Colorado
Housing
&
Finance
Authority
,
Series
2021M-2
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
5.37
%
,
04/04/24
.............
7,230
7,230,000
Total
Municipal
Bonds
—
0
.5
%
(Cost:
$
15,595,000
)
...............................
15,595,000
Time
Deposits
Credit
Agricole
Corporate
&
Investment
Bank
SA
,
5.30
%
,
04/01/24
...............
14,000
14,000,000
Royal
Bank
of
Canada
,
5.32
%
,
04/01/24
....
75,000
75,000,000
Skandinaviska
Enskilda
Banken
AB
,
5.32
%
,
04/01/24
..................
40,000
40,000,000
Svenska
Handelsbanken
AB
,
5.30
%
,
04/01/24
75,000
75,000,000
Total
Time
Deposits
—
6
.8
%
(Cost:
$
204,000,000
)
..............................
204,000,000
U.S.
Government
Sponsored
Agency
Obligations
Agency
Obligations
—
0.5%
United
States
International
Development
Finance
Corp.
Variable
Rate
Notes
(3-mo.
Treasury
Bill
Rate
+
0.00%),
5.49
%
,
04/04/24
(a)
...............
14,535
14,535,267
Total
U.S.
Government
Sponsored
Agency
Obligations
—
0.5%
(Cost:
$
14,535,267
)
...............................
14,535,267
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(d)
1.06
%
,
04/02/24
..................
15,000
14,997,798
5.12
%
,
10/03/24
..................
7,000
6,818,340
4.94
%
,
01/23/25
..................
21,500
20,651,418
4.97
%
,
02/20/25
..................
13,500
12,915,914
4.96
%
,
03/20/25
..................
11,523
10,979,521
2024
BlackRock
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
March
31,
2024
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
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.
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
U.S.
Treasury
Notes
,
(US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.17%),
5.47
%
,
04/30/25
(a)
.................
USD
1,000
$
1,000,376
Total
U.S.
Treasury
Obligations
—
2
.3
%
(Cost:
$
67,363,367
)
...............................
67,363,367
Total
Repurchase
Agreements
—
37
.7
%
(Cost:
$
1,130,000,000
)
............................
1,130,000,000
Total
Investments
—
96
.2
%
(Cost:
$
2,883,844,980
)
(f)
............................
2,883,844,980
Other
Assets
Less
Liabilities
—
3.8
%
....................
113,760,805
Net
Assets
—
100.0%
...............................
$
2,997,605,785
(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)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(c)
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.
(d)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(e)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
(f)
Cost
for
U.S.
federal
income
tax
purposes.
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
5
.33
%
03/28/24
04/01/24
$
260,000
$
260,000,000
$
260,153,978
U.S.
Government
Sponsored
Agency
Obligations,
4.00%
to
7.00%,
due
07/20/40
to
12/20/62
.........
$
313,731,036
$
265,200,000
–
–
Citigroup
Global
Markets,
Inc.
...........
5
.34
03/28/24
04/01/24
440,000
440,000,000
440,261,067
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.00%,
due
04/15/24
to
06/25/53
1,283,057,957
461,132,054
–
–
JP
Morgan
Securities
LLC
...........
5
.33
03/28/24
04/01/24
430,000
430,000,000
430,254,655
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
8.00%,
due
02/20/31
to
01/20/64
.........
800,581,844
438,600,001
–
–
$
1,130,000,000
$
1,164,932,055
–
–
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Certificates
of
Deposit
.....................................
$
—
$
546,943,061
$
—
$
546,943,061
Commercial
Paper
.......................................
—
899,878,285
—
899,878,285
Schedule
of
Investments
(continued)
March
31,
2024
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Schedule
of
Investments
9
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Corporate
Bonds
........................................
$
—
$
5,530,000
$
—
$
5,530,000
Municipal
Bonds
.........................................
—
15,595,000
—
15,595,000
Repurchase
Agreements
...................................
—
1,130,000,000
—
1,130,000,000
Time
Deposits
..........................................
—
204,000,000
—
204,000,000
U.S.
Government
Sponsored
Agency
Obligations
...................
—
14,535,267
—
14,535,267
U.S.
Treasury
Obligations
...................................
—
67,363,367
—
67,363,367
$
—
$
2,883,844,980
$
—
$
2,883,844,980
Fair
Value
Hierarchy
as
of Period
End
(continued)
Statement
of
Assets
and
Liabilities
March
31,
2024
2024
BlackRock
Annual
Report
to
Shareholders
10
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
1,753,844,980
Cash
.............................................................................................................
100,683,926
Repurchase
agreements,
at
value
(b)
.........................................................................................
1,130,000,000
Receivables:
–
Capital
shares
sold
...................................................................................................
29,713,145
Interest
—
unaffiliated
.................................................................................................
8,302,137
From
the
Manager
...................................................................................................
231
Prepaid
e
xpenses
.....................................................................................................
315,206
Total
a
ssets
.........................................................................................................
