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bf1:InvestorACAndInstitutionalMember bf1:C000004027Member 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000004025Member 2016-01-01 2025-12-31 0000844779 bf1:InvestorACAndInstitutionalMember bf1:C000004029Member 2016-01-01 2025-12-31 iso4217:USD pure 0000844779 false 485BPOS 2026-03-31 0.0496 0.0399 0.0020 0.0074 0.0154 0.0190 0.0038 0.0002 0.0139 0.0482 0.0141 0.0484 0.0497 0.0400 0.0025 0.0079 0.0162 0.0192 0.0038 0.0002 0.0526 0.0429 0.0057 0.0003 0.0161 0.0513 N-1A BLACKROCK FUNDS 2026-07-29 Fund Overview Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The investment objective of BlackRock Wealth Liquid Environmentally Aware Fund (</span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">WeLEAF</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt">), a series of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">BlackRock Funds</span><span style="color:#000000;font-family:arial;font-size:5pt;position:relative;top:-3.25pt">SM</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> (the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt">), is to seek as high a level of current income as is consistent with liquidity and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">preservation of capital while giving consideration to select environmental criteria.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> Fees and Expenses of the Fund <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Amounts in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">You may pay other fees, such </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">BlackRock</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">) and </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">its affiliates) (each, a </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">Financial Intermediary</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">), which are not reflected in the table and example below. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">More </span><span style="color:#000000;font-family:arial;font-size:9.30pt">information about these fees and expenses is available from your financial professional or your selected securities </span><span style="color:#000000;font-family:arial;font-size:9.30pt">dealer, broker, investment adviser, service provider or industry professional (including BlackRock and its affiliates) and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in the “Details About the Share Classes” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on </span><span style="color:#000000;font-family:arial;font-size:9.30pt">pages </span><span style="color:#000000;font-family:arial;font-size:9.30pt">24</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">A-1</span><span style="color:#000000;font-family:arial;font-size:9.30pt">, respectively, of the Fund’s prospectus and in the “Purchase of Shares” section on page </span><span style="color:#000000;font-family:arial;font-size:9.30pt">II-32</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Part II of the Fund’s Statement of Additional Information.</span><span style="color:#000000;font-family:arial;font-size:1pt;line-height:0.93pt"> </span></div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0038 0.0038 0.0038 0.0025 0.0100 0 0.0008 0.0020 0.0008 0.0071 0.0158 0.0046 -0.0016 -0.0028 -0.0026 0.0055 0.0130 0.0020 There is no contingent deferred sales charge (“CDSC”) on Investor A Shares purchased directly. However, a CDSC of up to 1.00% may apply to certain redemptions of the Fund’s Investor A Shares purchased in an exchange transaction for Investor A Shares of a fund advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such fund (each, an “Investor A Load-Waived BlackRock Fund”) as part of an investment of $1,000,000 (lesser amounts may apply depending on the Investor A Load-Waived BlackRock Fund) or more. The Investor A Shares CDSC is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such Investor A Shares of the Investor A Load-Waived BlackRock Fund (a shorter holding period may apply depending on the Investor A Load-Waived BlackRock Fund), unless you qualify for a waiver. There is no CDSC charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding period as applicable) as measured from your original purchase of Investor A Shares that you exchanged into Investor A Shares of the Fund or if you purchase Investor A Shares of the Fund not through an exchange. June 30, 2028 Example: <div style="line-height:10.695pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:arial;font-size:9.30pt">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:arial;font-size:9.30pt">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color:#000000;font-family:arial;font-size:9.30pt">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:arial;font-size:9.30pt">or lower, based on these assumptions your costs would be:</span><span style="color:#000000;font-family:arial;font-size:1pt;line-height:0.93pt"> </span></div> 56 211 379 867 232 471 834 1620 20 121 232 554 You would pay the following expenses if you did not redeem your shares:  132 471 834 1620 Principal Investment Strategies of the Fund <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund seeks to achieve its investment objective by investing in a broad range of U.S. dollar-denominated money </span><span style="color:#000000;font-family:arial;font-size:9.30pt">market instruments, including government, U.S. and foreign bank, and commercial obligations and repurchase </span><span style="color:#000000;font-family:arial;font-size:9.30pt">agreements. Under normal conditions, the Fund will invest at least 80% of the value of its net assets, plus the amount </span><span style="color:#000000;font-family:arial;font-size:9.30pt">of any borrowings for investment purposes, in securities whose issuer or guarantor, in the opinion of BlackRock, the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund’s investment manager, at the time of purchase, meets the Fund’s environmental criteria. This policy is a non-fundamental</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> policy of the Fund. However, the Fund will provide shareholders with at least 60 days’ prior written notice </span><span style="color:#000000;font-family:arial;font-size:9.30pt">of any changes to the policy.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund seeks to achieve its investment objective by investing in a broad range of U.S. dollar-denominated money </span><span style="color:#000000;font-family:arial;font-size:9.30pt">market instruments, including government, U.S. and foreign bank, and commercial obligations and repurchase </span><span style="color:#000000;font-family:arial;font-size:9.30pt">agreements. Under normal conditions, the Fund will invest at least 80% of the value of its net assets, plus the amount </span><span style="color:#000000;font-family:arial;font-size:9.30pt">of any borrowings for investment purposes, in securities whose issuer or guarantor, in the opinion of BlackRock, the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund’s investment manager, at the time of purchase, meets the Fund’s environmental criteria. This policy is a non-fundamental</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> policy of the Fund. However, the Fund will provide shareholders with at least 60 days’ prior written notice </span><span style="color:#000000;font-family:arial;font-size:9.30pt">of any changes to the policy.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">BlackRock will consider the following as part of the Fund’s environmental criteria:</span></div><div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund will invest in securities whose issuer (or guarantor, if applicable) at the time of the Fund’s investment has </span><span style="color:#000000;font-family:arial;font-size:9.30pt">better than average performance in environmental practices. In evaluating performance in environmental practices, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">BlackRock will use data or other environmental, social, or governance risk metrics including ratings provided by </span><span style="color:#000000;font-family:arial;font-size:9.30pt">independent research vendor(s) in determining whether to invest (or continue to invest) in securities issued or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">guaranteed by a particular entity. These independent research vendor(s) may consider one or more of the following </span><span style="color:#000000;font-family:arial;font-size:9.30pt">factors: issuer or industry exposure to environmentally intensive activities, disclosures by an issuer around climate </span><span style="color:#000000;font-family:arial;font-size:9.30pt">related issues and environmental matters or specific targets or plans by an issuer to manage environmental </span><span style="color:#000000;font-family:arial;font-size:9.30pt">exposures. BlackRock may change an independent research vendor at any time in its discretion. BlackRock will </span><span style="color:#000000;font-family:arial;font-size:9.30pt">consider factors such as emissions, energy and water intensity, waste generation, green revenues and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">environmental disclosure levels in evaluating the environmental performance of an issuer or guarantor.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">U.S. Government securities will be considered to have met the Fund’s environmental criteria</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund will not invest in securities issued or guaranteed by entities:</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">— that derive more than 5% of their revenue from fossil fuels mining, exploration or refinement; or</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">— that derive more than 5% of their revenue from thermal coal based power generation.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">In determining the efficacy of an issuer’s or guarantor’s environmental practices, BlackRock may also employ a </span><span style="color:#000000;font-family:arial;font-size:9.30pt">proprietary model it has developed to consider the impact of various actions of an issuer or guarantor. The model uses </span><span style="color:#000000;font-family:arial;font-size:9.30pt">third party data as well as information obtained by BlackRock to assess whether particular environmental factors may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">be material to an issuer or guarantor and capture any momentum around these factors. The model also seeks to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">consider more current headline news around an issuer or guarantor. The model may employ different inputs and weigh </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the significance of those inputs differently than the third party data sources that are used. BlackRock will conduct, as </span><span style="color:#000000;font-family:arial;font-size:9.30pt">appropriate, its environmental evaluation of issuers and guarantors relative to a specific sector or across multiple </span><span style="color:#000000;font-family:arial;font-size:9.30pt">sectors.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">In addition, the Fund may invest in mortgage- and asset-backed securities, short-term obligations issued by or on </span><span style="color:#000000;font-family:arial;font-size:9.30pt">behalf of states, territories and possessions of the United States, the District of Columbia, and their respective </span></div><div style="line-height:10.695pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">authorities, agencies, instrumentalities and political subdivisions and derivative securities such as tender option </span><span style="color:#000000;font-family:arial;font-size:9.30pt">bonds, beneficial interests in municipal trust certificates and partnership trusts. The Fund may invest in “green” </span><span style="color:#000000;font-family:arial;font-size:9.30pt">bonds where, in the opinion of BlackRock, the use of proceeds from the sale of these securities will be used to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">finance projects intended to generate an environmental benefit. The Fund may also invest in variable and floating rate </span><span style="color:#000000;font-family:arial;font-size:9.30pt">instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Under normal market conditions, at least 25% of the Fund’s total assets will be invested in obligations of issuers in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the financial services industry or in obligations, such as repurchase agreements, secured by such obligations.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund may invest up to 20% of the value of its net assets, plus the amount of any borrowings for investment </span><span style="color:#000000;font-family:arial;font-size:9.30pt">purposes, in securities whose issuer (and, if applicable, guarantor) have below average performance in environmental </span><span style="color:#000000;font-family:arial;font-size:9.30pt">practices or whose issuer (and, if applicable, guarantor) are not evaluated by any independent research </span><span style="color:#000000;font-family:arial;font-size:9.30pt">vendor(s) currently used by the Fund, and whose issuer (and, if applicable, guarantor) do not otherwise meet the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund’s environmental criteria.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 </span><span style="color:#000000;font-family:arial;font-size:9.30pt">under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and other rules of the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Securities and Exchange Commission.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> Under normal conditions, the Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in securities whose issuer or guarantor, in the opinion of BlackRock, the Fund’s investment manager, at the time of purchase, meets the Fund’s environmental criteria. This policy is a non-fundamental policy of the Fund. However, the Fund will provide shareholders with at least 60 days’ prior written notice of any changes to the policy. <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">BlackRock will consider the following as part of the Fund’s environmental criteria:</span></div><div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund will invest in securities whose issuer (or guarantor, if applicable) at the time of the Fund’s investment has </span><span style="color:#000000;font-family:arial;font-size:9.30pt">better than average performance in environmental practices. In evaluating performance in environmental practices, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">BlackRock will use data or other environmental, social, or governance risk metrics including ratings provided by </span><span style="color:#000000;font-family:arial;font-size:9.30pt">independent research vendor(s) in determining whether to invest (or continue to invest) in securities issued or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">guaranteed by a particular entity. These independent research vendor(s) may consider one or more of the following </span><span style="color:#000000;font-family:arial;font-size:9.30pt">factors: issuer or industry exposure to environmentally intensive activities, disclosures by an issuer around climate </span><span style="color:#000000;font-family:arial;font-size:9.30pt">related issues and environmental matters or specific targets or plans by an issuer to manage environmental </span><span style="color:#000000;font-family:arial;font-size:9.30pt">exposures. BlackRock may change an independent research vendor at any time in its discretion. BlackRock will </span><span style="color:#000000;font-family:arial;font-size:9.30pt">consider factors such as emissions, energy and water intensity, waste generation, green revenues and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">environmental disclosure levels in evaluating the environmental performance of an issuer or guarantor.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">U.S. Government securities will be considered to have met the Fund’s environmental criteria</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund will not invest in securities issued or guaranteed by entities:</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">— that derive more than 5% of their revenue from fossil fuels mining, exploration or refinement; or</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">— that derive more than 5% of their revenue from thermal coal based power generation.</span></div> Under normal market conditions, at least 25% of the Fund’s total assets will be invested in obligations of issuers in the financial services industry or in obligations, such as repurchase agreements, secured by such obligations. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Credit Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will be unable </span><span style="color:#000000;font-family:arial;font-size:9.30pt">or unwilling to make timely payments of interest and principal when due or otherwise honor their obligations. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">value of the Fund’s investment in that issuer.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Environmental Criteria Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — The risk that because the Fund’s environmental criteria exclude securities of certain </span><span style="color:#000000;font-family:arial;font-size:9.30pt">issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use </span><span style="color:#000000;font-family:arial;font-size:9.30pt">these criteria. Consequently, the Fund may underperform funds that do not utilize an environmental strategy. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">BlackRock’s assessment of an issuer’s environmental criteria may change over time, which could cause the Fund to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">hold securities that may no longer meet BlackRock’s current environmental criteria.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">In evaluating the environmental criteria for an issuer or guarantor, BlackRock is dependent upon information and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">data that may be incomplete, inaccurate or unavailable. Currently, environmental data often lacks standardization, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">consistency and in some cases transparency. There may be different methodologies used by different data sources </span><span style="color:#000000;font-family:arial;font-size:9.30pt">who compile environmental ratings of issuers or guarantors. This could adversely affect the analysis of the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">environmental criteria relevant to a particular issuer or guarantor. If BlackRock were to solely rely on this data, the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund may invest in issuers or guarantors who may not meet the environmental criteria for investment. Investing on </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the basis of environmental criteria is qualitative and subjective by nature and there can be no assurance that the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">process utilized by any vendors of BlackRock or any judgment exercised by BlackRock will reflect the beliefs or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">values of any particular investor.</span></div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Financial Services Industry Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">—</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> Because of its investments in the financial services industry, the Fund will be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">more susceptible to any economic, business, political or other developments which generally affect this industry </span><span style="color:#000000;font-family:arial;font-size:9.30pt">sector. As a result, the Fund will be exposed to a large extent to the risks associated with that industry, such as </span><span style="color:#000000;font-family:arial;font-size:9.30pt">government regulation, the availability and cost of capital funds (including the availability and stability of deposits in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the case of deposit-taking institutions), consolidation and general economic conditions. Financial services </span><span style="color:#000000;font-family:arial;font-size:9.30pt">companies are also exposed to losses if borrowers and other counterparties experience financial problems and/or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">cannot repay their obligations.</span> <br/> <span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:10.695pt;margin-left:12pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">When interest rates go up, the value of securities issued by many types of financial services companies generally </span><span style="color:#000000;font-family:arial;font-size:9.30pt">goes down. In many countries, financial services and the companies that provide them are regulated by </span><span style="color:#000000;font-family:arial;font-size:9.30pt">governmental entities, which can increase costs for new services or products and make it difficult to pass </span><span style="color:#000000;font-family:arial;font-size:9.30pt">increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">increased competition and reduced profitability for certain companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The profitability of many types of financial services companies may be adversely affected in certain market cycles, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">including periods of rising interest rates, which may restrict the availability and increase the cost of capital, and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">declining economic conditions, which may cause credit losses due to financial difficulties of borrowers. Because </span><span style="color:#000000;font-family:arial;font-size:9.30pt">many types of financial services companies are vulnerable to these economic cycles, a large portion of the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investments may lose value during such periods.</span></div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Discretionary Liquidity Fee Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% </span><span style="color:#000000;font-family:arial;font-size:9.30pt">upon sale of your shares if such fee is determined to be in the best interests of the Fund. Accordingly, your </span><span style="color:#000000;font-family:arial;font-size:9.30pt">redemptions may be subject to a liquidity fee when you sell your shares at certain times.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Extension Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— When interest rates rise, certain obligations will be paid off by the obligor more slowly than </span><span style="color:#000000;font-family:arial;font-size:9.30pt">anticipated, causing the value of these securities to fall.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Foreign Exposure Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">—</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> Securities issued or supported by foreign entities, including foreign banks and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">corporations, may involve additional risks and considerations. Extensive public information about the foreign issuer </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may not be available, and unfavorable political, economic or governmental developments in the foreign country </span><span style="color:#000000;font-family:arial;font-size:9.30pt">involved could affect the payment of principal and interest.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Income Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Income risk is the risk that the Fund’s yield will vary as short-term securities in its portfolio mature </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and the proceeds are reinvested in securities with different interest rates.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.0pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Interest Rate Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">—</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">In general, the market price of debt securities with longer maturities will go up or down more in response to changes </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in interest rates than the market price of shorter-term securities. Due to fluctuations in interest rates, the market </span><span style="color:#000000;font-family:arial;font-size:9.30pt">value of such securities may vary during the period shareholders own shares of the Fund. Very low or negative </span><span style="color:#000000;font-family:arial;font-size:9.30pt">interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Fund may be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">unable to maintain positive returns or pay dividends to Fund shareholders. The Fund may be subject to a greater </span><span style="color:#000000;font-family:arial;font-size:9.30pt">risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have </span><span style="color:#000000;font-family:arial;font-size:9.30pt">unpredictable effects on markets, may result in heightened market volatility and may detract from the Fund’s ability </span><span style="color:#000000;font-family:arial;font-size:9.30pt">to achieve its investment objective.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Market Risk and Selection Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color:#000000;font-family:arial;font-size:9.30pt">go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a </span><span style="color:#000000;font-family:arial;font-size:9.30pt">security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color:#000000;font-family:arial;font-size:9.30pt">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health </span><span style="color:#000000;font-family:arial;font-size:9.30pt">issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investments. Selection risk is the risk that the securities selected by Fund management will underperform the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">markets, the relevant indices or the securities selected by other funds with similar investment objectives and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investment strategies. This means you may lose money.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased </span><span style="color:#000000;font-family:arial;font-size:9.30pt">costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the Fund invests.</span></div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Mortgage- and Asset-Backed Securities Risks </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Mortgage- and asset-backed securities represent interests in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-</span><span style="color:#000000;font-family:arial;font-size:9.30pt">backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are </span><span style="color:#000000;font-family:arial;font-size:9.30pt">subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">certain mortgage-backed securities.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Operational and Technology Risks </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color:#000000;font-family:arial;font-size:9.30pt">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color:#000000;font-family:arial;font-size:9.30pt">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:10.695pt;margin-left:12pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color:#000000;font-family:arial;font-size:9.30pt">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may cause the Fund’s investments in such issuers to lose value.</span></div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Prepayment Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— When interest rates fall, certain obligations will be paid off by the obligor more quickly than </span><span style="color:#000000;font-family:arial;font-size:9.30pt">originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — If the other party to a repurchase agreement or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur </span><span style="color:#000000;font-family:arial;font-size:9.30pt">costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">either situation and the market value of the security declines, the Fund may lose money.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Risk of Investing in the United States </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">—</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> Certain changes in the U.S. economy, such as when the U.S. economy </span><span style="color:#000000;font-family:arial;font-size:9.30pt">weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has </span><span style="color:#000000;font-family:arial;font-size:9.30pt">exposure.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Stable Net Asset Value Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The Fund may not be able to maintain a stable NAV of $1.00 per share at all times. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">If the Fund fails to maintain a stable NAV (or if there is a perceived threat of such a failure), the Fund, along with </span><span style="color:#000000;font-family:arial;font-size:9.30pt">other money market funds, could be subject to increased redemption activity.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Treasury Obligations Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Direct obligations of the U.S. Treasury have historically involved little risk of loss of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">vary during the period shareholders own shares of the Fund. In addition, notwithstanding that U.S. Treasury </span><span style="color:#000000;font-family:arial;font-size:9.30pt">obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the timely payment of interest or principal, such as reaching the legislative “debt ceiling.” Such non-payment could </span><span style="color:#000000;font-family:arial;font-size:9.30pt">result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial </span><span style="color:#000000;font-family:arial;font-size:9.30pt">system.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">U.S. Government Obligations Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Certain securities in which the Fund may invest, including securities issued by </span><span style="color:#000000;font-family:arial;font-size:9.30pt">certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Government or supported by the full faith and credit of the United States. In addition, circumstances could arise </span><span style="color:#000000;font-family:arial;font-size:9.30pt">that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative </span><span style="color:#000000;font-family:arial;font-size:9.30pt">consequences for the U.S. economy and the global financial system.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Variable and Floating Rate Instrument Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Variable and floating rate securities provide for periodic adjustment </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in the interest rate paid on the securities. Securities with floating or variable interest rates can be less sensitive to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not </span><span style="color:#000000;font-family:arial;font-size:9.30pt">reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed </span><span style="color:#000000;font-family:arial;font-size:9.30pt">securities of the same maturity. These securities will not generally increase in value if interest rates decline. A </span><span style="color:#000000;font-family:arial;font-size:9.30pt">decline in interest rates may result in a reduction in income received from variable and floating rate securities held </span><span style="color:#000000;font-family:arial;font-size:9.30pt">by the Fund and may adversely affect the value of the Fund’s shares. Benchmark interest rates may not accurately </span><span style="color:#000000;font-family:arial;font-size:9.30pt">track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate </span><span style="color:#000000;font-family:arial;font-size:9.30pt">securities, they are subject to credit risk and default risk, which could impair their value.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">When-Issued and Delayed Delivery Securities and Forward Commitments Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — When-issued and delayed </span><span style="color:#000000;font-family:arial;font-size:9.30pt">delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will </span><span style="color:#000000;font-family:arial;font-size:9.30pt">not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside </span><span style="color:#000000;font-family:arial;font-size:9.30pt">to pay for the security and any gain in the security’s price.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The information shows you how the Fund’s performance has varied year by year and provides some indication of the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">risks of investing in the Fund. To the extent that dividends and distributions have been paid by the Fund, the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">As with all such investments, past performance is not an indication of future results. Sales charges are not reflected </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these </span><span style="color:#000000;font-family:arial;font-size:9.30pt">periods, the Fund’s returns would have been lower. The Fund is a money market fund managed pursuant to the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">requirements of Rule 2a-7 under the Investment Company Act. Effective May 11, 2020, the Fund changed its name, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investment objective and investment strategies. Performance for the periods prior to May 11, 2020 shown below is </span><span style="color:#000000;font-family:arial;font-size:9.30pt">based on the investment strategies utilized by the Fund at that time under the name “BlackRock Money Market </span></div><div style="line-height:10.695pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Portfolio.” Updated information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/cash</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> or can be obtained by phone at </span><span style="color:#000000;font-family:arial;font-size:9.30pt">(800) 882-0052</span><span style="color:#000000;font-family:arial;font-size:9.30pt">.</span></div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. http://www.blackrock.com/cash (800) 882-0052 Investor A Shares ANNUAL TOTAL RETURNS BlackRock Wealth Liquid Environmentally Aware Fund As of 12/31 <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">During the ten-year period shown in the bar chart, the highest return for a quarter was 1.28% (quarter ended </span><span style="color:#000000;font-family:arial;font-size:9.30pt">December 31, 2023) and the lowest return for a quarter was 0.00% (quarter ended September 30, 2021). The year-to-date</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> return as of June 30, 2026 was 1.67%.</span><span style="color:#000000;font-family:arial;font-size:1pt;line-height:0.93pt"> </span></div> highest return 0.0128 2023-12-31 lowest return 0.0000 2021-09-30 year-to-date return 2026-06-30 0.0167 For the periods ended 12/31/25Average Annual Total Returns 0.0399 0.0302 0.0198 0.0215 0.0242 0.0161 0.0429 0.0324 0.0224 <div style="margin-top:12pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">To obtain the Fund’s current 7-day yield, call </span><span style="color:#000000;font-family:arial;font-size:9.30pt">(800) 441-7762</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> or visit the Fund’s website at www.blackrock.com/cash.</span></div> (800) 441-7762 Fund Overview Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of BlackRock Wealth Liquid Environmentally Aware Fund (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">WeLEAF</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), a series of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock Funds</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), is to seek as high a level of current income as is consistent with liquidity and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preservation of capital while giving consideration to select environmental criteria.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell Service Shares of the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Amounts in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Amounts in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You may pay other fees, such as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">BlackRock</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">) and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">its affiliates) (each, a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Financial Intermediary</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">), which are not reflected in the table and example below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0038 0.0025 0.0008 0.0071 -0.0021 0.0050 June 30, 2028 Example: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 51 206 374 863 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to achieve its investment objective by investing in a broad range of U.S. dollar-denominated money </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market instruments, including government, U.S. and foreign bank, and commercial obligations and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">agreements. Under normal conditions, the Fund will invest at least 80% of the value of its net assets, plus the amount </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of any borrowings for investment purposes, in securities whose issuer or guarantor, in the opinion of BlackRock, the</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Fund’s investment manager, at the time of purchase, meets the Fund’s environmental criteria. This policy is a non-fundamental</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> policy of the Fund. However, the Fund will provide shareholders with at least 60 days’ prior written notice</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> of any changes to the policy.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock will consider the following as part of the Fund’s environmental criteria:</span></div> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund will invest in securities whose issuer (or guarantor, if applicable) at the time of the Fund’s investment has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">better than average performance in environmental practices. In evaluating performance in environmental practices, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock will use data or other environmental, social, or governance risk metrics including ratings provided by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">independent research vendor(s) in determining whether to invest (or continue to invest) in securities issued or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guaranteed by a particular entity. These independent research vendor(s) may consider one or more of the following </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">factors: issuer or industry exposure to environmentally intensive activities, disclosures by an issuer around climate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related issues and environmental matters or specific targets or plans by an issuer to manage environmental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposures. BlackRock may change an independent research vendor at any time in its discretion. BlackRock will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consider factors such as emissions, energy and water intensity, waste generation, green revenues and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disclosure levels in evaluating the environmental performance of an issuer or guarantor.</span></div> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. Government securities will be considered to have met the Fund’s environmental criteria</span></div> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund will not invest in securities issued or guaranteed by entities:</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— that derive more than 5% of their revenue from fossil fuels mining, exploration or refinement; or</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— that derive more than 5% of their revenue from thermal coal based power generation.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In determining the efficacy of an issuer’s or guarantor’s environmental practices, BlackRock may also employ a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">proprietary model it has developed to consider the impact of various actions of an issuer or guarantor. The model uses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">third party data as well as information obtained by BlackRock to assess whether particular environmental factors may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be material to an issuer or guarantor and capture any momentum around these factors. The model also seeks to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consider more current headline news around an issuer or guarantor. The model may employ different inputs and weigh </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the significance of those inputs differently than the third party data sources that are used. BlackRock will conduct, as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">appropriate, its environmental evaluation of issuers and guarantors relative to a specific sector or across multiple </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sectors.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In addition, the Fund may invest in mortgage- and asset-backed securities, short-term obligations issued by or on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">behalf of states, territories and possessions of the United States, the District of Columbia, and their respective </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">authorities, agencies, instrumentalities and political subdivisions and derivative securities such as tender option </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds, beneficial interests in municipal trust certificates and partnership trusts. The Fund may invest in “green” </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds where, in the opinion of BlackRock, the use of proceeds from the sale of these securities will be used to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">finance projects intended to generate an environmental benefit. The Fund may also invest in variable and floating rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal market conditions, at least 25% of the Fund’s total assets will be invested in obligations of issuers in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the financial services industry or in obligations, such as repurchase agreements, secured by such obligations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest up to 20% of the value of its net assets, plus the amount of any borrowings for investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purposes, in securities whose issuer (and, if applicable, guarantor) have below average performance in environmental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">practices or whose issuer (and, if applicable, guarantor) are not evaluated by any independent research </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">vendor(s) currently used by the Fund, and whose issuer (and, if applicable, guarantor) do not otherwise meet the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s environmental criteria.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and other rules of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Securities and Exchange Commission.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to achieve its investment objective by investing in a broad range of U.S. dollar-denominated money </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market instruments, including government, U.S. and foreign bank, and commercial obligations and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">agreements. Under normal conditions, the Fund will invest at least 80% of the value of its net assets, plus the amount </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of any borrowings for investment purposes, in securities whose issuer or guarantor, in the opinion of BlackRock, the</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Fund’s investment manager, at the time of purchase, meets the Fund’s environmental criteria. This policy is a non-fundamental</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> policy of the Fund. However, the Fund will provide shareholders with at least 60 days’ prior written notice</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> of any changes to the policy.</span></div> Under normal conditions, the Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in securities whose issuer or guarantor, in the opinion of BlackRock, the Fund’s investment manager, at the time of purchase, meets the Fund’s environmental criteria. This policy is a non-fundamental policy of the Fund. However, the Fund will provide shareholders with at least 60 days’ prior written notice of any changes to the policy. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock will consider the following as part of the Fund’s environmental criteria:</span></div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund will invest in securities whose issuer (or guarantor, if applicable) at the time of the Fund’s investment has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">better than average performance in environmental practices. In evaluating performance in environmental practices, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock will use data or other environmental, social, or governance risk metrics including ratings provided by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">independent research vendor(s) in determining whether to invest (or continue to invest) in securities issued or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guaranteed by a particular entity. These independent research vendor(s) may consider one or more of the following </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">factors: issuer or industry exposure to environmentally intensive activities, disclosures by an issuer around climate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related issues and environmental matters or specific targets or plans by an issuer to manage environmental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposures. BlackRock may change an independent research vendor at any time in its discretion. BlackRock will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consider factors such as emissions, energy and water intensity, waste generation, green revenues and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disclosure levels in evaluating the environmental performance of an issuer or guarantor.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. Government securities will be considered to have met the Fund’s environmental criteria</span></div> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund will not invest in securities issued or guaranteed by entities:</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— that derive more than 5% of their revenue from fossil fuels mining, exploration or refinement; or</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— that derive more than 5% of their revenue from thermal coal based power generation.</span></div> Under normal market conditions, at least 25% of the Fund’s total assets will be invested in obligations of issuers in the financial services industry or in obligations, such as repurchase agreements, secured by such obligations. You could lose money by investing in the Fund.  Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.  The Fund may impose a fee upon the sale of your shares.  An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Credit Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will be unable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or unwilling to make timely payments of interest and principal when due or otherwise honor their obligations. </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of the Fund’s investment in that issuer.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Environmental Criteria Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The risk that because the Fund’s environmental criteria exclude securities of certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">these criteria. Consequently, the Fund may underperform funds that do not utilize an environmental strategy. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock’s assessment of an issuer’s environmental criteria may change over time, which could cause the Fund to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">hold securities that may no longer meet BlackRock’s current environmental criteria.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In evaluating the environmental criteria for an issuer or guarantor, BlackRock is dependent upon information and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">data that may be incomplete, inaccurate or unavailable. Currently, environmental data often lacks standardization, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consistency and in some cases transparency. There may be different methodologies used by different data sources </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">who compile environmental ratings of issuers or guarantors. This could adversely affect the analysis of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental criteria relevant to a particular issuer or guarantor. If BlackRock were to solely rely on this data, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may invest in issuers or guarantors who may not meet the environmental criteria for investment. Investing on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the basis of environmental criteria is qualitative and subjective by nature and there can be no assurance that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">process utilized by any vendors of BlackRock or any judgment exercised by BlackRock will reflect the beliefs or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">values of any particular investor.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Financial Services Industry Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Because of its investments in the financial services industry, the Fund will be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">more susceptible to any economic, business, political or other developments which generally affect this industry </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sector. As a result, the Fund will be exposed to a large extent to the risks associated with that industry, such as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">government regulation, the availability and cost of capital funds (including the availability and stability of deposits in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the case of deposit-taking institutions), consolidation and general economic conditions. Financial services </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies are also exposed to losses if borrowers and other counterparties experience financial problems and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cannot repay their obligations.</span> <br/><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">When interest rates go up, the value of securities issued by many types of financial services companies generally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">goes down. In many countries, financial services and the companies that provide them are regulated by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">governmental entities, which can increase costs for new services or products and make it difficult to pass </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increased competition and reduced profitability for certain companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The profitability of many types of financial services companies may be adversely affected in certain market cycles, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">including periods of rising interest rates, which may restrict the availability and increase the cost of capital, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">declining economic conditions, which may cause credit losses due to financial difficulties of borrowers. Because </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">many types of financial services companies are vulnerable to these economic cycles, a large portion of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments may lose value during such periods.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Discretionary Liquidity Fee Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">upon sale of your shares if such fee is determined to be in the best interests of the Fund. Accordingly, your </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redemptions may be subject to a liquidity fee when you sell your shares at certain times.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Extension Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— When interest rates rise, certain obligations will be paid off by the obligor more slowly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">anticipated, causing the value of these securities to fall.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Foreign Exposure Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Securities issued or supported by foreign entities, including foreign banks and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">corporations, may involve additional risks and considerations. Extensive public information about the foreign issuer </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may not be available, and unfavorable political, economic or governmental developments in the foreign country </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">involved could affect the payment of principal and interest.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Income risk is the risk that the Fund’s yield will vary as short-term securities in its portfolio mature </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and the proceeds are reinvested in securities with different interest rates.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Interest Rate Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In general, the market price of debt securities with longer maturities will go up or down more in response to changes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in interest rates than the market price of shorter-term securities. Due to fluctuations in interest rates, the market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of such securities may vary during the period shareholders own shares of the Fund. Very low or negative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Fund may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unable to maintain positive returns or pay dividends to Fund shareholders. The Fund may be subject to a greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unpredictable effects on markets, may result in heightened market volatility and may detract from the Fund’s ability </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to achieve its investment objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Market Risk and Selection Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments. Selection risk is the risk that the securities selected by Fund management will underperform the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets, the relevant indices or the securities selected by other funds with similar investment objectives and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment strategies. This means you may lose money.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund invests.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mortgage- and Asset-Backed Securities Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Mortgage- and asset-backed securities represent interests in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">certain mortgage-backed securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may cause the Fund’s investments in such issuers to lose value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Prepayment Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— When interest rates fall, certain obligations will be paid off by the obligor more quickly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">either situation and the market value of the security declines, the Fund may lose money.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Risk of Investing in the United States </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Certain changes in the U.S. economy, such as when the U.S. economy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Stable Net Asset Value Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may not be able to maintain a stable NAV of $1.00 per share at all times. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">If the Fund fails to maintain a stable NAV (or if there is a perceived threat of such a failure), the Fund, along with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other money market funds, could be subject to increased redemption activity.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Treasury Obligations Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Direct obligations of the U.S. Treasury have historically involved little risk of loss of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">vary during the period shareholders own shares of the Fund. In addition, notwithstanding that U.S. Treasury </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the timely payment of interest or principal, such as reaching the legislative “debt ceiling.” Such non-payment could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">system.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">U.S. Government Obligations Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Certain securities in which the Fund may invest, including securities issued by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Government or supported by the full faith and credit of the United States. In addition, circumstances could arise </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consequences for the U.S. economy and the global financial system.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Variable and Floating Rate Instrument Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Variable and floating rate securities provide for periodic adjustment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the interest rate paid on the securities. Securities with floating or variable interest rates can be less sensitive to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of the same maturity. These securities will not generally increase in value if interest rates decline. A </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decline in interest rates may result in a reduction in income received from variable and floating rate securities held </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by the Fund and may adversely affect the value of the Fund’s shares. Benchmark interest rates may not accurately </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, they are subject to credit risk and default risk, which could impair their value.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">When-Issued and Delayed Delivery Securities and Forward Commitments Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — When-issued and delayed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to pay for the security and any gain in the security’s price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information shows you how the Fund’s performance has varied year by year and provides some indication of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks of investing in the Fund. To the extent that dividends and distributions have been paid by the Fund, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">As with all such investments, past performance is not an indication of future results. The table includes all applicable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fees. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s returns would have been lower. The Fund is a money market fund managed pursuant to the requirements of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Rule 2a-7 under the Investment Company Act. Effective May 11, 2020, the Fund changed its name, investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">objective and investment strategies. Performance for the periods prior to May 11, 2020 shown below is based on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment strategies utilized by the Fund at that time under the name “BlackRock Money Market Portfolio.” Updated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/cash or can be obtained </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by phone at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(800) 882-0052</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span></div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance is not an indication of future results.  http://www.blackrock.com/cash (800) 882-0052 Service Shares ANNUAL TOTAL RETURNS BlackRock Wealth Liquid Environmentally Aware Fund As of 12/31 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the ten-year period shown in the bar chart, the highest return for a quarter was 1.28% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">December 31, 2023) and the lowest return for a quarter was 0.00% (quarter ended September 30, 2021). The year-to-date return as of June 30, 2026 was 1.68%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.0128 2023-12-31 lowest return 0.0000 2021-09-30 year-to-date return 2026-06-30 0.0168 For the periods ended 12/31/25Average Annual Total Returns 0.0400 0.0303 0.0200 <div style="margin-top: 12pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To obtain the Fund’s current 7-day yield, call </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(800) 441-7762</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or visit the Fund’s website at www.blackrock.com/cash.</span></div> (800) 441-7762 (800) 441-7762 Fund Overview Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The investment objective of BlackRock Wealth Liquid Environmentally Aware Fund (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">WeLEAF</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), a series of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock Funds</span><span style="color: #000000; font-family: arial; font-size: 5pt; position: relative; top: -3.25pt;">SM </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">), is to seek as high a level of current income as is consistent with liquidity and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">preservation of capital while giving consideration to select environmental criteria.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell Premier Shares of the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Amounts in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Amounts in the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">You may pay other fees, such as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">BlackRock</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">) and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">its affiliates) (each, a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">“</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">Financial Intermediary</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">”</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-weight: bold;">), which are not reflected in the table and example below.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0038 0 0.0007 0.0045 -0.0025 0.0020 June 30, 2028 Example: <div style="line-height: 10.695pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or lower, based on these assumptions your costs would be:</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 20 119 227 543 Principal Investment Strategies of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to achieve its investment objective by investing in a broad range of U.S. dollar-denominated money </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market instruments, including government, U.S. and foreign bank, and commercial obligations and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">agreements. Under normal conditions, the Fund will invest at least 80% of the value of its net assets, plus the amount </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of any borrowings for investment purposes, in securities whose issuer or guarantor, in the opinion of BlackRock, the</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Fund’s investment manager, at the time of purchase, meets the Fund’s environmental criteria. This policy is a non-fundamental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">policy of the Fund. However, the Fund will provide shareholders with at least 60 days’ prior written notice </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of any changes to the policy.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to achieve its investment objective by investing in a broad range of U.S. dollar-denominated money </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">market instruments, including government, U.S. and foreign bank, and commercial obligations and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">agreements. Under normal conditions, the Fund will invest at least 80% of the value of its net assets, plus the amount </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of any borrowings for investment purposes, in securities whose issuer or guarantor, in the opinion of BlackRock, the</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Fund’s investment manager, at the time of purchase, meets the Fund’s environmental criteria. This policy is a non-fundamental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">policy of the Fund. However, the Fund will provide shareholders with at least 60 days’ prior written notice </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">of any changes to the policy.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock will consider the following as part of the Fund’s environmental criteria:</span></div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund will invest in securities whose issuer (or guarantor, if applicable) at the time of the Fund’s investment has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">better than average performance in environmental practices. In evaluating performance in environmental practices, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock will use data or other environmental, social, or governance risk metrics including ratings provided by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">independent research vendor(s) in determining whether to invest (or continue to invest) in securities issued or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guaranteed by a particular entity. These independent research vendor(s) may consider one or more of the following </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">factors: issuer or industry exposure to environmentally intensive activities, disclosures by an issuer around climate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related issues and environmental matters or specific targets or plans by an issuer to manage environmental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposures. BlackRock may change an independent research vendor at any time in its discretion. BlackRock will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consider factors such as emissions, energy and water intensity, waste generation, green revenues and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disclosure levels in evaluating the environmental performance of an issuer or guarantor.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. Government securities will be considered to have met the Fund’s environmental criteria</span></div> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund will not invest in securities issued or guaranteed by entities:</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— that derive more than 5% of their revenue from fossil fuels mining, exploration or refinement; or</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— that derive more than 5% of their revenue from thermal coal based power generation.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In determining the efficacy of an issuer’s or guarantor’s environmental practices, BlackRock may also employ a </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">proprietary model it has developed to consider the impact of various actions of an issuer or guarantor. The model uses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">third party data as well as information obtained by BlackRock to assess whether particular environmental factors may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">be material to an issuer or guarantor and capture any momentum around these factors. The model also seeks to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consider more current headline news around an issuer or guarantor. The model may employ different inputs and weigh </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the significance of those inputs differently than the third party data sources that are used. BlackRock will conduct, as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">appropriate, its environmental evaluation of issuers and guarantors relative to a specific sector or across multiple </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sectors.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In addition, the Fund may invest in mortgage- and asset-backed securities, short-term obligations issued by or on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">behalf of states, territories and possessions of the United States, the District of Columbia, and their respective </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">authorities, agencies, instrumentalities and political subdivisions and derivative securities such as tender option </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds, beneficial interests in municipal trust certificates and partnership trusts. The Fund may invest in “green” </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">bonds where, in the opinion of BlackRock, the use of proceeds from the sale of these securities will be used to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">finance projects intended to generate an environmental benefit. The Fund may also invest in variable and floating rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Under normal market conditions, at least 25% of the Fund’s total assets will be invested in obligations of issuers in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the financial services industry or in obligations, such as repurchase agreements, secured by such obligations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund may invest up to 20% of the value of its net assets, plus the amount of any borrowings for investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purposes, in securities whose issuer (and, if applicable, guarantor) have below average performance in environmental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">practices or whose issuer (and, if applicable, guarantor) are not evaluated by any independent research </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">vendor(s) currently used by the Fund, and whose issuer (and, if applicable, guarantor) do not otherwise meet the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s environmental criteria.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and other rules of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Securities and Exchange Commission.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> Under normal conditions, the Fund will invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in securities whose issuer or guarantor, in the opinion of BlackRock, the Fund’s investment manager, at the time of purchase, meets the Fund’s environmental criteria. This policy is a non-fundamental policy of the Fund. However, the Fund will provide shareholders with at least 60 days’ prior written notice of any changes to the policy. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock will consider the following as part of the Fund’s environmental criteria:</span></div> <div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund will invest in securities whose issuer (or guarantor, if applicable) at the time of the Fund’s investment has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">better than average performance in environmental practices. In evaluating performance in environmental practices, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock will use data or other environmental, social, or governance risk metrics including ratings provided by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">independent research vendor(s) in determining whether to invest (or continue to invest) in securities issued or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">guaranteed by a particular entity. These independent research vendor(s) may consider one or more of the following </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">factors: issuer or industry exposure to environmentally intensive activities, disclosures by an issuer around climate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">related issues and environmental matters or specific targets or plans by an issuer to manage environmental </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposures. BlackRock may change an independent research vendor at any time in its discretion. BlackRock will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consider factors such as emissions, energy and water intensity, waste generation, green revenues and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental disclosure levels in evaluating the environmental performance of an issuer or guarantor.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">U.S. Government securities will be considered to have met the Fund’s environmental criteria</span></div> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The Fund will not invest in securities issued or guaranteed by entities:</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— that derive more than 5% of their revenue from fossil fuels mining, exploration or refinement; or</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— that derive more than 5% of their revenue from thermal coal based power generation.</span></div> Under normal market conditions, at least 25% of the Fund’s total assets will be invested in obligations of issuers in the financial services industry or in obligations, such as repurchase agreements, secured by such obligations. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.  The Fund may impose a fee upon the sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Credit Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will be unable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">or unwilling to make timely payments of interest and principal when due or otherwise honor their obligations. </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of the Fund’s investment in that issuer.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Environmental Criteria Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — The risk that because the Fund’s environmental criteria exclude securities of certain </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers for nonfinancial reasons, the Fund may forgo some market opportunities available to funds that do not use </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">these criteria. Consequently, the Fund may underperform funds that do not utilize an environmental strategy. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">BlackRock’s assessment of an issuer’s environmental criteria may change over time, which could cause the Fund to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">hold securities that may no longer meet BlackRock’s current environmental criteria.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In evaluating the environmental criteria for an issuer or guarantor, BlackRock is dependent upon information and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">data that may be incomplete, inaccurate or unavailable. Currently, environmental data often lacks standardization, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consistency and in some cases transparency. There may be different methodologies used by different data sources </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">who compile environmental ratings of issuers or guarantors. This could adversely affect the analysis of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">environmental criteria relevant to a particular issuer or guarantor. If BlackRock were to solely rely on this data, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund may invest in issuers or guarantors who may not meet the environmental criteria for investment. Investing on </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the basis of environmental criteria is qualitative and subjective by nature and there can be no assurance that the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">process utilized by any vendors of BlackRock or any judgment exercised by BlackRock will reflect the beliefs or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">values of any particular investor.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Financial Services Industry Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Because of its investments in the financial services industry, the Fund will be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">more susceptible to any economic, business, political or other developments which generally affect this industry </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">sector. As a result, the Fund will be exposed to a large extent to the risks associated with that industry, such as </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">government regulation, the availability and cost of capital funds (including the availability and stability of deposits in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the case of deposit-taking institutions), consolidation and general economic conditions. Financial services </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">companies are also exposed to losses if borrowers and other counterparties experience financial problems and/or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cannot repay their obligations.</span> <br/><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">When interest rates go up, the value of securities issued by many types of financial services companies generally </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">goes down. In many countries, financial services and the companies that provide them are regulated by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">governmental entities, which can increase costs for new services or products and make it difficult to pass </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increased costs on to consumers. In certain areas, deregulation of financial services companies has resulted in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">increased competition and reduced profitability for certain companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The profitability of many types of financial services companies may be adversely affected in certain market cycles, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">including periods of rising interest rates, which may restrict the availability and increase the cost of capital, and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">declining economic conditions, which may cause credit losses due to financial difficulties of borrowers. Because </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">many types of financial services companies are vulnerable to these economic cycles, a large portion of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments may lose value during such periods.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Discretionary Liquidity Fee Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Board, or its delegate, has discretion to impose a liquidity fee of up to 2% </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">upon sale of your shares if such fee is determined to be in the best interests of the Fund. Accordingly, your </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">redemptions may be subject to a liquidity fee when you sell your shares at certain times.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Extension Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— When interest rates rise, certain obligations will be paid off by the obligor more slowly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">anticipated, causing the value of these securities to fall.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Foreign Exposure Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Securities issued or supported by foreign entities, including foreign banks and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">corporations, may involve additional risks and considerations. Extensive public information about the foreign issuer </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may not be available, and unfavorable political, economic or governmental developments in the foreign country </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">involved could affect the payment of principal and interest.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Income risk is the risk that the Fund’s yield will vary as short-term securities in its portfolio mature </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">and the proceeds are reinvested in securities with different interest rates.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.0pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Interest Rate Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">In general, the market price of debt securities with longer maturities will go up or down more in response to changes </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in interest rates than the market price of shorter-term securities. Due to fluctuations in interest rates, the market </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">value of such securities may vary during the period shareholders own shares of the Fund. Very low or negative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Fund may be </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unable to maintain positive returns or pay dividends to Fund shareholders. The Fund may be subject to a greater </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">unpredictable effects on markets, may result in heightened market volatility and may detract from the Fund’s ability </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to achieve its investment objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Market Risk and Selection Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investments. Selection risk is the risk that the securities selected by Fund management will underperform the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">markets, the relevant indices or the securities selected by other funds with similar investment objectives and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment strategies. This means you may lose money.</span></div> <div style="margin-top: 4pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the Fund invests.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mortgage- and Asset-Backed Securities Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Mortgage- and asset-backed securities represent interests in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">certain mortgage-backed securities.</span><span style="color: #000000; font-family: arial; font-size: 9.30pt; line-height: 10.695pt;"> </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Operational and Technology Risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">may cause the Fund’s investments in such issuers to lose value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Prepayment Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— When interest rates fall, certain obligations will be paid off by the obligor more quickly than </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Repurchase Agreements and Purchase and Sale Contracts Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — If the other party to a repurchase agreement or </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">either situation and the market value of the security declines, the Fund may lose money.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Risk of Investing in the United States </span><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic;">—</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> Certain changes in the U.S. economy, such as when the U.S. economy </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">exposure.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Stable Net Asset Value Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— The Fund may not be able to maintain a stable NAV of $1.00 per share at all times. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">If the Fund fails to maintain a stable NAV (or if there is a perceived threat of such a failure), the Fund, along with </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">other money market funds, could be subject to increased redemption activity.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Treasury Obligations Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — Direct obligations of the U.S. Treasury have historically involved little risk of loss of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">vary during the period shareholders own shares of the Fund. In addition, notwithstanding that U.S. Treasury </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">the timely payment of interest or principal, such as reaching the legislative “debt ceiling.” Such non-payment could </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">system.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">U.S. Government Obligations Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Certain securities in which the Fund may invest, including securities issued by </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Government or supported by the full faith and credit of the United States. In addition, circumstances could arise </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">consequences for the U.S. economy and the global financial system.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Variable and Floating Rate Instrument Risk </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">— Variable and floating rate securities provide for periodic adjustment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">in the interest rate paid on the securities. Securities with floating or variable interest rates can be less sensitive to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 10.695pt; margin-left: 12pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities of the same maturity. These securities will not generally increase in value if interest rates decline. A </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">decline in interest rates may result in a reduction in income received from variable and floating rate securities held </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by the Fund and may adversely affect the value of the Fund’s shares. Benchmark interest rates may not accurately </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">securities, they are subject to credit risk and default risk, which could impair their value.</span></div> <div> <div style="clear: both; margin-top: 4.805pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.87pt; text-align: left; width: 8pt;"><span style="color: #000000; font-family: arial; font-size: 8.37pt; position: relative; top: -0.5pt;">◼</span></div> <div style="float: left; line-height: 10.80pt; margin-left: 4pt; text-align: left; width: 505.00pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">When-Issued and Delayed Delivery Securities and Forward Commitments Risk</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> — When-issued and delayed </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">to pay for the security and any gain in the security’s price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">The information shows you how the Fund’s performance has varied year by year and provides some indication of the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">risks of investing in the Fund. To the extent that dividends and distributions have been paid by the Fund, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">As with all such investments, past performance is not an indication of future results. The table includes all applicable </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">fees. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Fund’s returns would have been lower. The Fund is a money market fund managed pursuant to the requirements of </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">Rule 2a-7 under the Investment Company Act. Effective May 11, 2020, the Fund changed its name, investment </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">objective and investment strategies. Performance for the periods prior to May 11, 2020 shown below is based on the </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">investment strategies utilized by the Fund at that time under the name “BlackRock Money Market Portfolio.” Updated </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">information on the Fund’s performance can be obtained by visiting http://www.blackrock.com/cash or can be obtained </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">by phone at </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(800) 882-0052</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">.</span></div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance is not an indication of future results. http://www.blackrock.com/cash (800) 882-0052 Premier Shares ANNUAL TOTAL RETURNS BlackRock Wealth Liquid Environmentally Aware Fund As of 12/31 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">During the periods shown in the bar chart, the highest return for a quarter was 1.35% (quarter ended </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">December 31, 2023) and the lowest return for a quarter was 0.00% (quarter ended September 30, 2021). The year-to-date return as of June 30, 2026 was 1.81%.</span><span style="color: #000000; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> highest return 0.0135 2023-12-31 lowest return 0.0000 2021-09-30 year-to-date return 2026-06-30 0.0181 For the periods ended 12/31/25Average Annual Total Returns 2019-07-26 0.0429 0.0324 0.0273 <div style="margin-top: 12pt;"><span style="color: #000000; font-family: arial; font-size: 9.30pt;">To obtain the Fund’s current 7-day yield, call </span><span style="color: #000000; font-family: arial; font-size: 9.30pt;">(800) 441-7762</span><span style="color: #000000; font-family: arial; font-size: 9.30pt;"> or visit the Fund’s website at www.blackrock.com/cash.</span></div> (800) 441-7762 As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 37, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.55% (for Investor A Shares), 1.30% (for Investor C Shares) and 0.20% (for Institutional Shares) of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. These expense figures do not reflect the imposition of the CDSC which may be deducted upon the redemption of Investor A Shares of the Fund received in an exchange transaction for Investor A Shares of an Investor A Load-Waived BlackRock Fund as described in the applicable prospectuses. No CDSC is deducted upon the redemption of Investor A Shares of the Fund that are not acquired by exchange. Reflects assessment of applicable CDSC assuming Investor C Shares were acquired by exchange from Non-Money Market BlackRock Fund immediately after purchase of shares from such other fund. There is no contingent deferred sales charge (“CDSC”) on Investor A Shares purchased directly. However, a CDSC of up to 1.00% may apply to certain redemptions of the Fund’s Investor A Shares purchased in an exchange transaction for Investor A Shares of a fund advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such fund (each, an “Investor A Load-Waived BlackRock Fund”) as part of an investment of $1,000,000 (lesser amounts may apply depending on the Investor A Load-Waived BlackRock Fund) or more. The Investor A Shares CDSC is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such Investor A Shares of the Investor A Load-Waived BlackRock Fund (a shorter holding period may apply depending on the Investor A Load-Waived BlackRock Fund), unless you qualify for a waiver. There is no CDSC charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding period as applicable) as measured from your original purchase of Investor A Shares that you exchanged into Investor A Shares of the Fund or if you purchase Investor A Shares of the Fund not through an exchange. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 27, BlackRock Advisors, LLC (“BlackRock”), the Fund’s investment manager, has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.50% (for Service Shares) of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. Since all Investor C shares must be purchased in an exchange transaction for Investor C Shares of a non-money market fund advised by BlackRock or its affiliates (each, a “Non-Money Market BlackRock Fund”), a CDSC of 1.00% may apply to certain redemptions of the Fund’s Investor C Shares. The Investor C Shares CDSC is only charged upon redemptions of Investor C Shares within one year after you originally acquired the Investor C Shares of the Non-Money Market BlackRock Fund, unless you qualify for a waiver. There is no CDSC charged on redemptions if you have owned your Investor C Shares for more than one year (as measured from your original purchase of Investor C Shares that you exchanged into Investor C Shares of the Fund). As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 25, BlackRock Advisors, LLC (“BlackRock”), the Fund’s investment manager, has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.20% (for Premier Shares) of average daily net assets through June 30, 2028. The agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.