UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05742

Name of Fund: BlackRock Funds^SM

BlackRock Short Obligations Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 07/31/2024

Date of reporting period: 07/31/2024

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

BlackRock Short Obligations Fund

Institutional Shares | BISOX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about BlackRock Short Obligations Fund (the “Fund”) for the period of August 1, 2023 to July 31, 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 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	$28	0.27%

How did the Fund perform last year?

Although inflation came down over the course of the annual period, it remained above the U.S. Federal Reserve’s (the “Fed”) stated 2% target.
The Fed responded by keeping short-term interest rates in a range of 5.25% to 5.50%.
The central bank’s decision to keep rates elevated translated to attractive yields on short-term debt.

What contributed to performance?

During the reporting period, the Fund’s duration and yield curve positioning contributed positively. The Fund’s sector allocations were also a source of positive contribution.

What detracted from performance?

At a time of positive returns for the broader asset class, no aspect of the Fund's positioning was a significant detractor.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

	Institutional Shares	Bloomberg U.S. Aggregate Bond Index	ICE BofA 6-Month U.S. Treasury Bill Index
Aug 14	10,004	10,110	10,002
Sep 14	10,008	10,042	10,003
Oct 14	10,012	10,140	10,003
Nov 14	10,016	10,212	10,003
Dec 14	10,011	10,222	10,005
Jan 15	10,025	10,436	10,008
Feb 15	10,020	10,338	10,009
Mar 15	10,024	10,386	10,009
Apr 15	10,029	10,349	10,013
May 15	10,035	10,324	10,014
Jun 15	10,040	10,211	10,016
Jul 15	10,045	10,282	10,015
Aug 15	10,050	10,268	10,016
Sep 15	10,055	10,337	10,026
Oct 15	10,059	10,339	10,023
Nov 15	10,065	10,311	10,022
Dec 15	10,061	10,278	10,027
Jan 16	10,067	10,420	10,035
Feb 16	10,074	10,494	10,039
Mar 16	10,103	10,590	10,048
Apr 16	10,110	10,630	10,055
May 16	10,118	10,633	10,056
Jun 16	10,125	10,824	10,068
Jul 16	10,143	10,893	10,071
Aug 16	10,152	10,880	10,072
Sep 16	10,160	10,874	10,081
Oct 16	10,169	10,791	10,087
Nov 16	10,178	10,535	10,089
Dec 16	10,192	10,550	10,094
Jan 17	10,201	10,571	10,102
Feb 17	10,221	10,642	10,107
Mar 17	10,221	10,636	10,107
Apr 17	10,232	10,719	10,115
May 17	10,253	10,801	10,121
Jun 17	10,264	10,790	10,131
Jul 17	10,275	10,837	10,141
Aug 17	10,286	10,934	10,155
Sep 17	10,297	10,882	10,162
Oct 17	10,299	10,888	10,172
Nov 17	10,311	10,874	10,180
Dec 17	10,316	10,924	10,191
Jan 18	10,319	10,798	10,202
Feb 18	10,333	10,696	10,208
Mar 18	10,338	10,764	10,223
Apr 18	10,354	10,684	10,238
May 18	10,383	10,761	10,255
Jun 18	10,392	10,747	10,272
Jul 18	10,412	10,750	10,289
Aug 18	10,443	10,819	10,309
Sep 18	10,463	10,749	10,323
Oct 18	10,475	10,664	10,342
Nov 18	10,497	10,728	10,363
Dec 18	10,513	10,925	10,386
Jan 19	10,559	11,041	10,410
Feb 19	10,581	11,035	10,429
Mar 19	10,617	11,247	10,454
Apr 19	10,630	11,250	10,476
May 19	10,664	11,449	10,501
Jun 19	10,698	11,593	10,530
Jul 19	10,720	11,619	10,550
Aug 19	10,753	11,920	10,578
Sep 19	10,773	11,856	10,596
Oct 19	10,793	11,892	10,623
Nov 19	10,811	11,886	10,635
Dec 19	10,829	11,878	10,653
Jan 20	10,858	12,106	10,669
Feb 20	10,874	12,324	10,697
Mar 20	10,782	12,251	10,752
Apr 20	10,882	12,469	10,753
May 20	10,926	12,527	10,750
Jun 20	10,946	12,606	10,752
Jul 20	10,965	12,795	10,756
Aug 20	10,971	12,691	10,757
Sep 20	10,966	12,684	10,759
Oct 20	10,971	12,628	10,761
Nov 20	10,975	12,752	10,763
Dec 20	10,979	12,769	10,764
Jan 21	10,982	12,678	10,765
Feb 21	10,985	12,495	10,767
Mar 21	10,977	12,338	10,769
Apr 21	10,979	12,436	10,770
May 21	10,993	12,477	10,771
Jun 21	10,985	12,564	10,770
Jul 21	10,987	12,705	10,771
Aug 21	10,989	12,681	10,772
Sep 21	10,992	12,571	10,773
Oct 21	10,983	12,567	10,773
Nov 21	10,974	12,604	10,773
Dec 21	10,977	12,572	10,774
Jan 22	10,958	12,301	10,768
Feb 22	10,949	12,164	10,767
Mar 22	10,909	11,826	10,764
Apr 22	10,902	11,377	10,767
May 22	10,920	11,451	10,780
Jun 22	10,896	11,271	10,772
Jul 22	10,931	11,547	10,782
Aug 22	10,947	11,220	10,797
Sep 22	10,933	10,735	10,814
Oct 22	10,956	10,596	10,832
Nov 22	11,004	10,986	10,871
Dec 22	11,046	10,937	10,918
Jan 23	11,113	11,273	10,955
Feb 23	11,135	10,982	10,986
Mar 23	11,171	11,260	11,045
Apr 23	11,230	11,329	11,083
May 23	11,270	11,205	11,110
Jun 23	11,298	11,165	11,163
Jul 23	11,363	11,158	11,209
Aug 23	11,419	11,086	11,260
Sep 23	11,452	10,805	11,310
Oct 23	11,511	10,634	11,361
Nov 23	11,581	11,116	11,420
Dec 23	11,654	11,541	11,479
Jan 24	11,704	11,510	11,529
Feb 24	11,739	11,347	11,570
Mar 24	11,789	11,452	11,621
Apr 24	11,838	11,162	11,668
May 24	11,888	11,352	11,723
Jun 24	11,949	11,459	11,772
Jul 24	12,023	11,727	11,832

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.80%	2.32%	1.86%
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.10	0.19	1.61
ICE BofA 6-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.58	2.32	1.70

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,133,264,082
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	239
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,584,361
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	34%

The Fund has added the Bloomberg U.S. Aggregate Bond Index in response to new regulatory requirements.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 6-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2024)

Portfolio composition

Maturity allocation

Investment Type	Percent of Net Assets
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	37.0%
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.5
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	56.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.6)

	Percent of Net Assets
1-7 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.5%
8-14 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
15-30 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
31-60 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
61-90 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.6
91-120 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.2
121-150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
>150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	51.7

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 Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

BlackRock Short Obligations Fund

Institutional Shares | BISOX

Annual Shareholder Report — July 31, 2024

BISOX-07/24-AR

BlackRock Short Obligations Fund

Investor A Shares | BASOX

Annual Shareholder Report — July 31, 2024

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	$52	0.50%

How did the Fund perform last year?

Although inflation came down over the course of the annual period, it remained above the U.S. Federal Reserve’s (the “Fed”) stated 2% target.
The Fed responded by keeping short-term interest rates in a range of 5.25% to 5.50%.
The central bank’s decision to keep rates elevated translated to attractive yields on short-term debt.

What contributed to performance?

During the reporting period, the Fund’s duration and yield curve positioning contributed positively. The Fund’s sector allocations were also a source of positive contribution.

What detracted from performance?

At a time of positive returns for the broader asset class, no aspect of the Fund's positioning was a significant detractor.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

	Investor A Shares	Bloomberg U.S. Aggregate Bond Index	ICE BofA 6-Month U.S. Treasury Bill Index
Aug 14	10,001	10,110	10,002
Sep 14	9,993	10,042	10,003
Oct 14	9,994	10,140	10,003
Nov 14	9,996	10,212	10,003
Dec 14	9,997	10,222	10,005
Jan 15	9,999	10,436	10,008
Feb 15	10,001	10,338	10,009
Mar 15	10,003	10,386	10,009
Apr 15	10,005	10,349	10,013
May 15	10,007	10,324	10,014
Jun 15	10,010	10,211	10,016
Jul 15	10,012	10,282	10,015
Aug 15	10,004	10,268	10,016
Sep 15	10,016	10,337	10,026
Oct 15	10,018	10,339	10,023
Nov 15	10,021	10,311	10,022
Dec 15	10,014	10,278	10,027
Jan 16	10,018	10,420	10,035
Feb 16	10,022	10,494	10,039
Mar 16	10,047	10,590	10,048
Apr 16	10,052	10,630	10,055
May 16	10,057	10,633	10,056
Jun 16	10,072	10,824	10,068
Jul 16	10,077	10,893	10,071
Aug 16	10,083	10,880	10,072
Sep 16	10,089	10,874	10,081
Oct 16	10,105	10,791	10,087
Nov 16	10,112	10,535	10,089
Dec 16	10,112	10,550	10,094
Jan 17	10,119	10,571	10,102
Feb 17	10,136	10,642	10,107
Mar 17	10,144	10,636	10,107
Apr 17	10,152	10,719	10,115
May 17	10,161	10,801	10,121
Jun 17	10,169	10,790	10,131
Jul 17	10,178	10,837	10,141
Aug 17	10,187	10,934	10,155
Sep 17	10,196	10,882	10,162
Oct 17	10,205	10,888	10,172
Nov 17	10,215	10,874	10,180
Dec 17	10,218	10,924	10,191
Jan 18	10,219	10,798	10,202
Feb 18	10,220	10,696	10,208
Mar 18	10,233	10,764	10,223
Apr 18	10,248	10,684	10,238
May 18	10,264	10,761	10,255
Jun 18	10,281	10,747	10,272
Jul 18	10,298	10,750	10,289
Aug 18	10,317	10,819	10,309
Sep 18	10,335	10,749	10,323
Oct 18	10,354	10,664	10,342
Nov 18	10,363	10,728	10,363
Dec 18	10,388	10,925	10,386
Jan 19	10,421	11,041	10,410
Feb 19	10,442	11,035	10,429
Mar 19	10,475	11,247	10,454
Apr 19	10,496	11,250	10,476
May 19	10,529	11,449	10,501
Jun 19	10,560	11,593	10,530
Jul 19	10,570	11,619	10,550
Aug 19	10,600	11,920	10,578
Sep 19	10,618	11,856	10,596
Oct 19	10,647	11,892	10,623
Nov 19	10,652	11,886	10,635
Dec 19	10,669	11,878	10,653
Jan 20	10,695	12,106	10,669
Feb 20	10,720	12,324	10,697
Mar 20	10,628	12,251	10,752
Apr 20	10,725	12,469	10,753
May 20	10,766	12,527	10,750
Jun 20	10,784	12,606	10,752
Jul 20	10,790	12,795	10,756
Aug 20	10,794	12,691	10,757
Sep 20	10,797	12,684	10,759
Oct 20	10,800	12,628	10,761
Nov 20	10,791	12,752	10,763
Dec 20	10,792	12,769	10,764
Jan 21	10,794	12,678	10,765
Feb 21	10,794	12,495	10,767
Mar 21	10,795	12,338	10,769
Apr 21	10,796	12,436	10,770
May 21	10,796	12,477	10,771
Jun 21	10,796	12,564	10,770
Jul 21	10,797	12,705	10,771
Aug 21	10,797	12,681	10,772
Sep 21	10,786	12,571	10,773
Oct 21	10,776	12,567	10,773
Nov 21	10,776	12,604	10,773
Dec 21	10,765	12,572	10,774
Jan 22	10,755	12,301	10,768
Feb 22	10,734	12,164	10,767
Mar 22	10,703	11,826	10,764
Apr 22	10,694	11,377	10,767
May 22	10,710	11,451	10,780
Jun 22	10,684	11,271	10,772
Jul 22	10,705	11,547	10,782
Aug 22	10,719	11,220	10,797
Sep 22	10,714	10,735	10,814
Oct 22	10,724	10,596	10,832
Nov 22	10,769	10,986	10,871
Dec 22	10,819	10,937	10,918
Jan 23	10,872	11,273	10,955
Feb 23	10,891	10,982	10,986
Mar 23	10,935	11,260	11,045
Apr 23	10,980	11,329	11,083
May 23	11,017	11,205	11,110
Jun 23	11,054	11,165	11,163
Jul 23	11,104	11,158	11,209
Aug 23	11,156	11,086	11,260
Sep 23	11,197	10,805	11,310
Oct 23	11,241	10,634	11,361
Nov 23	11,308	11,116	11,420
Dec 23	11,377	11,541	11,479
Jan 24	11,435	11,510	11,529
Feb 24	11,467	11,347	11,570
Mar 24	11,514	11,452	11,621
Apr 24	11,548	11,162	11,668
May 24	11,606	11,352	11,723
Jun 24	11,652	11,459	11,772
Jul 24	11,722	11,727	11,832

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.56%	2.09%	1.60%
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.10	0.19	1.61
ICE BofA 6-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.58	2.32	1.70

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,133,264,082
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	239
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,584,361
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	34%

Average annual total returns reflect reductions for service fees.

The Fund has added the Bloomberg U.S. Aggregate Bond Index in response to new regulatory requirements.

Performance shown prior to the Investor A Shares inception date of March 9, 2018 is that of Class K Shares (which have no distribution or service fees) and was restated to reflect Investor A Shares fees.

What did the Fund invest in?

(as of July 31, 2024)

Portfolio composition

Maturity allocation

Investment Type	Percent of Net Assets
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	37.0%
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.5
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	56.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.6)

	Percent of Net Assets
1-7 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.5%
8-14 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
15-30 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
31-60 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
61-90 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.6
91-120 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.2
121-150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
>150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	51.7

Additional information

Householding

BlackRock Short Obligations Fund

Investor A Shares | BASOX

Annual Shareholder Report — July 31, 2024

BASOX-07/24-AR

BlackRock Short Obligations Fund

Class K Shares | BBSOX

Annual Shareholder Report — July 31, 2024

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
Class K Shares	$21	0.20%

How did the Fund perform last year?

Although inflation came down over the course of the annual period, it remained above the U.S. Federal Reserve’s (the “Fed”) stated 2% target.
The Fed responded by keeping short-term interest rates in a range of 5.25% to 5.50%.
The central bank’s decision to keep rates elevated translated to attractive yields on short-term debt.

What contributed to performance?

During the reporting period, the Fund’s duration and yield curve positioning contributed positively. The Fund’s sector allocations were also a source of positive contribution.

What detracted from performance?

At a time of positive returns for the broader asset class, no aspect of the Fund's positioning was a significant detractor.

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000

	Class K Shares	Bloomberg U.S. Aggregate Bond Index	ICE BofA 6-Month U.S. Treasury Bill Index
Aug 14	10,004	10,110	10,002
Sep 14	9,998	10,042	10,003
Oct 14	10,003	10,140	10,003
Nov 14	10,007	10,212	10,003
Dec 14	10,012	10,222	10,005
Jan 15	10,017	10,436	10,008
Feb 15	10,021	10,338	10,009
Mar 15	10,026	10,386	10,009
Apr 15	10,031	10,349	10,013
May 15	10,036	10,324	10,014
Jun 15	10,042	10,211	10,016
Jul 15	10,047	10,282	10,015
Aug 15	10,042	10,268	10,016
Sep 15	10,057	10,337	10,026
Oct 15	10,062	10,339	10,023
Nov 15	10,068	10,311	10,022
Dec 15	10,064	10,278	10,027
Jan 16	10,071	10,420	10,035
Feb 16	10,078	10,494	10,039
Mar 16	10,106	10,590	10,048
Apr 16	10,114	10,630	10,055
May 16	10,122	10,633	10,056
Jun 16	10,140	10,824	10,068
Jul 16	10,148	10,893	10,071
Aug 16	10,157	10,880	10,072
Sep 16	10,166	10,874	10,081
Oct 16	10,185	10,791	10,087
Nov 16	10,195	10,535	10,089
Dec 16	10,198	10,550	10,094
Jan 17	10,208	10,571	10,102
Feb 17	10,228	10,642	10,107
Mar 17	10,240	10,636	10,107
Apr 17	10,250	10,719	10,115
May 17	10,262	10,801	10,121
Jun 17	10,273	10,790	10,131
Jul 17	10,285	10,837	10,141
Aug 17	10,297	10,934	10,155
Sep 17	10,309	10,882	10,162
Oct 17	10,322	10,888	10,172
Nov 17	10,335	10,874	10,180
Dec 17	10,341	10,924	10,191
Jan 18	10,346	10,798	10,202
Feb 18	10,349	10,696	10,208
Mar 18	10,366	10,764	10,223
Apr 18	10,383	10,684	10,238
May 18	10,412	10,761	10,255
Jun 18	10,421	10,747	10,272
Jul 18	10,442	10,750	10,289
Aug 18	10,473	10,819	10,309
Sep 18	10,494	10,749	10,323
Oct 18	10,506	10,664	10,342
Nov 18	10,528	10,728	10,363
Dec 18	10,545	10,925	10,386
Jan 19	10,591	11,041	10,410
Feb 19	10,615	11,035	10,429
Mar 19	10,640	11,247	10,454
Apr 19	10,665	11,250	10,476
May 19	10,700	11,449	10,501
Jun 19	10,734	11,593	10,530
Jul 19	10,757	11,619	10,550
Aug 19	10,780	11,920	10,578
Sep 19	10,801	11,856	10,596
Oct 19	10,832	11,892	10,623
Nov 19	10,841	11,886	10,635
Dec 19	10,860	11,878	10,653
Jan 20	10,890	12,106	10,669
Feb 20	10,918	12,324	10,697
Mar 20	10,826	12,251	10,752
Apr 20	10,928	12,469	10,753
May 20	10,973	12,527	10,750
Jun 20	10,993	12,606	10,752
Jul 20	11,002	12,795	10,756
Aug 20	11,009	12,691	10,757
Sep 20	11,015	12,684	10,759
Oct 20	11,020	12,628	10,761
Nov 20	11,025	12,752	10,763
Dec 20	11,029	12,769	10,764
Jan 21	11,033	12,678	10,765
Feb 21	11,025	12,495	10,767
Mar 21	11,029	12,338	10,769
Apr 21	11,032	12,436	10,770
May 21	11,036	12,477	10,771
Jun 21	11,039	12,564	10,770
Jul 21	11,042	12,705	10,771
Aug 21	11,045	12,681	10,772
Sep 21	11,036	12,571	10,773
Oct 21	11,039	12,567	10,773
Nov 21	11,031	12,604	10,773
Dec 21	11,024	12,572	10,774
Jan 22	11,016	12,301	10,768
Feb 22	10,997	12,164	10,767
Mar 22	10,968	11,826	10,764
Apr 22	10,962	11,377	10,767
May 22	10,980	11,451	10,780
Jun 22	10,957	11,271	10,772
Jul 22	10,981	11,547	10,782
Aug 22	10,998	11,220	10,797
Sep 22	10,996	10,735	10,814
Oct 22	11,008	10,596	10,832
Nov 22	11,057	10,986	10,871
Dec 22	11,112	10,937	10,918
Jan 23	11,169	11,273	10,955
Feb 23	11,191	10,982	10,986
Mar 23	11,239	11,260	11,045
Apr 23	11,288	11,329	11,083
May 23	11,329	11,205	11,110
Jun 23	11,369	11,165	11,163
Jul 23	11,424	11,158	11,209
Aug 23	11,480	11,086	11,260
Sep 23	11,526	10,805	11,310
Oct 23	11,574	10,634	11,361
Nov 23	11,645	11,116	11,420
Dec 23	11,719	11,541	11,479
Jan 24	11,770	11,510	11,529
Feb 24	11,807	11,347	11,570
Mar 24	11,858	11,452	11,621
Apr 24	11,907	11,162	11,668
May 24	11,970	11,352	11,723
Jun 24	12,020	11,459	11,772
Jul 24	12,096	11,727	11,832

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.88%	2.37%	1.92%
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.10	0.19	1.61
ICE BofA 6-Month U.S. Treasury Bill Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.58	2.32	1.70

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,133,264,082
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	239
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,584,361
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	34%

The Fund has added the Bloomberg U.S. Aggregate Bond Index in response to new regulatory requirements.