3,022,859,625
LIABILITIES
Payables:
–
Administration
fees
...................................................................................................
135,441
Capital
shares
redeemed
...............................................................................................
23,382,538
Income
dividend
distributions
............................................................................................
686,845
Investment
advisory
fees
..............................................................................................
317,756
Trustees'
and
Officer's
fees
.............................................................................................
318
Other
affiliate
fees
...................................................................................................
66,181
Professional
fees
....................................................................................................
460
Service
and
distribution
fees
.............................................................................................
478,131
Other
accrued
expenses
...............................................................................................
186,170
Total
li
abilities
........................................................................................................
25,253,840
Commitments
and
contingent
liabilities
$
–
NET
ASSETS
........................................................................................................
$
2,997,605,785
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
2,997,632,268
Accumulated
loss
.....................................................................................................
(
26,483
)
NET
ASSETS
........................................................................................................
$
2,997,605,785
(a)
Investments,
at
cost
—
unaffiliated
.................................................................................
$
1,753,844,980
(b)
Repurchase
agreements,
at
cost
..................................................................................
$
1,130,000,000
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(continued)
March
31,
2024
11
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................................
$
475,885,387
Shares
outstanding
..................................................................................................
475,910,146
Net
asset
value
.....................................................................................................
$
1.00
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Premier
Net
assets
.........................................................................................................
$
2,750,496
Shares
outstanding
..................................................................................................
2,750,639
Net
asset
value
.....................................................................................................
$
1.00
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Service
Net
assets
.........................................................................................................
$
132,242,296
Shares
outstanding
..................................................................................................
132,249,220
Net
asset
value
.....................................................................................................
$
1.00
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Investor
A
Net
assets
.........................................................................................................
$
2,378,360,038
Shares
outstanding
..................................................................................................
2,378,483,741
Net
asset
value
.....................................................................................................
$
1.00
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Investor
C
Net
assets
.........................................................................................................
$
8,367,568
Shares
outstanding
..................................................................................................
8,368,019
Net
asset
value
.....................................................................................................
$
1.00
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Statement
of
Operations
Year
Ended
March
31,
2024
2024
BlackRock
Annual
Report
to
Shareholders
12
See
notes
to
financial
statements.
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
INVESTMENT
INCOME
Interest
—
unaffiliated
.................................................................................................
$
126,040,602
Total
investment
income
.................................................................................................
126,040,602
EXPENSES
Investment
advisory
..................................................................................................
9,655,255
Service
and
distribution
—
class
specific
....................................................................................
4,581,117
Administration
.....................................................................................................
895,248
Transfer
agent
—
class
specific
..........................................................................................
470,274
Administration
—
class
specific
..........................................................................................
462,223
Registration
.......................................................................................................
325,297
Professional
.......................................................................................................
106,293
Accounting
services
..................................................................................................
67,431
Custodian
.........................................................................................................
35,290
Trustees
and
Officer
..................................................................................................
20,904
Printing
and
postage
.................................................................................................
18,244
Miscellaneous
......................................................................................................
46,945
Total
expenses
.......................................................................................................
16,684,521
Less:
–
Administration
fees
waived
by
the
Manager
—
class
specific
.......................................................................
(
104,106
)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(
6,548,794
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................................................
(
67,318
)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
9,964,303
Net
investment
income
..................................................................................................
116,076,299
REALIZED
GAIN
(LOSS)
$
1,471
Net
realized
gain
from
investments
........................................................................................
1,470
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
116,077,769
Statements
of
Changes
in
Net
Assets
13
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Year
Ended
03/31/24
Year
Ended
03/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
116,076,299
$
34,532,848
Net
realized
gain
(loss)
..............................................................................
1,470
(
29,263
)
Net
increase
in
net
assets
resulting
from
operations
.............................................................
116,077,769
34,503,585
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.....................................................................................
(
26,626,371
)
(
9,527,701
)
Premier
.......................................................................................
(
104,483
)
(
991
)
Service
.......................................................................................
(
5,519,899
)
(
1,052,616
)
Investor
A
......................................................................................
(
83,374,581
)
(
23,566,138
)
Investor
C
......................................................................................
(
450,965
)
(
385,402
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(116,076,299
)
(34,532,848
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
1,273,422,928
435,676,013
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
1,273,424,398
435,646,750
Beginning
of
year
....................................................................................
1,724,181,387
1,288,534,637
End
of
year
........................................................................................
$
2,997,605,785
$
1,724,181,387
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Annual
Report
to
Shareholders
14
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Institutional
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0524
0
.0289
0
.0001
0
.0021
0
.0195
Net
realized
gain
(loss)
.....................................
(
0
.0001
)
(a)
(
0
.0019
)
0
.0001
0
.0001
0
.0000
(b)
Net
increase
from
investment
operations
...........................
0.0523
0.0270
0.0002
0.0022
0.0195
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.................................
(
0
.0523
)
(
0
.0270
)
(
0
.0002
)
(
0
.0021
)
(
0
.0195
)
From
net
realized
gain
......................................
—
—
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
..........................................
