UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-05742

Name of Fund: BlackRock Funds:

BlackRock Emerging Market Allocation Portfolio

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds,

55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 10/31/2015

Date of reporting period: 07/31/2015

Item 1 – Schedule of Investments

Consolidated Schedule of Investments July 31, 2015 (Unaudited) BlackRock Emerging Market Allocation Portfolio (Percentages shown are based on Net Assets)

Corporate Bonds	Par   (000)		Value
United States — 10.0%
3M Co., 3.88%, 6/15/44	$	100	$	97,879
Abbott Laboratories, 5.30%, 5/27/40		100		115,326
Amazon.com, Inc.:
4.80%, 12/05/34		100		101,252
4.95%, 12/05/44		75		75,105
American Express Co., 4.05%, 12/03/42		75		70,423
Apple, Inc.:
3.85%, 5/04/43		150		138,353
3.45%, 2/09/45		175		150,045
4.38%, 5/13/45		150		150,612
Bristol-Myers Squibb Co., 4.50%, 3/01/44		100		106,807
Eli Lilly & Co., 3.70%, 3/01/45		100		92,509
General Electric Co.:
4.13%, 10/09/42		125		122,913
4.50%, 3/11/44		100		104,098
The Goldman Sachs Group, Inc.:
6.13%, 2/15/33		200		240,539
4.80%, 7/08/44		150		152,503
HSBC Holdings PLC:
6.50%, 9/15/37		225		270,178
6.10%, 1/14/42		225		280,740
Intel Corp.:
4.80%, 10/01/41		75		76,937
4.25%, 12/15/42		100		94,204
International Business Machines Corp.:
5.60%, 11/30/39		75		86,086
4.00%, 6/20/42		75		69,066
Johnson & Johnson, 4.38%, 12/05/33		200		215,386
Merck & Co., Inc.:
6.50%, 12/01/33		100		133,024
3.70%, 2/10/45		150		137,465
Microsoft Corp.:
3.50%, 2/12/35		75		69,492
5.30%, 2/08/41		175		201,227
3.75%, 2/12/45		200		182,940
Oracle Corp.:
4.30%, 7/08/34		225		225,554
3.90%, 5/15/35		100		94,931
5.38%, 7/15/40		200		224,111
4.13%, 5/15/45		150		141,651
PepsiCo, Inc.:
4.00%, 3/05/42		100		95,719
4.25%, 10/22/44		100		98,883
Pfizer, Inc.:
7.20%, 3/15/39		100		137,190
4.40%, 5/15/44		125		125,828
The Procter & Gamble Co., 5.55%, 3/05/37		150		185,137
Corporate Bonds	Par   (000)		Value
United States (concluded)
QUALCOMM, Inc., 4.80%, 5/20/45	$	125	$	112,919
Wal-Mart Stores, Inc.:
5.25%, 9/01/35		250		291,813
6.50%, 8/15/37		200		263,389
5.63%, 4/01/40		75		90,815
5.63%, 4/15/41		200		244,823
4.30%, 4/22/44		200		206,614
				6,074,486
Total Corporate Bonds — 10.0%				6,074,486
Foreign Agency Obligations
Chile — 0.7%
Corp. Nacional del Cobre de Chile:
4.50%, 8/13/23		200		206,947
4.25%, 7/17/42		200		173,218
				380,165
China — 0.3%
State Grid Overseas Investment 2013, Ltd., 3.13%, 5/22/23		200		196,772
Hong Kong — 0.5%
Sinochem Overseas Capital Co. Ltd., 4.50%, 11/12/20		100		105,821
Sinopec Group Overseas Development 2012, Ltd., 3.90%, 5/17/22		200		204,934
				310,755
Kazakhstan — 0.3%
KazMunayGas National Co. JSC, 4.88%, 5/07/25		200		180,200
Malaysia — 1.1%
Petroliam Nasional BHD, 7.63%, 10/15/26		200		266,752
Petronas Capital, Ltd.:
5.25%, 8/12/19		200		221,416
4.50%, 3/18/45		200		192,090
				680,258
Mexico — 0.3%
Petroleos Mexicanos:
5.50%, 1/21/21		100		108,229
6.50%, 6/02/41		50		52,260
5.63%, 1/23/46		25		23,557
				184,046
Netherlands — 0.4%
Kazakhstan Temir Zholy Finance BV, 6.38%, 10/06/20		200		207,700

