Blackrock Funds
12/03/2024 | Press release | Distributed by Public on 12/03/2024 14:04
Semi Annual Report by Investment Company Form N CSRS
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 FundsSM
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 FundsSM, 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: 09/30/2024
Item 1 - Report to Stockholders
(a) The Report to Shareholders is attached herewith.
BlackRock Wealth Liquid Environmentally Aware Fund
Institutional Shares | PNIXX
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about BlackRock Wealth Liquid Environmentally Aware Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024.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 six months?
(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
|
$10
|
0.20%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$3,882,919,867
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
165
|
|
Current seven-day yields as of September 30, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
|
|
|
7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.89%
|
|
7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.89%
|
What did the Fund invest in?
(as of September 30, 2024)
Portfolio composition
|
Investment Type
|
Percent of Net Assets
|
|
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
38.4%
|
|
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
33.8
|
|
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.6
|
|
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1
|
|
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.1
|
|
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.4
|
|
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.1
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.5
|
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.
© 2024 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
Semi-Annual Shareholder Report - September 30, 2024
PNIXX-09/24-SAR
BlackRock Wealth Liquid Environmentally Aware Fund
Investor A Shares | PINXX
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about BlackRock Wealth Liquid Environmentally Aware Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024.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 six months?
(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
|
$25
|
0.49%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$3,882,919,867
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
165
|
|
Current seven-day yields as of September 30, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
|
|
|
7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.61%
|
|
7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.61%
|
What did the Fund invest in?
(as of September 30, 2024)
Portfolio composition
|
Investment Type
|
Percent of Net Assets
|
|
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
38.4%
|
|
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
33.8
|
|
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.6
|
|
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1
|
|
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.1
|
|
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.4
|
|
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.1
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.5
|
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.
© 2024 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
Semi-Annual Shareholder Report - September 30, 2024
PINXX-09/24-SAR
BlackRock Wealth Liquid Environmentally Aware Fund
Investor C Shares | BMCXX
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about BlackRock Wealth Liquid Environmentally Aware Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024.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 six months?
(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
|
$66
|
1.30%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$3,882,919,867
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
165
|
|
Current seven-day yields as of September 30, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
|
|
|
7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.79%
|
|
7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.79%
|
What did the Fund invest in?
(as of September 30, 2024)
Portfolio composition
|
Investment Type
|
Percent of Net Assets
|
|
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
38.4%
|
|
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
33.8
|
|
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.6
|
|
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1
|
|
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.1
|
|
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.4
|
|
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.1
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.5
|
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.
© 2024 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
Semi-Annual Shareholder Report - September 30, 2024
BMCXX-09/24-SAR
BlackRock Wealth Liquid Environmentally Aware Fund
Premier Shares | BMMXX
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about BlackRock Wealth Liquid Environmentally Aware Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024.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 six months?
(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
|
$10
|
0.20%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$3,882,919,867
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
165
|
|
Current seven-day yields as of September 30, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
|
|
|
7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.89%
|
|
7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.89%
|
What did the Fund invest in?
(as of September 30, 2024)
Portfolio composition
|
Investment Type
|
Percent of Net Assets
|
|
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
38.4%
|
|
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
33.8
|
|
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.6
|
|
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1
|
|
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.1
|
|
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.4
|
|
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.1
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.5
|
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.
© 2024 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
Semi-Annual Shareholder Report - September 30, 2024
BMMXX-09/24-SAR
BlackRock Wealth Liquid Environmentally Aware Fund
Service Shares | PNPXX
Semi-Annual Shareholder Report - September 30, 2024
This semi-annual shareholder report contains important information about BlackRock Wealth Liquid Environmentally Aware Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024.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 six months?
(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
|
$24
|
0.47%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$3,882,919,867
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
165
|
|
Current seven-day yields as of September 30, 2024 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
|
|
|
7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.62%
|
|
7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.62%
|
What did the Fund invest in?
(as of September 30, 2024)
Portfolio composition
|
Investment Type
|
Percent of Net Assets
|
|
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
38.4%
|
|
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
33.8
|
|
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
13.6
|
|
Time Deposits........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
9.1
|
|
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.1
|
|
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.4
|
|
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.1
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.5
|
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.
© 2024 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
Semi-Annual Shareholder Report - September 30, 2024
PNPXX-09/24-SAR
(b) Not Applicable
Item 2 - Code of Ethics - Not Applicable to this semi-annual report.
Item 3 - Audit Committee Financial Expert - Not Applicable to this semi-annual report.
Item 4 - Principal Accountant Fees and Services - Not Applicable to this semi-annual report.
Item 5 - Audit Committee of Listed Registrant - Not Applicable
Item 6 - Investments
(a) The registrant's Schedule of Investments is included as part of the 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.
September
30,
2024
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2024
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
BlackRock
Funds
SM
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Table
of
Contents
Page
2
Schedule
of
Investments
..................................................................................................
3
Statement
of
Assets
and
Liabilities
............................................................................................
7
Statement
of
Operations
..................................................................................................
9
Statements
of
Changes
in
Net
Assets
..........................................................................................
10
Financial
Highlights
.....................................................................................................
11
Notes
to
Financial
Statements
...............................................................................................
16
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
...................................................................
22
Additional
Information
....................................................................................................
25
Glossary
of
Terms
Used
in
This
Report
.........................................................................................
27
Schedule
of
Investments
(unaudited)
September
30,
2024
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
-
1.4%
Bank
of
America
NA
5.45
%
,
10/02/24
..................
USD
10,000
$
9,999,988
(1-day
SOFR
+
0.22%),
5.06
%
,
11/14/24
(a)
.
16,000
16,000,000
5.75
%
,
11/14/24
..................
12,000
12,000,000
5.15
%
,
01/22/25
..................
6,600
6,600,000
5.22
%
,
02/06/25
..................
5,516
5,516,000
Citibank
NA
,
(1-day
SOFR
at
0.00%
Floor
+
0.27%),
5.10
%
,
06/20/25
(a)
...........
6,000
6,000,000
56,115,988
Yankee
-
12.2%
(b)
Bank
of
Montreal,
Chicago
5.80
%
,
11/12/24
..................
8,000
8,000,000
5.60
%
,
11/29/24
..................
9,000
9,000,000
5.50
%
,
12/06/24
..................
7,000
7,000,000
5.50
%
,
06/11/25
..................
7,000
7,000,000
Bank
of
Nova
Scotia
(The),
Houston
5.80
%
,
11/08/24
..................
7,000
7,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.30%),
5.14
%
,
02/21/25
(a)
...............
5,750
5,750,000
BNP
Paribas
SA,
New
York
5.45
%
,
10/01/24
..................
8,000
8,000,000
(1-day
SOFR
+
0.21%),
5.05
%
,
11/26/24
(a)
.
9,000
9,000,000
5.23
%
,
12/18/24
..................
10,000
10,000,000
5.28
%
,
12/31/24
..................
6,000
6,000,000
Canadian
Imperial
Bank
of
Commerce,
New
York
5.17
%
,
02/07/25
..................
11,000
11,000,000
(1-day
SOFR
+
0.26%),
5.10
%
,
06/04/25
(a)
.
15,000
15,000,000
Commonwealth
Bank
of
Australia,
New
York
,
5.70
%
,
11/27/24
..................
10,000
10,000,000
Credit
Industriel
et
Commercial,
New
York
,
5.50
%
,
05/12/25
..................
8,000
8,000,000
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
New
York
,
(1-day
SOFR
+
0.20%),
5.03
%
,
10/01/24
(a)
.................
