Blackrock Funds NPORT-P BlackRock Global Impact Fund (Jul 2020 report)

Schedule of Investments  (unaudited)  July 31, 2020 BlackRock Global Impact Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 97.4%
Argentina — 2.6%
MercadoLibre, Inc.(a)		281	$	316,018
Australia — 2.3%
SEEK Ltd.		17,841		274,404
Brazil — 3.5%
Pagseguro Digital Ltd., Class A(a)		5,035		192,488
YDUQS Participacoes SA		35,525		229,771
				422,259
Canada — 4.9%
Brookfield Renewable Partners LP		6,165		265,020
TransAlta Renewables, Inc.		27,890		324,823
				589,843
China — 2.4%
New Oriental Education & Technology Group, Inc., ADR(a)		2,090		293,018
Colombia — 2.2%
Millicom International Cellular SA, SDR		8,992		270,655
Denmark — 2.9%
Atlantic Sapphire ASA(a)		5,915		75,739
Vestas Wind Systems A/S		2,121		271,880
				347,619
France — 2.1%
Nexity SA		7,470		254,404
Germany — 1.7%
LEG Immobilien AG		1,510		210,549
Indonesia — 3.0%
Bank Rakyat Indonesia Persero Tbk. PT		1,691,300		367,376
Israel — 1.4%
Teva Pharmaceutical Industries Ltd., ADR(a)		14,755		170,273
Japan — 3.6%
Eisai Co. Ltd.		2,000		161,413
Katitas Co. Ltd.		11,700		267,656
				429,069
Kenya — 3.7%
Safaricom plc		1,712,612		445,844
Netherlands — 3.0%
Koninklijke Philips NV		7,115		367,638
South Korea — 1.7%
Samsung SDI Co. Ltd., GDR(b)		2,575		210,500
Spain — 1.5%
Acciona SA		1,593		176,846

Security	Shares		Value
Switzerland — 0.9%
Landis+Gyr Group AG(a)		1,860	$	113,599
United Kingdom — 2.3%
Genus plc		6,170		275,352
United States — 51.7%
Accolade, Inc.(a)		3,249		105,397
Agilent Technologies, Inc.		3,215		309,701
Avangrid, Inc.		5,580		277,828
Blackbaud, Inc.		3,190		199,502
Boston Properties, Inc.		1,240		110,472
Boston Scientific Corp.(a)		11,246		433,758
Brookfield Renewable Corp.(a)		1,786		80,003
Chegg, Inc.(a)		2,740		221,858
Danaher Corp.		1,752		357,058
eHealth, Inc.(a)		1,930		133,440
Emergent BioSolutions, Inc.(a)		1,550		172,422
Everbridge, Inc.(a)		1,174		167,647
First Solar, Inc.(a)		4,485		267,082
ICF International, Inc.		4,315		291,737
Invitae Corp.(a)		5,495		160,454
Itron, Inc.(a)		2,720		189,203
Johnson Controls International plc		3,735		143,723
Laureate Education, Inc., Class A(a)		19,160		242,949
Nuance Communications, Inc.(a)		12,757		348,904
Pluralsight, Inc., Class A(a)		11,065		234,246
Rapid7, Inc.(a)		5,505		327,933
Square, Inc., Class A(a)		1,780		231,133
Sun Communities, Inc.		2,345		351,586
Upwork, Inc.(a)		8,085		121,437
Watts Water Technologies, Inc., Class A		2,175		182,461
Xylem, Inc.		4,380		319,652
Zoetis, Inc.		1,799		272,872
				6,254,458
Total Common Stocks — 97.4% (Cost: $10,781,310)				11,789,724
Total Long-Term Investments — 97.4% (Cost: $10,781,310)				11,789,724
Short-Term Securities — 3.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.08%(c)*		453,467		453,467
Total Short-Term Securities — 3.7% (Cost: $453,467)				453,467
Total Investments — 101.1% (Cost: $11,234,777)				12,243,191
Liabilities in Excess of Other Assets — (1.1)%				(137,152	)
Net Assets — 100.0%			$	12,106,039

^(a)  Non-income producing security.

^(b)  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.

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

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Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Global Impact Fund

* 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 05/27/20	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)	—	453,467	—	453,467	$	453,467	$	70	$	—		$	—

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

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

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Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Global Impact Fund

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	132,605	IDR		1,929,041,791	Deutsche Bank AG		08/13/20	$               1,519
USD	131,745	BRL		706,086	Goldman Sachs International		08/13/20	(3,556)

Glossary of Terms Used in this Report

Currency
BRL	Brazilian Real
IDR	Indonesian Rupiah
USD	United States Dollar

Portfolio Abbreviations
ADR	American Depositary Receipts
GDR	Global Depositary Receipts
SDR	Swedish Depositary Receipts

Fair Value Hierarchy as of Period End

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

• 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 and derivative 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 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 and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Argentina	$	316,018	$	—	$	—	$	316,018
Australia		—		274,404		—		274,404
Brazil		422,259		—		—		422,259
Canada		589,843		—		—		589,843
China		293,018		—		—		293,018
Colombia		—		270,655		—		270,655
Denmark		—		347,619		—		347,619

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Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Global Impact Fund

	Level 1		Level 2			Level 3		Total
France	$	—	$	254,404		$	—	$	254,404
Germany		—		210,549			—		210,549
Indonesia		—		367,376			—		367,376
Israel		170,273		—			—		170,273
Japan		—		429,069			—		429,069
Kenya		—		445,844			—		445,844
Netherlands		—		367,638			—		367,638
South Korea		—		210,500			—		210,500
Spain		—		176,846			—		176,846
Switzerland		—		113,599			—		113,599
United Kingdom		—		275,352			—		275,352
United States		6,254,458		—			—		6,254,458
Short-Term Securities		453,467		—			—		453,467
	$	8,499,336	$	3,743,855		$	—	$	12,243,191
Derivative Financial Instruments (a)
Assets:
Foreign currency exchange contracts	$	—	$	1,519		$	—	$	1,519
Liabilities:
Foreign currency exchange contracts		—		(3,556	)		—		(3,556	)
	$	—	$	(2,037	)	$	—	$	(2,037	)

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

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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