(0.0523
)
(0.0270
)
(0.0002
)
(0.0022
)
(0.0195
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.....................................
5.36
%
2.73
%
0.03
%
0.21
%
1.97
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.52
%
0.55
%
0.54
%
0.53
%
0.56
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.20
%
0.20
%
0.17
%
0.20
%
0.20
%
Net
investment
income
......................................
5.22
%
2.86
%
0.01
%
0.18
%
1.94
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
475,885
$
569,091
$
225,612
$
523,322
$
369,187
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
15
Financial
Highlights
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Premier
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Period
from
07/26/19
(a)
to
03/31/20
Net
asset
value,
beginning
of
period
..........................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
...................................
0
.0529
0
.0270
0
.0001
0
.0021
0
.0117
Net
realized
gain
(loss)
...................................
(
0
.0006
)
(b)
0
.0000
(b)
(c)
0
.0002
0
.0001
0
.0000
(c)
Net
increase
from
investment
operations
.........................
0.0523
0.0270
0.0003
0.0022
0.0117
Distributions
(d)
–
–
–
–
–
From
net
investment
income
...............................
(
0
.0523
)
(
0
.0270
)
(
0
.0003
)
(
0
.0021
)
(
0
.0117
)
From
net
realized
gain
....................................
—
—
(
0
.0000
)
(e)
(
0
.0001
)
(
0
.0000
)
(e)
Total
distributions
........................................
(0.0523
)
(0.0270
)
(0.0003
)
(0.0022
)
(0.0117
)
Net
asset
value,
end
of
period
...............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(f)
—
—
—
—
—
Based
on
net
asset
value
...................................
5.36
%
2.73
%
0.03
%
0.22
%
1.18
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
..........................................
0.50
%
0.82
%
0.96
%
0.58
%
0.70
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.................
0.20
%
0.20
%
0.17
%
0.20
%
0.20
%
(h)
Net
investment
income
....................................
5.32
%
2.70
%
0.01
%
0.21
%
1.75
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................
$
2,750
$
37
$
37
$
37
$
37
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Annual
Report
to
Shareholders
16
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Service
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Net
asset
value,
beginning
of
year
..............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................................
0
.0498
0
.0292
0
.0001
0
.0009
0
.0165
Net
realized
gain
(loss)
.....................................
(
0
.0002
)
(a)
(
0
.0049
)
0
.0001
0
.0001
0
.0000
(b)
Net
increase
from
investment
operations
...........................
0.0496
0.0243
0.0002
0.0010
0.0165
Distributions
(c)
–
–
–
–
–
From
net
investment
income
.................................
(
0
.0496
)
(
0
.0243
)
(
0
.0002
)
(
0
.0009
)
(
0
.0165
)
From
net
realized
gain
......................................
—
—
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
..........................................
(0.0496
)
(0.0243
)
(0.0002
)
(0.0010
)
(0.0165
)
Net
asset
value,
end
of
year
..................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.....................................
5.07
%
2.45
%
0.02
%
0.10
%
1.66
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................................
0.76
%
0.78
%
0.78
%
0.78
%
0.84
%
Total
expenses
after
fees
waived
and/or
reimbursed
...................
0.47
%
0.47
%
0.18
%
0.25
%
0.50
%
Net
investment
income
......................................
4.98
%
2.92
%
0.01
%
0.04
%
1.65
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...................................
$
132,242
$
71,734
$
23,394
$
45,926
$
5,692
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
17
Financial
Highlights
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Investor
A
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Net
asset
value,
beginning
of
year
.............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
....................................
0
.0496
0
.0240
0
.0001
0
.0009
0
.0164
Net
realized
gain
(loss)
....................................
(
0
.0002
)
(a)
0
.0000
(a)
(b)
0
.0001
0
.0001
0
.0000
(b)
Net
increase
from
investment
operations
..........................
0.0494
0.0240
0.0002
0.0010
0.0164
Distributions
(c)
–
–
–
–
–
From
net
investment
income
................................
(
0
.0494
)
(
0
.0240
)
(
0
.0002
)
(
0
.0009
)
(
0
.0164
)
From
net
realized
gain
.....................................
—
—
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
.........................................
(0.0494
)
(0.0240
)
(0.0002
)
(0.0010
)
(0.0164
)
Net
asset
value,
end
of
year
.................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
....................................
5.05
%
2.43
%
0.02
%
0.10
%
1.66
%
Ratios
to
Average
Net
Assets
Total
expen
ses
...........................................
0.78
%
0.81
%
0.80
%
0.78
%
0.81
%
Total
expenses
after
fees
waived
and/or
reimbursed
..................
0.49
%
0.49
%
0.18
%
0.34
%
0.50
%
Net
investment
income
.....................................
4.97
%
2.40
%
0.01
%
0.10
%
1.45
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..................................
$
2,378,360
$
1,067,562
$
1,012,844
$
1,677,581
$
2,616,196
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Annual
Report
to
Shareholders
18
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Investor
C
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Net
asset
value,
beginning
of
year
...............................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
......................................
