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
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, 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 10/31/2023
Date of reporting period: 04/30/2023
Item 1 – Report to Stockholders
(a)
The Report to Shareholders is attached herewith.
(b)
Not Applicable
APRIL
30,
2023
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2023
Semi-Annual
Report
(Unaudited)
BlackRock
Funds
SM
BlackRock
China
A
Opportunities
Fund
Dear
Shareholder,
Investors
faced
an
uncertain
economic
landscape
during
the
12-month
reporting
period
ended
April
30,
2023,
amid
mixed
indicators
and
rapidly
changing
market
conditions.
The
U.S.
economy
returned
to
modest
growth
beginning
in
the
third
quarter
of
2022,
although
the
pace
of
growth
slowed
thereafter.
Inflation
was
elevated,
reaching
a
40-year
high
as
labor
costs
grew
rapidly
and
unemployment
rates
reached
the
lowest
levels
in
decades.
However,
inflation
moderated
as
the
period
continued,
while
continued
strength
in
consumer
spending
backstopped
the
economy.
Equity
returns
varied
substantially,
as
large-capitalization
U.S.
stocks
gained
for
the
period
amid
a
rebound
in
big
tech
stocks,
whereas
small-capitalization
U.S.
stocks
declined.
International
equities
from
developed
markets
advanced
strongly,
while
emerging
market
stocks
declined,
pressured
by
higher
interest
rates
and
volatile
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
high-yield
corporate
bonds
posted
a
positive
return
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
eight
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
In
addition,
the
Fed
added
liquidity
to
markets
amid
the
failure
of
prominent
regional
banks.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
was
modest
in
the
last
year,
we
believe
that
stickiness
in
services
inflation
and
continued
wage
growth
will
keep
inflation
above
central
bank
targets
for
some
time.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
indicated
a
pause
could
be
its
next
step,
we
believe
that
the
Fed
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near
term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
Turmoil
in
the
banking
sector
late
in
the
period
highlighted
the
potential
for
the
rapid
increase
in
interest
rates
to
disrupt
markets
with
little
warning.
While
we
favor
an
overweight
to
equities
in
the
long
term,
we
prefer
an
underweight
stance
on
equities
overall
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
the
possibility
of
a
recession.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
as
we
believe
a
weakening
U.S.
dollar
could
provide
a
supportive
backdrop.
We
also
see
selective,
long-term
opportunities
in
credit,
where
we
believe
that
valuations
are
appealing,
and
higher
yields
offer
attractive
income.
However,
we
are
neutral
on
credit
in
the
near
term,
as
we’re
concerned
about
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
significant
opportunities
in
short-
term
U.S.
Treasuries,
global
inflation-linked
bonds,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
April
30,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
8.63
%
2.66
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(3.45
)
(3.65
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
24.19
8.42
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
16.36
(6.51
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.09
2.83
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
7.14
(1.68
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
6.91
(0.43
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.65
2.87
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
6.21
1.21
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
6
Disclosure
of
Expenses
...................................................................................................
6
Derivative
Financial
Instruments
.............................................................................................
6
Financial
Statements:
Schedule
of
Investments
................................................................................................
7
Statement
of
Assets
and
Liabilities
..........................................................................................
12
Statement
of
Operations
................................................................................................
14
Statements
of
Changes
in
Net
Assets
........................................................................................
15
Financial
Highlights
.....................................................................................................
16
Notes
to
Financial
Statements
..............................................................................................
18
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
25
Additional
Information
....................................................................................................
26
Fund
Summary
as
of
April
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
4
BlackRock
China
A
Opportunities
Fund
Investment
Objective
BlackRock
China
A
Opportunities
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
total
return.
Total
return
means
the
combination
of
capital
appreciation
and
investment
income.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
six-month
period
ended
April
30,
2023,
all
of
the
Fund’s
share
classes
outperformed
its
benchmark,
the
MSCI
China
A
Onshore
Index.
What
factors
influenced
performance?
The
China
A
equity
market
saw
a
strong
recovery
during
the
reporting
period,
driven
by
an
easing
of
the
Chinese
government’s
zero-COVID
restrictions
and
reopening
of
the
economy,
along
with
government
support
for
the
real
estate
sector.
On
the
reopening
front,
China
saw
a
strong
rebound
in
domestic
travel
and
tourism
and
a
boost
in
hotel
and
restaurant
sales.
With
respect
to
the
real
estate
sector,
new
measures
supported
financing
for
existing
housing
developers
while
the
government
also
rolled
out
packages
to
stimulate
the
property
market.
Chinese
premier
Li
Qiang
re-emphasized
the
importance
of
“high
quality
growth”
while
U.S.-China
tensions
re-escalated
over
the
reporting
period
due
to
the
Chinese
surveillance
balloon
episode.
From
a
macroeconomic
perspective,
the
beginning
of
the
reporting
period
saw
broad-based
weakness
in
economic
activity,
including
exports
given
softening
global
demand
along
with
a
continued
sluggish
housing
market.
However,
after
reopening
policy
changes
were
implemented,
the
economic
rebound
was
better
than
expected,
although
the
government
expressed
concerns
over
a
“structural
weakness”
in
domestic
demand.
The
Fund’s
sentiment-based
measures
and
fundamental
insights
navigated
the
market
recovery
well.
Within
sentiment,
measures
looking
at
analyst
revisions
added
value
as
they
correctly
drove
an
overweight
to
consumer
discretionary
companies
that
benefited
directly
from
the
rebound
in
economic
activity.
In
addition,
local
language
text-based
measures
that
gather
news
were
also
additive
within
sentiment.
Elsewhere,
traditional
fundamental
valuation
insights
were
also
among
the
top
contributors.
In
particular,
proprietary
accounting
metrics
drove
successful
positioning
within
information
technology.
In
addition,
insights
favoring
companies
with
higher
dividend
yields
were
effective.
Finally,
quality
insights
also
worked
well
within
fundamentals,
most
notably
measures
with
a
preference
for
lower-risk
stocks
and
companies
with
lower
external
financing
levels.
Certain
macro
thematic
measures
struggled
for
the
reporting
period
as
widespread
inflation
became
an
increasing
point
of
concern
for
investors.
In
this
vein,
a
thematic
insight
that
seeks
to
identify
beneficiaries
of
inflationary
environments
incorrectly
positioned
the
Fund
within
auto
component
companies.
In
addition,
a
measure
based
on
gathering
data
from
job
postings
underperformed
as
online
postings
surprisingly
slowed
in
China
despite
the
reopening.
From
a
sector
positioning
perspective,
a
net
underweight
to
financials
was
the
largest
detractor
as
positive
earnings
data
at
the
end
of
the
reporting
period
boosted
performance
for
banking
and
insurance
stocks.
