UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05742

Name of Fund:  BlackRock Funds^SM

BlackRock Wealth Liquid Environmentally Aware Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds^SM, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 03/31/2025

Date of reporting period: 03/31/2025

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

BlackRock Wealth Liquid Environmentally Aware Fund

Institutional Shares | PNIXX

Annual Shareholder Report — March 31, 2025

This annual shareholder report contains important information about BlackRock Wealth Liquid Environmentally Aware Fund (the “Fund”) for the period of April 1, 2024 to March 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$21	0.20%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,951,009,088
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	182
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$5,545,106
Current seven-day yields as of March 31, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)	0
7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.32%
7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.32%

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Asset Type	Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.5%
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.2
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.0
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

BlackRock Wealth Liquid Environmentally Aware Fund

Institutional Shares | PNIXX

Annual Shareholder Report — March 31, 2025

PNIXX-03/25-AR

BlackRock Wealth Liquid Environmentally Aware Fund

Investor A Shares | PINXX

Annual Shareholder Report — March 31, 2025

This annual shareholder report contains important information about BlackRock Wealth Liquid Environmentally Aware Fund (the “Fund”) for the period of April 1, 2024 to March 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$50	0.48%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,951,009,088
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	182
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$5,545,106
Current seven-day yields as of March 31, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)	0
7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.04%
7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.04%

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Asset Type	Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.5%
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.2
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.0
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

BlackRock Wealth Liquid Environmentally Aware Fund

Investor A Shares | PINXX

Annual Shareholder Report — March 31, 2025

PINXX-03/25-AR

BlackRock Wealth Liquid Environmentally Aware Fund

Investor C Shares | BMCXX

Annual Shareholder Report — March 31, 2025

This annual shareholder report contains important information about BlackRock Wealth Liquid Environmentally Aware Fund (the “Fund”) for the period of April 1, 2024 to March 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$132	1.30%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,951,009,088
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	182
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$5,545,106
Current seven-day yields as of March 31, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)	0
7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.22%
7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.22%

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Asset Type	Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.5%
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.2
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.0
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

BlackRock Wealth Liquid Environmentally Aware Fund

Investor C Shares | BMCXX

Annual Shareholder Report — March 31, 2025

BMCXX-03/25-AR

BlackRock Wealth Liquid Environmentally Aware Fund

Premier Shares | BMMXX

Annual Shareholder Report — March 31, 2025

This annual shareholder report contains important information about BlackRock Wealth Liquid Environmentally Aware Fund (the “Fund”) for the period of April 1, 2024 to March 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Premier Shares	$21	0.20%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,951,009,088
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	182
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$5,545,106
Current seven-day yields as of March 31, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)	0
7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.32%
7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.32%

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Asset Type	Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.5%
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.2
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.0
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

BlackRock Wealth Liquid Environmentally Aware Fund

Premier Shares | BMMXX

Annual Shareholder Report — March 31, 2025

BMMXX-03/25-AR

BlackRock Wealth Liquid Environmentally Aware Fund

Service Shares | PNPXX

Annual Shareholder Report — March 31, 2025

This annual shareholder report contains important information about BlackRock Wealth Liquid Environmentally Aware Fund (the “Fund”) for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Shares	$49	0.48%

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$4,951,009,088
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	182
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$5,545,106
Current seven-day yields as of March 31, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)	0
7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.04%
7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.04%

What did the Fund invest in?

(as of March 31, 2025)

Portfolio composition

Asset Type	Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.5%
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.2
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.0
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.9
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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) 537-4942.

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

BlackRock Wealth Liquid Environmentally Aware Fund

Service Shares | PNPXX

Annual Shareholder Report — March 31, 2025

PNPXX-03/25-AR

(b) Not Applicable

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 Expert – The registrant’s board of trustees (the “board of trustees”), 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 trustees 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 trustees.

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	$28,495	$28,356	$0	$0	$9,900	$9,880	$0	$407

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	$2,149,000

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 $2,149,000 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	$9,900	$10,287

              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	$2,149,000

              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 Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

March

31,

2025

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2025

Annual

Financial

Statements

and

Additional

Information

BlackRock

Funds

SM

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Table

of

Contents

Page

2

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

8

Statement

of

Operations

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

10

Statements

of

Changes

in

Net

Assets

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

11

Financial

Highlights

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

12

Notes

to

Financial

Statements

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

17

Report

of

Independent

Registered

Public

Accounting

Firm

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

23

Important

Tax

Information

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

24

Additional

Information

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

25

Glossary

of

Terms

Used

in

these

Financial

Statements

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

27

Schedule

of

Investments

March

31,

2025

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Schedule

of

Investments

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

Certificates

of

Deposit

Domestic

—

2.5%

Bank

of

America

NA

4.59%, 05/05/25

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

USD

10,000

$

10,000,000

4.54%, 07/10/25

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

15,000

15,000,000

(1-day

SOFR

+

0.27%),

4.63%, 07/15/25

(a)

..

9,000

9,000,000

(1-day

SOFR

+

0.27%),

4.63%, 10/03/25

(a)

..

10,000

10,000,000

4.50%, 01/02/26

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

10,000

10,000,000

4.50%, 01/22/26

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

8,000

8,000,000

Citibank

NA

(1-day

SOFR

at

0.00%

Floor

+

0.27%),

4.63%, 06/20/25

(a)

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

6,000

6,000,000

4.48%, 01/21/26

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

6,000

6,000,000

4.48%, 02/25/26

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

6,000

6,000,000

HSBC

Bank

USA

NA,

(1-day

SOFR

+

0.35%),

4.69%, 05/16/25

(a)

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

16,700

16,701,092

Northern

Trust

Corp.,

4.53%, 10/15/25

......

11,000

11,000,000

State

Street

Bank

&

Trust

Co.,

(1-day

SOFR

+

0.32%),

4.68%, 11/12/25

(a)

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

13,000

13,000,000

120,701,092

Yankee

—

18.5%

(b)

Bank

of

Montreal,

Chicago

5.50%, 06/11/25

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

7,000

7,000,000

(1-day

SOFR

+

0.40%),

4.74%, 10/20/25

(a)

..

11,000

11,000,000

4.56%, 11/10/25

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

8,000

8,000,000

(1-day

SOFR

+

0.38%),

4.72%, 11/13/25

(a)

..

6,000

6,000,000

4.50%, 01/23/26

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

12,000

12,000,000

(1-day

SOFR

+

0.29%),

4.63%, 02/20/26

(a)

..

17,000

17,000,000

BNP

Paribas

SA,

New

York,

4.42%, 09/18/25

..

25,000

25,000,000

Canadian

Imperial

Bank

of

Commerce,

New

York

(1-day

SOFR

+

0.26%),

4.60%, 06/04/25

(a)

..

15,000

15,000,000

4.50%, 10/09/25

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

8,000

8,000,000

(1-day

SOFR

at

0.00%

Floor

+

0.38%),

4.72%, 12/22/25

(a)

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

10,300

10,299,999

4.49%, 01/23/26

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

12,000

12,000,000

Cooperatieve

Rabobank

UA,

New

York

4.46%, 10/17/25

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

15,500

15,501,575

4.43%, 02/10/26

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

23,000

23,000,000

(1-day

SOFR

+

0.22%),

4.56%, 03/06/26

(a)

..

11,000

10,995,898

Credit

Industriel

et

Commercial,

New

York,

5.50%, 05/12/25

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

8,000

8,000,000

DZ

Bank

AG,

New

York,

4.50%, 06/11/25

.....

8,000

8,000,000

Mitsubishi

UFJ

Trust

&

Banking

Corp.,

New

York

(a)

(1-day

SOFR

+

0.24%),

4.58%, 07/16/25

...

8,500

8,500,000

(1-day

SOFR

+

0.23%),

4.57%, 08/08/25

...

10,000

10,000,000

(1-day

SOFR

+

0.25%),

4.59%, 09/02/25

...

10,000

9,999,926

(1-day

SOFR

+

0.22%),

4.56%, 09/25/25

...

23,500

23,500,000

Mizuho

Bank

Ltd.,

New

York

(1-day

SOFR

+

0.22%),

4.58%, 04/09/25

(a)

..

16,000

16,000,000

(1-day

SOFR

+

0.23%),

4.59%, 05/01/25

(a)

..

20,000

20,000,000

4.64%, 05/13/25

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

25,000

25,000,000

(1-day

SOFR

at

0.00%

Floor

+

0.25%),

4.61%, 07/08/25

(a)

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

11,000

11,000,000

(1-day

SOFR

+

0.23%),

4.59%, 07/22/25

(a)

..

15,000

15,000,000

MUFG

Bank

Ltd.,

New

York

(1-day

SOFR

+

0.23%),

4.59%, 05/01/25

(a)

..

10,000

10,000,000

4.50%, 06/16/25

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

18,000

18,000,000

(1-day

SOFR

+

0.25%),

4.61%, 07/07/25

(a)

..

10,500

10,500,000

4.50%, 08/15/25

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

20,500

20,500,000

4.36%, 10/14/25

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

15,500

15,500,000

Nordea

Bank

Abp,

New

York,

(1-day

SOFR

+

0.25%),

4.59%, 03/17/26

(a)

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

15,500

15,500,000

Royal

Bank

of

Canada,

New

York

4.50%, 10/07/25

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

4,000

4,000,000

Security

Par

(000)

Par

(000)

Value

Yankee

(continued)

4.44%, 12/12/25

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

USD

21,000

$

21,000,000

4.21%, 03/12/26

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

14,000

14,000,000

Standard

Chartered

Bank,

New

York

5.35%, 04/10/25

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

14,000

14,000,000

(1-day

SOFR

+

0.30%),

4.64%, 09/30/25

(a)

..

12,000

12,000,000

4.60%, 01/15/26

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

14,000

14,000,000

4.67%, 02/12/26

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

10,000

10,000,000

Sumitomo

Mitsui

Banking

Corp.,

New

York

(1-day

SOFR

+

0.22%),

4.56%, 04/09/25

(a)

..

20,000

20,000,000

(1-day

SOFR

+

0.22%),

4.56%, 04/16/25

(a)

..

12,000

12,000,000

(1-day

SOFR

+

0.23%),

4.57%, 05/12/25

(a)

..

25,500

25,500,000

(1-day

SOFR

+

0.25%),

4.59%, 06/11/25

(a)

..

14,900

14,900,000

4.54%, 06/17/25

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

20,500

20,500,000

(1-day

SOFR

+

0.27%),

4.61%, 07/03/25

(a)

..

12,000

12,000,000

(1-day

SOFR

+

0.23%),

4.57%, 10/01/25

(a)

..

16,500

16,500,000

Sumitomo

Mitsui

Trust

Bank

Ltd.,

New

York

(1-day

SOFR

+

0.22%),

4.56%, 04/21/25

(a)

..

17,000

17,000,000

(1-day

SOFR

+

0.22%),

4.56%, 04/23/25

(a)

..

20,000

20,000,000

4.43%, 05/30/25

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

25,000

25,000,000

(1-day

SOFR

+

0.23%),

4.57%, 06/02/25

(a)

..

20,000

20,000,000

Svenska

Handelsbanken

AB,

New

York

5.35%, 04/09/25

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

10,000

10,000,011

(1-day

SOFR

at

0.00%

Floor

+

0.25%),

4.61%, 07/10/25

(a)

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

18,000

18,000,000

4.43%, 11/07/25

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

20,500

20,497,217

(1-day

SOFR

at

0.00%

Floor

+

0.31%),

4.67%, 01/13/26

(a)

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

7,000

7,000,000

Swedbank

AB,

New

York

5.34%, 

04/09/25

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

10,000

10,000,000

(1-day

SOFR

+

0.25%),

4.61%, 06/05/25

(a)

..

15,000

15,000,000

Toronto-Dominion

Bank

(The),

New

York

5.10%, 08/25/25

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

12,000

12,000,000

(1-day

SOFR

+

0.35%),

4.71%, 09/22/25

(a)

..

10,000

10,000,000

4.50%, 10/07/25

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

8,000

8,000,000

4.52%, 02/04/26

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

15,000

15,000,000

Westpac

Banking

Corp.,

New

York

5.40%, 06/06/25

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

17,000

16,999,961

(1-day

SOFR

+

0.25%),

4.59%, 07/10/25

(a)

..

15,000

15,000,000

4.42%, 10/10/25

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

7,000

7,000,000

(1-day

SOFR

+

0.28%),

4.62%, 10/20/25

(a)

..

11,000

11,000,000

(1-day

SOFR

at

0.00%

Floor

+

0.22%),

4.56%, 03/12/26

(a)

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

23,900

23,895,498

917,590,085

Total

Certificates

of

Deposit

—

21.0%

(Cost:

$

1,038,291,177)

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

1,038,291,177

Commercial

Paper

ABN

AMRO

Funding

USA

LLC

(c)(d)

4.46%,

04/21/25

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

9,000

8,976,000

4.49%,

07/02/25

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

16,500

16,316,575

Albion

Capital

Corp.

SA,

4.51%,

05/20/25

(c)

...

31,000

30,813,922

Alinghi

Funding

Co.

LLC,

4.44%,

04/03/25

(c)(d)

..

65,000

64,983,694

ANZ

New

Zealand

International

Ltd.,

4.41%,

05/09/25

(c)(d)

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

10,000

9,952,711

Aquitaine

Funding

Co.

LLC,

4.47%,

04/14/25

(c)(d)

22,000

21,964,647

ASB

Bank

Ltd.

(1-day

SOFR

+

0.23%),

,

4.59%,

09/29/25

(a)(d)

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

25,200

25,200,000

Atlantic

Asset

Securitization

LLC

(1-day

SOFR

+

0.18%),

,

4.52%,

09/03/25

(a)(d)

..........

27,000

27,000,000

Australia

&

New

Zealand

Banking

Group

Ltd.

(d)

4.32%,

07/10/25

(c)

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

18,000

17,782,000

(1-day

SOFR

+

0.20%),

4.54%,

08/08/25

(a)

..

9,500

9,499,677

(1-day

SOFR

+

0.26%),

4.60%,

11/17/25

(a)

..

9,500

9,500,000

4.32%,

11/25/25

(c)

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

10,000

9,709,772

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

March

31,

2025

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Bank

of

New

York

Mellon

(The)

(a)

(1-day

SOFR

+

0.35%),

4.71%,

05/09/25

...

USD

7,000

$

7,000,000

(1-day

SOFR

+

0.25%),

4.61%,

03/26/26

...

15,000

15,000,000

Bank

of

Nova

Scotia

(The)

(1-day

SOFR

+

0.23%),

,

4.57%,

03/06/26

(a)(d)

..........

16,500

16,495,284

BPCE

SA,

4.46%,

08/13/25

(c)(d)

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

12,000

11,803,467

Britannia

Funding

Co.

LLC

(d)

4.44%,

04/16/25

(c)

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

36,800

36,731,920

4.46%,

05/12/25

(c)

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

28,300

28,157,863

(1-day

SOFR

+

0.25%),

4.59%,

08/06/25

(a)

..

10,000

10,000,000

Canadian

Imperial

Bank

of

Commerce

(c)(d)

4.39%,

04/09/25

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

10,000

9,988,889

4.25%,

02/12/26

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

10,000

9,616,958

CDP

Financial,

Inc.,

4.40%,

04/28/25

(c)(d)

.....

19,000

18,928,465

Cisco

Systems,

Inc.,

4.39%,

05/08/25

(c)(d)

.....

27,000

26,877,623

Citigroup

Global

Markets,

Inc.,

4.46%,

05/23/25

(c)

16,000

15,894,844

Columbia

Funding

Co.

LLC

(c)

4.47%,

07/11/25

(d)

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

25,000

24,691,389

4.47%,

07/16/25

(d)

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

23,000

22,700,668

4.46%,

09/25/25

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

20,500

20,062,564

Commonwealth

Bank

of

Australia

(a)(d)

(1-day

SOFR

+

0.20%),

4.54%,

07/03/25

...

22,000

22,000,000

(1-day

SOFR

+

0.25%),

4.59%,

07/10/25

...

14,000

14,000,000

DNB

Bank

ASA

(c)(d)

4.36%,

04/01/25

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

10,000

10,000,000

4.37%,

04/17/25

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

8,000

7,983,929

4.36%,

11/05/25

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

14,500

14,121,119

4.23%,

03/18/26

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

16,000

15,351,040

DZ

Bank

AG,

4.45%,

09/26/25

(c)

...........

16,500

16,147,560

HSBC

Bank

plc

(1-day

SOFR

+

0.28%),

,

4.64%,

07/16/25

(a)(d)

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

14,000

14,000,000

ING

US

Funding

LLC

(1-day

SOFR

+

0.26%),

4.62%,

06/05/25

(a)

(d)

.

14,000

14,000,000

4.46%,

06/20/25

(c)

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

25,000

24,751,111

(1-day

SOFR

+

0.36%),

4.72%,

10/24/25

(a)(d)

.

5,000

5,000,242

JP

Morgan

Securities

LLC

(1-day

SOFR

+

0.30%),

,

4.66%,

07/01/25

(a)

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

13,000

13,000,000

Lloyds

Bank

Corporate

Markets

plc,

4.39%,

08/06/25

(c)

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

23,000

22,646,234

Lloyds

Bank

plc,

4.40%,

10/29/25

(c)

.........

10,000

9,745,335

Mackinac

Funding

Co.

LLC

(c)

4.48%,

05/12/25

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

15,000

14,924,833

4.46%,

08/05/25

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

30,600

30,128,760

4.46%,

09/12/25

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

7,500

7,353,425

Macquarie

Bank

Ltd.

(1-day

SOFR

+

0.24%),

4.60%,

06/20/25

(a)(d)

.

25,500

25,500,000

4.43%,

08/21/25

(c)

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

25,000

24,571,042

(1-day

SOFR

+

0.21%),

4.57%,

08/22/25

(a)(d)

.

5,000

5,000,000

4.40%,

10/24/25

(c)

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

10,750

10,485,490

(1-day

SOFR

+

0.23%),

4.59%,

10/24/25

(a)(d)

.

9,500

9,500,000

4.38%,

11/19/25

(c)(d)

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

23,000

22,350,271

(1-day

SOFR

+

0.25%),

4.61%,

11/21/25

(a)(d)

.

11,000

11,000,000

4.33%,

02/12/26

(c)

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

20,000

19,228,633

Mizuho

Bank

Ltd.,

4.42%,

10/01/25

(c)(d)

......

23,000

22,496,674

National

Australia

Bank

Ltd.

(a)(d)

(1-day

SOFR

+

0.20%),

4.54%,

05/02/25

...

15,000

14,999,737

(1-day

SOFR

+

0.28%),

4.62%,

06/27/25

...

12,000

12,000,550

(1-day

SOFR

+

0.25%),

4.59%,

07/09/25

...

13,000

13,000,000

National

Bank

of

Canada

(c)(d)

4.40%,

04/16/25

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

12,000

11,974,800

4.28%,

01/20/26

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

11,000

10,613,717

National

Westminster

Bank

plc,

4.43%,

05/12/25

(c)

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

53,000

52,736,826

Natixis

SA

(c)

4.39%,

09/05/25

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

14,000

13,740,209

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

4.39%,

09/08/25

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

USD

21,000

$

20,603,333

Ontario

Teachers'

Finance

Trust,

4.41%,

05/01/25

(c)(d)

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

10,500

10,457,038

Province

of

British

Columbia

(c)

4.39%,

05/12/25

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

25,000

24,871,875

4.42%,

05/30/25

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

9,500

9,429,937

4.41%,

06/13/25

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

39,000

38,658,360

4.39%,

07/03/25

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

20,000

19,767,965

Royal

Bank

of

Canada

4.39%,

04/09/25

(c)(d)

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

12,000

11,986,667

4.31%,

11/03/25

(c)

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

10,000

9,738,400

4.30%,

11/07/25

(c)

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

14,000

13,627,833

(1-day

SOFR

+

0.34%),

4.68%,

01/02/26

(a)(d)

.

10,000

10,000,000

Sheffield

Receivables

Co.

LLC,

4.46%,

07/10/25

(c)

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

20,500

20,251,722

Skandinaviska

Enskilda

Banken

AB

(a)(d)

(1-day

SOFR

+

0.25%),

4.61%,

07/02/25

...

13,000

13,000,000

(1-day

SOFR

+

0.25%),

4.61%,

10/06/25

...

12,000

12,000,000

Standard

Chartered

Bank,

4.48%,

08/04/25

(c)

..

10,800

10,636,125

Swedbank

AB

(a)(d)

(1-day

SOFR

+

0.27%),

4.63%,

07/03/25

...

20,000

20,000,000

(1-day

SOFR

+

0.27%),

4.63%,

07/16/25

...

10,000

10,000,000

(1-day

SOFR

+

0.24%),

4.60%,

10/14/25

...

4,500

4,500,000

(1-day

SOFR

+

0.20%),

4.56%,

11/26/25

...

10,000

10,000,000

UBS

AG

(1-day

SOFR

+

0.40%),

,

4.77%,

08/06/25

(a)(d)

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

10,000

10,000,000

United

Overseas

Bank

Ltd.

(a)(d)

(1-day

SOFR

+

0.20%),

4.56%,

04/25/25

...

14,000

13,999,911

(1-day

SOFR

+

0.17%),

4.54%,

09/17/25

...

20,900

20,900,000

Versailles

Commercial

Paper

LLC,

4.42%,

04/03/25

(c)

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

17,000

16,995,656

Westpac

Banking

Corp.

(a)(d)

(1-day

SOFR

+

0.25%),

4.59%,

07/02/25

...

11,000

11,000,000

(1-day

SOFR

+

0.29%),

4.63%,

01/02/26

...

15,500

15,500,000

(1-day

SOFR

+

0.27%),

4.61%,

02/03/26

...

19,000

19,000,000

Westpac

Securities

NZ

Ltd.,

4.45%,

05/16/25

(c)(d)

9,000

8,941,388

Total

Commercial

Paper

—

29.2%

(Cost:

$

1,445,866,679)

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

1,445,866,679

Municipal

Bonds

Colorado

—

0.3%

(e)

Colorado

Housing

&

Finance

Authority

,

Series

2021C-2,

RB

,

VRDN

(

Federal

Home

Loan

Bank

SBPA)

,

4.35%, 04/07/25

..........

8,365

8,365,000

Colorado

Housing

&

Finance

Authority

,

Series

2021M-2,

RB

,

VRDN

(Barclays

Bank

plc

SBPA)

,

4.35%, 04/07/25

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

7,230

7,230,000

Total

Municipal

Bonds

—

0.3%

(Cost:

$15,595,000)

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

15,595,000

Time

Deposits

Credit

Agricole

Corporate

&

Investment

Bank

SA,

4.32%, 04/01/25

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

18,000

18,000,000

ING

Bank

NV

Schedule

of

Investments

(continued)

March

31,

2025

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Time

Deposits

(continued)

4.34%, 04/02/25

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

USD

125,000

$

125,000,000

4.34%, 04/07/25

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

60,000

60,000,000

Royal

Bank

of

Canada,

4.33%, 04/01/25

.....

109,000

109,000,000

Skandinaviska

Enskilda

Banken

AB,

4.33%, 04/01/25

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

175,000

175,000,000

Svenska

Handelsbanken

AB,

4.31%, 04/01/25

.

150,000

150,000,000

Swedbank

AB,

4.32%, 04/01/25

...........

150,000

150,000,000

Total

Time

Deposits

—

15.9%

(Cost:

$787,000,000)

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

787,000,000

U.S.

Treasury

Obligations

U.S.

Treasury

Bills

(c)

4.25%, 

04/01/25

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

19,000

19,000,000

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

2.87%, 04/03/25

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

USD

19,000

$

18,995,514

4.10%, 10/30/25

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

22,000

21,468,940

4.05%, 02/19/26

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

10,000

9,648,820

U.S.

Treasury

Notes,

(US

Treasury

3

Month

Bill

Money

Market

Yield

at

0.00%

Floor

+

0.17%),

4.40%, 04/30/25

(a)

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

1,000

1,000,028

Total

U.S.

