UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-05742
 
Name of Fund: 
BlackRock Funds
SM
BlackRock China A Opportunities Fund
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds
SM
, 55 East 52nd Street, New York, NY 10055
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 10/31/2020
 
Date of reporting period: 10/31/2020
 
Item 1 – Report to Stockholders

 
October
31,
2020
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2020
Annual
Report
BlackRock
Funds
SM
BlackRock
China
A
Opportunities
Fund
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Fund’s
shareholder
reports
will
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longer
be
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mail,
unless
you
specifically
request
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copies
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intermediary,
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Instead,
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LLC,
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intermediary.
Please
note
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not
all
financial
intermediaries
may
offer
this
service.
Dear
Shareholder,
The
12-month
reporting
period
as
of
October
31,
2020
has
been
a
time
of
sudden
change
in
global
financial
markets,
as
the
emergence
and
spread
of
the
coronavirus
(or
“COVID-19”)
led
to
a
vast
disruption
in
the
global
economy
and
financial
markets.
Prior
to
the
outbreak
of
the
virus,
U.S.
equities
and
bonds
both
delivered
solid
returns,
despite
fears
and
doubts
about
the
economy
that
were
ultimately
laid
to
rest
with
unprecedented
monetary
stimulus
and
a
sluggish
yet
resolute
performance
from
the
U.S.
economy.
But
as
the
threat
from
the
coronavirus
became
more
apparent
throughout
February
and
March
2020,
countries
around
the
world
took
economically
disruptive
countermeasures.
Stay-at-home
orders
and
closures
of
non-essential
businesses
became
widespread,
many
workers
were
laid
off,
and
unemployment
claims
spiked,
causing
a
global
recession
and
a
sharp
fall
in
equity
prices.
After
markets
hit
their
lowest
point
of
the
reporting
period
in
late
March
2020,
a
steady
recovery
ensued,
as
businesses
began
to
re-open
and
governments
learned
to
adapt
to
life
with
the
virus.
Equity
prices
continued
to
rise
throughout
the
summer,
fed
by
strong
fiscal
and
monetary
support
and
improving
economic
indicators.
Many
equity
indices
neared
or
surpassed
all-time
highs
in
early
September
2020
before
retreating
amid
concerns
about
a
second
wave
of
infections.
In
the
United
States,
large-capitalization
stocks
advanced,
outperforming
small-capitalization
stocks,
which
declined
marginally
during
the
reporting
period.
International
equities
from
developed
economies
declined,
significantly
lagging
emerging
market
stocks,
which
rebounded
sharply.
During
the
market
downturn,
the
performance
of
different
types
of
fixed-income
securities
initially
diverged
due
to
a
reduced
investor
appetite
for
risk.
U.S.
Treasuries
benefited
from
the
risk-off
environment,
and
posted
solid
returns,
as
the
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
touched
an
all-time
low.
In
the
corporate
bond
market,
support
from
the
U.S.
Federal
Reserve
(the
“Fed”)
assuaged
credit
concerns
and
both
investment-grade
and
high-yield
bonds
recovered
to
post
positive
returns.
The
Fed
took
an
accommodative
monetary
stance
in
late
2019
to
support
slowing
economic
growth.
After
the
coronavirus
outbreak,
the
Fed
instituted
two
emergency
interest
rate
cuts,
pushing
short-term
interest
rates
close
to
zero.
To
stabilize
credit
markets,
the
Fed
also
implemented
a
new
bond-buying
program,
as
did
several
other
central
banks
around
the
world,
including
the
European
Central
Bank
and
the
Bank
of
Japan.
Looking
ahead,
while
coronavirus-related
disruptions
have
clearly
hindered
worldwide
economic
growth,
we
believe
that
the
global
expansion
is
likely
to
continue
as
economic
activity
resumes.
Several
risks
remain,
however,
including
a
potential
resurgence
of
the
coronavirus
amid
loosened
restrictions,
policy
fatigue
among
governments
already
deep
into
deficit
spending,
and
structural
damage
to
the
financial
system
from
lengthy
economic
interruptions.
Overall,
we
favor
a
moderately
positive
stance
toward
risk,
and
in
particular
toward
credit
given
the
extraordinary
central
bank
measures
taken
in
recent
months.
This
support
extends
beyond
investment-grade
corporates
and
into
high-yield,
leading
to
attractive
opportunities
in
that
end
of
the
market.
We
believe
that
international
diversification
and
a
focus
on
sustainability
can
help
provide
portfolio
resilience,
and
the
disruption
created
by
the
coronavirus
appears
to
be
accelerating
the
shift
toward
sustainable
investments.
We
remain
neutral
on
equities
overall
while
favoring
emerging
market
stocks
and
tilting
toward
the
quality
factor
for
its
resilience.
In
this
environment,
our
view
is
that
investors
need
to
think
globally,
extend
their
scope
across
a
broad
array
of
asset
classes,
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
October
31,
2020
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
13.29%
9.71%
U.S.
small
cap
equities
(Russell
2000
®
Index)
18.13
(0.14)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
8.57
(6.86)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
20.96
8.25
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.06
0.92
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(1.63)
8.92
U.S.
investment
grade
bonds
(Bloomberg
Barclays
U.S.
Aggregate
Bond
Index)
1.27
6.19
Tax-exempt
municipal
bonds
(S&P
Municipal
Bond
Index)
4.87
3.55
U.S.
high
yield
bonds
(Bloomberg
Barclays
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
10.73
3.42
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
7
Disclosure
of
Expenses
...................................................................................................
7
Derivative
Financial
Instruments
.............................................................................................
7
Financial
Statements:
Schedule
of
Investments
................................................................................................
8
Statement
of
Assets
and
Liabilities
..........................................................................................
12
Statement
of
Operations
................................................................................................
13
Statement
of
Changes
in
Net
Assets
.........................................................................................
14
Financial
Highlights
.....................................................................................................
15
Notes
to
Financial
Statements
..............................................................................................
17
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
24
Important
Tax
Information
.................................................................................................
25
Disclosure
of
Investment
Advisory
Agreement
.....................................................................................
26
Trustee
and
Officer
Information
..............................................................................................
29
Additional
Information
....................................................................................................
33
Fund
Summary
as
of
October
31,
2020
2020
BlackRock
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
12-month
period
ended
October
31,
2020,
the
Fund
outperformed
its
benchmark,
the
MSCI
China
A
Onshore
Index.
What
factors
influenced
performance?
The
period
was
characterized
by
a
high
degree
of
uncertainty
as
economies
started
to
come
out
of
lockdown
measures
from
earlier
in
the
spring
of
2020.
As
COVID-19
spread
from
Asia
to
the
rest
of
the
world,
the
region
became
the
first
to
re-open.
This
led
to
sizable
regional
differences
in
performance
as
Asia
emerging
markets,
notably
China,
were
able
to
get
the
virus
under
control
and
promote
a
stronger
economic
and
market
recovery.
The
Fund
navigated
this
environment
well,
as
stock
selection
insights
captured
the
evolving
landscape
with
broad
performance
strength.
Within
the
stock
selection
model,
fundamental
and
sentiment
insight
components
both
contributed
strongly
to
Fund
returns,
with
nearly
all
underlying
signals
and
metrics
being
additive.
On
balance,
insights
that
exhibit
trend-following
profiles
fared
better
over
the
period,
as
Chinese
A
shares
equities
(i.e.,
traded
in
the
renminbi
on
the
mainland
exchanges)
have
enjoyed
a
boom
in
both
domestic
retail
and
foreign
institutional
demand.
Defensive-oriented
quality
insights
helped
to
offset
slight
detractions
that
occurred
during
the
initial
COVID-19
induced
volatility
in
February
and
March
of
2020.
Markets
quickly
resumed
momentum
seeking
behavior,
which
was
conducive
to
the
model’s
sentiment
insight
exposures
that
seek
to
capture
such
emerging
trends.
In
sector
terms,
stock
selection
within
information
technology
(“IT”),
most
notably
across
software
and
services
companies,
was
one
of
the
top
contributors
over
the
period.
Within
the
consumer
discretionary
sector,
a
preference
for
automobiles
over
luxury
goods
and
leisure
was
a
positive
contributor.
This
tilt
was
driven
by
a
sentiment
analysis
that
picked
up
continued
strong
demand
for
domestically
branded
automobiles,
while
leisure
travel
and
hotel
spending
waned
year
over
year
due
to
various
travel
restrictions
amid
the
pandemic.
Sentiment
and
alternative
data-driven
fundamental
insights
also
correctly
identified
several
alcohol
beverage
and
food
producer
stocks,
which
were
buoyed
by
relentless
demand
from
retail
Chinese
investors.
The
Fund’s
selection
and
positioning
across
the
health
care
sector
detracted
from
relative
performance.
The
model
was
less
effective
within
pharmaceuticals
as
massive
flows
chased
companies
associated
with
COVID-19
vaccine
and
treatment
developments,
running
against
the
Fund’s
underweight
position.
The
Fund’s
positioning
within
financials
marginally
detracted
as
well.
A
defensive
underweight
across
banks
due
to
expected
large
non-performing
loan
provisions
was
wrongfooted
as
bank
results
were
buoyed
by
elevated
trading
volume.
However,
an
overweight
in
pure
brokerages
and
asset
managers
helped
to
offset
most
of
these
losses.
Describe
recent
portfolio
activity.
The
Fund
seeks
to
pursue
its
investment
objective
by
investing
in
equity
securities
in
a
disciplined
manner,
by
using
proprietary
return
forecast
models
that
incorporate
quantitative
analysis.
These
forecast
models
are
designed
to
identify
aspects
of
mispricing
across
stocks
which
the
Fund
can
seek
to
capture
by
over-
and
under-weighting
particular
equities
while
seeking
to
control
incremental
risk.
BlackRock
Advisors,
LLC,
the
Fund’s
investment
adviser,
then
constructs
and
rebalances
the
portfolio
by
integrating
its
investment
insights
with
the
model-based
optimization
process.
After
running
at
the
top
end
of
the
Fund’s
active
risk
range
due
to
a
favorable
market
backdrop
and
strong
model
efficacy,
the
Fund
reduced
its
tracking
error
late
in
the
period.
In
terms
of
risk
budgeting
within
its
stock
selection
model,
the
Fund
continues
to
retain
a
balanced
approach
across
fundamental
and
sentiment
insights.
Describe
portfolio
positioning
at
period
end.
At
the
end
of
the
period,
the
Fund’s
largest
sector
overweight
positions
were
in
IT,
health
care
and
industrials,
while
materials,
consumer
staples
and
utilities
were
notable
underweights.
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
October
31,
2020
(continued)
5
Fund
Summary
BlackRock
China
A
Opportunities
Fund
Total
Return
Based
on
a
$10,000
Investment
Performance
Summary
for
the
Period
Ended
October
31,
2020
(a)
Commencement
of
operations.
(b)
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.
(c)
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
MSCI
China
A
Onshore
Index.
(d)
The
index
captures
large
and
mid-cap
representation
across
China
securities
listed
on
the
Shanghai
Stock
Exchange
and
Shenzhen
Stock
Exchange.
Average
Annual
Total
Returns
(a)
6-Month
Total
Returns
1
Year
Since
Inception
(b)
Institutional
..................................................................................
3
5
.
6
5‌%
4
1
.5
3‌
%
41.73‌
%
Class
K
....................................................................................
3
5.65‌
4
1
.
45‌
41.
74‌
MSCI
China
A
Onshore
Index
...............................................
27.47‌
32.35‌
33.69‌
(a)
See
“About
Fund
Performance”
on
page
7
for
a
detailed
description
of
share
classes,
including
any
related
fees.
(b)
The
Fund
commenced
operations
on
December
27,
2018.
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.
Fund
Summary
as
of
October
31,
2020
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
6
BlackRock
China
A
Opportunities
Fund
Overview
of
the
Fund’s
Total
Investments
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Net
Assets
Financials
.......................................
21‌
%
Information
Technology
..............................
18‌
Industrials
.......................................
13‌
Consumer
Staples
.................................
13‌
Health
Care
.....................................
12‌
Consumer
Discretionary
.............................
9‌
Real
Estate
......................................
4‌
Materials
.......................................
3‌
Energy
.........................................
2‌
Communication
Services
.............................
2‌
Utilities
.........................................
1‌
Short-Term
Securities
...............................
1‌
Other
Assets
Less
Liabilities
..........................
1‌
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.
TEN
LARGEST
HOLDINGS
Security
(a)
Percent
of
Net
Assets
BYD
Co.
Ltd.,
Class
A
...............................
3‌
%
Kweichow
Moutai
Co.
Ltd.,
Class
A
......................
3‌
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
........
3‌
Industrial
Bank
Co.
Ltd.,
Class
A
........................
3‌
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
..........
3‌
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
............
3‌
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
..........
3‌
Wuliangye
Yibin
Co.
Ltd.,
Class
A
.......................
2‌
Jiangsu
Hengrui
Medicine
Co.
Ltd.,
Class
A
................
2‌
New
China
Life
Insurance
Co.
Ltd.,
Class
A
................
2‌
(a)
Excludes
short-term
investments.
About
Fund
Performance
7
About
Fund
Performance
/
Disclosure
of
Expenses
/
Derivative
Financial
Instruments
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
tables
on the
previous
page(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
and/or
reimbursement,
