# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001752724-23-071932
**Filing Date:** 2023-3
**Character Count:** 73879
**Document Hash:** 674241f55720dc3a5b01d868f051889e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-071932.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-071932

**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:** 23774057

**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 U.S. Fund (Series ID: S000070272)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000223500 | Institutional |  |
| C000223501 | Class K       |  |
| C000223502 | Investor A    |  |

## Nport-Ex

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |
|  HEICO Corp. | 181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30942 |
|  Lockheed Martin Corp. | 76 | 35208 |
|  Northrop Grumman Corp. | 11 | 4928 |
|  |  | 71078 |
| **Air Freight & Logistics — 1.1%** |  |  |
|  CH Robinson Worldwide, Inc. | 89 | 8915 |
|  Expeditors International of Washington, Inc. | 504 | 54508 |
|  |  | 63423 |
| **Banks — 0.9%** |  |  |
|  Cullen/Frost Bankers, Inc. | 181 | 23581 |
|  First Horizon Corp. | 1130 | 27945 |
|  |  | 51526 |
| **Beverages — 2.5%** |  |  |
|  PepsiCo, Inc. | 850 | 145367 |
| **Biotechnology — 7.5%** |  |  |
|  Amgen, Inc. | 373 | 94145 |
|  BioMarin Pharmaceutical, Inc.<sup>(a)</sup>  | 226 | 26069 |
|  Gilead Sciences, Inc. | 1747 | 146643 |
|  Horizon Therapeutics PLC<sup>(a)</sup>  | 414 | 45424 |
|  Incyte Corp.<sup>(a)</sup>  | 35 | 2980 |
|  Neurocrine Biosciences, Inc.<sup>(a)</sup>  | 206 | 22852 |
|  Regeneron Pharmaceuticals, Inc.<sup>(a)</sup>  | 64 | 48542 |
|  Seagen, Inc.<sup>(a)</sup>  | 101 | 14088 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | 129 | 41680 |
|  |  | 442423 |
| **Capital Markets — 2.9%** |  |  |
|  Bank of New York Mellon Corp. | 928 | 46929 |
|  Cboe Global Markets, Inc. | 720 | 88473 |
|  CME Group, Inc., Class A | 194 | 34272 |
|  LPL Financial Holdings, Inc. | 7 | 1660 |
|  |  | 171334 |
| **Chemicals — 1.1%** |  |  |
|  CF Industries Holdings, Inc. | 82 | 6945 |
|  Corteva, Inc. | 123 | 7927 |
|  Ecolab, Inc. | 206 | 31895 |
|  Linde PLC<sup>(a)</sup>  | 37 | 12245 |
|  Sherwin-Williams Co. | 15 | 3549 |
|  |  | 62561 |
| **Commercial Services & Supplies — 4.4%** |  |  |
|  Cintas Corp. | 114 | 50586 |
|  Republic Services, Inc. | 655 | 81757 |
|  Rollins, Inc. | 386 | 14051 |
|  Tetra Tech, Inc. | 15 | 2333 |
|  Waste Connections, Inc. | 164 | 21796 |
|  Waste Management, Inc. | 584 | 90362 |
|  |  | 260885 |
| **Communications Equipment — 2.1%** |  |  |
|  Cisco Systems, Inc. | 1186 | 57723 |
|  Juniper Networks, Inc. | 1011 | 32655 |
|  Motorola Solutions, Inc. | 137 | 35210 |
|  |  | 125588 |
| **Consumer Finance — 0.2%** |  |  |
|  American Express Co. | 65 | 11371 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
|  Graphic Packaging Holding Co. | 1494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35991 |
| **Distributors — 0.0%** |  |  |
|  Genuine Parts Co. | 17 | 2853 |
| **Diversified Financial Services — 0.4%** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | 73 | 22741 |
| **Diversified Telecommunication Services — 2.0%** | **Diversified Telecommunication Services — 2.0%** | **Diversified Telecommunication Services — 2.0%** |
|  AT&T, Inc. | 175 | 3565 |
|  Verizon Communications, Inc. | 2721 | 113112 |
|  |  | 116677 |
| **Electric Utilities — 2.9%** |  |  |
|  Duke Energy Corp. | 282 | 28891 |
|  Evergy, Inc. | 1093 | 68476 |
|  IDACORP, Inc. | 476 | 50366 |
|  PNM Resources, Inc. | 29 | 1435 |
|  Portland General Electric Co. | 492 | 23409 |
|  |  | 172577 |
| **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** |
|  Arrow Electronics, Inc.<sup>(a)</sup>  | 197 | 23146 |
|  Flex Ltd.<sup>(a)</sup>  | 301 | 7028 |
|  Keysight Technologies, Inc.<sup>(a)</sup>  | 6 | 1076 |
|  TD SYNNEX Corp. | 144 | 14710 |
|  TE Connectivity Ltd. | 295 | 37509 |
|  |  | 83469 |
| **Entertainment — 1.5%** |  |  |
|  Activision Blizzard, Inc. | 723 | 55360 |
|  Electronic Arts, Inc. | 254 | 32685 |
|  |  | 88045 |
| **Equity Real Estate Investment Trusts (REITs) — 1.6%** | **Equity Real Estate Investment Trusts (REITs) — 1.6%** | **Equity Real Estate Investment Trusts (REITs) — 1.6%** |
|  Equity Residential | 638 | 40609 |
|  Essex Property Trust, Inc. | 45 | 10173 |
|  SBA Communications Corp. | 148 | 44034 |
|  |  | 94816 |
| **Food & Staples Retailing — 2.9%** |  |  |
|  Kroger Co. | 1339 | 59760 |
|  Walmart, Inc. | 782 | 112506 |
|  |  | 172266 |
| **Food Products — 4.0%** |  |  |
|  Campbell Soup Co. | 284 | 14748 |
|  General Mills, Inc. | 505 | 39572 |
|  Hershey Co. | 475 | 106685 |
|  J M Smucker Co. | 134 | 20475 |
|  Kellogg Co. | 56 | 3841 |
|  Mondelez International, Inc., Class A | 184 | 12041 |
|  Tyson Foods, Inc., Class A | 635 | 41751 |
|  |  | 239113 |
| **Gas Utilities — 0.1%** |  |  |
|  New Jersey Resources Corp. | 60 | 2995 |
| **Health Care Equipment & Supplies — 1.9%** |  |  |
|  Becton Dickinson and Co. | 337 | 84998 |
|  Medtronic PLC | 294 | 24605 |
|  |  | 109603 |
| **Health Care Providers & Services — 4.7%** |  |  |
|  AmerisourceBergen Corp. | 160 | 27034 |
|  Chemed Corp. | 3 | 1516 |
|  Cigna Corp. | 185 | 58584 |

---

1<br>

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Health Care Providers & Services (continued)** |  |  |
|  CVS Health Corp. | 770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67929 |
|  Elevance Health, Inc. | 167 | 83498 |
|  Humana, Inc. | 16 | 8187 |
|  UnitedHealth Group, Inc. | 58 | 28953 |
|  |  | 275701 |
| **Hotels, Restaurants & Leisure — 1.5%** |  |  |
|  Domino's Pizza, Inc. | 60 | 21180 |
|  McDonald's Corp. | 259 | 69257 |
|  |  | 90437 |
| **Household Products — 2.7%** |  |  |
|  Colgate-Palmolive Co. | 1059 | 78927 |
|  Procter & Gamble Co. | 571 | 81299 |
|  |  | 160226 |
| **Insurance — 7.2%** |  |  |
|  American Financial Group, Inc. | 248 | 35362 |
|  Aon PLC, Class A | 177 | 56406 |
|  Arthur J Gallagher & Co. | 59 | 11547 |
|  Marsh & McLennan Cos., Inc. | 662 | 115790 |
|  MetLife, Inc. | 27 | 1972 |
|  Progressive Corp. | 922 | 125715 |
|  Reinsurance Group of America, Inc. | 226 | 34300 |
|  Travelers Cos., Inc. | 59 | 11276 |
|  Unum Group | 816 | 34297 |
|  |  | 426665 |
| **Interactive Media & Services<sup>(a)</sup> — 1.5%** |  |  |
|  Alphabet, Inc., Class A | 287 | 28367 |
|  Alphabet, Inc., Class C | 577 | 57625 |
|  |  | 85992 |
| **IT Services — 9.2%** |  |  |
|  Accenture PLC, Class A | 231 | 64461 |
|  Automatic Data Processing, Inc. | 364 | 82195 |
|  Broadridge Financial Solutions, Inc. | 25 | 3759 |
|  Cognizant Technology Solutions Corp., Class A | 322 | 21493 |
|  Gartner, Inc.<sup>(a)</sup>  | 173 | 58498 |
|  Mastercard, Inc., Class A | 185 | 68561 |
|  Paychex, Inc. | 654 | 75772 |
|  VeriSign, Inc.<sup>(a)</sup>  | 252 | 54949 |
|  Visa, Inc., Class A | 482 | 110961 |
|  |  | 540649 |
| **Life Sciences Tools & Services — 1.0%** |  |  |
|  Danaher Corp. | 227 | 60014 |
| **Machinery — 1.8%** |  |  |
|  Allison Transmission Holdings, Inc. | 297 | 13389 |
|  Illinois Tool Works, Inc. | 26 | 6137 |
|  Snap-on, Inc. | 176 | 43776 |
|  Xylem, Inc. | 387 | 40252 |
|  |  | 103554 |
| **Media — 1.4%** |  |  |
|  Comcast Corp., Class A | 305 | 12002 |
|  Fox Corp., Class A | 1945 | 66013 |
|  Fox Corp., Class B | 111 | 3519 |
|  Sirius XM Holdings, Inc. | 85 | 492 |
|  |  | 82026 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
| **Metals & Mining — 0.9%** |  |  |  |
|  Newmont Corp. | 815 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43138 |
|  Reliance Steel & Aluminum Co. | 45 |  | 10235 |
|  |  |  | 53373 |
| **Multiline Retail — 1.1%** |  |  |  |
|  Dollar General Corp. | 277 |  | 64707 |
| **Multi-Utilities — 4.9%** |  |  |  |
|  Ameren Corp. | 496 |  | 43087 |
|  Black Hills Corp. | 350 |  | 25333 |
|  CMS Energy Corp. | 1194 |  | 75449 |
|  Consolidated Edison, Inc. | 286 |  | 27259 |
|  Dominion Energy, Inc. | 257 |  | 16355 |
|  DTE Energy Co. | 653 |  | 75990 |
|  WEC Energy Group, Inc. | 293 |  | 27539 |
|  |  |  | 291012 |
| **Oil, Gas & Consumable Fuels — 0.2%** |  |  |  |
|  Marathon Petroleum Corp. | 83 |  | 10667 |
|  PDC Energy, Inc. | 15 |  | 1016 |
|  |  |  | 11683 |
| **Pharmaceuticals — 5.8%** |  |  |  |
|  AbbVie, Inc. | 110 |  | 16253 |
|  Bristol-Myers Squibb Co. | 1572 |  | 114206 |
|  Eli Lilly & Co. | 314 |  | 108063 |
|  Johnson & Johnson | 241 |  | 39384 |
|  Merck & Co., Inc. | 246 |  | 26423 |
|  Pfizer, Inc. | 882 |  | 38949 |
|  |  |  | 343278 |
| **Professional Services — 0.3%** |  |  |  |
|  Booz Allen Hamilton Holding Corp., Class A | 210 |  | 19874 |
| **Road & Rail — 0.6%** |  |  |  |
|  CSX Corp. | 225 |  | 6957 |
|  JB Hunt Transport Services, Inc. | 30 |  | 5672 |
|  Landstar System, Inc. | 71 |  | 12271 |
|  Union Pacific Corp. | 44 |  | 8984 |
|  |  |  | 33884 |
| **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** |
|  Analog Devices, Inc. | 229 |  | 39267 |
|  Cirrus Logic, Inc.<sup>(a)</sup>  | 460 |  | 41579 |
|  Intel Corp. | 776 |  | 21930 |
|  Texas Instruments, Inc. | 219 |  | 38809 |
|  |  |  | 141585 |
| **Software — 4.8%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup>  | 104 |  | 38515 |
|  Black Knight, Inc.<sup>(a)</sup>  | 204 |  | 12360 |
|  Manhattan Associates, Inc.<sup>(a)</sup>  | 439 |  | 57228 |
|  Microsoft Corp. | 335 |  | 83016 |
|  Oracle Corp. | 136 |  | 12031 |
|  Palo Alto Networks, Inc.<sup>(a)</sup>  | 81 |  | 12850 |
|  Roper Technologies, Inc. | 151 |  | 64439 |
|  VMware, Inc., Class A<sup>(a)</sup>  | 48 |  | 5879 |
|  |  |  | 286318 |
| **Specialty Retail — 2.3%** |  |  |  |
|  AutoZone, Inc.<sup>(a)</sup>  | 26 |  | 63410 |
|  Home Depot, Inc. | 171 |  | 55433 |
|  Lowe's Cos., Inc. | 89 |  | 18534 |
|  |  |  | 137377 |

---

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 U.S. Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** |
|  Apple, Inc. | 190 | $27415 |
|  HP, Inc. | 637 | 18562 |
|  |  | 45977 |
| **Textiles, Apparel & Luxury Goods — 0.1%** |  |  |
|  Deckers Outdoor Corp.<sup>(a)</sup>  | 12 | 5130 |
| **Wireless Telecommunication Services — 0.5%** |  |  |
|  T-Mobile U.S., Inc.<sup>(a)</sup>  | 200 | 29862 |
|  **Total Long-Term Investments — 98.9%<br>(Cost: $5,503,404)** |  | 5836026 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 0.8%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.07%<sup>(b)(c)</sup>  | 49922 | 49922 |
|  **Total Short-Term Securities — 0.8%<br>(Cost: $49,922)** |  | 49922 |
|  **Total Investments — 99.7%<br>(Cost: $5,553,326)** |  | 5885948 |
|  **Other Assets Less Liabilities — 0.3%** |  | 18129 |
|  **Net Assets — 100.0%** |  | $5904077 |

---

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

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

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

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.

**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 | $78182 | $— | $(28260)<sup>(a)</sup> | $— | $– $| 49922 | 49922 | $1289 | $— |
|  SL Liquidity Series, LLC, Money Market Series<sup>(b)</sup>  |  |  | (6)<sup>(a)</sup> | 6 | – |  |  | 17 <sup>(c)</sup> |  |
|  |  |  |  | $6 | $– $| 49922 |  | $1306 | $— |

---

<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.

**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

3<br>

------

---

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

---

**Fair Value Hierarchy as of Period End (continued)** 

&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 | $5836026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $5836026 |
| &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 | 49922 |  |  | 49922 |
|  | $5885948 | $— | $— | $5885948 |

---

S C H E D U L E O F I N V E S T M E N T S 4

## 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 U.S. Fund

- **b. EDGAR series identifier (if any):** S000070272

- **c. LEI of Series:** 549300XBI4WH7Y71GH03

**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:** $5959344.94

**Total Liabilities:** $55266.06

**Net Assets:** $5904078.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223502 | 6.26%                | -3.44%               | 1.54%                |
| Class ID C000223500 | 6.24%                | -3.40%               | 1.54%                |
| Class ID C000223501 | 6.24%                | -3.40%               | 1.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7057.33                | $355908.19                                 |
| Month 2  | $-37496.44               | $-180324.89                                |
| Month 3  | $7027.90                 | $76512.41                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cisco Systems Inc                          | Cisco Systems Inc                                       | CUSIP: 17275R102<br>LEI: 8E6NF1YAL0WT6CWXXV93 | Long             | EC               | CORP              | US        |      1186 | NS      | $57722.62     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| PDC Energy Inc                             | PDC Energy Inc                                          | CUSIP: 69327R101<br>LEI: 5493008W8H2T511J5Y59 | Long             | EC               | CORP              | US        |        15 | NS      | $1015.95      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp                        | Dollar General Corp                                     | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |       277 | NS      | $64707.20     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                              | Accenture PLC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       231 | NS      | $64460.55     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                         | Equity Residential                                      | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |       638 | NS      | $40608.70     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp                  | New Jersey Resources Corp                               | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |        60 | NS      | $2995.20      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Washington Inc | Expeditors International of Washington Inc              | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |       504 | NS      | $54507.60     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co                           | Genuine Parts Co                                        | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |        17 | NS      | $2852.94      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                       | Progressive Corp/The                                    | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |       922 | NS      | $125714.70    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                 | Vertex Pharmaceuticals Inc                              | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       129 | NS      | $41679.90     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings Inc                     | Sirius XM Holdings Inc                                  | CUSIP: 82968B103<br>LEI: 54930055RWDMVXAGZK98 | Long             | EC               | CORP              | US        |        85 | NS      | $492.15       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                        | Dominion Energy Inc                                     | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |       257 | NS      | $16355.48     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                 | Mondelez International Inc                              | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |       184 | NS      | $12040.96     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                         | Union Pacific Corp                                      | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |        44 | NS      | $8984.36      | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                          | Johnson & Johnson                                       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       241 | NS      | $39384.22     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                            | McDonald's Corp                                         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       259 | NS      | $69256.60     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                     | UnitedHealth Group Inc                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |        58 | NS      | $28953.02     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                    | Marathon Petroleum Corp                                 | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |        83 | NS      | $10667.16     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc                          | General Mills Inc                                       | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |       505 | NS      | $39571.80     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                | Paychex Inc                                             | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |       654 | NS      | $75772.44     | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America Inc           | Reinsurance Group of America Inc                        | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |       226 | NS      | $34300.02     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                 | AbbVie Inc                                              | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       110 | NS      | $16252.50     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp        | Cognizant Technology Solutions Corp                     | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |       322 | NS      | $21493.50     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                       | WEC Energy Group Inc                                    | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |       293 | NS      | $27539.07     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc                | BioMarin Pharmaceutical Inc                             | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |       226 | NS      | $26069.10     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                | Snap-on Inc                                             | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       176 | NS      | $43776.48     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                  | Linde PLC                                               | CUSIP: 000000000<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |        37 | NS      | $12244.78     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic Inc                           | Cirrus Logic Inc                                        | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |       460 | NS      | $41579.40     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Knight Inc                           | Black Knight Inc                                        | CUSIP: 09215C105<br>LEI: 549300TUSNXS3BFFML48 | Long             | EC               | CORP              | US        |       204 | NS      | $12360.36     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp                         | First Horizon Corp                                      | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |      1130 | NS      | $27944.90     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                               | Comcast Corp                                            | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |       305 | NS      | $12001.75     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                                   | Fox Corp                                                | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      1945 | NS      | $66013.30     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                             | TD SYNNEX Corp                                          | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |       144 | NS      | $14709.60     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                             | Tetra Tech Inc                                          | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |        15 | NS      | $2332.80      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co               | Graphic Packaging Holding Co                            | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1494 | NS      | $35990.46     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Therapeutics Plc                   | Horizon Therapeutics Plc                                | CUSIP: 000000000<br>LEI: 529900P0GSQ79OOZEV53 | Long             | EC               | CORP              | IE        |       414 | NS      | $45424.08     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagen Inc                                 | Seagen Inc                                              | CUSIP: 81181C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       101 | NS      | $14087.48     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                                | Cintas Corp                                             | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       114 | NS      | $50586.36     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                              | Medtronic PLC                                           | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |       294 | NS      | $24604.86     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                | Corteva Inc                                             | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |       123 | NS      | $7927.35      | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                | PepsiCo Inc                                             | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       850 | NS      | $145367.00    | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                      | Texas Instruments Inc                                   | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |       219 | NS      | $38808.99     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                              | CME Group Inc                                           | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       194 | NS      | $34272.04     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc                   | Manhattan Associates Inc                                | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |       439 | NS      | $57228.04     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                               | Alphabet Inc                                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       287 | NS      | $28367.08     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                   | Visa Inc                                                | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       482 | NS      | $110961.22    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings Inc          | Allison Transmission Holdings Inc                       | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |       297 | NS      | $13388.76     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                        | Elevance Health Inc                                     | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       167 | NS      | $83498.33     | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The                         | J M Smucker Co/The                                      | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |       134 | NS      | $20475.20     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                    | Procter & Gamble Co/The                                 | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |       571 | NS      | $81298.98     | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                       | Lockheed Martin Corp                                    | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |        76 | NS      | $35207.76     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                             | Lowe's Cos Inc                                          | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |        89 | NS      | $18534.25     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                             | Microsoft Corp                                          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       335 | NS      | $83016.35     | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                            | Tyson Foods Inc                                         | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |       635 | NS      | $41751.25     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co                    | Becton Dickinson and Co                                 | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |       337 | NS      | $84998.14     | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellogg Co                                 | Kellogg Co                                              | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |        56 | NS      | $3840.48      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                               | Newmont Corp                                            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |       815 | NS      | $43137.95     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                  | Adobe Inc                                               | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       104 | NS      | $38515.36     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                       | Waste Management Inc                                    | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |       584 | NS      | $90362.32     | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                           | Black Hills Corp                                        | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |       350 | NS      | $25333.00     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                               | Alphabet Inc                                            | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       577 | NS      | $57624.99     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corp                                 | Cigna Corp                                              | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       185 | NS      | $58583.95     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                            | CVS Health Corp                                         | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |       770 | NS      | $67929.40     | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc                                | Gartner Inc                                             | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |       173 | NS      | $58498.22     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                   | Marsh & McLennan Cos Inc                                | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |       662 | NS      | $115790.42    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                | Walmart Inc                                             | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |       782 | NS      | $112506.34    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                            | CMS Energy Corp                                         | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |      1194 | NS      | $75448.86     | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/OH            | American Financial Group Inc/OH                         | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |       248 | NS      | $35362.32     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co               | Portland General Electric Co                            | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |       492 | NS      | $23409.36     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc                    | Activision Blizzard Inc                                 | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |       723 | NS      | $55360.11     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc                    | Consolidated Edison Inc                                 | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |       286 | NS      | $27258.66     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                                | Incyte Corp                                             | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |        35 | NS      | $2979.90      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                     | Berkshire Hathaway Inc                                  | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |        73 | NS      | $22740.96     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                             | Hershey Co/The                                          | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |       475 | NS      | $106685.00    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Juniper Networks Inc                       | Juniper Networks Inc                                    | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |      1011 | NS      | $32655.30     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                               | Xylem Inc/NY                                            | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |       387 | NS      | $40251.87     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                                 | Ecolab Inc                                              | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       206 | NS      | $31894.98     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                             | Mastercard Inc                                          | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       185 | NS      | $68561.00     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc                      | Republic Services Inc                                   | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       655 | NS      | $81757.10     | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                   | AT&T Inc                                                | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |       175 | NS      | $3564.75      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp           | Booz Allen Hamilton Holding Corp                        | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |       210 | NS      | $19874.40     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                  | Amgen Inc                                               | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       373 | NS      | $94145.20     | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                 | Unum Group                                              | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |       816 | NS      | $34296.48     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                 | HEICO Corp                                              | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |       181 | NS      | $30941.95     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                   | Essex Property Trust Inc                                | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |        45 | NS      | $10173.15     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Campbell Soup Co                           | Campbell Soup Co                                        | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |       284 | NS      | $14748.12     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                         | Home Depot Inc/The                                      | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       171 | NS      | $55433.07     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                                 | Intel Corp                                              | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |       776 | NS      | $21929.76     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                 | Evergy Inc                                              | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      1093 | NS      | $68476.45     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PNM Resources Inc                          | PNM Resources Inc                                       | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |        29 | NS      | $1434.92      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                    | SBA Communications Corp                                 | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |       148 | NS      | $44034.44     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                         | Domino's Pizza Inc                                      | CUSIP: 25754A201<br>LEI: 5299004V0Y8MI5D9FF45 | Long             | EC               | CORP              | US        |        60 | NS      | $21180.00     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                                   | CSX Corp                                                | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |       225 | NS      | $6957.00      | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                                   | Flex Ltd                                                | CUSIP: 000000000<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |       301 | NS      | $7028.35      | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                                | Rollins Inc                                             | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |       386 | NS      | $14050.40     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds                  | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |     49922 | NS      | $49921.68     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                    | Sherwin-Williams Co/The                                 | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |        15 | NS      | $3548.85      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                         | Analog Devices Inc                                      | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |       229 | NS      | $39266.63     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                | MetLife Inc                                             | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |        27 | NS      | $1971.54      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc                    | Illinois Tool Works Inc                                 | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |        26 | NS      | $6137.04      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                           | Duke Energy Corp                                        | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       282 | NS      | $28890.90     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                 | Pfizer Inc                                              | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |       882 | NS      | $38949.12     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                               | VeriSign Inc                                            | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       252 | NS      | $54948.60     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                                | Ameren Corp                                             | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |       496 | NS      | $43087.52     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                      | Waste Connections Inc                                   | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |       164 | NS      | $21795.60     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                                | Chemed Corp                                             | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |         3 | NS      | $1515.42      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                 | Verizon Communications Inc                              | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      2721 | NS      | $113111.97    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                                | Oracle Corp                                             | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |       136 | NS      | $12030.56     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc                   | Cullen/Frost Bankers Inc                                | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |       181 | NS      | $23580.68     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                    | Aon PLC                                                 | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |       177 | NS      | $56406.36     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                                   | Fox Corp                                                | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |       111 | NS      | $3518.70      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc                        | Landstar System Inc                                     | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |        71 | NS      | $12270.93     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp                     | AmerisourceBergen Corp                                  | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       160 | NS      | $27033.60     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity Ltd                        | TE Connectivity Ltd                                     | CUSIP: 000000000<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               | CORP              | CH        |       295 | NS      | $37509.25     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                 | LPL Financial Holdings Inc                              | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |         7 | NS      | $1659.84      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                     | Roper Technologies Inc                                  | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       151 | NS      | $64439.25     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                     | Palo Alto Networks Inc                                  | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |        81 | NS      | $12849.84     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hunt Transport Services Inc             | JB Hunt Transport Services Inc                          | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |        30 | NS      | $5671.50      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The           | Bank of New York Mellon Corp/The                        | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |       928 | NS      | $46928.96     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                 | CF Industries Holdings Inc                              | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |        82 | NS      | $6945.40      | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                                | IDACORP Inc                                             | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |       476 | NS      | $50365.56     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                 | Neurocrine Biosciences Inc                              | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |       206 | NS      | $22851.58     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                               | AutoZone Inc                                            | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        26 | NS      | $63410.10     | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                      | Northrop Grumman Corp                                   | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |        11 | NS      | $4928.44      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                        | Electronic Arts Inc                                     | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       254 | NS      | $32684.72     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                 | Humana Inc                                              | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |        16 | NS      | $8187.20      | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                  | Keysight Technologies Inc                               | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |         6 | NS      | $1076.10      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                              | Kroger Co/The                                           | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      1339 | NS      | $59759.57     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                  | Apple Inc                                               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |       190 | NS      | $27415.10     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                               | Danaher Corp                                            | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       227 | NS      | $60014.26     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc              | Regeneron Pharmaceuticals Inc                           | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |        64 | NS      | $48542.08     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                    | Cboe Global Markets Inc                                 | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |       720 | NS      | $88473.60     | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc              | Automatic Data Processing Inc                           | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |       364 | NS      | $82194.84     | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                            | T-Mobile US Inc                                         | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       200 | NS      | $29862.00     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                      | Travelers Cos Inc/The                                   | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |        59 | NS      | $11276.08     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                       | Deckers Outdoor Corp                                    | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |        12 | NS      | $5129.76      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                             | Merck & Co Inc                                          | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       246 | NS      | $26422.86     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                       | Colgate-Palmolive Co                                    | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      1059 | NS      | $78927.27     | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc         | Broadridge Financial Solutions Inc                      | CUSIP: 11133T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        25 | NS      | $3759.00      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                             | Eli Lilly & Co                                          | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       314 | NS      | $108063.10    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                    | Arthur J Gallagher & Co                                 | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |        59 | NS      | $11547.48     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                     | HP Inc                                                  | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |       637 | NS      | $18562.18     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                              | DTE Energy Co                                           | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |       653 | NS      | $75989.61     | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                     | Motorola Solutions Inc                                  | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       137 | NS      | $35210.37     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Steel & Aluminum Co               | Reliance Steel & Aluminum Co                            | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |        45 | NS      | $10235.25     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| VMware Inc                                 | VMware Inc                                              | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |        48 | NS      | $5878.56      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                    | Bristol-Myers Squibb Co                                 | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      1572 | NS      | $114205.80    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                        | American Express Co                                     | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |        65 | NS      | $11370.45     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc                  | CH Robinson Worldwide Inc                               | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |        89 | NS      | $8915.13      | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc                      | Arrow Electronics Inc                                   | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |       197 | NS      | $23145.53     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                        | Gilead Sciences Inc                                     | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      1747 | NS      | $146643.18    | 2.48%             |  |  |  | No            |                  1 | 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