UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05742

Name of Fund:  BlackRock Funds^SM

BlackRock 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 Funds^SM, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 10/31/2025

Date of reporting period: 04/30/2025

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

BlackRock China A Opportunities Fund

Institutional Shares | CHILX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock China A Opportunities Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$48	0.99%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 years	Since Fund Inception
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(3.40)%	5.82%	2.54%	7.59%
MSCI China A Onshore Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(5.57)	6.43	0.87	5.43

The Fund commenced operations on December 27, 2018. 

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$15,294,154
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	145
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	98%

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

What did the Fund invest in?

(as of April 30, 2025) 

Sector allocation

Ten largest holdings

SectorFootnote Reference(a)	Percent of Net Assets
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.2%
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.5
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.0
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.9
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.2
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.0
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.2)

SecurityFootnote Reference(b)	Percent of Net Assets
China Merchants Bank Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1%
Contemporary Amperex Technology Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Ping An Insurance Group Co. of China Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Kweichow Moutai Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Wuliangye Yibin Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
BYD Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Midea Group Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Shanghai Pudong Development Bank Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
Huatai Securities Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Zhejiang NHU Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3

Footnote	Description
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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2025 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. 

BlackRock China A Opportunities Fund

Institutional Shares | CHILX

Semi-Annual Shareholder Report — April 30, 2025

CHILX-04/25-SAR

BlackRock China A Opportunities Fund

Class K Shares | CHKLX

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about BlackRock China A Opportunities Fund (the “Fund”) for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 537-4942.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$46	0.94%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 years	Since Fund Inception
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(3.44)%	5.87%	2.59%	7.63%
MSCI China A Onshore Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(5.57)	6.43	0.87	5.43

The Fund commenced operations on December 27, 2018. 

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$15,294,154
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	145
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	98%

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

What did the Fund invest in?

(as of April 30, 2025) 

Sector allocation

Ten largest holdings

SectorFootnote Reference(a)	Percent of Net Assets
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.2%
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.5
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.0
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.9
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.2
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.0
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.2)

SecurityFootnote Reference(b)	Percent of Net Assets
China Merchants Bank Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1%
Contemporary Amperex Technology Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Ping An Insurance Group Co. of China Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Kweichow Moutai Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Wuliangye Yibin Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
BYD Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Midea Group Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Shanghai Pudong Development Bank Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
Huatai Securities Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Zhejiang NHU Co. Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3

Footnote	Description
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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2025 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. 

BlackRock China A Opportunities Fund

Class K Shares | CHKLX

Semi-Annual Shareholder Report — April 30, 2025

CHKLX-04/25-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,

2025

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2025

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

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

9

Statement

of

Operations

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

11

Statements

of

Changes

in

Net

Assets

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

12

Financial

Highlights

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

13

Notes

to

Financial

Statements

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

15

Additional

Information

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

22

Glossary

of

Terms

Used

in

these

Financial

Statements

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

24

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.

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

April

30,

2025

BlackRock

China

A

Opportunities

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Air

Freight

&

Logistics

—

0.8%

SF

Holding

Co.

Ltd.

,

Class

A

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

20,300

$

121,521‌

Automobile

Components

—

2.1%

Autel

Intelligent

Technology

Corp.

Ltd.

,

Class

A

.

40,909

235,093‌

Fuyao

Glass

Industry

Group

Co.

Ltd.

,

Class

A

..

8,600

68,747‌

Huayu

Automotive

Systems

Co.

Ltd.

,

Class

A

..

7,600

18,640‌

322,480‌

Automobiles

—

2.8%

BYD

Co.

Ltd.

,

Class

A

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

8,900

432,784‌

Banks

—

10.1%

Agricultural

Bank

of

China

Ltd.

,

Class

A

......

203,300

151,611‌

Bank

of

Communications

Co.

Ltd.

,

Class

A

....

13,588

13,969‌

Bank

of

Jiangsu

Co.

Ltd.

,

Class

A

..........

13,500

18,882‌

Bank

of

Nanjing

Co.

Ltd.

,

Class

A

..........

8,000

11,471‌

China

Merchants

Bank

Co.

Ltd.

,

Class

A

.....

111,850

627,235‌

Huaxia

Bank

Co.

Ltd.

,

Class

A

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

56,200

56,248‌

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

A

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

16,800

16,198‌

Industrial

Bank

Co.

Ltd.

,

Class

A

...........

48,300

138,789‌

Ping

An

Bank

Co.

Ltd.

,

Class

A

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

93,300

140,149‌

Shanghai

Pudong

Development

Bank

Co.

Ltd.

,

Class

A

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

241,729

364,345‌

1,538,897‌

Beverages

—

6.7%

Kweichow

Moutai

Co.

Ltd.

,

Class

A

.........

2,624

558,571‌

Wuliangye

Yibin

Co.

Ltd.

,

Class

A

..........

26,325

466,165‌

1,024,736‌

Biotechnology

—

0.5%

(a)

BeiGene

Ltd.

,

Class

A

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

1,203

43,330‌

CanSino

Biologics,

Inc.

,

Class

A

...........

4,304

33,744‌

77,074‌

Broadline

Retail

—

0.1%

Dashang

Co.

Ltd.

,

Class

A

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

700

2,412‌

Wangfujing

Group

Co.

Ltd.

,

Class

A

........

9,200

17,666‌

20,078‌

Capital

Markets

—

7.6%

China

Galaxy

Securities

Co.

Ltd.

,

Class

A

....

11,300

24,299‌

China

International

Capital

Corp.

Ltd.

,

Class

A

.

4,600

20,763‌

China

Merchants

Securities

Co.

Ltd.

,

Class

A

..

13,400

30,286‌

CITIC

Securities

Co.

Ltd.

,

Class

A

..........

26,125

89,968‌

East

Money

Information

Co.

Ltd.

,

Class

A

.....

75,000

212,552‌

GF

Securities

Co.

Ltd.

,

Class

A

...........

13,500

28,981‌

Guotai

Haitong

Securities

Co.

Ltd.

,

Class

A

...

9,900

23,507‌

Hithink

RoyalFlush

Information

Network

Co.

Ltd.

,

Class

A

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

488

17,299‌

Huatai

Securities

Co.

Ltd.

,

Class

A

.........

162,100

358,302‌

SDIC

Capital

Co.

Ltd.

,

Class

A

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

28,000

26,357‌

SooChow

Securities

Co.

Ltd.

,

Class

A

.......

302,000

324,784‌

1,157,098‌

Chemicals

—

5.1%

Bluestar

Adisseo

Co.

,

Class

A

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

11,900

15,709‌

Satellite

Chemical

Co.

Ltd.

,

Class

A

........

4,929

12,312‌

Shenzhen

Dynanonic

Co.

Ltd.

,

Class

A

(a)

.....

6,500

25,012‌

Yunnan

Yuntianhua

Co.

Ltd.

,

Class

A

.......

40,507

124,489‌

Zhejiang

Longsheng

Group

Co.

Ltd.

,

Class

A

..

188,600

254,690‌

Zhejiang

NHU

Co.

Ltd.

,

Class

A

...........

114,900

349,626‌

781,838‌

Security

Shares

Shares

Value

Communications

Equipment

—

2.3%

Shenzhen

Sunway

Communication

Co.

Ltd.

,

Class

A

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

13,700

$

37,638‌

Yealink

Network

Technology

Corp.

Ltd.

,

Class

A

43,504

198,808‌

ZTE

Corp.

,

Class

A

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

26,826

118,340‌

354,786‌

Construction

&

Engineering

—

0.8%

China

National

Chemical

Engineering

Co.

Ltd.

,

Class

A

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

106,400

110,503‌

Power

Construction

Corp.

of

China

Ltd.

,

Class

A

23,100

15,006‌

125,509‌

Construction

Materials

—

1.3%

Anhui

Conch

Cement

Co.

Ltd.

,

Class

A

......

61,190

202,589‌

Consumer

Staples

Distribution

&

Retail

—

0.1%

Shanghai

Bailian

Group

Co.

Ltd.

,

Class

A

.....

13,600

17,907‌

Electrical

Equipment

—

7.0%

Contemporary

Amperex

Technology

Co.

Ltd.

,

Class

A

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

19,250

614,971‌

Goldwind

Science

&

Technology

Co.

Ltd.

,

Class

A

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

67,000

80,653‌

NARI

Technology

Co.

Ltd.

,

Class

A

.........

26,700

81,396‌

Pylon

Technologies

Co.

Ltd.

,

Class

A

........

14,895

84,068‌

Qingdao

TGOOD

Electric

Co.

Ltd.

,

Class

A

...

7,599

24,191‌

Sunwoda

Electronic

Co.

Ltd.

,

Class

A

.......

37,700

98,513‌

Suzhou

Recodeal

Interconnect

System

Co.

Ltd.

,

Class

A

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

6,769

46,078‌

Zhejiang

Huayou

Cobalt

Co.

Ltd.

,

Class

A

....

2,107

9,821‌

Zhuhai

CosMX

Battery

Co.

Ltd.

,

Class

A

.....

20,710

36,198‌

1,075,889‌

Electronic

Equipment,

Instruments

&

Components

—

8.7%

Appotronics

Corp.

Ltd.

,

Class

A

...........