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,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
example
shown below
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
on May
1,
2020 and
held
through
October
31,
2020)
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.
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.
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.
Actual
Hypothetical
(a)
Beginning
Account
Value
(05/01/20)
Ending
Account
Value
(10/
31/20)
Expenses
Paid
During
the
Period
(b)
Beginning
Account
Value
(05/01/20)
Ending
Account
Value
(10/31/20)
Expenses
Paid
During
the
Period
(b)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00
$
1,356.50
$
5.75
$
1,000.00
$
1,020.26
$
4.93
0.97%
Class
K
..................................
1,000.00
1,356.50
5.57
1,000.00
1,020.41
4.77
0.94
(a)
Hypothetical
5%
annual
return
before
expenses
is
calculated
by
prorating
the
number
of
days
in
the
most
recent
fiscal
half
year
divided
by
366.
(b)
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
184/366
(to
reflect
the
one-half
year
period
shown).
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
China
A
Opportunities
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
October
31,
2020
Security
Shares
Shares
Value
Common
Stocks
—
98.7%
Aerospace
&
Defense
—
0.9%
Avicopter
plc,
Class
A
................
4,895
$
36,676
China
Avionics
Systems
Co.
Ltd.,
Class
A
..
63,600
153,069
189,745
Airlines
—
0.7%
China
Express
Airlines
Co.
Ltd.,
Class
A
...
80,100
139,317
Auto
Components
—
1.1%
Anhui
Zhongding
Sealing
Parts
Co.
Ltd.,
Class
A
...........................
50,800
83,950
Bethel
Automotive
Safety
Systems
Co.
Ltd.,
Class
A
.......................
25,400
133,025
Ningbo
Xusheng
Auto
Technology
Co.
Ltd.,
Class
A
(a)
......................
2,300
14,291
231,266
Automobiles
—
4.4%
BYD
Co.
Ltd.,
Class
A
................
29,200
697,085
Great
Wall
Motor
Co.
Ltd.,
Class
A
.......
74,400
264,436
961,521
Banks
—
8.4%
Bank
of
Communications
Co.
Ltd.,
Class
A
..
143,000
96,815
Bank
of
Guiyang
Co.
Ltd.,
Class
A
.......
50,000
57,055
Bank
of
Jiangsu
Co.
Ltd.,
Class
A
........
81,200
72,963
Bank
of
Suzhou
Co.
Ltd.,
Class
A
........
9,800
10,929
China
Everbright
Bank
Co.
Ltd.,
Class
A
...
360,700
211,384
China
Merchants
Bank
Co.
Ltd.,
Class
A
...
68,800
409,649
China
Minsheng
Banking
Corp.
Ltd.,
Class
A
363,992
287,280
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
.......................
37,500
25,067
Industrial
Bank
Co.
Ltd.,
Class
A
.........
226,900
603,976
Jiangsu
Zijin
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
.......................
88,400
52,021
1,827,139
Beverages
—
8.5%
Anhui
Yingjia
Distillery
Co.
Ltd.,
Class
A
....
7,100
24,504
Kweichow
Moutai
Co.
Ltd.,
Class
A
.......
2,579
644,716
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
.......................
18,996
639,568
Wuliangye
Yibin
Co.
Ltd.,
Class
A
........
14,600
534,110
1,842,898
Biotechnology
—
1.3%
Beijing
SL
Pharmaceutical
Co.
Ltd.,
Class
A
.
26,100
43,508
Chongqing
Zhifei
Biological
Products
Co.
Ltd.,
Class
A
.......................
300
7,189
Hualan
Biological
Engineering,
Inc.,
Class
A
.
13,919
106,679
Jinyu
Bio-Technology
Co.
Ltd.,
Class
A
....
36,393
128,964
Walvax
Biotechnology
Co.
Ltd.,
Class
A
....
500
3,731
290,071
Building
Products
—
0.1%
ZBOM
Home
Collection
Co.
Ltd.,
Class
A
...
4,500
25,182
Capital
Markets
—
6.2%
China
Merchants
Securities
Co.
Ltd.,
Class
A
117,000
362,228
East
Money
Information
Co.
Ltd.,
Class
A
...
13,920
48,795
First
Capital
Securities
Co.
Ltd.,
Class
A
...
98,797
146,962
Guotai
Junan
Securities
Co.
Ltd.,
Class
A
..
120,223
331,488
Huatai
Securities
Co.
Ltd.,
Class
A
.......
151,300
461,627
1,351,100
Security
Shares
Shares
Value
Chemicals
—
1.4%
Beijing
Sanju
Environmental
Protection
and
New
Material
Co.
Ltd.,
Class
A
........
8,900
$
9,756
Rianlon
Corp.,
Class
A
...............
7,200
37,195
Valiant
Co.
Ltd.,
Class
A
..............
15,700
41,059
Weihai
Guangwei
Composites
Co.
Ltd.,
Class
A
10,600
104,798
Zhejiang
Jinke
Culture
Industry
Co.
Ltd.,
Class
A
(a)
..........................
178,400
112,586
305,394
Commercial
Services
&
Supplies
—
0.7%
Focused
Photonics
Hangzhou,
Inc.,
Class
A
(a)
15,300
30,983
Shanghai
M&G
Stationery,
Inc.,
Class
A
....
10,400
125,004
155,987
Communications
Equipment
—
2.9%
Addsino
Co.
Ltd.,
Class
A
.............
42,900
129,169
Hytera
Communications
Corp.
Ltd.,
Class
A
(a)
80,200
85,542
Shenzhen
Sunway
Communication
Co.
Ltd.,
Class
A
.......................
49,200
349,930
Tianjin
712
Communication
&
Broadcasting
Co.
Ltd.,
Class
A
....................
11,100
71,519
636,160
Construction
&
Engineering
—
1.6%
China
Railway
Group
Ltd.,
Class
A
.......
393,800
316,422
Shenzhen
Techand
Ecology
&
Environment
Co.
Ltd.,
Class
A
(a)
...................
52,600
28,188
344,610
Construction
Materials
—
1.0%
Gansu
Qilianshan
Cement
Group
Co.
Ltd.,
Class
A
.......................
91,200
197,637
Guangdong
Tapai
Group
Co.
Ltd.,
Class
A
..
9,000
17,701
215,338
Diversified
Financial
Services
—
1.4%
Oceanwide
Holdings
Co.
Ltd.,
Class
A
.....
504,800
310,766
Electrical
Equipment
—
2.7%
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
.......................
1,905
70,002
Ming
Yang
Smart
Energy
Group
Ltd.,
Class
A
56,900
138,068
Shanghai
Electric
Group
Co.
Ltd.,
Class
A
(a)
.
95,700
70,753
Shenzhen
Megmeet
Electrical
Co.
Ltd.,
Class
A
7,500
37,773
Sieyuan
Electric
Co.
Ltd.,
Class
A
........
52,500
168,114
Zhejiang
Wanma
Co.
Ltd.,
Class
A
.......
83,700
98,599
583,309
Electronic
Equipment,
Instruments
&
Components
—
6.2%
AVIC
Jonhon
Optronic
Technology
Co.
Ltd.,
Class
A
.......................
21,600
179,111
BOE
Technology
Group
Co.
Ltd.,
Class
A
...
398,500
282,422
GoerTek
,
Inc.,
Class
A
...............
55,730
378,447
Lens
Technology
Co.
Ltd.,
Class
A
.......
13,300
66,661
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
31,745
260,167
Telling
Telecommunication
Holding
Co.
Ltd.,
Class
A
.......................
44,800
45,948
Zhuzhou
Hongda
Electronics
Corp.
Ltd.,
Class
A
...........................
16,500
118,691
1,331,447
Energy
Equipment
&
Services
—
0.6%
Yantai
Jereh
Oilfield
Services
Group
Co.
Ltd.,
Class
A
.......................
32,800
131,580
Entertainment
—
1.4%
Beijing
Enlight
Media
Co.
Ltd.,
Class
A
....
5,000
9,093
G-bits
Network
Technology
Xiamen
Co.
Ltd.,
Class
A
.......................
800
56,478
BlackRock
China
A
Opportunities
Fund
Schedule
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2020
Security
Shares
Shares
Value
Entertainment
(continued)
Wuhan
DDMC
Culture
&
Sports
Co.
Ltd.,
Class
A
(a)
..........................
122,900
$
117,734
Wuhu
Sanqi
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.,
Class
A
....
21,535
95,518
Zhejiang
Huace
Film
&
TV
Co.
Ltd.,
Class
A
.
15,100
16,562
295,385
Food
&
Staples
Retailing
—
0.2%
Chengdu
Hongqi
Chain
Co.
Ltd.,
Class
A
...
31,900
37,045
Food
Products
—
4.7%
Chacha
Food
Co.
Ltd.,
Class
A
..........
21,186
188,358
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
.......................
22,680
543,119
Fujian
Sunner
Development
Co.
Ltd.,
Class
A
13,300
43,903
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.,
Class
A
.................
9,698
72,536
Muyuan
Foods
Co.
Ltd.,
Class
A
.........
10,030
106,429
Sanquan
Food
Co.
Ltd.,
Class
A
.........
14,000
64,543
1,018,888
Health
Care
Equipment
&
Supplies
—
1.5%
Jafron
Biomedical
Co.
Ltd.,
Class
A
.......
7,790
92,470
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co.
Ltd.,
Class
A
.................
19,365
89,454
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
....................
2,600
150,588
332,512
Health
Care
Providers
&
Services
—
2.9%
China
National
Accord
Medicines
Corp.
Ltd.,
Class
A
.......................
33,020
245,701
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
A
.......................
70,400
210,019
Topchoice
Medical
Corp.,
Class
A
(a)
.......
5,200
175,351
631,071
Hotels,
Restaurants
&
Leisure
—
0.4%
Guangzhou
Restaurant
Group
Co.
Ltd.,
Class
A
7,400
40,976
Shenzhen
Overseas
Chinese
Town
Co.
Ltd.,
Class
A
.......................
48,300
47,416
88,392
Household
Durables
—
3.1%
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
...........................
5,215
45,746
Guangdong
Xinbao
Electrical
Appliances
Holdings
Co.
Ltd.,
Class
A
...........
14,400
95,467
Oppein
Home
Group,
Inc.,
Class
A
.......
14,417
265,232
Suofeiya
Home
Collection
Co.
Ltd.,
Class
A
.
60,570
255,843
662,288
Independent
Power
and
Renewable
Electricity
Producers
—
0.8%
Huaneng
Power
International,
Inc.,
Class
A
.
247,900
181,033
Insurance
—
5.2%
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
A
...........................
3,000
14,336
New
China
Life
Insurance
Co.
Ltd.,
Class
A
.
52,172
501,734
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
.......................
51,400
598,507
1,114,577
IT
Services
—
0.4%
Richinfo
Technology
Co.
Ltd.,
Class
A
.....
24,900
82,959
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
—
2.4%
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
A
...........................
1,600
$
29,735
Joinn
Laboratories
China
Co.
Ltd.,
Class
A
..
16,100
253,590
WuXi
AppTec
Co.
Ltd.,
Class
A
..........
13,482
227,877
511,202
Machinery
—
6.5%
Han's
Laser
Technology
Industry
Group
Co.
Ltd.,
Class
A
....................
21,475
129,369
Sany
Heavy
Industry
Co.
Ltd.,
Class
A
.....
33,100
128,705
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
...........................
56,486
543,319
Weichai
Power
Co.
Ltd.,
Class
A
.........
93,898
212,613
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
A
.........
357,681
396,326
1,410,332
Media
—
0.2%
Guangdong
South
New
Media
Co.
Ltd.,
Class
A
2,700
35,020
Oriental
Pearl
Group
Co.
Ltd.,
Class
A
.....
11,000
15,117
50,137
Metals
&
Mining
—
0.6%
Jiangsu
Dingsheng
New
Energy
Materials
Co.
Ltd.,
Class
A
....................
35,800
64,959
Nanjing
Iron
&
Steel
Co.
Ltd.,
Class
A
.....
53,700
23,946
Shandong
Humon
Smelting
Co.
Ltd.,
Class
A
5,000
10,410
Shengda
Resources
Co.
Ltd.,
Class
A
.....
6,154
12,779
Tibet
Summit
Resources
Co.
Ltd.,
Class
A
(a)
.
7,400
8,878
120,972
Oil,
Gas
&
Consumable
Fuels
—
1.2%
PetroChina
Co.
Ltd.,
Class
A
...........
422,900
257,418
Paper
&
Forest
Products
—
0.0%
Shandong
Chenming
Paper
Holdings
Ltd.,
Class
A
.......................
5,600
4,409
Pharmaceuticals
—
4.3%
Changchun
High
&
New
Technology
Industry
Group,
Inc.,
Class
A
...............
5,600
313,978
China
Resources
Double
Crane
Pharmaceutical
Co.
Ltd.,
Class
A
......
12,900
24,313
Jiangsu
Hengrui
Medicine
Co.
Ltd.,
Class
A
.
38,928
518,053
Jiangzhong
Pharmaceutical
Co.
Ltd.,
Class
A
33,840
58,514
Shijiazhuang
Yiling
Pharmaceutical
Co.
Ltd.,
Class
A
.......................
2,500
9,958
Zhejiang
Jingxin
Pharmaceutical
Co.
Ltd.,
Class
A
.......................
4,000
7,137
931,953
Professional
Services
—
0.4%
Centre
Testing
International
Group
Co.
Ltd.,
Class
A
.......................
18,397
74,226
Real
Estate
Management
&
Development
—
3.7%
China
Union
Holdings
Ltd.,
Class
A
.......
77,280
48,277
China
Vanke
Co.
Ltd.,
Class
A
..........
53,099
219,089
Poly
Developments
and
Holdings
Group
Co.
Ltd.,
Class
A
....................
171,500
394,483
Shenzhen
World
Union
Group,
Inc.,
Class
A
.
23,100
18,506
Shenzhen
Zhenye
Group
Co.
Ltd.,
Class
A
..
133,500
114,349
794,704
Semiconductors
&
Semiconductor
Equipment
—
3.6%
Changsha
Jingjia
Microelectronics
Co.
Ltd.,
Class
A
.......................
15,400
139,817
Gigadevice
Semiconductor
Beijing,
Inc.,
Class
A
...........................
1,960
57,007
2020
BlackRock
Annual
Report
to
Shareholders
BlackRock
China
A
Opportunities
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(continued)
October
31,
2020
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.
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
.......................
42,500
$
483,493
SG
Micro
Corp.,
Class
A
..............
1,200
48,837
Shenzhen
Goodix
Technology
Co.
Ltd.,
Class
A
2,300
59,176
788,330
Software
—
4.6%
Beijing
SuperMap
Software
Co.
Ltd.,
Class
A
4,800
14,916
Glodon
Co.
Ltd.,
Class
A
..............
39,600
421,849
Hundsun
Technologies,
Inc.,
Class
A
......
30,306
422,466
Iflytek
Co.
Ltd.,
Class
A
...............
9,100
51,860
Sangfor
Technologies,
Inc.,
Class
A
......
2,900
82,470
993,561
Specialty
Retail
—
0.4%
Shanghai
Yuyuan
Tourist
Mart
Group
Co.
Ltd.,
Class
A
.......................
62,100
80,566
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Inspur
Electronic
Information
Industry
Co.
Ltd.,
Class
A
.......................
6,300
28,784
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
—
0.0%
Xiamen
C
&
D,
Inc.,
Class
A
...........
5,097
$
6,388
Total
Common
Stocks
—
98.7%
(Cost:
$14,582,867)
..............................
21,369,962
Total
Long-Term
Investments
—
98.7%
(Cost:
$14,582,867)
..............................
21,369,962
Short-Term
Securities
—
0.6%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
(b)*
..................
137,928
137,928
Total
Short-Term
Securities
—
0.6%
(Cost:
$137,928)
................................
137,928
Total
Investments
—
99.3%
(Cost:
$14,720,795
)
..............................
21,507,890
Other
Assets
Less
Liabilities
—
0.7%
...................
143,841
Net
Assets
—
100.0%
..............................
$
21,651,731
(a)
Non-income
producing
security.
(b)
Annualized
7-day
yield
as
of
period
end.
*
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
October
31,
2020
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/31/19
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/20
Shares
Held
at
10/31/20
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
—
$
137,928
$
—
$
—
$
—
$
137,928
137,928
$
934
$
—
(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.
For
the
year
ended
October
31,
2020,
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
.......................
$
—
$
—
$
(30,175)
$
—
$
—
$
—
$
(30,175)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts:
Average
notional
value
of
contracts
—
long
..................................................................................
$
—
(a)
(a)
Derivative
not
held
at
any
quarter-end.
The
risk
exposure
table
serves
as
an
indicator
of
activity
during
the
period.
BlackRock
China
A
Opportunities
Fund
Schedule
of
Investments
11
Schedule
of
Investments
(continued)
October
31,
2020
See
notes
to
financial
statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
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
investments
categorized
in
the
disclosure
hierarchy.
The
breakdown
of
the
Fund's
investments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets:
Investments:
Long-Term
Investments
......................................
$
—
$
21,369,962
$
—
$
21,369,962
Short-Term
Securities
.......................................
137,928
—
—
137,928
$
137,928
$
21,369,962
$
—
$
21,507,890
Statement
of
Assets
and
Liabilities

