# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001752724-23-037500
**Filing Date:** 2023-2
**Character Count:** 63964
**Document Hash:** cad2f7b6de13505cfe7965b15efc10c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-037500.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001752724-23-037500

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20230331

**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:** 23661297

**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 Global Equity Absolute Return Fund (Series ID: S000074773)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000232952 | Class K       |  |
| C000232953 | Investor A    |  |
| C000232954 | Institutional |  |

## Nport-Ex

Schedule of Investments (unaudited)

December 31, 2022

#### BlackRock Global Equity Absolute Return Fund

#### (Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 2.7%** | **Canada — 2.7%** | **Canada — 2.7%** |
| Canadian National Railway Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;$117245 |
| Suncor Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965 | &nbsp;&nbsp;&nbsp;&nbsp; 125773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243018 |
| **China — 3.2%** | **China — 3.2%** | **China — 3.2%** |
| Tencent Holdings Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp; 186561 |
| Yum China Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 106096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292657 |
| **Denmark — 7.1%** | **Denmark — 7.1%** | **Denmark — 7.1%** |
| Ascendis Pharma A/S, ADR<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp; 150220 |
| Novo Nordisk A/S, Class B<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736 | &nbsp;&nbsp;&nbsp;&nbsp; 235776 |
| Vestas Wind Systems A/S<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8766 | &nbsp;&nbsp;&nbsp;&nbsp; 255710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641706 |
| **France — 1.7%** | **France — 1.7%** | **France — 1.7%** |
| Kering SA<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp; 153187 |
| **Germany — 7.3%** | **Germany — 7.3%** | **Germany — 7.3%** |
| Beiersdorf AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp; 197119 |
| Infineon Technologies AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4098 | &nbsp;&nbsp;&nbsp;&nbsp; 124546 |
| MTU Aero Engines AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp; 207821 |
| Symrise AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 131955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661441 |
| **Hong Kong — 0.7%** | **Hong Kong — 0.7%** | **Hong Kong — 0.7%** |
| Techtronic Industries Co. Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61088 |
| **Iceland — 0.8%** | **Iceland — 0.8%** | **Iceland — 0.8%** |
| Marel HF<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;20047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69099 |
| **Italy — 2.7%** | **Italy — 2.7%** | **Italy — 2.7%** |
| Intesa Sanpaolo SpA<br>| &nbsp;&nbsp;&nbsp;&nbsp;64428 | &nbsp;&nbsp;&nbsp;&nbsp; 142735 |
| UniCredit SpA<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7524 | &nbsp;&nbsp;&nbsp;&nbsp; 106762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249497 |
| **Japan — 7.0%** | **Japan — 7.0%** | **Japan — 7.0%** |
| Daiichi Sankyo Co. Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 160933 |
| Recruit Holdings Co. Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 212853 |
| Sony Group Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 259154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632940 |
| **Netherlands — 4.1%** | **Netherlands — 4.1%** | **Netherlands — 4.1%** |
| ASML Holding NV<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 121591 |
| Koninklijke DSM NV<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp; 246326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367917 |
| **Spain — 1.6%** | **Spain — 1.6%** | **Spain — 1.6%** |
| Industria de Diseno Textil SA<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5482 | &nbsp;&nbsp;&nbsp;&nbsp; 145608 |
| **Sweden — 2.0%** | **Sweden — 2.0%** | **Sweden — 2.0%** |
| Epiroc AB, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9949 | &nbsp;&nbsp;&nbsp;&nbsp; 181162 |
| **Switzerland — 5.1%** | **Switzerland — 5.1%** | **Switzerland — 5.1%** |
| Lonza Group AG, Registered Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp; 226784 |
| Roche Holding AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp; 233793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460577 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **United States — 22.0%** | **United States — 22.0%** | **United States — 22.0%** |
| Adobe, Inc.<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;$136968 |
| Align Technology, Inc.<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89843 |
| AZEK Co., Inc., Class A<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71201 |
| Baker Hughes Co., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071 | &nbsp;&nbsp;&nbsp;&nbsp; 120217 |
| Charles Schwab Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99413 |
| Comcast Corp., Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357 | &nbsp;&nbsp;&nbsp;&nbsp; 222304 |
| Equinix, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91049 |
| Etsy, Inc.<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88757 |
| Freeport-McMoRan, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65702 |
| GE HealthCare Technologies, Inc.<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94517 |
| GXO Logistics, Inc.<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp; 110140 |
| Match Group, Inc.<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914 | &nbsp;&nbsp;&nbsp;&nbsp; 120902 |
| PayPal Holdings, Inc.<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp; 134748 |
| ROBLOX Corp., Class A<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31448 |
| Thermo Fisher Scientific, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp; 227986 |
| Walt Disney Co.<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp; 169851 |
| WillScot Mobile Mini Holdings Corp.<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464 | &nbsp;&nbsp;&nbsp;&nbsp; 111299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1986345 |
| **Total Long-Term Investments — 68.0%<br>(Cost: $6,851,409)<br>** | **Total Long-Term Investments — 68.0%<br>(Cost: $6,851,409)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;6146242 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 31.4%** | **Money Market Funds — 31.4%** | **Money Market Funds — 31.4%** |
| BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03%<sup>(d)(e)</sup><br>| 2759061 | &nbsp;&nbsp; 2759061 |
| SL Liquidity Series, LLC, Money Market Series, 4.49%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;74583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74576 |
| **Total Short-Term Securities — 31.4%<br>(Cost: $2,833,630)<br>** | **Total Short-Term Securities — 31.4%<br>(Cost: $2,833,630)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;2833637 |
| **Total Investments — 99.4%<br>(Cost: $9,685,039)<br>** | **Total Investments — 99.4%<br>(Cost: $9,685,039)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;8979879 |
| **Other Assets Less Liabilities — 0.6%<br>** | **Other Assets Less Liabilities — 0.6%<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52598 |
| **Net Assets — 100.0%<br>** | **Net Assets — 100.0%<br>** | $9032477 |