0
.0412
0
.0154
0
.0001
0
.0008
0
.0086
Net
realized
gain
..........................................
0
.0001
0
.0021
(a)
0
.0001
0
.0001
0
.0000
(b)
Net
increase
from
investment
operations
............................
0.0413
0.0175
0.0002
0.0009
0.0086
Distributions
(c)
–
–
–
–
–
From
net
investment
income
..................................
(
0
.0413
)
(
0
.0175
)
(
0
.0002
)
(
0
.0008
)
(
0
.0086
)
From
net
realized
gain
.......................................
—
—
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
...........................................
(0.0413
)
(0.0175
)
(0.0002
)
(0.0009
)
(0.0086
)
Net
asset
value,
end
of
year
...................................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
......................................
4.21
%
1.76
%
0.02
%
0.08
%
0.87
%
Ratios
to
Average
Net
Assets
Total
expen
ses
.............................................
1.61
%
1.61
%
1.58
%
1.54
%
1.62
%
Total
expenses
after
fees
waived
and/or
reimbursed
....................
1.30
%
1.13
%
0.18
%
0.35
%
1.28
%
Net
investment
income
.......................................
4.11
%
1.54
%
0.01
%
0.09
%
0.85
%
Supplemental
Data
Net
assets,
end
of
year
(000)
....................................
$
8,368
$
15,758
$
26,648
$
15,347
$
29,973
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(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.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
19
Notes
to
Financial
Statements
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.
With
respect
to
the
Fund,
the
Board,
or
its
delegate,
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
upon
the
value
of
shares
redeemed,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
Fund.
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
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
.
Discretionary
Liquidity
Fees:
Any
discretionary
liquidity
fees
imposed
on
the
value
of
shares
redeemed
are
recorded
as
paid-in-capital.
The
discretionary liquidity
fees
are
collected
and
retained
by
the
Fund
for
the
benefit
of the
Fund’s
remaining shareholders.
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
one
of
its
custodians
whereby
credits
are
earned
on
uninvested
cash
balances.
For
financial
reporting
purposes,
custodian
credit,
if
any,
are
included
in
interest
income
in
the
Statement
of
Operation.
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
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
20
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
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
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
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.
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.
Notes
to
Financial
Statements
(continued)
21
Notes
to
Financial
Statements
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 year
ended
March
31,
2024,
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
an
Administration
Agreement
with
the
Manager,
an
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
year
ended
March
31,
2024, 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
year ended March
31,
2024,
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:
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 year
ended
March
31,
2024,
the
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statement
of
Operations:
For
the
year ended
March
31,
2024,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Other
Fees:
For
the
year
ended
March
31,
2024
,
affiliates
received
CDSCs
as
follows:
Share
Class
Service
Fees
Distribution
Fees
Service
..................................................................................................
0.25
%
—
Investor
A
.................................................................................................
0.25
—
Investor
C
.................................................................................................
0.25
0.75
%
Share
Class
Service
and
Distribution
Fees
-
class
specific
Service
.........................................................................................................
$
276,960
Investor
A
........................................................................................................
4,194,419
Investor
C
........................................................................................................
109,738
$
4,581,117
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
Premier
Service
Investor
A
Investor
C
Total
Administration
fees
-
class
specific
..............................
$
101,925
$
392
$
22,157
$
335,554
$
2,195
$
462,223
Institutional
.......................................................................................................
$
1,250
Institutional
Premier
Service
Investor
A
Investor
C
Total
Reimbursed
Amount
........................................
$
6,931
$
18
$
862
$
57,945
$
3,780
$
69,536
Institutional
Premier
Service
Investor
A
Investor
C
Total
Transfer
agent
fees
-
class
specific
..............................
$
66,043
$
18
$
4,773
$
387,617
$
11,823
$
470,274
Fund
Name
Investor
A
Investor
C
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
.....................................................................
$
15,685
$
9,666
Notes
to
Financial
Statements
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
22
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,
2025,
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
year
ended
March
31,
2024,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$6,548,794,
which is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
and
transfer
agent
fees
waived
and/or
reimbursed
—
class
specific,
respectively,
in
the
Statement
of
Operations.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager
are
included
in
administration
fees
waived
by
the
Manager
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific,
respectively,
in
the
Statement
of
Operations.
For
the
year ended
March
31,
2024,
class
specific
expense
waivers
and/or
reimbursements were 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
by
the
Manager—class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific.
The
Manager
and
BRIL
may
discontinue
the
waiver
and/or
reimbursement
at
any
time.
For
the
year
ended
March
31,
2024,
there
were
no
fees
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.
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
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
March
31,
2024,
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.
The
tax
character
of
distributions
paid
was
as
follows:
As
of
March
31,
2024,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:
(a)
Amounts
available
to
offset
future
realized
capital
gains.
During
the
year
ended March
31,
2024,
the
Fund utilized
the
following
amount
of
its
capital
loss
carryforward:
For
the
fund,
the
cost
for
U.S.
federal
income
tax
purposes
is
the
same
as
book
cost.