Describe
recent
portfolio
activity.
Over
the
course
of
the
reporting
period,
the
Fund
maintained
a
balanced
allocation
of
risk
across
all
major
return
drivers.
However,
several
new
signals
were
added
within
the
group
of
stock
selection
insights.
In
this
vein,
the
Fund
added
non-traditional
quality
measures
as
well
as
data
around
flows
from
China
onshore
investors.
Describe
portfolio
positioning
at
period
end.
At
reporting
period-end,
the
Fund’s
sector
positioning
was
largely
neutral.
The
Fund
had
slight
overweights
to
consumer
staples
and
consumer
discretionary
and
slight
underweights
to
materials
and
financials.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
April
30,
2023
(continued)
5
Fund
Summary
BlackRock
China
A
Opportunities
Fund
Performance
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.
Expense
Example
See
“Disclosure
of
Expenses”
for
further
information
on
how
expenses
were
calculated.
Overview
of
the
Fund’s
Total
Investments
Portfolio
Information
Average
Annual
Total
Returns
(a)(b)
1
Year
Since
Inception
(c)
6-Month
Total
Returns
Without
Sales
Charge
Without
Sales
Charge
Institutional
......................................................................................
20.22%
(0.37)%
13.07%
Class
K
........................................................................................
20.26
(0.26)
13.12
MSCI
China
A
Onshore
Index
(d)
.......................................................................
17.34
(1.28)
10.19
(a)
Assuming
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
and
Class
K
Shares
do
not
have
a
sales
charge.
See
“About
Fund
Performance”
for
a
detailed
description
of
share
classes,
including
any
related
fees.
(b)
Under
normal
circumstances,
the
Fund
seeks
to
invest
at
least
80%
of
its
net
assets
plus
the
amount
of
any
borrowings
for
investment
purposes
in
equity
securities
of
issuers
domiciled
in
the
People's
Republic
of
China
(“China”
and,
for
the
purpose
of
this
report,
excluding
Hong
Kong,
Macau
and
Taiwan)
and
listed
in
China
(i.e.,
A-shares),
and
derivatives
that
have
similar
economic
characteristics
to
such
securities.
The
Fund
primarily
intends
to
invest
in
equity
securities
or
other
financial
instruments
that
are
components
of,
or
have
characteristics
similar
to,
the
securities
included
in
the
MSCI
China
A
Onshore
Index.
(c)
The
Fund
commenced
operations
on
December
27,
2018.
(d)
An
index
that
captures
large-
and
mid-cap
representation
across
China
securities
listed
on
the
Shanghai
Stock
Exchange
and
Shenzhen
Stock
Exchange.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
1,202.20
$
5.41
$
1,000.00
$
1,019.89
$
4.96
0.99%
Class
K
..................................
1,000.00
1,202.60
5.13
1,000.00
1,020.13
4.71
0.94
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
SECTOR
ALLOCATION
Sector
(a)
Percent
of
Net
Assets
Industrials
.......................................
18.9
%
Information
Technology
..............................
17.9
Consumer
Staples
.................................
13.9
Financials
.......................................
13.5
Consumer
Discretionary
.............................
12.0
Materials
.......................................
8.1
Health
Care
.....................................
7.8
Energy
.........................................
3.5
Communication
Services
.............................
1.8
Real
Estate
......................................
1.0
Utilities
.........................................
0.9
Short-Term
Securities
...............................
1.0
Liabilities
in
Excess
of
Other
Assets
.....................
(0.3)
TEN
LARGEST
HOLDINGS
—
%
Security
(b)
Percent
of
Net
Assets
—
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
.........
5.1
%
Kweichow
Moutai
Co.
Ltd.,
Class
A
......................
5.0
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
..........
4.9
BYD
Co.
Ltd.,
Class
A
...............................
3.7
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
........
3.2
PetroChina
Co.
Ltd.,
Class
A
..........................
3.1
Ping
An
Bank
Co.
Ltd.,
Class
A
.........................
3.0
China
Merchants
Bank
Co.
Ltd.,
Class
A
..................
2.9
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
.............
2.9
China
State
Construction
Engineering
Corp.
Ltd.,
Class
A
.......
2.6
—
(a)
For
Fund
compliance
purposes,
the
Fund’s
sector
classifications
refer
to
one
or
more
of
the
sector
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
sector
sub-classifications
for
reporting
ease.
(b)
Excludes
short-term
investments.
About
Fund
Performance
2023
BlackRock
Semi-Annual
Report
to
Shareholders
6
Institutional and
Class
K
Shares
are
not
subject
to
any
sales
charge.
These
shares
bear
no
ongoing
distribution
or
service
fees
and
are
available
only
to
certain
eligible
investors.
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
the
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Refer
to
blackrock.com
to
obtain
performance
data
current
to
the
most
recent
month-end.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Figures
shown
in
the
performance
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
net
asset
value
(“NAV”)
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders.
BlackRock
Advisors,
LLC
(the
“Manager”),
the
Fund’s
investment
adviser,
has
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
the
Fund’s
expenses.
Without
such
waiver(s)
and/or
reimbursement(s),
the
Fund’s
performance
would
have
been
lower.
With
respect
to
the
Fund’s
voluntary
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
waive
and/or
reimburse
or
to
continue
waiving
and/or
reimbursing
its
fees
and
such
voluntary
waiver(s)
may
be
reduced
or
discontinued
at
any
time.
With
respect
to
the
Fund’s
contractual
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
continue
waiving
and/or
reimbursing
its
fees
after
the
applicable
termination
date
of
such
agreement.
See
the
Notes
to
Financial
Statements
for
additional
information
on
waivers
and/or
reimbursements.
Disclosure
of
Expenses
Shareholders
of
the
Fund
may
incur
the
following
charges:
(a)
transactional
expenses;
and
(b)
operating
expenses,
including
investment
advisory
fees, administration
fees,
service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds.
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
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.
BlackRock
China
A
Opportunities
Fund
Schedule
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
April
30,
2023
Schedule
of
Investments
April
30,
2023
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.0%
AECC
Aero-Engine
Control
Co.
Ltd.,
Class
A
28,300
$
97,570
Gaona
Aero
Material
Co.
Ltd.,
Class
A
.....
2,600
14,315
Guizhou
Aviation
Technical
Development
Co.
Ltd.
(a)
.........................
6,018
67,935
Kuang-Chi
Technologies
Co.
Ltd.,
Class
A
..
21,920
55,670
235,490
Air
Freight
&
Logistics
—
1.3%
Deppon
Logistics
Co.
Ltd.,
Class
A
(a)
......
6,900
16,739
YTO
Express
Group
Co.
Ltd.,
Class
A
.....
109,106
272,887
289,626
Automobile
Components
—
2.1%
Huayu
Automotive
Systems
Co.
Ltd.,
Class
A
150,200
355,862
IKD
Co.
Ltd.,
Class
A
................
3,200
8,861
Ningbo
Joyson
Electronic
Corp.,
Class
A
(a)
..
51,943
115,820
480,543
Automobiles
—
3.8%
BYD
Co.
Ltd.,
Class
A
................
22,200
822,765
SAIC
Motor
Corp.
Ltd.,
Class
A
.........
10,800
22,066
844,831
Banks
—
6.0%
Bank
of
Suzhou
Co.
Ltd.,
Class
A
........
22,400
24,338
China
Merchants
Bank
Co.
Ltd.,
Class
A
...
134,959
656,944
Ping
An
Bank
Co.
Ltd.,
Class
A
..........
367,500
667,396
1,348,678
Beverages
—
10.1%
Beijing
Yanjing
Brewery
Co.
Ltd.,
Class
A
...
102,300
193,566
Jiangsu
King's
Luck
Brewery
JSC
Ltd.,
Class
A
9,400
81,315
Kweichow
Moutai
Co.
Ltd.,
Class
A
.......
4,379
1,114,902
Luzhou
Laojiao
Co.
Ltd.,
Class
A
........
523
17,093
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
.......................
20,000
718,684
Tsingtao
Brewery
Co.
Ltd.,
Class
A
.......
1,098
18,565
Wuliangye
Yibin
Co.
Ltd.,
Class
A
........
5,400
131,953
2,276,078
Biotechnology
—
1.0%
Anhui
Anke
Biotechnology
Group
Co.
Ltd.,
Class
A
.......................
6,726
10,736
BeiGene
Ltd.,
Class
A
(a)
..............
951
22,016
Bloomage
Biotechnology
Corp.
Ltd.,
Class
A
5,784
83,163
Chongqing
Zhifei
Biological
Products
Co.
Ltd.,
Class
A
.......................
3,700
43,561
Daan
Gene
Co.
Ltd.,
Class
A
...........
16,200
36,474
Frontier
Biotechnologies,
Inc.,
Class
A
(a)
...
4,506
8,375
Zhejiang
Orient
Gene
Biotech
Co.
Ltd.,
Class
A
2,639
22,469
226,794
Capital
Markets
—
2.4%
CITIC
Securities
Co.
Ltd.,
Class
A
........
53,280
162,180
Northeast
Securities
Co.
Ltd.,
Class
A
.....
16,300
17,971
SooChow
Securities
Co.
Ltd.,
Class
A
.....
322,300
337,775
Yongan
Futures
Co.
Ltd.,
Class
A
........
10,500
25,806
543,732
Chemicals
—
3.2%
Anhui
Guangxin
Agrochemical
Co.
Ltd.,
Class
A
28,081
118,530
Anhui
Jinhe
Industrial
Co.
Ltd.,
Class
A
....
20,500
76,467
Bluestar
Adisseo
Co.,
Class
A
..........
8,300
9,787
LB
Group
Co.
Ltd.,
Class
A
............
3,700
9,265
Lianhe
Chemical
Technology
Co.
Ltd.,
Class
A
69,100
119,970
Sinoma
Science
&
Technology
Co.
Ltd.,
Class
A
11,595
35,399
Valiant
Co.
Ltd.,
Class
A
..............
8,500
22,514
Security
Shares
Shares
Value
Chemicals
(continued)
Wanhua
Chemical
Group
Co.
Ltd.,
Class
A
..
2,600
$
34,667
Xinfengming
Group
Co.
Ltd.,
Class
A
(a)
....
6,900
10,273
Zangge
Mining
Co.
Ltd.,
Class
A
.........
47,513
157,332
Zhejiang
Jiahua
Energy
Chemical
Industry
Co.
Ltd.,
Class
A
....................
22,800
32,445
Zhejiang
Juhua
Co.
Ltd.,
Class
A
........
5,600
12,272
Zhejiang
Wansheng
Co.
Ltd.,
Class
A
.....
46,000
74,473
713,394
Communications
Equipment
—
1.8%
Shenzhen
Sunway
Communication
Co.
Ltd.,
Class
A
.......................
6,600
18,321
Yangtze
Optical
Fibre
&
Cable
Joint
Stock
Ltd.
Co.,
Class
A
....................
600
3,206
Zhongji
Innolight
Co.
Ltd.,
Class
A
.......
12,900
167,881
ZTE
Corp.,
Class
A
.................
40,100
206,495
395,903
Construction
&
Engineering
—
2.7%
China
State
Construction
Engineering
Corp.
Ltd.,
Class
A
....................
621,600
590,532
Shanghai
Tunnel
Engineering
Co.
Ltd.,
Class
A
12,400
11,720
602,252
Construction
Materials
—
0.2%
Beijing
Oriental
Yuhong
Waterproof
Technology
Co.
Ltd.,
Class
A
.................
10,900
46,738
Consumer
Staples
Distribution
&
Retail
—
0.4%
DaShenLin
Pharmaceutical
Group
Co.
Ltd.,
Class
A
.......................
9,558
47,572
Jiajiayue
Group
Co.
Ltd.,
Class
A
(a)
.......
15,700
33,496
81,068
Containers
&
Packaging
—
0.4%
Shenzhen
YUTO
Packaging
Technology
Co.
Ltd.,
Class
A
....................
23,200
84,968
Electrical
Equipment
—
6.3%
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
.......................
34,029
1,138,879
GoodWe
Technologies
Co.
Ltd.,
Class
A
...
986
37,111
Hainan
Jinpan
Smart
Technology
Co.
Ltd.,
Class
A
(a)
......................
2,114
9,992
Kehua
Data
Co.
Ltd.,
Class
A
(a)
.........
10,100
61,320
Sunwoda
Electronic
Co.
Ltd.,
Class
A
.....
32,400
78,871
Suzhou
Maxwell
Technologies
Co.
Ltd.,
Class
A
1,040
41,319
Wolong
Electric
Group
Co.
Ltd.,
Class
A
(a)
..
28,100
49,856
1,417,348
Electronic
Equipment,
Instruments
&
Components
—
8.1%
Avary
Holding
Shenzhen
Co.
Ltd.,
Class
A
..
85,000
321,308
BOE
Technology
Group
Co.
Ltd.,
Class
A
...
712,500
414,111
Hengdian
Group
DMEGC
Magnetics
Co.
Ltd.,
Class
A
.......................
76,773
210,955
Lens
Technology
Co.
Ltd.,
Class
A
.......
121,300
204,603
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
15,255
57,703
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.,
Class
A
....................
143,100
511,618
Universal
Scientific
Industrial
Shanghai
Co.
Ltd.,
Class
A
....................
22,500
45,824
Zhejiang
Crystal-Optech
Co.
Ltd.,
Class
A
..
38,600
64,878
1,831,000
Energy
Equipment
&
Services
—
0.4%
Offshore
Oil
Engineering
Co.
Ltd.,
Class
A
..
82,900
80,765
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
China
A
Opportunities
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
Security
Shares
Shares
Value
Entertainment
—
0.1%
Wanda
Film
Holding
Co.
Ltd.,
Class
A
(a)
....
7,450
$
15,388
Food
Products
—
3.4%
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
.......................
2,156
22,023
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
.......................
22,100
94,385
Muyuan
Foods
Co.
Ltd.,
Class
A
.........
5,665
39,181
Qianhe
Condiment
&
Food
Co.
Ltd.,
Class
A
(a)
61,500
211,471
Sanquan
Food
Co.
Ltd.,
Class
A
.........
15,600
37,877
Sichuan
Teway
Food
Group
Co.
Ltd.,
Class
A
102,033
253,131
Wens
Foodstuffs
Group
Co.
Ltd.,
Class
A
...
8,500
24,302
Yuan
Longping
High-tech
Agriculture
Co.
Ltd.,
Class
A
(a)
......................
32,200
70,905
753,275
Ground
Transportation
—
1.5%
Daqin
Railway
Co.
Ltd.,
Class
A
.........
303,400
337,557
Health
Care
Equipment
&
Supplies
—
1.2%
Sansure
Biotech,
Inc.,
Class
A
..........
2,424
6,568
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
....................
1,797
81,066
Sinocare,
Inc.,
Class
A
...............
36,700
152,482
Sonoscape
Medical
Corp.,
Class
A
.......
2,900
22,909
Well
Lead
Medical
Co.
Ltd.,
Class
A
(a)
.....
6,000
16,641
279,666
Health
Care
Providers
&
Services
—
1.6%
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
A
...........
35,400
171,273
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
A
.......................
59,700
197,708
368,981
Household
Durables
—
5.8%
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
...........................
115,415
656,098
Haier
Smart
Home
Co.
Ltd.,
Class
A
......
119,600
410,341
Midea
Group
Co.
Ltd.,
Class
A
..........
29,000
238,063
1,304,502
Independent
Power
and
Renewable
Electricity
Producers
—
0.6%
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
A
...........................
11,800
30,776
Datang
International
Power
Generation
Co.
Ltd.,
Class
A
(a)
...................
35,900
16,118
Fujian
Funeng
Co.
Ltd.,
Class
A
(a)
........
46,800
79,552
126,446
Insurance
—
5.1%
New
China
Life
Insurance
Co.
Ltd.,
Class
A
.
7,600
42,736
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
.......................
147,771
1,108,201
1,150,937
IT
Services
—
0.6%
Wangsu
Science
&
Technology
Co.
Ltd.,
Class
A
...........................
101,300
131,817
Leisure
Products
—
0.3%
Zhejiang
Cfmoto
Power
Co.
Ltd.,
Class
A
...
3,600
70,829
Machinery
—
5.9%
China
International
Marine
Containers
Group
Co.
Ltd.,
Class
A
.................
97,311
98,590
CRRC
Corp.
Ltd.,
Class
A
.............
176,390
178,295
First
Tractor
Co.
Ltd.,
Class
A
...........
22,700
38,031
Security
Shares
Shares
Value
Machinery
(continued)
Hymson
Laser
Technology
Group
Co.
Ltd.,
Class
A
(a)
......................
1,462
$
9,701
Neway
CNC
Equipment
Suzhou
Co.
Ltd.,
Class
A
(a)
..........................
8,751
30,393
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
...........................
9,750
87,141
Siasun
Robot
&
Automation
Co.
Ltd.,
Class
A
(a)
38,400
61,900
Suzhou
Secote
Precision
Electronic
Co.
Ltd.,
Class
A
(a)
......................
2,800
18,819
Tian
Di
Science
&
Technology
Co.
Ltd.,
Class
A
314,400
248,298
Yutong
Bus
Co.
Ltd.,
Class
A
...........
10,800
21,103
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.,
Class
A
.......................
7,200
24,309
Zhengzhou
Coal
Mining
Machinery
Group
Co.
Ltd.,
Class
A
....................
149,000
306,224
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
A
...........................
16,386
110,469
Zoomlion
Heavy
Industry
Science
&
Technology
Co.
Ltd.,
Class
A
.................
109,681
102,712
1,335,985
Media
—
0.3%
Focus
Media
Information
Technology
Co.
Ltd.,
Class
A
.......................
69,100
64,361
Metals
&
Mining
—
4.3%
Baoshan
Iron
&
Steel
Co.
Ltd.,
Class
A
....
142,400
132,600
Henan
Shenhuo
Coal
&
Power
Co.
Ltd.,
Class
A
...........................
16,001
37,720
Huaibei
Mining
Holdings
Co.
Ltd.,
Class
A
..
210,700
414,215
Hunan
Valin
Steel
Co.
Ltd.,
Class
A
.......
202,500
154,578
Jiangxi
Copper
Co.
Ltd.,
Class
A
........
3,800
11,238
Maanshan
Iron
&
Steel
Co.
Ltd.,
Class
A
...
108,200
42,717
Ningbo
Boway
Alloy
Material
Co.
Ltd.,
Class
A
(a)
28,400
60,866
Xinyu
Iron
&
Steel
Co.
Ltd.,
Class
A
......
23,900
13,723
Yunnan
Copper
Co.
Ltd.,
Class
A
........
53,900
98,275
965,932
Oil,
Gas
&
Consumable
Fuels
—
3.1%
PetroChina
Co.
Ltd.,
Class
A
...........
610,200
697,275
Personal
Care
Products
—
0.1%
Proya
Cosmetics
Co.
Ltd.,
Class
A
.......
800
19,421
Pharmaceuticals
—
3.9%
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.,
Class
A
......
3,700
31,529
Chongqing
Taiji
Industry
Group
Co.
Ltd.,
Class
A
(a)
..........................
2,500
17,825
Dong-E-E-Jiao
Co.
Ltd.,
Class
A
.........
15,100
112,317
Hubei
Jumpcan
Pharmaceutical
Co.
Ltd.,
Class
A
...........................
27,075
123,474
Jiangzhong
Pharmaceutical
Co.
Ltd.,
Class
A
8,000
27,012
Joincare
Pharmaceutical
Group
Industry
Co.
Ltd.,
Class
A
....................
175,497
328,517
Livzon
Pharmaceutical
Group,
Inc.,
Class
A
.
2,500
12,927
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.,
Class
A
...........................
48,600
223,388
876,989
Professional
Services
—
0.1%
Centre
Testing
International
Group
Co.
Ltd.,
Class
A
.......................
8,097
22,542
Real
Estate
Management
&
Development
—
1.0%
Gemdale
Corp.,
Class
A
..............
190,300
224,566
BlackRock
China
A
Opportunities
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
April
30,
2023
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
April
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
—
6.7%
JA
Solar
Technology
Co.
Ltd.,
Class
A
.....
18,060
$
105,387
Jinko
Solar
Co.
Ltd.,
Class
A
(a)
..........
62,256
112,803
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
.......................
105,266
531,827
Qingdao
Gaoce
Technology
Co.
Ltd.,
Class
A
14,827
151,138
Risen
Energy
Co.
Ltd.,
Class
A
(a)
........
6,800
24,448
Shenzhen
SC
New
Energy
Technology
Corp.,
Class
A
.......................
700
10,416
Tongwei
Co.
Ltd.,
Class
A
.............
25,000
144,152
Trina
Solar
Co.
Ltd.,
Class
A
...........
12,682
90,275
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.,
Class
A
....................
33,590
332,785
1,503,231
Software
—
0.7%
Fujian
Apex
Software
Co.
Ltd.,
Class
A
(a)
...
2,300
17,730
Glodon
Co.
Ltd.,
Class
A
..............
5,200
43,604
Hundsun
Technologies,
Inc.,
Class
A
......
7,000
50,067
Newland
Digital
Technology
Co.
Ltd.,
Class
A
(a)
5,100
11,788
Qi
An
Xin
Technology
Group,
Inc.,
Class
A
(a)
.
1,133
9,691
Sangfor
Technologies,
Inc.,
Class
A
......
900
15,506
148,386
Water
Utilities
—
0.3%
Chengdu
Xingrong
Environment
Co.
Ltd.,
Class
A
...........................
70,500
53,196
Luenmei
Quantum
Co.
Ltd.,
Class
A
......
28,100
24,871
78,067
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
—
1.5%
China
United
Network
Communications
Ltd.,
Class
A
.......................
415,679
$
326,839
Total
Long-Term
Investments
—
99.3%
(Cost:
$20,591,815)
..............................
22,302,200
Short-Term
Securities
Money
Market
Funds
—
1.0%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.71%
(b)(c)
.................
225,163
225,163
Total
Short-Term
Securities
—
1.0%
(Cost:
$225,163)
................................
225,163
Total
Investments
—
100.3%
(Cost:
$20,816,978
)
..............................
22,527,363
Liabilities
in
Excess
of
Other
Assets
—
(0.3)%
............
(62,988)
Net
Assets
—
100.0%
..............................
$
22,464,375
(a)
Non-income
producing
security.
(b)
Annualized
7-day
yield
as
of
period
end.
(c)
Affiliate
of
the
Fund.
Affiliated
Issuer
Value
at
10/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
—
$
225,163
(a)
$
—
$
—
$
—
$
225,163
225,163
$
5,606
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
2023
BlackRock
Semi-Annual
Report
to
Shareholders
BlackRock
China
A
Opportunities
Fund
10
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
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.
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
......................................................
15
05/30/23
$
198
$
4,002
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)
.....
$
—
$
—
$
4,002
$
—
$
—
$
—
$
4,002
(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,
2023,
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
contracts
.......................
$
—
$
—
$
10,666
$
—
$
—
$
—
$
10,666
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
18,683
$
—
$
—
$
—
$
18,683
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
246,541
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
—
$
235,490
$
—
$
235,490
Air
Freight
&
Logistics
....................................
—
289,626
—
289,626
Automobile
Components
..................................
—
480,543
—
480,543
Automobiles
..........................................
—
844,831
—
844,831
BlackRock
China
A
Opportunities
Fund
Schedule
of
Investments
11
Schedule
of
Investments
(continued)
April
30,
2023
Schedule
of
Investments
(continued)
April
30,
2023
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Banks
...............................................
$
—
$
1,348,678
$
—
$
1,348,678
Beverages
...........................................
—
2,276,078
—
2,276,078
Biotechnology
.........................................
—
226,794
—
226,794
Capital
Markets
........................................
—
543,732
—
543,732
Chemicals
............................................
—
713,394
—
713,394
Communications
Equipment
................................
—
395,903
—
395,903
Construction
&
Engineering
................................
—
602,252
—
602,252
Construction
Materials
....................................
—
46,738
—
46,738
Consumer
Staples
Distribution
&
Retail
........................
—
81,068
—
81,068
Containers
&
Packaging
..................................
—
84,968
—
84,968
Electrical
Equipment
.....................................
—
1,417,348
—
1,417,348
Electronic
Equipment,
Instruments
&
Components
.................
—
1,831,000
—
1,831,000
Energy
Equipment
&
Services
..............................
—
80,765
—
80,765
Entertainment
.........................................
—
15,388
—
15,388
Food
Products
.........................................
—
753,275
—
753,275
Ground
Transportation
...................................
—
337,557
—
337,557
Health
Care
Equipment
&
Supplies
...........................
—
279,666
—
279,666
Health
Care
Providers
&
Services
............................
—
368,981
—
368,981
Household
Durables
.....................................
—
1,304,502
—
1,304,502
Independent
Power
and
Renewable
Electricity
Producers
............
16,118
110,328
—
126,446
Insurance
............................................
—
1,150,937
—
1,150,937
IT
Services
...........................................
—
131,817
—
131,817
Leisure
Products
.......................................
—
70,829
—
70,829
Machinery
............................................
—
1,335,985
—
1,335,985
Media
...............................................
—
64,361
—
64,361
Metals
&
Mining
........................................
—
965,932
—
965,932
Oil,
Gas
&
Consumable
Fuels
...............................
—
697,275
—
697,275
Personal
Care
Products
..................................
—
19,421
—
19,421
Pharmaceuticals
.......................................
17,825
859,164
—
876,989
Professional
Services
....................................
—
22,542
—
22,542
Real
Estate
Management
&
Development
.......................
—
224,566
—
224,566
Semiconductors
&
Semiconductor
Equipment
....................
—
1,503,231
—
1,503,231
Software
.............................................
—
148,386
—
148,386
Water
Utilities
.........................................
—
78,067
—
78,067
Wireless
Telecommunication
Services
.........................
—
326,839
—
326,839
Short-Term
Securities
Money
Market
Funds
......................................
225,163
—
—
225,163
$
259,106
$
22,268,257
$
—
$
22,527,363
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
—
$
4,002
$
—
$
4,002
(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,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
12
See
notes
to
financial
statements.
BlackRock
China
A
Opportunities
Fund
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
22,302,200
Investments,
at
value
—
affiliated
(b)
..........................................................................................
225,163
Cash
pledged:
–
Futures
contracts
....................................................................................................
17,000
Foreign
currency,
at
value
(c)
...............................................................................................
6,451
Receivables:
–
Capital
shares
sold
...................................................................................................
2,068
Dividends
—
affiliated
.................................................................................................
1,192
From
the
Manager
...................................................................................................
19,910
Variation
margin
on
futures
contracts
.......................................................................................
1,502
Prepaid
expenses
.....................................................................................................
26,918
Total
assets
.........................................................................................................
22,602,404
LIABILITIES
Payables:
–
Accounting
services
fees
...............................................................................................
15,763
Administration
fees
...................................................................................................
5
Capital
shares
redeemed
...............................................................................................
12,021
Custodian
fees
......................................................................................................
15,816
Trustees'
and
Officer's
fees
.............................................................................................
1,043
Printing
and
postage
fees
..............................................................................................
38,631
Professional
fees
....................................................................................................
41,690
Registration
fees
....................................................................................................
8,512
Other
accrued
expenses
...............................................................................................
4,548
Total
liabilities
........................................................................................................
138,029
NET
ASSETS
........................................................................................................
$
22,464,375
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
20,648,587
Accumulated
earnings
..................................................................................................
1,815,788
NET
ASSETS
........................................................................................................
$
22,464,375
(a)
Investments,
at
cost
—
unaffiliated
........................................................................................
$
20,591,815
(b)
Investments,
at
cost
—
affiliated
..........................................................................................
$
225,163
(c)
Foreign
currency,
at
cost
...............................................................................................
$
6,436
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
April
30,
2023
13
Financial
Statements
See
notes
to
financial
statements.
BlackRock
China
A
Opportunities
Fund
NET
ASSET
VALUE
Institutional
Net
assets
..........................................................................................................
$
14,775,902
Shares
outstanding
...................................................................................................
1,041,993
Net
asset
value
......................................................................................................
$
14.18
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001
Class
K
Net
assets
..........................................................................................................
$
7,688,473
Shares
outstanding
...................................................................................................
541,968
Net
asset
value
......................................................................................................
$
14.19
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001
Statement
of
Operations
(unaudited)
Six
Months
Ended
April
30,
2023
2023
BlackRock
Semi-Annual
Report
to
Shareholders
14
See
notes
to
financial
statements.
BlackRock
China
A
Opportunities
Fund
INVESTMENT
INCOME
Dividends
—
unaffiliated
...............................................................................................
$
64,559
Dividends
—
affiliated
.................................................................................................
5,606
Foreign
taxes
withheld
................................................................................................
(6,430)
Total
investment
income
.................................................................................................
63,735
EXPENSES
Investment
advisory
..................................................................................................
83,793
Professional
.......................................................................................................
54,762
Printing
and
postage
.................................................................................................
28,499
Accounting
services
..................................................................................................
24,078
Registration
.......................................................................................................
22,157
Custodian
.........................................................................................................
16,653
Transfer
agent
—
class
specific
..........................................................................................
5,585
Administration
.....................................................................................................
4,748
Trustees
and
Officer
..................................................................................................
3,306
Administration
—
class
specific
..........................................................................................
2,235
Miscellaneous
......................................................................................................
4,155
Total
expenses
.......................................................................................................
249,971
Less:
–
Administration
fees
waived
.............................................................................................
(4,748)
Administration
fees
waived
by
the
Manager
—
class
specific
.......................................................................
(2,221)
Fees
waived
and/or
reimbursed
by
the
Manager
...............................................................................
(132,321)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
..........................................................
(1,954)
Total
expenses
after
fees
waived
and/or
reimbursed
..............................................................................
108,727
Net
investment
loss
....................................................................................................
(44,992)
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
3,812,678
Net
realized
gain
from:
$
–
Investments
—
unaffiliated
...........................................................................................
146,406
Foreign
currency
transactions
.........................................................................................
10,671
Futures
contracts
..................................................................................................
10,666
A
167,743
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
3,622,007
Foreign
currency
translations
..........................................................................................
4,245
Futures
contracts
..................................................................................................
18,683
A
3,644,935
Net
realized
and
unrealized
gain
...........................................................................................
3,812,678
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
3,767,686
Statements
of
Changes
in
Net
Assets
15
Financial
Statements
See
notes
to
financial
statements.
BlackRock
China
A
Opportunities
Fund
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
..........................................................................
$
(44,992
)
$
220,170
Net
realized
gain
..................................................................................
167,743
2,652,363
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
3,644,935
(13,304,573
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
3,767,686
(10,432,040
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
.....................................................................................
(135,504
)
(456,079
)
Class
K
.......................................................................................
(69,731
)
(122,720
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(205,235
)
(578,799
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
267,420
(18,214,785
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.....................................................................
3,829,871
(29,225,624
)
Beginning
of
period
..................................................................................
18,634,504
47,860,128
End
of
period
......................................................................................
$
22,464,375
$
18,634,504
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
16
BlackRock
China
A
Opportunities
Fund
Institutional
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
12/27/18
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
.............................
$
11.90
$
18.67
$
16.78
$
13.44
$
10.00
Net
investment
income
(loss)
(b)
.................................
(0.03
)
0.11
0.15
0.11
0.20
Net
realized
and
unrealized
gain
(loss)
............................
2.43
(6.66
)
2.41
4.87
3.24
Net
increase
(decrease)
from
investment
operations
....................
2.40
(6.55
)
2.56
4.98
3.44
Distributions
(c)
–
–
–
–
–
From
net
investment
income
..................................
(0.12
)
(0.22
)
(0.04
)
(0.42
)
—
From
net
realized
gain
.......................................
—
—
(0.63
)
(1.22
)
—
Total
distributions
...........................................
(0.12
)
(0.22
)
(0.67
)
(1.64
)
—
Net
asset
value,
end
of
period
..................................
$
14.18
$
11.90
$
18.67
$
16.78
$
13.44
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
......................................
20.22
%
(e)
(35.52
)%
15.58
%
41.53
%
(f)
34.40
%
(e)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.............................................
2.26
%
(h)
1.94
%
1.69
%
2.53
%
3.31
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.99
%
(h)
0.99
%
0.98
%
0.97
%
0.96
%
(h)
Net
investment
income
(loss)
...................................
(0.42
)%
(h)
0.68
%
0.80
%
0.78
%
1.85
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..................................
$
14,776
$
12,309
$
37,918
$
12,925
$
8,592
Portfolio
turnover
rate
.........................................
73
%
168
%
164
%
214
%
128
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
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%.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
3.60%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
17
Financial
Highlights
BlackRock
China
A
Opportunities
Fund
Class
K
Six
Months
Ended
04/30/23
(unaudited)
Year
Ended
10/31/22
Year
Ended
10/31/21
Year
Ended
10/31/20
Period
from
12/27/18
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
.............................
$
11.91
$
18.68
$
16.78
$
13.45
$
10.00
Net
investment
income
(loss)
(b)
.................................
(0.02
)
0.15
0.11
0.10
0.19
Net
realized
and
unrealized
gain
(loss)
............................
2.43
(6.69
)
2.46
4.87
3.26
Net
increase
(decrease)
from
investment
operations
....................
2.41
(6.54
)
2.57
4.97
3.45
Distributions
(c)
–
–
–
–
–
From
net
investment
income
..................................
(0.13
)
(0.23
)
(0.04
)
(0.42
)
—
From
net
realized
gain
.......................................
—
—
(0.63
)
(1.22
)
—
Total
distributions
...........................................
(0.13
)
(0.23
)
(0.67
)
(1.64
)
—
Net
asset
value,
end
of
period
..................................
$
14.19
$
11.91
$
18.68
$
16.78
$
13.45
Total
Return
(d)
—
—
—
—
—
Based
on
net
asset
value
......................................
20.26
%
(e)
(35.47
)%
15.67
%
41.45
%
(f)
34.50
%
(e)
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.............................................
2.19
%
(h)
1.94
%
1.66
%
2.54
%
3.36
%
(h)(i)
Total
expenses
after
fees
waived
and/or
reimbursed
....................
0.94
%
(h)
0.94
%
0.94
%
0.94
%
0.94
%
(h)
Net
investment
income
(loss)
...................................
(0.36
)%
(h)
0.97
%
0.61
%
0.76
%
1.81
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
..................................
$
7,688
$
6,326
$
9,942
$
8,727
$
6,901
Portfolio
turnover
rate
.........................................
73
%
168
%
164
%
214
%
128
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
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%.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Audit,
offering
and
organization
costs
were
not
annualized
in
the
calculation
of
the
expense
ratios.
If
these
expenses
were
annualized,
the
total
expenses
would
have
been
3.65%.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
18
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.
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,
2023
,
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.
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.
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.
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)
19
Notes
to
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
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
published 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
follows
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.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
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
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market–corroborated
inputs);
and
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Derivative
Financial
Instruments
The
Fund
engages
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Fund
and/or
to
manage
its
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedule
of
Investments.
These
contracts
may
be
transacted
on
an
exchange or
over-the-counter.
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
20
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,
2023,
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,
2023,
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,
2023,
the
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statement
of
Operations:
For
the
six
months ended
April
30,
2023,
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,
2024.
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,
2023,
the
amount
waived
was
$96.
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,
2024.
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,
2023,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
arrangement.
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
billion
.........................................................................................................
0.75%
$1
billion
-
$3
billion
.....................................................................................................
0.71
Greater
than
$3
billion
...................................................................................................
0.68
Average
Daily
Net
Assets
Administration
Fees
First
$500
million
......................................................................................................
0.0425%
$500
million
-
$1
billion
..................................................................................................
0.0400
$1
billion
-
$2
billion
....................................................................................................
0.0375
$2
billion
-
$4
billion
....................................................................................................
0.0350
$4
billion
-
$13
billion
...................................................................................................
0.0325
Greater
than
$13
billion
..................................................................................................
0.0300
Institutional
Class
K
Total
Administration
fees
-
class
specific
....................................................................
$
1,493
$
742
$
2,235
Institutional
Class
K
Total
Reimbursed
Amount
..............................................................................
$
243
$
75
$
318
Institutional
Class
K
Total
Transfer
agent
fees
-
class
specific
....................................................................
$
5,390
$
195
$
5,585
Notes
to
Financial
Statements
(unaudited)
(continued)
21
Notes
to
Financial
Statements
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,
2024,
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,
2023,
the
Manager
waived
and/or
reimbursed
investment
advisory
fees
of
$132,225 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,
2023,
the
amount
was $4,748.
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,
2023,
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,
2023,
the
fund
level
and
class
specific
waivers
and/or
reimbursements
subject
to
possible
future
recoupment
under
the
expense
limitation
agreement
are
as
follows:
Interfund
Lending:
In
accordance
with
an
exemptive
order
(the
“Order”)
from
the
U.S.
Securities
and
Exchange
Commission
("SEC"),
the
Fund
may
participate
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.
The
Fund
is
currently
permitted
to
borrow
and
lend
under
the
Interfund
Lending
Program.
A
lending
BlackRock
fund
may
lend
in
aggregate
up
to
15%
of
its
net
assets
but
may
not
lend
more
than
5%
of
its
net
assets
to
any
one
borrowing
fund
through
the
Interfund
Lending
Program.
A
borrowing
BlackRock
fund
may
not
borrow
through
the
Interfund
Lending
Program
or
from
any
other
source
more
than
33
1/3%
of
its
total
assets
(or
any
lower
threshold
provided
for
by
the fund’s
investment
restrictions).
If
a
borrowing
BlackRock
fund’s
total
outstanding
borrowings
exceed
10%
of
its
total
assets,
each
of
its
outstanding
interfund
loans
will
be
subject
to
collateralization
of
at
least
102%
of
the
outstanding
principal
value
of
the
loan.
All
interfund
loans
are
for
temporary
or
emergency
purposes
and
the
interest
rate
to
be
charged
will
be
the
average
of
the
highest
current
overnight
repurchase
agreement
rate
available
to
a
lending
fund
and
the
bank
loan
rate,
as
calculated
according
to
a
formula
established
by
the
Board.
During the
period
ended
April
30,
2023,
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.
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
....................................................................................
$
1,479
$
1,759
Class
K
......................................................................................
742
195
$
2,221
$
1,954
Expiring
October
31
,
Fund
Level/Share
Class
2023
2024
2025
Fund
Level
.....................................................................
$
316,326
$
267,062
$
136,974
Institutional
.....................................................................
3,520
7,001
3,237
Class
K
.......................................................................
2,238
2,589
937
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
22
6.
PURCHASES
AND
SALES
For
the six
months
ended
April
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities, were $16,054,856
and
$15,940,835,
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,
2023,
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.
As
of
April
30,
2023, 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,
$2.50
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
2024
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,
2023,
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
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.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which the
Fund
invests.
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
BlackRock
China
A
Opportunities
Fund
...................................
$
20,838,342
$
2,715,913
$
(1,022,890)
$
1,693,023
Notes
to
Financial
Statements
(unaudited)
(continued)
23
Notes
to
Financial
Statements
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.
Concentration
Risk:
A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
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,
institution
of
tariffs
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.
LIBOR
Transition
Risk:
The
Fund
may
be
exposed
to
financial
instruments
that
are
tied
to
the
London
Interbank
Offered
Rate
(“LIBOR”)
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
United
Kingdom’s
Financial
Conduct
Authority,
which
regulates
LIBOR,
announced
that
a
majority
of
USD
LIBOR
settings
will
no
longer
be
published
after
June
30,
2023.
All
other
LIBOR
settings
and
certain
other
interbank
offered
rates
ceased
to
be
published
after
December
31,
2021.
The
Secured
Overnight
Financing
Rate
(“SOFR”)
has
been
used
increasingly
on
a
voluntary
basis
in
new
instruments
and
transactions.
The
Federal
Reserve
Board
adopted
regulations
that
provide
a
fallback
mechanism
by
identifying
benchmark
rates
based
on
SOFR
that
will
replace
LIBOR
in
certain
financial
contracts
after
June
30,
2023.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Fund
is
uncertain.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
BlackRock
Semi-Annual
Report
to
Shareholders
24
10.
CAPITAL
SHARE
TRANSACTIONS
Transactions
in
capital
shares
for
each
class
were
as
follows:
As
of
April
30,
2023,
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
04/30/23
Year
Ended
10/31/22
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
BlackRock
China
A
Opportunities
Fund
Institutional
Shares
sold
.............................................
300,916
$
4,156,932
626,133
$
10,017,051
Shares
issued
in
reinvestment
of
distributions
........................
5,355
73,952
17,966
344,038
Shares
redeemed
.........................................
(298,773)
(4,101,676)
(1,640,270)
(28,563,260)
7,498
$
129,208
(996,171)
$
(18,202,171)
Class
K
Shares
sold
.............................................
12,355
$
160,725
2,087
$
26,858
Shares
issued
in
reinvestment
of
distributions
........................
368
5,076
389
7,451
Shares
redeemed
.........................................
(2,078)
(27,589)
(3,473)
(46,923)
10,645
$
138,212
(997)
$
(12,614)
18,143
$
267,420
(997,168)
$
(18,214,785)
Institutional
.......................................................................................................
500,000
Class
K
.........................................................................................................
500,000
Statement
Regarding
Liquidity
Risk
Management
Program
25
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
SM
(the
"Trust")
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
BlackRock
China
A
Opportunities
Fund
(the
“Fund”),
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
the
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Fund,
met
on
November
8-9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
the
Fund’s
Program,
as
applicable.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
the
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
the
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
the
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
the
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
the
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
A
fund’s
derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
the
Fund’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
the
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
the
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V,
and
BlackRock
Floating
Rate
Loan
ETF,
a
series
of
BlackRock
ETF
Trust
II).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Additional
Information
2023
BlackRock
Semi-Annual
Report
to
Shareholders
26
General
Information
Quarterly
performance,
semi-annual
and
annual
reports,
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.
Householding
The
Fund
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports,
Rule
30e-3
notices
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Fund at
(800)
537-4942.
Availability
of
Quarterly
Schedule
of
Investments
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT is
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
the
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
blackrock.com/fundreports
.
Availability
of
Proxy
Voting
Policies,
Procedures and
Voting
Records
A
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
Fund
voted
proxies
relating
to
securities
held
in
the
Fund's
portfolio
during
the
most
recent
12-month
period
ended
June
30 is
available
without
charge,
upon
request (1)
by
calling
(800)
537-4942
;
(2)
on
the
BlackRock
website
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
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)
27
Additional
Information
BlackRock
Privacy
Principles
BlackRock
is
committed
to
maintaining
the
privacy
of
its
current
and
former
fund
investors
and
individual
clients
(collectively,
“Clients”)
and
to
safeguarding
their
non-public
personal
information.
The
following
information
is
provided
to
help
you
understand
what
personal
information
BlackRock
collects,
how
we
protect
that
information
and
why
in
certain
cases
we
share
such
information
with
select
parties.
If
you
are
located
in
a
jurisdiction
where
specific
laws,
rules
or
regulations
require
BlackRock
to
provide
you
with
additional
or
different
privacy-related
rights
beyond
what
is
set
forth
below,
then
BlackRock
will
comply
with
those
specific
laws,
rules
or
regulations.
BlackRock
obtains
or
verifies
personal
non-public
information
from
and
about
you
from
different
sources,
including
the
following:
(i)
information
we
receive
from
you
or,
if
applicable,
your
financial
intermediary,
on
applications,
forms
or
other
documents;
(ii)
information
about
your
transactions
with
us,
our
affiliates,
or
others;
(iii)
information
we
receive
from
a
consumer
reporting
agency;
and
(iv)
from
visits
to
our
websites.
BlackRock
does
not
sell
or
disclose
to
non-affiliated
third
parties
any
non-public
personal
information
about
its
Clients,
except
as
permitted
by
law
or
as
is
necessary
to
respond
to
regulatory
requests
or
to
service
Client
accounts.
These
non-affiliated
third
parties
are
required
to
protect
the
confidentiality
and
security
of
this
information
and
to
use
it
only
for
its
intended
purpose.
We
may
share
information
with
our
affiliates
to
service
your
account
or
to
provide
you
with
information
about
other
BlackRock
products
or
services
that
may
be
of
interest
to
you.
In
addition,
BlackRock
restricts
access
to
non-public
personal
information
about
its
Clients
to
those
BlackRock
employees
with
a
legitimate
business
need
for
the
information.
BlackRock
maintains
physical,
electronic
and
procedural
safeguards
that
are
designed
to
protect
the
non-public
personal
information
of
its
Clients,
including
procedures
relating
to
the
proper
storage
and
disposal
of
such
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
02116
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
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
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.
CHINA-4/23-SAR
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 Report to Stockholders filed under Item 1(a) 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 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 – 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 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 12 –
Disclosure of Securities Lending Activities for Closed-End Management Investment
Companies
– Not Applicable
Item 13 – Exhibits attached hereto
(a)(1) Code of Ethics – Not Applicable to this semi-annual report
(a)(2) Section 302 Certifications are attached
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
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
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Funds
Date: June 21, 2023
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
Date: June 21, 2023
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds
Date: June 21, 2023