# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001968732-25-000051
**Filing Date:** 2025-6
**Character Count:** 62405
**Document Hash:** e76ceead99f83dd6ab6765f292539c39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001968732-25-000051.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001968732-25-000051

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 251026219

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### BLACKROCK WEALTH LIQUID ENVIRONMENTALLY AWARE FUND (Series ID: S000001503)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000004025 | INSTITUTIONAL | PNIXX           |
| C000004026 | SERVICE       | PNPXX           |
| C000004027 | INVESTOR A    | PINXX           |
| C000004029 | INVESTOR C    | BMCXX           |
| C000213745 | Premier       |  |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# FORM N-CSR

# CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05742
Name of Fund: BlackRock Funds##SUP##SM##/SUP##
BlackRock Wealth Liquid Environmentally Aware Fund
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds##SUP##SM##/SUP##, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code: (800) 441-7762
Date of fiscal year end: 03/31/2025
Date of reporting period: 03/31/2025
Item 1 - Report to Stockholders

(a) The Report to Shareholders is attached herewith.

BlackRock Wealth Liquid Environmentally Aware Fund

Institutional Shares \ PNIXX

Annual Shareholder Report - March 31, 2025

Image

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

# What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

## Key Fund statistics

| Net Assets | $4,951,009,088 |
| --- | --- |
| Number of Portfolio Holdings | 182 |
| Net Investment Advisory Fees | $5,545,136 |
| Current seven-day yields as of March 31, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.) |  |
| 7-Day SEC Yield | 4.32% |
| 7-Day Yield | 4.32% |

# What did the Fund invest in?

(as of March 31, 2025)

## Portfolio composition

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

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

# Additional information

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

# Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7762.

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

Image

BlackRock Wealth Liquid Environmentally Aware Fund

Institutional Shares \ PNIXX

Annual Shareholder Report - March 31, 2025

PNIXX-EB25-AR

BlackRock Wealth Liquid Environmentally Aware Fund

Investor A Shares \| PINXX

Annual Shareholder Report - March 31, 2025

Image

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

# What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

## Key Fund statistics

| Net Assets | $4,951,009,088 |
| --- | --- |
| Number of Portfolio Holdings | 182 |
| Net Investment Advisory Fees | $5,545,136 |
| Current seven-day yields as of March 31, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.) |  |
| 7-Day SEC Yield | 4.04% |
| 7-Day Yield | 4.04% |

# What did the Fund invest in?

(as of March 31, 2025)

## Portfolio composition

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

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

# Additional information

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

# Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7762.

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

Image

BlackRock Wealth Liquid Environmentally Aware Fund

Investor A Shares \ | PINXX

Annual Shareholder Report - March 31, 2025

PINXX-C025-AR

BlackRock Wealth Liquid Environmentally Aware Fund

Investor C Shares
\mathbb{I}
BMCXX

Annual Shareholder Report - March 31, 2025

Image

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

# What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

## Key Fund statistics

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

# What did the Fund invest in?

(as of March 31, 2025)

## Portfolio composition

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

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

# Additional information

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

# Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7762.

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

Image

BlackRock Wealth Liquid Environmentally Aware Fund

Investor C Shares (BMCXX

Annual Shareholder Report - March 31, 2025

BMCXX-0325-AR

BlackRock Wealth Liquid Environmentally Aware Fund

Premier Shares \ BMMXX

Annual Shareholder Report - March 31, 2025

Image

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

# What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

## Key Fund statistics

| Net Assets | $4,951,009,088 |
| --- | --- |
| Number of Portfolio Holdings | 182 |
| Net Investment Advisory Fees | $5,545,136 |
| Current seven-day yields as of March 31, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.) |  |
| 7-Day SEC Yield | 4.32% |
| 7-Day Yield | 4.32% |

# What did the Fund invest in?

(as of March 31, 2025)

## Portfolio composition

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

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

# Additional information

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

# Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 441-7762.

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

Image

BlackRock Wealth Liquid Environmentally Aware Fund

Premier Shares \ BMMXX

Annual Shareholder Report - March 31, 2025

BMMXX-0325-AR

BlackRock Wealth Liquid Environmentally Aware Fund

Service Shares \ PNPXX

Annual Shareholder Report - March 31, 2025

Image

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

# What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

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

## Key Fund statistics

| Net Assets | $4,951,009,088 |
| --- | --- |
| Number of Portfolio Holdings | 192 |
| Net Investment Advisory Fees | $5,545,136 |
| Current seven-day yields as of March 31, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.) |  |
| 7-Day SEC Yield | 4.04% |
| 7-Day Yield | 4.04% |

# What did the Fund invest in?

(as of March 31, 2025)

## Portfolio composition

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

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

# Additional information

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

# Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Transfer Agent at (800) 537-4942.

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

Image

BlackRock Wealth Liquid Environmentally Aware Fund

Service Shares \ PNPXX

Annual Shareholder Report - March 31, 2025

PNPXX-03/25-AIR

(b) Not Applicable

Item 2 - Code of Ethics - The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without change, who calls 1-800-441-7762.

Item 3 - Audit Committee Financial Expert - The registrant's board of trustees (the “board of trustees”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty
Henry R. Keizer
Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 - Principal Accountant Fees and Services

The following table presents fees billed by Deloitte &amp; Touche LLP (“D&amp;T”) in each of the last two fiscal years for the services rendered to the Fund:

|  | (a) Audit Fees |  | (b) Audit-Related Fees@SUP@140/SUP## |  | (c) Tax Fees@SUP@200/SUP## |  | (d) All Other Fees |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Entire Name | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End |
| BlackRock Wealth Liquid Environmentally Never Fund | $28,495 | $28,356 | $0 | $0 | $9,900 | $9,800 | $0 | $407 |

The following table presents fees billed by D&amp;T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

|  | Current Fiscal Year End | Previous Fiscal Year End |
| --- | --- | --- |
| (b) Audit-Related Fees@SUP@160/SUP## | $0 | $0 |
| (c) Tax Fees@SUP@200/SUP## | $0 | $0 |
| (d) All Other Fees@SUP@300/SUP## | $2,149,000 | $2,149,000 |

##SUP##/SUP##

##SUP##/SUP## The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, alteration reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

##SUP##/SUP## The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

##SUP##/SUP## The non-audit fees of $2,149,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp; (e)(1) Audit Committee Pre-Approval Policies and Procedures:

&nbsp;&nbsp;&nbsp;&nbsp;INDENT## The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT## Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

|  | Current Fiscal Year End | Previous Fiscal Year End |
| --- | --- | --- |
| Entire Name | Current Fiscal Year End | Previous Fiscal Year End |
| BlackRock Wealth Liquid Environmentally Never Fund | $0,000 | $10,187 |

&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp; Additionally, the amounts billed by D&amp;T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

| Current Fiscal Year End | Previous Fiscal Year End |
| --- | --- |
| $2,149,000 | $2,149,000 |

&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp; These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp; (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp; (i) - Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;INDENT&nbsp;&nbsp;&nbsp;&nbsp; (j) - Not Applicable

Item 5 - Audit Committee of Listed Registrant - Not Applicable

Item 6 - Investments

(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

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

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

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

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

BlackRock

MARCH 31, 2025

# 2025 Annual Financial Statements and Additional Information

BlackRock FundsTM

* BlackRock Wealth Liquid Environmentally Aware Fund

Non-FDIC Insured - Way Less Value - No Rank Guarantee

Table of Contents

| Schedule of Implements | Page |
| --- | --- |
| Statement of Kearns and Liabilities | 8 |
| Statement of Operators | 14 |
| Statement of Displays in the Goods | 11 |
| Personal Highlights | 12 |
| Notes to Financial Statements | 17 |
| Report of Independent Registered Public Accounting Firm | 19 |
| Important File Information | 24 |

Go Paperless...
It's Easy, Economical and Green!