Treasury

Obligations

—

1.4%

(Cost:

$70,113,302)

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

70,113,302

Total

Repurchase

Agreements

—

29.5%

(Cost:

$1,458,000,000)

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

1,458,000,000

Total

Investments

—

97.3%

(Cost:

$4,814,866,158

)

(f)

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

4,814,866,158

Other

Assets

Less

Liabilities

—

2.7%

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

136,142,930

Net

Assets

—

100.0%

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

$

4,951,009,088

(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)

Rates

are

the

current

rate

or

a

range

of

current

rates

as

of

period

end.

(d)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(e)

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.

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(continued)

March

31,

2025

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

6

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.

...

4.37‌

%

03/31/25

04/01/25

$

310,000‌

$

310,000,000‌

$

310,037,630‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.91%

to

7.50%,

due

06/02/25

to

10/20/72

$

371,319,055‌

$

316,200,032‌

–‌

–‌

Citigroup

Global

Markets,

Inc.

...........

4.37‌

03/31/25

04/01/25

380,000‌

380,000,000‌

380,046,128‌

U.S.

Government

Sponsored

Agency

Obligations,

0.00%

to

8.00%,

due

02/20/40

to

02/20/75

.........

17,137,520,780‌

414,646,215‌

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...........

4.37‌

03/31/25

04/01/25

340,000‌

340,000,000‌

340,041,272‌

U.S.

Government

Sponsored

Agency

Obligations,

2.50%

to

7.00%,

due

06/20/27

to

09/20/64

.........

554,045,528‌

346,800,001‌

–‌

–‌

JP

Morgan

Securities

LLC

...........

4.37‌

03/31/25

04/01/25

360,000‌

360,000,000‌

360,043,700‌

U.S.

Government

Sponsored

Agency

Obligation,

3.00%,

due

03/20/52

.........

532,809,889‌

367,200,001‌

4.37‌

(a)

03/31/25

04/08/25

38,000‌

38,000,000‌

38,036,902‌

U.S.

Government

Sponsored

Agency

Obligations,

3.00%

to

6.00%,

due

03/20/40

to

03/20/55

.........

41,844,481‌

38,760,002‌

–‌

–‌

$

398,000,000‌

$

405,960,003‌

–‌

–‌

US

Bancorp

Investments,

Inc.

...........

4.37‌

(b)

03/31/25

04/01/25

30,000‌

30,000,000‌

30,003,642‌

U.S.

Government

Sponsored

Agency

Obligations

and

U.S.

Treasury

Obligations,

0.00%

to

7.50%,

due

07/15/25

to

05/15/32

31,126,057‌

30,600,095‌

–‌

–‌

$

1,458,000,000‌

$

1,514,206,346‌

–‌

–‌

(a)

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

(b)

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.

Schedule

of

Investments

(continued)

March

31,

2025

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Schedule

of

Investments

7

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Short-Term

Securities

Certificates

of

Deposit

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

$

—

$

1,038,291,177

$

—

$

1,038,291,177

Commercial

Paper

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

—

1,445,866,679

—

1,445,866,679

Municipal

Bonds

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

—

15,595,000

—

15,595,000

Repurchase

Agreements

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

—

1,458,000,000

—

1,458,000,000

Time

Deposits

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

—

787,000,000

—

787,000,000

U.S.

Treasury

Obligations

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

—

70,113,302

—

70,113,302

$

—

$

4,814,866,158

$

—

$

4,814,866,158

Statement

of

Assets

and

Liabilities

March

31,

2025

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

8

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

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

$

3,356,866,158‌

Cash

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

125,359,692‌

Repurchase

agreements,

at

value

(b)

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

1,458,000,000‌

Receivables:

–‌

Capital

shares

sold

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

34,792,398‌

Interest

—

unaffiliated

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

11,716,322‌

From

the

Manager

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

2,743‌

Prepaid

e

xpenses

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

139,758‌

Total

a

ssets

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

4,986,877,071‌

LIABILITIES

Payables:

–‌

Administration

fees

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

221,648‌

Capital

shares

redeemed

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

33,327,813‌

Income

dividend

distributions

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

639,984‌

Investment

advisory

fees

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

618,256‌

Trustees'

and

Officer's

fees

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

938‌

Other

affiliate

fees

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

24,131‌

Professional

fees

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

3,634‌

Service

and

distribution

fees

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

856,031‌

Other

accrued

expenses

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

175,548‌

Total

li

abilities

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

35,867,983‌

Commitments

and

contingent

liabilities

$

–‌

NET

ASSETS

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

$

4,951,009,088‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

4,951,027,071‌

Accumulated

loss

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

(

17,983‌

)

NET

ASSETS

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

$

4,951,009,088‌

(a)

  Investments,

at

cost

—

unaffiliated

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

$

3,356,866,158‌

(b)

  Repurchase

agreements,

at

cost

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

$

1,458,000,000‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(continued)

March

31,

2025

9

Statement

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

NET

ASSET

VALUE

Institutional

Net

assets

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

$

608,654,440‌

Shares

outstanding

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

608,672,604‌

Net

asset

value

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

$

1.00‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Premier

Net

assets

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

$

15,519,093‌

Shares

outstanding

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

15,519,556‌

Net

asset

value

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

$

1.00‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Service

Net

assets

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

$

158,919,769‌

Shares

outstanding

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

158,924,480‌

Net

asset

value

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

$

1.00‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Investor

A

Net

assets

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

$

4,162,269,125‌

Shares

outstanding

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

4,162,393,099‌

Net

asset

value

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

$

1.00‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Investor

C

Net

assets

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

$

5,646,661‌

Shares

outstanding

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

5,646,829‌

Net

asset

value

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

$

1.00‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Statement

of

Operations

Year

Ended

March

31,

2025

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

10

See

notes

to

financial

statements.

