# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001410368-25-010098
**Filing Date:** 2025-9
**Character Count:** 89600
**Document Hash:** e33e095acabced20382225bdbfe9bd56
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010098.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-010098

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 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:** 251338566

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

July 31, 2025

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Funds**<sup>SM</sup> |
| • BlackRock Defensive Advantage Emerging Markets Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

July 31, 2025

**BlackRock Defensive Advantage Emerging Markets Fund** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 0.2%** | **Brazil — 0.2%** |  |
| CPFL Energia SA | 2628 | &nbsp;&nbsp; $17792 |
| **Chile — 0.3%** | **Chile — 0.3%** |  |
| Banco de Chile, ADR | 1429 | &nbsp;&nbsp; 39040 |
| **China — 24.3%** | **China — 24.3%** |  |
| Agricultural Bank of China Ltd., Class A | 61300 | &nbsp;&nbsp; 53532 |
| Bank of China Ltd., Class H | 283000 | &nbsp;&nbsp; 163351 |
| Bank of Communications Co. Ltd., Class H | 7000 | &nbsp;&nbsp; 6306 |
| Beijing Kingsoft Office Software, Inc., Class A | 233 | &nbsp;&nbsp; 10091 |
| BeOne Medicines Ltd.<sup>(a)</sup> | 2800 | &nbsp;&nbsp; 63656 |
| BYD Co. Ltd., Class A | 3900 | &nbsp;&nbsp; 56572 |
| China CITIC Bank Corp. Ltd., Class H | 15000 | &nbsp;&nbsp; 13937 |
| China Construction Bank Corp., Class H | 42000 | &nbsp;&nbsp; 42958 |
| China Everbright Bank Co. Ltd., Class A | 193000 | &nbsp;&nbsp; 108338 |
| China Life Insurance Co. Ltd., Class H | 5000 | &nbsp;&nbsp; 14443 |
| China Petroleum & Chemical Corp., Class H | 88000 | &nbsp;&nbsp; 51640 |
| &nbsp;&nbsp;&nbsp; China Railway Signal & Communication Corp. Ltd., <br> Class H<sup>(b)</sup><br>| 26000 | &nbsp;&nbsp; 11366 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | 26500 | &nbsp;&nbsp; 37082 |
| China Yangtze Power Co. Ltd., Class A | 25100 | &nbsp;&nbsp; 96941 |
| Chow Tai Fook Jewellery Group Ltd. | 69000 | &nbsp;&nbsp; 115236 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 26353 | &nbsp;&nbsp; 166549 |
| &nbsp;&nbsp;&nbsp; Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| 8300 | &nbsp;&nbsp; 28398 |
| Hengan International Group Co. Ltd. | 8000 | &nbsp;&nbsp; 23899 |
| Huayu Automotive Systems Co. Ltd., Class A | 20600 | &nbsp;&nbsp; 50100 |
| Industrial & Commercial Bank of China Ltd., Class H | 212000 | &nbsp;&nbsp; 162440 |
| Kweichow Moutai Co. Ltd., Class A | 288 | &nbsp;&nbsp; 56678 |
| Meituan, Class B<sup>(a)(b)</sup> | 6600 | &nbsp;&nbsp; 101822 |
| NetEase, Inc. | 4000 | &nbsp;&nbsp; 104569 |
| PetroChina Co. Ltd., Class A | 8300 | &nbsp;&nbsp; 10205 |
| PetroChina Co. Ltd., Class H | 170000 | &nbsp;&nbsp; 166129 |
| SF Holding Co. Ltd., Class A | 25688 | &nbsp;&nbsp; 163570 |
| SF Holding Co. Ltd., Class H | 12000 | &nbsp;&nbsp; 66711 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | 7419 | &nbsp;&nbsp; 78180 |
| Tencent Holdings Ltd. | 1800 | &nbsp;&nbsp; 126022 |
| Tingyi Cayman Islands Holding Corp. | 112000 | &nbsp;&nbsp; 165566 |
| Tsingtao Brewery Co. Ltd., Class A | 2700 | &nbsp;&nbsp; 25384 |
| Tsingtao Brewery Co. Ltd., Class H | 20000 | &nbsp;&nbsp; 127059 |
| Uni-President China Holdings Ltd. | 136000 | &nbsp;&nbsp; 171818 |
| Yunnan Baiyao Group Co. Ltd., Class A | 21963 | &nbsp;&nbsp; 170642 |
|  |  | &nbsp;&nbsp; 2811190 |
| **Greece — 1.3%** | **Greece — 1.3%** |  |
| OPAP SA, Class R | 6924 | &nbsp;&nbsp; 155347 |
| **Hungary — 1.1%** | **Hungary — 1.1%** |  |
| MOL Hungarian Oil & Gas PLC | 14966 | &nbsp;&nbsp; 130032 |
| **India — 19.8%** | **India — 19.8%** |  |
| Apollo Hospitals Enterprise Ltd. | 956 | &nbsp;&nbsp; 81505 |
| Avenue Supermarts Ltd.<sup>(a)(b)</sup> | 141 | &nbsp;&nbsp; 6847 |
| Axis Bank Ltd. | 4200 | &nbsp;&nbsp; 51005 |
| Berger Paints India Ltd. | 2632 | &nbsp;&nbsp; 16913 |
| Bharat Petroleum Corp. Ltd. | 3333 | &nbsp;&nbsp; 12455 |
| Bharti Airtel Ltd. | 6701 | &nbsp;&nbsp; 145875 |
| Bharti Hexacom Ltd. | 1505 | &nbsp;&nbsp; 31535 |
| Bosch Ltd., Class A | 33 | &nbsp;&nbsp; 15173 |
| Britannia Industries Ltd. | 383 | &nbsp;&nbsp; 25200 |
| City Union Bank Ltd. | 13387 | &nbsp;&nbsp; 32578 |
| Coromandel International Ltd. | 277 | &nbsp;&nbsp; 8470 |
| Divi's Laboratories Ltd. | 185 | &nbsp;&nbsp; 13854 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **India (continued)** | **India (continued)** |  |
| Dr. Lal PathLabs Ltd.<sup>(b)</sup> | 1565 | &nbsp;&nbsp; $56010 |
| Eicher Motors Ltd. | 396 | &nbsp;&nbsp; 24640 |
| Emami Ltd. | 2531 | &nbsp;&nbsp; 17287 |
| Fortis Healthcare Ltd. | 6530 | &nbsp;&nbsp; 63587 |
| GE Vernova T&D India Ltd. | 578 | &nbsp;&nbsp; 17992 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 172 | &nbsp;&nbsp; 6179 |
| GMR Airports Ltd.<sup>(a)</sup> | 8910 | &nbsp;&nbsp; 9094 |
| Havells India Ltd. | 2372 | &nbsp;&nbsp; 40513 |
| HCL Technologies Ltd. | 5065 | &nbsp;&nbsp; 84434 |
| HDFC Bank Ltd. | 1269 | &nbsp;&nbsp; 29121 |
| Hexaware Technologies Ltd. | 1383 | &nbsp;&nbsp; 11060 |
| ICICI Bank Ltd., ADR | 2487 | &nbsp;&nbsp; 83812 |
| IndiaMart InterMesh Ltd.<sup>(b)</sup> | 199 | &nbsp;&nbsp; 5855 |
| Indian Hotels Co. Ltd. | 915 | &nbsp;&nbsp; 7696 |
| Indian Oil Corp. Ltd. | 5449 | &nbsp;&nbsp; 9002 |
| Infosys Ltd. | 2881 | &nbsp;&nbsp; 48997 |
| Infosys Ltd., ADR | 5489 | &nbsp;&nbsp; 91776 |
| Intellect Design Arena Ltd. | 829 | &nbsp;&nbsp; 9619 |
| InterGlobe Aviation Ltd.<sup>(a)(b)</sup> | 536 | &nbsp;&nbsp; 35970 |
| ITC Ltd. | 18321 | &nbsp;&nbsp; 85920 |
| Kotak Mahindra Bank Ltd. | 1091 | &nbsp;&nbsp; 24581 |
| Larsen & Toubro Ltd. | 260 | &nbsp;&nbsp; 10752 |
| Larsen & Toubro Ltd., GDR, Registered Shares | 150 | &nbsp;&nbsp; 6129 |
| LTIMindtree Ltd.<sup>(b)</sup> | 367 | &nbsp;&nbsp; 21229 |
| Lupin Ltd. | 2683 | &nbsp;&nbsp; 58643 |
| Marico Ltd. | 4874 | &nbsp;&nbsp; 39380 |
| Max Financial Services Ltd.<sup>(a)</sup> | 867 | &nbsp;&nbsp; 14802 |
| Muthoot Finance Ltd. | 214 | &nbsp;&nbsp; 6364 |
| Narayana Hrudayalaya Ltd. | 885 | &nbsp;&nbsp; 19304 |
| NTPC Ltd. | 5091 | &nbsp;&nbsp; 19322 |
| Paradeep Phosphates Ltd.<sup>(b)</sup> | 6746 | &nbsp;&nbsp; 16480 |
| Persistent Systems Ltd. | 156 | &nbsp;&nbsp; 9117 |
| Petronet LNG Ltd. | 26539 | &nbsp;&nbsp; 87007 |
| Radico Khaitan Ltd. | 606 | &nbsp;&nbsp; 18869 |
| Reliance Industries Ltd. | 1117 | &nbsp;&nbsp; 17640 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | 239 | &nbsp;&nbsp; 5000 |
| Shree Cement Ltd. | 258 | &nbsp;&nbsp; 90440 |
| Solar Industries India Ltd. | 177 | &nbsp;&nbsp; 28605 |
| SRF Ltd. | 213 | &nbsp;&nbsp; 7369 |
| State Bank of India | 2514 | &nbsp;&nbsp; 22778 |
| Sun Pharmaceutical Industries Ltd. | 4385 | &nbsp;&nbsp; 85157 |
| Tata Consultancy Services Ltd. | 4284 | &nbsp;&nbsp; 147740 |
| Tech Mahindra Ltd. | 4076 | &nbsp;&nbsp; 67621 |
| Torrent Pharmaceuticals Ltd. | 1452 | &nbsp;&nbsp; 61805 |
| UltraTech Cement Ltd. | 190 | &nbsp;&nbsp; 26454 |
| United Breweries Ltd. | 351 | &nbsp;&nbsp; 7768 |
| United Spirits Ltd. | 4287 | &nbsp;&nbsp; 65452 |
| Wipro Ltd. | 22318 | &nbsp;&nbsp; 62780 |
| Wipro Ltd., ADR | 4847 | &nbsp;&nbsp; 13184 |
| Zensar Technologies Ltd. | 442 | &nbsp;&nbsp; 4046 |
| Zydus Lifesciences Ltd. | 4307 | &nbsp;&nbsp; 47432 |
|  |  | &nbsp;&nbsp; 2293224 |
| **Kuwait — 3.4%** | **Kuwait — 3.4%** |  |
| Boubyan Bank KSCP | 74735 | &nbsp;&nbsp; 172099 |
| Kuwait Finance House KSCP | 11049 | &nbsp;&nbsp; 29095 |
| Mobile Telecommunications Co. KSCP | 26874 | &nbsp;&nbsp; 46654 |
| National Bank of Kuwait SAKP | 41905 | &nbsp;&nbsp; 143431 |
|  |  | &nbsp;&nbsp; 391279 |
| **Malaysia — 4.7%** | **Malaysia — 4.7%** |  |
| KPJ Healthcare Bhd | 138400 | &nbsp;&nbsp; 83881 |
| Malayan Banking Bhd. | 74200 | &nbsp;&nbsp; 163197 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Defensive Advantage Emerging Markets Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Malaysia (continued)** | **Malaysia (continued)** |  |
| Maxis Bhd | 122100 | &nbsp;&nbsp; $98242 |
| Public Bank Bhd | 28100 | &nbsp;&nbsp; 27675 |
| Telekom Malaysia Bhd | 8100 | &nbsp;&nbsp; 12788 |
| Tenaga Nasional Bhd | 52500 | &nbsp;&nbsp; 159912 |
|  |  | &nbsp;&nbsp; 545695 |
| **Mexico — 1.9%** | **Mexico — 1.9%** |  |
| America Movil SAB de C.V., Series B | 56563 | &nbsp;&nbsp; 51061 |
| Arca Continental SAB de C.V. | 10869 | &nbsp;&nbsp; 113282 |
| Fomento Economico Mexicano SAB de CV, ADR | 517 | &nbsp;&nbsp; 46768 |
| Wal-Mart de Mexico SAB de C.V. | 2221 | &nbsp;&nbsp; 6547 |
|  |  | &nbsp;&nbsp; 217658 |
| **Peru — 2.0%** | **Peru — 2.0%** |  |
| Credicorp Ltd. | 759 | &nbsp;&nbsp; 179883 |
| Intercorp Financial Services, Inc. | 1324 | &nbsp;&nbsp; 47743 |
|  |  | &nbsp;&nbsp; 227626 |
| **Philippines — 1.5%** | **Philippines — 1.5%** |  |
| Bank of the Philippine Islands | 12330 | &nbsp;&nbsp; 24984 |
| BDO Unibank, Inc. | 21130 | &nbsp;&nbsp; 51581 |
| Manila Electric Co. | 11050 | &nbsp;&nbsp; 101725 |
|  |  | &nbsp;&nbsp; 178290 |
| **Poland — 0.2%** | **Poland — 0.2%** |  |
| Asseco Poland SA | 427 | &nbsp;&nbsp; 23037 |
| **Qatar — 3.5%** | **Qatar — 3.5%** |  |
| Ooredoo QPSC | 46069 | &nbsp;&nbsp; 170060 |
| Qatar International Islamic Bank QSC | 9486 | &nbsp;&nbsp; 28945 |
| Qatar Islamic Bank QPSC | 21150 | &nbsp;&nbsp; 142332 |