15,000
15,000,000
Mizuho
Bank
Ltd.,
New
York
,
(1-day
SOFR
+
0.25%),
5.08
%
,
11/06/24
(a)
............
15,000
14,999,999
MUFG
Bank
Ltd.,New
York
4.85
%
,
10/01/24
..................
75,000
75,000,000
(1-day
SOFR
+
0.24%),
5.07
%
,
02/20/25
(a)
.
15,000
15,000,000
Nordea
Bank
Abp,
New
York
,
(1-day
SOFR
+
0.20%),
5.04
%
,
02/14/25
(a)
...........
13,000
12,999,967
Standard
Chartered
Bank,
New
York
,
5.35
%
,
04/10/25
..................
14,000
14,000,000
Sumitomo
Mitsui
Banking
Corp.,
New
York
(a)
(1-day
SOFR
+
0.24%),
5.08
%
,
02/05/25
..
16,000
16,000,000
(1-day
SOFR
+
0.23%),
5.07
%
,
03/05/25
..
19,500
19,500,000
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
5.41
%
,
10/21/24
..................
8,500
8,500,000
5.21
%
,
02/05/25
..................
15,000
15,000,000
Svenska
Handelsbanken
AB,
New
York
(1-day
SOFR
at
0.00%
Floor
+
0.20%),
5.03
%
,
10/03/24
(a)
...............
10,000
10,000,000
5.40
%
,
10/16/24
..................
6,000
5,999,996
(1-day
SOFR
at
0.00%
Floor
+
0.27%),
5.10
%
,
02/05/25
(a)
...............
12,000
12,000,000
5.35
%
,
04/09/25
..................
10,000
10,000,254
Swedbank
AB,
New
York
5.34
%
,
04/09/25
..................
10,000
10,000,000
(1-day
SOFR
+
0.25%),
5.08
%
,
06/05/25
(a)
.
15,000
15,000,000
Toronto-Dominion
Bank
(The),
New
York
6.00
%
,
10/02/24
..................
8,000
8,000,000
5.15
%
,
12/31/24
..................
6,000
6,000,000
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
(1-day
SOFR
+
0.20%),
5.03
%
,
03/07/25
(a)
.
USD
20,000
$
20,000,000
5.10
%
,
08/25/25
..................
12,000
12,000,000
(1-day
SOFR
+
0.35%),
5.18
%
,
09/22/25
(a)
.
10,000
10,000,000
Westpac
Banking
Corp.,
New
York
5.25
%
,
01/22/25
..................
7,000
7,000,000
(1-day
SOFR
at
0.00%
Floor
+
0.30%),
5.14
%
,
01/31/25
(a)
...............
3,000
3,000,000
5.40
%
,
06/06/25
..................
17,000
16,999,853
472,750,069
Total
Certificates
of
Deposit
-
13
.6
%
(Cost:
$
528,866,057
)
..............................
528,866,057
Commercial
Paper
ABN
AMRO
Funding
USA
LLC
(c)
4.77%
,
01/13/25
..................
7,500
7,387,333
4.54%
,
04/21/25
(d)
.................
9,000
8,757,600
Alinghi
Funding
Co.
LLC
4.94%
,
10/04/24
(c)
(d)
................
30,000
29,986,633
4.84%
,
12/06/24
(c)
.................
20,000
19,802,733
4.75%
,
01/08/25
(d)
.................
16,000
15,765,480
4.67%
,
02/07/25
(c)
(d)
................
20,000
19,620,167
Antalis
SA
,
4.93%
,
10/10/24
(d)
...........
10,000
9,986,425
ANZ
New
Zealand
International
Ltd.
,
4.59%
,
02/28/25
(d)
......................
12,000
11,746,000
Aquitaine
Funding
Co.
LLC
4.93%
,
10/02/24
(c)
.................
17,000
16,997,705
4.95%
,
10/10/24
(d)
.................
20,000
19,974,150
4.95%
,
10/11/24
(c)
.................
21,500
21,469,124
4.96%
,
10/17/24
(c)
.................
20,000
19,956,622
4.96%
,
10/18/24
(d)
.................
10,000
9,976,956
4.99%
,
11/01/24
(d)
.................
46,000
45,789,725
Australia
&
New
Zealand
Banking
Group
Ltd.
(d)
(1-day
SOFR
+
0.55%),
5.39%
,
10/11/24
(a)
12,150
12,151,412
4.70%
,
12/16/24
..................
15,000
14,832,166
4.64%
,
01/06/25
(c)
.................
12,000
11,843,507
4.62%
,
01/14/25
..................
6,000
5,914,250
Bank
of
America
Securities,
Inc.
,
4.77%
,
01/17/25
(c)
......................
5,000
4,922,000
Bank
of
Montreal
,
4.91%
,
11/06/24
(c)
.......
7,500
7,458,900
Bank
of
New
York
Mellon
(The)
,
(1-day
SOFR
+
0.35%),
5.18%
,
05/09/25
(a)
...........
7,000
7,000,000
Barton
Capital
SA
,
4.94%
,
10/18/24
(c)
(d)
.....
3,500
3,491,191
BNG
Bank
NV
(d)
4.85%
,
10/21/24
..................
10,000
9,973,111
4.56%
,
01/31/25
..................
10,000
9,838,011
BPCE
SA
(d)
4.69%
,
01/31/25
..................
12,000
11,788,127
4.60%
,
03/03/25
(c)
.................
12,000
11,751,630
(1-day
SOFR
+
0.25%),
5.09%
,
03/03/25
(a)
12,000
12,000,000
Britannia
Funding
Co.
LLC
(c)(d)
4.91%
,
10/03/24
..................
15,000
14,995,534
4.92%
,
10/04/24
..................
30,000
29,986,950
4.92%
,
11/19/24
..................
9,000
8,936,055
4.71%
,
02/12/25
..................
15,000
14,720,833
Caisse
des
Depots
et
Consignations
,
4.87%
,
11/08/24
(d)
......................
10,000
9,946,008
Canadian
Imperial
Bank
of
Commerce
,
4.47%
,
04/09/25
(c)
(d)
.....................
10,000
9,736,111
CDP
Financial,
Inc.
,
4.45%
,
04/28/25
(d)
.....
19,000
18,446,266
Chariot
Funding
LLC
(d)
4.91%
,
10/09/24
(c)
.................
17,500
17,479,156
4.92%
,
10/18/24
(c)
.................
13,000
12,967,157
(1-day
SOFR
+
0.28%),
5.11%
,
01/17/25
(a)
10,000
10,000,000
2024
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
Columbia
Funding
Co.
LLC
4.90%
,
10/01/24
(d)
.................
USD
24,250
$
24,250,000
4.80%
,
01/16/25
(d)
.................
23,000
22,653,142
4.67%
,
03/04/25
(c)
.................
9,000
8,819,050
4.64%
,
03/26/25
(c)
.................
20,000
19,560,000
4.64%
,
03/27/25
(c)
.................
9,000
8,804,857
Commonwealth
Bank
of
Australia
(a)(d)
(1-day
SOFR
+
0.17%),
5.01%
,
12/23/24
.
17,000
16,999,993
(1-day
SOFR
+
0.20%),
5.04%
,
01/21/25
.
12,000
12,000,000
(1-day
SOFR
+
0.30%),
5.14%
,
01/31/25
.
5,000
5,000,000
DNB
Bank
ASA
(d)
4.80%
,
12/05/24
(c)
.................
10,000
9,905,208
4.66%
,
01/22/25
(c)
.................
12,900
12,700,983
4.58%
,
02/24/25
(c)
.................
37,500
36,743,984
4.49%
,
04/01/25
..................