Institutional
Premier
Service
Investor
A
Investor
C
Expense
Limitations
...............................
0.20%
0.20%
0.50%
0.55%
1.30%
Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Institutional
....................................................................................
$
101,925
$
66,034
Premier
......................................................................................
392
18
Investor
C
.....................................................................................
1,789
1,266
$
104,106
$
67,318
Fund
Name
Year
Ended
03/31/24
Year
Ended
03/31/23
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Ordinary
income
...........................................................................................
$
116,076,299
$
34,532,848
Fund
Name
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Total
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
..............................................
$
1,310
$
(27,793)
$
(26,483)
Fund
Name
Amount
Utilized
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
............................................................................
$
1,470
Notes
to
Financial
Statements
(continued)
23
Notes
to
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.
On
July
12,
2023,
the
SEC
approved
changes
to
money
market
fund
regulations.
These
changes,
among
other
things:
(
i
)
eliminate
provisions
that
permit
a
money
market
fund
to
suspend
redemptions
except
in
liquidations,
(ii)
require
institutional
prime
and
institutional
tax-exempt
money
market
funds
to
impose
mandatory
liquidity
fees
under
certain
conditions,
(iii)
permit
a
discretionary
liquidity
fee
for
a
non-government
money
market
fund
and
(iv)
increase
minimum
daily
and
weekly
liquidity
for
all
money
market
funds.
These
changes
will
be
implemented
over
the
next
12
months
depending
on
the
change
and
may
affect
the
Fund’s
operations
and
return
potential.
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:
The
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
the
Fund
to
reinvest
in
lower
yielding
securities. The
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
the Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
the
Fund
portfolio’s
current
earnings
rate.
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.
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.
Geographic/Asset
Class
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
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
due
to
the period
of
historically
low
interest
rates
that
ended
in
March
2022. The
Federal
Reserve
has
raised
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
There
is
a
risk
that
interest
rates
will
continue
to
rise,
which
will
likely
drive
down
the
prices
of
bonds
and
other
fixed-income
securities,
and
could
negatively
impact
the
Fund’s
performance.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
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,
reinvested and
redeemed
at
$1.00
per
share.
d
Fund
Name/Share
Class
Year
Ended
03/31/24
03/31/23
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Institutional
Shares
sold
926,885,863
1,135,352,642
Shares
issued
in
reinvestment
of
distributions
........................................................
18,872,071
6,083,282
Shares
redeemed
(1,038,990,565)
(797,927,315)
(93,232,631)
343,508,609
Notes
to
Financial
Statements
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
24
As
of
March
31,
2024,
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
Year
Ended
03/31/24
03/31/23
Premier
Shares
sold
3,959,630
—
Shares
issued
in
reinvestment
of
distributions
........................................................
102,271
—
Shares
redeemed
(1,348,006)
—
2,713,895
—
Service
Shares
sold
219,853,230
102,916,510
Shares
issued
in
reinvestment
of
distributions
........................................................
5,519,658
1,051,495
Shares
redeemed
(164,864,402)
(55,623,893)
60,508,486
48,344,112
Investor
A
Shares
sold
2,621,580,640
857,816,514
Shares
issued
in
reinvestment
of
distributions
........................................................
83,302,226
23,531,377
Shares
redeemed
(1,394,058,102)
(826,633,364)
1,310,824,764
54,714,527
Investor
C
Shares
sold
7,163,429
25,238,374
Shares
issued
in
reinvestment
of
distributions
........................................................
444,545
380,796
Shares
redeemed
and
automatic
conversion
of
shares
(14,999,560)
(36,510,405)
(7,391,586)
(10,891,235)
1,273,422,928
435,676,013
Report
of
Independent
Registered
Public
Accounting
Firm
25
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Shareholders
of
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
and
the
Board
of
Trustees
of
BlackRock
Funds
SM
:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
of
BlackRock
Funds
SM
(the
“Fund”),
including
the
schedule
of
investments,
as
of
March
31,
2024,
the
related
statement
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
and
the
related
notes.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
March
31,
2024,
and
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
then
ended,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
then
ended,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Fund
is
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
its
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Fund’s
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2024,
by
correspondence
with
custodians
or
counterparties;
when
replies
were
not
received,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Deloitte
&
Touche
LLP
Boston,
Massachusetts
May
22,
2024
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(unaudited)
2024
BlackRock
Annual
Report
to
Shareholders
26
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
of
distributions
from
direct
federal
obligation
interest
for
the
fiscal
year
ended
March
31,
2024:
The
law
varies
in
each
state
as
to
whether
and
what
percent
of
ordinary
income
dividends
attributable
to
federal
obligations
is
exempt
from
state
income
tax.
Shareholders
are
advised
to
check
with
their
tax
advisers
to
determine
if
any
portion
of
the
dividends
received
is
exempt
from
state
income
tax.