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015 1

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio (Percentages shown are based on Net Assets)

Foreign Agency Obligations	Par   (000)		Value
Philippines — 0.3%
Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24	$	150	$	197,250
South Africa — 0.3%
Eskom Holdings SOC, Ltd., 5.75%, 1/26/21		200		194,320
United Kingdom — 0.8%
AstraZeneca PLC, 6.45%, 9/15/37		200		259,196
Sinopec Group Overseas Development 2013, Ltd., 4.38%, 10/17/23		200		208,730
				467,926
Total Foreign Agency Obligations — 5.0%				2,999,392
Foreign Government Obligations
Argentine Republic Government International Bond:
8.75%, 6/02/17		25		24,127
8.28%, 12/31/33		168		159,580
2.50%, 12/31/38		155		90,210
Banco Nacional de Desenvolvimento Economico e Social, 5.50%, 7/12/20		100		103,600
Brazilian Government International Bond:
4.88%, 1/22/21		900		928,800
8.88%, 4/15/24		100		129,000
4.25%, 1/07/25		400		377,400
8.75%, 2/04/25		250		320,625
8.25%, 1/20/34		200		240,000
7.13%, 1/20/37		300		327,000
5.00%, 1/27/45		200		167,300
Chile Government International Bond, 2.25%, 10/30/22		250		243,375
Colombia Government International Bond:
4.38%, 7/12/21		800		832,000
4.00%, 2/26/24		200		199,200
8.13%, 5/21/24		150		190,875
7.38%, 9/18/37		200		245,000
6.13%, 1/18/41		250		269,375
5.63%, 2/26/44		200		203,000
The Export-Import Bank of China, 3.63%, 7/31/24		200		204,184
Indonesia Government International Bond:
3.75%, 4/25/22		600		592,500
8.50%, 10/12/35		100		134,250
6.63%, 2/17/37		100		112,625
Foreign Government Obligations	Par   (000)		Value
Indonesia Government International Bond (concluded):
7.75%, 1/17/38	$	200	$	253,500
Lithuania Government International Bond:
5.13%, 9/14/17		200		216,146
7.38%, 2/11/20		500		597,900
6.13%, 3/09/21		550		637,611
6.63%, 2/01/22		200		239,750
Mexico Government International Bond:
5.63%, 1/15/17		200		212,400
5.95%, 3/19/19		150		168,000
5.13%, 1/15/20		200		220,300
3.63%, 3/15/22		400		405,400
4.00%, 10/02/23		400		412,000
3.60%, 1/30/25		200		198,500
8.30%, 8/15/31		200		295,500
6.75%, 9/27/34		100		126,250
6.05%, 1/11/40		250		288,750
4.75%, 3/08/44		330		320,100
5.55%, 1/21/45		250		270,000
5.75%, 10/12/49		276		276,690
Panama Government International Bond:
7.13%, 1/29/26		500		636,250
6.70%, 1/26/36		100		125,000
4.30%, 4/29/53		200		178,000
Peruvian Government International Bond:
7.13%, 3/30/19		200		233,500
7.35%, 7/21/25		100		130,250
8.75%, 11/21/33		100		150,750
6.55%, 3/14/37		430		536,425
5.63%, 11/18/50		250		281,250
Philippine Government International Bond:
8.38%, 6/17/19		150		184,687
4.00%, 1/15/21		300		324,000
4.20%, 1/21/24		300		330,000
5.50%, 3/30/26		400		476,500
9.50%, 2/02/30		100		163,000
7.75%, 1/14/31		100		145,625
6.38%, 10/23/34		400		537,000
5.00%, 1/13/37		400		470,000
Poland Government International Bond:
6.38%, 7/15/19		200		231,750
5.13%, 4/21/21		700		786,058
5.00%, 3/23/22		200		223,410
4.00%, 1/22/24		250		264,120