10,000
9,741,156
Endeavour
Funding
Co.
LLC
,
4.72%
,
02/04/25
(c)
(d)
.....................
30,500
29,952,250
Gotham
Funding
Corp.
4.91%
,
10/09/24
(d)
.................
10,000
9,988,111
4.91%
,
11/14/24
(c)
.................
8,000
7,949,058
Hydro-Quebec
(c)
4.83%
,
11/06/24
(d)
.................
36,800
36,607,168
4.76%
,
12/03/24
..................
35,000
34,712,738
4.74%
,
12/10/24
(d)
.................
35,000
34,652,236
ING
US
Funding
LLC
4.88%
,
10/02/24
(c)
(d)
................
22,000
21,996,715
(1-day
SOFR
+
0.24%),
5.07%
,
10/31/24
(a)
5,000
5,000,000
4.63%
,
02/18/25
(d)
.................
18,100
17,738,905
(1-day
SOFR
+
0.26%),
5.09%
,
06/05/25
(a)
(d)
14,000
14,000,000
JP
Morgan
Securities
LLC
,
(1-day
SOFR
+
0.33%),
5.16%
,
01/06/25
(a)
...........
14,000
14,000,000
Liberty
Street
Funding
LLC
(c)
4.84%
,
12/05/24
(d)
.................
19,500
19,322,198
4.77%
,
01/06/25
..................
10,500
10,349,206
4.71%
,
01/27/25
..................
12,500
12,310,708
4.59%
,
03/17/25
..................
10,500
10,283,248
Mackinac
Funding
Co.
LLC
4.93%
,
10/16/24
(d)
.................
19,500
19,457,831
4.79%
,
01/07/25
(c)
(d)
................
28,000
27,626,729
4.76%
,
01/16/25
(d)
.................
15,500
15,255,832
4.61%
,
03/11/25
(c)
.................
6,500
6,362,792
Macquarie
Bank
Ltd.
(1-day
SOFR
+
0.19%),
5.02%
,
10/07/24
(a)
(d)
7,500
7,499,935
4.96%
,
10/17/24
(c)
.................
7,500
7,482,267
4.77%
,
01/13/25
(c)
(d)
................
7,500
7,387,333
4.74%
,
01/17/25
(c)
.................
10,000
9,843,400
4.71%
,
01/21/25
(c)
(d)
................
18,870
18,563,551
4.62%
,
02/12/25
(c)
.................
9,000
8,836,855
(1-day
SOFR
+
0.27%),
5.10%
,
02/18/25
(a)
(d)
8,000
8,000,000
4.58%
,
03/03/25
(c)
(d)
................
15,000
14,676,703
(1-day
SOFR
+
0.24%),
5.07%
,
03/28/25
(a)
(d)
7,000
7,000,000
National
Australia
Bank
Ltd.
(d)
4.88%
,
10/04/24
(c)
.................
13,000
12,994,486
(1-day
SOFR
+
0.21%),
5.05%
,
10/15/24
(a)
28,000
27,999,937
(1-day
SOFR
+
0.19%),
5.03%
,
10/21/24
(a)
11,500
11,500,000
(1-day
SOFR
+
0.28%),
5.12%
,
06/27/25
(a)
12,000
12,001,701
National
Bank
of
Canada
,
4.52%
,
04/16/25
(c)
(d)
12,000
11,669,040
National
Westminster
Bank
plc
,
4.89%
,
10/03/24
(d)
......................
30,000
29,991,958
Old
Line
Funding
LLC
,
4.62%
,
02/14/25
(c)
(d)
..
11,000
10,785,989
Ontario
Teachers'
Finance
Trust
,
4.39%
,
05/01/25
(d)
......................
10,500
10,196,398
Oversea-Chinese
Banking
Corp.
Ltd.
(d)
4.93%
,
10/22/24
(c)
.................
11,500
11,464,245
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
(1-day
SOFR
+
0.20%),
5.04%
,
01/21/25
(a)
USD
10,000
$
10,000,000
PSP
Capital,
Inc.
,
4.64%
,
01/24/25
(c)
(d)
......
20,500
20,171,260
Royal
Bank
of
Canada
(d)
4.88%
,
11/06/24
(c)
.................
6,000
5,967,120
(1-day
SOFR
+
0.35%),
5.19%
,
01/21/25
(a)
12,000
12,000,000
(1-day
SOFR
+
0.25%),
5.09%
,
02/18/25
(a)
11,000
11,000,000
4.48%
,
04/09/25
..................
12,000
11,683,333
Skandinaviska
Enskilda
Banken
AB
,
(1-day
SOFR
+
0.20%),
5.03%
,
10/01/24
(a)
(d)
....
13,000
13,000,000
Svenska
Handelsbanken
AB
,
4.88%
,
10/21/24
(c)
10,000
9,970,722
UBS
AG
(a)(d)
(1-day
SOFR
+
0.30%),
5.17%
,
02/05/25
.
9,000
9,000,000
(1-day
SOFR
+
0.40%),
5.28%
,
08/06/25
.
10,000
10,000,000
United
Overseas
Bank
Ltd.
(a)(d)
(1-day
SOFR
+
0.18%),
5.01%
,
10/24/24
.
14,050
14,050,000
(1-day
SOFR
+
0.20%),
5.03%
,
01/22/25
.
8,000
8,000,000
Versailles
Commercial
Paper
LLC
(c)(d)
4.93%
,
10/11/24
..................
11,000
10,983,561
4.77%
,
01/17/25
..................
15,000
14,784,000
Westpac
Banking
Corp.
(d)
4.85%
,
11/07/24
(c)
.................
6,500
6,463,925
4.82%
,
11/14/24
..................
9,000
8,940,600
Westpac
Securities
NZ
Ltd.
(c)(d)
4.88%
,
11/15/24
..................
14,425
14,329,434
4.45%
,
05/16/25
..................
9,000
8,704,333
Total
Commercial
Paper
-
38
.4
%
(Cost:
$
1,489,081,212
)
............................
1,489,081,212
Corporate
Bonds
Beverages
-
0.1%
PepsiCo,
Inc.,
(SOFR
Index
+
0.40%),
5.26%,
11/12/24
(a)
.....................
5,530
5,530,000
Total
Corporate
Bonds
-
0
.1
%
(Cost:
$
5,530,000
)
...............................
5,530,000
Municipal
Bonds
Colorado
-
0.4%
(e)
Colorado
Housing
&
Finance
Authority
,
Series
2021C-2
,
RB
,
VRDN
(
Federal
Home
Loan
Bank
SBPA
)
,
4.85
%
,
10/07/24
.........
8,365
8,365,000
Colorado
Housing
&
Finance
Authority
,
Series
2021M-2
,
RB
,
VRDN
(
Barclays
Bank
plc
SBPA
)
,
4.86
%
,
10/07/24
.............
7,230
7,230,000
Total
Municipal
Bonds
-
0
.4
%
(Cost:
$
15,595,000
)
...............................
15,595,000
Time
Deposits
Credit
Agricole
Corporate
&
Investment
Bank
SA
,
4.82
%
,
10/01/24
...............
5,000
5,000,000
Royal
Bank
of
Canada
,
4.83
%
,
10/01/24
....
100,000
100,000,000
Skandinaviska
Enskilda
Banken
AB
,
4.83
%
,
10/01/24
..................
80,000
80,000,000
Svenska
Handelsbanken
AB
,
4.82
%
,
10/01/24
70,000
70,000,000
Swedbank
AB
,
4.82
%
,
10/01/24
..........
100,000
100,000,000
Total
Time
Deposits
-
9
.1
%
(Cost:
$
355,000,000
)
..............................