What did the Fund invest in?

(as of July 31, 2024)

Portfolio composition

Maturity allocation

Investment Type	Percent of Net Assets
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	37.0%
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.5
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Municipal Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	56.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.6)

	Percent of Net Assets
1-7 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.5%
8-14 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
15-30 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
31-60 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.5
61-90 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.6
91-120 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.2
121-150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
>150 days........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	51.7

Additional information

Householding

BlackRock Short Obligations Fund

Class K Shares | BBSOX

Annual Shareholder Report — July 31, 2024

BBSOX-07/24-AR

(b) Not Applicable

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

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

Neil A. Cotty
Henry R. Keizer

Kenneth L. Urish

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

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Pricewaterhouse Coopers (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees¹		(c) Tax Fees²		(d) All Other Fees³
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Short Obligations Fund	$24,442	$24,442	$0	$0	$11,960	$11,960	$0	$0

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

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees¹	$0	$0
(c) Tax Fees²	$0	$0
(d) All Other Fees³	$0	$0

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.

² The nature of the services includes tax compliance, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, tax distribution and analysis reviews..

³ Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-

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

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

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

(f) Not Applicable

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

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Short Obligations Fund	$11,960	$11,960

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

(i) – Not Applicable

(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statement 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 – See Item 7

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

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

July

31,

2024

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

2024

Annual

Financial

Statements

BlackRock

Funds

BlackRock

Short

Obligations

Fund

Table

Contents

Page

Schedule

Investments

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

Statement

Assets

and

Liabilities

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

Statement

Operations

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

Statements

Changes

Net

Assets

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

Financial

Highlights

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

Notes

Financial

Statements

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

Report

Independent

Registered

Public

Accounting

Firm

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

Important

Tax

Information

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

Additional

Information

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

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

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

Glossary

Terms

Used

this

Report

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

Schedule

Investments

July

31,

2024

BlackRock

Short

Obligations

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

American

Express

Credit

Account

Master

Trust,

Series

2022-4,

Class

4.95%,

10/15/27

USD

5,000

5,000,197

BMW

Vehicle

Lease

Trust,

Series

2024-1,

Class

A2B,

(SOFR

day

Average

0.00%

Floor

0.40%),

5.75%,

07/27/26

(a)

..........

1,401

1,401,996

BMW

Vehicle

Owner

Trust,

Series

2024-A,

Class

A2B,

(SOFR

day

Average

0.00%

Floor

0.34%),

5.69%,

02/25/27

(a)

......

1,557

1,556,999

CarMax

Auto

Owner

Trust

Series

2022-4,

Class

A2A,

5.34%,

12/15/25

140

139,818

Series

2023-1,

Class

A2A,

5.23%,

01/15/26

750

749,716

Series

2023-2,

Class

A2B,

(SOFR

day

Average

0.00%

Floor

0.85%),

6.19%,

06/15/26

(a)

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

1,769

1,771,648

Series

2023-3,

Class

A2B,

(SOFR

day

Average

0.00%

Floor

0.60%),

5.94%,

11/16/26

(a)

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

1,740

1,741,541

Series

2023-4,

Class

A2A,

6.08%,

12/15/26

2,101

2,108,324

Chase

Issuance

Trust,

Series

2022-A1,

Class

3.97%,

09/15/27

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

4,700

4,645,761

Citibank

Credit

Card

Issuance

Trust,

Series

2023-A1,

Class

A1,

5.23%,

12/08/27

.....

1,379

1,383,841

CNH

Equipment

Trust

Series

2023-A,

Class

A2,

5.34%,

09/15/26

1,002

1,000,995

Series

2024-B,

Class

A2A,

5.42%,

10/15/27

1,746

1,751,433

Series

2024-B,

Class

A2B,

(SOFR

day

Average

0.40%

Floor

0.40%),

5.74%,

10/15/27

(a)

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

1,525

1,525,411

Ford

Credit

Auto

Lease

Trust

Series

2023-B,

Class

A2A,

5.90%,

02/15/26

1,108

1,108,712

Series

2024-B,

Class

A2A,

5.18%,

02/15/27

946

946,664

Ford

Credit

Auto

Owner

Trust

Series

2024-A,

Class

A2A,

5.32%,

01/15/27

2,030

2,031,038

Series

2024-B,

Class

A2A,

5.40%,

04/15/27

1,997

2,001,642

Honda

Auto

Receivables

Owner

Trust

Series

2023-2,

Class

A2,

5.41%,

04/15/26

2,142

2,140,752

Series

2024-1,

Class

A2,

5.36%,

09/15/26

3,133

3,132,071

Hyundai

Auto

Lease

Securitization

Trust

(b)

Series

2023-B,

Class

A2A,

5.47%,

09/15/25

697

696,517

Series

2023-B,

Class

A2B,

(SOFR

day

Average

0.00%

Floor

0.75%),

6.09%,

09/15/25

(a)

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

753

753,586

Series

2024-B,

Class

A2A,

5.51%,

10/15/26

2,975

2,983,154

Series

2024-B,

Class

A2B,

(SOFR

day

Average

0.45%

Floor

0.45%),

5.79%,

10/15/26

(a)

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

1,443

1,443,120

Hyundai

Auto

Receivables

Trust,

Series

2024-B,

Class

A2B,

(SOFR

day

Average

0.00%

Floor

0.37%),

5.72%,

06/15/27

(a)

......

1,694

1,694,160

Mercedes-Benz

Auto

Lease

Trust,

Series

2023-

Class

A2,

5.24%,

11/17/25

..........

2,632

2,630,663

Mercedes-Benz

Auto

Receivables

Trust,

Series

2023-2,

Class

A2,

5.92%,

11/16/26

......

1,615

1,618,554

Nissan

Auto

Receivables

Owner

Trust

Series

2022-B,

Class

A2,

4.50%,

08/15/25

133

133,093

Series

2023-A,

Class

A2B,

(SOFR

day

Average

0.00%

Floor

0.65%),

5.99%,

02/17/26

(a)

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

2,484

2,486,398

Toyota

Auto

Receivables

Owner

Trust

Series

2023-B,

Class

A2A,

5.28%,

05/15/26

1,606

1,604,858

Series

2023-B,

Class

A2B,

(SOFR

day

Average

0.52%

Floor

0.52%),

5.86%,

05/15/26

(a)

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

1,528

1,529,056

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2024-A,

Class

A2B,

(SOFR

day

Average

0.00%

Floor

0.35%),

5.69%,

12/15/26

(a)

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

USD

4,501

4,501,340

Toyota

Lease

Owner

Trust,

Series

2024-A,

Class

A2B,

(SOFR

day

Average

0.00%

Floor

0.40%),

5.74%,

07/20/26

(a)

(b)

.....

2,138

2,139,207

USAA

Auto

Owner

Trust,

Series

2024-A,

Class

A2,

5.25%,

03/15/27

(b)

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

1,907

1,908,669

Total

Asset-Backed

Securities

—

(Cost:

62,270,521

)

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

62,260,934

Corporate

Bonds

Aerospace

Defense

—

0.5%

General

Dynamics

Corp.,

3.50%,

04/01/27

1,970

1,921,080

Lockheed

Martin

Corp.,

4.95%,

10/15/25

...

2,220

2,222,638

RTX

Corp.,

5.00%,

02/27/26

...........

1,595

1,598,569

5,742,287

Automobiles

—

3.5%

(b)

BMW

Capital

LLC,

(SOFR

Index

0.00%

Floor

0.38%),

5.79%,

08/12/24

(a)

......

17,735

17,735,485

Daimler

Truck

Finance

North

America

LLC

5.20%

01/17/25

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

2,545

2,541,717

5.00%

01/15/27

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

2,260

2,267,814

Hyundai

Capital

America

5.45%

06/24/26

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

2,005

2,020,904

5.25%

01/08/27

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

2,625

2,641,119

Mercedes-Benz

Finance

North

America

LLC

5.38%

08/01/25

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

3,330

3,338,660

4.90%

01/09/26

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

3,150

3,154,314

4.88%

07/31/26

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

2,840

2,846,179

Volkswagen

Group

America

Finance

LLC,

(1-day

SOFR

0.83%),

6.21%,

03/20/26

(a)

3,140

3,155,692

39,701,884

Banks

—

12.8%

Australia

New

Zealand

Banking

Group

Ltd.,

5.09%,

12/08/25

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

3,245

3,259,691

Banque

Federative

Credit

Mutuel

(b)

4.94%

01/26/26

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

4,800

4,794,651

5.09%

01/23/27

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

3,140

3,153,401

BPCE

(b)

5.10%

01/26/26

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

3,140

3,126,831

5.20%

01/18/27

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

2,010

2,023,564

Citibank

NA,

4.93%,

08/06/26

..........

4,420

4,430,363

Citigroup,

Inc.,

(1-day

SOFR

2.84%),

3.11%,

04/08/26

(a)

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

2,430

2,391,227

Cooperatieve

Rabobank

UA,

3.88%,

08/22/24

6,100

6,093,542

JPMorgan

Chase

Co.,

(1-day

SOFR

1.85%),

2.08%,

04/22/26

(a)

...........

14,370

14,038,788

KeyBank

NA,

4.15%,

08/08/25

..........

2,050

2,023,458

Mitsubishi

UFJ

Financial

Group,

Inc.

1.41%

07/17/25

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

2,930

2,827,208

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

1.55%),

5.06%

09/12/25

(a)

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

5,895

5,890,395

(1-Year

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

1.08%),

5.72%

02/20/26

(a)

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

3,600

3,607,385

National

Australia

Bank

Ltd.

5.20%

05/13/25

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

3,140

3,142,854

4.75%

12/10/25

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

2,160

2,159,152

(1-day

SOFR

0.55%),

5.90%

01/29/26

(a)

(b)

5,150

5,156,605

Nordea

Bank

Abp

(b)

3.60%

06/06/25

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

4,425

4,365,988

2024

BlackRock

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

BlackRock

Short

Obligations

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

4.75%

09/22/25

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

USD

6,100

6,088,351

5.00%

03/19/27

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

3,150

3,180,406

PNC

Financial

Services

Group,

Inc.

(The),

(SOFR

Index

1.09%),

5.67%,

10/28/25

(a)

5,450

5,450,634

Societe

Generale

SA,

4.35%,

06/13/25

(b)

....

5,000

4,957,098

Sumitomo

Mitsui

Financial

Group,

Inc.,

5.46%,

01/13/26

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

4,800

4,831,045

Sumitomo

Mitsui

Trust

Bank

Ltd.

(b)

0.80%

09/16/24

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

8,000

7,949,492

(1-day

SOFR

0.44%),

5.81%

09/16/24

(a)

10,000

10,002,600

Svenska

Handelsbanken

AB,

3.65%,

06/10/25

(b)

6,600

6,517,420

Wells

Fargo

Bank

5.55%

08/01/25

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

3,340

3,357,695

4.81%

01/15/26

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

3,150

3,150,562

Westpac

Banking

Corp.

5.35%

10/18/24

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

5,500

5,497,944

1.02%

11/18/24

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

2,395

2,363,745

(1-day

SOFR

0.30%),

5.71%

11/18/24

(a)

8,985

8,986,348

144,818,443

Broadline

Retail

—

0.5%

eBay,

Inc.,

5.90%,

11/22/25

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

5,500

5,555,432

Capital

Markets

—

2.9%

Bank

New

York

Mellon

(The),

(1-day

SOFR

0.45%),

5.82%,

03/13/26

(a)

...........

2,220

2,220,977

Deutsche

Bank

AG,

4.16%,

05/13/25

......

3,900

3,869,448

Goldman

Sachs

Bank

USA

(a)

(1-day

SOFR

0.78%),

5.28%

03/18/27

3,150

3,162,498

(1-day

SOFR

0.77%),

6.15%

03/18/27

3,150

3,149,833

Macquarie

Bank

Ltd.,

5.39%,

12/07/26

(b)

....

1,990

2,016,254

Morgan

Stanley,

(1-day

SOFR

0.56%),

1.16%,

10/21/25

(a)

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

2,226

2,203,363

National

Securities

Clearing

Corp.,

5.15%,

05/30/25

(b)

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

1,230

1,228,470

UBS

(b)

0.70%

08/09/24

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

3,680

3,675,823

(1-day

SOFR

0.00%

Floor

0.45%),

5.85%

08/09/24

(a)

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

6,775

6,775,264

1.38%

01/13/25

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

4,430

4,349,641

32,651,571

Chemicals

—

0.3%

Sherwin-Williams

Co.

(The),

4.05%,

08/08/24

2,775

2,773,972

Commercial

Services

Supplies

—

0.2%

Waste

Management,

Inc.,

4.95%,

07/03/27

2,155

2,180,575

Consumer

Finance

—

3.0%

American

Express

Co.,

(1-day

SOFR

0.75%),

6.11%,

04/23/27

(a)

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

3,050

3,053,658

American

Honda

Finance

Corp.

(a)

(1-day

SOFR

0.60%),

6.01%

08/14/25

3,130

3,137,596

(1-day

SOFR

0.00%

Floor

0.50%),

5.85%

01/12/26

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

3,010

3,012,688

Caterpillar

Financial

Services

Corp.,

(1-day

SOFR

0.00%

Floor

0.27%),

5.64%,

09/13/24

(a)

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

12,325

12,326,118

John

Deere

Capital

Corp.,

3.40%,

06/06/25

4,310

4,253,667

Toyota

Motor

Credit

Corp.

4.40%

09/20/24

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

5,000

4,990,281

5.20%

05/15/26

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

2,975

3,002,600

33,776,608

Consumer

Staples

Distribution

Retail

—

0.6%

Walmart,

Inc.,

3.90%,

09/09/25

.........

7,000

6,939,947

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

—

0.8%

Florida

Power

Light

Co.,

4.45%,

05/15/26

USD

1,915

1,907,491

NextEra

Energy

Capital

Holdings,

Inc.

6.05%

03/01/25

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

915

918,773

(SOFR

Index

0.76%),

6.11%

01/29/26

(a)

3,130

3,142,857

Wisconsin

Public

Service

Corp.,

5.35%,

11/10/25

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

2,720

2,734,381

8,703,502

Electronic

Equipment,

Instruments

Components

—

0.3%

Amphenol

Corp.

4.75%

03/30/26

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

750

749,505

5.05%

04/05/27

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

2,755

2,784,375

3,533,880

Financial

Services

—

1.5%

JPMorgan

Chase

Bank

NA,

5.11%,

12/08/26

3,030

3,056,686

National

Rural

Utilities

Cooperative

Finance

Corp.,

Series

(1-day

SOFR

0.33%),

5.67%,

10/18/24

(a)

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

5,000

5,001,669

Siemens

Financieringsmaatschappij

NV,

6.13%,

08/17/26

(b)

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

8,750

9,002,340

17,060,695

Food

Products

—

1.0%

(b)

Cargill,

Inc.,

4.88%,

10/10/25

...........

5,185

5,188,332

Nestle

Holdings,

Inc.,

4.00%,

09/12/25

.....

6,200

6,153,029

11,341,361

Health

Care

Providers

Services

—

0.6%

UnitedHealth

Group,

Inc.

5.00%

10/15/24

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

6,000

5,992,889

4.75%

07/15/26

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

850

852,789

6,845,678

Hotels,

Restaurants

Leisure

—

0.3%

Starbucks

Corp.,

4.85%,

02/08/27

........

3,130

3,146,263

Insurance

—

2.3%

(b)

MassMutual

Global

Funding

II,

4.15%,

08/26/25

2,238

2,219,545

New

York

Life

Global

Funding

(1-day

SOFR

0.70%),

6.07%

06/13/25

(a)

3,700

3,714,284

3.60%

08/05/25

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

6,200

6,112,193

Northwestern

Mutual

Global

Funding,

4.00%,

07/01/25

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

6,400

6,340,493

Pacific

Life

Global

Funding

II,

(SOFR

Index

0.00%

Floor

0.86%),

6.24%,

06/16/25

(a)

3,515

3,531,182

Principal

Life

Global

Funding

0.75%

08/23/24

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

705

702,938

(1-day

SOFR

0.00%

Floor

0.38%),

5.76%

08/23/24

(a)

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

680

680,095

Protective

Life

Global

Funding,

4.99%,

01/12/27

3,150

3,166,405

26,467,135

Media

—

0.1%

Comcast

Corp.,

5.25%,

11/07/25

........

1,000

1,005,957

Multi-Utilities

—

0.3%

Berkshire

Hathaway

Energy

Co.,

4.05%,

04/15/25

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

1,000

991,253

WEC

Energy

Group,

Inc.,

5.00%,

09/27/25

2,560

2,557,513

3,548,766

Oil,

Gas

Consumable

Fuels

—

2.0%

TransCanada

PipeLines

Ltd.,

1.00%,

10/12/24

22,930

22,704,752

Pharmaceuticals

—

1.3%

Bristol-Myers

Squibb

Co.

4.95%

02/20/26

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

4,495

4,516,319

(1-day

SOFR

0.49%),

5.90%

02/20/26

(a)

2,055

2,062,747

Schedule

Investments

(continued)

July

31,

2024

BlackRock

Short

Obligations

Fund

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Pfizer

Investment

Enterprises

Pte.

Ltd.,

4.65%,

05/19/25

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

USD

7,600

7,577,187

14,156,253

Semiconductors

Semiconductor

Equipment

—

0.6%

Analog

Devices,

Inc.,

(SOFR

Index

0.25%),

5.62%,

10/01/24

(a)

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

7,055

7,055,841

Specialty

Retail

—

0.9%

Home

Depot,

Inc.

(The)

4.00%

09/15/25

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

1,910

1,893,371

5.15%

06/25/26

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

2,900

2,930,108

Lowe's

Cos.,

Inc.

4.40%

09/08/25

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

4,150

4,120,441

4.80%

04/01/26

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

1,760

1,758,784

10,702,704

Technology

Hardware,

Storage

Peripherals

—

0.3%

Hewlett

Packard

Enterprise

Co.,

5.90%,

10/01/24

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

3,600

3,600,446

Tobacco

—

0.4%

Philip

Morris

International,

Inc.,

5.13%,

11/15/24

5,000

4,993,792

Total

Corporate

Bonds

—

(Cost:

419,263,098

)

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

419,007,744

Foreign

Agency

Obligations

Canada

—

0.2%

CDP

Financial,

Inc.

4.50%

02/13/26

(b)

.....

2,523

2,517,235

Total

Foreign

Agency

Obligations

—

(Cost:

2,519,894

)

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

2,517,235

Municipal

Bonds

Illinois

—

State

Illinois

Series

2023A

5.25

05/01/25

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

1,485

1,483,535

Other

—

Taxable

Municipal

Funding

Trust,

Tender

Option

Bond

Trust

Receipts/Certificates,

Various

States

(b)(c)(d)

Series

2020-BTMFT-003

VRDN

(

Barclays

Bank

plc

LOC

5.63

08/01/24

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

700

700,000

Series

2020-11

VRDN

(

Barclays

Bank

plc

LOC

5.63

08/01/24

.........

1,120

1,120,000

1,820,000

Total

Municipal

Bonds

—

(Cost:

3,305,000

)

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

3,303,535

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

4.75

07/31/25

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

6,220

6,221,118

5.00

08/31/25

09/30/25

...........

6,020

6,039,509

4.88

11/30/25

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

3,080

3,092,031

1.63

02/15/26

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

2,580

2,472,668

Total

U.S.

Treasury

Obligations

—

(Cost:

17,743,483

)

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

17,825,326

Total

Long-Term

Investments

—

44.6%

(Cost:

505,101,996

)

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

504,914,774

Security

Par

(000)

(

000)

Value

Short-Term

Securities

Certificates

Deposit

—

8.3%

Domestic

—

1.1%

(a)

Bank

America

(1-day

SOFR

0.27%),

5.65

02/14/25

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

USD

3,000

3,000,595

HSBC

Bank

USA

NA,

New

York

(1-day

SOFR

0.30%),

5.63

02/20/25

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

10,000

9,998,987

12,999,582

Yankee

—

7.2%

(e)

Bank

Montreal,

Chicago

(1-day

SOFR

0.30%),

5.63

02/11/25

(a)

5,610

5,612,538

5.50

06/11/25

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

9,000

9,025,580

Canadian

Imperial

Bank

Commerce,

New

York

5.96

09/20/24

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

6,000

6,002,676

Commonwealth

Bank

Australia,

New

York

5.70

11/19/24

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

3,870

3,871,664

Cooperatieve

Rabobank

UA,

New

York

5.30

03/05/25

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

5,500

5,500,330

Credit

Agricole

Corporate

Investment

Bank

SA,

New

York

5.50

06/02/25

........

3,840

3,850,524

Credit

Industriel

Commercial,

New

York

5.55

04/14/25

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

10,070

10,090,147

Lloyds

Bank

Corporate

Markets

plc

5.10

07/25/25

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

4,750

4,751,033

Mizuho

Bank

Ltd.,

New

York

(1-day

SOFR

0.23%),

5.56

11/13/24

(a)

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

3,300

3,300,739

Natixis

SA,

New

York

5.55

05/30/25

.....

9,000

9,025,533

Royal

Bank

Canada,

New

York

5.96

09/19/24

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

7,250

7,253,063

Toronto-Dominion

Bank

(The),

New

York

6.00

08/26/24

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

4,230

4,231,143

6.00

10/02/24

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

9,250

9,255,379

81,770,349

Total

Certificates

Deposit

—

(Cost:

94,669,859

)

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

94,769,931

Commercial

Paper

—

38.6%

ABN

AMRO

Funding

USA

LLC

5.45%

10/01/24

(b)

(f)

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

1,440

1,426,663

American

Honda

Finance

Corp.

(f)

5.66%

08/05/24

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

6,530

6,525,096

5.64%

09/16/24

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

4,600

4,566,969

5.64%

09/26/24

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

8,920

8,842,322

AstraZeneca

plc

5.50%

10/07/24

(b)

(f)

......

3,130

3,097,648

Australia

New

Zealand

Banking

Group

Ltd.

(b)

(1-day

SOFR

0.26%),

5.59%

04/22/25

(a)

5,500

5,499,924

5.41%

06/26/25

(f)

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

9,000

8,602,515

Banco

Santander

(b)

5.30%

08/29/24

(f)

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

3,180

3,166,247

(1-day

SOFR

0.46%),

5.79%

01/07/25

(a)

5,000

5,004,755

Bay

Square

Funding

LLC

(a)(b)

(1-day

SOFR

0.27%),

5.60%

10/11/24

5,200

5,201,230

(1-day

SOFR

0.23%),

5.56%

12/10/24

2,500

2,499,861

(1-day

SOFR

0.27%),

5.60%

01/08/25

4,900

4,900,172

Bell

Canada,

Inc.

(b)(f)

5.54%

08/02/24

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

2,750

2,749,173

5.53%

08/12/24

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

6,500

6,488,235

BofA

Securities,

Inc.

(b)(f)

5.54%

06/06/25

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

5,250

5,025,224

5.43%

06/17/25

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

4,000

3,823,332

BPCE

5.37%

01/31/25

(b)

(f)

...........

3,070

2,989,624

CDP

Financial,

Inc.

(b)(f)

5.20%

02/03/25

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

6,940

6,755,906

2024

BlackRock

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

BlackRock

Short

Obligations

Fund

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

5.30%

07/07/25

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

USD

6,000

5,724,193

Commonwealth

Bank

Australia

(1-day

SOFR

0.20%),

5.53%

01/21/25

(a)

(b)

.........

3,300

3,300,075

Concord

Minutemen

Capital

Co.

LLC

5.35%

01/27/25

(b)

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

6,000

6,000,000

CRH

America

Finance,

Inc.

(b)(f)

5.59%

08/01/24

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

3,750

3,749,435

5.55%

08/12/24

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

5,000

4,990,925

5.64%

10/25/24

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

2,000

1,973,764

DNB

Bank

ASA

5.54%

12/05/24

(b)

(f)

.......

5,390

5,291,627

European

Investment

Bank

5.12%

04/17/25

(f)

11,750

11,332,597

Fiserv,

Inc.

5.53%

08/07/24

(b)

(f)

..........

16,500

16,482,515

HSBC

USA,

Inc.

(b)(f)

6.29%

11/27/24

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

1,300

1,276,978

5.55%

01/21/25

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

7,630

7,435,872

5.74%

02/14/25

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

3,320

3,225,563

5.83%

06/06/25

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

2,445

2,338,985

Hyundai

Capital

America

5.60%

08/14/24

(b)

(f)

4,880

4,869,655

ING

Funding

LLC

5.43%

10/24/24

(b)

(f)

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

7,400

7,306,960

(1-day

SOFR

0.24%),

5.57%

11/18/24

(a)

3,500

3,501,111

Keurig

Pepper,

Inc.

5.56%

08/09/24

(b)

(f)

2,000

1,997,282

LSEGA

Financing

plc

(b)(f)

5.58%

08/20/24

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

2,750

2,741,704

5.58%

08/23/24

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

3,250

3,238,725

LVMH

Moet

Hennessy

Louis

Vuitton

5.44%

01/09/25

(b)

(f)

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

6,880

6,721,361

Macquarie

Bank

Ltd.

(b)

5.79%

11/27/24

(f)

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

3,430

3,369,604

5.31%

02/18/25

(f)

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

6,510

6,322,870

(1-day

SOFR

0.40%),

5.73%

06/24/25

(a)

8,050

8,055,016

Marriott

International,

Inc.

5.57%

08/28/24

(b)

(f)

3,500

3,484,984

Marubeni

Finance

America

LLC

5.55%

08/16/24

(b)

(f)

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

4,000

3,990,138

Microchip

Technology,

Inc.

5.55%

08/02/24

(b)

(f)

3,000

2,999,069

National

Australia

Bank

Ltd.

(1-day

SOFR

0.25%),

5.58%

02/18/25

(a)

(b)

..........

12,000

12,002,430

National

Bank

Canada

(b)(f)

5.85%

11/06/24

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

8,040

7,923,776

5.57%

04/30/25

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

8,000

7,698,129

5.54%

05/23/25

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

5,680

5,449,082

Nutrien

Financial

LLC

5.56%

08/01/24

(b)

(f)

4,000

3,999,388

Security

Par

(000)

Par

(000)

Value

Commercial

Paper

(continued)

Nutrien

Ltd.

5.55%

08/12/24

(b)

(f)

..........

USD

4,750

4,741,318

Paradelle

Funding

LLC

5.48%

06/06/25

(b)

(f)

12,530

11,997,060

Penske

Truck

Leasing

Co.

(b)(f)

5.55%

08/09/24

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

5,250

5,242,748

5.58%

08/26/24

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

4,000

3,983,807

5.56%

09/06/24

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

3,200

3,181,578

Penske

Truck

Leasing

Co.

PTL

Finance

Corp.

5.59%

10/04/24

(b)

(f)

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

10,000

9,899,431

Pfizer,

Inc.

5.34%

08/06/24

(b)

(f)

..........

9,000

8,992,052

PPG

Industries,

Inc.

5.53%

08/02/24

(f)

.....

7,250

7,247,816

Royal

Bank

Canada

(f)

5.47%

10/15/24

(b)

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

4,050

4,004,924

5.80%

11/06/24

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

8,950

8,822,278

Societe

Generale

5.35%

10/02/24

(b)

(f)

...

10,400

10,303,600

Svenska

Handelsbanken

5.85%

08/09/24

(f)

8,750

8,738,479

Telstra

Group

Ltd.

(b)(f)

5.59%

11/06/24

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

11,960

11,779,621

5.58%

12/17/24

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

9,180

8,987,268

TotalEnergies

Capital

5.49%

09/13/24

(b)

(f)

7,000

6,954,313

United

Overseas

Bank

Ltd.

(1-day

SOFR

0.20%),

5.53%

01/22/25

(a)

(b)

..........

3,000

3,000,169

UnitedHealth

Group,

Inc.

5.53%

09/16/24

(b)

(f)

9,160

9,096,124

Volvo

Treasury

North

America

5.41%

11/15/24

(b)

(f)

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

1,750

1,721,621

Vulcan

Materials

Co.

5.49%

08/01/24

(b)

(f)

...

14,370

14,367,828

Credit,

Inc.

(b)(f)

5.53%

08/19/24

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

5,250

5,234,853

5.54%

08/22/24

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

8,250

8,222,392

Western

Union

Co.

(The)

(b)(f)

5.50%

08/01/24

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

5,750

5,749,125

5.54%

08/07/24

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

12,250

12,236,923

Westpac

Banking

Corp.

5.71%

11/07/24

(b)

(f)

6,870

6,770,467

Total

Commercial

Paper

—

(Cost:

437,139,809

)

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

437,234,504

Total

Repurchase

Agreements

—

(Cost:

103,000,000

)

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

103,000,000

Total

Short-Term

Securities

—

56.0%

(Cost:

634,809,668

)

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

635,004,435

Total

Investments

—

100

(Cost:

1,139,911,664

)

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

1,139,919,209

Liabilities

Excess

Other

Assets

—

(

0.6

)

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

(

6,655,127

)

Net

Assets

—

100.0%

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

1,133,264,082

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

the

effective

interest

rate

period

end.

Security

description

also

includes

the

reference

rate

and

spread

published

and

available.

(b)

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(c)

These

securities

are

short-term

floating

rate

certificates

issued

tender

option

bond

trusts

and

are

secured

the

underlying

municipal

bond

securities.

(d)

Variable

rate

security.

Rate

period

end

and

maturity

the

date

the

principal

owed

can

recovered

through

demand.

(e)

Issuer

U.S.

branch

foreign

domiciled

bank.

(f)

Rates

are

the

current

rate

range

current

rates

period

end.

Schedule

Investments

(continued)

July

31,

2024

BlackRock

Short

Obligations

Fund

Schedule

Investments

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the year

ended

July

31,

2024

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Affiliated

Issuer

Value

07/31/23

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/24

Held

07/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

135,471

—

(

135,471

)

(b)

—

22,402

—

(a)

period

end,

the

entity

longer

held.

(b)

Represents

net

amount

purchased

(sold).

For

purposes

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

the

Fund

for

compliance

purposes.

2024

BlackRock

Annual

Financial

Statements

Schedule

Investments

(continued)

July

31,

2024

BlackRock

Short

Obligations

Fund

Repurchase

Agreements

Repurchase

Agreements

Collateral

Counterparty

Coupon

Rate

Purchase

Date

Maturity

Date

Par

(000)

Value

Proceeds

Including

Interest

Position

Original

Par

Position

Received,

Value

Bank

America

Securities,

Inc.

...

.64‌

(a)

07/31/24

09/05/24

12,250‌

12,250,000‌

12,319,090‌

Corporate/Debt

Obligations,

2.85%

7.60%,

due

02/17/39

03/25/67

.........

14,183,190‌

13,107,502‌

.82‌

(a)

07/31/24

11/04/24

2,000‌

2,000,000‌

2,031,040‌

Corporate/Debt

Obligations,

0.00%

8.94%,

due

07/25/30

10/20/31

.........

7,327,839‌

2,300,001‌

–‌

14,250,000‌

15,407,503‌

–‌

BNP

Paribas

....

.70‌

(a)

07/31/24

11/04/24

8,250‌

8,250,000‌

8,375,400‌

Corporate/Debt

Obligation,

7.13%,

due

04/01/26

.........

9,237,000‌

9,488,154‌

–‌

Citigroup

Global

Markets,

Inc.

...........

.64‌

(a)

07/31/24

10/02/24

16,000‌

16,000,000‌

16,157,920‌

U.S.

Government

Blackrock Funds N-CSRCertified annual shareholder report (management investment company)

What were the Fund costs for the last year?

How did the Fund perform last year?

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Portfolio composition

Maturity allocation

Additional information

Householding

What were the Fund costs for the last year?

How did the Fund perform last year?

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Portfolio composition

Maturity allocation

Additional information

Householding

What were the Fund costs for the last year?

How did the Fund perform last year?

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: August 1, 2014 through July 31, 2024

Average annual total returns

Key Fund statistics

What did the Fund invest in?

Portfolio composition

Maturity allocation

Additional information

Householding