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
March
31,
2024:
The
Fund
hereby
designates
the
following
amount,
or
maximum
amount
allowable
by
law,
as
interest-related
dividends
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
March
31,
2024:
Fund
Name
Federal
Obligation
Interest
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
..........................................................................
$
1,860,911
Fund
Name
Interest
Dividends
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
..........................................................................
$
116,076,299
Fund
Name
Interest-Related
Dividends
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
..........................................................................
$
96,910,678
Trustee
and
Officer
Information
27
Trustee
and
Officer
Information
Independent
Trustees
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Mark
Stalnecker
1951
Chair
of
the
Board
(Since
2019)
and
Trustee
(Since
2015)
Chief
Investment
Officer,
University
of
Delaware
from
1999
to
2013;
Trustee
and
Chair
of
the
Finance
and
Investment
Committees,
Winterthur
Museum
and
Country
Estate
from
2005
to
2016;
Member
of
the
Investment
Committee,
Delaware
Public
Employees’
Retirement
System
since
2002;
Member
of
the
Investment
Committee,
Christiana
Care
Health
System
from
2009
to
2017;
Member
of
the
Investment
Committee,
Delaware
Community
Foundation
from
2013
to
2014;
Director
and
Chair
of
the
Audit
Committee,
SEI
Private
Trust
Co.
from
2001
to
2014.
28
RICs
consisting
of
165
Portfolios
None
Susan
J.
Carter
1956
Trustee
(Since
2016)
Trustee,
Financial
Accounting
Foundation
from
2017
to
2021;
Advisory
Board
Member,
Center
for
Private
Equity
and
Entrepreneurship
at
Tuck
School
of
Business
from
1997
to
2021;
Director,
Pacific
Pension
Institute
from
2014
to
2018;
Senior
Advisor,
Commonfund
Capital,
Inc.
(“CCI”)
(investment
adviser)
in
2015;
Chief
Executive
Officer,
CCI
from
2013
to
2014;
President
&
Chief
Executive
Officer,
CCI
from
1997
to
2013;
Advisory
Board
Member,
Girls
Who
Invest
from
2015
to
2018
and
Board
Member
thereof
from
2018
to
2022;
Advisory
Board
Member,
Bridges
Fund
Management
from
2016
to
2018;
Practitioner
Advisory
Board
Member,
Private
Capital
Research
Institute
("PCRI")
since
2017;
Lecturer
in
the
Practice
of
Management,
Yale
School
of
Management
since
2019;
Advisor
to
Finance
Committee,
Altman
Foundation
since
2020;
Investment
Committee
Member,
Tostan
since
2021;
Member
of
the
President's
Counsel,
Commonfund
since
2023.
28
RICs
consisting
of
165
Portfolios
None
Collette
Chilton
1958
Trustee
(Since
2015)
Senior
advisor,
Insignia
since
2024;
Chief
Investment
Officer,
Williams
College
from
2006
to
2023;
Chief
Investment
Officer,
Lucent
Asset
Management
Corporation
from
1998
to
2006;
Director,
Boys
and
Girls
Club
of
Boston
since
2017;
Director,
B1
Capital
since
2018;
Director,
David
and
Lucile
Packard
Foundation
since
2020.
28
RICs
consisting
of
165
Portfolios
None
Neil
A.
Cotty
1954
Trustee
(Since
2016)
Bank
of
America
Corporation
from
1996
to
2015,
serving
in
various
senior
finance
leadership
roles,
including
Chief
Accounting
Officer
from
2009
to
2015,
Chief
Financial
Officer
of
Global
Banking,
Markets
and
Wealth
Management
from
2008
to
2009,
Chief
Accounting
Officer
from
2004
to
2008,
Chief
Financial
Officer
of
Consumer
Bank
from
2003
to
2004,
Chief
Financial
Officer
of
Global
Corporate
Investment
Bank
from
1999
to
2002.
28
RICs
consisting
of
165
Portfolios
None
Lena
G.
Goldberg
1949
Trustee
(Since
2019)
Director,
Pioneer
Public
Interest
Law
Center
since
2023;
Director,
Charles
Stark
Draper
Laboratory,
Inc.
from
2013
to
2021;
Senior
Lecturer,
Harvard
Business
School
from
2008
to
2021;
FMR
LLC/Fidelity
Investments
(financial
services)
from
1996
to
2008,
serving
in
various
senior
roles
including
Executive
Vice
President
-
Strategic
Corporate
Initiatives
and
Executive
Vice
President
and
General
Counsel;
Partner,
Sullivan
&
Worcester
LLP
from
1985
to
1996
and
Associate
thereof
from
1979
to
1985.
28
RICs
consisting
of
165
Portfolios
None
Henry
R.
Keizer
1956
Trustee
(Since
2019)
Director,
Park
Indemnity
Ltd.
(captive
insurer)
from
2010
to
2022.
28
RICs
consisting
of
165
Portfolios
GrafTech
International
Ltd.
(materials
manufacturing);
Sealed
Air
Corp.
(packaging);
WABCO
(commercial
vehicle
safety
systems)
from
2015
to
2020;
Hertz
Global
Holdings
(car
rental)
from
2015
to
2021.