2 BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio (Percentages shown are based on Net Assets)

Foreign Government Obligations	Par   (000)		Value
Romanian Government International Bond:
6.75%, 2/07/22	$	100	$	118,000
4.38%, 8/22/23		300		312,720
4.88%, 1/22/24		400		429,506
6.13%, 1/22/44		126		145,520
Russian Foreign Bond — Eurobond:
5.00%, 4/29/20		300		305,948
4.50%, 4/04/22		200		194,500
4.88%, 9/16/23		200		194,500
12.75%, 6/24/28		200		309,000
7.50%, 3/31/30		484		566,719
South Africa Government International Bond:
5.88%, 5/30/22		500		554,485
4.67%, 1/17/24		200		204,750
5.88%, 9/16/25		200		222,516
6.25%, 3/08/41		100		114,320
Turkey Government International Bond:
7.50%, 7/14/17		100		110,060
6.75%, 4/03/18		400		439,920
7.50%, 11/07/19		100		114,830
5.13%, 3/25/22		200		208,116
5.75%, 3/22/24		200		214,857
7.38%, 2/05/25		100		119,000
8.00%, 2/14/34		100		128,000
6.88%, 3/17/36		50		57,500
6.75%, 5/30/40		100		114,000
4.88%, 4/16/43		400		360,000
6.63%, 2/17/45		200		228,400
Ukraine Government International Bond, 7.95%, 2/23/21		200		116,600
Uruguay Government International Bond, 7.63%, 3/21/36		200		266,750
Venezuela Government International Bond:
7.75%, 10/13/19		250		92,500
12.75%, 8/23/22		250		111,250
9.00%, 5/07/23		50		18,250
8.25%, 10/13/24		235		84,600
11.75%, 10/21/26		250		104,125
Foreign Government Obligations	Par   (000)		Value
Venezuela Government International Bond (concluded):
9.25%, 9/15/27	$	185	$	77,237
11.95%, 8/05/31		300		124,500
7.00%, 3/31/38		150		51,563
Total Foreign Government Obligations — 40.3%				24,454,940
Investment Companies (a)	Shares
United States — 5.5%
BlackRock Emerging Markets Flexible Dynamic Bond Portfolio		317,504		2,746,413
iShares MSCI Frontier 100 ETF		20,794		570,172
Total Investment Companies — 5.5%				3,316,585
Total Long-Term Investments (Cost — $37,966,392) — 60.8%				36,845,403
Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.09% (a)(b)		23,244,838		23,244,838
Total Short-Term Securities (Cost — $23,244,838) — 38.4%				23,244,838
Total Investments (Cost — $61,211,230*) — 99.2%				60,090,241
Other Assets Less Liabilities — 0.8%				496,217
Net Assets — 100.0%			$	60,586,458

* As of July 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	61,913,103
Gross unrealized appreciation	$	216,436
Gross unrealized depreciation		(2,039,298	)
Net unrealized depreciation	$	(1,822,862	)

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015 3

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

Notes to Schedule of Investments

Investments in issuers considered to be an affiliate of the Fund during the period ended July 31, 2015, for purposes of Section 2(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at October 31, 2014		Shares Purchased		Shares Sold			Shares Held at July 31, 2015		Value at July 31, 2015		Income		Realized Gain
BlackRock Emerging Markets Flexible Dynamic Bond Portfolio		309,065		8,439		—			317,504	$	2,746,413	$	69,158		—
BlackRock Liquidity Funds, TempFund, Institutional Class		24,500,331		—		(1,255,493	)1		23,244,838	$	23,244,838	$	14,569		—
iShares MSCI Frontier 100 ETF		13,244		7,550		—			20,794	$	570,172	$	47,431		—
1  Represents net shares sold.

(b) Represents the current yield as of report date.