October
31,
2020
2020
BlackRock
Annual
Report
to
Shareholders
12
See
notes
to
financial
statements.
BlackRock
China
A
Opportunities
Fund
ASSETS
Investments
at
value
—
unaffiliated
(cost
—
$14,582,867)
..............................................................................
$
21,369,962‌
Investments
at
value
—
affiliated
(cost
—
$137,928)
..................................................................................
137,928‌
Foreign
currency
at
value
(cost
—
$33,643)
........................................................................................
33,862‌
Receivables:
–‌
Capital
shares
sold
.......................................................................................................
1,496‌
Dividends
—
affiliated
.....................................................................................................
4‌
From
the
Manager
.......................................................................................................
14,642‌
Investment
adviser
.......................................................................................................
22‌
From
affiliate(s)
.........................................................................................................
190,708‌
Variation
margin
on
futures
contracts
...........................................................................................
4‌
Prepaid
expenses
.........................................................................................................
11,843‌
Total
assets
.............................................................................................................
21,760,471‌
LIABILITIES
Payables:
–‌
Accounting
services
fees
...................................................................................................
15,191‌
Administration
fees
.......................................................................................................
213‌
Custodian
fees
..........................................................................................................
16,035‌
Trustees'
and
Officer's
fees
.................................................................................................
84‌
Professional
fees
........................................................................................................
69,341‌
Other
accrued
expenses
...................................................................................................
7,876‌
Total
liabilities
............................................................................................................
108,740‌
NET
ASSETS
............................................................................................................
$
21,651,731‌
NET
ASSETS
CONSIST
OF
Paid-in
capital
............................................................................................................
$
13,814,243‌
Accumulated
earnings
......................................................................................................
7,837,488‌
NET
ASSETS
............................................................................................................
$
21,651,731‌
NET
ASSET
VALUE
Institutional
—
Based
on
net
assets
of
$12,924,674
and
770,087
shares
outstanding,
unlimited
number
of
shares
authorized,
$0.001
par
value
....................
$
16.78‌
Class
K
—
Based
on
net
assets
of
$8,727,057
and
519,992
shares
outstanding,
unlimited
number
of
shares
authorized,
$0.001
par
value
........................
$
16.78‌
Statement
of
Operations

Year
Ended
October
31,
2020
13
Financial
Statements
See
notes
to
financial
statements.
BlackRock
China
A
Opportunities
Fund
INVESTMENT
INCOME
Dividends
—
affiliated
.....................................................................................................
$
934‌
Dividends
—
unaffiliated
...................................................................................................
322,793‌
Foreign
taxes
withheld
....................................................................................................
(32,608‌)
Total
investment
income
.....................................................................................................
291,119‌
EXPENSES
Investment
advisory
......................................................................................................
126,226‌
Professional
...........................................................................................................
64,787‌
Accounting
services
......................................................................................................
45,155‌
Registration
...........................................................................................................
38,577‌
Offering
..............................................................................................................
37,127‌
Pricing
...............................................................................................................
30,240‌
Custodian
.............................................................................................................
28,261‌
Printing
and
postage
.....................................................................................................
27,261‌
Trustees
and
Officer
......................................................................................................
10,214‌
Administration
.........................................................................................................
7,153‌
Administration
—
class
specific
..............................................................................................
3,366‌
Transfer
agent
—
class
specific
..............................................................................................
1,330‌
Miscellaneous
..........................................................................................................
7,282‌
Total
expenses
...........................................................................................................
426,979‌
Less:
–‌
Administration
fees
waived
—
class
specific
......................................................................................
(1,440‌)
Fees
waived
and/or
reimbursed
by
the
Manager
...................................................................................
(264,088‌)
Transfer
agent
fees
waived
and/or
reimbursed
—
class
specific
.........................................................................
(206‌)
Total
expenses
after
fees
waived
and/or
reimbursed
..................................................................................
161,245‌
Net
investment
income
......................................................................................................
129,874‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
6,010,850‌
Net
realized
gain
(loss)
from:
$
–‌
Investments
—
unaffiliated
...............................................................................................
864,684‌
Foreign
currency
transactions
.............................................................................................
(78,719‌)
Futures
contracts
......................................................................................................
(30,175‌)
Payment
by
affiliate
....................................................................................................
190,658‌
A
946,448‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...............................................................................................
5,065,927‌
Foreign
currency
translations
..............................................................................................
(1,524‌)
A
5,064,403‌
Net
realized
and
unrealized
gain
...............................................................................................
6,010,851‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
......................................................................
$
6,140,725‌
Statement
of
Changes
in
Net
Assets

2020
BlackRock
Annual
Report
to
Shareholders
14
See
notes
to
financial
statements.
BlackRock
China
A
Opportunities
Fund
Year
Ended
10/31/20
Period
from
12/27/18
(a)
to
10/31/19
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
129,874‌
$
211,703‌
Net
realized
gain
..................................................................................
946,448‌
1,612,103‌
Net
change
in
unrealized
appreciation
....................................................................
5,064,403‌
1,722,911‌
Net
increase
in
net
assets
resulting
from
operations
.............................................................
6,140,725‌
3,546,717‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Institutional
....................................................................................
(1,053,033‌)
—‌
Class
K
.......................................................................................
(849,377‌)
—‌
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(1,902,410‌)
—‌
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
1,920,342‌
11,946,357‌
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
6,158,657‌
15,493,074‌
Beginning
of
period
..................................................................................
15,493,074‌
—‌
End
of
period
......................................................................................
$
21,651,731‌
$
15,493,074‌
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
15
Financial
Highlights
BlackRock
China
A
Opportunities
Fund
Institutional
Year
Ended
10/31/2020
Period
from
12/27/18
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
.........................................................................
$
13.44‌
$
10.00‌
Net
investment
income
(b)
.................................................................................
0.11‌
0.20‌
Net
realized
and
unrealized
gain
...........................................................................
4.87‌
3.24‌
Net
increase
from
investment
operations
........................................................................
4.98‌
3.44‌
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
(0.42‌)
—‌
From
net
realized
gain
...................................................................................
(1.22‌)
—‌
Total
distributions
.......................................................................................
(1.64‌)
—‌
Net
asset
value,
end
of
period
..............................................................................
$
16.78‌
$
13.44‌
Total
Return
(d)
40.35%
34.40%
Based
on
net
asset
value
..................................................................................
41.53%
(e)
34.40%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
2.53%
3.31%
(g)(h)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.97%
0.96%
(h)(
i
)
Net
investment
income
...................................................................................
0.78%
1.85%
(h)(
i
)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
12,925‌
$
8,592‌
Portfolio
turnover
rate
....................................................................................
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)
Includes
payment
from
an
affiliate,
which
impacted
the
Fund's
total
return.
Excluding
the
payment
from
an
affiliate,
the
Fund's
total
return
is
40.35%.
(f)
Aggregate
total
return.
(g)
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%.
(h)
Annualized.
(i)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2020
BlackRock
Annual
Report
to
Shareholders
16
BlackRock
China
A
Opportunities
Fund
Class
K
Year
Ended
10/31/2020
Period
from
12/27/18
(a)
to
10/31/19
Net
asset
value,
beginning
of
period
.........................................................................
$
13.45‌
$
10.00‌
Net
investment
income
(b)
.................................................................................
0.10‌
0.19‌
Net
realized
and
unrealized
gain
...........................................................................
4.87‌
3.26‌
Net
increase
from
investment
operations
........................................................................
4.97‌
3.45‌
Distributions
(c)
–
–
From
net
investment
income
..............................................................................
(0.42‌)
—‌
From
net
realized
gain
...................................................................................
(1.22‌)
—‌
Total
distributions
.......................................................................................
(1.64‌)
—‌
Net
asset
value,
end
of
period
..............................................................................
$
16.78‌
$
13.45‌
Total
Return
(d)
40.19%
34.50%
Based
on
net
asset
value
..................................................................................
41.45%
(e)
34.50%
(f)
Ratios
to
Average
Net
Assets
Total
expenses
.........................................................................................
2.54%
3.36%
(g)(h)(
i
)
Total
expenses
after
fees
waived
and/or
reimbursed
................................................................
0.94%
0.94%
(h)(
i
)
Net
investment
income
...................................................................................
0.76%
1.81%
(h)(
i
)
Supplemental
Data
Net
assets,
end
of
period
(000)
..............................................................................
$
8,727‌
$
6,901‌
Portfolio
turnover
rate
....................................................................................
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)
Includes
payment
from
an
affiliate,
which
impacted
the
Fund's
total
return.
Excluding
the
payment
from
an
affiliate,
the
Fund's
total
return
is
40.19%.
(f)
Aggregate
total
return.
(g)
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%.
(h)
Annualized.
(i)
Excludes
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds
of
0.01%.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
17
Notes
to
Financial
Statements
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
non-
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
equity,
multi-asset,
index
and
money
market
funds
referred
to
as
the
BlackRock
Multi-Asset
Complex.
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
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
date.
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
October
31,
2020
,
if
any,
are
disclosed
in
the Statement
of
Assets
and
Liabilities.
Segregation
and
Collateralization:
In
cases
where
the
Fund
enters
into
certain
investments
(e.g.,
futures
contracts)
that
would
be
treated
as
“senior
securities”
for
1940
Act
purposes,
the
Fund
may
segregate
or
designate
on
its
books
and
records
cash
or
liquid
assets
having
a
market
value
at
least
equal
to
the
amount
of
its
future
obligations
under
such
investments.
Doing
so
allows
the
investment
to
be
excluded
from
treatment
as
a
“senior
security.”
Furthermore,
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
or
obligations.
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.  
Offering
Costs:
Offering
costs
are
amortized
over
a
12-month
period
beginning
with
the
commencement
of
operations
of
a
class
of
shares.
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
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
18
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
the
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
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
policies
approved
by
the
Board
of
Trustees
of
the
Trust
(the
“Board”).
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
a
policy
approved
by
the
Board
as
reflecting
fair
value.
The
BlackRock
Global
Valuation
Methodologies
Committee
(the
“Global
Valuation
Committee”)
is
the
committee
formed
by
management
to
develop
global
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments.
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.  
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
Fund's
listing
exchange.
Occasionally,
events
affecting
the
values
of
such
instruments
may
occur
between
the
foreign
market
close
and
the
close
of
trading
on
the Fund's
listing
exchange that
may
not
be
reflected
in
the
computation
of
the
Fund’s
net
assets.
Each
business
day,
the
Fund
uses
a
pricing
service
to
assist
with
the
valuation
of
certain
foreign
exchange-traded
equity
securities
and
foreign
exchange-traded
and
over-the-counter
("OTC")
options
(the
“Systematic
Fair
Value
Price”).
Using
current
market
factors,
the
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
and
foreign
options
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets. 
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
price
on
the
exchange
where
the
contract
is
traded.
If
events
(e.g.,
a
market
closure,
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
the
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
Global
Valuation
Committee,
or
its
delegate,
in
accordance
with
a
policy
approved
by
the
Board
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Global
Valuation
Committee
will
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
Global
Valuation
Committee,
or
its
delegate,
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
Global
Valuation
Committee,
or
its
delegate,
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
The
pricing
of
all
Fair
Valued
Investments
is
subsequently
reported
to
the
Board
or
a
committee
thereof
on
a
quarterly
basis.
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) 
Level
3 —
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Global
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
Global
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.
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
OTC.
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).
Notes
to
Financial
Statements
(continued)
19
Notes
to
Financial
Statements
Futures
contracts
are
exchange-traded agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest,
foreign
currency
exchange
rates
or
underlying
assets.
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
year
ended
October
31,
2020,
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
year ended October
31,
2020,
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 year
ended
October
31,
2020,
the
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statement
of
Operations:
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$1
Billion
.........................................................................................................
0.75%
$1
Billion
-
$3
Billion
.....................................................................................................
0.71
Greater
than
$3
Billion
...................................................................................................
0.68
Average
Daily
Net
Assets
Administration
Fees
First
$500
Million
0.0425
%
$500
Million
-
$1
Billion
0.0400
$1
Billion
-
$2
Billion
0.0375
$2
Billion
-
$4
Billion
0.0350
$4
Billion
-
$13
Billion
0.0325
Greater
than
$13
Billion
0.0300
Institutional
.......................................................................................................
$
1,925‌
Class
K
.........................................................................................................
1,441‌
$
3,366‌
Institutional
....................................................................................................
$
76‌
Class
K
......................................................................................................
36‌
$
112‌
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
20
For
the
year ended
October
31,
2020,
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
February
28,
2021.
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
limitations
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
Prior
to
February
28,
2020,
this
waiver
was
voluntary.
This
amount
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
For
the
year
ended
October
31,
2020,
the
amount
waived
was
$
75.
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,
affiliated
and
exchange-traded
funds
that
have
a
contractual
management
fee
through
February
28,
2021.
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
year
ended
October
31,
2020,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
arrangement.
The
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
these
contractual
expense
limitations
through
February
28,
2021,
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
year
ended
October
31,
2020,
the
Manager
waived
and/or
reimbursed
$264,013,
which
is
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statement
of
Operations.
These
amounts
waived
and/or
reimbursed
are
included
in administration
fees
waived
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
—
class
specific,
respectively,
in
the
Statement
of
Operations.
For
the
year ended
October
31,
2020,
class
specific
expense
waivers
and/or
reimbursements were
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
October
31,
2020,
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
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. 
Institutional
.......................................................................................................
$
1,124‌
Class
K
.........................................................................................................
206‌
$
1,330‌
Institutional
..........................................................................................................
0.99‌%
Class
K
............................................................................................................
0.94‌
Administration
Fees
Waived
Class
K
.........................................................................................................
$
1,440‌
Transfer
Agent
Fees
Waived
and/or
Reimbursed
Class
K
.......................................................................................................
$
206‌
Expiring
October
31,
2021
2022
Fund
Level
......................................................................................
$
287,587‌
$
264,01
3‌
Class
K
.........................................................................................
1,158‌
1,64
6‌
Notes
to
Financial
Statements
(continued)
21
Notes
to
Financial
Statements
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
year
ended
October
31,
2020,
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. 
Other
Transactions:
During
the 
year
ended
October
31,
2020
, 
the
Fund
recorded
a
reimbursement
of
$190,658
from
an
affiliate,
which
is
included
in
payment
by
affiliate
in
the
Statement
of
Operations,
related
to
an
operating
event.
PURCHASES
AND
SALES 
For
the year
ended
October
31,
2020,
purchases
and
sales
of
investments,
excluding
short-term
investments, were $35,299,752
and
$35,182,181,
respectively.
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
fiscal
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
October
31,
2020,
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.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAVs
per
share.
As
of
period
end,
the
following
permanent
differences
attributable
to
non-deductible
expenses
were
reclassified
to
the
following
accounts: 
The
tax
character
of
distributions
paid
was
as
follows: 
As
of
period
end,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:  
As
of
October
31,
2020, 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: 
Paid-
in
capital
...........................................................................................................
$
(14,075‌)
Accumulated
earning
s
(loss)
.................................................................................................
14,075‌
10/31/20
Ordinary
income
.........................................................................................................
$
1,902,410‌
Undistributed
ordinary
income
.............................................................................................
$
869,734‌
Undistributed
long-term
capital
gains
.........................................................................................
229,192‌
Net
unrealized
gains
(losses)
(a)
............................................................................................
6,738,562‌
$
7,837,488‌
(a)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales.
Tax
cost
...........................................................................................................
$
14,769,547‌
Gross
unrealized
appreciation
............................................................................................
$
6,977,622‌
Gross
unrealized
depreciation
............................................................................................
(239,279‌)
Net
unrealized
appreciation
(depreciation)
....................................................................................
$
6,738,343‌
Notes
to
Financial
Statements
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
22
BANK
BORROWINGS 
The
Trust,
on
behalf
of
the
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”),
is
a
party
to
a
364-day,
$2.25
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)
one-month
LIBOR
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum
or
(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.
The
agreement
expires
in
April
2021
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
year ended
October
31,
2020,
the
Fund
did
not
borrow
under
the
credit
agreement.
 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. 
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund's
investments.
The duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
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. 
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.
Notes
to
Financial
Statements
(continued)
23
Notes
to
Financial
Statements
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
or
countries. Investments
in
Chinese
securities,
including
certain
Hong
Kong-listed
securities,
involves
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. 
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a phase
out of
the
London
Interbank
Offered
Rate
(“LIBOR”)
by
the
end
of
2021,
and
it
is
expected
that
LIBOR
will
cease
to
be
published
after
that
time. The
Fund
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Fund
is
uncertain. 
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
(a)
Commencement
of
operations.
As
of
October
31,
2020,
shares
owned
by
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
were
as
follows:
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.
Ye
ar
Ended
10/31/20
Period
from
12/27/18
(a)
to
10/31/19
Shares
Amount
Shares
Amount
Institutional
Shares
sold
.............................................
118,150‌
$
1,673,691‌
639,117‌
$
6,796,268‌
Shares
issued
in
reinvestment
of
distributions
........................
18,942‌
232,612‌
—‌
—‌
Shares
redeemed
.........................................
(6,113‌)
(76,130‌)
(9‌)
(111‌)
Net
increase
...............................................
130,979‌
$
1,830,173‌
639,108‌
$
6,796,157‌
Class
K
Shares
sold
.............................................
4,451‌
$
62,377‌
513,278‌
$
5,150,210‌
Shares
issued
in
reinvestment
of
distributions
........................
2,266‌
27,821‌
—‌
—‌
Shares
redeemed
.........................................
(2‌)
(29‌)
(1‌)
(10‌)
Net
increase
...............................................
6,715‌
$
90,169‌
513,277‌
$
5,150,200‌
Total
Net
Increase
137,694‌
$
1,920,342‌
1,152,385‌
$
11,946,357‌
Institutional
.......................................................................................................
500,000‌
Class
K
.........................................................................................................
500,000‌
Report
of
Independent
Registered
Public
Accounting
Firm
2020
BlackRock
Annual
Report
to
Shareholders
24
To
the
Shareholders
of
BlackRock
China
A
Opportunities
Fund
and
the
Board
of
Trustees
of
BlackRock
Funds
SM
:
Opinion
on
the
Financial
Statements
and
Financial
Highlights
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
BlackRock
China
A
Opportunities
Fund
of
BlackRock
Funds
SM
(the
“Fund”),
including
the
schedule
of
investments,
as
of
October
31,
2020,
the
related
statement
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
and
the
financial
highlights
for
the
year
then
ended
and
for
the
period
from
December
27,
2018
(commencement
of
operations)
through
October
31,
2019,
and
the
related
notes.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2020,
and
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
and
the
financial
highlights
for
the
year
then
ended
and
for
the
period
from
December
27,
2018
(commencement
of
operations)
through
October
31,
2019,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audit
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Fund
is
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
its
internal
control
over
financial
reporting.
As
part
of
our
audit
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Fund’s
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2020,
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Deloitte
&
Touche
LLP
Boston,
Massachusetts
December
21,
2020
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
1992.
Important
Tax
Information
(unaudited)
25
Important
Tax
Information
The
following
maximum
amounts
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
October
31,
2020:
For
the
fiscal
year
ended
October
31,
2020,
the
Fund
earned
foreign
source
income
and
paid
foreign
taxes
which
it
intends
to
pass
through
to
its
shareholders:
For
the
fiscal
year
ended
October
31,
2020,
the
Fund
hereby
designates
the
following
maximum
amounts
allowable
as
qualified
short-term
capital
gains
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations:
The
following
distribution
amounts
are
hereby
designated
for
the
fiscal
year
ended
October
31,
2020:
Fund
Qualified
Dividend
Income
BlackRock
China
A
Opportunities
Fund
....................................................................................
$
319,517‌
Fund
Foreign
Source
Income
Earned
Foreign
Taxes
Paid
BlackRock
China
A
Opportunities
Fund
.................................................................
$
114,853‌
$
32,608‌
Fund
Qualified
Short-Term
Capital
Gains
BlackRock
China
A
Opportunities
Fund
....................................................................................
$
1,414,844‌
Fund
Short-Term
Capital
Gain
Dividends
BlackRock
China
A
Opportunities
Fund
....................................................................................
$
1,414,844‌
Disclosure
of
Investment
Advisory
Agreement
2020
BlackRock
Annual
Report
To
Shareholders
26
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
Funds
SM
(the
“Trust”)
met
on
April
7,
2020
(the
“April
Meeting”)
and
May
11-13,
2020
(the
“May
Meeting”)
to
consider
the
approval
of
the
investment
advisory
agreement
(the
“Agreement”)
between
the
Trust,
on
behalf
of
BlackRock
China
A
Opportunities
Fund
(the
“Fund”),
a
series
of
the
Trust,
and
BlackRock
Advisors,
LLC
(the
“Manager”
or
“BlackRock”),
the
Trust’s
investment
advisor.
Activities
and
Composition
of
the
Board
On
the
date
of
the
May
Meeting,
the
Board
consisted
of
fourteen
individuals,
twelve
of
whom
were
not
“interested
persons”
of
the
Trust
as
defined
in
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”)
(the
“Independent
Board
Members”).
The
Board
Members
are
responsible
for
the
oversight
of
the
operations
of
the
Trust
and
perform
the
various
duties
imposed
on
the
directors
of
investment
companies
by
the
1940
Act.
The
Independent
Board
Members
have
retained
independent
legal
counsel
to
assist
them
in
connection
with
their
duties.
The
Chair
of
the
Board
is
an
Independent
Board
Member.
The
Board
has
established
five
standing
committees:
an
Audit
Committee,
a
Governance
and
Nominating
Committee,
a
Compliance
Committee,
a
Performance
Oversight
Committee
and
an
Ad
Hoc
Topics
Committee,
each
of
which
is
chaired
by
an
Independent
Board
Member
and
composed
of
Independent
Board
Members
(except
for
the
Ad
Hoc
Topics
Committee,
which
also
has
one
interested
Board
Member).
The
Agreement
Consistent
with
the
requirements
of
the
1940
Act,
the
Board
considers
the
continuation
of
the
Agreement
on
an
annual
basis.
The
Board
has
four
quarterly
meetings
per
year,
each
typically
extending
for
two
days,
and
additional
in-person
and
telephonic
meetings
throughout
the
year,
as
needed.
While
the
Board
also
has
a
fifth
one-day
meeting
to
consider
specific
information
surrounding
the
renewal
of
the
Agreement,
the
Board’s
consideration
entails
a
year-long
deliberative
process
whereby
the
Board
and
its
committees
assess
BlackRock’s
services
to
the
Fund.
In
particular,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
Throughout
the
year,
including
during
the
contract
renewal
process,
the
Independent
Board
Members
were
advised
by
independent
legal
counsel,
and
met
with
independent
legal
counsel
in
various
executive
sessions
outside
of
the
presence
of
BlackRock’s
management.
During
the
year,
the
Board,
acting
directly
and
through
its
committees,
considers
information
that
is
relevant
to
its
annual
consideration
of
the
renewal
of
the
Agreement,
including
the
services
and
support
provided
by
BlackRock
to
the
Fund
and
its
shareholders.
BlackRock
also
furnished
additional
information
to
the
Board
in
response
to
specific
questions
from
the
Board.
This
additional
information
is
discussed
further
in
the
section
titled
“Board
Considerations
in
Approving
the
Agreement.”
Among
the
matters
the
Board
considered
were:
(a)
investment
performance
for
one-year,
three-year,
five-year,
and/or
since
inception
periods,
as
applicable,
against
peer
funds,
an
applicable
benchmark,
and
other
performance
metrics,
as
applicable,
as
well
as
BlackRock
senior
management’s
and
portfolio
managers’
analyses
of
the
reasons
for
any
outperformance
or
underperformance
relative
to
its
peers,
benchmarks,
and
other
performance
metrics,
as
applicable;
(b)
fees,
including
advisory,
administration,
if
applicable,
and
other
amounts
paid
to
BlackRock
and
its
affiliates
by
the
Fund
for
services;
(c)
Fund
operating
expenses
and
how
BlackRock
allocates
expenses
to
the
Fund;
(d)
the
resources
devoted
to
risk
oversight
of,
and
compliance
reports
relating
to,
implementation
of
the
Fund’s
investment
objective,
policies
and
restrictions,
and
meeting
regulatory
requirements;
(e)
BlackRock’s
and
the
Fund’s
adherence
to
applicable
compliance
policies
and
procedures;
(f)
the
nature,
character
and
scope
of
non-investment
management
services
provided
by
BlackRock
and
its
affiliates
and
the
estimated
cost
of
such
services;
(g)
BlackRock’s
and
other
service
providers’
internal
controls
and
risk
and
compliance
oversight
mechanisms;
(h)
BlackRock’s
implementation
of
the
proxy
voting
policies
approved
by
the
Board;
(i)
the
use
of
brokerage
commissions
and
execution
quality
of
portfolio
transactions;
(j)
BlackRock’s
implementation
of
the
Trust’s
valuation
and
liquidity
procedures;
(k)
an
analysis
of
management
fees
for
products
with
similar
investment
mandates
across
the
open-end
fund,
exchange-traded
fund
(“ETF”),
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable,
and
the
similarities
and
differences
between
these
products
and
the
services
provided
as
compared
to
the
Fund;
(l)
BlackRock’s
compensation
methodology
for
its
investment
professionals
and
the
incentives
and
accountability
it
creates,
along
with
investment
professionals’
investments
in
the
fund(s)
they
manage;
and
(m)
periodic
updates
on
BlackRock’s
business.
Board
Considerations
in
Approving
the
Agreement
The
Approval
Process:
Prior
to
the
April
Meeting,
the
Board
requested
and
received
materials
specifically
relating
to
the
Agreement.
The
Independent
Board
Members
are
continuously
engaged
in
a
process
with
their
independent
legal
counsel
and
BlackRock
to
review
the
nature
and
scope
of
the
information
provided
to
the
Board
to
better
assist
its
deliberations.
The
materials
provided
in
connection
with
the
April
Meeting
included,
among
other
things:
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
based
on
either
a
Lipper
classification
or
Morningstar
category,
regarding
the
Fund’s
fees
and
expenses
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”)
and
the
investment
performance
of
the
Fund
as
compared
with
a
peer
group
of
funds
(“Performance
Peers”);
(b)
information
on
the
composition
of
the
Expense
Peers
and
Performance
Peers,
and
a
description
of
Broadridge’s
methodology;
(c)
information
on
the
estimated
profits
realized
by
BlackRock
and
its
affiliates
pursuant
to
the
Agreement
and
a
discussion
of
fall-out
benefits
to
BlackRock
and
its
affiliates;
(d)
a
general
analysis
provided
by
BlackRock
concerning
investment
management
fees
received
in
connection
with
other
types
of
investment
products,
such
as
institutional
accounts,
sub-advised
mutual
funds,
ETFs,
closed-end
funds,
open-end
funds,
and
separately
managed
accounts
under
similar
investment
mandates,
as
well
as
the
performance
of
such
other
products,
as
applicable;
(e)
a
review
of
non-management
fees;
(f)
the
existence,
impact
and
sharing
of
potential
economies
of
scale,
if
any,
with
the
Fund;
(g)
a
summary
of
aggregate
amounts
paid
by
the
Fund
to
BlackRock;
(h)
sales
and
redemption
data
regarding
the
Fund’s
shares;
and
(i)
various
additional
information
requested
by
the
Board
as
appropriate
regarding
BlackRock’s
and
the
Fund’s
operations.
At
the
April
Meeting,
the
Board
reviewed
materials
relating
to
its
consideration
of
the
Agreement.
As
a
result
of
the
discussions
that
occurred
during
the
April
Meeting,
and
as
a
culmination
of
the
Board’s
year-long
deliberative
process,
the
Board
presented
BlackRock
with
questions
and
requests
for
additional
information.
BlackRock
responded
to
these
questions
and
requests
with
additional
written
information
in
advance
of
the
May
Meeting.
At
the
May
Meeting,
the
Board
concluded
its
assessment
of,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
provided
by
BlackRock;
(b)
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers
and
to
other
metrics,
as
applicable;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Fund;
(d)
the
Fund’s
fees
and
expenses
compared
to
its
Expense
Peers;
(e)
the
existence
and
Disclosure
of
Investment
Advisory
Agreement
(continued)
27
Disclosure
of
Investment
Advisory
Agreement
sharing
of
potential
economies
of
scale;
(f)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Fund;
and
(g)
other
factors
deemed
relevant
by
the
Board
Members.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management,
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
Fund
portfolio
holdings.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
did
not
identify
any
particular
information
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
Provided
by
BlackRock:
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
provided
by
BlackRock,
including
the
investment
advisory
services,
and
the
resulting
performance
of
the
Fund.
Throughout
the
year,
the
Board
compared
Fund
performance
to
the
performance
of
a
comparable
group
of
mutual
funds,
relevant
benchmark,
and
performance
metrics,
as
applicable.
The
Board
met
with
BlackRock’s
senior
management
personnel
responsible
for
investment
activities,
including
the
senior
investment
officers.
The
Board
also
reviewed
the
materials
provided
by
the
Fund’s
portfolio
management
team
discussing
the
Fund’s
performance,
investment
strategies
and
outlook.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
number,
education
and
experience
of
investment
personnel
generally
and
the
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
the
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
provided
to
the
Fund.
BlackRock
and
its
affiliates
provide
the
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Fund.
In
particular,
BlackRock
and
its
affiliates
provide
the
Fund
with
administrative
services
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers,
including,
among
others,
the
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
overseeing
the
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
&
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
B.
The
Investment
Performance
of
the
Fund
and
BlackRock:
The
Board,
including
the
Independent
Board
Members,
also
reviewed
and
considered
the
performance
history
of
the
Fund.
In
preparation
for
the
April
Meeting,
the
Board
was
provided
with
reports
independently
prepared
by
Broadridge,
which
included
an
analysis
of
the
Fund’s
performance
as
of
December
31,
2019,
as
compared
to
its
Performance
Peers.
Broadridge
ranks
funds
in
quartiles,
ranging
from
first
to
fourth,
where
first
is
the
most
desirable
quartile
position
and
fourth
is
the
least
desirable.
In
connection
with
its
review,
the
Board
received
and
reviewed
information
regarding
the
investment
performance
of
the
Fund
as
compared
to
its
Performance
Peers.
The
Board
and
its
Performance
Oversight
Committee
regularly
review,
and
meet
with
Fund
management
to
discuss,
the
performance
of
the
Fund
throughout
the
year.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
The
Board
also
noted
that
while
it
found
the
data
provided
by
Broadridge
generally
useful,
it
recognized
the
limitations
of
such
data,
including
in
particular,
that
notable
differences
may
exist
between
a
fund
and
its
Performance
Peers
(for
example,
the
investment
objectives
and
strategies).
Further,
the
Board
recognized
that
the
performance
data
reflects
a
snapshot
of
a
period
as
of
a
particular
date
and
that
selecting
a
different
performance
period
could
produce
significantly
different
results.
The
Board
also
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance,
and
that
a
single
investment
theme
could
have
the
ability
to
disproportionately
affect
long-term
performance.
The
Board
noted
that
for
the
one-year
period
reported,
the
Fund
ranked
in
the
first
quartile
against
its
Performance
Peers.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
and
Estimated
Profits
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Fund:
The
Board,
including
the
Independent
Board
Members,
reviewed
the
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
the
Fund’s
total
expense
ratio,
as
well
as
its
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers.
The
Board
considered
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
received
and
reviewed
statements
relating
to
BlackRock’s
financial
condition.
The
Board
reviewed
BlackRock’s
profitability
methodology
and
was
also
provided
with
an
estimated
profitability
analysis
that
detailed
the
revenues
earned
and
the
expenses
incurred
by
BlackRock
for
services
provided
to
the
Fund.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
the
Fund
and
other
funds
the
Board
currently
oversees
for
the
year
ended
December
31,
2019
compared
to
available
aggregate
estimated
profitability
data
provided
for
the
prior
two
years.
The
Board
reviewed
BlackRock’s
estimated
profitability
with
respect
to
certain
other
U.S.
fund
complexes
managed
by
BlackRock
and/or
its
affiliates.
The
Board
reviewed
BlackRock’s
assumptions
and
methodology
of
allocating
expenses
in
the
estimated
profitability
analysis,
noting
the
inherent
limitations
in
allocating
costs
among
various
advisory
products.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors
Disclosure
of
Investment
Advisory
Agreement
(continued)
2020
BlackRock
Annual
Report
To
Shareholders
28
including,
among
other
things,
fee
waivers
and
expense
reimbursements
by
BlackRock,
the
types
of
funds
managed,
precision
of
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
the
individual
fund
level
is
difficult.
The
Board
noted
that,
in
general,
individual
fund
or
product
line
profitability
of
other
advisors
is
not
publicly
available.
The
Board
reviewed
BlackRock’s
overall
operating
margin,
in
general,
compared
to
that
of
certain
other
publicly
traded
asset
management
firms.
The
Board
considered
the
differences
between
BlackRock
and
these
other
firms,
including
the
contribution
of
technology
at
BlackRock,
BlackRock’s
expense
management,
and
the
relative
product
mix.
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreement
and
to
continue
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time,
assumption
of
risk,
and
liability
profile
in
servicing
the
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
the
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
actual
management
fee
rate
and
total
expense
ratio
each
ranked
in
the
first
quartile
relative
to
the
Fund’s
Expense
Peers.
The
Board
also
noted
that
the
Fund
has
an
advisory
fee
arrangement
that
includes
breakpoints
that
adjust
the
fee
rate
downward
as
the
size
of
the
Fund
increases
above
certain
contractually
specified
levels.
The
Board
noted
that
if
the
size
of
the
Fund
were
to
decrease,
the
Fund
could
lose
the
benefit
of
one
or
more
breakpoints.
The
Board
further
noted
that
BlackRock
and
the
Board
have
contractually
agreed
to
a
cap
on
the
Fund’s
total
expenses
as
a
percentage
of
the
Fund’s
average
daily
net
assets
on
a
class-by-class
basis.
D.
Economies
of
Scale:
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
including
the
existence
of
fee
waivers
and/or
expense
caps,
as
applicable,
noting
that
any
contractual
fee
waivers
and
contractual
expense
caps
had
been
approved
by
the
Board.
In
its
consideration,
the
Board
further
considered
the
continuation
and/or
implementation
of
fee
waivers
and/or
expense
caps,
as
applicable.
The
Board
also
considered
the
extent
to
which
the
Fund
benefits
from
such
economies
of
scale
in
a
variety
of
ways
and
whether
there
should
be
changes
in
the
advisory
fee
rate
or
breakpoint
structure
in
order
to
enable
the
Fund
to
more
fully
participate
in
these
economies
of
scale.
The
Board
considered
the
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members:
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
its
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Fund,
including
for
administrative,
distribution,
securities
lending
and
cash
management
services.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreement,
the
Board
also
received
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices.
The
Board
received
reports
from
BlackRock
which
included
information
on
brokerage
commissions
and
trade
execution
practices
throughout
the
year.
The
Board
noted
the
competitive
nature
of
the
open-end
fund
marketplace,
and
that
shareholders
are
able
to
redeem
their
Fund
shares
if
they
believe
that
the
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
The
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
continuation
of
the
Agreement
between
the
Manager
and
the
Trust,
on
behalf
of
the
Fund,
for
a
one-year
term
ending
June
30,
2021.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreement
were
fair
and
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreement,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Trustee
and
Officer
Information
29
Trustee
and
Officer
Information
Independent
Trustees
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
the
Past
Five
Years
Mark
Stalnecker
1951
Chair
of
the
Board
(Since
2019)
and
Trustee
(Since
2015)
Chief
Investment
Officer,
University
of
Delaware
from
1999
to
2013;
Trustee
and
Chair
of
the
Finance
and
Investment
Committees,
Winterthur
Museum
and
Country
Estate
from
2005
to
2016;
Member
of
the
Investment
Committee,
Delaware
Public
Employees’
Retirement
System
since
2002;
Member
of
the
Investment
Committee,
Christiana
Care
Health
System
from
2009
to
2017;
Member
of
the
Investment
Committee,
Delaware
Community
Foundation
from
2013
to
2014;
Director
and
Chair
of
the
Audit
Committee,
SEI
Private
Trust
Co.
from
2001
to
2014.
33
RICs
consisting
of
156
Portfolios
None
Bruce
R.
Bond
1946
Trustee
(Since
2019)
Board
Member,
Amsphere
Limited
(software)
since
2018;
Trustee
and
Member
of
the
Governance
Committee,
State
Street
Research
Mutual
Funds
from
1997
to
2005;
Board
Member
of
Governance,
Audit
and
Finance
Committee,
Avaya
Inc.
(computer
equipment)
from
2003
to
2007.
33
RICs
consisting
of
156
Portfolios
None
Susan
J.
Carter
1956
Trustee
(Since
2016)
Director,
Pacific
Pension
Institute
from
2014
to
2018;
Advisory
Board
Member,
Center
for
Private
Equity
and
Entrepreneurship
at
Tuck
School
of
Business
since
1997;
Senior
Advisor,
Commonfund
Capital,
Inc.
(“CCI”)
(investment
adviser)
in
2015;
Chief
Executive
Officer,
CCI
from
2013
to
2014;
President
&
Chief
Executive
Officer,
CCI
from
1997
to
2013;
Advisory
Board
Member,
Girls
Who
Invest
from
2015
to
2018
and
Board
Member
thereof
since
2018;
Advisory
Board
Member,
Bridges
Fund
Management
since
2016;
Trustee,
Financial
Accounting
Foundation
since
2017;
Practitioner
Advisory
Board
Member,
Private
Capital
Research
Institute
("PCRI")
since
2017.
Lecturer
in
the
Practice
of
Management,
Yale
School
of
Management
since
2019.
33
RICs
consisting
of
156
Portfolios
None
Collette
Chilton
1958
Trustee
(Since
2015)
Chief
Investment
Officer,
Williams
College
since
2006;
Chief
Investment
Officer,
Lucent
Asset
Management
Corporation
from
1998
to
2006.
33
RICs
consisting
of
156
Portfolios
None
Neil
A.
Cotty
1954
Trustee
(Since
2016)
Bank
of
America
Corporation
from
1996
to
2015,
serving
in
various
senior
finance
leadership
roles,
including
Chief
Accounting
Officer
from
2009
to
2015,
Chief
Financial
Officer
of
Global
Banking,
Markets
and
Wealth
Management
from
2008
to
2009,
Chief
Accounting
Officer
from
2004
to
2008,
Chief
Financial
Officer
of
Consumer
Bank
from
2003
to
2004,
Chief
Financial
Officer
of
Global
Corporate
Investment
Bank
from
1999
to
2002.
33
RICs
consisting
of
156
Portfolios
None
Lena
G.
Goldberg
1949
Trustee
(Since
2019)
Senior
Lecturer,
Harvard
Business
School,
since
2008;
Director,
Charles
Stark
Draper
Laboratory,
Inc.
since
2013;
FMR
LLC/
Fidelity
Investments
(financial
services)
from
1996
to
2008,
serving
in
various
senior
roles
including
Executive
Vice
President
-
Strategic
Corporate
Initiatives
and
Executive
Vice
President
and
General
Counsel;
Partner,
Sullivan
&
Worcester
LLP
from
1985
to
1996
and
Associate
thereof
from
1979
to
1985.
33
RICs
consisting
of
156
Portfolios
None
Henry
R.
Keizer
1956
Trustee
(Since
2019)
Director,
Park
Indemnity
Ltd.
(captive
insurer)
since
2010;
Director,
MUFG
Americas
Holdings
Corporation
and
MUFG
Union
Bank,
N.A.
(financial
and
bank
holding
company)
from
2014
to
2016;
Director,
American
Institute
of
Certified
Public
Accountants
from
2009
to
2011;
Director,
KPMG
LLP
(audit,
tax
and
advisory
services)
from
2004
to
2005
and
2010
to
2012;
Director,
KPMG
International
in
2012,
Deputy
Chairman
and
Chief
Operating
Officer
thereof
from
2010
to
2012
and
U.S.
Vice
Chairman
of
Audit
thereof
from
2005
to
2010;
Global
Head
of
Audit,
KPMGI
(consortium
of
KPMG
firms)
from
2006
to
2010;
Director,
YMCA
of
Greater
New
York
from
2006
to
2010.
33
RICs
consisting
of
156
Portfolios
Hertz
Global
Holdings
(car
rental);
Montpelier
Re
Holdings,
Ltd.
(publicly
held
property
and
casualty
reinsurance)
from
2013
until
2015;
WABCO
(commercial
vehicle
safety
systems);
Sealed
Air
Corp.
(packaging)
Cynthia
A.
Montgomery
1952
Trustee
(Since
2007)
Professor,
Harvard
Business
School
since
1989.
33
RICs
consisting
of
156
Portfolios
Newell
Rubbermaid,
Inc.
(manufacturing)
Trustee
and
Officer
Information
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
30
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
the
Past
Five
Years
Donald
C.
Opatrny
1952
Trustee
(Since
2019)
Trustee,
Vice
Chair,
Member
of
the
Executive
Committee
and
Chair
of
the
Investment
Committee,
Cornell
University
since
2004;
President,
Trustee
and
Member
of
the
Investment
Committee,
The
Aldrich
Contemporary
Art
Museum
from
2007
to
2014;
Member
of
the
Board
and
Investment
Committee,
University
School
from
2007
to
2018;
Member
of
the
Investment
Committee,
Mellon
Foundation
from
2009
to
2015;
Trustee,
Artstor
(a
Mellon
Foundation
affiliate)
from
2010
to
2015;
President
and
Trustee,
the
Center
for
the
Arts,
Jackson
Hole
from
2011
to
2018;
Director,
Athena
Capital
Advisors
LLC
(investment
management
firm)
since
2013;
Trustee
and
Chair
of
the
Investment
Committee,
Community
Foundation
of
Jackson
Hole
since
2014;
Member
of
Affordable
Housing
Supply
Board
of
Jackson,
Wyoming
since
2018;
Member,
Investment
Funds
Committee,
State
of
Wyoming
since
2017;
Trustee,
Phoenix
Art
Museum
since
2018;
Trustee,
Arizona
Community
Foundation
and
Member
of
Investment
Committee
since
2020.
33
RICs
consisting
of
156
Portfolios
None
Joseph
P.
Platt
1947
Trustee
(Since
2007)
General
Partner,
Thorn
Partners,
LP
(private
investments)
since
1998;
Director,
WQED
Multi-Media
(public
broadcasting
not-for-
profit)
since
2001;
Chair,
Basic
Health
International
(non-profit)
since
2015.
33
RICs
consisting
of
156
Portfolios
Greenlight
Capital
Re,
Ltd.
(reinsurance
company);
Consol
Energy
Inc.
Kenneth
L.
Urish
1951
Trustee
(Since
2007)
Managing
Partner,
Urish
Popeck
&
Co.,
LLC
(certified
public
accountants
and
consultants)
since
1976;
Past-Chairman
of
the
Professional
Ethics
Committee
of
the
Pennsylvania
Institute
of
Certified
Public
Accountants
and
Committee
Member
thereof
since
2007;
Member
of
External
Advisory
Board,
The
Pennsylvania
State
University
Accounting
Department
since
founding
in
2001;
Principal,
UP
Strategic
Wealth
Investment
Advisors,
LLC
since
2013;
Trustee,
The
Holy
Family
Institute
from
2001
to
2010;
President
and
Trustee,
Pittsburgh
Catholic
Publishing
Associates
from
2003
to
2008;
Director,
Inter-Tel
from
2006
to
2007.
33
RICs
consisting
of
156
Portfolios
None
Claire
A.
Walton
1957
Trustee
(Since
2016)
Chief
Operating
Officer
and
Chief
Financial
Officer
of
Liberty
Square
Asset
Management,
LP
from
1998
to
2015;
General
Partner
of
Neon
Liberty
Capital
Management,
LLC
since
2003;
Director,
Boston
Hedge
Fund
Group
from
2009
to
2018;
Director,
Woodstock
Ski
Runners
since
2013;
Director,
Massachusetts
Council
on
Economic
Education
from
2013
to
2015.
33
RICs
consisting
of
156
Portfolios
None
Independent
Trustees
(a)
(continued)
Trustee
and
Officer
Information
(continued)
31
Trustee
and
Officer
Information
Interested
Trustees
(a)(d)
(a)
The
address
of
each
Trustee
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Independent
Trustees
serve
until
their
resignation,
retirement,
removal
or
death,
or
until
December
31
of
the
year
in
which
they
turn
75.
The
Board
may
determine
to
extend
the
terms
of
Independent
Trustees
on
a
case-by-case
basis,
as
appropriate.
(c)
Following
the
combination
of
Merrill
Lynch
Investment
Managers,
L.P.
("MLIM")
and
BlackRock,
Inc.
in
September
2006,
the
various
legacy
MLIM
and
legacy
BlackRock
fund
boards
were
realigned
and
consolidated
into
three
new
fund
boards
in
2007.
Furthermore,
effective
January
1,
2019,
three
BlackRock
Fund
Complexes
were
realigned
and
consolidated
into
two
BlackRock
Fund
Complexes.
As
a
result,
although
the
chart
shows
the
year
that
each
Independent
Trustee
joined
the
Board,
certain
Independent
Trustees
first
became
members
of
the
boards
of
other
BlackRock-advised
Funds,
legacy
MLIM
funds
or
legacy
BlackRock
funds
as
follows:
Bruce
R.
Bond,
2005;
Cynthia
A.
Montgomery,
1994;
Joseph
P.
Platt,
1999;
Kenneth
L.
Urish,
1999;
Lena
G.
Goldberg,
2016;
Henry
R.
Keizer,
2016;
Donald
C.
Opatrny,
2015.
(d)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Trust
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Fixed-Income
Complex.
(e)
Mr.
Perlowski
is
also
a
trustee
of
the
BlackRock
Credit
Strategies
Fund.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
Five
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
the
Past
Five
Years
Robert
Fairbairn
1965
Trustee
(Since
2018)
Vice
Chairman
of
BlackRock,
Inc.
since
2019;
Member
of
BlackRock's
Global
Executive
and
Global
Operating
Committees;
Co-Chair
of
BlackRock's
Human
Capital
Committee;
Senior
Managing
Director
of
BlackRock,
Inc.
from
2010
to
2019;
oversaw
BlackRock's
Strategic
Partner
Program
and
Strategic
Product
Management
Group
from
2012
to
2019;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
from
2011
to
2018;
Global
Head
of
BlackRock's
Retail
and
iShares
®
businesses
from
2012
to
2016.
119
RICs
consisting
of
266
Portfolios
None
John
M.
Perlowski
(e)
1964
Trustee
(Since
2015);
President
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
120
RICs
consisting
of
267
Portfolios
None
Trustee
and
Officer
Information
(continued)
2020
BlackRock
Annual
Report
to
Shareholders
32
Officers
Who
Are
Not
Trustees
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Officers
of
the
Trust
serve
at
the
pleasure
of
the
Board.
Further
information
about
the
Trust’s
Trustees
and
Officers
is
available
in
the
Trust’s
Statement
of
Additional
Information,
which
can
be
obtained
without
charge
by
calling
(800)
537-4942.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
Principal
Occupation(s)
During
Past
Five
Years
Thomas
Callahan
1968
Vice
President
(Since
2016)
Managing
Director
of
BlackRock,
Inc.
since
2013;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
(principal
underwriter)
since
2019
and
Managing
Director
thereof
since
2017;
Head
of
BlackRock’s
Global
Cash
Management
Business
since
2016;
Co-Head
of
the
Global
Cash
Management
Business
from
2014
to
2016;
Deputy
Head
of
the
Global
Cash
Management
Business
from
2013
to
2014;
Member
of
the
Cash
Management
Group
Executive
Committee
since
2013;
Chief
Executive
Officer
of
NYSE
Liffe
U.S.
from
2008
to
2013.
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016;
Director
of
BlackRock,
Inc.
from
2011
to
2015;
Head
of
Americas
Product
Development
and
Governance
for
BlackRock’s
Global
Product
Group
since
2019;
Head
of
Product
Structure
and
Oversight
for
BlackRock's
U.S.
Wealth
Advisory
Group
from
2013
to
2019.
Neal
J.
Andrews
1966
Chief
Financial
Officer
(Since
2007)
Chief
Financial
Officer
of
the
iShares
®
exchange
traded
funds
from
2019
to
2020;
Managing
Director
of
BlackRock,
Inc.
since
2006.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Charles
Park
1967
Chief
Compliance
Officer
(Since
2014)
Anti-Money
Laundering
Compliance
Officer
for
certain
BlackRock-advised
Funds
from
2014
to
2015;
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
since
2014;
Principal
of
and
Chief
Compliance
Officer
for
iShares
®
Delaware
Trust
Sponsor
LLC
since
2012
and
BlackRock
Fund
Advisors
(“BFA”)
since
2006;
Chief
Compliance
Officer
for
the
BFA-advised
iShares
®
exchange
traded
funds
since
2006;
Chief
Compliance
Officer
for
BlackRock
Asset
Management
International
Inc.
since
2012.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019;
Managing
Director
of
RBS
Securities
from
2012
to
2013;
Head
of
Financial
Crimes
for
Barclays
Wealth
Americas
from
2010
to
2012.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Director
of
BlackRock,
Inc.
from
2009
to
2017.
Additional
Information
33
Additional
Information
General
Information
Householding
The
Fund
will
mail
only
one
copy
of
shareholder
documents,
including
prospectuses,
annual
and
semi-annual
reports
and
proxy
statements,
to
shareholders
with
multiple
accounts
at
the
same
address.
This
practice
is
commonly
called
“householding”
and
is
intended
to
reduce
expenses
and
eliminate
duplicate
mailings
of
shareholder
documents.
Mailings
of
your
shareholder
documents
may
be
householded
indefinitely
unless
you
instruct
us
otherwise.
If
you
do
not
want
the
mailing
of
these
documents
to
be
combined
with
those
for
other
members
of
your
household,
please
call
the
Fund at
(800)
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
.
Availability
of
Proxy
Voting
Policies
and
Procedures
A
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
upon
request
and
without
charge
(1)
by
calling
(800)
537-4942;
(2)
at
blackrock.com
;
and
(3)
on
the
SEC’s
website
at
sec.gov
.
Availability
of
Proxy
Voting
Record
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
upon
request
and
without
charge
(1)
at
blackrock.com
;
or
by
calling
(800)
537-4942
and
(2)
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)
2020
BlackRock
Annual
Report
to
Shareholders
34
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
10022
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
preceded
or
accompanied
by
the
Fund’s
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
CHINA-10/20-AR
Item 2 –           Code of Ethics –
The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The
registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
Neil A. Cotty
Henry R. Keizer
Kenneth L. Urish
 
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
 
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
 
(a) Audit Fees
(b) Audit-Related Fees1
(c) Tax Fees2
(d) All Other Fees
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
BlackRock China A Opportunities Fund
$35,700
$37,546
$0
$0
$15,500
$14,100
$0
$0
 
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
 
 
Current Fiscal Year End
Previous Fiscal Year End
(b) Audit-Related Fees1
$0
$0
(c) Tax Fees2
$0
$0
(d) All Other Fees3
$1,984,000
$2,050,500
1
The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2
The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3
Non-audit fees of $1,984,000 and $2,050,500 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
 
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
         
The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
 
                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.


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

(f) Not Applicable

(g)
The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
BlackRock China A Opportunities Fund
$15,500
$14,100
 
              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End
Previous Fiscal Year End
$1,984,000
$2,050,500
 
              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
 
              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and
the Affiliated Service Providers
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
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 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 – See Item 2
              (a)(2) Section 302 Certifications are attached
              section302
(a)(3) Not Applicable
(a)(4) Not Applicable
(b) Section 906 Certifications are attached
section906

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Funds
SM
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Funds
SM
 
Date: December 31, 2020
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Funds
SM
 
Date: December 31, 2020
 
By:     /s/ Neal J. Andrews
          Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Funds
SM
 
Date: December 31, 2020

 
EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock FundsSM, certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock FundsSM;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: December 31, 2020
/s/ John M. Perlowski_________
                John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock FundsSM

EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock FundsSM, certify that:
1.
                  
I have reviewed this report on Form N-CSR of BlackRock FundsSM;
2.
                  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
                  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
                  
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a)
                  
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)
                  
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
                  
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d)
                  
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
                  
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a)
                  
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b)
                  
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: December 31, 2020
/s/ Neal J. Andrews___________
                Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock FundsSM

 
Exhibit 99.906CERT
 
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock FundsSM (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2020 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: December 31, 2020
/s/ John M. Perlowski___________
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock FundsSM
 
 
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock FundsSM (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2020 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
Date: December 31, 2020
/s/ Neal J. Andrews__________
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock FundsSM
 
 
 
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.