355,000,000
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(c)
3.14
%
,
10/03/24
..................
USD
7,000
$
6,998,036
4.51
%
,
01/23/25
..................
21,500
21,174,282
4.45
%
,
02/20/25
..................
13,500
13,244,799
U.S.
Treasury
Notes
,
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.76
%
,
04/30/25
(a)
...........
1,000
1,000,202
Total
U.S.
Treasury
Obligations
-
1
.1
%
(Cost:
$
42,417,319
)
...............................
42,417,319
Total
Repurchase
Agreements
-
33
.8
%
(Cost:
$
1,312,000,000
)
............................
1,312,000,000
Total
Investments
-
96
.5
%
(Cost:
$
3,748,489,588
)
(f)
............................
3,748,489,588
Other
Assets
Less
Liabilities
-
3.5
%
....................
134,430,279
Net
Assets
-
100.0%
...............................
$
3,882,919,867
(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.
2024
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2024
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
6
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.
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
.88
%
09/30/24
10/01/24
$
430,000
$
430,000,000
$
430,058,289
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
8.00%,
due
12/15/25
to
07/20/73
.........
$
570,297,615
$
438,600,000
-
-
Citigroup
Global
Markets,
Inc.
...........
4
.89
09/30/24
10/01/24
405,000
405,000,000
405,055,013
U.S.
Government
Sponsored
Agency
Obligations,
0.00%
to
21.76%,
due
12/20/40
to
09/20/73
.......
10,657,078,946
439,753,516
-
-
JP
Morgan
Securities
LLC
...........
4
.87
(a)
09/30/24
10/08/24
38,000
38,000,000
38,041,124
U.S.
Government
Sponsored
Agency
Obligations,
2.00%
to
7.50%,
due
04/20/26
to
08/20/64
.........
169,507,146
38,760,001
4
.90
09/30/24
10/01/24
409,000
409,000,000
409,055,669
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.00%,
due
04/20/28
to
07/20/64
.........
827,857,900
417,180,001
-
-
$
447,000,000
$
455,940,002
-
-
US
Bancorp
Investments,
Inc.
...........
4
.87
(b)
09/30/24
10/01/24
30,000
30,000,000
30,004,058
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
4.13%,
due
08/15/25
to
06/01/38
30,759,200
30,600,064
-
-
$
1,312,000,000
$
1,364,893,582
-
-
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Certificates
of
Deposit
.....................................
$
-
$
528,866,057
$
-
$
528,866,057
Commercial
Paper
.......................................
-
1,489,081,212
-
1,489,081,212
Corporate
Bonds
........................................
-
5,530,000
-
5,530,000
Municipal
Bonds
.........................................
-
15,595,000
-
15,595,000
Repurchase
Agreements
...................................
-
1,312,000,000
-
1,312,000,000
Time
Deposits
..........................................
-
355,000,000
-
355,000,000
U.S.
Treasury
Obligations
...................................
-
42,417,319
-
42,417,319
$
-
$
3,748,489,588
$
-
$
3,748,489,588
Statement
of
Assets
and
Liabilities
(unaudited)

September
30,
2024
7
Statement
of
Assets
and
Liabilities
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
ASSETS
Investments,
at
value
-
unaffiliated
(a)
........................................................................................
$
2,436,489,588
Cash
.............................................................................................................
112,741,668
Repurchase
agreements,
at
value
(b)
.........................................................................................
1,312,000,000
Receivables:
-
Capital
shares
sold
...................................................................................................
45,077,922
Interest
-
unaffiliated
.................................................................................................
9,794,245
From
the
Manager
...................................................................................................
1,183
Prepaid
e
xpenses
.....................................................................................................
246,820
Total
a
ssets
.........................................................................................................
3,916,351,426
LIABILITIES
Payables:
-
Investments
purchased
................................................................................................
12,309,104
Administration
fees
...................................................................................................
167,861
Capital
shares
redeemed
...............................................................................................
19,066,499
Income
dividend
distributions
............................................................................................
596,708
Investment
advisory
fees
..............................................................................................
444,279
Other
affiliate
fees
...................................................................................................
33,496
Professional
fees
....................................................................................................
23,347
Service
and
distribution
fees
.............................................................................................
623,879
Other
accrued
expenses
...............................................................................................
166,386
Total
li
abilities
........................................................................................................
33,431,559
Commitments
and
contingent
liabilities
$
-
NET
ASSETS
........................................................................................................
$
3,882,919,867
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
3,882,947,060
Accumulated
loss
.....................................................................................................
(
27,193
)
NET
ASSETS
........................................................................................................
$
3,882,919,867
(a)
Investments,
at
cost
-
unaffiliated
.................................................................................
$
2,436,489,588
(b)
Repurchase
agreements,
at
cost
..................................................................................
$
1,312,000,000
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
September
30,
2024
2024
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
8
See
notes
to
financial
statements.
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................................
$
532,009,704
Shares
outstanding
...................................................................................................
532,031,320
Net
asset
value
.....................................................................................................
$
1.00
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Premier
Net
assets
.........................................................................................................
$
4,364,099
Shares
outstanding
...................................................................................................
4,364,277
Net
asset
value
.....................................................................................................
$
1.00
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Service
Net
assets
.........................................................................................................
$
146,965,677
Shares
outstanding
...................................................................................................
146,971,622
Net
asset
value
.....................................................................................................
$
1.00
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Investor
A
Net
assets
.........................................................................................................
$
3,192,871,953
Shares
outstanding
...................................................................................................
3,193,000,630
Net
asset
value
.....................................................................................................
$
1.00
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Investor
C
Net
assets
.........................................................................................................
$
6,708,434
Shares
outstanding
...................................................................................................
6,708,708
Net
asset
value
.....................................................................................................
$
1.00
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001
Statement
of
Operations
(unaudited)

Six
Months
Ended
September
30,
2024
9
Statement
of
Operations
See
notes
to
financial
statements.
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
INVESTMENT
INCOME
Interest
-
unaffiliated
.................................................................................................
$
91,298,286
Total
investment
income
.................................................................................................
91,298,286
EXPENSES
Investment
advisory
..................................................................................................
6,749,494
Service
and
distribution
-
class
specific
....................................................................................
3,620,378
Administration
.....................................................................................................
631,083
Administration
-
class
specific
..........................................................................................
335,551
Registration
.......................................................................................................
233,663
Transfer
agent
-
class
specific
..........................................................................................
230,774
Professional
.......................................................................................................
65,027
Accounting
services
..................................................................................................
29,787
Printing
and
postage
.................................................................................................
23,433
Custodian
.........................................................................................................
18,562
Trustees
and
Officer
..................................................................................................
13,718
Miscellaneous
......................................................................................................
25,384
Total
expenses
.......................................................................................................
11,976,854
Less:
-
Administration
fees
waived
by
the
Manager
-
class
specific
.......................................................................
(
48,912
)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(
4,434,025
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
-
class
specific
..........................................................
(
11,121
)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
7,482,796
Net
investment
income
..................................................................................................
83,815,490
REALIZED
GAIN
(LOSS)
$
(
711
)
Net
realized
loss
from
investments
........................................................................................
(
710
)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
83,814,780
Statements
of
Changes
in
Net
Assets

2024
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
10
See
notes
to
financial
statements.
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Six
Months
Ended
09/30/24
(unaudited)
Year
Ended
03/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
83,815,490
$
116,076,299
Net
realized
gain
(loss)
..............................................................................
(
710
)
1,470
Net
increase
in
net
assets
resulting
from
operations
.............................................................