---

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

<sup>(b)</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>(c)</sup> All or a portion of this security is on loan.

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

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

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

BlackRock Global Equity Absolute Return Fund

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | &nbsp;&nbsp;*Value at<br> 03/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Purchases<br> at Cost* | &nbsp;&nbsp;&nbsp;&nbsp;*Proceeds<br> from Sale* | &nbsp;&nbsp;&nbsp;&nbsp;*Net<br> Realized<br> Gain (Loss)* | &nbsp;&nbsp;&nbsp;&nbsp;*Change in<br> Unrealized<br> Appreciation<br> (Depreciation)* | &nbsp;&nbsp;&nbsp;&nbsp;*Value at<br> 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Shares<br> Held at<br> 12/31/22* | &nbsp;&nbsp;&nbsp;&nbsp;*Income* | &nbsp;&nbsp;&nbsp;&nbsp;*Capital<br> Gain<br> Distributions<br> from Underlying<br> Funds* |
| BlackRock Liquidity Funds, T-Fund, Institutional Class<br>| &nbsp;&nbsp;$1502087 | &nbsp;&nbsp;&nbsp;&nbsp;$1256974<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2759061 | &nbsp;&nbsp;&nbsp;&nbsp;2759061 | &nbsp;&nbsp;&nbsp;&nbsp;$49889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| SL Liquidity Series, LLC, Money Market Series<br>| &nbsp;&nbsp;&nbsp;&nbsp; 120250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45721)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;$2833637 |  | &nbsp;&nbsp;&nbsp;&nbsp;$50114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

<sup>(b)</sup> 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* | &nbsp;&nbsp;*Number of<br> Contracts* | &nbsp;&nbsp;&nbsp;&nbsp;*Expiration<br> Date* | &nbsp;&nbsp;&nbsp;&nbsp;*Notional<br> Amount<br> (000)* | &nbsp;&nbsp;&nbsp;&nbsp;*Value/<br> Unrealized<br> Appreciation<br> (Depreciation)* |
| Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CAC 40 Index<br>| &nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;01/20/23 | &nbsp;&nbsp;&nbsp;&nbsp;$416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14763 |
| &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index<br>| &nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;03/17/23 | &nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8230 |
| &nbsp;&nbsp;&nbsp;STOXX Europe 600 Index<br>| &nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;03/17/23 | &nbsp;&nbsp;&nbsp;&nbsp; 999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37016 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$60009 |

---

#### Forward Foreign Currency Exchange Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Currency Sold* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Currency Sold* | *Counterparty* | *Settlement<br> Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unrealized<br> Appreciation<br> (Depreciation)* |
| USD | 288034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAD | 382504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5515 |
| USD | 167659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEK | 1747278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5589 |
| USD | 431355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHF | 405839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8255) |
| USD | 420290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DKK | 3016921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14484) |
| USD | 1331956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | 1286136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46143) |
| USD | 211464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | 200588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3466) |
| USD | 670405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPY | 93542791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43701) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116049) |
|  |  |  |  |  |  | &nbsp;&nbsp;$(110460) |

---

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

BlackRock Global Equity Absolute Return Fund

#### OTC Total Return Swaps

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | &nbsp;&nbsp;*Payment<br> Frequency* | &nbsp;&nbsp;&nbsp;&nbsp;*Counterparty<sup>(i)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;*Termination<br> Date* | &nbsp;&nbsp;&nbsp;&nbsp;*Net<br> Notional* | &nbsp;&nbsp;&nbsp;&nbsp;*Accrued<br> Unrealized<br> Appreciation<br> (Depreciation)* | &nbsp;&nbsp;&nbsp;&nbsp;*Net Value of<br> Reference<br> Entity* | &nbsp;&nbsp;&nbsp;&nbsp;*Gross Notional<br> Amount<br> Net Asset<br> Percentage* |
| Equity Securities Long/Short<br>| &nbsp;&nbsp;Monthly | &nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;02/24/23–02/27/23 | &nbsp;&nbsp;&nbsp;&nbsp;$(875339) | &nbsp;&nbsp;&nbsp;&nbsp;$(14022)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$(881819) | &nbsp;&nbsp;&nbsp;&nbsp;14.5% |
|  | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Bank USA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;02/27/23–02/28/23 | &nbsp;&nbsp;&nbsp;&nbsp; (1497114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7665<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1475084) | &nbsp;&nbsp;&nbsp;&nbsp;16.4 |
|  | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;&nbsp;&nbsp;HSBC Bank PLC<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;02/10/23–02/13/23 | &nbsp;&nbsp;&nbsp;&nbsp; (1036653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55428<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (988101) | &nbsp;&nbsp;&nbsp;&nbsp;15.8 |
|  | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. International PLC<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12/26/23–09/19/24 | &nbsp;&nbsp;&nbsp;&nbsp; (483142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25075)<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (500811) | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23996 | &nbsp;&nbsp;&nbsp;&nbsp;$(3845815) |  |

---

<sup>(b)</sup> Amount includes $(7542) of net dividends and financing fees.

<sup>(d)</sup> Amount includes $(14365) of net dividends and financing fees.

<sup>(f)</sup> Amount includes $6,876 of net dividends and financing fees.

<sup>(h)</sup> Amount includes $(7406) of net dividends and financing fees.

<sup>(i)</sup> The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

---

| | | | |
|:---|:---|:---|:---|
| The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: | The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: | The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: | The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: |
|  | (a) | (c) | (e) |
| Range: | 15-35 basis points | 15-9983 basis points | 15-30 basis points |
| Benchmarks: | Copenhagen Interbank Offer Rate: | Canadian Overnight Repo Rate Average: | Swiss Average Rate Overnight: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;DKK 1 Week | &nbsp;&nbsp;&nbsp;&nbsp;CAD 1 Day | &nbsp;&nbsp;&nbsp;&nbsp;CHF 1 Day |
|  | Euro Short-Term Rate: | Euro Short-Term Rate: | Euro Short-Term Rate: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;EUR 1 Day | &nbsp;&nbsp;&nbsp;&nbsp;EUR 1 Day | &nbsp;&nbsp;&nbsp;&nbsp;EUR 1 Day |
|  | Sterling Overnight Index Average: | Tokyo Overnight Average Rate: | Sterling Overnight Index Average: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;GBP 1 Day | &nbsp;&nbsp;&nbsp;&nbsp;JPY 1 Day | &nbsp;&nbsp;&nbsp;&nbsp;GBP 1 Day |
|  | Tokyo Overnight Average Rate: | Overnight Federal Funds Effective Rate: | Tokyo Overnight Average Rate: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;JPY 1 Day | &nbsp;&nbsp;&nbsp;&nbsp;USD 1 Day | &nbsp;&nbsp;&nbsp;&nbsp;JPY 1 Day |
|  | Overnight Bank Funding Rate: |  | Overnight Bank Funding Rate: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;USD 1 Day |  | &nbsp;&nbsp;&nbsp;&nbsp;USD 1 Day |
|  | (g) |  |  |
| Range: | 5-32 basis points |  |  |
| Benchmarks: | Sterling Overnight Index Average: |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;GBP 1 Day |  |  |
|  | Hong Kong Overnight Index Average: |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;HKD 1 Day |  |  |
|  | Tokyo Overnight Average Rate: |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;JPY 1 Day |  |  |
|  | Overnight Federal Funds Effective Rate: |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;USD 1 Day |  |  |

---

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

BlackRock Global Equity Absolute Return Fund

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Citibank N.A. as of period end, termination dates February 24, 2023 to February 27, 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | &nbsp;&nbsp;*Value* | *% of<br> Basket<br> Value* |
| **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **France** |  |  |  |
| Air Liquide SA<br>| &nbsp;&nbsp;&nbsp;1521 | &nbsp;&nbsp;$215884 | (24.5)% |
| **Total Reference Entity — Long<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215884 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks** |  |  |  |
| **Denmark** |  |  |  |
| Novozymes A/S, B Shares<br>| &nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;&nbsp; (52560) | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |
| **France** |  |  |  |
| Orange SA<br>| &nbsp;&nbsp;&nbsp;9301 | &nbsp;&nbsp;&nbsp;&nbsp; (92286) | &nbsp;&nbsp;10.5 |
| **Japan** |  |  |  |
| Seven Bank Ltd.<br>| 46900 | &nbsp;&nbsp;&nbsp;&nbsp; (93511) | &nbsp;&nbsp;10.6 |
| **Netherlands** |  |  |  |
| Randstad NV<br>| &nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp; (57314) | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| **United Kingdom** |  |  |  |
| Bunzl PLC<br>| &nbsp;&nbsp;&nbsp;3987 | &nbsp;&nbsp;&nbsp;&nbsp; (132648) | &nbsp;&nbsp;15.0 |
| **United States** |  |  |  |
| CarMax, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp; (53461) | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Gilead Sciences, Inc.<br>| &nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;&nbsp; (86794) | &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
| HP, Inc.<br>| &nbsp;&nbsp;&nbsp;3379 | &nbsp;&nbsp;&nbsp;&nbsp; (90794) | &nbsp;&nbsp;10.3 |
| International Business Machines Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; (134550) | &nbsp;&nbsp;15.3 |
| Interpublic Group of Cos., Inc.<br>| &nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp; (90104) | &nbsp;&nbsp;10.2 |
| Iron Mountain, Inc.<br>| &nbsp;&nbsp;&nbsp;2289 | &nbsp;&nbsp;&nbsp;&nbsp; (114107) | &nbsp;&nbsp;12.9 |
| Timken Co.<br>| &nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp; (99574) | &nbsp;&nbsp;11.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(669384) |  |
| **Total Reference Entity — Short<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;(1097703) |  |
| **Net Value of Reference Entity —<br>Citibank N.A.<br>**  |  | &nbsp;&nbsp;&nbsp;$(881819) |  |

---

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination dates February 27, 2023 to February 28, 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | &nbsp;&nbsp;*Value* | *% of<br> Basket<br> Value* |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks** |  |  |  |
| **Canada** |  |  |  |
| BCE, Inc.<br>| &nbsp;&nbsp;&nbsp;2026 | &nbsp;&nbsp;$(89015) | &nbsp;&nbsp;&nbsp;6.0% |
| **France** |  |  |  |
| ICADE<br>| &nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; (79361) | &nbsp;&nbsp;&nbsp;5.4 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | &nbsp;&nbsp;*Value* | *% of<br> Basket<br> Value* |
| **Hong Kong** |  |  |  |
| Polestar Automotive Holding UK PLC, Class A, ADR<br>| &nbsp;&nbsp;&nbsp;9452 | &nbsp;&nbsp;$(50190) | &nbsp;&nbsp;&nbsp;3.4% |
| **Italy** |  |  |  |
| Prysmian SpA<br>| &nbsp;&nbsp;&nbsp;2353 | &nbsp;&nbsp;&nbsp;&nbsp; (87427) | &nbsp;&nbsp;&nbsp;5.9 |
| **Japan** |  |  |  |
| Dentsu Group, Inc.<br>| &nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; (103523) | &nbsp;&nbsp;&nbsp;7.0 |
| East Japan Railway Co.<br>| &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; (68350) | &nbsp;&nbsp;&nbsp;4.7 |
| KDDI Corp.<br>| &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; (66719) | &nbsp;&nbsp;&nbsp;4.5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238592) |  |
| **Netherlands** |  |  |  |
| Basic-Fit NV<br>| &nbsp;&nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp; (21120) | &nbsp;&nbsp;&nbsp;1.4 |
| **Spain** |  |  |  |
| Inmobiliaria Colonial Socimi SA<br>| 14455 | &nbsp;&nbsp;&nbsp;&nbsp; (92978) | &nbsp;&nbsp;&nbsp;6.3 |
| Mapfre SA<br>| 47771 | &nbsp;&nbsp;&nbsp;&nbsp; (92413) | &nbsp;&nbsp;&nbsp;6.3 |
| Telefonica SA<br>| 26526 | &nbsp;&nbsp;&nbsp;&nbsp; (96027) | &nbsp;&nbsp;&nbsp;6.5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281418) |  |
| **United States** |  |  |  |
| AT&T Inc.<br>| &nbsp;&nbsp;&nbsp;7832 | &nbsp;&nbsp;&nbsp;&nbsp; (144187) | &nbsp;&nbsp;&nbsp;9.8 |
| Automatic Data Processing, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp; (96022) | &nbsp;&nbsp;&nbsp;6.5 |
| Penske Automotive Group, Inc.<br>| &nbsp;&nbsp;&nbsp;1621 | &nbsp;&nbsp;&nbsp;&nbsp; (186302) | 12.6 |
| Progressive Corp.<br>| &nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;&nbsp; (150593) | 10.2 |
| Trupanion, Inc.<br>| &nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp; (50857) | &nbsp;&nbsp;&nbsp;3.5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(627961) |  |
| **Total Reference Entity — Short<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;(1475084) |  |
| **Net Value of Reference Entity —<br>Goldman Sachs Bank USA<br>**  |  | &nbsp;&nbsp;$(1475084) |  |

---

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination dates February 10, 2023 to February 13, 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | &nbsp;&nbsp;*Value* | *% of<br> Basket<br> Value* |
| **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Australia** |  |  |  |
| Rio Tinto PLC<br>| &nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp;$84743 | &nbsp;&nbsp;&nbsp;(8.6)% |
| **Hong Kong** |  |  |  |
| Prudential PLC<br>| &nbsp;&nbsp;&nbsp;9114 | &nbsp;&nbsp;&nbsp;&nbsp; 124272 | (12.6) |
| **Total Reference Entity — Long<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209015 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks** |  |  |  |
| **France** |  |  |  |
| Airbus SE<br>| &nbsp;&nbsp;&nbsp;1157 | &nbsp;&nbsp;&nbsp;&nbsp; (137570) | &nbsp;&nbsp;13.9 |
| **Japan** |  |  |  |
| Nintendo Co. Ltd.<br>| &nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; (84093) | &nbsp;&nbsp;&nbsp;&nbsp;8.5 |
| Secom Co. Ltd.<br>| &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; (125528) | &nbsp;&nbsp;12.7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209621) |  |

---

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

BlackRock Global Equity Absolute Return Fund

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | &nbsp;&nbsp;*Value* | *% of<br> Basket<br> Value* |
| **Netherlands** |  |  |  |
| Basic-Fit NV<br>| &nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;$(56969) | &nbsp;&nbsp;&nbsp;&nbsp;5.8% |
| **Switzerland** |  |  |  |
| Givaudan SA, Registered Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp; (85761) | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| **United Kingdom** |  |  |  |
| Sage Group PLC<br>| 11909 | &nbsp;&nbsp;&nbsp;&nbsp; (107237) | &nbsp;&nbsp;10.9 |
| **United States** |  |  |  |
| Amgen, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp; (62508) | &nbsp;&nbsp;&nbsp;&nbsp;6.3 |
| BRP Group, Inc., Class A<br>| &nbsp;&nbsp;&nbsp;3410 | &nbsp;&nbsp;&nbsp;&nbsp; (85727) | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| Conagra Brands, Inc.<br>| &nbsp;&nbsp;&nbsp;3474 | &nbsp;&nbsp;&nbsp;&nbsp; (134444) | &nbsp;&nbsp;13.6 |
| Humana, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp; (63512) | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Molson Coors Beverage Co., Class B<br>| &nbsp;&nbsp;&nbsp;1988 | &nbsp;&nbsp;&nbsp;&nbsp; (102422) | &nbsp;&nbsp;10.4 |
| Robert Half International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp; (38982) | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| WW Grainger, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp; (112363) | &nbsp;&nbsp;11.4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599958) |  |
| **Total Reference Entity — Short<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;(1197116) |  |
| **Net Value of Reference Entity —<br>HSBC Bank PLC<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(988101) |  |

---

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Morgan Stanley & Co. International PLC as of period end, termination dates December 26, 2023 to September 19, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | &nbsp;&nbsp;*Value* | *% of<br> Basket<br> Value* |
| **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **United Kingdom** |  |  |  |
| Standard Chartered PLC<br>| &nbsp;&nbsp;&nbsp;18685 | &nbsp;&nbsp;$139362 | (27.8)% |
| **Total Reference Entity — Long<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139362 |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Shares* | &nbsp;&nbsp;*Value* | *% of<br> Basket<br> Value* |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks** |  |  |  |
| **China** |  |  |  |
| Industrial & Commercial Bank of China Ltd., Class H<br>| 129000 | &nbsp;&nbsp;$(66163) | &nbsp;&nbsp;13.2% |
| **Japan** |  |  |  |
| SoftBank Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp; (91641) | &nbsp;&nbsp;18.3 |
| **South Korea** |  |  |  |
| LG H&H Co. Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp; (130654) | &nbsp;&nbsp;26.1 |
| **United States** |  |  |  |
| Booking Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; (124947) | &nbsp;&nbsp;24.9 |
| Omnicom Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;2232 | &nbsp;&nbsp;&nbsp;&nbsp; (182064) | &nbsp;&nbsp;36.4 |
| Williams-Sonoma, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp; (44704) | &nbsp;&nbsp;&nbsp;&nbsp;8.9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;(351715) |  |
| **Net Value of Reference Entity —<br>Morgan Stanley & Co. International PLC<br>**  |  | &nbsp;&nbsp;$(500811) |  |

---

#### 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).

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

BlackRock Global Equity Absolute Return Fund

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

**Certain investments of the Fund were fair valued using net asset value ("NAV") as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.**

**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.**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Level 1* | &nbsp;&nbsp;*Level 2* | &nbsp;&nbsp;*Level 3* | &nbsp;&nbsp;*Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada<br>| &nbsp;&nbsp;$243018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$243018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 292657 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 292657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150220 | &nbsp;&nbsp;&nbsp;&nbsp; 491486 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 641706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153187 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 661441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 661441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61088 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iceland<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249497 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 249497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 632940 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 632940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 367917 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 367917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 145608 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 145608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 460577 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 460577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States<br>| &nbsp;&nbsp; 1986345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1986345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds<br>| &nbsp;&nbsp; 2759061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 2759061 |
|  | &nbsp;&nbsp;$5207743 | &nbsp;&nbsp;$3697560 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8905303 |
| Investments valued at NAV<sup>(a)</sup><br>|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74576 |
|  |  |  |  | &nbsp;&nbsp;$8979879 |
| Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;$60009 | &nbsp;&nbsp;&nbsp;&nbsp;$63093 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$123102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Exchange Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5589 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5589 |
| &nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (39097) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (39097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Exchange Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (116049) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (116049) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$60009 | &nbsp;&nbsp;&nbsp;$(86464) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(26455) |

---

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

------

Schedule of Investments (unaudited) (continued)

December 31, 2022

BlackRock Global Equity Absolute Return Fund

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| CAD | &nbsp;&nbsp;Canadian Dollar |
| CHF | &nbsp;&nbsp;Swiss Franc |
| DKK | &nbsp;&nbsp;Danish Krone |
| EUR | &nbsp;&nbsp;Euro |
| JPY | &nbsp;&nbsp;Japanese Yen |
| SEK | &nbsp;&nbsp;Swedish Krona |
| USD | &nbsp;&nbsp;United States Dollar |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| S&P | &nbsp;&nbsp;Standard & Poor's |

---

## 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 Global Equity Absolute Return Fund

- **b. EDGAR series identifier (if any):** S000074773

- **c. LEI of Series:** 549300F47FUK0NUM7035

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-30

**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:** $19983647.94

**Total Liabilities:** $10950916.66

**Net Assets:** $9032731.28

**Cash Not Reported:** $217976.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232954 | 0.95%                | 3.30%                | 0.35%                |
| Class ID C000232952 | 0.95%                | 3.42%                | 0.27%                |
| Class ID C000232953 | 0.95%                | 3.30%                | 0.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-46662.31               | $438550.56                                 |
| Month 2  | $67514.93                | $633599.96                                 |
| Month 3  | $31203.02                | $-198895.84                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| EUREX CLEARING AKTIENGESELLSCHAFT                | EUREX STOXX EUROPE 600             | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |       -44 | NC      | $37441.31     | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Freeport-McMoRan Inc                             | Freeport-McMoRan Inc               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      1729 | NS      | $65702.00     | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Baker Hughes Co                                  | Baker Hughes Co                    | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4071 | NS      | $120216.63    | 1.33%             |  |  |  | No            | 1                  | On Loan: No      |
| AZEK Co Inc/The                                  | AZEK Co Inc/The                    | CUSIP: 05478C105<br>LEI: 5493002LDDDU1RX46815 | Long             | EC               | CORP              | US        |      3504 | NS      | $71201.28     | 0.79%             |  |  |  | No            | 1                  | On Loan: —       |
| Suncor Energy Inc                                | Suncor Energy Inc                  | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |      3965 | NS      | $125773.08    | 1.39%             |  |  |  | No            | 1                  | On Loan: No      |
| HSBC BANK PLC                                    | TRS CFD EQUITY BASKET              | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               | CORP              | GB        |         1 | NC      | $41369.57     | 0.46%             |  |  |  | No            | 2                  | On Loan: No      |
| Marel HF                                         | Marel HF                           | CUSIP: 000000000<br>LEI: 5299008YTLEN09WTHW26 | Long             | EC               | CORP              | IS        |     20047 | NS      | $69098.98     | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Comcast Corp                                     | Comcast Corp                       | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      6357 | NS      | $222304.29    | 2.46%             |  |  |  | No            | 1                  | On Loan: No      |
| BlackRock Liquidity Funds T-Fund                 | BlackRock Liquidity Funds T-Fund   | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |   2767714 | NS      | $2767713.65   | 30.64%            |  |  |  | No            | 1                  | On Loan: No      |
| Industria de Diseno Textil SA                    | Industria de Diseno Textil SA      | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |      5482 | NS      | $145607.68    | 1.61%             |  |  |  | No            | 2                  | On Loan: No      |
| GE HealthCare Technologies Inc                   | GE HealthCare Technologies Inc     | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |      1619 | NS      | $94517.22     | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Intesa Sanpaolo SpA                              | Intesa Sanpaolo SpA                | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |     64428 | NS      | $142734.56    | 1.58%             |  |  |  | No            | 2                  | On Loan: No      |
| Beiersdorf AG                                    | Beiersdorf AG                      | CUSIP: 000000000<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |      1725 | NS      | $197118.95    | 2.18%             |  |  |  | No            | 2                  | On Loan: No      |
| Roche Holding AG                                 | Roche Holding AG                   | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       744 | NS      | $233792.74    | 2.59%             |  |  |  | No            | 2                  | On Loan: No      |
| EURONEXT PARIS SA                                | EURONEXT CAC 40 INDEX              | CUSIP: 000000000<br>LEI: 969500HMVSZ0TCV65D58 | N/A              | DE               | CORP              | FR        |        -6 | NC      | $14489.26     | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Epiroc AB                                        | Epiroc AB                          | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |      9949 | NS      | $181162.44    | 2.01%             |  |  |  | No            | 2                  | On Loan: No      |
| THE ROYAL BANK OF SCOTLAND INTERNATIONAL LIMITED | SEK/USD FORWARD                    | CUSIP: 000000000<br>LEI: 21380078CCZSEEIIKA41 | N/A              | DFE              | CORP              | US        |         1 | NC      | $73.63        | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Thermo Fisher Scientific Inc                     | Thermo Fisher Scientific Inc       | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       414 | NS      | $227985.66    | 2.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Techtronic Industries Co Ltd                     | Techtronic Industries Co Ltd       | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |      5500 | NS      | $61087.65     | 0.68%             |  |  |  | No            | 2                  | On Loan: No      |
| Align Technology Inc                             | Align Technology Inc               | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |       426 | NS      | $89843.40     | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                 | USD/DKK FORWARD                    | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-14483.72    | -0.16%            |  |  |  | No            | 2                  | On Loan: No      |
| Bank of America, National Association            | USD/CHF FORWARD                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-8254.67     | -0.09%            |  |  |  | No            | 2                  | On Loan: No      |
| Kering SA                                        | Kering SA                          | CUSIP: 000000000<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |       301 | NS      | $153187.30    | 1.70%             |  |  |  | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS BANK USA                           | TRS CFD EQUITY BASKET              | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               | CORP              | US        |         1 | NC      | $-8075.32     | -0.09%            |  |  |  | No            | 2                  | On Loan: No      |
| Lonza Group AG                                   | Lonza Group AG                     | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |       462 | NS      | $226784.46    | 2.51%             |  |  |  | No            | 2                  | On Loan: No      |
| PayPal Holdings Inc                              | PayPal Holdings Inc                | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      1892 | NS      | $134748.24    | 1.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Bank of America, National Association            | USD/JPY FORWARD                    | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-43701.26    | -0.48%            |  |  |  | No            | 2                  | On Loan: No      |
| Match Group Inc                                  | Match Group Inc                    | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      2914 | NS      | $120901.86    | 1.34%             |  |  |  | No            | 1                  | On Loan: No      |
| UniCredit SpA                                    | UniCredit SpA                      | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |      7524 | NS      | $106762.27    | 1.18%             |  |  |  | No            | 2                  | On Loan: No      |
| HSBC SECURITIES (USA) INC.                       | USD/EUR FORWARD                    | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-49609.41    | -0.55%            |  |  |  | No            | 2                  | On Loan: No      |
| Etsy Inc                                         | Etsy Inc                           | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |       741 | NS      | $88756.98     | 0.98%             |  |  |  | No            | 1                  | On Loan: No      |
| MTU Aero Engines AG                              | MTU Aero Engines AG                | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |       966 | NS      | $207820.70    | 2.30%             |  |  |  | No            | 2                  | On Loan: No      |
| Walt Disney Co/The                               | Walt Disney Co/The                 | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      1955 | NS      | $169850.40    | 1.88%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. LLC                         | CAD/USD FORWARD                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $5515.46      | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Canadian National Railway Co                     | Canadian National Railway Co       | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |       987 | NS      | $117244.52    | 1.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Tencent Holdings Ltd                             | Tencent Holdings Ltd               | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |      4400 | NS      | $186561.60    | 2.07%             |  |  |  | No            | 2                  | On Loan: No      |
| MONEY MARKET SERIES LLC                          | MONEY MARKET SERIES LLC            | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |     71115 | NS      | $71107.80     | 0.79%             |  |  |  | No            | N/A                | On Loan: No      |
| GXO Logistics Inc                                | GXO Logistics Inc                  | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |      2580 | NS      | $110140.20    | 1.22%             |  |  |  | No            | 1                  | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION                   | TRS CFD EQUITY BASKET              | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               | CORP              | US        |         1 | NC      | $-15492.25    | -0.17%            |  |  |  | No            | 2                  | On Loan: No      |
| WillScot Mobile Mini Holdings                    | WillScot Mobile Mini Holdings Corp | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |      2464 | NS      | $111298.88    | 1.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Koninklijke DSM NV                               | Koninklijke DSM NV                 | CUSIP: 000000000<br>LEI: 724500SNT1MK246AHP04 | Long             | EC               | CORP              | NL        |      2006 | NS      | $246326.00    | 2.73%             |  |  |  | No            | 2                  | On Loan: No      |
| Ascendis Pharma A/S                              | Ascendis Pharma A/S                | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      1230 | NS      | $150219.90    | 1.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinix Inc                                      | Equinix Inc                        | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       139 | NS      | $91049.17     | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| ASML Holding NV                                  | ASML Holding NV                    | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       223 | NS      | $121591.22    | 1.35%             |  |  |  | No            | 2                  | On Loan: No      |
| Infineon Technologies AG                         | Infineon Technologies AG           | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |      4098 | NS      | $124546.12    | 1.38%             |  |  |  | No            | 2                  | On Loan: No      |
| Daiichi Sankyo Co Ltd                            | Daiichi Sankyo Co Ltd              | CUSIP: 000000000<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |      5000 | NS      | $160933.45    | 1.78%             |  |  |  | No            | 2                  | On Loan: No      |
| Vestas Wind Systems A/S                          | Vestas Wind Systems A/S            | CUSIP: 000000000<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |      8766 | NS      | $255710.03    | 2.83%             |  |  |  | No            | 2                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                 | S&P500 EMINI                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        -1 | NC      | $8229.70      | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Symrise AG                                       | Symrise AG                         | CUSIP: 000000000<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |      1215 | NS      | $131955.14    | 1.46%             |  |  |  | No            | 2                  | On Loan: No      |
| Sony Group Corp                                  | Sony Group Corp                    | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |      3400 | NS      | $259153.51    | 2.87%             |  |  |  | No            | 2                  | On Loan: No      |
| Charles Schwab Corp/The                          | Charles Schwab Corp/The            | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      1194 | NS      | $99412.44     | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Novo Nordisk A/S                                 | Novo Nordisk A/S                   | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      1736 | NS      | $235775.82    | 2.61%             |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC           | TRS CFD EQUITY BASKET              | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               | CORP              | GB        |         1 | NC      | $-26342.95    | -0.29%            |  |  |  | No            | 2                  | On Loan: No      |
| ROBLOX Corp                                      | ROBLOX Corp                        | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1105 | NS      | $31448.30     | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Yum China Holdings Inc                           | Yum China Holdings Inc             | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |      1900 | NS      | $106095.80    | 1.17%             |  |  |  | No            | 2                  | On Loan: No      |
| Adobe Inc                                        | Adobe Inc                          | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       407 | NS      | $136967.71    | 1.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Recruit Holdings Co Ltd                          | Recruit Holdings Co Ltd            | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |      6800 | NS      | $212853.45    | 2.36%             |  |  |  | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2023-02-23

**Name of Applicant:** BlackRock Funds

**Signature:** Ann Frechette

**Name of Signer:** Ann Frechette

**Title:** Assistant Treasurer