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. Electronic copies of shareholder reports and prospectuses are also available on BlackRock's website.

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 of blackrock.com
2. Select "Access Your Account"
3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions

Schedule of Investments

BlackRock Wealth Liquid Environmentally Aware Fund

(Percentage drawn are based on Net Assets)

March 24, 2024

| Additive - Unrealized | Per 2002 | Value | Per 2002 | Value |
| --- | --- | --- | --- | --- |
| Chances of Sales Used to Value Financial Statements |  |  | Dollars (continued) |  |
| Contributors of Deposit |  |  | 4.83% (414235) | 3.00 |
| Derivatives - 2.0% |  |  | 4.53% (443230) | 13.00 |
| Sum of Derivatives |  |  | Standard: Creditized Stock, New York | 13.00 |
| 4.59% (443237) | USD | 2.00 | 4.59% (443230) | 13.00 |
| 4.59% (414237) | USD | 2.00 | 4.59% (443230) | 13.00 |

Source: https://www.industrydocuments.ucsi.edu/docs/100000

Schedule of Investments (continued)

BlackRock Wealth Liquid Environmentally Aware Fund (Percentage shown are based on the Assets)

March 30, 2024

| 3 day 2004 + 4.17% +43% (67,603)** | 2,100 | 3,000,000 | 4.85% (52,500) | 10,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- |
| 30 days 2004 + 3.17% +43% (49,603)** | 76,000 | 8,100,000 | 71.45% (57,200) | 76,000 | 10,000,000 |
| +43% (49,603) | 20,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |
| Consensus Slope (continued) | 5,000 | 5,000,000 | Consensus Slope (based on 2004-2005) | 5,000 | 5,000,000 |
| 2004-2005 - Net Assets (Total) | 7,000 | 8,100,000 | 1,000,000 | 1,000 | 1,000 |
| 3 day 2004 + 4.17% +43% (67,603)** | 2,100 | 3,000,000 | 4.85% (52,500) | 10,000 | 10,000,000 |
| +43% (67,603) | 2,000 | 2,000,000 | 2,000,000 | 2,000 | 2,000,000 |
| Net Assets (Total) | 7,000 | 8,100,000 | 1,000,000 | 1,000 | 1,000 |

4

STATE BANK OF NEW YORK, NEW YORK

4

Schedule of Investments
(in millions)
March 30, 2024

| 1995 | 1996 | 1997 | 1998 | 1999 | 2000 |
| --- | --- | --- | --- | --- | --- |
| 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

Schedule of Investments
(in millions)

Schedule of Investments
(continued)
BlackRock Youth Liquid Environmentally Aware Fund

March 24, 2024

| Description: Key category | 20,000 | 0.000.000 | In 20,000, 40,000 and 500,000/ 4,000% | 40,000 | 40,000.000 |
| --- | --- | --- | --- | --- | --- |
| Description: Key category, 10% (10%) | 20,000 | 0.000.000 | 110,000,000/100% | 40,000 | 40,000.000 |
| Description: Key category, 20% (20%) | 20,000 | 0.000.000 | 200,000,000/200% | 40,000 | 40,000.000 |
| Total Description: Key category | 20,000 | 0.000.000 | In 20,000, 40,000 and 500,000/ 4,000% | 40,000 | 40,000.000 |
| Total Description: Key category, 20% (20%) | 20,000 | 0.000.000 | In 20,000, 40,000 and 500,000/ 4,000% | 40,000 | 40,000.000 |
| In 20,000, 40,000/ 4,000% | 40,000 | 0.000.000 | In 20,000, 40,000/ 4,000% | 40,000 | 40,000.000 |
| In 20,000, 50,000/ 500,000/ 5,000% | 50,000 | 0.000.000 | In 20,000, 50,000/ 500,000/ 5,000% | 1,400,000.000 | 1,400,000.000 |
| In 20,000, 60,000/ 60,000% | 60,000 | 0.000.000 | In 20,000, 60,000/ 60,000% | 60,000 | 60,000.000 |