83,814,780
116,077,769
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.....................................................................................
(
12,539,794
)
(
26,626,371
)
Premier
.......................................................................................
(
86,101
)
(
104,483
)
Service
.......................................................................................
(
3,441,776
)
(
5,519,899
)
Investor
A
......................................................................................
(
67,592,680
)
(
83,374,581
)
Investor
C
......................................................................................
(
155,139
)
(
450,965
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(83,815,490
)
(116,076,299
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
885,314,792
1,273,422,928
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
885,314,082
1,273,424,398
Beginning
of
period
..................................................................................
2,997,605,785
1,724,181,387
End
of
period
......................................................................................
$
3,882,919,867
$
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)
11
Financial
Highlights
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Institutional
Six
Months
Ended
09/30/24
(unaudited)
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0263
0
.0524
0
.0289
0
.0001
0
.0021
0
.0195
Net
realized
gain
(loss)
.....................
0
.0000
(a)
(b)
(
0
.0001
)
(b)
(
0
.0019
)
0
.0001
0
.0001
0
.0000
(a)
Net
increase
from
investment
operations
...........
0.0263
0.0523
0.0270
0.0002
0.0022
0.0195
Distributions
(c)
-
-
-
-
-
-
From
net
investment
income
.................
(
0
.0263
)
(
0
.0523
)
(
0
.0270
)
(
0
.0002
)
(
0
.0021
)
(
0
.0195
)
From
net
realized
gain
......................
-
-
-
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
...........................
(0.0263
)
(0.0523
)
(0.0270
)
(0.0002
)
(0.0022
)
(0.0195
)
Net
asset
value,
end
of
period
.................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
.....................
2.66
%
(f)
5.36
%
2.73
%
0.03
%
0.21
%
1.97
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.49
%
(g)
0.52
%
0.55
%
0.54
%
0.53
%
0.56
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.20
%
(g)
0.20
%
0.20
%
0.17
%
0.20
%
0.20
%
Net
investment
income
......................
5.24
%
(g)
5.22
%
2.86
%
0.01
%
0.18
%
1.94
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
532,010
$
475,885
$
569,091
$
225,612
$
523,322
$
369,187
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund's
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
12
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Premier
Six
Months
Ended
09/30/24
(unaudited)
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Period
from
07/26/19
(a)
to
03/31/20
Net
asset
value,
beginning
of
period
..........
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
...................
0
.0262
0
.0529
0
.0270
0
.0001
0
.0021
0
.0117
Net
realized
gain
(loss)
...................
0
.0001
(b)
(
0
.0006
)
(b)
0
.0000
(b)
(c)
0
.0002
0
.0001
0
.0000
(c)
Net
increase
from
investment
operations
.........
0.0263
0.0523
0.0270
0.0003
0.0022
0.0117
Distributions
(d)
-
-
-
-
-
-
From
net
investment
income
...............
(
0
.0263
)
(
0
.0523
)
(
0
.0270
)
(
0
.0003
)
(
0
.0021
)
(
0
.0117
)
From
net
realized
gain
....................
-
-
-
(
0
.0000
)
(e)
(
0
.0001
)
(
0
.0000
)
(e)
Total
distributions
.........................
(0.0263
)
(0.0523
)
(0.0270
)
(0.0003
)
(0.0022
)
(0.0117
)
Net
asset
value,
end
of
period
...............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(f)
Based
on
net
asset
value
...................
2.66
%
(g)
5.36
%
2.73
%
0.03
%
0.22
%
1.18
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
..........................
0.49
%
(h)
0.50
%
0.82
%
0.96
%
0.58
%
0.70
%
(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.
0.20
%
(h)
0.20
%
0.20
%
0.17
%
0.20
%
0.20
%
(h)
Net
investment
income
....................
5.24
%
(h)
5.32
%
2.70
%
0.01
%
0.21
%
1.75
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............
$
4,364
$
2,750
$
37
$
37
$
37
$
37
(a)
Commencement
of
operations.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund's
underlying
securities.
(c)
Amount
is
less
than
$0.00005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Amount
is
greater
than
$(0.00005)
per
share.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
13
Financial
Highlights
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Service
Six
Months
Ended
09/30/24
(unaudited)
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0249
0
.0498
0
.0292
0
.0001
0
.0009
0
.0165
Net
realized
gain
(loss)
.....................
0
.0000
(a)
(b)
(
0
.0002
)
(b)
(
0
.0049
)
0
.0001
0
.0001
0
.0000
(a)
Net
increase
from
investment
operations
...........
0.0249
0.0496
0.0243
0.0002
0.0010
0.0165
Distributions
(c)
-
-
-
-
-
-
From
net
investment
income
.................
(
0
.0249
)
(
0
.0496
)
(
0
.0243
)
(
0
.0002
)
(
0
.0009
)
(
0
.0165
)
From
net
realized
gain
......................
-
-
-
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
...........................
(0.0249
)
(0.0496
)
(0.0243
)
(0.0002
)
(0.0010
)
(0.0165
)
Net
asset
value,
end
of
period
.................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
.....................
2.52
%
(f)
5.07
%
2.45
%
0.02
%
0.10
%
1.66
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.74
%
(g)
0.76
%
0.78
%
0.78
%
0.78
%
0.84
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.47
%
(g)
0.47
%
0.47
%
0.18
%
0.25
%
0.50
%
Net
investment
income
......................
4.97
%
(g)
4.98
%
2.92
%
0.01
%
0.04
%
1.65
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
146,966
$
132,242
$
71,734
$
23,394
$
45,926
$
5,692
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund's
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
14
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Investor
A
Six
Months
Ended
09/30/24
(unaudited)
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0248
0
.0496
0
.0240
0
.0001
0
.0009
0
.0164
Net
realized
gain
(loss)
.....................
0
.0001
(a)
(
0
.0002
)
(a)
0
.0000
(a)
(b)
0
.0001
0
.0001
0
.0000
(b)
Net
increase
from
investment
operations
...........
0.0249
0.0494
0.0240
0.0002
0.0010
0.0164
Distributions
(c)
-
-
-
-
-
-
From
net
investment
income
.................
(
0
.0249
)
(
0
.0494
)
(
0
.0240
)
(
0
.0002
)
(
0
.0009
)
(
0
.0164
)
From
net
realized
gain
......................
-
-
-
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
...........................
(0.0249
)
(0.0494
)
(0.0240
)
(0.0002
)
(0.0010
)
(0.0164
)
Net
asset
value,
end
of
period
.................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
.....................
2.51
%
(f)
5.05
%
2.43
%
0.02
%
0.10
%
1.66
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
0.75
%
(g)
0.78
%
0.81
%
0.80
%
0.78
%
0.81
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
0.49
%
(g)
0.49
%
0.49
%
0.18
%
0.34
%
0.50
%
Net
investment
income
......................
4.96
%
(g)
4.97
%
2.40
%
0.01
%
0.10
%
1.45
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
3,192,872
$
2,378,360
$
1,067,562
$
1,012,844
$
1,677,581
$
2,616,196
(a)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund's
underlying
securities.
(b)
Amount
is
less
than
$0.00005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
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
C
Six
Months
Ended
09/30/24
(unaudited)
Year
Ended
03/31/24
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Net
asset
value,
beginning
of
period
............
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Net
investment
income
.....................
0
.0208
0
.0412
0
.0154
0
.0001
0
.0008
0
.0086
Net
realized
gain
(loss)
.....................
(
0
.0000
)
(a)
(b)
0
.0001
0
.0021
(b)
0
.0001
0
.0001
0
.0000
(a)
Net
increase
from
investment
operations
...........