Cynthia
A.
Montgomery
1952
Trustee
(Since
2007)
Professor,
Harvard
Business
School
since
1989.
28
RICs
consisting
of
165
Portfolios
None
Trustee
and
Officer
Information
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
28
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Donald
C.
Opatrny
1952
Trustee
(Since
2019)
Chair
of
the
Board
of
Phoenix
Art
Museum
since
2022
and
Trustee
thereof
since
2018;
Chair
of
the
Investment
Committee
of
The
Arizona
Community
Foundation
since
2022
and
Trustee
thereof
since
2020;
Director,
Athena
Capital
Advisors
LLC
(investment
management
firm)
from
2013
to
2020;
Trustee,
Vice
Chair,
Member
of
the
Executive
Committee
and
Chair
of
the
Investment
Committee,
Cornell
University
from
2004
to
2019;
Member
of
Affordable
Housing
Supply
Board
of
Jackson,
Wyoming
from
2017
to
2022;
Member,
Investment
Funds
Committee,
State
of
Wyoming
from
2017
to
2023;
Trustee,
Artstor
(a
Mellon
Foundation
affiliate)
from
2010
to
2015;
Member
of
the
Investment
Committee,
Mellon
Foundation
from
2009
to
2015;
President,
Trustee
and
Member
of
the
Investment
Committee,
The
Aldrich
Contemporary
Art
Museum
from
2007
to
2014;
Trustee
and
Chair
of
the
Investment
Committee,
Community
Foundation
of
Jackson
Hole
since
2014.
28
RICs
consisting
of
165
Portfolios
None
Kenneth
L.
Urish
1951
Trustee
(Since
2007)
Managing
Partner,
Urish
Popeck
&
Co.,
LLC
(certified
public
accountants
and
consultants)
since
1976;
Past-Chairman
of
the
Professional
Ethics
Committee
of
the
Pennsylvania
Institute
of
Certified
Public
Accountants
and
Committee
Member
thereof
since
2007;
Member
of
External
Advisory
Board,
The
Pennsylvania
State
University
Accounting
Department
since
2001,
Emeritus
since
2022;
Principal,
UP
Strategic
Wealth
Investment
Advisors,
LLC
since
2013;
Trustee,
The
Holy
Family
Institute
from
2001
to
2010;
President
and
Trustee,
Pittsburgh
Catholic
Publishing
Associates
from
2003
to
2008;
Director,
Inter-
Tel
from
2006
to
2007;
Member,
Advisory
Board,
ESG
Competent
Boards
since
2020.
28
RICs
consisting
of
165
Portfolios
None
Claire
A.
Walton
1957
Trustee
(Since
2016)
Advisory
Board
Member,
Grossman
School
of
Business
at
the
University
of
Vermont
since
2023;
Advisory
Board
Member,
Scientific
Financial
Systems
since
2022;
General
Partner
of
Neon
Liberty
Capital
Management,
LLC
from
2003
to
2023;
Chief
Operating
Officer
and
Chief
Financial
Officer
of
Liberty
Square
Asset
Management,
LP
from
1998
to
2015;
Director,
Boston
Hedge
Fund
Group
from
2009
to
2018;
Director,
Massachusetts
Council
on
Economic
Education
from
2013
to
2015;
Director,
Woodstock
Ski
Runners
from
2013
to
2022.
28
RICs
consisting
of
165
Portfolios
None
Independent
Trustees
(a)
(continued)
Trustee
and
Officer
Information
(continued)
29
Trustee
and
Officer
Information
Interested
Trustees
(a)(d)
(a)
The
address
of
each
Trustee
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
New
York
10001.
(b)
Independent
Trustees
serve
until
their
resignation,
retirement,
removal
or
death,
or
until
December
31
of
the
year
in
which
they
turn
75.
The
Board
may
determine
to
extend
the
terms
of
Independent
Trustees
on
a
case-by-case
basis,
as
appropriate.
(c)
Following
the
combination
of
Merrill
Lynch
Investment
Managers,
L.P.
("MLIM")
and
BlackRock,
Inc.
in
September
2006,
the
various
legacy
MLIM
and
legacy
BlackRock
fund
boards
were
realigned
and
consolidated
into
three
new
fund
boards
in
2007.
Furthermore,
effective
January
1,
2019,
three
BlackRock
Fund
Complexes
were
realigned
and
consolidated
into
two
BlackRock
Fund
Complexes.
As
a
result,
although
the
chart
shows
the
year
that
each
Independent
Trustee
joined
the
Board,
certain
Independent
Trustees
first
became
members
of
the
boards
of
other
BlackRock-advised
Funds,
legacy
MLIM
funds
or
legacy
BlackRock
funds
as
follows:
Cynthia
A.
Montgomery,
1994;
Kenneth
L.
Urish,
1999;
Lena
G.
Goldberg,
2016;
Henry
R.
Keizer,
2016;
Donald
C.
Opatrny,
2015.
(d)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Trust
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Fixed-Income
Complex.
(e)
Mr.
Perlowski
is
also
a
trustee
of
the
BlackRock
Credit
Strategies
Fund
and
BlackRock
Private
Investments
Fund.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
Five
Years
Robert
Fairbairn
1965
Trustee
(Since
2018)
Vice
Chairman
of
BlackRock,
Inc.
since
2019;
Member
of
BlackRock's
Global
Executive
and
Global
Operating
Committees;
Co-Chair
of
BlackRock's
Human
Capital
Committee;
Senior
Managing
Director
of
BlackRock,
Inc.
from
2010
to
2019;
oversaw
BlackRock's
Strategic
Partner
Program
and
Strategic
Product
Management
Group
from
2012
to
2019;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
from
2011
to
2018;
Global
Head
of
BlackRock's
Retail
and
iShares
®
businesses
from
2012
to
2016.
96
RICs
consisting
of
267
Portfolios
None
John
M.
Perlowski
(e)
1964
Trustee
(Since
2015)
President
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
98
RICs
consisting
of
269
Portfolios
None
Trustee
and
Officer
Information
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
30
Officers
Who
Are
Not
Trustees
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
New
York
10001.
(b)
Officers
of
the
Trust
serve
at
the
pleasure
of
the
Board.
Further
information
about
the
Trust’s
Trustees
and
Officers
is
available
in
the
Trust’s
Statement
of
Additional
Information,
which
can
be
obtained
without
charge
by
calling
(800)
441-7762.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
Principal
Occupation(s)
During
Past
Five
Years
Roland
Villacorta
1971
Vice
President
(Since
2022)
Managing
Director
of
BlackRock,
Inc.
since
2002;
Head
of
Global
Cash
Management
and
Head
of
Securities
Lending
within
BlackRock's
Global
Markets
Group
since
2022;
Member
of
BlackRock's
Global
Operating
Committee
since
2016
and
Human
Capital
Committee
since
2023.
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016.
Trent
Walker
1974
Chief
Financial
Officer
(Since
2021)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Executive
Vice
President
of
PIMCO
from
2016
to
2019.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Aaron
Wasserman
1974
Chief
Compliance
Officer
(Since
2023)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Chief
Compliance
Officer
of
the
BlackRock-advised
funds
in
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-Income
Complex
and
the
iShares
Complex
since
2023;
Deputy
Chief
Compliance
Officer
for
the
BlackRock-advised
funds
in
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-
Income
Complex
and
the
iShares
Complex
from
2014
to
2023.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018.
Effective
July
1,
2023,
Aaron
Wasserman
replaced
Charles
Park
as
Chief
Compliance
Officer
of
the
Trust.
Additional
Information
31
Additional
Information
Tailored
Shareholder
Reports
for
Open-End Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Fund.
General
Information
Quarterly
performance,
semi-annual
and
annual
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.
Additional
Information
(continued)
2024
BlackRock
Annual
Report
to
Shareholders
32
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
information.
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
10001
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
33
Glossary
of
Terms
Used
in
This
Report
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
RB
Revenue
Bonds
SBPA
Stand-by-Bond
Purchase
Agreement
SOFR
Secured
Overnight
Financing
Rate
VRDN
Variable
Rate
Demand
Notes
Want
to
know
more?
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|
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.
An
investment
in
the
Fund
is
not
a
bank
account
and
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Fund’s
sponsor
is
not
required
to
reimburse
the
Fund
for
losses,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Fund
at
any
time,
including
during
periods
of
market
stress.
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-3/24-AR
Item 2 – Code of Ethics –
The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The
registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Experts – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
Neil A. Cotty
Henry R. Keizer
Kenneth L. Urish
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees | |||||
Entity Name | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End |
BlackRock Wealth Liquid Environmentally Aware Fund | $28,356 | $28,356 | $0 | $0 | $9,900 | $9,880 | $407 | $218 |
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
Current Fiscal Year End | Previous Fiscal Year End | |
(b) Audit-Related Fees1 | $0 | $0 |
(c) Tax Fees2 | $0 | $0 |
(d) All Other Fees3 | $2,149,000 | $2,154,000 |
1
The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2
The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3
Non-audit fees of $2,149,000 and $2,154,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g)
The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name | Current Fiscal Year End | Previous Fiscal Year End |
BlackRock Wealth Liquid Environmentally Aware Fund | $10,307 | $10,098 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End | Previous Fiscal Year End |
$2,149,000 | $2,154,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and
the Affiliated Service Providers
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) – Not Applicable
(j) – Not Applicable
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 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 14 – Exhibits attached hereto
(a)(1) Code of Ethics – See Item 2
(a)(2) Section 302 Certifications are attached
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 –
Not Applicable
(a)(4) Change in Registrant’s independent public accountant –
Not Applicable
(b) Section 906 Certifications are attached
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
SMBy: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds
SMDate: May 22, 2024
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
SMDate: May 22, 2024
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds
SMDate: May 22, 2024