6
STATE BANK OF NEW YORK, NEW YORK

Schedule of Investments

(continued)

BlackRock Wealth Liquid Environmentaly Aware Fund

March 20, 2020

Fair Value: Warranty as of Period End

| Year | Amount |
| --- | --- |
| 2020 | 1,000,000 |
| 2019 | 1,000,000 |
| 2018 | 1,000,000 |
| 2017 | 1,000,000 |
| 2016 | 1,000,000 |
| 2015 | 1,000,000 |
| 2014 | 1,000,000 |

| Year | Amount |
| --- | --- |
| 2020 | 1,000,000 |
| 2019 | 1,000,000 |
| 2018 | 1,000,000 |
| 2017 | 1,000,000 |
| 2016 | 1,000,000 |
| 2015 | 1,000,000 |

Schedule of Investments

Statement of Assets and Liabilities

March 31, 2025

| Description | Amount |
| --- | --- |
| 1. The total assets of the household, including all assets of the household, are as follows: (a) assets of the household, including all assets of the household, and (b) assets of the household, including all assets of the household. | 12,000,000 |
| 2. The total assets of the household, including all assets of the household, are as follows: (a) assets of the household, including all assets of the household, and (b) assets of the household, including all assets of the household. | 12,000,000 |
| 3. The total assets of the household, including all assets of the household, are as follows: (a) assets of the household, including all assets of the household, and (b) assets of the household. | 12,000,000 |
| 4. The total assets of the household, including all assets of the household, are as follows: (a) assets of the household, including all assets of the household. | 12,000,000 |
| 5. The total assets of the household, including all assets of the household. | 12,000,000 |
| 6. The total assets of the household, including all assets of the household. | 12,000,000 |

2025 Business Report: Economic, Sociological and Economic Investments

Statement of Assets and Liabilities
(continued)

March 31, 2025

| MARCH 31, 2025 | MARCH 31, 2025 | MARCH 31, 2025 | MARCH 31, 2025 | MARCH 31, 2025 |
| --- | --- | --- | --- | --- |
| GRADE: 1000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 | 100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 | 10000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 | 100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 | 10000000000000000000000000000000000000000000000000000000000000000000000000000 |
| GRADE: 10000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 | 100000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 | 10000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 | 10000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 | 10000000000000000000000000000000000000000000000000000000000000000000000000000 |

Statement of Operations

Year Ended March 31, 2025

| 10,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- |
| 10,000 | 10,000,000 | 10,000,000 |
| 10,000 | 10,000,000 | 10,000,000 |
| 10,000 | 10,000,000 | 10,000,000 |
| 10,000 | 10,000,000 | 10,000 |
| 10,000 | 10,000,000 | 10,000 |

60

2025 RUE DE LA CHELLE, 100% 3800200

10,000

10,000,000

10,000,000

10,000,000

10,000,000

10,000,000

Statements of Changes in Net Assets

| % Change in Net Assets | 12-200 | 21-250-000 | 26-300-000 |
| --- | --- | --- | --- |
| % Change in Net Assets | 12-200 | 21-250-000 | 26-300-000 |
| % Change in Net Assets | 12-200 | 21-250-000 | 26-300-000 |
| % Change in Net Assets | 12-200 | 21-250-000 | 26-300-000 |

Statements of Changes in Net Assets

Financial Highlights

(For a share outstanding throughout each period)

| Financial Highlights | MIDDLESEX TRAVEL LEVEL E-LEGAL |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| Hazardous Air | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| Air Quality | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| Air Quality | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| Air Quality | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| Air Quality | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| Air Quality | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |

12

2023年04月24日 2023年04月24日 2023年04月24日

Financial Highlights

(continued)

For a share outstanding throughout each period

| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| --- | --- | --- | --- | --- | --- |
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 |
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 |
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 |
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |

| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| --- | --- | --- | --- | --- |
| 1999 | 2000 | 2001 | 2002 | 2003 |
| 2005 | 2006 | 2007 | 2008 | 2009 |
| 2011 | 2012 | 2013 | 2014 | 2015 |
| 2017 | 2018 | 2019 | 2020 | 2021 |

FINANCIAL HIGHLIGHTS

Financial Highlights

(continued)

For a share outstanding throughout each period:

| 1.000 | 2023 | 2024 | 2025 | 2026 | 2027 |
| --- | --- | --- | --- | --- | --- |
| 1.000 | 2023 | 2024 | 2025 | 2026 | 2027 |
| 1.000 | 2023 | 2024 | 2025 | 2026 | 2027 |

| 2.000 | 2023 | 2024 | 2025 | 2026 | 2027 |
| --- | --- | --- | --- | --- | --- |
| 2.000 | 2023 | 2024 | 2025 | 2026 | 2027 |

| 3.000 | 2023 | 2024 | 2025 | 2026 | 2027 |
| --- | --- | --- | --- | --- | --- |
| 3.000 | 2023 | 2024 | 2025 | 2026 | 2027 |

| 4.000 | 2023 | 2024 | 2025 | 2026 | 2027 |
| --- | --- | --- | --- | --- | --- |

14

2023/04/14 10:00:00

14

Financial Highlights

(continued)

For a share outstanding throughout each period

| Year/Month | Year 1999 | Year 2000 | Year 2001 | Year 2002 | Year 2003 |
| --- | --- | --- | --- | --- | --- |
| Year 1999 | - | - | - | - | - |
| Year 2000 | - | - | - | - | - |
| Year 2001 | - | - | - | - | - |
| Year 2002 | - | - | - | - | - |
| Year 2003 | - | - | - | - | - |

| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 |
| --- | --- | --- | --- | --- | --- | --- |
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 |
| 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 |

FINANCIAL HIGHLIGHTS

15

Financial Highlights

(continued)

For a share outstanding throughout each period:

| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| --- | --- | --- | --- | --- |
| 1999 | 2000 | 2001 | 2002 | 2003 |
| 1999 | 2000 | 2001 | 2002 | 2003 |
| 1999 | 2000 | 2001 | 2002 | 2003 |
| 1999 | 2000 | 2001 | 2002 | 2003 |
| 1999 | 2000 | 2001 | 2002 | 2003 |

16

2005 Research &amp; Development Report: Summary of Research Objectives

Notes to Financial Statements

# 2. ORGANIZATION

The National Fund for Accounting and U.S. Federal Income Tax and 00000% (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) (2016) (2017) (2018) (2019) (2020) (2021) (2022) (2023) (2024) (2025) (2026) (2027) (2028)

The National Fund for Accounting and U.S. Federal Income Tax and 00000% (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) (2016) (2017) (2018) (2019) (2020) (2021) (2022) (2023) (2024) (2025) (2026) (2027) (2028)

The National Fund for Accounting and U.S. Federal Income Tax and 00000% (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) (2016) (2017) (2018) (2019) (2020) (2021) (2022) (2023) (2024) (2025)

The National Fund for Accounting and U.S. Federal Income Tax and 00000% (1998) (1999) (2000) (2001) (2002) (2003) (2004) (2005) (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015) (2016) (2017)

Notes to Financial Statements

(continued)

Segment Reporting: The Fund adopted Financial Accounting Standards Board Update 2020-01; Segment Reporting (Type, Shift) - Improvements to Reportable Segment

| Reportable Segment | Reportable Segment | Reportable Segment |
| --- | --- | --- |
| Earnings | Earnings | Earnings |
| Interest | Interest | Interest |
| Other | Other | Other |

10

2020 Business Report: Financial Statements and Reporting: 10/10/2020

Notes to Financial Statements
(continued)

The Manager entered into a sub-advitory agreement with Distr@bick International Limited (TBLT), an affiliate of the Manager. The Manager pays $50, for services it provides.

INSTRUMENT VALUATION AND FAIR VALUE MEASUREMENTS

The Manager is a member of the Group of Directors of Distr@bick International Limited (TBLT), a member of the Group of Directors of Distr@bick International Limited (TBL), a member of the Group of Directors of Distr@bick International Limited (TBL), a member of the Group of Directors of Distr@bick International Limited (TBL), a member of the Group of Directors of Distr@bick International Limited (TBL).

The Manager is a member of the Group of Directors of Distr@bick International Limited (TBL), a member of the Group of Directors of Distr@bick International Limited (TBL).

The Manager is a member of the Group of Directors of Distr@bick International Limited (TBL).

The Manager is a member of the Group of Directors of Distr@bick International Limited (TBL).

The Manager is a member of the Group of Directors of Distr@bick International Limited (TBL).

The Company is a member of the Group of Directors of Distr@bick International Limited (TBL).

The Company is a member of the Group of Directors of Distr@bick International Limited (TBL).

Notes to Finance, Statements
19

Notes to Financial Statements

(Continued)

Expense Limitations, Waivers and Reimbursements: The Manager continuously agreed to waive sector mortgages from a expenses in order to test expenses, excluding

1. The Company had an estimated annual income of more than $1,000,000,000. The Company, which constitute extraordinary expenses, set a balance of $1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000.

2. The Company, which constitutes the Company's Representative, was not responsible for any loss or damage to the Company, and the Company was not responsible for any loss or damage to the Company's President or its President.

3. The Company, which is responsible for the loss or damage to the Company's President or its President, was not responsible for any loss or damage to the Company's President, or its President, or its President's President.

4. The Company, which is responsible for the loss or damage to the Company's President, was not responsible for any loss or damage to the Company's President's President, or its President's President's President.

5. The Company, which is responsible for the loss or damage to the Company's President's President, is responsible for any loss or damage to the Company's President's President's President's President.

6. The Company, which is responsible for the loss or damage to the Company's President's President's President's President's President's President's President's

Notes to Financial Statements
(continued)

## 7. PRINCIPAL RISKS

At the end of the period, the financial risks of the non-taxable related and/or unobscured investment services, from 17.8% (15,129), which is included in their budget model, are not considered as a risk. The 17.8% (15,129) is a risk of a non-taxable interest in the business, and the lowest risk for a non-taxable interest is the risk of a non-taxable interest in the business. The 18.0% (15,129) is a risk of a non-taxable interest in the business, and the lowest risk for a non-taxable interest is the risk of a non-taxable interest in the business.

The 18.0% (15,129) is a risk of a non-taxable interest in the business, and the lowest risk for a non-taxable interest is the risk of a non-taxable interest in the business. The 19.0% (15,129) is a risk of a non-taxable interest in the business.

The 20.0% (15,129) is a risk of a non-taxable interest in the business.

The 21.0% (15,129) is a risk of a non-taxable interest in the business.

The 22.0% (15,129) is a risk of a non-taxable interest in the business.

Notes to Financial Statements
21

Notes to Financial Statements

(continued)

## II. CAPITAL SHARE TRANSACTIONS

22

2020 Business Report: Financial Statements and Financial Statements

Report of Independent Registered Public Accounting Firm

To the Shareholders of Distributed Health Liquid Environmentally Acute Fund and the Board of Trustees of Distributed Funds

Report of Independent Registered Public Accounting Firm

24
2024R0218024 Report: Financial Disclosure and Reporting Interactions

# Important Tax Information

(Leaseable)

The Fund hereby disapprove the following amount, as necessary amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2023, at the rate of 10% per annum, for the period ended December 31, 2022, or December 31, 2021, and the total amount, as shown below, for the fiscal year ended December 31, 2021, and there may be time to charge.

| Amount | Description |
| --- | --- |
| 10% | Less: Net Income |
| 10% | Net Income |
| 10% | Net Income |

Additional Information

Changes in and Disagreements with Accountants

26

Additional Information

(continued)

Fund and Service Providers

26

2020 Business Report: Business, Emergency and Restriction Investments

Glossary of Terms Used in these Financial Statements

27

Re-licence of Terms Used in these Financial Statements

May 1998, 10:11:23PM, Tennessee Bureau

Blacck@dgtrs Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Full Name: [redacted] Please print this address, e-mail address, e-mail address, e-mail address, e-mail address, e-mail address, e-mail address, e-mail address, e-mail address, e-mail address, e-mail address

Starchcider: Who Hold Accounts Directly with BlackRock:

1. Access the BlackRock website at blackrock.com

BlackRock

Go paperless. . .

Go Copy, Comment and Cover!

Do not space BlackRock content/Refusers

| Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies -SPEACHES Item 7 |
| --- |
| Item 9 - Proxy Disclosures for Open-End Management Investment Companies - See Item 7 |
| Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - See Item 7 |
| Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract - Not Applicable |
| Item 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - Not Applicable |
| Item 13 - Portfolio Managers of Closed-End Management Investment Companies - Not Applicable |
| Item 14 - Disclosure 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 |
| #INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT## (a)(1) Code of Ethics - See Item 2 |
| #INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT## (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 |
| #INDENT&nbsp;&nbsp;&nbsp;&nbsp; (a)(3) Section 302 Certifications are attached. |
| (a)(4) Any written solicitation to purchase securities under Rule 23c-1 - Not Applicable |
| (a)(5) Change in registrant’s independent public accountant - Not Applicable |
| Form 30-KNOP (April 31, 2016) See attached. |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
| BlackRock Funds##SUP## SM##/SUP## |
| By:#INDENT## /y/ John M. Perlowski#INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT## |
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| #INDENT&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Funds##SUP##SM##/SUP## |
| Date: May 22, 2025 |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By:#INDENT## /y/ John M. Perlowski#INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT## |
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| #INDENT&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Funds##SUP##SM##/SUP## |
| Date: May 22, 2025 |
| By:#INDENT## /y/ Trent Walker#INDENT&nbsp;&nbsp;&nbsp;&nbsp;INDENT#&nbsp;&nbsp;&nbsp;&nbsp; |
| #INDENT&nbsp;&nbsp;&nbsp;&nbsp; Trent Walker |
| Chief Financial Officer (principal financial officer) of |
| BlackRock Funds##SUP##SM##/SUP## |
| Date: May 22, 2025 |

Call us at (083) 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 Workmark.com for more information.

## Automatic Investment Plans

Investor does shareholders who want to invest regularly can arrange to have BSI or more automatically deducted from their checking or savings account and invested in any of the MakeMeck funds.

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 presented 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

Systematic Withdrawal Plans

Inventor shows shareholders can establish a systematic withdrawal plan and reserve periodic payments of 800 or more from their BlackRock funds, as long as their account balance is at least $12,000.

Retirement Plans

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) 626-2860. 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.

## Ex-99.Cert

EX-99. CERT

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds<sup>SM</sup>, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 22, 2025

<u>/s/ John M. Perlowski&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup>

 

EX-99. CERT

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds<sup>SM</sup>, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 22, 2025

<u>/s/ Trent Walker &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds<sup>SM</sup>

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 22, 2025

<u>/s/ John M. Perlowski&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup>

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 22, 2025

<u>/s/ Trent Walker &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds<sup>SM</sup>

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**