0.0208
0.0413
0.0175
0.0002
0.0009
0.0086
Distributions
(c)
-
-
-
-
-
-
From
net
investment
income
.................
(
0
.0208
)
(
0
.0413
)
(
0
.0175
)
(
0
.0002
)
(
0
.0008
)
(
0
.0086
)
From
net
realized
gain
......................
-
-
-
(
0
.0000
)
(d)
(
0
.0001
)
(
0
.0000
)
(d)
Total
distributions
...........................
(0.0208
)
(0.0413
)
(0.0175
)
(0.0002
)
(0.0009
)
(0.0086
)
Net
asset
value,
end
of
period
.................
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
$
1.00
Total
Return
(e)
Based
on
net
asset
value
.....................
2.10
%
(f)
4.21
%
1.76
%
0.02
%
0.08
%
0.87
%
Ratios
to
Average
Net
Assets
Total
expen
ses
............................
1.60
%
(g)
1.61
%
1.61
%
1.58
%
1.54
%
1.62
%
Total
expenses
after
fees
waived
and/or
reimbursed
...
1.30
%
(g)
1.30
%
1.13
%
0.18
%
0.35
%
1.28
%
Net
investment
income
......................
4.15
%
(g)
4.11
%
1.54
%
0.01
%
0.09
%
0.85
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.................
$
6,708
$
8,368
$
15,758
$
26,648
$
15,347
$
29,973
(a)
Amount
is
less
than
$0.00005
per
share.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund's
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Amount
is
greater
than
$(0.00005)
per
share.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2024
Blackrock
Semi-Annual
Financial
Statements
and
Additional
Information
16
1.
ORGANIZATION
BlackRock
Funds
SM
(the
"Trust")
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
as
an
open-end
management
investment
company.
The Trust
is
organized
as
a
Massachusetts
business
trust.
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
(the
"Fund")
is
a
series
of
the
Trust.
The
Fund
is
classified
as
diversified.
The
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
and
Service
Shares
are
sold
without
a
sales
charge
and
only
to
certain
eligible
investors.
Premier
Shares
are
sold
without
a
sales
charge
and
are
only
available
through
financial
intermediaries
trading
on
the
NSCC
Fund/SERV
trading
platform.
Service,
Investor
A
and
Investor
C
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares
and
Investor
C
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
Shares
are
generally
available
through
financial
intermediaries.
Investor
C
Shares
are
available
only
through
exchanges
and
dividend
and
capital
gain
reinvestments
by
current
holders.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor
C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
Premier
Shares
commenced
operations
on
July
26,
2019.
(b)
Investor
A
Shares
may
be
subject
to
a
CDSC
upon
redemption
of
shares
received
in
an
exchange
transaction
for
Investor A
Shares
of
a
fund
advised
by
the
Manager
(defined
below)
or
its
affiliates
(each,
a
"BlackRock
Fund")
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase
of
such
fund.
Investor C
Shares
may
be
subject
to
a
CDSC
upon
redemption
of
shares
received
in
an
exchange
transaction
for
Investor C
Shares
of
a
non-money
market
BlackRock
Fund.
The
Fund
operates
as
a
"retail
money
market
fund"
under
Rule
2a-7
under
the
1940
Act.
With
respect
to
the
Fund,
the
Board,
or
its
delegate,
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
upon
the
value
of
shares
redeemed,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
Fund.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
"Manager") or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("U.S.
GAAP"),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets.
Distributions:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly.
Distributions
of
capital
gains
are
distributed
at
least
annually
and
are
recorded
on
the
ex-dividend
dates.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP
.
Discretionary
Liquidity
Fees:
Any
discretionary
liquidity
fees
imposed
on
the
value
of
shares
redeemed
are
recorded
as
paid-in-capital.
The
discretionary liquidity
fees
are
collected
and
retained
by
the
Fund
for
the
benefit
of the
Fund's
remaining shareholders.
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
The
Fund
has
an
arrangement
with
one
of
its
custodians
whereby
credits
are
earned
on
uninvested
cash
balances.
For
financial
reporting
purposes,
custodian
credit,
if
any,
are
included
in
interest
income
in
the
Statement
of
Operation.
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
("CDSC")
Conversion
Privilege
Institutional
and
Service
Shares
.....................................
No
No
None
Premier
Shares
(a)
..............................................
No
No
None
Investor
A
Shares
..............................................
No
No
(b)
None
Investor
C
Shares
.............................................
No
No
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(unaudited)
(continued)
17
Notes
to
Financial
Statements
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS
Investment
Valuation
Policies:
U.S.
GAAP
defines
fair
value
as
the
price
the Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Fund's
investments
are
valued
under
the
amortized
cost
method
which
approximates
current
market
value
in
accordance
with
Rule
2a-7
under
the
1940
Act.
Under
this
method,
investments
are
valued
at
cost
when
purchased
and,
thereafter,
a
constant
proportionate
accretion
of
discounts
and
amortization
of
premiums
are
recorded
until
the
maturity
of
the
security. The
Fund seeks
to
maintain
its
net
asset
value
("NAV")
per
share
at
$1.00,
although
there
is
no
assurance
that
it
will
be
able
to
do
so
on
a
continuing
basis.
Fair
Value
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:
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.
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
(unaudited)
(continued)
2024
Blackrock
Semi-Annual
Financial
Statements
and
Additional
Information
18
Service
and
Distribution
Fees:
The
Trust
,
on behalf
of
the
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution and
Service
Plan
with
BlackRock
Investments,
LLC
("BRIL"),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
the
Fund
pays
BRIL
ongoing
service
and
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of
the
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services to
the
Fund.
The
ongoing
service and/or
distribution
fee compensates BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution related
services
to
shareholders.
For
the six
months
ended
September
30,
2024,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
the
Fund:
Administration:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
wholly-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statement
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration -
class
specific
in
the
Statement
of
Operations,
at
an
annual
rate
of
0.02% of
the
average
daily
net
assets
of
each
respective
class.
For
the
six
months
ended
September
30,
2024, the
following
table
shows
the
class
specific
administration
fees
borne
directly
by
each
share
class
of
the
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Fund
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
six
months ended September
30,
2024,
the
Fund
paid
the
following
amounts
to
affiliates
of
BlackRock
in
return
for
these
services,
which
are
included
in
transfer
agent
-
class
specific
in
the
Statement
of
Operations:
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Fund.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the six
months
ended
September
30,
2024,
the
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
-
class
specific
in
the
Statement
of
Operations:
For
the
six
months ended
September
30,
2024,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Other
Fees:
For
the
six
months
ended
September
30,
2024
,
affiliates
received
CDSCs
as
follows:
Share
Class
Service
Fees
Distribution
Fees
Service
..................................................................................................
0.25
%
-
%
Investor
A
.................................................................................................
0.25
-
Investor
C
.................................................................................................
0.25
0.75
Share
Class
Service
and
Distribution
Fees
-
Class
Specific
Service
.........................................................................................................
$
173,108
Investor
A
........................................................................................................
3,409,875
Investor
C
........................................................................................................
37,395
$
3,620,378
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
..............................
$
47,835
$
329
$
13,849
$
272,790
$
748
$
335,551
Institutional
.............................................................................................................
$
485
Institutional
Premier
Service
Investor
A
Investor
C
Total
Reimbursed
Amount
........................................
$
3,239
$
21
$
584
$
31,185
$
1,110
$
36,139
Institutional
Premier
Service
Investor
A
Investor
C
Total
Transfer
agent
fees
-
class
specific
..............................
$
10,346
$
80
$
2,515
$
213,395
$
4,438
$
230,774
Fund
Name
Investor
A
Investor
C
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
.....................................................................
$
3,961
$
4,156
Notes
to
Financial
Statements
(unaudited)
(continued)
19
Notes
to
Financial
Statements
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 six
months
ended
September
30,
2024,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$4,434,025,
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
six
months
ended
September
30,
2024,
class
specific
expense
waivers
and/or
reimbursements
were
as
follows:
The
Manager
and
BRIL
have
also
voluntarily
agreed
to
waive
a
portion
of
their
respective
investment
advisory
and
service
and
distribution
fees
and/or
reimburse
operating
expenses
to
enable
the
Fund
to
maintain
minimum
levels
of
daily
net
investment
income
if
applicable.
These
amounts,
if
any,
are
reported
in
the
Statement
of
Operations
as
fees
waived
and/or
reimbursed
by
the
Manager,
administration
fees
waived
by
the
Manager-class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
-
class
specific.
The
Manager
and
BRIL
may
discontinue
the
waiver
and/or
reimbursement
at
any
time.
For
the
six
months
ended
September
30,
2024,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
and
BRIL
under
this
agreement.
Trustees
and
Officers:
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the
Trust's
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statement
of
Operations.
6.
INCOME
TAX
INFORMATION
It
is
the
Fund's
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns.
No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund's
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund's
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
September
30,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund's
financial
statements.
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.
As
of
March
31,
2024, the Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains of
$27,793.
7.
PRINCIPAL
RISKS
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
and
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund's
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
On
July
12,
2023,
the
SEC
approved
changes
to
money
market
fund
regulations.
These
changes,
among
other
things:
(i)
eliminate
provisions
that
permit
a
money
market
fund
to
suspend
redemptions
except
in
liquidations,
(ii)
require
institutional
prime
and
institutional
tax-exempt
money
market
funds
to
impose
mandatory
liquidity
fees
under
certain
conditions,
(iii)
permit
a
discretionary
liquidity
fee
for
a
non-government
money
market
fund
and
(iv)
increase
minimum
daily
and
weekly
liquidity
for
all
money
market
funds.
These
changes
will
be
implemented
over
the
next
12
months
depending
on
the
change
and
may
affect
the
Fund's
operations
and
return
potential.
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
....................................................................................
$
47,835
$
10,342
Premier
......................................................................................
329
80
Investor
C
.....................................................................................
748
699
$
48,912
$
11,121
Notes
to
Financial
Statements
(unaudited)
(continued)
2024
Blackrock
Semi-Annual
Financial
Statements
and
Additional
Information
20
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. The
Federal
Reserve
has
raised
the
federal
funds
rate
as
part
of
its
efforts
to
address
inflation.
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.
8.
CAPITAL
SHARE
TRANSACTIONS
The
number
of
shares
sold,
reinvested
and
redeemed
corresponds
to
the
net
proceeds
from
the
sale
of
shares,
reinvestment
of
all
distributions
and
cost
of
shares
redeemed,
respectively,
since
shares
are
sold,
reinvested and
redeemed
at
$1.00
per
share.
d
Fund
Name/Share
Class
Six
Months
Ended
09/30/24
Year
Ended
03/31/24
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
Institutional
Shares
sold
340,302,036
926,885,863
Shares
issued
in
reinvestment
of
distributions
........................................................
9,219,122
18,872,071
Shares
redeemed
(293,399,984)
(1,038,990,565)
56,121,174
(93,232,631)
Notes
to
Financial
Statements
(unaudited)
(continued)
21
Notes
to
Financial
Statements
As
of
September
30,
2024,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned 36,744 Premier Shares
of
the
Fund.
9.
SUBSEQUENT
EVENTS
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
d
Fund
Name/Share
Class
Six
Months
Ended
09/30/24
Year
Ended
03/31/24
Premier
Shares
sold
2,633,691
3,959,630
Shares
issued
in
reinvestment
of
distributions
........................................................
85,135
102,271
Shares
redeemed
(1,105,188)
(1,348,006)
1,613,638
2,713,895
Service
Shares
sold
97,115,381
219,853,230
Shares
issued
in
reinvestment
of
distributions
........................................................
3,440,298
5,519,658
Shares
redeemed
(85,833,277)
(164,864,402)
14,722,402
60,508,486
Investor
A
Shares
sold
2,001,726,032
2,621,580,640
Shares
issued
in
reinvestment
of
distributions
........................................................
67,563,332
83,302,226
Shares
redeemed
(1,254,772,475)
(1,394,058,102)
814,516,889
1,310,824,764
Investor
C
Shares
sold
1,206,852
7,163,429
Shares
issued
in
reinvestment
of
distributions
........................................................
154,675
444,545
Shares
redeemed
and
automatic
conversion
of
shares
(3,020,838)
(14,999,560)
(1,659,311)
(7,391,586)
885,314,792
1,273,422,928
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
2024
Blackrock
Semi-Annual
Financial
Statements
and
Additional
Information
22
The
Board
of
Trustees
(the
"Board,"
the
members
of
which
are
referred
to
as
"Board
Members")
of
BlackRock
Funds
(the
"Trust")
met
on
April
16,
2024
(the
"April
Meeting")
and
May
16-17,
2024
(the
"May
Meeting")
to
consider
the
approval
to
continue
the
investment
advisory
agreement
(the
"Advisory
Agreement")
between
the
Trust,
on
behalf
of
BlackRock
Wealth
Liquid
Environmentally
Aware
Fund
(the
"Fund"),
and
BlackRock
Advisors,
LLC
(the
"Manager"),
the
Fund's
investment
advisor.
The
Board
also
considered
the
approval
to
continue
the
sub-advisory
agreement
(the
"Sub-Advisory
Agreement")
between
the
Manager
and
BlackRock
International
Limited
(the
"Sub-
Advisor")
with
respect
to
the
Fund.
The
Manager
and
the
Sub-Advisor
are
referred
to
herein
as
"BlackRock."
The
Advisory
Agreement
and
the
Sub-Advisory
Agreement
are
referred
to
herein
as
the
"Agreements."
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
"1940
Act"),
the
Board
considers
the
approval
of
the
continuation
of
the
Agreements
for
the
Fund
on
an
annual
basis.
The
Board
members
who
are
not
"interested
persons"
of
the
Trust,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
"Independent
Board
Members").
The
Board's
consideration
entailed
a
year-long
deliberative
process
during
which
the
Board
and
its
committees
assessed
BlackRock's
various
services
to
the
Fund,
including
through
the
review
of
written
materials
and
oral
presentations,
and
the
review
of
additional
information
provided
in
response
to
requests
from
the
Independent
Board
Members.
The
Board
had
four
quarterly
meetings
per
year,
each
of
which
extended
over
a
two-day
period,
as
well
as
additional
ad
hoc
meetings
and
executive
sessions
throughout
the
year,
as
needed.
The
committees
of
the
Board
similarly
met
throughout
the
year.
The
Board
also
had
an
additional
one-day
meeting
to
consider
specific
information
regarding
the
renewal
of
the
Agreements.
In
considering
the
renewal
of
the
Agreements,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
BlackRock,
BlackRock's
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund's
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock's
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considered
information
that
was
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreements,
including
the
services
and
support
provided
by
BlackRock
to
the
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
relevant
benchmarks,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management's
and
portfolio
managers'
investment
performance
analyses,
and
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
the
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
the
Fund;
(d)
the
resources
devoted
to,
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
the
Fund's
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock's
and
the
Fund's
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services,
as
available;
(g)
BlackRock's
and
other
service
providers'
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock's
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
execution
quality
of
portfolio
transactions;
(j)
BlackRock's
implementation
of
the
Fund's
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
paid
to
BlackRock
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
("ETF"),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
the
Fund;
(l)
BlackRock's
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals'
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock's
business.
Prior
to
and
in
preparation
for
the
April
Meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
renewal
of
the
Agreements.
The
Independent
Board
Members
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
("Broadridge"),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
the
Fund's
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
("Expense
Peers")
and
the
investment
performance
of
the
Fund
as
compared
with
a
peer
group
of
funds
("Performance
Peers");
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers
and
a
description
of
Broadridge's
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreements
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts,
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Fund;
(g)
a
summary
of
aggregate
amounts
paid
by
the
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
the
Fund's
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock's
and
the
Fund's
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreements
and
the
Independent
Board
Members
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting,
and
such
responses
were
reviewed
by
the
Board
Members.
At
the
May
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Fund;
(d)
the
Fund's
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock's
relationship
with
the
Fund;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock's
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock's
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
evaluated
the
information
available
to
it
on
a
fund-by-fund
basis.
The
following
paragraphs
provide
more
information
about
some
of
the
primary
factors
that
were
relevant
to
the
Board's
decision.
The
Board
Members
did
not
identify
any
particular
information,
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
23
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
the
Fund.
Throughout
the
year,
the
Board
compared
Fund
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmarks,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock's
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
the
Fund's
portfolio
management
team
discussing
the
Fund's
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
experience
of
the
Fund's
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock's
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock's
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock's
compensation
structure
with
respect
to
the
Fund's
portfolio
management
team
and
BlackRock's
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
the
Fund.
BlackRock
and
its
affiliates
provide
the
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Fund.
In
particular,
BlackRock
and
its
affiliates
provide
the
Fund
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers
including,
among
others,
the
Fund's
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
the
Fund's
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock's
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock's
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock's
business
continuity
plans.
The
Board
noted
that
the
engagement
of
the
Sub-Advisor
with
respect
to
the
Fund
facilitates
the
provision
of
investment
advice
and
trading
by
investment
personnel
out
of
non-U.S.
jurisdictions.
The
Board
considered
that
this
arrangement
provides
additional
flexibility
to
the
portfolio
management
team,
which
may
benefit
the
Fund
and
its
shareholders.
B.
The
Investment
Performance
of
the
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
and
considered
the
performance
history
of
the
Fund
throughout
the
year
and
at
the
April
Meeting.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
the
Fund's
performance
as
of
December
31,
2023,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers
and
a
weighted
average
benchmark
of
similar
funds,
as
defined
by
BlackRock
("Benchmark
Weighted
Average").
The
Board
and
its
Performance
Oversight
Committee
regularly
review
and
meet
with
Fund
management
to
discuss
the
performance
of
the
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
reviewed
the
Fund's
performance
within
the
context
of
the
low
yield
environment
that
existed
for
a
portion
of
the
relative
periods.
In
addition
to
reviewing
the
Fund's
performance
and
current
yield,
it
also
reviews
the
liquidity,
duration,
credit
quality
and
other
risk
factors
of
the
Fund's
portfolio.
The
Board
noted
that
for
each
of
the
one-
and
three-year
periods
reported,
the
Fund
underperformed
its
Benchmark
Weighted
Average.
The
Board
noted
that
BlackRock
believes
that
the
Benchmark
Weighted
Average
is
an
appropriate
performance
metric
for
the
Fund,
and
that
BlackRock
has
explained
its
rationale
for
this
belief
to
the
Board.
The
Board
and
BlackRock
reviewed
the
Fund's
underperformance
relative
to
its
Benchmark
Weighted
Average
during
the
applicable
periods.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Fund
The
Board,
including
the
Independent
Board
Members,
reviewed
the
Fund's
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
the
Fund's
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund's
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
that
the
fee
and
expense
information
in
the
Broadridge
report
for
the
Fund
reflected
information
for
a
specific
period
and
that
historical
asset
levels
and
expenses
may
differ
from
current
levels,
particularly
in
a
period
of
market
volatility.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
Disclosure
of
Investment
Advisory
Agreement
and
Sub-Advisory
Agreement
(continued)
2024
Blackrock
Semi-Annual
Financial
Statements
and
Additional
Information
24
The
Board
received
and
reviewed
statements
relating
to
BlackRock's
financial
condition.
The
Board
reviewed
BlackRock's
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
the
Fund.
The
Board
reviewed
BlackRock's
estimated
profitability
with
respect
to
the
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2023
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock's
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
the
Manager
and/or
its
affiliates.
The
Board
reviewed
BlackRock's
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
the
Manager,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock's
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock's
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock's
commitment
of
time
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
reviewed
the
expenses
within
the
context
of
the
low
yield
environment
that
existed
for
a
portion
of
the
relative
periods,
and
any
consequent
expense
waivers
and
reimbursements
necessary
to
maintain
minimum
levels
of
daily
net
investment
income,
as
applicable.
The
Board
noted
that
the
Fund's
contractual
management
fee
rate
ranked
in
the
fourth
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Fund's
Expense
Peers.
The
Board
further
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
additionally
noted
that
the
breakpoints
can,
conversely,
adjust
the
advisory
fee
rate
upward
as
the
size
of
the
Fund
decreases
below
certain
contractually
specified
levels.
The
Board
additionally
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund's
total
expenses
as
a
percentage
of
the
Fund's
average
daily
net
assets
on
a
class-by-class
basis.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
any
economies
of
scale
might
benefit
the
Fund
in
a
variety
of
ways
as
the
assets
of
the
Fund
increase.
The
Board
considered
multiple
factors,
including
the
advisory
fee
rate
and
breakpoints,
unitary
fee
structure,
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
considered
the
Fund's
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
"fall-out"
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock's
respective
relationships
with
the
Fund,
both
tangible
and
intangible,
such
as
BlackRock's
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock's
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock's
affiliates
as
service
providers
to
the
Fund,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
With
respect
to
securities
lending,
during
the
year
the
Board
also
considered
information
provided
by
independent
third-party
consultants
related
to
the
performance
of
each
BlackRock
affiliate
as
securities
lending
agent.
The
Board
also
considered
BlackRock's
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreements,
the
Board
also
received
information
regarding
BlackRock's
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
the
Fund's
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
At
the
May
Meeting,
in
a
continuation
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board's
year-long
deliberative
process,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Advisory
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
the
Fund,
for
a
one-year
term
ending
June
30,
2025,
and
the
Sub-Advisory
Agreement
between
the
Manager
and
the
Sub-Advisor,
with
respect
to
the
Fund,
for
a
one-year
term
ending
June
30,
2025.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreements
were
fair
and
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreements,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
throughout
the
deliberative
process.
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,
semi-annual
and
annual
reports,
current
net
asset
value
and
other
information
regarding
the
Fund
may
be
found
on
BlackRock's
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock's
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Fund
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock's
website
in
this
report.
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)
2024
Blackrock
Semi-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
This
Report
27
Glossary
of
Terms
Used
in
This
Report
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
RB
Revenue
Bonds
SBPA
Stand-by-Bond
Purchase
Agreement
SOFR
Secured
Overnight
Financing
Rate
VRDN
Variable
Rate
Demand
Notes
Want
to
know
more?
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 - See Item 7
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 - Not Applicable to this semi-annual report.
(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.
«section302»
(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.
«section906»
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock FundsSM
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock FundsSM
Date: November 20, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock FundsSM
Date: November 20, 2024
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock FundsSM
Date: November 20, 2024