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

INVESTMENT

INCOME

Interest

—

unaffiliated

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

$

194,492,350‌

Total

investment

income

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

194,492,350‌

EXPENSES

Investment

advisory

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

15,296,534‌

Service

and

distribution

—

class

specific

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

8,402,706‌

Administration

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

1,437,102‌

Administration

—

class

specific

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

774,089‌

Transfer

agent

—

class

specific

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

496,466‌

Registration

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

391,264‌

Professional

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

133,748‌

Accounting

services

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

65,048‌

Printing

and

postage

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

53,701‌

Trustees

and

Officer

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

36,637‌

Custodian

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

35,022‌

Miscellaneous

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

43,892‌

Total

expenses

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

27,166,209‌

Less:

–‌

Administration

fees

waived

by

the

Manager

—

class

specific

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

(

106,908‌

)

Fees

waived

and/or

reimbursed

by

the

Manager

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

(

9,751,428‌

)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

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

(

25,138‌

)

Total

expenses

after

fees

waived

and/or

reimbursed

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

17,282,735‌

Net

investment

income

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

177,209,615‌

REALIZED

GAIN

(LOSS)

$

8,457‌

Net

realized

gain

from

investments

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

8,456‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

177,218,071‌

Statements

of

Changes

in

Net

Assets

11

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Year

Ended

03/31/25

Year

Ended

03/31/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

177,209,615

‌

$

116,076,299

‌

Net

realized

gain

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

8,456

‌

1,470

‌

Net

increase

in

net

assets

resulting

from

operations

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

177,218,071

‌

116,077,769

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

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

(

25,275,257

)

(

26,626,371

)

Premier

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

(

364,730

)

(

104,483

)

Service

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

(

6,655,375

)

(

5,519,899

)

Investor

A

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

(

144,657,953

)

(

83,374,581

)

Investor

C

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

(

256,256

)

(

450,965

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(177,209,571

)

(116,076,299

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

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

1,953,394,803

‌

1,273,422,928

‌

NET

ASSETS

Total

increase

in

net

assets

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

1,953,403,303

‌

1,273,424,398

‌

Beginning

of

year

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

2,997,605,785

‌

1,724,181,387

‌

End

of

year

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

$

4,951,009,088

‌

$

2,997,605,785

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

12

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Institutional

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

year

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

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

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

0

.0485

‌

0

.0524

‌

0

.0289

‌

0

.0001

‌

0

.0021

‌

Net

realized

gain

(loss)

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

0

.0003

‌

(

0

.0001

)

(a)

(

0

.0019

)

0

.0001

‌

0

.0001

‌

Net

increase

from

investment

operations

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

0.0488

‌

0.0523

‌

0.0270

‌

0.0002

‌

0.0022

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

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

(

0

.0488

)

(

0

.0523

)

(

0

.0270

)

(

0

.0002

)

(

0

.0021

)

From

net

realized

gain

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

—

‌

—

‌

—

‌

(

0

.0000

)

(c)

(

0

.0001

)

Total

distributions

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

(0.0488

)

(0.0523

)

(0.0270

)

(0.0002

)

(0.0022

)

Net

asset

value,

end

of

year

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

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

Based

on

net

asset

value

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

4.99

%

5.36

%

2.73

%

0.03

%

0.21

%

Ratios

to

Average

Net

Assets

Total

expen

ses

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

0.48

%

0.52

%

0.55

%

0.54

%

0.53

%

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.20

%

0.20

%

0.20

%

0.17

%

0.20

%

Net

investment

income

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

4.85

%

5.22

%

2.86

%

0.01

%

0.18

%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

608,654

‌

$

475,885

‌

$

569,091

‌

$

225,612

‌

$

523,322

‌

(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)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

13

Financial

Highlights

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Premier

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

year

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

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

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

0

.0460

‌

0

.0529

‌

0

.0270

‌

0

.0001

‌

0

.0021

‌

Net

realized

gain

(loss)

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

0

.0028

‌

(

0

.0006

)

(a)

0

.0000

(a)

(b)

0

.0002

‌

0

.0001

‌

Net

increase

from

investment

operations

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

0.0488

‌

0.0523

‌

0.0270

‌

0.0003

‌

0.0022

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

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

(

0

.0488

)

(

0

.0523

)

(

0

.0270

)

(

0

.0003

)

(

0

.0021

)

From

net

realized

gain

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

—

‌

—

‌

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

Total

distributions

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

(0.0488

)

(0.0523

)

(0.0270

)

(0.0003

)

(0.0022

)

Net

asset

value,

end

of

year

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

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

Based

on

net

asset

value

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

4.99

%

5.36

%

2.73

%

0.03

%

0.22

%

Ratios

to

Average

Net

Assets

Total

expen

ses

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

0.47

%

0.50

%

0.82

%

0.96

%

0.58

%

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.20

%

0.20

%

0.20

%

0.17

%

0.20

%

Net

investment

income

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

4.62

%

5.32

%

2.70

%

0.01

%

0.21

%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

15,519

‌

$

2,750

‌

$

37

‌

$

37

‌

$

37

‌

(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)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

14

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Service

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

year

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

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

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

0

.0459

‌

0

.0498

‌

0

.0292

‌

0

.0001

‌

0

.0009

‌

Net

realized

gain

(loss)

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

0

.0002

‌

(

0

.0002

)

(a)

(

0

.0049

)

0

.0001

‌

0

.0001

‌

Net

increase

from

investment

operations

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

0.0461

‌

0.0496

‌

0.0243

‌

0.0002

‌

0.0010

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

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

(

0

.0461

)

(

0

.0496

)

(

0

.0243

)

(

0

.0002

)

(

0

.0009

)

From

net

realized

gain

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

—

‌

—

‌

—

‌

(

0

.0000

)

(c)

(

0

.0001

)

Total

distributions

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

(0.0461

)

(0.0496

)

(0.0243

)

(0.0002

)

(0.0010

)

Net

asset

value,

end

of

year

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

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

Based

on

net

asset

value

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

4.71

%

5.07

%

2.45

%

0.02

%

0.10

%

Ratios

to

Average

Net

Assets

Total

expen

ses

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

0.73

%

0.76

%

0.78

%

0.78

%

0.78

%

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.48

%

0.47

%

0.47

%

0.18

%

0.25

%

Net

investment

income

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

4.59

%

4.98

%

2.92

%

0.01

%

0.04

%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

158,920

‌

$

132,242

‌

$

71,734

‌

$

23,394

‌

$

45,926

‌

(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)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

15

Financial

Highlights

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Investor

A

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

year

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

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

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

0

.0453

‌

0

.0496

‌

0

.0240

‌

0

.0001

‌

0

.0009

‌

Net

realized

gain

(loss)

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

0

.0007

‌

(

0

.0002

)

(a)

0

.0000

(a)

(b)

0

.0001

‌

0

.0001

‌

Net

increase

from

investment

operations

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

0.0460

‌

0.0494

‌

0.0240

‌

0.0002

‌

0.0010

‌

Distributions

(c)

–

–

–

–

–

From

net

investment

income

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

(

0

.0460

)

(

0

.0494

)

(

0

.0240

)

(

0

.0002

)

(

0

.0009

)

From

net

realized

gain

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

—

‌

—

‌

—

‌

(

0

.0000

)

(d)

(

0

.0001

)

Total

distributions

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

(0.0460

)

(0.0494

)

(0.0240

)

(0.0002

)

(0.0010

)

Net

asset

value,

end

of

year

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

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(e)

Based

on

net

asset

value

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

4.70

%

5.05

%

2.43

%

0.02

%

0.10

%

Ratios

to

Average

Net

Assets

Total

expen

ses

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

0.74

%

0.78

%

0.81

%

0.80

%

0.78

%

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.48

%

0.49

%

0.49

%

0.18

%

0.34

%

Net

investment

income

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

4.54

%

4.97

%

2.40

%

0.01

%

0.10

%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

4,162,269

‌

$

2,378,360

‌

$

1,067,562

‌

$

1,012,844

‌

$

1,677,581

‌

(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)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

16

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Investor

C

Year

Ended

03/31/25

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Net

asset

value,

beginning

of

year

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

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Net

investment

income

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

0

.0384

‌

0

.0412

‌

0

.0154

‌

0

.0001

‌

0

.0008

‌

Net

realized

gain

(loss)

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

(

0

.0006

)

(a)

0

.0001

‌

0

.0021

(a)

0

.0001

‌

0

.0001

‌

Net

increase

from

investment

operations

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

0.0378

‌

0.0413

‌

0.0175

‌

0.0002

‌

0.0009

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

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

(

0

.0378

)

(

0

.0413

)

(

0

.0175

)

(

0

.0002

)

(

0

.0008

)

From

net

realized

gain

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

—

‌

—

‌

—

‌

(

0

.0000

)

(c)

(

0

.0001

)

Total

distributions

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

(0.0378

)

(0.0413

)

(0.0175

)

(0.0002

)

(0.0009

)

Net

asset

value,

end

of

year

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

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

$

1.00

‌

Total

Return

(d)

Based

on

net

asset

value

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

3.85

%

4.21

%

1.76

%

0.02

%

0.08

%

Ratios

to

Average

Net

Assets

Total

expen

ses

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

1.58

%

1.61

%

1.61

%

1.58

%

1.54

%

Total

expenses

after

fees

waived

and/or

reimbursed

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

1.30

%

1.30

%

1.13

%

0.18

%

0.35

%

Net

investment

income

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

3.83

%

4.11

%

1.54

%

0.01

%

0.09

%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

5,647

‌

$

8,368

‌

$

15,758

‌

$

26,648

‌

$

15,347

‌

(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)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.00005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

17

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

of

Trustees

of

the

Trust

(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. 

Cash:

The

Fund

may

maintain

cash

at its

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Fund

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Fund is

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statement

of

Operations.

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

credits,

if

any,

are

included

in

interest

income

in

the

 Statement

of

Operations.

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)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

18

Segment

Reporting:

The

Fund

adopted

Financial

Accounting

Standards

Board

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”)

during

the

period.

The

Fund's

adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

results

of

operations.

The

Chief

Financial

Officer

acts

as

the

Fund's

Chief

Operating

Decision

Maker

(“CODM")

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Fund.

The

CODM

has

concluded

that

the

Fund

operates

as

a

single

operating

segment

since

the

Fund

has

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Fund's

financial

statements. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

U.S.

GAAP

defines

fair

value

as

the

price

the Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund's

investments

are

valued

under

the

amortized

cost

method

which

approximates

current

market

value

in

accordance

with

Rule

2a-7

under

the

1940

Act.

Under

this

method,

investments

are

valued

at

cost

when

purchased

and,

thereafter,

a

constant

proportionate

accretion

of

discounts

and

amortization

of

premiums

are

recorded

until

the

maturity

of

the

security. The

Fund seeks

to

maintain

its

net

asset

value

(“NAV”)

per

share

at

$1.00,

although

there

is

no

assurance

that

it

will

be

able

to

do

so

on

a

continuing

basis.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3 —

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for the

asset

or

liability

(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:

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

Notes

to

Financial

Statements

(continued)

19

Notes

to

Financial

Statements

The

Manager

entered

into

a

sub-advisory

agreement

with

BlackRock

International

Limited

(“BIL”),

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

for

services

it

provides

for

that

portion

of

the

Fund

for

which

BIL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

the

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

Trust

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution 

and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Fund.

The

ongoing

service and/or

distribution

fee compensates BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the year

ended

March

31,

2025,

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,

2025, 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,

2025

,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

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,

2025,

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,

2025,

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,

2025

,

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

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

$

362,689‌

Investor

A

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

7,973,157‌

Investor

C

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

66,860‌

$

8,402,706‌

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

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

$

104,305‌

$

1,580‌

$

29,015‌

$

637,852‌

$

1,337‌

$

774,089‌

Institutional

Premier

Service

Investor

A

Investor

C

Total

Reimbursed

Amount

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

$

5,882‌

$

45‌

$

1,195‌

$

63,273‌

$

1,730‌

$

72,125‌

Institutional

Premier

Service

Investor

A

Investor

C

Total

Transfer

agent

fees

-

class

specific

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

$

24,158‌

$

203‌

$

8,583‌

$

456,436‌

$

7,086‌

$

496,466‌

Fund

Name

Investor

A

Investor

C

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

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

$

5,066‌

$

4,156‌

Notes

to

Financial

Statements

(continued)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

20

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,

2026,

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,

2025,

the

Manager

waived

and/or

reimbursed

investment

advisory

fees

of

$9,751,428,

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,

2025,

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,

2025,

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,

2025,

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.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect

which

may

impact

the

Fund's

NAV.

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

March

31,

2025,

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,

2025,

the

Fund utilized

the

following

amount

of

its

capital

loss

carryforward:

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

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

$

104,305‌

$

24,154‌

Premier

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

1,580‌

203‌

Investor

C

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

1,023‌

781‌

$

106,908‌

$

25,138‌

Fund

Name

Year

Ended

03/31/25

Year

Ended

03/31/24

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Ordinary

income

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

$

177,209,571‌

$

116,076,299‌

Fund

Name

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Total

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

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

$

1,354‌

$

(

19,337‌

)

$

(

17,983‌

)

Fund

Name

Amount

Utilized

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

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

$

8,456‌

Notes

to

Financial

Statements

(continued)

21

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,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Certain

obligations

held

by

the

Fund

have

a

credit

enhancement

or

liquidity

feature

that

may,

under

certain

circumstances,

provide

for

repayment

of

principal

and

interest

on

the

obligation

when

due. These

enhancements,

which

may

include

letters

of

credit,

stand-by

bond

purchase

agreements

and/or

third-party

insurance,

are

issued

by

financial

institutions. The

value

of

the

obligations

may

be

affected

by

changes

in

creditworthiness

of

the

entities

that

provide

the

credit

enhancements

or

liquidity

features. The

Fund

monitors

its

exposure

by

reviewing

the

creditworthiness

of

the

issuers,

as

well

as

the

financial

institutions

issuing

the

credit

enhancements

and

by

limiting

the

amount

of

holdings

with

credit

enhancements

from

one

financial

institution. 

Market Risk:

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

during

a

period

of

historically

low

interest

rates.

Changing

interest

rates

may

have

unpredictable

effects

on

markets,

may

result

in

heightened

market

volatility,

and

could

negatively

impact

the

Fund’s

performance.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Fund

invests.

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.

Notes

to

Financial

Statements

(continued)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

22

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.

As

of

March

31,

2025,

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

03/31/25

03/31/24

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

Institutional

Shares

sold

722,376,608‌

926,885,863‌

Shares

issued

in

reinvestment

of

distributions

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

18,435,225‌

18,872,071‌

Shares

redeemed

(

608,049,375‌

)

(

1,038,990,565‌

)

132,762,458‌

(

93,232,631‌

)

Premier

Shares

sold

17,752,850‌

3,959,630‌

Shares

issued

in

reinvestment

of

distributions

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

362,936‌

102,271‌

Shares

redeemed

(

5,346,869‌

)

(

1,348,006‌

)

12,768,917‌

2,713,895‌

Service

Shares

sold

197,143,667‌

219,853,230‌

Shares

issued

in

reinvestment

of

distributions

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

6,653,812‌

5,519,658‌

Shares

redeemed

(

177,122,219‌

)

(

164,864,402‌

)

26,675,260‌

60,508,486‌

Investor

A

Shares

sold

4,536,359,701‌

2,621,580,640‌

Shares

issued

in

reinvestment

of

distributions

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

144,542,070‌

83,302,226‌

Shares

redeemed

(

2,896,992,413‌

)

(

1,394,058,102‌

)

1,783,909,358‌

1,310,824,764‌

Investor

C

Shares

sold

2,207,879‌

7,163,429‌

Shares

issued

in

reinvestment

of

distributions

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

254,908‌

444,545‌

Shares

redeemed

and

automatic

conversion

of

shares

(

5,183,977‌

)

(

14,999,560‌

)

(

2,721,190‌

)

(

7,391,586‌

)

1,953,394,803‌

1,273,422,928‌

Report

of

Independent

Registered

Public

Accounting

Firm

23

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,

2025,

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,

2025,

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,

2025,

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.

/s/

Deloitte

&

Touche

LLP

Boston,

Massachusetts

May

22,

2025

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Important

Tax

Information

(unaudited)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

24

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,

2025:

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,

2025:

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,

2025:

Fund

Name

Federal

Obligation

Interest

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

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

$

2,232,856‌

Fund

Name

Interest

Dividends

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

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

$

177,209,615‌

Fund

Name

Interest-Related

Dividends

BlackRock

Wealth

Liquid

Environmentally

Aware

Fund

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

$

143,234,449‌

Additional

Information

25

Additional

Information

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Compensation

to

the

independent

directors/trustees

of

the

Trust

is

paid

by

the

Trust,

on

behalf

of

the

Fund.

General

Information 

Quarterly

performance,

shareholder

reports,

semi-annual

and

annual

financial

statements,

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.

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

of

quarterly

statements,

annual

and

semi-annual

shareholder

reports

and

prospectuses

by

enrolling

in

the

electronic

delivery

program.

To

enroll

in

electronic

delivery:

Shareholders

Who

Hold

Accounts

with

Investment

Advisors,

Banks

or

Brokerages:

Please

contact

your

financial

advisor.

Please

note

that

not

all

investment

advisors,

banks

or

brokerages

may

offer

this

service.

Shareholders

Who

Hold

Accounts

Directly

with

BlackRock:

1.

Access

the

BlackRock

website

at

blackrock.com

2.

Select

"Access

Your

Account"

3.

Next,

select

"eDelivery"

in

the

"Related

Resources"

box

and

follow

the

sign-up

instructions.

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.

Additional

Information

(continued)

2025

BlackRock

Annual

Financial

Statements

and

Additional

Information

26

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

02110

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

these

Financial

Statements

27

Glossary

of

Terms

Used

in

these

Financial

Statements

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?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

You

could

lose

money

by

investing

in

the

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

The

Fund

may

impose

a

fee

upon

sale

of

your

shares.

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.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers  – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – 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 13a-15(b) or 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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached.

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) 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 ^SM

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds^SM

Date: May 22, 2025 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds^SM

Date: May 22, 2025 

By:     /s/ Trent Walker                      

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds^SM

Date: May 22, 2025