| Qatar National Bank QPSC | 11310 | &nbsp;&nbsp; 58120 |
|  |  | &nbsp;&nbsp; 399457 |
| **Russia — 0.0%** | **Russia — 0.0%** |  |
| Alrosa PJSC<sup>(a)(c)</sup> | 37207 | &nbsp;&nbsp; 5 |
| **Saudi Arabia — 7.0%** | **Saudi Arabia — 7.0%** |  |
| Al Rajhi Bank | 6765 | &nbsp;&nbsp; 170573 |
| Arab National Bank | 16463 | &nbsp;&nbsp; 95236 |
| Arabian Internet & Communications Services Co. | 1155 | &nbsp;&nbsp; 73378 |
| Elm Co. | 143 | &nbsp;&nbsp; 34645 |
| Mobile Telecommunications Co. Saudi Arabia | 10766 | &nbsp;&nbsp; 29824 |
| Nahdi Medical Co. | 4892 | &nbsp;&nbsp; 161454 |
| Saudi Electricity Co. | 9386 | &nbsp;&nbsp; 36908 |
| Saudi National Bank | 8530 | &nbsp;&nbsp; 85122 |
| Saudi Telecom Co. | 10713 | &nbsp;&nbsp; 119918 |
|  |  | &nbsp;&nbsp; 807058 |
| **South Korea — 4.4%** | **South Korea — 4.4%** |  |
| HD Hyundai Heavy Industries Co. Ltd. | 51 | &nbsp;&nbsp; 17899 |
| Korea Electric Power Corp. | 1888 | &nbsp;&nbsp; 52150 |
| Korea Shipbuilding & Offshore Engineering Co. Ltd. | 134 | &nbsp;&nbsp; 34436 |
| KT Corp., ADR | 8213 | &nbsp;&nbsp; 165820 |
| LG Uplus Corp. | 15893 | &nbsp;&nbsp; 167299 |
| Samsung SDS Co. Ltd. | 146 | &nbsp;&nbsp; 16727 |
| SK Telecom Co. Ltd. | 1423 | &nbsp;&nbsp; 57477 |
|  |  | &nbsp;&nbsp; 511808 |
| **Taiwan — 11.4%** | **Taiwan — 11.4%** |  |
| Accton Technology Corp. | 3000 | &nbsp;&nbsp; 88603 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** |  |
| Advantech Co. Ltd. | 14000 | &nbsp;&nbsp; $155734 |
| Arcadyan Technology Corp. | 25000 | &nbsp;&nbsp; 184748 |
| Chunghwa Telecom Co. Ltd. | 38000 | &nbsp;&nbsp; 164209 |
| Delta Electronics, Inc. | 2000 | &nbsp;&nbsp; 37676 |
| E.Sun Financial Holding Co. Ltd. | 147620 | &nbsp;&nbsp; 157879 |
| MediaTek, Inc. | 2000 | &nbsp;&nbsp; 90569 |
| Primax Electronics Ltd. | 31000 | &nbsp;&nbsp; 75132 |
| Realtek Semiconductor Corp. | 9000 | &nbsp;&nbsp; 172088 |
| Taiwan High Speed Rail Corp. | 171000 | &nbsp;&nbsp; 155840 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1000 | &nbsp;&nbsp; 38499 |
|  |  | &nbsp;&nbsp; 1320977 |
| **Thailand — 2.6%** | **Thailand — 2.6%** |  |
| Advanced Info Service PCL, NVDR | 18600 | &nbsp;&nbsp; 165256 |
| CP ALL PCL, NVDR | 92500 | &nbsp;&nbsp; 133648 |
|  |  | &nbsp;&nbsp; 298904 |
| **Turkey — 1.6%** | **Turkey — 1.6%** |  |
| Aselsan Elektronik Sanayi Ve Ticaret A/S, Class A | 8193 | &nbsp;&nbsp; 37682 |
| Migros Ticaret A/S, Class A | 6146 | &nbsp;&nbsp; 79260 |
| Turk Telekomunikasyon A/S, Class A<sup>(a)</sup> | 15181 | &nbsp;&nbsp; 20350 |
| Turkcell Iletisim Hizmetleri A/S, ADR | 4328 | &nbsp;&nbsp; 24323 |
| Turkcell Iletisim Hizmetleri A/S, Class A | 10487 | &nbsp;&nbsp; 24042 |
|  |  | &nbsp;&nbsp; 185657 |
| **United Arab Emirates — 6.2%** | **United Arab Emirates — 6.2%** |  |
| Abu Dhabi Islamic Bank PJSC | 26929 | &nbsp;&nbsp; 176815 |
| Abu Dhabi National Oil Co. for Distribution PJSC | 62512 | &nbsp;&nbsp; 63141 |
| Adnoc Gas PLC | 34578 | &nbsp;&nbsp; 31326 |
| Emaar Properties PJSC | 42252 | &nbsp;&nbsp; 174978 |
| Emirates Telecommunications Group Co. PJSC | 28689 | &nbsp;&nbsp; 147934 |
| First Abu Dhabi Bank PJSC | 24323 | &nbsp;&nbsp; 118990 |
|  |  | &nbsp;&nbsp; 713184 |
| **Total Long-Term Investments — 97.4%** <br>**(Cost: $10,547,813)** | **Total Long-Term Investments — 97.4%** <br>**(Cost: $10,547,813)** | &nbsp;&nbsp; 11267260 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.4%** | **Money Market Funds — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 4.20%<sup>(d)(e)</sup><br>| 274122 | &nbsp;&nbsp; 274122 |
| **Total Short-Term Securities — 2.4%** <br>**(Cost: $274,122)** | **Total Short-Term Securities — 2.4%** <br>**(Cost: $274,122)** | &nbsp;&nbsp; 274122 |
| **Total Investments — 99.8%** <br>**(Cost: $10,821,935)** | **Total Investments — 99.8%** <br>**(Cost: $10,821,935)** | &nbsp;&nbsp; 11541382 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | &nbsp;&nbsp; 25160 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $11566542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Defensive Advantage Emerging Markets Fund** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*04/30/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | &nbsp;&nbsp; $63897 | $— | &nbsp;&nbsp; $(63897 )<sup>(b)</sup><br>| &nbsp;&nbsp; $— | $— | $— |  | $378 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | &nbsp;&nbsp; 217418 | 56704 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 274122 | 274122 | 2825 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $— | $— | $274122 |  | $3203 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; MSCI Emerging Markets Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $186 | &nbsp;&nbsp;&nbsp;&nbsp; $1688 |

---

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. 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;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. 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; 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; Brazil | &nbsp;&nbsp; $17792 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $17792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | &nbsp;&nbsp; 39040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2811190 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2811190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | &nbsp;&nbsp; 155347 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 155347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130032 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130032 |

---

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Defensive Advantage Emerging Markets Fund** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | &nbsp;&nbsp; $206764 | &nbsp;&nbsp;&nbsp;&nbsp; $2086460 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2293224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuwait | &nbsp;&nbsp; 172099 | &nbsp;&nbsp;&nbsp;&nbsp; 219180 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 391279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 545695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 545695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | &nbsp;&nbsp; 217658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 217658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp; 227626 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 227626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | &nbsp;&nbsp; 126709 | &nbsp;&nbsp;&nbsp;&nbsp; 51581 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23037 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 399457 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 399457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; 161454 | &nbsp;&nbsp;&nbsp;&nbsp; 645604 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 807058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp; 165820 | &nbsp;&nbsp;&nbsp;&nbsp; 345988 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 511808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1320977 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1320977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 298904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 298904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp; 24323 | &nbsp;&nbsp;&nbsp;&nbsp; 161334 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 185657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; 211075 | &nbsp;&nbsp;&nbsp;&nbsp; 502109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 713184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 274122 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274122 |
|  | &nbsp;&nbsp; $1999829 | &nbsp;&nbsp;&nbsp;&nbsp; $9541548 | &nbsp;&nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp;&nbsp;&nbsp; $11541382 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; $1688 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipt |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| SRF | State Revolving Fund |

---

Schedule of Investments

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**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:** $11675951.67

**Total Liabilities:** $109395.75

**Net Assets:** $11566555.92

**Cash Not Reported:** $35157.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223507 | 1.03%                | 3.44%                | -0.45%               |
| Class ID C000223508 | 1.03%                | 3.35%                | -0.53%               |
| Class ID C000223506 | 1.03%                | 3.34%                | -0.46%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $121447.14               | $-31437.92                                 |
| Month 2  | $173152.09               | $167764.49                                 |
| Month 3  | $72178.70                | $-186641.31                                |

### Schedule of Portfolio Investments

| Name                                                | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HCL Technologies Ltd                                | HCL Technologies Ltd                                    | CUSIP: 000000000<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               | CORP              | IN        |      5065 | NS      | $84434.07     | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Zensar Technologies Ltd                             | Zensar Technologies Ltd                                 | CUSIP: 000000000<br>LEI: 335800SK9CAQHM1TJC97 | Long             | EC               | CORP              | IN        |       442 | NS      | $4046.24      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Bank Ltd                                       | Axis Bank Ltd                                           | CUSIP: 000000000<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |      4200 | NS      | $51005.12     | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd                                 | Larsen & Toubro Ltd                                     | CUSIP: 000000000<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |       260 | NS      | $10752.47     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexaware Technologies Ltd                           | Hexaware Technologies Ltd                               | CUSIP: 000000000<br>LEI: 335800ZHALNQ1Q2JCP43 | Long             | EC               | CORP              | IN        |      1383 | NS      | $11060.48     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Kweichow Moutai Co Ltd                              | Kweichow Moutai Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |       288 | NS      | $56677.56     | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Tingyi Cayman Islands Holding Corp                  | Tingyi Cayman Islands Holding Corp                      | CUSIP: 000000000<br>LEI: 5299009MPI9B60VN4P25 | Long             | EC               | CORP              | KY        |    112000 | NS      | $165565.45    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Alrosa PJSC                                         | Alrosa PJSC                                             | CUSIP: 000000000<br>LEI: 894500DKUWVBYZLLE651 | Long             | EC               | CORP              | RU        |     37207 | NS      | $4.59         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CP ALL PCL                                          | CP ALL PCL                                              | CUSIP: 000000000<br>LEI: 894500LSBZLM09TY1A91 | Long             | EC               | CORP              | TH        |     92500 | NS      | $133647.51    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Telecom Co                                    | Saudi Telecom Co                                        | CUSIP: 000000000<br>LEI: 21380028ATJ79OTA9W17 | Long             | EC               | CORP              | SA        |     10713 | NS      | $119917.93    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc                                     | BDO Unibank Inc                                         | CUSIP: 000000000<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |     21130 | NS      | $51580.96     | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC                         | Abu Dhabi Islamic Bank PJSC                             | CUSIP: 000000000<br>LEI: 5493006DOLY8O98XHD74 | Long             | EC               | CORP              | AE        |     26929 | NS      | $176814.50    | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri AS                     | Turkcell Iletisim Hizmetleri AS                         | CUSIP: 000000000<br>LEI: 7890003EX1LTLS2FFL84 | Long             | EC               | CORP              | TR        |     10487 | NS      | $24042.37     | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Eicher Motors Ltd                                   | Eicher Motors Ltd                                       | CUSIP: 000000000<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |       396 | NS      | $24640.18     | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| InterGlobe Aviation Ltd                             | InterGlobe Aviation Ltd                                 | CUSIP: 000000000<br>LEI: 33580079R8SLLO23XD19 | Long             | EC               | CORP              | IN        |       536 | NS      | $35970.11     | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Arabian Internet & Communications Services Co       | Arabian Internet & Communications Services Co           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      1155 | NS      | $73377.72     | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Hyundai Heavy Industries Co Ltd                  | HD Hyundai Heavy Industries Co Ltd                      | CUSIP: 000000000<br>LEI: 988400CAR8W9URQLGF30 | Long             | EC               | CORP              | KR        |        51 | NS      | $17898.93     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Lupin Ltd                                           | Lupin Ltd                                               | CUSIP: 000000000<br>LEI: 335800HHXTESDEE2FC65 | Long             | EC               | CORP              | IN        |      2683 | NS      | $58642.78     | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Shree Cement Ltd                                    | Shree Cement Ltd                                        | CUSIP: 000000000<br>LEI: 335800W6FNBDUZ89L830 | Long             | EC               | CORP              | IN        |       258 | NS      | $90440.18     | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Huayu Automotive Systems Co Ltd                     | Huayu Automotive Systems Co Ltd                         | CUSIP: 000000000<br>LEI: 3003001J2BNVV78BOT83 | Long             | EC               | CORP              | CN        |     20600 | NS      | $50099.91     | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Lal PathLabs Ltd                                 | Dr Lal PathLabs Ltd                                     | CUSIP: 000000000<br>LEI: 984500E8E9CY102B9718 | Long             | EC               | CORP              | IN        |      1565 | NS      | $56009.58     | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd                                         | Infosys Ltd                                             | CUSIP: 000000000<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |      2881 | NS      | $48997.02     | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri AS                     | Turkcell Iletisim Hizmetleri AS                         | CUSIP: 900111204<br>LEI: 7890003EX1LTLS2FFL84 | Long             | EC               | CORP              | TR        |      4328 | NS      | $24323.36     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd                     | Apollo Hospitals Enterprise Ltd                         | CUSIP: 000000000<br>LEI: 3358005YT7JQCWYLTG43 | Long             | EC               | CORP              | IN        |       956 | NS      | $81504.53     | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaga Nasional Bhd                                 | Tenaga Nasional Bhd                                     | CUSIP: 000000000<br>LEI: 549300FV8X6UID6I1413 | Long             | EC               | CORP              | MY        |     52500 | NS      | $159912.23    | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Elm Co                                              | Elm Co                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |       143 | NS      | $34645.50     | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                          | BYD Co Ltd                                              | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |      3900 | NS      | $56571.57     | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| MOL Hungarian Oil & Gas PLC                         | MOL Hungarian Oil & Gas PLC                             | CUSIP: 000000000<br>LEI: 213800R83KX5FQFGXS67 | Long             | EC               | CORP              | HU        |     14966 | NS      | $130032.42    | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| United Spirits Ltd                                  | United Spirits Ltd                                      | CUSIP: 000000000<br>LEI: 3358004YFWQVX2EZDE82 | Long             | EC               | CORP              | IN        |      4287 | NS      | $65452.22     | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Havells India Ltd                                   | Havells India Ltd                                       | CUSIP: 000000000<br>LEI: 549300U1LOGHTTNT7D47 | Long             | EC               | CORP              | IN        |      2372 | NS      | $40513.11     | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd                       | Tata Consultancy Services Ltd                           | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |      4284 | NS      | $147739.92    | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Torrent Pharmaceuticals Ltd                         | Torrent Pharmaceuticals Ltd                             | CUSIP: 000000000<br>LEI: 335800NA6HK275RIJE13 | Long             | EC               | CORP              | IN        |      1452 | NS      | $61805.21     | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Telekom Malaysia Bhd                                | Telekom Malaysia Bhd                                    | CUSIP: 000000000<br>LEI: 254900SNFPTSDGGVEK77 | Long             | EC               | CORP              | MY        |      8100 | NS      | $12788.03     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Zydus Lifesciences Ltd                              | Zydus Lifesciences Ltd                                  | CUSIP: 000000000<br>LEI: 335800R9O14ORBXLPN13 | Long             | EC               | CORP              | IN        |      4307 | NS      | $47431.80     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi National Oil Co for Distribution PJSC     | Abu Dhabi National Oil Co for Distribution PJSC         | CUSIP: 000000000<br>LEI: 213800YI1ZIOJB3HLB11 | Long             | EC               | CORP              | AE        |     62512 | NS      | $63140.86     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd                             | Reliance Industries Ltd                                 | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |      1117 | NS      | $17640.21     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Transsion Holdings Co Ltd                  | Shenzhen Transsion Holdings Co Ltd                      | CUSIP: 000000000<br>LEI: 300300PDJRSNMVF0VJ83 | Long             | EC               | CORP              | CN        |      7419 | NS      | $78180.29     | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcadyan Technology Corp                            | Arcadyan Technology Corp                                | CUSIP: 000000000<br>LEI: 254900R5W61G3GO1Q067 | Long             | EC               | CORP              | TW        |     25000 | NS      | $184748.24    | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Kuwait SAKP                        | National Bank of Kuwait SAKP                            | CUSIP: 000000000<br>LEI: 549300NB7FE83IH6BW96 | Long             | EC               | CORP              | KW        |     41905 | NS      | $143431.46    | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Berger Paints India Ltd                             | Berger Paints India Ltd                                 | CUSIP: 000000000<br>LEI: 335800TNTIBFAWWUZD51 | Long             | EC               | CORP              | IN        |      2632 | NS      | $16912.66     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsingtao Brewery Co Ltd                             | Tsingtao Brewery Co Ltd                                 | CUSIP: 000000000<br>LEI: 300300OJ7D0Q1ESE8L15 | Long             | EC               | CORP              | CN        |     20000 | NS      | $127059.00    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Chunghwa Telecom Co Ltd                             | Chunghwa Telecom Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     38000 | NS      | $164208.58    | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Public Bank Bhd                                     | Public Bank Bhd                                         | CUSIP: 000000000<br>LEI: 549300L2RSQCVMOHGM20 | Long             | EC               | CORP              | MY        |     28100 | NS      | $27674.80     | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| OPAP SA                                             | OPAP SA                                                 | CUSIP: 000000000<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |      6924 | NS      | $155346.74    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Divi's Laboratories Ltd                             | Divi's Laboratories Ltd                                 | CUSIP: 000000000<br>LEI: 335800C1DHFG1C9T1M03 | Long             | EC               | CORP              | IN        |       185 | NS      | $13853.63     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Manila Electric Co                                  | Manila Electric Co                                      | CUSIP: 000000000<br>LEI: 254900RDFLCM12O8SK69 | Long             | EC               | CORP              | PH        |     11050 | NS      | $101724.60    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Gree Electric Appliances Inc of Zhuhai              | Gree Electric Appliances Inc of Zhuhai                  | CUSIP: 000000000<br>LEI: 655600UY069MU9JRAN62 | Long             | EC               | CORP              | CN        |     26353 | NS      | $166548.74    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Coromandel International Ltd                        | Coromandel International Ltd                            | CUSIP: 000000000<br>LEI: 335800U73K3HJSQKT249 | Long             | EC               | CORP              | IN        |       277 | NS      | $8470.26      | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                        | MediaTek Inc                                            | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |      2000 | NS      | $90569.13     | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Yunnan Baiyao Group Co Ltd                          | Yunnan Baiyao Group Co Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     21963 | NS      | $170642.41    | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Marico Ltd                                          | Marico Ltd                                              | CUSIP: 000000000<br>LEI: 3358003SFDQFGJPC5O84 | Long             | EC               | CORP              | IN        |      4874 | NS      | $39379.89     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| ITC Ltd                                             | ITC Ltd                                                 | CUSIP: 000000000<br>LEI: 335800WLOU3OFWFTMP43 | Long             | EC               | CORP              | IN        |     18321 | NS      | $85919.89     | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| LG Uplus Corp                                       | LG Uplus Corp                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     15893 | NS      | $167299.18    | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV                        | Wal-Mart de Mexico SAB de CV                            | CUSIP: 000000000<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | MX        |      2221 | NS      | $6547.03      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuwait Finance House KSCP                           | Kuwait Finance House KSCP                               | CUSIP: 000000000<br>LEI: 2549007KX0N057S9BC98 | Long             | EC               | CORP              | KW        |     11049 | NS      | $29094.50     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Maxis Bhd                                           | Maxis Bhd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    122100 | NS      | $98241.77     | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Pharmaceutical Industries Ltd                   | Sun Pharmaceutical Industries Ltd                       | CUSIP: 000000000<br>LEI: 335800KJ7GE29LB4SS73 | Long             | EC               | CORP              | IN        |      4385 | NS      | $85156.83     | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                       | HDFC Bank Ltd                                           | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      1269 | NS      | $29121.39     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                           | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |      2827 | NS      | $2826.53      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Hexacom Ltd                                  | Bharti Hexacom Ltd                                      | CUSIP: 000000000<br>LEI: 335800GJ4U5YVWJGAP02 | Long             | EC               | CORP              | IN        |      1505 | NS      | $31535.19     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Electricity Co                                | Saudi Electricity Co                                    | CUSIP: 000000000<br>LEI: 549300FXO4ZXUIAXGP41 | Long             | EC               | CORP              | SA        |      9386 | NS      | $36907.74     | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Bosch Ltd                                           | Bosch Ltd                                               | CUSIP: 000000000<br>LEI: 3358008TVK7S8BSVVW82 | Long             | EC               | CORP              | IN        |        33 | NS      | $15172.93     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Communications Co Ltd                       | Bank of Communications Co Ltd                           | CUSIP: 000000000<br>LEI: 549300AX1UM10U30HK09 | Long             | EC               | CORP              | CN        |      7000 | NS      | $6306.07      | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Infosys Ltd                                         | Infosys Ltd                                             | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |      5489 | NS      | $91776.08     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Hengan International Group Co Ltd                   | Hengan International Group Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      8000 | NS      | $23899.23     | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| NTPC Ltd                                            | NTPC Ltd                                                | CUSIP: 000000000<br>LEI: 335800Q4TRGJXNLVMB81 | Long             | EC               | CORP              | IN        |      5091 | NS      | $19321.96     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobile Telecommunications Co KSCP                   | Mobile Telecommunications Co KSCP                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KW        |     26874 | NS      | $46653.67     | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of China Ltd                                   | Bank of China Ltd                                       | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | EC               | CORP              | CN        |    283000 | NS      | $163351.35    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd | HD Korea Shipbuilding & Offshore Engineering Co Ltd     | CUSIP: 000000000<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |       134 | NS      | $34435.61     | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Turk Telekomunikasyon AS                            | Turk Telekomunikasyon AS                                | CUSIP: 000000000<br>LEI: 789000A2TXOI10JZLF90 | Long             | EC               | CORP              | TR        |     15181 | NS      | $20349.91     | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| State Bank of India                                 | State Bank of India                                     | CUSIP: 000000000<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               | CORP              | IN        |      2514 | NS      | $22777.95     | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| E.Sun Financial Holding Co Ltd                      | E.Sun Financial Holding Co Ltd                          | CUSIP: 000000000<br>LEI: 549300X6CNQE512OPC90 | Long             | EC               | CORP              | TW        |    147620 | NS      | $157878.61    | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| United Breweries Ltd                                | United Breweries Ltd                                    | CUSIP: 000000000<br>LEI: 335800ADAMN6EW1GCZ31 | Long             | EC               | CORP              | IN        |       351 | NS      | $7767.92      | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BeOne Medicines Ltd                                 | BeOne Medicines Ltd                                     | CUSIP: 000000000<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | CH        |      2800 | NS      | $63656.35     | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Uni-President China Holdings Ltd                    | Uni-President China Holdings Ltd                        | CUSIP: 000000000<br>LEI: 529900JUA05094TOKA73 | Long             | EC               | CORP              | KY        |    136000 | NS      | $171818.21    | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Emami Ltd                                           | Emami Ltd                                               | CUSIP: 000000000<br>LEI: 335800CCQHJCDEUS7G90 | Long             | EC               | CORP              | IN        |      2531 | NS      | $17286.72     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| China Petroleum & Chemical Corp                     | China Petroleum & Chemical Corp                         | CUSIP: 000000000<br>LEI: 529900A2OB24EZ5B3J19 | Long             | EC               | CORP              | CN        |     88000 | NS      | $51640.36     | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| LTIMindtree Ltd                                     | LTIMindtree Ltd                                         | CUSIP: 000000000<br>LEI: 335800DY1I1WFHVV6T22 | Long             | EC               | CORP              | IN        |       367 | NS      | $21229.47     | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| SF Holding Co Ltd                                   | SF Holding Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     25688 | NS      | $163570.14    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| KT Corp                                             | KT Corp                                                 | CUSIP: 48268K101<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | CORP              | KR        |      8213 | NS      | $165820.47    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Arca Continental SAB de CV                          | Arca Continental SAB de CV                              | CUSIP: 000000000<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |     10869 | NS      | $113281.89    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Avenue Supermarts Ltd                               | Avenue Supermarts Ltd                                   | CUSIP: 000000000<br>LEI: 335800B2ZPJKOU2ZM776 | Long             | EC               | CORP              | IN        |       141 | NS      | $6847.06      | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrial & Commercial Bank of China Ltd           | Industrial & Commercial Bank of China Ltd               | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | EC               | CORP              | CN        |    212000 | NS      | $162439.64    | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                              | MSCI EMGMKT SEP25                                       | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |         3 | NC      | $1688.24      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Intellect Design Arena Ltd                          | Intellect Design Arena Ltd                              | CUSIP: 000000000<br>LEI: 3358004QZC2VU3T3ZI04 | Long             | EC               | CORP              | IN        |       829 | NS      | $9618.53      | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Malayan Banking Bhd                                 | Malayan Banking Bhd                                     | CUSIP: 000000000<br>LEI: 5493004OT3TOY404V310 | Long             | EC               | CORP              | MY        |     74200 | NS      | $163196.94    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco de Chile                                      | Banco de Chile                                          | CUSIP: 059520106<br>LEI: 8B4EZFY8IHJC44TT2K84 | Long             | EC               | CORP              | CL        |      1429 | NS      | $39040.28     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Agricultural Bank of China Ltd                      | Agricultural Bank of China Ltd                          | CUSIP: 000000000<br>LEI: 549300E7TSGLCOVSY746 | Long             | EC               | CORP              | CN        |     61300 | NS      | $53531.51     | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Telecom Co Ltd                                   | SK Telecom Co Ltd                                       | CUSIP: 000000000<br>LEI: 9884003WEA1PHW006037 | Long             | EC               | CORP              | KR        |      1423 | NS      | $57477.07     | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| City Union Bank Ltd                                 | City Union Bank Ltd                                     | CUSIP: 000000000<br>LEI: 33580024M7FWA847JI64 | Long             | EC               | CORP              | IN        |     13387 | NS      | $32577.92     | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                         | NetEase Inc                                             | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |      4000 | NS      | $104568.96    | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| GMR Airports Ltd                                    | GMR Airports Ltd                                        | CUSIP: 000000000<br>LEI: 3358008S2MTRWZ255P70 | Long             | EC               | CORP              | IN        |      8910 | NS      | $9094.38      | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of the Philippine Islands                      | Bank of the Philippine Islands                          | CUSIP: 000000000<br>LEI: 549300UW4UH6XT2X8C50 | Long             | EC               | CORP              | PH        |     12330 | NS      | $24984.46     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                               | Emaar Properties PJSC                                   | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |     42252 | NS      | $174978.23    | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| China Life Insurance Co Ltd                         | China Life Insurance Co Ltd                             | CUSIP: 000000000<br>LEI: 549300J6TFLDXGH6S048 | Long             | EC               | CORP              | CN        |      5000 | NS      | $14443.05     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Larsen & Toubro Ltd                                 | Larsen & Toubro Ltd                                     | CUSIP: 000000000<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |       150 | NS      | $6129.28      | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotak Mahindra Bank Ltd                             | Kotak Mahindra Bank Ltd                                 | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |      1091 | NS      | $24580.60     | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Qatar National Bank QPSC                            | Qatar National Bank QPSC                                | CUSIP: 000000000<br>LEI: 549300FFSRVBS0SQXY75 | Long             | EC               | CORP              | QA        |     11310 | NS      | $58120.28     | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                                   | Bharti Airtel Ltd                                       | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |      6701 | NS      | $145874.98    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsingtao Brewery Co Ltd                             | Tsingtao Brewery Co Ltd                                 | CUSIP: 000000000<br>LEI: 300300OJ7D0Q1ESE8L15 | Long             | EC               | CORP              | CN        |      2700 | NS      | $25383.79     | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                           | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    271295 | NS      | $271294.97    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Wipro Ltd                                           | Wipro Ltd                                               | CUSIP: 000000000<br>LEI: 335800IFS1IJHESG8362 | Long             | EC               | CORP              | IN        |     22318 | NS      | $62779.55     | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Qatar Islamic Bank QPSC                             | Qatar Islamic Bank QPSC                                 | CUSIP: 000000000<br>LEI: 254900CFGPXJI71OHT95 | Long             | EC               | CORP              | QA        |     21150 | NS      | $142331.37    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharat Petroleum Corp Ltd                           | Bharat Petroleum Corp Ltd                               | CUSIP: 000000000<br>LEI: 8GRDBX1TJ0PU5NCSHT72 | Long             | EC               | CORP              | IN        |      3333 | NS      | $12455.21     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Aselsan Elektronik Sanayi Ve Ticaret AS             | Aselsan Elektronik Sanayi Ve Ticaret AS                 | CUSIP: 000000000<br>LEI: 7890008XT4M710MU8714 | Long             | EC               | CORP              | TR        |      8193 | NS      | $37681.82     | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Ooredoo QPSC                                        | Ooredoo QPSC                                            | CUSIP: 000000000<br>LEI: 549300D3EIDZJB62TR20 | Long             | EC               | CORP              | QA        |     46069 | NS      | $170060.24    | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Narayana Hrudayalaya Ltd                            | Narayana Hrudayalaya Ltd                                | CUSIP: 000000000<br>LEI: 3358005539O9QRRIAM19 | Long             | EC               | CORP              | IN        |       885 | NS      | $19304.23     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Financial Services Ltd                          | Max Financial Services Ltd                              | CUSIP: 000000000<br>LEI: 335800Y9FX8XGFB64S40 | Long             | EC               | CORP              | IN        |       867 | NS      | $14802.35     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Qatar International Islamic Bank QSC                | Qatar International Islamic Bank QSC                    | CUSIP: 000000000<br>LEI: 2549007SZGKT5N5ND952 | Long             | EC               | CORP              | QA        |      9486 | NS      | $28944.87     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| China CITIC Bank Corp Ltd                           | China CITIC Bank Corp Ltd                               | CUSIP: 000000000<br>LEI: 300300C1030211000384 | Long             | EC               | CORP              | CN        |     15000 | NS      | $13936.82     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Fomento Economico Mexicano SAB de CV                | Fomento Economico Mexicano SAB de CV                    | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |       517 | NS      | $46767.82     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Wipro Ltd                                           | Wipro Ltd                                               | CUSIP: 97651M109<br>LEI: 335800IFS1IJHESG8362 | Long             | EC               | CORP              | IN        |      4847 | NS      | $13183.84     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Radico Khaitan Ltd                                  | Radico Khaitan Ltd                                      | CUSIP: 000000000<br>LEI: 335800P7T5DW332M7E19 | Long             | EC               | CORP              | IN        |       606 | NS      | $18868.49     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| First Abu Dhabi Bank PJSC                           | First Abu Dhabi Bank PJSC                               | CUSIP: 000000000<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | EC               | CORP              | AE        |     24323 | NS      | $118990.46    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SF Holding Co Ltd                                   | SF Holding Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     12000 | NS      | $66711.16     | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijing Kingsoft Office Software Inc                | Beijing Kingsoft Office Software Inc                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |       233 | NS      | $10091.23     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Co Ltd                                   | PetroChina Co Ltd                                       | CUSIP: 000000000<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | CORP              | CN        |    170000 | NS      | $166129.31    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Adnoc Gas PLC                                       | Adnoc Gas PLC                                           | CUSIP: 000000000<br>LEI: 254900O5NS03BDOOM362 | Long             | EC               | CORP              | AE        |     34578 | NS      | $31325.80     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc                               | Delta Electronics Inc                                   | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |      2000 | NS      | $37676.19     | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Migros Ticaret AS                                   | Migros Ticaret AS                                       | CUSIP: 000000000<br>LEI: 5493002IOWNT1QZMAA74 | Long             | EC               | CORP              | TR        |      6146 | NS      | $79259.95     | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Boubyan Bank KSCP                                   | Boubyan Bank KSCP                                       | CUSIP: 000000000<br>LEI: 254900D1UAYOAUPGL280 | Long             | EC               | CORP              | KW        |     74735 | NS      | $172099.23    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Info Service PCL                           | Advanced Info Service PCL                               | CUSIP: 000000000<br>LEI: 529900DU2YW1NO5RMU78 | Long             | EC               | CORP              | TH        |     18600 | NS      | $165256.38    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Britannia Industries Ltd                            | Britannia Industries Ltd                                | CUSIP: 000000000<br>LEI: 335800RRN5EVHNNAXN80 | Long             | EC               | CORP              | IN        |       383 | NS      | $25199.54     | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Mobile Telecommunications Co Saudi Arabia           | Mobile Telecommunications Co Saudi Arabia               | CUSIP: 000000000<br>LEI: 254900XHCET9KD2D4R78 | Long             | EC               | CORP              | SA        |     10766 | NS      | $29824.36     | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Tech Mahindra Ltd                                   | Tech Mahindra Ltd                                       | CUSIP: 000000000<br>LEI: 3358005FZUZ1I25XQH69 | Long             | EC               | CORP              | IN        |      4076 | NS      | $67621.07     | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| China Everbright Bank Co Ltd                        | China Everbright Bank Co Ltd                            | CUSIP: 000000000<br>LEI: 549300U6PKQ4H1P34E17 | Long             | EC               | CORP              | CN        |    193000 | NS      | $108338.44    | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| IndiaMart InterMesh Ltd                             | IndiaMart InterMesh Ltd                                 | CUSIP: 000000000<br>LEI: 335800VCSXC76EXLSH68 | Long             | EC               | CORP              | IN        |       199 | NS      | $5854.71      | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| America Movil SAB de CV                             | America Movil SAB de CV                                 | CUSIP: 000000000<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |     56563 | NS      | $51061.11     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova T&D India Ltd                            | GE Vernova T&D India Ltd                                | CUSIP: 000000000<br>LEI: 549300NMRD6VZDFLN355 | Long             | EC               | CORP              | IN        |       578 | NS      | $17992.16     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Paradeep Phosphates Ltd                             | Paradeep Phosphates Ltd                                 | CUSIP: 000000000<br>LEI: 335800FQJ3X6Y6V2YG94 | Long             | EC               | CORP              | IN        |      6746 | NS      | $16479.77     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp                              | Accton Technology Corp                                  | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |      3000 | NS      | $88602.56     | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| CPFL Energia SA                                     | CPFL Energia SA                                         | CUSIP: 000000000<br>LEI: 529900GBWSBDXN8GGM28 | Long             | EC               | CORP              | BR        |      2628 | NS      | $17792.05     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortis Healthcare Ltd                               | Fortis Healthcare Ltd                                   | CUSIP: 000000000<br>LEI: 3358001Q5ZJC4M83WH02 | Long             | EC               | CORP              | IN        |      6530 | NS      | $63587.48     | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| China Yangtze Power Co Ltd                          | China Yangtze Power Co Ltd                              | CUSIP: 000000000<br>LEI: 3003008VX8JFJXA6QP74 | Long             | EC               | CORP              | CN        |     25100 | NS      | $96940.45     | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| China Railway Signal & Communication Corp Ltd       | China Railway Signal & Communication Corp Ltd           | CUSIP: 000000000<br>LEI: 529900GK68ZHDM38WD21 | Long             | EC               | CORP              | CN        |     26000 | NS      | $11366.38     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Realtek Semiconductor Corp                          | Realtek Semiconductor Corp                              | CUSIP: 000000000<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |      9000 | NS      | $172087.76    | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Henan Shuanghui Investment & Development Co Ltd     | Henan Shuanghui Investment & Development Co Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      8300 | NS      | $28397.89     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercorp Financial Services Inc                    | Intercorp Financial Services Inc                        | CUSIP: 000000000<br>LEI: 5299004181WFTEWB1398 | Long             | EC               | CORP              | PA        |      1324 | NS      | $47743.44     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Arab National Bank                                  | Arab National Bank                                      | CUSIP: 000000000<br>LEI: 213800CYWGYQVT1ZBQ57 | Long             | EC               | CORP              | SA        |     16463 | NS      | $95235.85     | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| China Tower Corp Ltd                                | China Tower Corp Ltd                                    | CUSIP: 000000000<br>LEI: 300300T6BNNP0L7O7H91 | Long             | EC               | CORP              | CN        |     26500 | NS      | $37081.84     | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantech Co Ltd                                    | Advantech Co Ltd                                        | CUSIP: 000000000<br>LEI: 2549002OSTKE9HB9IY03 | Long             | EC               | CORP              | TW        |     14000 | NS      | $155733.78    | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Indian Hotels Co Ltd/The                            | Indian Hotels Co Ltd/The                                | CUSIP: 000000000<br>LEI: 33580076CH5SBY5HWA22 | Long             | EC               | CORP              | IN        |       915 | NS      | $7696.13      | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Chow Tai Fook Jewellery Group Ltd                   | Chow Tai Fook Jewellery Grou                            | CUSIP: 000000000<br>LEI: 254900VXRL7SRSF44G79 | Long             | EC               | CORP              | KY        |     69000 | NS      | $115236.29    | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Al Rajhi Bank                                       | Al Rajhi Bank                                           | CUSIP: 000000000<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |      6765 | NS      | $170573.17    | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Electric Power Corp                           | Korea Electric Power Corp                               | CUSIP: 000000000<br>LEI: 988400QG33WS7JEIV602 | Long             | EC               | CORP              | KR        |      1888 | NS      | $52150.05     | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Life Insurance Co Ltd                           | SBI Life Insurance Co Ltd                               | CUSIP: 000000000<br>LEI: 335800WMVIESQUO95586 | Long             | EC               | CORP              | IN        |       239 | NS      | $4999.99      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd           | Taiwan Semiconductor Manufacturing Co Ltd               | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1000 | NS      | $38499.25     | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Petronet LNG Ltd                                    | Petronet LNG Ltd                                        | CUSIP: 000000000<br>LEI: 335800KIIKNA7GRD9351 | Long             | EC               | CORP              | IN        |     26539 | NS      | $87006.79     | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| UltraTech Cement Ltd                                | UltraTech Cement Ltd                                    | CUSIP: 000000000<br>LEI: 335800PC9O9B4BQHG814 | Long             | EC               | CORP              | IN        |       190 | NS      | $26454.43     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi National Bank/The                             | Saudi National Bank/The                                 | CUSIP: 000000000<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |      8530 | NS      | $85121.66     | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd                                       | Credicorp Ltd                                           | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |       759 | NS      | $179883.00    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Persistent Systems Ltd                              | Persistent Systems Ltd                                  | CUSIP: 000000000<br>LEI: 3358006QYD77Z66S1J89 | Long             | EC               | CORP              | IN        |       156 | NS      | $9116.79      | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Asseco Poland SA                                    | Asseco Poland SA                                        | CUSIP: 000000000<br>LEI: 259400O79EWIK4XZPL40 | Long             | EC               | CORP              | PL        |       427 | NS      | $23036.73     | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                      | ICICI Bank Ltd                                          | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      2487 | NS      | $83811.90     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Indian Oil Corp Ltd                                 | Indian Oil Corp Ltd                                     | CUSIP: 000000000<br>LEI: 335800J8OBWE4VFUDG88 | Long             | EC               | CORP              | IN        |      5449 | NS      | $9001.93      | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Solar Industries India Ltd                          | Solar Industries India Ltd                              | CUSIP: 000000000<br>LEI: 3358002ANWRT2YJ79L60 | Long             | EC               | CORP              | IN        |       177 | NS      | $28604.83     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| GlaxoSmithKline Pharmaceuticals Ltd                 | GlaxoSmithKline Pharmaceuticals Ltd                     | CUSIP: 000000000<br>LEI: 3358002TNSC1U2DWNY52 | Long             | EC               | CORP              | IN        |       172 | NS      | $6178.86      | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Co Ltd                                   | PetroChina Co Ltd                                       | CUSIP: 000000000<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | CORP              | CN        |      8300 | NS      | $10204.73     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Primax Electronics Ltd                              | Primax Electronics Ltd                                  | CUSIP: 000000000<br>LEI: 254900JO4CQFFG7AIQ15 | Long             | EC               | CORP              | TW        |     31000 | NS      | $75131.88     | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                | Tencent Holdings Ltd                                    | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |      1800 | NS      | $126021.96    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Nahdi Medical Co                                    | Nahdi Medical Co                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |      4892 | NS      | $161453.87    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                                             | Meituan                                                 | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |      6600 | NS      | $101821.76    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan High Speed Rail Corp                         | Taiwan High Speed Rail Corp                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    171000 | NS      | $155840.55    | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| SRF Ltd                                             | SRF Ltd                                                 | CUSIP: 000000000<br>LEI: 335800436F28GT8ZW506 | Long             | EC               | CORP              | IN        |       213 | NS      | $7369.25      | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Muthoot Finance Ltd                                 | Muthoot Finance Ltd                                     | CUSIP: 000000000<br>LEI: 335800HAMJMBFL4RRF02 | Long             | EC               | CORP              | IN        |       214 | NS      | $6364.32      | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Emirates Telecommunications Group Co PJSC           | Emirates Telecommunications Group Co PJSC               | CUSIP: 000000000<br>LEI: 529900XDPQPWEQ9BGB80 | Long             | EC               | CORP              | AE        |     28689 | NS      | $147934.19    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KPJ Healthcare Bhd                                  | KPJ Healthcare Bhd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    138400 | NS      | $83881.73     | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| China Construction Bank Corp                        | China Construction Bank Corp                            | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |     42000 | NS      | $42957.73     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung SDS Co Ltd                                  | Samsung SDS Co Ltd                                      | CUSIP: 000000000<br>LEI: 988400G19T2TB4CAWX91 | Long             | EC               | CORP              | KR        |       146 | NS      | $16726.92     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer