Blackrock Funds NPORT-P BlackRock China A Opportunities Fund (Jul 2020 report)

Schedule of Investments  (unaudited) July 31, 2020 BlackRock China A Opportunities Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.6%
Aerospace & Defense — 1.1%
Avicopter plc, Class A		6,895	$	50,800
China Avionics Systems Co. Ltd., Class A(a)		63,600		159,229
				210,029
Airlines — 0.6%
China Express Airlines Co. Ltd., Class A(a)		80,100		123,904
Auto Components — 1.0%
Anhui Zhongding Sealing Parts Co. Ltd., Class A		50,800		68,165
Bethel Automotive Safety Systems Co. Ltd., Class A		25,400		138,071
				206,236
Automobiles — 2.9%
BYD Co. Ltd., Class A		29,200		355,686
Great Wall Motor Co. Ltd., Class A		74,400		142,241
SAIC Motor Corp. Ltd., Class A		29,600		76,971
				574,898
Banks — 8.8%
Bank of Beijing Co. Ltd., Class A		12,400		8,566
Bank of Communications Co. Ltd., Class A		17,100		11,642
Bank of Guiyang Co. Ltd., Class A		50,000		54,625
Bank of Jiangsu Co. Ltd., Class A		51,600		44,642
Bank of Shanghai Co. Ltd., Class A		99,700		118,136
China CITIC Bank Corp. Ltd., Class A		202,100		149,184
China Everbright Bank Co. Ltd., Class A		360,700		195,077
China Merchants Bank Co. Ltd., Class A		68,800		342,366
China Minsheng Banking Corp. Ltd., Class A		363,992		288,460
Industrial Bank Co. Ltd., Class A		226,900		508,225
				1,720,923
Beverages — 8.2%
Anhui Yingjia Distillery Co. Ltd., Class A		7,100		22,165
Kweichow Moutai Co. Ltd., Class A		2,579		619,333
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		19,796		510,440
Wuliangye Yibin Co. Ltd., Class A		14,600		454,406
				1,606,344
Biotechnology — 0.9%
Beijing SL Pharmaceutical Co. Ltd., Class A		26,100		52,211
Hualan Biological Engineering, Inc., Class A		13,919		129,383
				181,594
Building Products — 0.1%
ZBOM Home Collection Co. Ltd., Class A		4,500		18,811
Capital Markets — 6.5%
China Merchants Securities Co. Ltd., Class A		117,000		360,448
East Money Information Co. Ltd., Class A		13,920		53,073
First Capital Securities Co. Ltd., Class A		98,797		153,165
Guotai Junan Securities Co. Ltd., Class A		96,600		255,373
Huatai Securities Co. Ltd., Class A		151,300		449,878
				1,271,937
Chemicals — 1.4%
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A		8,900		7,677
Rianlon Corp., Class A		7,200		33,648
Valiant Co. Ltd., Class A		15,700		39,818
Weihai Guangwei Composites Co. Ltd., Class A		10,600		117,655
Zhejiang Jinke Culture Industry Co. Ltd., Class A(a)		178,400		80,494
				279,292

Security	Shares		Value
Commercial Services & Supplies — 0.7%
Focused Photonics Hangzhou, Inc., Class A(a)		15,300	$	35,733
Shanghai M&G Stationery, Inc., Class A		10,400		97,253
				132,986
Communications Equipment — 1.8%
Addsino Co. Ltd., Class A(a)		42,900		108,978
Hytera Communications Corp. Ltd., Class A(a)		80,200		107,105
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		11,100		70,298
Yealink Network Technology Corp. Ltd., Class A		7,950		71,957
ZTE Corp., Class A(a)		799		4,490
				362,828
Construction & Engineering — 2.1%
China Railway Construction Corp. Ltd., Class A		14,900		18,741
China Railway Group Ltd., Class A		460,400		366,951
Shenzhen Techand Ecology & Environment Co. Ltd., Class A(a)		52,600		20,934
				406,626
Construction Materials — 1.5%
Gansu Qilianshan Cement Group Co. Ltd., Class A		91,200		278,570
Guangdong Tapai Group Co. Ltd., Class A		9,000		20,168
				298,738
Electrical Equipment — 3.2%
Contemporary Amperex Technology Co. Ltd., Class A		1,905		57,248
Jiawei Renewable Energy Co. Ltd., Class A(a)		39,100		19,736
Ming Yang Smart Energy Group Ltd., Class A		56,900		130,086
Shanghai Electric Group Co. Ltd., Class A(a)		95,700		75,340
Shenzhen Megmeet Electrical Co. Ltd., Class A		7,500		31,733
Sieyuan Electric Co. Ltd., Class A		52,500		212,537
Zhejiang Wanma Co. Ltd., Class A		83,700		94,611
				621,291
Electronic Equipment, Instruments & Components — 6.2%
AVIC Jonhon Optronic Technology Co. Ltd., Class A		21,600		134,669
BOE Technology Group Co. Ltd., Class A		398,500		266,339
GoerTek, Inc., Class A		55,730		342,112
Lens Technology Co. Ltd., Class A		13,300		62,394
Luxshare Precision Industry Co. Ltd., Class A		31,745		267,519
Telling Telecommunication Holding Co. Ltd., Class A(a)		44,800		55,699
Zhuzhou Hongda Electronics Corp. Ltd., Class A		16,500		86,422
				1,215,154
Energy Equipment & Services — 0.7%
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		32,800		147,252
Entertainment — 1.2%
Beijing Enlight Media Co. Ltd., Class A		5,000		9,527
G-bits Network Technology Xiamen Co. Ltd., Class A		800		70,955
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		21,535		140,566
Zhejiang Huace Film & TV Co. Ltd., Class A		15,100		15,614
				236,662
Food & Staples Retailing — 0.4%
Chengdu Hongqi Chain Co. Ltd., Class A		56,000		80,389
Food Products — 5.0%
Chacha Food Co. Ltd., Class A		21,186		175,594
Foshan Haitian Flavouring & Food Co. Ltd., Class A		22,680		486,363

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Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock China A Opportunities Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Fujian Sunner Development Co. Ltd., Class A		13,300	$	54,654
Henan Shuanghui Investment & Development Co. Ltd., Class A(a)		9,698		75,831
Muyuan Foodstuff Co. Ltd., Class A		10,030		131,217
Sanquan Food Co. Ltd., Class A		14,000		55,530
				979,189
Health Care Equipment & Supplies — 1.1%
Jafron Biomedical Co. Ltd., Class A		7,790		81,826
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		2,600		129,169
				210,995
Health Care Providers & Services — 2.3%
China National Accord Medicines Corp. Ltd., Class A		33,020		235,226
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		26,900		78,907
Topchoice Medical Corp., Class A(a)		5,200		131,306
				445,439
Hotels, Restaurants & Leisure — 0.5%
Guangzhou Restaurant Group Co. Ltd., Class A		7,400		41,947
Shenzhen Overseas Chinese Town Co. Ltd., Class A		48,300		49,556
				91,503
Household Durables — 2.7%
Gree Electric Appliances, Inc. of Zhuhai, Class A		5,215		42,436
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		14,400		102,495
Oppein Home Group, Inc., Class A		14,417		184,735
Suofeiya Home Collection Co. Ltd., Class A		60,570		198,972
				528,638
Independent Power and Renewable Electricity Producers — 0.1%
Huaneng Power International, Inc., Class A		42,100		28,253
Insurance — 5.0%
China Pacific Insurance Group Co. Ltd., Class A		3,000		12,663
New China Life Insurance Co. Ltd., Class A		55,772		421,614
Ping An Insurance Group Co. of China Ltd., Class A		51,400		557,525
				991,802
Life Sciences Tools & Services — 2.4%
Hangzhou Tigermed Consulting Co. Ltd., Class A		1,600		24,649
Joinn Laboratories China Co. Ltd., Class A(a)		16,100		224,889
WuXi AppTec Co. Ltd., Class A		13,482		218,033
				467,571
Machinery — 7.0%
Han’s Laser Technology Industry Group Co. Ltd., Class A		21,475		122,844
Sany Heavy Industry Co. Ltd., Class A		33,100		99,969
Shenzhen Inovance Technology Co. Ltd., Class A		56,886		409,267
Weichai Power Co. Ltd., Class A		93,898		217,515
Zhengzhou Yutong Bus Co. Ltd., Class A		57,000		111,157
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		357,681		422,896
				1,383,648

Security	Shares		Value
Media — 0.3%
Guangdong South New Media Co. Ltd., Class A(a)		2,700	$	45,672
Oriental Pearl Group Co. Ltd., Class A		11,000		15,953
				61,625
Metals & Mining — 1.1%
Baoshan Iron & Steel Co. Ltd., Class A		119,700		84,291
Jiangsu Dingsheng New Energy Materials Co. Ltd., Class A		35,800		84,180
Nanjing Iron & Steel Co. Ltd., Class A		53,700		25,284
Shandong Humon Smelting Co. Ltd., Class A(a)		5,000		13,995
Shengda Resources Co. Ltd., Class A(a)		6,154		16,502
				224,252
Paper & Forest Products — 0.0%
Shandong Chenming Paper Holdings Ltd., Class A		5,600		4,361
Pharmaceuticals — 5.2%
Changchun High & New Technology Industry Group, Inc., Class A		5,600		398,379
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		12,900		26,824
Jiangsu Hengrui Medicine Co. Ltd., Class A		38,928		526,039
Jiangzhong Pharmaceutical Co. Ltd., Class A		33,840		64,541
Zhejiang Jingxin Pharmaceutical Co. Ltd., Class A		4,000		8,587
				1,024,370
Professional Services — 0.3%
Centre Testing International Group Co. Ltd., Class A		18,397		61,563
Real Estate Management & Development — 5.7%
China Union Holdings Ltd., Class A		77,280		50,562
China Vanke Co. Ltd., Class A		53,099		203,761
Oceanwide Holdings Co. Ltd., Class A		504,800		304,062
Poly Developments and Holdings Group Co. Ltd., Class A		171,500		382,183
Shenzhen World Union Group, Inc., Class A		23,100		13,235
Shenzhen Zhenye Group Co. Ltd., Class A		133,500		158,178
				1,111,981
Semiconductors & Semiconductor Equipment — 3.6%
Changsha Jingjia Microelectronics Co. Ltd., Class A		15,400		166,871
Gigadevice Semiconductor Beijing, Inc., Class A		1,960		65,318
LONGi Green Energy Technology Co. Ltd., Class A		42,500		346,583
SG Micro Corp., Class A		1,200		62,700
Shenzhen Goodix Technology Co. Ltd., Class A		2,300		68,616
				710,088
Software — 6.3%
Beijing Join-Cheer Software Co. Ltd., Class A(a)		11,100		11,474
Beijing SuperMap Software Co. Ltd., Class A		4,800		17,067
Glodon Co. Ltd., Class A		39,600		433,617
Hundsun Technologies, Inc., Class A		30,306		474,748
Iflytek Co. Ltd., Class A		9,100		47,680
NSFOCUS Technologies Group Co. Ltd., Class A		25,933		81,777
Sangfor Technologies, Inc., Class A		2,900		88,791
Venustech Group, Inc., Class A		16,400		92,531
				1,247,685
Specialty Retail — 0.5%
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		62,100		91,093

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Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock China A Opportunities Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 0.2%
Inspur Electronic Information Industry Co. Ltd., Class A		6,300	$	34,491
Trading Companies & Distributors — 0.0%
Xiamen C & D, Inc., Class A		5,097		6,834
Total Common Stocks — 98.6% (Cost: $13,856,304)				19,401,275
Total Long-Term Investments — 98.6% (Cost: $13,856,304)				19,401,275

Security	Shares		Value
Short-Term Securities — 0.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.08%(b)*		10,681	$	10,681
Total Short-Term Securities — 0.1% (Cost: $10,681)				10,681
Total Investments — 98.7% (Cost: $13,866,985)				19,411,956
Other Assets Less Liabilities — 1.3%				253,159
Net Assets — 100.0%			$	19,665,115

^(a)  Non-income producing security.

^(b)  Annualized 7-day yield as of period end.

* Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended July 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 10/31/19		Shares Purchased		Shares Sold		Shares Held at 07/31/20		Value at 07/31/20		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class(b)		—		10,681		—		10,681	$	10,681	$	930	$	—	$	—

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock China A Opportunities Fund

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments)

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

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments	$	—	$	19,401,275	$	—	$	19,401,275
Short-Term Securities		10,681		—		—		10,681
	$	10,681	$	19,401,275	$	—	$	19,411,956

The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

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