4,997

9,692‌

Avary

Holding

Shenzhen

Co.

Ltd.

,

Class

A

....

17,300

68,283‌

BOE

Technology

Group

Co.

Ltd.

,

Class

A

.....

509,900

269,443‌

China

Railway

Signal

&

Communication

Corp.

Ltd.

,

Class

A

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

260,599

182,475‌

Chongqing

Chuanyi

Automation

Co.

Ltd.

,

Class

A

5,100

14,319‌

GoerTek,

Inc.

,

Class

A

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

17,100

49,974‌

Luxshare

Precision

Industry

Co.

Ltd.

,

Class

A

..

19,570

83,230‌

Quectel

Wireless

Solutions

Co.

Ltd.

,

Class

A

..

4,300

44,546‌

Shengyi

Electronics

Co.

Ltd.

,

Class

A

(a)

......

12,007

42,978‌

Shengyi

Technology

Co.

Ltd.

,

Class

A

.......

5,700

19,111‌

Shennan

Circuits

Co.

Ltd.

,

Class

A

.........

3,925

59,167‌

Shenzhen

JPT

Opto-Electronics

Co.

Ltd.

,

Class

A

1,196

8,041‌

Shenzhen

Kinwong

Electronic

Co.

Ltd.

,

Class

A

5,800

22,290‌

Shenzhen

Sunlord

Electronics

Co.

Ltd.

,

Class

A

26,300

100,878‌

Tianma

Microelectronics

Co.

Ltd.

,

Class

A

(a)

...

220,536

242,099‌

Universal

Scientific

Industrial

Shanghai

Co.

Ltd.

,

Class

A

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

14,300

27,287‌

WUS

Printed

Circuit

Kunshan

Co.

Ltd.

,

Class

A

.

17,700

68,425‌

Zhejiang

Crystal-Optech

Co.

Ltd.

,

Class

A

....

5,888

15,944‌

1,328,182‌

Energy

Equipment

&

Services

—

0.2%

China

Petroleum

Engineering

Corp.

,

Class

A

..

45,500

19,158‌

Offshore

Oil

Engineering

Co.

Ltd.

,

Class

A

....

19,300

14,102‌

33,260‌

Entertainment

—

0.4%

37

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.

,

Class

A

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

7,000

14,615‌

G-bits

Network

Technology

Xiamen

Co.

Ltd.

,

Class

A

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

1,300

42,702‌

57,317‌

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

China

A

Opportunities

Fund

Schedule

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

—

2.1%

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.

,

Class

A

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

4,300

$

24,806‌

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.

,

Class

A

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

57,690

236,187‌

Muyuan

Foods

Co.

Ltd.

,

Class

A

...........

4,100

22,380‌

Sichuan

Teway

Food

Group

Co.

Ltd.

,

Class

A

..

20,700

31,950‌

315,323‌

Health

Care

Equipment

&

Supplies

—

0.8%

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

,

Class

A

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

4,197

126,826‌

Household

Durables

—

5.1%

Gree

Electric

Appliances,

Inc.

of

Zhuhai

,

Class

A

22,815

143,038‌

Haier

Smart

Home

Co.

Ltd.

,

Class

A

........

62,600

213,792‌

Hisense

Visual

Technology

Co.

Ltd.

,

Class

A

..

2,200

7,213‌

Midea

Group

Co.

Ltd.

,

Class

A

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

40,500

410,266‌

Zhejiang

Supor

Co.

Ltd.

,

Class

A

..........

800

6,190‌

780,499‌

Independent

Power

and

Renewable

Electricity

Producers

—

1.8%

China

Yangtze

Power

Co.

Ltd.

,

Class

A

......

69,200

280,765‌

Insurance

—

4.6%

China

Pacific

Insurance

Group

Co.

Ltd.

,

Class

A

2,100

8,624‌

People's

Insurance

Co.

Group

of

China

Ltd.

(The)

,

Class

A

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

104,400

101,419‌

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

Class

A

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

84,840

592,322‌

702,365‌

Life

Sciences

Tools

&

Services

—

0.6%

WuXi

AppTec

Co.

Ltd.

,

Class

A

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

11,200

91,328‌

Machinery

—

2.6%

China

International

Marine

Containers

Group

Co.

Ltd.

,

Class

A

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

28,300

29,424‌

CRRC

Corp.

Ltd.

,

Class

A

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

12,090

11,669‌

Henan

Thinker

Automatic

Equipment

Co.

Ltd.

,

Class

A

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

8,900

31,605‌

Weichai

Power

Co.

Ltd.

,

Class

A

...........

105,200

220,455‌

Yutong

Bus

Co.

Ltd.

,

Class

A

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

13,700

50,585‌

Zhengzhou

Coal

Mining

Machinery

Group

Co.

Ltd.

,

Class

A

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

27,300

56,148‌

399,886‌

Metals

&

Mining

—

5.6%

Baoshan

Iron

&

Steel

Co.

Ltd.

,

Class

A

......

113,210

106,405‌

CMOC

Group

Ltd.

,

Class

A

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

262,800

255,898‌

Shandong

Nanshan

Aluminum

Co.

Ltd.

,

Class

A

643,200

323,202‌

Zijin

Mining

Group

Co.

Ltd.

,

Class

A

........

67,900

163,576‌

849,081‌

Oil,

Gas

&

Consumable

Fuels

—

0.5%

Guanghui

Energy

Co.

Ltd.

,

Class

A

.........

12,600

10,041‌

PetroChina

Co.

Ltd.

,

Class

A

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

57,300

63,009‌

73,050‌

Pharmaceuticals

—

6.1%

Asymchem

Laboratories

Tianjin

Co.

Ltd.

,

Class

A

1,600

18,021‌

Changchun

High-Tech

Industry

Group

Co.

Ltd.

,

Class

A

(a)

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

12,214

147,776‌

Dong-E-E-Jiao

Co.

Ltd.

,

Class

A

...........

31,200

233,269‌

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.

,

Class

A

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

7,377

51,797‌

Jiangzhong

Pharmaceutical

Co.

Ltd.

,

Class

A

..

12,100

38,117‌

KPC

Pharmaceuticals,

Inc.

,

Class

A

........

6,400

13,473‌

Livzon

Pharmaceutical

Group,

Inc.

,

Class

A

...

13,400

63,727‌

Tasly

Pharmaceutical

Group

Co.

Ltd.

,

Class

A

..

8,400

17,591‌

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Youcare

Pharmaceutical

Group

Co.

Ltd.

,

Class

A

1,290

$

2,930‌

Yunnan

Baiyao

Group

Co.

Ltd.

,

Class

A

......

44,321

349,140‌

935,841‌

Professional

Services

—

0.1%

Centre

Testing

International

Group

Co.

Ltd.

,

Class

A

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

10,200

15,667‌

Real

Estate

Management

&

Development

—

0.5%

China

Merchants

Property

Operation

&

Service

Co.

Ltd.

,

Class

A

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

12,600

20,443‌

Youngor

Fashion

Co.

Ltd.

,

Class

A

.........

51,100

52,689‌

73,132‌

Semiconductors

&

Semiconductor

Equipment

—

5.0%

Advanced

Micro-Fabrication

Equipment,

Inc.

China

,

Class

A

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

5,031

130,481‌

Cambricon

Technologies

Corp.

Ltd.

,

Class

A

(a)

.

291

28,225‌

China

Wafer

Level

CSP

Co.

Ltd.

,

Class

A

.....

14,892

58,881‌

Espressif

Systems

Shanghai

Co.

Ltd.

,

Class

A

.

983

29,576‌

GigaDevice

Semiconductor,

Inc.

,

Class

A

(a)

....

1,900

33,677‌

Hongyuan

Green

Energy

Co.

Ltd.

..........

9,592

18,755‌

Hygon

Information

Technology

Co.

Ltd.

,

Class

A

782

16,017‌

JCET

Group

Co.

Ltd.

,

Class

A

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

45,300

208,504‌

Montage

Technology

Co.

Ltd.

,

Class

A

.......

3,372

35,665‌

NAURA

Technology

Group

Co.

Ltd.

,

Class

A

...

100

6,213‌

Rockchip

Electronics

Co.

Ltd.

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

1,300

30,582‌

Shanghai

Bright

Power

Semiconductor

Co.

Ltd.

,

Class

A

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

1,504

20,541‌

Trina

Solar

Co.

Ltd.

,

Class

A

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

70,173

126,554‌

Wuxi

Chipown

Micro-Electronics

Ltd.

,

Class

A

..

3,166

24,121‌

767,792‌

Software

—

2.3%

Beijing

Kingsoft

Office

Software,

Inc.

,

Class

A

..

3,012

122,252‌

DBAPP

Security

Ltd.

,

Class

A

(a)

...........

10,094

65,784‌

Fujian

Foxit

Software

Development

JSC

Ltd.

,

Class

A

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

3,092

28,562‌

Hundsun

Technologies,

Inc.

,

Class

A

........

4,600

16,480‌

NavInfo

Co.

Ltd.

,

Class

A

(a)

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

69,900

80,111‌

Sinosoft

Co.

Ltd.

,

Class

A

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

8,000

21,022‌

Thunder

Software

Technology

Co.

Ltd.

,

Class

A

1,800

13,841‌

348,052‌

Technology

Hardware,

Storage

&

Peripherals

—

2.2%

Anker

Innovations

Technology

Co.

Ltd.

,

Class

A

4,400

53,950‌

Huaqin

Technology

Co.

Ltd.

,

Class

A

........

12,400

112,823‌

IEIT

Systems

Co.

Ltd.

,

Class

A

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

24,700

173,709‌

340,482‌

Trading

Companies

&

Distributors

—

0.5%

Sumec

Corp.

Ltd.

,

Class

A

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

59,500

77,450‌

Water

Utilities

—

0.1%

Luenmei

Quantum

Co.

Ltd.

,

Class

A

........

13,860

11,192‌

Wireless

Telecommunication

Services

—

1.0%

China

United

Network

Communications

Ltd.

,

Class

A

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

210,179

153,865‌

Total

Long-Term

Investments

—

98

.1

%

(Cost:

$

14,121,884

)

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

15,014,541‌

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

China

A

Opportunities

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

April

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

2.0%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.21

%

(b)

(c)

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

302,394

$

302,394‌

Total

Short-Term

Securities

—

2

.0

%

(Cost:

$

302,394

)

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

302,394‌

Total

Investments

—

100

.1

%

(Cost:

$

14,424,278

)

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

15,316,935‌

Liabilities

in

Excess

of

Other

Assets

—

(

0.1

)

%

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

(

22,781‌

)

Net

Assets

—

100.0%

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

$

15,294,154‌

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

10/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/25

Shares

Held

at

04/30/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

227,421

$

74,973

(a)

$

—

$

—

$

—

$

302,394

302,394

$

3,570

$

—

—

—

(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.

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

China

A

Opportunities

Fund

Schedule

of

Investments

7

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

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

23

06/27/25

$

299

$

5,897

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)

......

$

—

$

—

$

5,897

$

—

$

—

$

—

$

5,897

(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,

2025,

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

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

$

—

$

—

$

(

7,905

)

$

—

$

—

$

—

$

(

7,905

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

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

$

—

$

—

$

10,642

$

—

$

—

$

—

$

10,642

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

288,340

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

—

$

15,014,541

$

—

$

15,014,541

Short-Term

Securities

Money

Market

Funds

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

302,394

—

—

302,394

$

302,394

$

15,014,541

$

—

$

15,316,935

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

China

A

Opportunities

Fund

8

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

—

$

5,897

$

—

$

5,897

(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,

2025

9

Statement

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

China

A

Opportunities

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

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

$

15,014,541‌

Investments,

at

value

—

affiliated

(b)

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

302,394‌

Cash

pledged:

–‌

Futures

contracts

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

29,000‌

Foreign

currency,

at

value

(c)

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

566,159‌

Receivables:

–‌

Capital

shares

sold

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

84‌

Dividends

—

affiliated

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

870‌

From

the

Manager

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

15,885‌

Prepaid

e

xpenses

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

24,849‌

Total

a

ssets

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

15,953,782‌

LIABILITIES

Payables:

–‌

Investments

purchased

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

533,410‌

Administration

fees

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

135‌

Interest

expense

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

5‌

Trustees'

and

Officer's

fees

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

650‌

Other

affiliate

fees

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

66‌

Professional

fees

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

53,776‌

Variation

margin

on

futures

contracts

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

1,307‌

Other

accrued

expenses

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

70,279‌

Total

li

abilities

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

659,628‌

Commitments

and

contingent

liabilities

$

–‌

NET

ASSETS

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

$

15,294,154‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

15,902,682‌

Accumulated

loss

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

(

608,528‌

)

NET

ASSETS

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

$

15,294,154‌

(a)

  Investments,

at

cost

—

unaffiliated

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

$

14,121,884‌

(b)

  Investments,

at

cost

—

affiliated

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

$

302,394‌

(c)

  Foreign

currency,

at

cost

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

$

566,159‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

April

30,

2025

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

10

See

notes

to

financial

statements.

BlackRock

China

A

Opportunities

Fund

NET

ASSET

VALUE

Institutional

Net

assets

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

$

8,588,706‌

Shares

outstanding

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

676,508‌

Net

asset

value

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

$

12.70‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Class

K

Net

assets

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

$

6,705,448‌

Shares

outstanding

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

528,185‌

Net

asset

value

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

$

12.70‌

Shares

authorized

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

Unlimited

Par

value

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

$

0.001‌

Statement

of

Operations

(unaudited)

Six

Months

Ended

April

30,

2025

11

Statement

of

Operations

See

notes

to

financial

statements.

BlackRock

China

A

Opportunities

Fund

INVESTMENT

INCOME

Dividends

—

unaffiliated

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

$

91,869‌

Dividends

—

affiliated

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

3,570‌

Interest

—

unaffiliated

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

368‌

Foreign

taxes

withheld

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

(

9,187‌

)

Total

investment

income

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

86,620‌

EXPENSES

Professional

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

75,878‌

Investment

advisory

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

59,550‌

Custodian

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

24,821‌

Registration

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

20,507‌

Accounting

services

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

17,676‌

Printing

and

postage

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

16,652‌

Trustees

and

Officer

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

4,056‌

Administration

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

3,375‌

Transfer

agent

—

class

specific

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

1,628‌

Administration

—

class

specific

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

1,588‌

Miscellaneous

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

5,015‌

Total

expenses

excluding

interest

expense

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

230,746‌

Interest

expense

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

161‌

Total

expenses

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

230,907‌

Less:

–‌

Administration

fees

waived

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

(

3,375‌

)

Administration

fees

waived

by

the

Manager

—

class

specific

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

(

800‌

)

Fees

waived

and/or

reimbursed

by

the

Manager

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

(

149,525‌

)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

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

(

361‌

)

Total

expenses

after

fees

waived

and/or

reimbursed

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

76,846‌

Net

investment

income

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

9,774‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(

539,304‌

)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

unaffiliated

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

555,212‌

Foreign

currency

transactions

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

124‌

Futures

contracts

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

(

7,905‌

)

A

547,431‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

(

1,097,360‌

)

Foreign

currency

translations

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

(

17‌

)

Futures

contracts

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

10,642‌

A

(1,086,735‌)

Net

realized

and

unrealized

loss

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

(539,304‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

(529,530‌)

Statements

of

Changes

in

Net

Assets

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

12

See

notes

to

financial

statements.

BlackRock

China

A

Opportunities

Fund

Six

Months

Ended

04/30/25

(unaudited)

Year

Ended

10/31/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

9,774

‌

$

294,425

‌

Net

realized

gain

(loss)

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

547,431

‌

(

661,864

)

Net

change

in

unrealized

appreciation

(depreciation)

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

(

1,086,735

)

2,628,633

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(529,530

)

2,261,194

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

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

(

175,286

)

(

148,832

)

Class

K

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

(

173,204

)

(

129,971

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(348,490

)

(278,803

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

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

(974,847

)

1,057,304

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

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

(

1,852,867

)

3,039,695

‌

Beginning

of

period

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

17,147,021

‌

14,107,326

‌

End

of

period

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

$

15,294,154

‌

$

17,147,021

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

13

Financial

Highlights

BlackRock

China

A

Opportunities

Fund

Institutional

Six

Months

Ended

04/30/25

(unaudited)

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Net

asset

value,

beginning

of

period

..........

$

13.42

‌

$

11.76

‌

$

11.90

‌

$

18.67

‌

$

16.78

‌

$

13.44

‌

Net

investment

income

(a)

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

0

.01

‌

0

.24

‌

0

.17

‌

0

.11

‌

0

.15

‌

0

.11

‌

Net

realized

and

unrealized

gain

(loss)

.........

(

0

.46

)

1

.65

‌

(

0

.19

)

(

6

.66

)

2

.41

‌

4

.87

‌

Net

increase

(decrease)

from

investment

operations

.

(0.45

)

1.89

‌

(0.02

)

(6.55

)

2.56

‌

4.98

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

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

(

0

.27

)

(

0

.23

)

(

0

.12

)

(

0

.22

)

(

0

.04

)

(

0

.42

)

From

net

realized

gain

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

—

‌

—

‌

—

‌

—

‌

(

0

.63

)

(

1

.22

)

Total

distributions

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

(0.27

)

(0.23

)

(0.12

)

(0.22

)

(0.67

)

(1.64

)

Net

asset

value,

end

of

period

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

$

12.70

‌

$

13.42

‌

$

11.76

‌

$

11.90

‌

$

18.67

‌

$

16.78

‌

Total

Return

(c)

Based

on

net

asset

value

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

(3.40

)%

(d)

16.43

%

(0.30

)%

(35.52

)%

15.58

%

41.53

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

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

2.92

%

(g)

3.05

%

2.54

%

1.94

%

1.69

%

2.53

%

Total

expenses

after

fees

waived

and/or

reimbursed

.

0.99

%

(g)

1.00

%

0.99

%

0.99

%

0.98

%

0.97

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

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

0.99

%

(g)

0.99

%

0.99

%

0.99

%

0.98

%

0.97

%

Net

investment

income

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

0.10

%

(g)

2.01

%

1.27

%

0.68

%

0.80

%

0.78

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

8,589

‌

$

8,777

‌

$

7,760

‌

$

12,309

‌

$

37,918

‌

$

12,925

‌

Portfolio

turnover

rate

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

98

%

149

%

139

%

168

%

164

%

214

%

(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)

Includes

payment

from

an

affiliate,

which

impacted

the

Fund's

total

return.

Excluding

the

payment

from

an

affiliate,

the

Fund's

total

return

is

40.35%.

(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)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

14

BlackRock

China

A

Opportunities

Fund

Class

K

Six

Months

Ended

04/30/25

(unaudited)

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/20

Net

asset

value,

beginning

of

period

..........

$

13.43

‌

$

11.77

‌

$

11.91

‌

$

18.68

‌

$

16.78

‌

$

13.45

‌

Net

investment

income

(a)

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

0

.01

‌

0

.25

‌

0

.18

‌

0

.15

‌

0

.11

‌

0

.10

‌

Net

realized

and

unrealized

gain

(loss)

.........

(

0

.46

)

1

.65

‌

(

0

.19

)

(

6

.69

)

2

.46

‌

4

.87

‌

Net

increase

(decrease)

from

investment

operations

.

(0.45

)

1.90

‌

(0.01

)

(6.54

)

2.57

‌

4.97

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

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

(

0

.28

)

(

0

.24

)

(

0

.13

)

(

0

.23

)

(

0

.04

)

(

0

.42

)

From

net

realized

gain

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

—

‌

—

‌

—

‌

—

‌

(

0

.63

)

(

1

.22

)

Total

distributions

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

(0.28

)

(0.24

)

(0.13

)

(0.23

)

(0.67

)

(1.64

)

Net

asset

value,

end

of

period

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

$

12.70

‌

$

13.43

‌

$

11.77

‌

$

11.91

‌

$

18.68

‌

$

16.78

‌

Total

Return

(c)

Based

on

net

asset

value

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

(3.44

)%

(d)

16.51

%

(0.25

)%

(35.47

)%

15.67

%

41.45

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

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

2.90

%

(g)

3.02

%

2.53

%

1.94

%

1.66

%

2.54

%

Total

expenses

after

fees

waived

and/or

reimbursed

.

0.94

%

(g)

0.95

%

0.94

%

0.94

%

0.94

%

0.94

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.

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

0.94

%

(g)

0.94

%

0.94

%

0.94

%

0.94

%

0.94

%

Net

investment

income

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

0.15

%

(g)

2.10

%

1.36

%

0.97

%

0.61

%

0.76

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

6,705

‌

$

8,370

‌

$

6,347

‌

$

6,326

‌

$

9,942

‌

$

8,727

‌

Portfolio

turnover

rate

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

98

%

149

%

139

%

168

%

164

%

214

%

(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)

Includes

payment

from

an

affiliate,

which

impacted

the

Fund's

total

return.

Excluding

the

payment

from

an

affiliate,

the

Fund's

total

return

is

40.19%.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

15

Notes

to

Financial

Statements

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

diversified.

The

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions.

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,

2025

,

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)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

16

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

Fund

adopted

Financial

Accounting

Standards

Board

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”)

during

the

period.

The

Fund's

adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

results

of

operations.

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

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.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

trade

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

17

Notes

to

Financial

Statements

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.

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,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

Administration:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statement

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statement

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

April

30,

2025,

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,

2025

,

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,

2025,

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:

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

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

$

843‌

$

745‌

$

1,588‌

Institutional

Class

K

Total

Reimbursed

Amount

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

$

94‌

$

44‌

$

138‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

18

For

the

six

months ended

April

30,

2025,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Expense

Limitations,

Waivers,

Reimbursements

and

Recoupments:

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,

2026.

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,

2025,

the

amount

waived

was

$62.

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,

2026.

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,

2025,

there

were

no

fees

waived

and/or

reimbursed

by

the

Manager

pursuant

to

this

arrangement.

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2026,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of the

Fund.

For

the

six

months ended

April

30,

2025,

the

Manager

waived

and/or

reimbursed

investment

advisory

fees

of

$149,463 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,

2025,

the

amount

was $3,375.

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,

2025,

class

specific

expense

waivers

and/or

reimbursements are as

follows: 

With

respect

to

the

contractual

expense

limitation,

if

during

the

Fund’s

fiscal

year

the

operating

expenses

of

a

share

class,

that

at

any

time

during

the

prior

two

fiscal

years

received

a

waiver

and/or

reimbursement

from

the

Manager,

are

less

than

the

current

expense

limitation

for

that

share

class,

the

Manager

is

entitled

to

be

reimbursed

by

such

share

class

up

to

the

lesser

of:

(a)

the

amount

of

fees

waived

and/or

expenses

reimbursed

during

those

prior

two

fiscal

years

under

the

agreement

and

(b)

an

amount

not

to

exceed

either

the

current

expense

limitation

of

that

share

class

or

the

expense

limitation

of

the

share

class

in

effect

at

the

time

that

the

share

class

received

the

applicable

waiver

and/or

reimbursement,

provided

that:

(1)

the

Fund

,

of

which

the

share

class

is

a

part,

has

more

than

$50

million

in

assets

for

the

fiscal

year,

and

(2)

the

Manager

or

an

affiliate

continues

to

serve

as

the

Fund’s

investment

adviser

or

administrator.

This

repayment

applies

only

to

the

contractual

expense

limitation

on

net

expenses

and

does

not

apply

to

the

 contractual

investment

advisory

fee

waiver

described

above

or

any

voluntary

waivers

that

may

be

in

effect

from

time

to

time.

Effective

December

27,

2025,

the

repayment

arrangement

between

the

Fund

and

the

Manager

pursuant

to

which

such

Fund

may

be

required

to

repay

amounts

waived

and/or

reimbursed

under

the

Fund’s

contractual

caps

on

net

expenses will

be terminated.

As

of April

30,

2025,

the

fund

level

and

class

specific

waivers

and/or

reimbursements

subject

to

possible

future

recoupment

under

the

expense

limitation

agreement were

as

follows:  

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

U.S.

Securities

and

Exchange

Commission

(“SEC”),

the

Fund

participated

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

Effective

March

3,

2025,

the

Interfund

Lending

Program

was

not

renewed

but

remains

available

for

renewal

in

the

future.

Institutional

Class

K

Total

Transfer

agent

fees

-

class

specific

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

$

1,267‌

$

361‌

$

1,628‌

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

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

$

55‌

$

—‌

Class

K

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

745‌

361‌

$

800‌

$

361‌

Expiring

October

31,

Fund

Level/Share

Class

2025

2026

2027

Fund

Level

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

$

314,742‌

$

293,422‌

$

152,838‌

Institutional

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

5,015‌

685‌

55‌

Class

K

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

1,715‌

1,735‌

1,106‌

Notes

to

Financial

Statements

(unaudited)

(continued)

19

Notes

to

Financial

Statements

During the period

ended

March

3,

2025,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

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,

2025,

purchases

and

sales

of

investments, excluding

short-term

securities, were $15,602,897

and

$17,159,814,

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,

2025,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund’s

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect

which

may

impact

the

Fund's

NAV.

As

of

October

31,

2024, the Fund

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains of

$1,975,018. 

As

of

April

30,

2025, 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: 

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

2026

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,

2025,

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

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

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

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

China

A

Opportunities

Fund

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

$

14,503,175‌

$

1,321,044‌

$

(

501,387‌

)

$

819,657‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

20

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

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.

The

Asian

financial

markets

have

recently

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.

Notes

to

Financial

Statements

(unaudited)

(continued)

21

Notes

to

Financial

Statements

10.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

As

of

April

30,

2025,

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

04/30/25

Year

Ended

10/31/24

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

China

A

Opportunities

Fund

Institutional

Shares

sold

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

50,894‌

$

631,274‌

62,678‌

$

794,289‌

Shares

issued

in

reinvestment

of

distributions

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

2,913‌

38,476‌

2,923‌

33,346‌

Shares

redeemed

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

(

31,142‌

)

(

408,902‌

)

(

71,540‌

)

(

837,769‌

)

22,665‌

$

260,848‌

(

5,939‌

)

$

(

10,134‌

)

Class

K

Shares

sold

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

77,331‌

$

1,022,738‌

116,376‌

$

1,468,867‌

Shares

issued

in

reinvestment

of

distributions

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

2,541‌

33,572‌

836‌

9,532‌

Shares

redeemed

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

(

175,107‌

)

(

2,292,005‌

)

(

33,074‌

)

(

410,961‌

)

(

95,235‌

)

$

(

1,235,695‌

)

84,138‌

$

1,067,438‌

(

72,570‌

)

$

(

974,847‌

)

78,199‌

$

1,057,304‌

Institutional

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

500,000‌

Class

K

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

500,000‌

Additional

Information

2025

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.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

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.

Wilmington,

DE

19809

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

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

these

Financial

Statements

2025

BlackRock

Semi-Annual

Financial

Statements

and

Additional

Information

24

Portfolio

Abbreviation

JSC

Joint

Stock

Company

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 – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers  – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report.

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached.

(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.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds ^SM

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds^SM

Date: June 24, 2025 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski              

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds^SM

Date: June 24, 2025 

By:     /s/ Trent Walker                      

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds^SM

Date: June 24, 2025