# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001752724-23-071924
**Filing Date:** 2023-3
**Character Count:** 61329
**Document Hash:** f0250ae3b9b2c353bb7ee31512e4e552
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-071924.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-071924

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779
- **IRS NUMBER:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 23774048

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### BlackRock Defensive Advantage Emerging Markets Fund (Series ID: S000070274)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000223506 | Institutional |  |
| C000223507 | Class K       |  |
| C000223508 | Investor A    |  |

## Nport-Ex

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> January 31, 2023 | **BlackRock Defensive Advantage Emerging Markets Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 3.1%** | **Brazil — 3.1%** | **Brazil — 3.1%** |
|  Ambev SA | 28107 | $75634 |
|  Ambev SA, ADR | 24668 | 65617 |
|  Telefonica Brasil SA, ADR | 18108 | 147218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;288469 |
| **China — 24.8%** |  |  |
|  3SBio, Inc.<sup>(a)</sup>  | 112000 | 121993 |
|  Alibaba Group Holding Ltd.<sup>(b)</sup>  | 6348 | 87276 |
|  Anhui Gujing Distillery Co. Ltd., Class A | 300 | 12384 |
|  Autohome, Inc., ADR | 269 | 9377 |
|  Bank of China Ltd., Class H | 69000 | 26266 |
|  Bank of Communications Co. Ltd., Class H | 218000 | 134746 |
|  Bank of Hangzhou Co. Ltd., Class A | 45500 | 87896 |
|  Beijing Enterprises Holdings Ltd. | 10500 | 35656 |
|  BGI Genomics Co. Ltd., Class A | 13400 | 108233 |
|  BYD Co. Ltd., Class A | 3400 | 145271 |
|  China Construction Bank Corp., Class H | 51000 | 33012 |
|  China Medical System Holdings Ltd. | 38000 | 65596 |
|  China Yongda Automobiles Services Holdings Ltd. | 12500 | 10810 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 600 | 41631 |
|  Daqin Railway Co. Ltd., Class A | 116700 | 115896 |
|  ENN Energy Holdings Ltd. | 1000 | 15067 |
|  Ganfeng Lithium Group Co. Ltd., Class A | 1000 | 11763 |
|  Hengan International Group Co. Ltd. | 11500 | 56573 |
|  Industrial & Commercial Bank of China Ltd., Class H | 188000 | 100565 |
|  Kunlun Energy Co. Ltd. | 170000 | 134071 |
|  Lenovo Group Ltd. | 16000 | 12833 |
|  LONGi Green Energy Technology Co. Ltd., Class A<sup>(b)</sup>  | 6500 | 46608 |
|  People's Insurance Co. Group of China Ltd., Class H<sup>(b)</sup>  | 391000 | 131816 |
|  PetroChina Co. Ltd., Class A | 83500 | 64217 |
|  PetroChina Co. Ltd., Class H | 78000 | 41726 |
|  Shandong Gold Mining Co. Ltd., Class A | 45000 | 132309 |
|  Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 75000 | 132240 |
|  Shanghai Rural Commercial Bank Co. Ltd. | 66860 | 58588 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A .. | 700 | 34618 |
|  Sinopharm Group Co. Ltd., Class H | 49600 | 121569 |
|  Tsingtao Brewery Co. Ltd., Class A | 8300 | 124662 |
|  Vipshop Holdings Ltd., ADR<sup>(b)</sup>  | 957 | 14805 |
|  ZTE Corp., Class H | 20400 | 49267 |
|  |  | 2319340 |
| **Greece — 1.3%** |  |  |
|  Hellenic Telecommunications Organization SA | 7750 | 122173 |
| **India — 10.8%** |  |  |
|  Asian Paints Ltd. | 2132 | 71197 |
|  Dr Reddy's Laboratories Ltd. | 791 | 41950 |
|  Dr Reddy's Laboratories Ltd., ADR | 1805 | 97109 |
|  HCL Technologies Ltd. | 10038 | 138420 |
|  HDFC Bank Ltd., ADR | 881 | 59344 |
|  Infosys Ltd. | 3722 | 70105 |
|  Infosys Ltd., ADR | 3464 | 65123 |
|  ITC Ltd. | 33158 | 143097 |
|  Kotak Mahindra Bank Ltd. | 2228 | 47303 |
|  Life Insurance Corp. of India | 12740 | 101935 |
|  Tata Consultancy Services Ltd. | 3237 | 133603 |
|  Torrent Pharmaceuticals Ltd. | 2063 | 38420 |
|  |  | 1007606 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Indonesia — 2.7%** |  |  |
|  Bank Central Asia Tbk PT | 133400 | $75706 |
|  Bank Negara Indonesia Persero Tbk PT | 66500 | 40764 |
|  Bank Rakyat Indonesia Persero Tbk PT | 448000 | 137387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;253857 |
| **Kuwait — 2.8%** |  |  |
|  Boubyan Bank KSCP | 16170 | 41578 |
|  Mobile Telecommunications Co. KSCP | 49488 | 90022 |
|  National Bank of Kuwait SAKP | 37350 | 134451 |
|  |  | 266051 |
| **Malaysia — 6.0%** |  |  |
|  Axiata Group Bhd | 173900 | 123893 |
|  Hong Leong Bank Bhd | 2200 | 10598 |
|  Malaysia Airports Holdings Bhd<sup>(b)</sup>  | 5300 | 8786 |
|  Maxis Bhd | 40300 | 37489 |
|  Petronas Gas Bhd | 29000 | 114348 |
|  PPB Group Bhd | 32700 | 134916 |
|  RHB Bank Bhd | 55800 | 75328 |
|  Telekom Malaysia Bhd | 42300 | 51891 |
|  |  | 557249 |
| **Mexico — 1.7%** |  |  |
|  Alsea SAB de CV<sup>(b)</sup>  | 1755 | 4182 |
|  Coca-Cola Femsa SAB de CV | 1758 | 13375 |
|  Wal-Mart de Mexico SAB de CV | 35221 | 137962 |
|  |  | 155519 |
| **Qatar — 2.8%** |  |  |
|  Ooredoo QPSC | 54898 | 134110 |
|  Qatar Electricity & Water Co. QSC | 27245 | 132246 |
|  |  | 266356 |
| **Russia<sup>(c)</sup> — 0.0%** |  |  |
|  Alrosa PJSC<sup>(b)</sup>  | 37207 | 6 |
|  LUKOIL PJSC | 1506 |  |
|  |  | 6 |
| **Saudi Arabia — 8.9%** |  |  |
|  Abdullah Al Othaim Markets Co. | 4801 | 135059 |
|  Al Rajhi Bank<sup>(b)</sup>  | 3769 | 82734 |
|  Almarai Co. JSC | 4347 | 64422 |
|  Jarir Marketing Co. | 1926 | 77414 |
|  Saudi Airlines Catering Co.<sup>(b)</sup>  | 2451 | 49582 |
|  Saudi Arabian Oil Co.<sup>(a)</sup>  | 12799 | 112919 |
|  Saudi Basic Industries Corp. | 5456 | 135394 |
|  Saudi Telecom Co. | 13197 | 130244 |
|  Yanbu National Petrochemical Co. | 3429 | 40634 |
|  |  | 828402 |
| **South Africa — 0.6%** |  |  |
|  AVI Ltd. | 12380 | 52842 |
|  Vodacom Group Ltd. | 952 | 6690 |
|  |  | 59532 |
| **South Korea — 4.9%** |  |  |
|  Cheil Worldwide, Inc. | 5119 | 91480 |
|  Hyundai Glovis Co. Ltd. | 948 | 128295 |
|  KT&G Corp. | 1466 | 109967 |
|  Samsung SDS Co. Ltd. | 1282 | 130733 |
|  |  | 460475 |
| **Taiwan — 16.2%** |  |  |
|  Catcher Technology Co. Ltd. | 22000 | 130826 |
|  Chang Hwa Commercial Bank Ltd. | 236714 | 139108 |

---

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Defensive Advantage Emerging Markets Fund**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Taiwan (continued)** |  |  |
|  Chroma ATE, Inc. | 4000 | $24823 |
|  Chunghwa Telecom Co. Ltd. | 35000 | &nbsp;&nbsp;&nbsp;&nbsp;130799 |
|  Delta Electronics, Inc. | 11000 | 106672 |
|  Far EasTone Telecommunications Co. Ltd. | 40000 | 88981 |
|  Hon Hai Precision Industry Co. Ltd. | 38000 | 126720 |
|  Hon Hai Precision Industry Co. Ltd., GDR, Registered Shares | 1447 | 9608 |
|  Largan Precision Co. Ltd. | 2000 | 142723 |
|  Pou Chen Corp. | 45000 | 51630 |
|  President Chain Store Corp. | 3000 | 27023 |
|  Quanta Computer, Inc. | 56000 | 139859 |
|  Shanghai Commercial & Savings Bank Ltd. | 26084 | 40538 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 153000 | 135201 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 7000 | 123528 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 410 | 38019 |
|  Wistron NeWeb Corp. | 20000 | 54660 |
|  |  | 1510718 |
| **Thailand — 7.0%** |  |  |
|  Bangkok Dusit Medical Services PCL, NVDR | 150600 | 136166 |
|  Bumrungrad Hospital PCL, NVDR | 20900 | 137741 |
|  Home Product Center PCL, NVDR | 303300 | 131977 |
|  PTT Exploration & Production PCL, NVDR | 25500 | 133112 |
|  Tisco Financial Group PCL, NVDR | 36900 | 114809 |
|  |  | 653805 |
| **United Arab Emirates — 3.6%** |  |  |
|  Abu Dhabi Islamic Bank PJSC | 32706 | 84066 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **United Arab Emirates (continued)** |  |  |
|  Dubai Islamic Bank PJSC | 77494 | $&nbsp;&nbsp;&nbsp;&nbsp;117476 |
|  Emirates NBD Bank PJSC | 37125 | 131150 |
|  |  | 332692 |
|  **Total Long-Term Investments — 97.2%<br>(Cost: $8,882,761)** |  | 9082250 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 2.4%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.07%<sup>(d)(e)</sup>  | 225776 | 225776 |
| **Total Short-Term Securities — 2.4%<br>(Cost: $225,776)** |  | 225776 |
| **Total Investments — 99.6%<br>(Cost: $9,108,537)** |  | 9308026 |
| **Other Assets Less Liabilities — 0.4%** |  | 41924 |
| **Net Assets — 100.0%** |  | $9349950 |

---

<sup>(a)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>01/31/23* | *Shares<br>Held at<br>01/31/23* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $104144 | $121632 <sup>(a)</sup> | $— | $— | $– $| 225776 | 225776 | $2807 | $— |
|  SL Liquidity Series, LLC, Money Market Series<sup>(b)</sup>  | 24056 | 975838 | (999884) | (10) | – |  |  | 202 <sup>(c)</sup> |  |
|  |  |  |  | $(10) | $– $| 225776 |  | $3009 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> As of period end, the entity is no longer held.

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI Emerging Markets Index | 3 | 03/17/23 | $157 | $4033 |

---

S C H E D U L E O F I N V E S T M E N T S 2

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Defensive Advantage Emerging Markets Fund** |

---

**Fair Value Hierarchy as of Period End** 

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:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are 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. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $288469 | $— | $— | $288469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 24182 | 2295158 |  | 2319340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 122173 |  | 122173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 221576 | 786030 |  | 1007606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 253857 |  | 253857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuwait |  | 266051 |  | 266051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 249264 | 307985 |  | 557249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 155519 |  |  | 155519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar | 132246 | 134110 |  | 266356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 828402 |  | 828402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 59532 |  | 59532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 460475 |  | 460475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 47627 | 1463091 |  | 1510718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 653805 |  | 653805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 332692 |  | 332692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 225776 |  |  | 225776 |
|  | $1344659 | $7963361 | $6 | $9308026 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $4033 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $4033 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| MSCI | Morgan Stanley Capital International |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| NVDR | Non-Voting Depositary Receipt |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Funds

- **b. Investment Company Act file number:** 811-05742

- **c. CIK number of Registrant:** 0000844779

- **d. LEI of Registrant:** 549300OZUEVJZHOBFP42

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock Defensive Advantage Emerging Markets Fund

- **b. EDGAR series identifier (if any):** S000070274

- **c. LEI of Series:** 549300YBS1SNG9MML040

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $9421228.32

**Total Liabilities:** $71284.99

**Net Assets:** $9349943.33

**Cash Not Reported:** $29677.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223507 | 10.35%               | -2.25%               | 4.51%                |
| Class ID C000223508 | 10.37%               | -2.31%               | 4.40%                |
| Class ID C000223506 | 10.35%               | -2.25%               | 4.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-146502.37              | $1006611.49                                |
| Month 2  | $14260.96                | $-247097.69                                |
| Month 3  | $32077.89                | $362308.76                                 |

### Schedule of Portfolio Investments

| Name                                            | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HCL Technologies Ltd                            | HCL Technologies Ltd                                    | CUSIP: 000000000<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               | CORP              | IN        |     10038 | NS      | $138420.01    | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodacom Group Ltd                               | Vodacom Group Ltd                                       | CUSIP: 000000000<br>LEI: 37890012A8DC24B8D663 | Long             | EC               | CORP              | ZA        |       952 | NS      | $6690.51      | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Emirates NBD Bank PJSC                          | Emirates NBD Bank PJSC                                  | CUSIP: 000000000<br>LEI: 54930029BCN8HF3B1286 | Long             | EC               | CORP              | AE        |     37125 | NS      | $131149.83    | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanghai Commercial & Savings Bank Ltd/The      | Shanghai Commercial & Savings Bank Ltd/The              | CUSIP: 000000000<br>LEI: 549300TLB5ALPCGBHN23 | Long             | EC               | CORP              | TW        |     26084 | NS      | $40538.22     | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| LONGi Green Energy Technology Co Ltd            | LONGi Green Energy Technology Co Ltd                    | CUSIP: 000000000<br>LEI: 300300NRGAITUP1EZ248 | Long             | EC               | CORP              | CN        |      6500 | NS      | $46607.91     | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                       | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |     46800 | NS      | $46799.65     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Basic Industries Corp                     | Saudi Basic Industries Corp                             | CUSIP: 000000000<br>LEI: 213800ZCTFZZZJSK8645 | Long             | EC               | CORP              | SA        |      5456 | NS      | $135393.99    | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd          | Contemporary Amperex Technology Co Ltd                  | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |       600 | NS      | $41631.05     | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| RHB Bank Bhd                                    | RHB Bank Bhd                                            | CUSIP: 000000000<br>LEI: 549300ZHRPSV7QIUJT80 | Long             | EC               | CORP              | MY        |     55800 | NS      | $75328.42     | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Reddy's Laboratories Ltd                     | Dr Reddy's Laboratories Ltd                             | CUSIP: 000000000<br>LEI: 335800OVDPY3DVZR2798 | Long             | EC               | CORP              | IN        |       791 | NS      | $41949.90     | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| China Medical System Holdings Ltd               | China Medical System Holdings Ltd                       | CUSIP: 000000000<br>LEI: 529900Z57DVJXUBLHX66 | Long             | EC               | CORP              | KY        |     38000 | NS      | $65596.21     | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| BGI Genomics Co Ltd                             | BGI Genomics Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     13400 | NS      | $108233.41    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Alrosa PJSC                                     | Alrosa PJSC                                             | CUSIP: 000000000<br>LEI: 894500DKUWVBYZLLE651 | Long             | EC               | CORP              | RU        |     37207 | NS      | $5.30         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Saudi Telecom Co                                | Saudi Telecom Co                                        | CUSIP: 000000000<br>LEI: 21380028ATJ79OTA9W17 | Long             | EC               | CORP              | SA        |     13197 | NS      | $130243.72    | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Cooperative Financial Holding Co Ltd     | Taiwan Cooperative Financial Holding Co Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    153000 | NS      | $135201.45    | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC                     | Abu Dhabi Islamic Bank PJSC                             | CUSIP: 000000000<br>LEI: 5493006DOLY8O98XHD74 | Long             | EC               | CORP              | AE        |     32706 | NS      | $84065.66     | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Far EasTone Telecommunications Co Ltd           | Far EasTone Telecommunications Co Ltd                   | CUSIP: 000000000<br>LEI: 529900L7W7BWDLVZL253 | Long             | EC               | CORP              | TW        |     40000 | NS      | $88980.93     | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanghai Pharmaceuticals Holding Co Ltd         | Shanghai Pharmaceuticals Holding Co Ltd                 | CUSIP: 000000000<br>LEI: 30030029J1KKCBY19820 | Long             | EC               | CORP              | CN        |     75000 | NS      | $132239.60    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| AVI Ltd                                         | AVI Ltd                                                 | CUSIP: 000000000<br>LEI: 378900C2D68805FAAF75 | Long             | EC               | CORP              | ZA        |     12380 | NS      | $52841.85     | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Hangzhou Co Ltd                         | Bank of Hangzhou Co Ltd                                 | CUSIP: 000000000<br>LEI: 300300C1092033000075 | Long             | EC               | CORP              | CN        |     45500 | NS      | $87896.06     | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| President Chain Store Corp                      | President Chain Store Corp                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      3000 | NS      | $27022.76     | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Femsa SAB de CV                       | Coca-Cola Femsa SAB de CV                               | CUSIP: 000000000<br>LEI: 5493008KEVFYPMGTXO33 | Long             | EC               | CORP              | MX        |      1758 | NS      | $13374.64     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| KT&G Corp                                       | KT&G Corp                                               | CUSIP: 000000000<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |      1466 | NS      | $109966.87    | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd                                     | Infosys Ltd                                             | CUSIP: 000000000<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |      3722 | NS      | $70104.95     | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                      | BYD Co Ltd                                              | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |      3400 | NS      | $145271.14    | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd                   | Tata Consultancy Services Ltd                           | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |      3237 | NS      | $133602.82    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Torrent Pharmaceuticals Ltd                     | Torrent Pharmaceuticals Ltd                             | CUSIP: 000000000<br>LEI: 335800NA6HK275RIJE13 | Long             | EC               | CORP              | IN        |      2063 | NS      | $38419.76     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Almarai Co JSC                                  | Almarai Co JSC                                          | CUSIP: 000000000<br>LEI: 549300B4EDUXYD2G6098 | Long             | EC               | CORP              | SA        |      4347 | NS      | $64421.81     | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Telekom Malaysia Bhd                            | Telekom Malaysia Bhd                                    | CUSIP: 000000000<br>LEI: 254900SNFPTSDGGVEK77 | Long             | EC               | CORP              | MY        |     42300 | NS      | $51890.63     | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Wistron NeWeb Corp                              | Wistron NeWeb Corp                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     20000 | NS      | $54660.01     | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Glovis Co Ltd                           | Hyundai Glovis Co Ltd                                   | CUSIP: 000000000<br>LEI: 988400U6RDXNJ5ZRN304 | Long             | EC               | CORP              | KR        |       948 | NS      | $128294.99    | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Kuwait SAKP                    | National Bank of Kuwait SAKP                            | CUSIP: 000000000<br>LEI: 549300NB7FE83IH6BW96 | Long             | EC               | CORP              | KW        |     37350 | NS      | $134451.56    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Qatar Electricity & Water Co QSC                | Qatar Electricity & Water Co QSC                        | CUSIP: 000000000<br>LEI: 25490013GYOH69GNID36 | Long             | EC               | CORP              | QA        |     27245 | NS      | $132245.73    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Chunghwa Telecom Co Ltd                         | Chunghwa Telecom Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     35000 | NS      | $130799.09    | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| People's Insurance Co Group of China Ltd/The    | People's Insurance Co Group of China Ltd/The            | CUSIP: 000000000<br>LEI: 3003000P2JHYHQ524P66 | Long             | EC               | CORP              | CN        |    391000 | NS      | $131815.74    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                          | MSCI EMGMKT MAR23                                       | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |         3 | NC      | $4033.04      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ITC Ltd                                         | ITC Ltd                                                 | CUSIP: 000000000<br>LEI: 335800WLOU3OFWFTMP43 | Long             | EC               | CORP              | IN        |     33158 | NS      | $143097.33    | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Energy Holdings Ltd                         | ENN Energy Holdings Ltd                                 | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |      1000 | NS      | $15066.72     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                    | Wal-Mart de Mexico SAB de CV                            | CUSIP: 000000000<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | MX        |     35221 | NS      | $137962.40    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Maxis Bhd                                       | Maxis Bhd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     40300 | NS      | $37488.54     | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT            | Bank Rakyat Indonesia Persero Tbk PT                    | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |    448000 | NS      | $137387.18    | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Jarir Marketing Co                              | Jarir Marketing Co                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      1926 | NS      | $77414.63     | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Communications Co Ltd                   | Bank of Communications Co Ltd                           | CUSIP: 000000000<br>LEI: 549300AX1UM10U30HK09 | Long             | EC               | CORP              | CN        |    218000 | NS      | $134745.56    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd                                     | Infosys Ltd                                             | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |      3464 | NS      | $65123.20     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hengan International Group Co Ltd               | Hengan International Group Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     11500 | NS      | $56572.61     | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobile Telecommunications Co KSCP               | Mobile Telecommunications Co KSCP                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KW        |     49488 | NS      | $90021.62     | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of China Ltd                               | Bank of China Ltd                                       | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | EC               | CORP              | CN        |     69000 | NS      | $26265.86     | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Quanta Computer Inc                             | Quanta Computer Inc                                     | CUSIP: 000000000<br>LEI: 529900DE8BIV3XOXIK04 | Long             | EC               | CORP              | TW        |     56000 | NS      | $139859.32    | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| China Yongda Automobiles Services Holdings Ltd  | China Yongda Automobiles Services Holdings Ltd          | CUSIP: 000000000<br>LEI: 529900G4APWIO18G0C95 | Long             | EC               | CORP              | KY        |     12500 | NS      | $10810.23     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangkok Dusit Medical Services PCL              | Bangkok Dusit Medical Services PCL                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    150600 | NS      | $136165.99    | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Shandong Gold Mining Co Ltd                     | Shandong Gold Mining Co Ltd                             | CUSIP: 000000000<br>LEI: 300300KC2K8BC07OSV77 | Long             | EC               | CORP              | CN        |     45000 | NS      | $132308.91    | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Alsea SAB de CV                                 | Alsea SAB de CV                                         | CUSIP: 000000000<br>LEI: 4469000001BJLPKNUN21 | Long             | EC               | CORP              | MX        |      1755 | NS      | $4181.88      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT                        | Bank Central Asia Tbk PT                                | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    133400 | NS      | $75705.69     | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma ATE Inc                                  | Chroma ATE Inc                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      4000 | NS      | $24822.82     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| PTT Exploration & Production PCL                | PTT Exploration & Production PCL                        | CUSIP: 000000000<br>LEI: 2549001O8YYGP5N7Q076 | Long             | EC               | CORP              | TH        |     25500 | NS      | $133111.87    | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Sinopharm Group Co Ltd                          | Sinopharm Group Co Ltd                                  | CUSIP: 000000000<br>LEI: 529900N54X78YH9JYK92 | Long             | EC               | CORP              | CN        |     49600 | NS      | $121569.20    | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrial & Commercial Bank of China Ltd       | Industrial & Commercial Bank of China Ltd               | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | EC               | CORP              | CN        |    188000 | NS      | $100564.72    | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Tisco Financial Group PCL                       | Tisco Financial Group PCL                               | CUSIP: 000000000<br>LEI: 529900OOUQI3OWX2WU06 | Long             | EC               | CORP              | TH        |     36900 | NS      | $114809.22    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Lenovo Group Ltd                                | Lenovo Group Ltd                                        | CUSIP: 000000000<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | HK        |     16000 | NS      | $12833.10     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijing Enterprises Holdings Ltd                | Beijing Enterprises Holdings Ltd                        | CUSIP: 000000000<br>LEI: 529900896ODARUEY2V26 | Long             | EC               | CORP              | HK        |     10500 | NS      | $35656.00     | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotak Mahindra Bank Ltd                         | Kotak Mahindra Bank Ltd                                 | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |      2228 | NS      | $47303.30     | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsingtao Brewery Co Ltd                         | Tsingtao Brewery Co Ltd                                 | CUSIP: 000000000<br>LEI: 300300OJ7D0Q1ESE8L15 | Long             | EC               | CORP              | CN        |      8300 | NS      | $124662.13    | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Dubai Islamic Bank PJSC                         | Dubai Islamic Bank PJSC                                 | CUSIP: 000000000<br>LEI: 5493003E7YRAQY3JGW88 | Long             | EC               | CORP              | AE        |     77494 | NS      | $117476.36    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Cheil Worldwide Inc                             | Cheil Worldwide Inc                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5119 | NS      | $91480.39     | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Home Product Center PCL                         | Home Product Center PCL                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    303300 | NS      | $131976.31    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Autohome Inc                                    | Autohome Inc                                            | CUSIP: 05278C107<br>LEI: 529900NYB6ZGZN3MVT56 | Long             | EC               | CORP              | KY        |       269 | NS      | $9377.34      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hellenic Telecommunications Organization SA     | Hellenic Telecommunications Organization SA             | CUSIP: 000000000<br>LEI: ELPUFM0XZRZO4LFXW404 | Long             | EC               | CORP              | GR        |      7750 | NS      | $122172.88    | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Ooredoo QPSC                                    | Ooredoo QPSC                                            | CUSIP: 000000000<br>LEI: 549300D3EIDZJB62TR20 | Long             | EC               | CORP              | QA        |     54898 | NS      | $134110.03    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Chang Hwa Commercial Bank Ltd                   | Chang Hwa Commercial Bank Ltd                           | CUSIP: 000000000<br>LEI: 549300FHFNGCSKDTHT42 | Long             | EC               | CORP              | TW        |    236714 | NS      | $139107.50    | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                        | Ambev SA                                                | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |     24668 | NS      | $65616.88     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Pou Chen Corp                                   | Pou Chen Corp                                           | CUSIP: 000000000<br>LEI: 25490027LIXQ7W4PBH18 | Long             | EC               | CORP              | TW        |     45000 | NS      | $51630.32     | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Largan Precision Co Ltd                         | Largan Precision Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      2000 | NS      | $142722.71    | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Ganfeng Lithium Group Co Ltd                    | Ganfeng Lithium Group Co Ltd                            | CUSIP: 000000000<br>LEI: 3003006BE6UOHWEOOR42 | Long             | EC               | CORP              | CN        |      1000 | NS      | $11763.32     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Negara Indonesia Persero Tbk PT            | Bank Negara Indonesia Persero Tbk PT                    | CUSIP: 000000000<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | EC               | CORP              | ID        |     66500 | NS      | $40763.89     | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Co Ltd                               | PetroChina Co Ltd                                       | CUSIP: 000000000<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | CORP              | CN        |     78000 | NS      | $41726.10     | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Bumrungrad Hospital PCL                         | Bumrungrad Hospital PCL                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |     20900 | NS      | $137741.09    | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                       | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    178976 | NS      | $178976.20    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc                           | Delta Electronics Inc                                   | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     11000 | NS      | $106672.10    | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Axiata Group Bhd                                | Axiata Group Bhd                                        | CUSIP: 000000000<br>LEI: 254900DM0V7OCPDUUC55 | Long             | EC               | CORP              | MY        |    173900 | NS      | $123893.28    | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd               | Hon Hai Precision Industry Co Ltd                       | CUSIP: 438090805<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |      1447 | NS      | $9608.08      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Boubyan Bank KSCP                               | Boubyan Bank KSCP                                       | CUSIP: 000000000<br>LEI: 254900D1UAYOAUPGL280 | Long             | EC               | CORP              | KW        |     16170 | NS      | $41577.95     | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Vipshop Holdings Ltd                            | Vipshop Holdings Ltd                                    | CUSIP: 92763W103<br>LEI: 549300I9F52K06HPZX60 | Long             | EC               | CORP              | KY        |       957 | NS      | $14804.79     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| 3SBio Inc                                       | 3SBio Inc                                               | CUSIP: 000000000<br>LEI: 529900P0TQC1E9Y7FN31 | Long             | EC               | CORP              | KY        |    112000 | NS      | $121992.96    | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Leong Bank Bhd                             | Hong Leong Bank Bhd                                     | CUSIP: 000000000<br>LEI: 549300BUPYUQGB5BFX94 | Long             | EC               | CORP              | MY        |      2200 | NS      | $10598.25     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica Brasil SA                            | Telefonica Brasil SA                                    | CUSIP: 87936R205<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |     18108 | NS      | $147218.04    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKOIL PJSC                                     | LUKOIL PJSC                                             | CUSIP: 000000000<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |      1506 | NS      | $0.21         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Daqin Railway Co Ltd                            | Daqin Railway Co Ltd                                    | CUSIP: 000000000<br>LEI: 30030098LARO7YWJL882 | Long             | EC               | CORP              | CN        |    116700 | NS      | $115895.60    | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Airlines Catering Co                      | Saudi Airlines Catering Co                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      2451 | NS      | $49582.40     | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                       | Alibaba Group Holding Ltd                               | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      6348 | NS      | $87276.49     | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Life Insurance Corp of India                    | Life Insurance Corp of India                            | CUSIP: 000000000<br>LEI: 21380068NOA8WMH89Z35 | Long             | EC               | CORP              | IN        |     12740 | NS      | $101934.90    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Asian Paints Ltd                                | Asian Paints Ltd                                        | CUSIP: 000000000<br>LEI: 335800HEHXGYRUNERD75 | Long             | EC               | CORP              | IN        |      2132 | NS      | $71196.97     | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Petronas Gas Bhd                                | Petronas Gas Bhd                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     29000 | NS      | $114348.00    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Al Rajhi Bank                                   | Al Rajhi Bank                                           | CUSIP: 000000000<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |      3769 | NS      | $82734.24     | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd       | Taiwan Semiconductor Manufacturing Co Ltd               | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      7000 | NS      | $123527.47    | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd       | Taiwan Semiconductor Manufacturing Co Ltd               | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |       410 | NS      | $38019.30     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai Rural Commercial Bank Co Ltd           | Shanghai Rural Commercial Bank Co Ltd                   | CUSIP: 000000000<br>LEI: 300300C1122131000095 | Long             | EC               | CORP              | CN        |     66860 | NS      | $58588.30     | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Kunlun Energy Co Ltd                            | Kunlun Energy Co Ltd                                    | CUSIP: 000000000<br>LEI: 5299007GRIKP15GM4927 | Long             | EC               | CORP              | BM        |    170000 | NS      | $134071.32    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Co Ltd                               | PetroChina Co Ltd                                       | CUSIP: 000000000<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | CORP              | CN        |     83500 | NS      | $64217.20     | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Reddy's Laboratories Ltd                     | Dr Reddy's Laboratories Ltd                             | CUSIP: 256135203<br>LEI: 335800OVDPY3DVZR2798 | Long             | EC               | CORP              | IN        |      1805 | NS      | $97109.00     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ZTE Corp                                        | ZTE Corp                                                | CUSIP: 000000000<br>LEI: 3003004FBGVVG1CW5U45 | Long             | EC               | CORP              | CN        |     20400 | NS      | $49266.55     | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd               | Hon Hai Precision Industry Co Ltd                       | CUSIP: 000000000<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |     38000 | NS      | $126719.81    | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd | Shenzhen Mindray Bio-Medical Electronics Co Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |       700 | NS      | $34617.88     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Catcher Technology Co Ltd                       | Catcher Technology Co Ltd                               | CUSIP: 000000000<br>LEI: 5299006PRSCU66N5JF55 | Long             | EC               | CORP              | TW        |     22000 | NS      | $130825.96    | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambev SA                                        | Ambev SA                                                | CUSIP: 000000000<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |     28107 | NS      | $75634.15     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                   | HDFC Bank Ltd                                           | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |       881 | NS      | $59344.16     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Co                            | Saudi Arabian Oil Co                                    | CUSIP: 000000000<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |     12799 | NS      | $112919.02    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Yanbu National Petrochemical Co                 | Yanbu National Petrochemical Co                         | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | EC               | CORP              | SA        |      3429 | NS      | $40633.64     | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| PPB Group Bhd                                   | PPB Group Bhd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     32700 | NS      | $134916.49    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Malaysia Airports Holdings Bhd                  | Malaysia Airports Holdings Bhd                          | CUSIP: 000000000<br>LEI: 2549003NBM1LN55SZ370 | Long             | EC               | CORP              | MY        |      5300 | NS      | $8785.66      | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Abdullah Al Othaim Markets Co                   | Abdullah Al Othaim Markets Co                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      4801 | NS      | $135058.71    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Anhui Gujing Distillery Co Ltd                  | Anhui Gujing Distillery Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |       300 | NS      | $12384.25     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp                    | China Construction Bank Corp                            | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |     51000 | NS      | $33011.83     | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung SDS Co Ltd                              | Samsung SDS Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1282 | NS      | $130733.06    | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-01

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer