UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-05742
 
Name of Fund:  BlackRock FundsSM
BlackRock China A Opportunities Fund
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock FundsSM, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 10/31/2026
 
Date of reporting period: 04/30/2026
 
Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.
0000844779falseN-CSRSBlackRock FundsN-1A2026-04-300000844779blk:C000206968Member2025-11-012026-04-3000008447792025-11-012026-04-300000844779blk:C000206968Member2026-04-300000844779blk:C000206968Memberoef:InformationTechnologySectorMember2026-04-300000844779blk:C000206968Memberblk:IndustrialsSectorMember2026-04-300000844779blk:C000206968Memberblk:FinancialsSectorMember2026-04-300000844779blk:C000206968Memberoef:MaterialsSectorMember2026-04-300000844779blk:C000206968Memberoef:ConsumerStaplesSectorMember2026-04-300000844779blk:C000206968Memberoef:ConsumerDiscretionarySectorMember2026-04-300000844779blk:C000206968Memberus-gaap:HealthcareSectorMember2026-04-300000844779blk:C000206968Memberoef:UtilitiesSectorMember2026-04-300000844779blk:C000206968Memberblk:CommunicationServicesSectorMember2026-04-300000844779blk:C000206968Memberus-gaap:EnergySectorMember2026-04-300000844779blk:C000206968Memberus-gaap:RealEstateSectorMember2026-04-300000844779blk:C000206968Memberblk:ShortMinusTermSecuritiesCTIMember2026-04-300000844779blk:C000206968Memberblk:LiabilitiesinExcessofOtherAssetsCTIMember2026-04-300000844779blk:C000206968Memberblk:ContemporaryAmperexTechnologyCoLtdA0CTIMember2026-04-300000844779blk:C000206968Memberblk:PingAnInsuranceGroupCoofChinaLtdA0CTIMember2026-04-300000844779blk:C000206968Memberblk:ChinaMerchantsBankCoLtdA0CTIMember2026-04-300000844779blk:C000206968Memberblk:ZhongjiInnolightCoLtdA0CTIMember2026-04-300000844779blk:C000206968Memberblk:SanyHeavyIndustryCoLtdA0CTIMember2026-04-300000844779blk:C000206968Memberblk:IndustrialBankCoLtdA0CTIMember2026-04-300000844779blk:C000206968Memberblk:ChinaPacificInsuranceGroupCoLtdA0CTIMember2026-04-300000844779blk:C000206968Memberblk:KweichowMoutaiCoLtdA0CTIMember2026-04-300000844779blk:C000206968Memberblk:MideaGroupCoLtdA0CTIMember2026-04-300000844779blk:C000206968Memberblk:ZijinMiningGroupCoLtdA0CTIMember2026-04-300000844779blk:C000206969Member2025-11-012026-04-300000844779blk:C000206969Member2026-04-300000844779blk:C000206969Memberoef:InformationTechnologySectorMember2026-04-300000844779blk:C000206969Memberblk:IndustrialsSectorMember2026-04-300000844779blk:C000206969Memberblk:FinancialsSectorMember2026-04-300000844779blk:C000206969Memberoef:MaterialsSectorMember2026-04-300000844779blk:C000206969Memberoef:ConsumerStaplesSectorMember2026-04-300000844779blk:C000206969Memberoef:ConsumerDiscretionarySectorMember2026-04-300000844779blk:C000206969Memberus-gaap:HealthcareSectorMember2026-04-300000844779blk:C000206969Memberoef:UtilitiesSectorMember2026-04-300000844779blk:C000206969Memberblk:CommunicationServicesSectorMember2026-04-300000844779blk:C000206969Memberus-gaap:EnergySectorMember2026-04-300000844779blk:C000206969Memberus-gaap:RealEstateSectorMember2026-04-300000844779blk:C000206969Memberblk:ShortMinusTermSecuritiesCTIMember2026-04-300000844779blk:C000206969Memberblk:LiabilitiesinExcessofOtherAssetsCTIMember2026-04-300000844779blk:C000206969Memberblk:ContemporaryAmperexTechnologyCoLtdA0CTIMember2026-04-300000844779blk:C000206969Memberblk:PingAnInsuranceGroupCoofChinaLtdA0CTIMember2026-04-300000844779blk:C000206969Memberblk:ChinaMerchantsBankCoLtdA0CTIMember2026-04-300000844779blk:C000206969Memberblk:ZhongjiInnolightCoLtdA0CTIMember2026-04-300000844779blk:C000206969Memberblk:SanyHeavyIndustryCoLtdA0CTIMember2026-04-300000844779blk:C000206969Memberblk:IndustrialBankCoLtdA0CTIMember2026-04-300000844779blk:C000206969Memberblk:ChinaPacificInsuranceGroupCoLtdA0CTIMember2026-04-300000844779blk:C000206969Memberblk:KweichowMoutaiCoLtdA0CTIMember2026-04-300000844779blk:C000206969Memberblk:MideaGroupCoLtdA0CTIMember2026-04-300000844779blk:C000206969Memberblk:ZijinMiningGroupCoLtdA0CTIMember2026-04-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dblk:Holding

BlackRock China A Opportunities Fund

Image

Institutional Shares | CHILX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock China A Opportunities Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$52
0.99%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$24,111,853
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
215
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
109%

What did the Fund invest in?

(as of April 30, 2026) 

Sector allocation

Ten largest holdings

Table Summary
SectorFootnote Reference(a)
Percent of Net Assets
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
29.1%
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
18.4
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
16.4
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.3
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.7
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.2
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.8
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.1
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.1
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.2
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.1)
Table Summary
SecurityFootnote Reference(b)
Percent of Net Assets
Contemporary Amperex Technology Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.5%
Ping An Insurance Group Co. of China Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.5
China Merchants Bank Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.3
Zhongji Innolight Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.9
Sany Heavy Industry Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.4
Industrial Bank Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.3
China Pacific Insurance Group Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.9
Kweichow Moutai Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.9
Midea Group Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.8
Zijin Mining Group Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.8
FootnoteDescription
Footnote(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Footnote(b)
Excludes short-term securities.

Additional information

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

 

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

Image

BlackRock China A Opportunities Fund

Institutional Shares | CHILX

Semi-Annual Shareholder Report — April 30, 2026

CHILX-04/26-SAR

BlackRock China A Opportunities Fund

Image

Class K Shares | CHKLX

Semi-Annual Shareholder Report — April 30, 2026

This semi-annual shareholder report contains important information about BlackRock China A Opportunities Fund (the “Fund”) for the period of November 1, 2025 to April 30, 2026.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class K Shares
$50
0.94%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$24,111,853
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
215
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
109%

What did the Fund invest in?

(as of April 30, 2026) 

Sector allocation

Ten largest holdings

Table Summary
SectorFootnote Reference(a)
Percent of Net Assets
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
29.1%
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
18.4
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
16.4
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.3
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.7
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.2
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.8
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.1
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.1
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.2
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.1)
Table Summary
SecurityFootnote Reference(b)
Percent of Net Assets
Contemporary Amperex Technology Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.5%
Ping An Insurance Group Co. of China Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.5
China Merchants Bank Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.3
Zhongji Innolight Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.9
Sany Heavy Industry Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.4
Industrial Bank Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.3
China Pacific Insurance Group Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.9
Kweichow Moutai Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.9
Midea Group Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.8
Zijin Mining Group Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.8
FootnoteDescription
Footnote(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Footnote(b)
Excludes short-term securities.

Additional information

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

 

©2026 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

Image

BlackRock China A Opportunities Fund

Class K Shares | CHKLX

Semi-Annual Shareholder Report — April 30, 2026

CHKLX-04/26-SAR

(b) Not Applicable
 
Item 2 – Code of Ethics – Not Applicable to this semi-annual report
Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report
 
Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report
 
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

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

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant’s Financial Statements are attached herewith.
 
(b) The registrant’s Financial Highlights are attached herewith.
April
30,
2026
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2026
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
BlackRock
Funds
SM
BlackRock
China
A
Opportunities
Fund
Table
of
Contents
Page
2
Derivative
Financial
Instruments
.............................................................................................
3
Schedule
of
Investments
..................................................................................................
4
Statement
of
Assets
and
Liabilities
............................................................................................
10
Statement
of
Operations
..................................................................................................
12
Statements
of
Changes
in
Net
Assets
..........................................................................................
13
Financial
Highlights
.....................................................................................................
14
Notes
to
Financial
Statements
..............................................................................................
16
Additional
Information
....................................................................................................
22
Derivative
Financial
Instruments
3
Derivative
Financial
Instruments
The
Fund
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument. Pursuant
to Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Fund
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk.
The
Fund’s
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser’s
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation the
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Fund’s
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
April
30,
2026
BlackRock
China
A
Opportunities
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.2%
AECC
Aviation
Power
Co.
Ltd.
,
Class
A
......
14,600
$
99,127‌
AVICOPTER
plc
,
Class
A
...............
19,048
87,171‌
Baimtec
Material
Co.
Ltd.
,
Class
A
.........
7,135
59,984‌
Chengdu
M&S
Electronics
Technology
Co.
Ltd.
,
Class
A
(a)
........................
6,722
33,970‌
280,252‌
Air
Freight
&
Logistics
—
0.2%
YTO
Express
Group
Co.
Ltd.
,
Class
A
.......
12,099
38,134‌
Automobile
Components
—
2.0%
Autel
Intelligent
Technology
Corp.
Ltd.
,
Class
A
.
7,067
35,254‌
Huayu
Automotive
Systems
Co.
Ltd.
,
Class
A
..
110,235
301,114‌
Shenzhen
Kedali
Industry
Co.
Ltd.
,
Class
A
...
5,000
140,820‌
477,188‌
Automobiles
—
0.3%
BYD
Co.
Ltd.
,
Class
A
..................
5,300
80,431‌
Banks
—
8.2%
Agricultural
Bank
of
China
Ltd.
,
Class
A
......
33,300
33,687‌
Bank
of
Communications
Co.
Ltd.
,
Class
A
....
101,800
101,279‌
Bank
of
Jiangsu
Co.
Ltd.
,
Class
A
..........
29,100
48,078‌
Bank
of
Ningbo
Co.
Ltd.
,
Class
A
..........
7,500
36,450‌
China
Construction
Bank
Corp.
,
Class
A
.....
25,300
36,824‌
China
Merchants
Bank
Co.
Ltd.
,
Class
A
.....
141,550
793,906‌
Chongqing
Rural
Commercial
Bank
Co.
Ltd.
,
Class
A
.........................
256,200
273,030‌
Huaxia
Bank
Co.
Ltd.
,
Class
A
............
31,400
31,670‌
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
A
.........................
37,281
40,614‌
Industrial
Bank
Co.
Ltd.
,
Class
A
...........
210,700
553,025‌
Shanghai
Pudong
Development
Bank
Co.
Ltd.
,
Class
A
.........................
25,629
34,789‌
1,983,352‌
Beverages
—
2.8%
Beijing
Yanjing
Brewery
Co.
Ltd.
,
Class
A
.....
94,500
183,985‌
Kweichow
Moutai
Co.
Ltd.
,
Class
A
.........
2,224
450,836‌
Wuliangye
Yibin
Co.
Ltd.
,
Class
A
..........
2,325
33,087‌
667,908‌
Biotechnology
—
0.2%
BeOne
Medicines
Ltd.
,
Class
A
(a)
..........
1,641
56,966‌
Capital
Markets
—
2.8%
CITIC
Securities
Co.
Ltd.
,
Class
A
..........
41,055
164,209‌
East
Money
Information
Co.
Ltd.
,
Class
A
.....
28,100
84,133‌
GF
Securities
Co.
Ltd.
,
Class
A
...........
23,700
73,915‌
Guosen
Securities
Co.
Ltd.
,
Class
A
........
26,800
42,170‌
Guotai
Haitong
Securities
Co.
Ltd.
,
Class
A
...
15,300
36,227‌
Hithink
RoyalFlush
Information
Network
Co.
Ltd.
,
Class
A
.........................
5,740
198,704‌
Huatai
Securities
Co.
Ltd.
,
Class
A
.........
13,100
36,914‌
Industrial
Securities
Co.
Ltd.
,
Class
A
.......
33,200
29,584‌
665,856‌
Chemicals
—
5.2%
Asia
-
Potash
International
Investment
Guangzhou
Co.
Ltd.
,
Class
A
(a)
..........
3,800
30,214‌
Ganfeng
Lithium
Group
Co.
Ltd.
,
Class
A
.....
8,500
111,205‌
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.
,
Class
A
.........................
8,100
72,113‌
Hangzhou
Oxygen
Plant
Group
Co.
Ltd.
,
Class
A
8,200
37,919‌
Jiangsu
Yangnong
Chemical
Co.
Ltd.
,
Class
A
.
2,869
30,473‌
Ningxia
Baofeng
Energy
Group
Co.
Ltd.
,
Class
A
12,000
53,929‌
Qinghai
Salt
Lake
Industry
Co.
Ltd.
,
Class
A
(a)
..
16,500
95,681‌
Security
Shares
Shares
Value
Chemicals
(continued)
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.
,
Class
A
.........................
7,500
$
42,269‌
Shanghai
Putailai
New
Energy
Technology
Group
Co.
Ltd.
.........................
7,200
38,399‌
Shenzhen
Capchem
Technology
Co.
Ltd.
,
Class
A
.............................
4,000
40,771‌
Tianqi
Lithium
Corp.
,
Class
A
(a)
............
15,000
176,934‌
Tongkun
Group
Co.
Ltd.
,
Class
A
..........
37,700
133,962‌
Wanhua
Chemical
Group
Co.
Ltd.
,
Class
A
....
13,100
172,301‌
Yunnan
Energy
New
Material
Group
Co.
Ltd.
,
Class
A
(a)
........................
3,700
45,257‌
Yunnan
Yuntianhua
Co.
Ltd.
,
Class
A
.......
7,100
37,746‌
Zangge
Mining
Co.
Ltd.
,
Class
A
...........
10,461
137,975‌
1,257,148‌
Communications
Equipment
—
4.4%
CETC
Potevio
Science&Technology
Co.
Ltd.
,
Class
A
.........................
9,000
33,696‌
Shenzhen
Sunway
Communication
Co.
Ltd.
,
Class
A
.........................
4,500
60,445‌
Suzhou
TFC
Optical
Communication
Co.
Ltd.
,
Class
A
.........................
2,800
126,619‌
Zhongji
Innolight
Co.
Ltd.
,
Class
A
.........
5,500
694,745‌
ZTE
Corp.
,
Class
A
(a)
..................
25,250
136,177‌
1,051,682‌
Construction
Materials
—
0.5%
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.
,
Class
A
...................
58,000
127,016‌
Distributors
—
0.8%
Zhejiang
China
Commodities
City
Group
Co.
Ltd.
,
Class
A
.........................
96,400
187,931‌
Electrical
Equipment
—
8.6%
Beijing
Easpring
Material
Technology
Co.
Ltd.
,
Class
A
.........................
4,300
40,240‌
Contemporary
Amperex
Technology
Co.
Ltd.
,
Class
A
.........................
20,810
1,336,290‌
Dongfang
Electric
Corp.
Ltd.
,
Class
A
.......
6,130
35,181‌
Eve
Energy
Co.
Ltd.
,
Class
A
.............
3,200
34,241‌
Goldwind
Science
&
Technology
Co.
Ltd.
,
Class
A
.............................
8,000
32,463‌
Hainan
Jinpan
Smart
Technology
Co.
Ltd.
,
Class
A
.............................
3,214
41,822‌
Jiangsu
Zhongtian
Technology
Co.
Ltd.
,
Class
A
13,900
67,849‌
JL
Mag
Rare-Earth
Co.
Ltd.
,
Class
A
........
6,000
29,085‌
Ming
Yang
Smart
Energy
Group
Ltd.
,
Class
A
..
14,800
34,511‌
NARI
Technology
Co.
Ltd.
,
Class
A
.........
15,300
58,333‌
Ningbo
Orient
Wires
&
Cables
Co.
Ltd.
,
Class
A
3,600
32,742‌
Sieyuan
Electric
Co.
Ltd.
,
Class
A
..........
8,210
235,195‌
Sungrow
Power
Supply
Co.
Ltd.
,
Class
A
.....
2,300
46,789‌
Zhejiang
Huayou
Cobalt
Co.
Ltd.
,
Class
A
....
4,020
39,597‌
2,064,338‌
Electronic
Equipment,
Instruments
&
Components
—
11.3%
Avary
Holding
Shenzhen
Co.
Ltd.
,
Class
A
....
4,300
45,889‌
BOE
Technology
Group
Co.
Ltd.
,
Class
A
.....
494,400
296,322‌
Chaozhou
Three-Circle
Group
Co.
Ltd.
,
Class
A
10,300
130,756‌
Eoptolink
Technology,
Inc.
Ltd.
,
Class
A
......
4,800
371,708‌
Foxconn
Industrial
Internet
Co.
Ltd.
,
Class
A
...
22,500
208,979‌
GoerTek,
Inc.
,
Class
A
.................
14,200
51,490‌
Guangzhou
Shiyuan
Electronic
Technology
Co.
Ltd.
,
Class
A
......................
11,400
61,902‌
Lens
Technology
Co.
Ltd.
,
Class
A
.........
7,940
30,262‌
Lingyi
iTech
Guangdong
Co.
,
Class
A
.......
18,700
38,845‌
Luxshare
Precision
Industry
Co.
Ltd.
,
Class
A
..
32,070
318,534‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
China
A
Opportunities
Fund
Schedule
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Raytron
Technology
Co.
Ltd.
,
Class
A
.......
6,061
$
130,150‌
Shengyi
Electronics
Co.
Ltd.
,
Class
A
.......
2,362
38,431‌
Shengyi
Technology
Co.
Ltd.
,
Class
A
.......
9,600
108,864‌
Shennan
Circuits
Co.
Ltd.
,
Class
A
.........
1,538
71,259‌
Shenzhen
Fastprint
Circuit
Tech
Co.
Ltd.
,
Class
A
11,600
47,330‌
Shenzhen
Kinwong
Electronic
Co.
Ltd.
,
Class
A
4,000
41,677‌
Shenzhen
Sunlord
Electronics
Co.
Ltd.
,
Class
A
7,800
38,981‌
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.
,
Class
A
......................
5,700
157,162‌
TCL
Technology
Group
Corp.
,
Class
A
.......
251,900
157,814‌
Tianma
Microelectronics
Co.
Ltd.
,
Class
A
(a)
...
36,400
40,700‌
Victory
Giant
Technology
Huizhou
Co.
Ltd.
,
Class
A
.............................
3,299
161,277‌
Wuhan
Jingce
Electronic
Group
Co.
Ltd.
,
Class
A
(a)
............................
1,700
36,338‌
WUS
Printed
Circuit
Kunshan
Co.
Ltd.
,
Class
A
.
10,000
152,286‌
2,736,956‌
Energy
Equipment
&
Services
—
0.9%
Yantai
Jereh
Oilfield
Services
Group
Co.
Ltd.
,
Class
A
.........................
11,178
224,743‌
Entertainment
—
2.0%
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.
,
Class
A
..............
10,500
33,187‌
Beijing
Enlight
Media
Co.
Ltd.
,
Class
A
......
13,800
30,000‌
G-bits
Network
Technology
Xiamen
Co.
Ltd.
,
Class
A
.........................
3,000
179,515‌
Giant
Network
Group
Co.
Ltd.
,
Class
A
......
6,700
32,190‌
Kingnet
Network
Co.
Ltd.
,
Class
A
.........
13,200
34,943‌
Zhejiang
Century
Huatong
Group
Co.
Ltd.
,
Class
A
(a)
............................
75,900
177,882‌
487,717‌
Food
Products
—
2.9%
Anjoy
Foods
Group
Co.
Ltd.
,
Class
A
........
17,899
287,451‌
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.
,
Class
A
.........................
44,692
253,163‌
Fujian
Wanchen
Food
Group
Co.
Ltd.
.......
1,100
36,522‌
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.
,
Class
A
.........................
29,190
117,474‌
694,610‌
Gas
Utilities
—
0.1%
ENN
Natural
Gas
Co.
Ltd.
,
Class
A
.........
10,500
31,141‌
Health
Care
Equipment
&
Supplies
—
0.5%
iRay
Group
.........................
2,320
38,917‌
Lepu
Medical
Technology
Beijing
Co.
Ltd.
,
Class
A
.............................
14,900
31,299‌
Shenzhen
New
Industries
Biomedical
Engineering
Co.
Ltd.
,
Class
A
..........
8,100
57,314‌
127,530‌
Hotels,
Restaurants
&
Leisure
—
0.1%
BTG
Hotels
Group
Co.
Ltd.
,
Class
A
........
13,900
31,844‌
Household
Durables
—
1.8%
Midea
Group
Co.
Ltd.
,
Class
A
............
36,891
438,853‌
Independent
Power
and
Renewable
Electricity
Producers
—
2.6%
China
National
Nuclear
Power
Co.
Ltd.
,
Class
A
33,500
44,144‌
China
Three
Gorges
Renewables
Group
Co.
Ltd.
,
Class
A
.........................
58,600
35,132‌
China
Yangtze
Power
Co.
Ltd.
,
Class
A
......
54,500
217,960‌
Datang
International
Power
Generation
Co.
Ltd.
,
Class
A
.........................
56,000
34,215‌
GD
Power
Development
Co.
Ltd.
,
Class
A
....
46,300
32,126‌
Security
Shares
Shares
Value
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Huadian
Power
International
Corp.
Ltd.
,
Class
A
43,700
$
31,961‌
Huaneng
Power
International,
Inc.
,
Class
A
...
30,300
31,043‌
Inner
Mongolia
MengDian
HuaNeng
Thermal
Power
Corp.
Ltd.
,
Class
A
.............
42,900
29,190‌
SDIC
Power
Holdings
Co.
Ltd.
,
Class
A
......
16,500
32,922‌
Shanghai
Electric
Power
Co.
Ltd.
,
Class
A
....
10,300
25,632‌
Shenergy
Co.
Ltd.
,
Class
A
..............
25,100
33,289‌
Sichuan
Chuantou
Energy
Co.
Ltd.
,
Class
A
...
14,900
33,433‌
Zhejiang
Zheneng
Electric
Power
Co.
Ltd.
,
Class
A
.............................
41,300
34,527‌
615,574‌
Insurance
—
5.5%
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
A
85,200
466,407‌
Ping
An
Insurance
Group
Co.
of
China
Ltd.
,
Class
A
.........................
97,240
848,084‌
1,314,491‌
Interactive
Media
&
Services
—
0.1%
Kunlun
Tech
Co.
Ltd.
,
Class
A
(a)
...........
4,585
33,042‌
IT
Services
—
0.3%
Range
Intelligent
Computing
Technology
Group
Co.
Ltd.
,
Class
A
...................
2,700
35,566‌
Wangsu
Science
&
Technology
Co.
Ltd.
,
Class
A
12,600
29,764‌
65,330‌
Life
Sciences
Tools
&
Services
—
1.4%
Hangzhou
Tigermed
Consulting
Co.
Ltd.
,
Class
A
4,300
34,970‌
WuXi
AppTec
Co.
Ltd.
,
Class
A
............
18,700
303,076‌
338,046‌
Machinery
—
6.6%
China
CSSC
Holdings
Ltd.
,
Class
A
........
11,800
72,134‌
Han's
Laser
Technology
Industry
Group
Co.
Ltd.
,
Class
A
.........................
4,201
62,497‌
Jiangsu
Hengli
Hydraulic
Co.
Ltd.
,
Class
A
....
2,700
41,801‌
Sany
Heavy
Industry
Co.
Ltd.
,
Class
A
.......
194,000
579,719‌
Shenzhen
Inovance
Technology
Co.
Ltd.
,
Class
A
8,900
89,742‌
Weichai
Power
Co.
Ltd.
,
Class
A
...........
67,110
308,769‌
Wuxi
Lead
Intelligent
Equipment
Co.
Ltd.
,
Class
A
.............................
15,600
127,382‌
Yutong
Bus
Co.
Ltd.
,
Class
A
.............
10,500
54,427‌
Zoomlion
Heavy
Industry
Science
&
Technology
Co.
Ltd.
,
Class
A
...................
216,600
253,019‌
1,589,490‌
Media
—
0.4%
Bluefocus
Intelligent
Communications
Group
Co.
Ltd.
,
Class
A
(a)
.....................
17,600
44,383‌
Focus
Media
Information
Technology
Co.
Ltd.
,
Class
A
.........................
54,940
50,690‌
95,073‌
Metals
&
Mining
—
6.6%
Aluminum
Corp.
of
China
Ltd.
,
Class
A
......
26,100
45,065‌
Chengtun
Mining
Group
Co.
Ltd.
,
Class
A
....
20,600
41,962‌
Chifeng
Jilong
Gold
Mining
Co.
Ltd.
,
Class
A
..
5,400
30,337‌
China
Northern
Rare
Earth
Group
High-Tech
Co.
Ltd.
,
Class
A
......................
11,950
93,193‌
China
Rare
Earth
Resources
&
Technology
Co.
Ltd.
,
Class
A
(a)
.....................
4,000
32,070‌
China
Tungsten
&
Hightech
Materials
Co.
Ltd.
,
Class
A
.........................
4,381
37,665‌
CMOC
Group
Ltd.
,
Class
A
..............
35,600
98,224‌
Guangdong
HEC
Technology
Holding
Co.
Ltd.
,
Class
A
(a)
........................
6,300
32,898‌
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
China
A
Opportunities
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Henan
Shenhuo
Coal
Industry
&
Electricity
Power
Co.
Ltd.
,
Class
A
..............
6,200
$
29,412‌
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.
,
Class
A
.........................
110,600
43,885‌
Inner
Mongolia
Xingye
Silver&Tin
Mining
Co.
Ltd.
,
Class
A
......................
4,800
30,295‌
JCHX
Mining
Management
Co.
Ltd.
,
Class
A
..
4,400
40,567‌
Jiangxi
Copper
Co.
Ltd.
,
Class
A
..........
5,100
34,341‌
Nanjing
Iron
&
Steel
Co.
Ltd.
,
Class
A
.......
43,600
34,465‌
Shandong
Gold
Mining
Co.
Ltd.
,
Class
A
.....
5,400
27,408‌
Shandong
Nanshan
Aluminum
Co.
Ltd.
,
Class
A
33,200
26,291‌
Shanjin
International
Gold
Co.
Ltd.
,
Class
A
...
8,200
31,510‌
Shenghe
Resources
Holding
Co.
Ltd.
,
Class
A
.
7,500
28,799‌
Sinomine
Resource
Group
Co.
Ltd.
,
Class
A
...
5,556
74,305‌
Tianshan
Aluminum
Group
Co.
Ltd.
,
Class
A
...
19,700
48,457‌
Tongling
Nonferrous
Metals
Group
Co.
Ltd.
,
Class
A
.........................
30,800
28,035‌
Western
Mining
Co.
Ltd.
,
Class
A
..........
6,800
29,734‌
Western
Superconducting
Technologies
Co.
Ltd.
,
Class
A
.........................
2,864
27,252‌
Xiamen
Tungsten
Co.
Ltd.
,
Class
A
.........
4,800
40,854‌
Yunnan
Aluminium
Co.
Ltd.
,
Class
A
........
23,600
110,990‌
Yunnan
Tin
Co.
Ltd.
,
Class
A
.............
6,700
35,023‌
Zhongjin
Gold
Corp.
Ltd.
,
Class
A
..........
7,900
30,306‌
Zijin
Mining
Group
Co.
Ltd.
,
Class
A
........
86,100
424,133‌
1,587,476‌
Oil,
Gas
&
Consumable
Fuels
—
1.1%
Guangzhou
Development
Group,
Inc.
,
Class
A
.
105,012
109,537‌
PetroChina
Co.
Ltd.
,
Class
A
.............
90,200
161,467‌
271,004‌
Passenger
Airlines
—
0.2%
Hainan
Airlines
Holding
Co.
Ltd.
,
Class
A
(a)
....
166,200
36,737‌
Pharmaceuticals
—
2.0%
Dong-E-E-Jiao
Co.
Ltd.
,
Class
A
...........
10,600
85,482‌
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.
,
Class
A
.............................
39,760
315,030‌
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.
,
Class
A
.........................
13,800
50,459‌
Shijiazhuang
Yiling
Pharmaceutical
Co.
Ltd.
,
Class
A
.........................
13,700
34,314‌
485,285‌
Professional
Services
—
1.5%
Centre
Testing
International
Group
Co.
Ltd.
,
Class
A
.........................
152,000
370,080‌
Real
Estate
Management
&
Development
—
0.1%
Hainan
Airport
Infrastructure
Co.
Ltd.
,
Class
A
..
59,900
31,788‌
Semiconductors
&
Semiconductor
Equipment
—
10.6%
Advanced
Micro-Fabrication
Equipment,
Inc.
China
,
Class
A
....................
5,148
286,087‌
Bestechnic
Shanghai
Co.
Ltd.
,
Class
A
......
1,800
45,023‌
Biwin
Storage
Technology
Co.
Ltd.
,
Class
A
(a)
..
1,691
66,903‌
Cambricon
Technologies
Corp.
Ltd.
,
Class
A
(a)
.
1,232
309,976‌
China
Resources
Microelectronics
Ltd.
,
Class
A
21,505
179,513‌
GigaDevice
Semiconductor,
Inc.
,
Class
A
.....
4,540
211,086‌
Hangzhou
Chang
Chuan
Technology
Co.
Ltd.
,
Class
A
.........................
2,500
64,062‌
Hongyuan
Green
Energy
Co.
Ltd.
(a)
.........
8,589
27,296‌
Hua
Hong
Semiconductor
Ltd.
,
Class
A
(a)
.....
2,779
58,133‌
Hygon
Information
Technology
Co.
Ltd.
,
Class
A
5,401
237,224‌
Ingenic
Semiconductor
Co.
Ltd.
,
Class
A
.....
2,500
45,937‌
JCET
Group
Co.
Ltd.
,
Class
A
............
12,628
85,036‌
Kingsemi
Co.
Ltd.
,
Class
A
..............
1,321
45,206‌
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Montage
Technology
Co.
Ltd.
,
Class
A
.......
6,868
$
176,433‌
NAURA
Technology
Group
Co.
Ltd.
,
Class
A
...
1,370
108,422‌
Nexchip
Semiconductor
Corp.
,
Class
A
......
11,832
59,002‌
Piotech,
Inc.
,
Class
A
..................
1,273
83,496‌
SG
Micro
Corp.
,
Class
A
................
3,100
41,975‌
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.
,
Class
A
.........................
3,286
32,911‌
Shenzhen
Goodix
Technology
Co.
Ltd.
,
Class
A
3,790
36,181‌
Sigmastar
Technology
Ltd.
,
Class
A
........
4,500
54,669‌
TongFu
Microelectronics
Co.
Ltd.
,
Class
A
....
5,048
38,361‌
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.
,
Class
A
(a)
........................
2,360
98,422‌
Yangzhou
Yangjie
Electronic
Technology
Co.
Ltd.
,
Class
A
......................
8,900
99,489‌
Yuanjie
Semiconductor
Technology
Co.
Ltd.
,
Class
A
.........................
298
69,558‌
2,560,401‌
Software
—
1.8%
Beijing
Kingsoft
Office
Software,
Inc.
,
Class
A
..
3,710
137,431‌
Glodon
Co.
Ltd.
,
Class
A
................
88,920
143,719‌
Jiangsu
Hoperun
Software
Co.
Ltd.
,
Class
A
...
11,585
77,203‌
Shanghai
Stonehill
Technology
Co.
Ltd.
,
Class
A
(a)
............................
27,700
35,163‌
Thunder
Software
Technology
Co.
Ltd.
,
Class
A
3,466
32,658‌
426,174‌
Specialty
Retail
—
0.2%
China
Tourism
Group
Duty
Free
Corp.
Ltd.
,
Class
A
.............................
4,800
46,304‌
Technology
Hardware,
Storage
&
Peripherals
—
0.7%
Huaqin
Co.
Ltd.
,
Class
A
................
5,600
85,537‌
IEIT
Systems
Co.
Ltd.
,
Class
A
............
8,153
83,825‌
169,362‌
Transportation
Infrastructure
—
0.3%
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.
,
Class
A
.........................
46,400
33,316‌
Shanghai
International
Port
Group
Co.
Ltd.
,
Class
A
.........................
57,500
42,143‌
75,459‌
Water
Utilities
—
0.1%
Beijing
Capital
Eco-Environment
Protection
Group
Co.
Ltd.
,
Class
A
..............
72,300
32,419‌
Total
Long-Term
Investments
—
98
.9
%
(Cost:
$
19,677,162
)
...............................
23,855,131‌
Short-Term
Securities
Money
Market
Funds
—
1.2%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
3.54
%
(b)
(c)
...................
289,903
289,903‌
Total
Short-Term
Securities
—
1
.2
%
(Cost:
$
289,903
)
.................................
289,903‌
Total
Investments
—
100
.1
%
(Cost:
$
19,967,065
)
...............................
24,145,034‌
Liabilities
in
Excess
of
Other
Assets
—
(
0.1
)
%
.............
(
33,181‌
)
Net
Assets
—
100.0%
...............................
$
24,111,853‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
China
A
Opportunities
Fund
Schedule
of
Investments
7
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
April
30,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(a)
Non-income
producing
security.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
10/31/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/26
Shares
Held
at
04/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
201,742
$
88,161
(a)
$
—
$
—
$
—
$
289,903
289,903
$
6,704
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
purposes
of
this
report,
industry
and
sector
sub-classifications
may
differ
from
those
utilized
by
the
Fund
for
compliance
purposes.
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
China
A
Opportunities
Fund
8
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
FTSE
China
A50
Index
......................................................
16
05/28/26
$
250
$
321
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
321
$
—
$
—
$
—
$
321
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
April
30,
2026,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
—
$
—
$
(
1,658
)
$
—
$
—
$
—
$
(
1,658
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
4,984
$
—
$
—
$
—
$
4,984
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
281,529
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
59,984
$
220,268
$
—
$
280,252
Air
Freight
&
Logistics
....................................
—
38,134
—
38,134
Automobile
Components
..................................
301,114
176,074
—
477,188
Automobiles
..........................................
—
80,431
—
80,431
Banks
...............................................
894,175
1,089,177
—
1,983,352
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2026
BlackRock
China
A
Opportunities
Fund
Schedule
of
Investments
9
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Beverages
...........................................
$
634,821
$
33,087
$
—
$
667,908
Biotechnology
.........................................
—
56,966
—
56,966
Capital
Markets
........................................
—
665,856
—
665,856
Chemicals
............................................
96,198
1,160,950
—
1,257,148
Communications
Equipment
................................
—
1,051,682
—
1,051,682
Construction
Materials
....................................
127,016
—
—
127,016
Distributors
...........................................
—
187,931
—
187,931
Electrical
Equipment
.....................................
32,742
2,031,596
—
2,064,338
Electronic
Equipment,
Instruments
&
Components
.................
—
2,736,956
—
2,736,956
Energy
Equipment
&
Services
..............................
—
224,743
—
224,743
Entertainment
.........................................
210,072
277,645
—
487,717
Food
Products
.........................................
36,522
658,088
—
694,610
Gas
Utilities
...........................................
31,141
—
—
31,141
Health
Care
Equipment
&
Supplies
...........................
70,216
57,314
—
127,530
Hotels,
Restaurants
&
Leisure
..............................
31,844
—
—
31,844
Household
Durables
.....................................
—
438,853
—
438,853
Independent
Power
and
Renewable
Electricity
Producers
............
341,929
273,645
—
615,574
Insurance
............................................
—
1,314,491
—
1,314,491
Interactive
Media
&
Services
...............................
—
33,042
—
33,042
IT
Services
...........................................
—
65,330
—
65,330
Life
Sciences
Tools
&
Services
..............................
—
338,046
—
338,046
Machinery
............................................
126,561
1,462,929
—
1,589,490
Media
...............................................
—
95,073
—
95,073
Metals
&
Mining
........................................
—
1,587,476
—
1,587,476
Oil,
Gas
&
Consumable
Fuels
...............................
—
271,004
—
271,004
Passenger
Airlines
......................................
36,737
—
—
36,737
Pharmaceuticals
.......................................
—
485,285
—
485,285
Professional
Services
....................................
—
370,080
—
370,080
Real
Estate
Management
&
Development
.......................
—
31,788
—
31,788
Semiconductors
&
Semiconductor
Equipment
....................
27,296
2,533,105
—
2,560,401
Software
.............................................
—
426,174
—
426,174
Specialty
Retail
........................................
—
46,304
—
46,304
Technology
Hardware,
Storage
&
Peripherals
....................
—
169,362
—
169,362
Transportation
Infrastructure
...............................
—
75,459
—
75,459
Water
Utilities
.........................................
—
32,419
—
32,419
Short-Term
Securities
Money
Market
Funds
......................................
289,903
—
—
289,903
$
3,348,271
$
20,796,763
$
—
$
24,145,034
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
—
$
321
$
—
$
321
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
Statement
of
Assets
and
Liabilities
(unaudited)

April
30,
2026
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
10
See
notes
to
financial
statements.
BlackRock
China
A
Opportunities
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
23,855,131‌
Investments,
at
value
—
affiliated
(b)
..........................................................................................
289,903‌
Cash
pledged:
–‌
Futures
contracts
....................................................................................................
18,000‌
Foreign
currency,
at
value
(c)
...............................................................................................
7,343‌
Receivables:
–‌
Capital
shares
sold
...................................................................................................
1,271‌
Dividends
—
affiliated
.................................................................................................
987‌
From
the
Manager
...................................................................................................
13,720‌
Variation
margin
on
futures
contracts
.......................................................................................
362‌
Prepaid
e
xpenses
.....................................................................................................
40,436‌
Total
a
ssets
.........................................................................................................
24,227,153‌
LIABILITIES
Payables:
–‌
Administration
fees
...................................................................................................
229‌
Capital
shares
redeemed
...............................................................................................
105‌
Custodian
fees
......................................................................................................
8,390‌
Other
affiliate
fees
...................................................................................................
103‌
Printing
and
postage
fees
..............................................................................................
29,119‌
Professional
fees
....................................................................................................
58,811‌
Registration
fees
....................................................................................................
8,474‌
Other
accrued
expenses
...............................................................................................
10,069‌
Total
li
abilities
........................................................................................................
115,300‌
Commitments
and
contingent
liabilities
$
–‌
NET
ASSETS
........................................................................................................
$
24,111,853‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
18,581,748‌
Accumulated
earnings
..................................................................................................
5,530,105‌
NET
ASSETS
........................................................................................................
$
24,111,853‌
(a)
  Investments,
at
cost
—
unaffiliated
.................................................................................
$
19,677,162‌
(b)
  Investments,
at
cost
—
affiliated
...................................................................................
$
289,903‌
(c)
  Foreign
currency,
at
cost
.......................................................................................
$
7,341‌
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2026
11
Statement
of
Assets
and
Liabilities
See
notes
to
financial
statements.
BlackRock
China
A
Opportunities
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................................
$
14,683,014‌
Shares
outstanding
...................................................................................................
839,195‌
Net
asset
value
.....................................................................................................
$
17.50‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Class
K
Net
assets
.........................................................................................................
$
9,428,839‌
Shares
outstanding
...................................................................................................
538,837‌
Net
asset
value
.....................................................................................................
$
17.50‌
Shares
authorized
...................................................................................................
Unlimited
Par
value
.........................................................................................................
$
0.001‌
Statement
of
Operations
(unaudited)

Six
Months
Ended
April
30,
2026
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
12
See
notes
to
financial
statements.
BlackRock
China
A
Opportunities
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
117,189‌
Dividends
—
affiliated
.................................................................................................
6,704‌
Interest
—
unaffiliated
.................................................................................................
306‌
Foreign
taxes
withheld
................................................................................................
(
11,719‌
)
Total
investment
income
.................................................................................................
112,480‌
EXPENSES
Professional
.......................................................................................................
91,085‌
Investment
advisory
..................................................................................................
82,334‌
Printing
and
postage
.................................................................................................
24,965‌
Custodian
.........................................................................................................
23,875‌
Registration
.......................................................................................................
18,668‌
Accounting
services
..................................................................................................
16,209‌
Administration
.....................................................................................................
4,666‌
Trustees
and
Officer
..................................................................................................
3,666‌
Transfer
agent
—
class
specific
..........................................................................................
2,305‌
Administration
—
class
specific
..........................................................................................
2,195‌
Miscellaneous
......................................................................................................
5,193‌
Total
expenses
excluding
interest
expense
.....................................................................................
275,161‌
Interest
expense
....................................................................................................
28‌
Total
expenses
.......................................................................................................
275,189‌
Less:
–‌
Administration
fees
waived
.............................................................................................
(
4,666‌
)
Administration
fees
waived
by
the
Manager
—
class
specific
.......................................................................
(
1,238‌
)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(
162,760‌
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................................................
(
27‌
)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
106,498‌
Net
investment
income
..................................................................................................
5,982‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
2,869,403‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...........................................................................................
1,397,984‌
Foreign
currency
transactions
.........................................................................................
(
1,137‌
)
Futures
contracts
..................................................................................................
(
1,658‌
)
A
1,395,189‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
1,469,230‌
Futures
contracts
..................................................................................................
4,984‌
A
1,474,214‌
Net
realized
and
unrealized
gain
...........................................................................................
2,869,403‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
2,875,385‌
Statements
of
Changes
in
Net
Assets

13
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
BlackRock
China
A
Opportunities
Fund
Six
Months
Ended
04/30/26
(unaudited)
Year
Ended
10/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
5,982
‌
$
328,591
‌
Net
realized
gain
..................................................................................
1,395,189
‌
2,307,498
‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
1,474,214
‌
718,789
‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
2,875,385
‌
3,354,878
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.....................................................................................
(
368,414
)
(
175,286
)
Class
K
.......................................................................................
(
252,746
)
(
173,204
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(621,160
)
(348,490
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
896,574
‌
807,645
‌
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
3,150,799
‌
3,814,033
‌
Beginning
of
period
..................................................................................
20,961,054
‌
17,147,021
‌
End
of
period
......................................................................................
$
24,111,853
‌
$
20,961,054
‌
(a)
  Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
14
BlackRock
China
A
Opportunities
Fund
Institutional
Six
Months
Ended
04/30/26
(unaudited)
Year
Ended
10/31/25
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Net
asset
value,
beginning
of
period
...........
$
15.87
‌
$
13.42
‌
$
11.76
‌
$
11.90
‌
$
18.67
‌
$
16.78
‌
Net
investment
income
(a)
...................
0
.00
(b)
0
.27
‌
0
.24
‌
0
.17
‌
0
.11
‌
0
.15
‌
Net
realized
and
unrealized
gain
(loss)
..........
2
.10
‌
2
.45
‌
1
.65
‌
(
0
.19
)
(
6
.66
)
2
.41
‌
Net
increase
(decrease)
from
investment
operations
..
2.10
‌
2.72
‌
1.89
‌
(0.02
)
(6.55
)
2.56
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.28
)
(
0
.27
)
(
0
.23
)
(
0
.12
)
(
0
.22
)
(
0
.04
)
From
net
realized
gain
.....................
(
0
.19
)
—
‌
—
‌
—
‌
—
‌
(
0
.63
)
Total
distributions
..........................
(0.47
)
(0.27
)
(0.23
)
(0.12
)
(0.22
)
(0.67
)
Net
asset
value,
end
of
period
................
$
17.50
‌
$
15.87
‌
$
13.42
‌
$
11.76
‌
$
11.90
‌
$
18.67
‌
Total
Return
(d)
Based
on
net
asset
value
....................
13.60
%
(e)
20.71
%
16.43
%
(0.30
)%
(35.52
)%
15.58
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
2.52
%
(g)
2.87
%
3.05
%
2.54
%
1.94
%
1.69
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.99
%
(g)
0.99
%
1.00
%
0.99
%
0.99
%
0.98
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.99
%
(g)
0.99
%
0.99
%
0.99
%
0.99
%
0.98
%
Net
investment
income
.....................
0.04
%
(g)
1.95
%
2.01
%
1.27
%
0.68
%
0.80
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
14,683
‌
$
12,537
‌
$
8,777
‌
$
7,760
‌
$
12,309
‌
$
37,918
‌
Portfolio
turnover
rate
.......................
109
%
215
%
149
%
139
%
168
%
164
%
(a)
Based
on
average
shares
outstanding.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
15
Financial
Highlights
BlackRock
China
A
Opportunities
Fund
Class
K
Six
Months
Ended
04/30/26
(unaudited)
Year
Ended
10/31/25
Year
Ended
10/31/24
Year
Ended
10/31/23
Year
Ended
10/31/22
Year
Ended
10/31/21
Net
asset
value,
beginning
of
period
...........
$
15.88
‌
$
13.43
‌
$
11.77
‌
$
11.91
‌
$
18.68
‌
$
16.78
‌
Net
investment
income
(a)
...................
0
.01
‌
0
.26
‌
0
.25
‌
0
.18
‌
0
.15
‌
0
.11
‌
Net
realized
and
unrealized
gain
(loss)
..........
2
.08
‌
2
.47
‌
1
.65
‌
(
0
.19
)
(
6
.69
)
2
.46
‌
Net
increase
(decrease)
from
investment
operations
..
2.09
‌
2.73
‌
1.90
‌
(0.01
)
(6.54
)
2.57
‌
Distributions
(b)
–
–
–
–
–
–
From
net
investment
income
................
(
0
.28
)
(
0
.28
)
(
0
.24
)
(
0
.13
)
(
0
.23
)
(
0
.04
)
From
net
realized
gain
.....................
(
0
.19
)
—
‌
—
‌
—
‌
—
‌
(
0
.63
)
Total
distributions
..........................
(0.47
)
(0.28
)
(0.24
)
(0.13
)
(0.23
)
(0.67
)
Net
asset
value,
end
of
period
................
$
17.50
‌
$
15.88
‌
$
13.43
‌
$
11.77
‌
$
11.91
‌
$
18.68
‌
Total
Return
(c)
Based
on
net
asset
value
....................
13.57
%
(d)
20.74
%
16.51
%
(0.25
)%
(35.47
)%
15.67
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................
2.49
%
(f)
2.85
%
3.02
%
2.53
%
1.94
%
1.66
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.94
%
(f)
0.94
%
0.95
%
0.94
%
0.94
%
0.94
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
.
.................
0.94
%
(f)
0.94
%
0.94
%
0.94
%
0.94
%
0.94
%
Net
investment
income
.....................
0.08
%
(f)
1.91
%
2.10
%
1.36
%
0.97
%
0.61
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
9,429
‌
$
8,424
‌
$
8,370
‌
$
6,347
‌
$
6,326
‌
$
9,942
‌
Portfolio
turnover
rate
.......................
109
%
215
%
149
%
139
%
168
%
164
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
16
1.
ORGANIZATION 
BlackRock
Funds
SM
 (the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The Trust
is
organized
as
a Massachusetts
business trust.
BlackRock
China
A
Opportunities
Fund
(the
“Fund”)
is
a
series
of
the
Trust.
The
Fund
is
classified
as
a diversified fund
under
the
1940
Act.
The
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions.
Institutional
and
Class
K
Shares
are
sold
only
to
certain
eligible
investors.
The
Fund,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
“Manager”) or
its
affiliates,
is
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies: 
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets.
Foreign
Currency
Translation:
The
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value. 
The
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statement
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
The
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
April
30,
2026
,
if
any,
are
disclosed
in
the Statement
of
Assets
and
Liabilities. 
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.  
Cash:
The
Fund
may
maintain
cash
at its
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Fund
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Fund is
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statement
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.  
Distributions:
Distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates. The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.  
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Share
Class
Initial
Sales
Charge
CDSC
Conversion
Privilege
Institutional
Shares
...........................................
No
No
None
Class
K
Shares
.............................................
No
No
None
Notes
to
Financial
Statements
(unaudited)
(continued)
17
Notes
to
Financial
Statements
Other:
Expenses
directly
related
to the
Fund
or
its
classes
are
charged
to
the
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Fund
and
other
shared
expenses
prorated
to
the
Fund
are
allocated
daily
to
each
class
based
on
its
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.  
Segment
Reporting:
The
Chief
Financial
Officer
acts
as
the
Fund's
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
the
Fund.
The
CODM
has
concluded
that
the
Fund
operates
as
a
single
operating
segment
since
the
Fund
has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Fund's
financial
statements. 
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS 
Investment
Valuation
Policies:
 The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
has
approved
the
designation
of
the
Fund’s
Manager
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities: 
Equity
investments
(except
ETF
options,
equity
index
options
or
those
that
are
customized) traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded
or,
if
a
reported
closing
price
is
not
available,
the
last
traded
price
on
the
exchange
or
market
on
which
the
security
or
instrument
is
primarily
traded
at
the
time
of
valuation
or
last
available
bid
(long
positions)
or
ask
(short
positions)
price.  
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day’s
net
asset
value
(“NAV”).
Futures
contracts
are valued
based
on
that
day’s
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the NYSE.
Each
business
day,
the
Fund
uses
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
occurs
after the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with the
Manager's policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows: 
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
—
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3 —
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for the
asset
or
liability
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
over-the-counter.
Notes
to
Financial
Statements
(unaudited)
(continued)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
18
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Fund’s
investment
adviser
and
an
indirect,
majority-owned
subsidiary
of
BlackRock,
Inc.
(“BlackRock”),
to
provide
investment
advisory
services.
The
Manager
is
responsible
for
the
management
of the
Fund’s
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of the
Fund.
For
such
services,
the
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
the
Fund’s
net
assets:
Administration:
The
Trust,
on
behalf
of
the
Fund,
entered
into
an
Administration
Agreement
with
the
Manager,
an
indirect,
majority-owned
subsidiary
of
BlackRock,
to
provide
administrative
services.
For
these
services,
the
Manager
receives
an
administration
fee
computed
daily
and
payable
monthly,
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statement
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Statement
of
Operations,
at
an
annual
rate
of
0.02% of
the
average
daily
net
assets
of
each
respective
class.
For
the
six
months
ended
April
30,
2026,
the
Fund
paid
the
following
to
the
Manager
in
return
for
these
services,
which
are
included
in
administration —
class
specific
in
the
Statement
of
Operations:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Fund
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
six
months
 ended 
April
30,
2026
,
the
Fund
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Fund.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the six
months
ended
April
30,
2026,
the
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statement
of
Operations:
For
the
six
months ended
April
30,
2026,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
the
Fund:
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.75%
$1
billion
-
$3
billion
.....................................................................................................
0.71
Greater
than
$3
billion
...................................................................................................
0.68
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
......................................................................................................
0.0425%
$500
million
-
$1
billion
..................................................................................................
0.0400
$1
billion
-
$2
billion
....................................................................................................
0.0375
$2
billion
-
$4
billion
....................................................................................................
0.0350
$4
billion
-
$13
billion
...................................................................................................
0.0325
Greater
than
$13
billion
..................................................................................................
0.0300
Institutional
Class
K
Total
Administration
fees
-
class
specific
....................................................................
$
1,316‌
$
879‌
$
2,195‌
Institutional
Class
K
Total
Reimbursed
Amount
..............................................................................
$
106‌
$
27‌
$
133‌
Institutional
Class
K
Total
Transfer
agent
fees
-
class
specific
....................................................................
$
2,278‌
$
27‌
$
2,305‌
Notes
to
Financial
Statements
(unaudited)
(continued)
19
Notes
to
Financial
Statements
Expense
Limitations,
Waivers
and
Reimbursements:
The
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
the
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
“affiliated
money
market
fund
waiver”)
through
June
30,
2027.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
trustees
who
are
not
“interested
persons”
of
the
Trust,
as
defined
in
the
1940
Act
(“Independent
Trustees”),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver. 
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
six
months
ended
April
30,
2026,
the
amount
waived
was
$135.
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund’s
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2027.
The
contractual
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
For
the
six
months
ended
April
30,
2026,
there
were
no
fees
waived
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
net
total
annual
operating
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses
(“expense
limitation”)
through
June
30,
2027.
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
agreement
may
be
terminated
upon
90
days’
notice
by
a
majority
of
the
trustees
who
are
not
Independent
Trustees
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
the
Fund. For
the
six
months ended
April
30,
2026,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$162,625
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
The Fund
also
had
a
waiver
of administration
fees,
which is
included
in
Administration
fees
waived
in
the
Statement
of
Operations.
For
the six
months
ended
April
30,
2026,
the
amount
was $4,666.
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in administration
fees
waived
by
the
Manager
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific,
respectively,
in
the
Statement
of
Operations.
For
the
six
months ended
April
30,
2026,
class
specific
expense
waivers
and/or
reimbursements are as
follows:
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the 
Trust
 are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Fund
reimburses
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Fund’s
Chief
Compliance
Officer,
which
is
included
in
Trustees
 and
Officer
in
the
Statement
of
Operations. 
6.
PURCHASES
AND
SALES 
For
the six
months
ended
April
30,
2026,
purchases
and
sales
of
investments, excluding
short-term
securities, were $23,643,290
and
$23,463,440,
respectively.
7.
INCOME
TAX
INFORMATION 
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required. 
The
Fund
files
U.S.
federal
and
various
state
and
local
tax
returns. No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on
the
Fund’s
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on
the
Fund’s
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction. 
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Fund
as
of
April
30,
2026,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Fund's
NAV.
As
of
April
30,
2026, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
Institutional
Class
K
Expense
Limitations
..................................................................................
0
.99‌
%
0
.94‌
%
Share
Class
Administration
Fees
Waived
by
the
Manager
—
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
—
Class
Specific
Institutional
....................................................................................
$
359‌
$
—‌
Class
K
......................................................................................
879‌
27‌
$
1,238‌
$
27‌
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
China
A
Opportunities
Fund
...................................
$
20,012,959‌
$
4,615,521‌
$
(
483,125‌
)
$
4,132,396‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
20
8.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), is
party
to
a
364-day,
$2.40
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Fund
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Fund,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
(“OBFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y)
0.80%
per
annum. The
agreement
expires
in
April
2027
unless
extended
or
renewed. These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
April
30,
2026,
the
Fund
did
not
borrow
under
the
credit
agreement.
9.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
the
Fund
invests in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject. 
Market
Risk:
The
Fund
invests
in
A-shares
(i.e.,
equity
securities
of
companies
based
in
the
People’s
Republic
of
China
(“China”
or
“PRC”)
that
trade
on
the
Shanghai
Stock
Exchange
and
Shenzhen
Stock
Exchange)
primarily
through
the
Shanghai-Hong
Kong
Stock
Connect
program
or
the
Shenzhen-Hong
Kong
Stock
Connect
program
(together,
“Stock
Connect”).
Investing
in
A-shares
through
Stock
Connect
is
subject
to
trading,
clearance
and
settlement
procedures,
which
could
pose
risks
to
the
Fund.
Trading
through
Stock
Connect
is
subject
to
a
daily
quota,
which
limits
the
maximum
net
purchases
under
Stock
Connect
each
day.
The
daily
quota
may
restrict
the
Fund’s
ability
to
invest
in
A-shares
on
a
timely
basis
and
could
affect
the
Fund’s
ability
to
effectively
pursue
its
investment
strategy.
Additionally,
the
Fund
may
be
subject
to
the
risk
of
price
fluctuations
on
days
when
the
Chinese
markets
are
open,
but
Stock
Connect
is
not
trading.
The
A-shares
market
has
a
higher
propensity
for
trading
suspensions
than
many
other
global
equity
markets. 
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund. 
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund. 
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund invests
a
significant
portion
of
its
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Notes
to
Financial
Statements
(unaudited)
(continued)
21
Notes
to
Financial
Statements
The
Fund
invests
a
substantial
amount
of
its
assets
in
issuers
located
in
a
single
country
or
a
limited
number
of
countries.
When a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
in
those
countries
may
have
a
significant
impact
on
their
investment
performance
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund's
portfolio.
Unanticipated
or
sudden
political
or
social
developments
may
cause
uncertainty
in
the
markets
and
as
a
result
adversely
affect
the
Fund’s
investments.
Foreign
issuers
may
not
be
subject
to
the
same
uniform
accounting,
auditing
and
financial
reporting
standards
and
practices
as
used
in
the
United
States.
Foreign
securities
markets
may
also
be
more
volatile
and
less
liquid
than
U.S.
securities
and
may
be
less
subject
to
governmental
supervision
not
typically
associated
with
investing
in
U.S.
securities.
Investment
percentages
in
specific
countries
are
presented
in
the
Schedule
of
Investments. 
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
Asia
or
with
significant
exposure
to
Asian
issuers
or
countries.
Certain
Asian
countries
have
developed
increasingly
strained
relationships
with
the
U.S.
or
China;
if
these
relations
were
to
worsen,
they
could
adversely
affect
Asian
issuers
that
rely
on
the
U.S.
or
China
for
trade
and
the
region
as
a
whole. The
Asian
financial
markets
have
experienced
volatility
and
adverse
trends
due
to
concerns
in
several
Asian
countries
regarding
monetary
policy,
government
intervention
in
the
markets,
rising
government
debt
levels
or
economic
downturns.
These
events
may
spread
to
other
countries
in
Asia
and
may
affect
the
value
and
liquidity
of
certain
of
the
Fund's
investments. 
The
Fund invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
China
or
with
significant
exposure
to
Chinese
issuers. Investments
in
Chinese
securities,
including
certain
Hong
Kong-listed
securities,
involve
risks
specific
to
China.
China
may
be
subject
to
considerable
degrees
of
economic,
political
and
social
instability
and
demonstrates
significantly
higher
volatility
from
time
to
time
in
comparison
to
developed
markets.
Chinese
markets
generally
continue
to
experience
inefficiency,
volatility
and
pricing
anomalies
resulting
from
governmental
influence,
a
lack
of
publicly
available
information
and/or
political
and
social
instability.
Internal
social
unrest
or
confrontations
with
other
neighboring
countries
may
disrupt
economic
development
in
China
and
result
in
a
greater
risk
of
currency
fluctuations,
currency
non-convertibility,
interest
rate
fluctuations
and
higher
rates
of
inflation.
Incidents
involving
China’s
or
the
region’s
security
may
cause
uncertainty
in
Chinese
markets
and
may
adversely
affect
the
Chinese
economy
and
the
Fund’s
investments.
Reduction
in
spending
on
Chinese
products
and
services,
supply
chain
diversification,
institution
of
tariffs,
sanctions
or
other
trade
barriers,
or
a
downturn
in
any
of
the
economies
of
China’s
key
trading
partners
may
have
an
adverse
impact
on
the
Chinese
economy. In
addition,
measures
may
be
taken
to
limit
the
flow
of
capital
and/or
sanctions
may
be
imposed,
which
could
prohibit
or
restrict
the
ability
to
own
or
transfer
fund
assets
and
may
also
include
retaliatory
actions,
such
as
seizure
of
fund
assets.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
As
of
April
30,
2026,
shares
owned
by
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
were
as
follows:
11.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
04/30/26
Year
Ended
10/31/25
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
China
A
Opportunities
Fund
Institutional
Shares
sold
.............................................
58,409‌
$
946,556‌
210,318‌
$
3,098,280‌
Shares
issued
in
reinvestment
of
distributions
........................
23,815‌
368,414‌
2,913‌
38,476‌
Shares
redeemed
.........................................
(
32,849‌
)
(
525,962‌
)
(
77,254‌
)
(
1,101,487‌
)
49,375‌
$
789,008‌
135,977‌
$
2,035,269‌
Class
K
Shares
sold
.............................................
8,091‌
$
128,615‌
125,865‌
$
1,709,670‌
Shares
issued
in
reinvestment
of
distributions
........................
16,338‌
252,746‌
2,541‌
33,572‌
Shares
redeemed
.........................................
(
16,190‌
)
(
273,795‌
)
(
221,228‌
)
(
2,970,866‌
)
8,239‌
$
107,566‌
(
92,822‌
)
$
(
1,227,624‌
)
57,614‌
$
896,574‌
43,155‌
$
807,645‌
Institutional
.......................................................................................................
515,087‌
Class
K
.........................................................................................................
515,282‌
Additional
Information
2026
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
22
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Compensation
to
the
independent
directors/trustees
of
the
Trust
is
paid
by
the
Trust,
on
behalf
of
the
Fund.
General
Information 
Quarterly
performance,
shareholder
reports,
semi-annual
and
annual
financial
statements,
current
net
asset
value
and
other
information
regarding
the
Fund
may
be
found
on
BlackRock’s
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock’s
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Fund
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock’s
website
in
this
report.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
of
quarterly
statements,
annual
and
semi-annual
shareholder
reports
and
prospectuses
by
enrolling
in
the
electronic
delivery
program.
To
enroll
in
electronic
delivery:
Shareholders
Who
Hold
Accounts
with
Investment
Advisors,
Banks
or
Brokerages:
Please
contact
your
financial
advisor.
Please
note
that
not
all
investment
advisors,
banks
or
brokerages
may
offer
this
service.
Shareholders
Who
Hold
Accounts
Directly
with
BlackRock:
1.
Access
the
BlackRock
website
at
blackrock.com
2.
Select
"Access
Your
Account"
3.
Next,
select
"eDelivery"
in
the
"Related
Resources"
box
and
follow
the
sign-up
instructions.
BlackRock’s
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800) 
537-4942
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
blackrock.com
for
more
information.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
23
Additional
Information
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Accounting
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Westborough,
MA
01581
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02110
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Legal
Counsel
Ropes
&
Gray
LLP
New
York,
NY
10036
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Want
to
know
more?
blackrock.com
|
800-537-4942
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
unless
preceded
or
accompanied
by
the
Fund’s
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7
Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7
 
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7
 
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable
 
Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable
Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers  – Not Applicable
Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 16 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable
Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 19 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report
              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
              (a)(3) Section 302 Certifications are attached.
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached.
BlackRock FundsSM
 
By:     /s/ John M. Perlowski              
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock FundsSM
 
Date: June 23, 2026 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski              
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock FundsSM
 
Date: June 23, 2026 
 
By:     /s/ Trent Walker                      
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock FundsSM
 
Date: June 23, 2026
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

brf043026906.htm

brf043026302.htm

blk-20260430.xsd

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: primary-document_htm.xml