Portfolio Abbreviations

ADR	American Depositary Receipts
ALL	Albanian Lek
BHD	Bahraini Dinar
CLP	Chilean Peso
CVA	Certificaten Van Aandelen (Dutch Certificate)
ETF	Exchange-Traded Fund
GDR	Global Depositary Receipt
JSC	Joint Stock Company
MSCI	Morgan Stanley Capital International
MTN	Medium-Term Note
PCL	Public Company Limited
REIT	Real Estate Investment Trust
S&P	Standard and Poor’s
USD	U.S. Dollar

Derivative Financial Instruments Outstanding as of July 31, 2015

Financial Futures Contracts

Contracts Long		Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation
	152	SGX S&P Nifty Index	Singapore Exchange Derivatives Clearing Limited	August 2015	$	2,606,192	$	918

Forward Foreign Currency Exchange Contracts

Currency Purchased			Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
	INR	163,633,417	USD	2,535,380	Bank of America N.A.	9/30/15	$	(849	)

4 BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

Over-the-Counter (“OTC”) Interest Rate Swaps:

Fixed Rate	Floating Rate	Counterparty	Effective Date	Expiration Date	Notional Amount (000)		Value		Premiums Paid (Received)		Unrealized Appreciation
THB 2.42%1	6 Month LIBOR	Bank of America N.A.	9/16/152	9/16/20		95,460	$	46,372		—	$	46,372
TWD 1.48%1	3 Month LIBOR	Bank of America N.A.	9/16/152	9/16/20		85,540		34,917		—		34,917
							$	81,289		—	$	81,289

¹    Fund pays the floating rate and receives the fixed rate.

²    Forward swap.

OTC Total Return Swaps³

Reference Entity	Counterparty	Expiration Dates	Notional Amount		Unrealized Appreciation (Depreciation)			Net Value of Reference Entities
Equity Securities Long/Short:	Goldman Sachs & Co.	7/27/15 — 2/03/17	$	19,279,719	$	(573,296	)4	$	18,354,175
	Goldman Sachs & Co.	8/27/15 — 7/27/23	$	477,573		17,679	5		486,069
	UBS AG	8/08/16	$	17,904,338		(1,434,563	)6		16,053,843
Total					$	(1,990,180	)	$	34,894,087

³     The Fund receives or pays the total return on a portfolio of long and short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 20-1075 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

           IntercontinentalExchange LIBOR:

           USD 1 Month; USD Spot Next

⁴     Amount includes $352,248 of net dividends and financing fees.

⁵     Amount includes $9,183 of net dividends and financing fees.

⁶     Amount includes $415,932 of net dividends and financing fees.

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015 5

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio (Percentages shown are based on Net Assets)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of July 31, 2015, expiration dates 7/27/15 — 2/03/17:

	Shares		Value
Reference Entity — Long
Brazil
AMBEV SA		30,100	$	171,073
AMBEV SA, ADR		41,455		235,464
Banco Bradesco SA — ADR		23,573		187,170
Banco Bradesco SA, Preference Shares		15,740		125,407
Banco do Brasil SA		24,500		157,778
Braskem SA — ADR		27,087		196,381
Braskem SA, Preference A Shares		13,100		47,978
BRF SA		6,600		138,536
BRF SA — ADR		10,200		213,282
Cia Brasileira de Distribuicao Grupo Pao de Acucar — ADR		9,503		206,595
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares		2,700		59,142
Cia Energetica de Minas Gerais, Preference Shares		6,700		18,472
Cia Energetica de Sao Paulo, Preference ‘B’ Shares		28,600		159,791
Cyrela Brazil Realty SA		10,200		27,705
EDP — Energias do Brasil SA		19,900		75,847
Even Construtora e Incorporadora SA		33,800		28,825
Fibria Celulose SA		3,500		46,551
Fibria Celulose SA — Sponsored ADR		6,896		91,855
Gerdau SA — ADR		57,933		100,224
Gerdau SA, Preference Shares		6,000		10,339
Itau Unibanco Holding SA, Preference Shares		16,434		144,376
Itau Unibanco Holding SA, Preference Shares — ADR		2,797		24,278
JBS SA		44,500		200,279
Lojas Renner SA		1,500		47,704
Multiplus SA		14,400		173,484
Petroleo Brasileiro SA — ADR		9,191		56,525
Petroleo Brasileiro SA, Preference Shares		7,200		22,080
Raia Drogasil SA		1,700		21,603
Telefonica Brasil SA — ADR		11,350		147,777
Telefonica Brasil SA, Preference Shares		500		6,590
Tim Participacoes SA		1,900		5,211
Transmissora Alianca de Energia Eletrica SA		4,500		27,534
	Shares		Value
Reference Entity — Long
Brazil (concluded)
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		900	$	13,064
Via Varejo SA		2,500		6,316
				3,195,236
Chile
Banco Santander Chile — ADR		5,071		102,383
China
Alibaba Group Holding Ltd. — SP ADR		345		27,027
Anhui Conch Cement Co. Ltd., Class H		46,000		142,878
Anhui Expressway Co. Ltd. Class H		38,000		32,950
Anta Sports Products Ltd.		103,000		264,020
Bank of China Ltd., Class H		509,000		278,137
Bank of Communications Co. Ltd., Class H		21,000		18,458
Beijing Capital International Airport Co. Ltd., Class H		210,000		216,191
Beijing North Star Co. Ltd.		14,000		4,783
Byd Co. Ltd., Class H		5,000		22,081
China Biologic Products, Inc.		1,468		179,625
China Cinda Asset Management Co. Ltd.		263,000		117,300
China Citic Bank Corp. Ltd., Class H		111,000		79,121
China Communications Services Corp. Ltd., Class H		76,000		34,410
China Construction Bank Corp., Class H		714,000		582,457
China Everbright Bank Co. Ltd., Class H		149,000		82,974
China International Marine Containers Group Co. Ltd., Class H		7,000		14,849
China Lesso Group Holdings, Ltd.		13,000		10,188
China Life Insurance Co. Ltd., Class H		96,000		353,592
China Machinery Engineering Corp.		25,000		18,969
China Medical System Holdings Ltd.		38,000		50,488
China Mengniu Dairy Co. Ltd.		1,000		4,521
China Merchants Bank Co. Ltd., Class H		8,500		21,957
China Pacific Insurance Group Co. Ltd., Class H		26,600		111,507
China Petroleum & Chemical Corp. Class H		14,000		10,552
China Railway Construction Corp. Ltd., Class H		13,500		17,505
China Railway Group Ltd., Class H		220,000		187,642
China Southern Airlines Co. Ltd., Class H		64,000		63,251
China Telecom Corp. Ltd., Class H		38,000		21,251
China Unicom Hong Kong Ltd.		62,000		87,017

6 BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares		Value
Reference Entity — Long
China (continued)
China Vanke Co. Ltd., Class H		1,900	$	4,514
CITIC Securities Co. Ltd., Class H		13,500		36,898
CNOOC Ltd.		79,000		96,944
CNOOC Ltd. — ADR		417		51,145
CSR Corp. Ltd., Class H		49,550		62,425
Dalian Wanda Commercial Properties Co. Ltd.		29,400		213,134
Datang International Power Generation Co. Ltd., Class H		298,000		128,745
Fosun International Ltd.		5,500		11,573
GF Securities Co. Ltd.		4,000		7,756
Great Wall Motor Co. Ltd., Class H		5,500		18,172
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H		12,000		32,897
Hollysys Automation Technologies, Ltd.		1,165		24,791
Industrial & Commercial Bank of China Ltd., Class H		457,000		313,953
Jiangnan Group, Ltd.		16,000		4,122
Jiangsu Expressway Co. Ltd., Class H		14,000		17,466
Lenovo Group Ltd.		92,000		99,713
Longfor Properties Co. Ltd.		69,500		99,240
Lonking Holdings Ltd.		105,000		16,643
Metallurgical Corp. of China, Ltd.		66,000		22,026
New China Life Insurance Co. Ltd., Class H		18,500		79,513
People’s Insurance Co. Group of China Ltd., Class H		104,000		53,915
PetroChina Co. Ltd., Class H		96,000		94,573
Ping An Insurance Group Co. of China Ltd., Class H		78,500		451,733
Shanghai Electric Group Co. Ltd., Class H		6,000		3,704
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		23,800		56,366
Shenzhen Expressway Co. Ltd.		58,000		42,725
Shenzhou International Group Holdings Ltd.		3,000		15,756
Sihuan Pharmaceutical Holdings Group Ltd.		131,000		25,347
Sino-Ocean Land Holdings Ltd.		416,500		285,478
Sinopec Shanghai Petrochemical Co. Ltd., Class H		54,000		22,018
Sinopharm Group Co. Ltd., Class H		22,800		87,537
Sinotrans Ltd., Class H		22,000		13,532
TCL Communication Technology Holdings, Ltd.		40,000		31,080
Tencent Holdings Ltd.		47,400		883,092
	Shares		Value
Reference Entity — Long
China (concluded)
Weichai Power Co. Ltd., Class H		27,000	$	40,503
Zhejiang Expressway Co. Ltd., Class H		272,000		313,029
Zhuzhou CSR Times Electric Co. Ltd., Class H		14,000		94,913
ZTE Corp., Class H		960		2,135
				6,914,807
Czech Republic
CEZ AS		4,059		98,236
Hong Kong
Belle International Holdings Ltd.		111,000		115,403
CGN Meiya Power Holdings Co. Ltd.		38,000		11,895
China Mobile Ltd.		40,000		523,632
China Overseas Land & Investment Ltd.		46,000		144,861
China Power International Development, Ltd.		186,000		131,671
China Resources Cement Holdings Ltd.		200,000		104,124
China Resources Land Ltd.		72,222		202,351
China Taiping Insurance Holdings Co. Ltd.		33,600		100,214
China Traditional Chinese Medicine Co. Ltd.		26,000		19,631
China Travel International Inv HK		366,000		141,259
China Unicom Hong Kong, Ltd., ADR		7,221		101,744
ENN Energy Holdings Ltd.		10,000		66,364
Franshion Properties China Ltd.		268,000		86,696
Guangdong Investment Ltd.		8,000		10,849
Haier Electronics Group Co. Ltd.		16,000		37,556
KWG Property Holding Ltd.		124,000		92,955
REXLot Holdings, Ltd.		50,000		2,838
Shimao Property Holdings Ltd.		57,000		101,921
Sino Biopharmaceutical Ltd.		164,000		189,896
Skyworth Digital Holdings Ltd.		66,000		50,408
Yuexiu Property Co. Ltd.		144,000		28,398
				2,264,666
Hungary
MOL Hungarian Oil & Gas PLC		3,986		209,973
OTP Bank PLC		7,019		143,843
				353,816
Indonesia
Adaro Energy Tbk PT		1,155,200		50,360
Bank Negara Indonesia Persero Tbk PT		7,700		2,706
Indofood CBP Sukses Makmur Tbk PT		4,500		4,092

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015 7

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares		Value
Reference Entity — Long
Indonesia (concluded)
Indofood Sukses Makmur Tbk PT		26,900	$	12,121
Lippo Karawaci Tbk PT		45,300		3,865
Matahari Putra Prima Tbk PT		93,500		20,034
Pembangunan Perumahan Persero Tbk PT		56,600		16,310
Summarecon Agung Tbk PT		893,900		114,845
Telekomunikasi Indonesia Persero Tbk PT		49,400		10,721
Telekomunikasi Indonesia Persero Tbk PT, ADR		6,551		281,759
Unilever Indonesia Tbk PT		45,600		134,842
United Tractors Tbk PT		182,300		271,932
				923,587
Malaysia
Astro Malaysia Holdings Bhd		95,800		76,916
British American Tobacco Malaysia Bhd		27,500		486,541
IOI Corp. Bhd		28,800		31,929
KNM Group Bhd		69,000		10,427
MISC Bhd		22,800		46,486
Westports Holdings Bhd		28,200		29,568
YTL Corp. Bhd		38,300		15,823
YTL Power International Bhd		104,500		42,901
				740,591
Mexico
Alfa SAB de CV, Series A		160,000		317,964
America Movil SAB de CV, Series L		328,900		319,867
Arca Continental SAB de CV		69,100		415,865
Banregio Grupo Financiero SAB de C.V.		3,200		18,345
Cemex SAB de CV		132,062		112,535
Cemex SAB de CV — ADR		1,952		16,592
Coca-Cola Femsa SAB de CV, Series L		4,600		34,773
Controladora Comercial Mexicana SAB de CV		6,400		18,752
El Puerto de Liverpool SAB de CV, Series C1		26,900		314,870
Gentera SAB de CV		70,100		120,557
Gruma SAB de CV		58,971		772,653
Grupo Aeroportuario del Pacifico SAB de CV, ADR		3,388		267,245
Grupo Aeroportuario del Pacifico SAB de CV, Class B		37,800		298,388
Grupo Bimbo SAB de CV, Series A		109,200		292,985
Grupo Comercial Chedraui SA de CV		9,500		26,556
Grupo Elektra SAB de C.V.		160		3,489
	Shares		Value
Reference Entity — Long
Mexico (concluded)
Grupo Financiero Banorte SAB de CV, Series O		4,300	$	22,631
Grupo Financiero Santander Mexico SAB de CV, Series B		44,000		78,237
Grupo Televisa SAB CPO		24,700		172,337
Industrias Penoles SAB de CV		610		9,259
OHL Mexico SAB de CV		163,400		267,018
Wal-Mart de Mexico SAB de CV		358,306		870,386
				4,771,304
Philippines
Energy Development Corp.		578,900		90,689
Globe Telecom, Inc.		3,320		187,296
Jollibee Foods Corp.		3,640		15,115
Metropolitan Bank & Trust Co.		4		8
				293,108
Poland
Bank Handlowy w Warszawie SA		751		18,438
Enea SA		35,519		138,795
KGHM Polska Miedz SA		1,357		34,102
PGE SA		68,002		319,477
Polski Koncern Naftowy Orlen SA		25,435		513,406
Polskie Gornictwo Naftowe i Gazownictwo SA		20,412		34,017
Tauron Polska Energia SA		108,388		108,912
				1,167,147
Qatar
Barwa Real Estate Co.		11,791		161,397
The Commercial Bank of Qatar QSC		607		9,035
Doha Bank QSC		335		4,870
Qatar Electricity & Water Co.		956		58,008
Qatar National Bank		508		25,423
				258,733
Russia
AK Transneft OAO, Preference Shares		4		9,048
Alrosa AO		99,600		114,327
Gazprom OAO — ADR		13,956		64,159
Lukoil OAO		234		9,563
Lukoil OAO — ADR		4,949		203,793
MMC Norilsk Nickel		473		72,084
MMC Norilsk Nickel OJSC — ADR		317		4,891
Mobile Telesystems — ADR		13,127		107,641
Mobile TeleSystems OJSC		10,600		38,565
Moscow Exchange MICEX-RTS OAO		103,040		117,832
Novolipetsk Steel OJSC		9,270		11,904
Novolipetsk Steel OJSC, — GDR		4,162		54,730
Severstal OAO		2,360		26,180

8 BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares		Value
Reference Entity — Long
Russia (concluded)
Sistema JSFC		208,000	$	69,985
Sistema JSFC — GDR		15,833		134,422
Surgutneftegas OAO		132,561		73,491
Surgutneftegas OAO — ADR		5,764		32,382
Tatneft OAO		12,132		58,770
Tatneft OAO, ADR		2,600		76,128
				1,279,895
South Africa
Barclays Africa Group Ltd.		2,990		43,957
Barloworld Ltd.		4,497		31,905
Bidvest Group Ltd.		14,260		346,269
Capitec Bank Holdings, Ltd.		8,645		318,280
Clicks Group, Ltd.		2,467		18,775
FirstRand Ltd.		80,090		345,993
Hyprop Investments, Ltd.		36,532		374,323
Investec Ltd.		3,546		32,111
Liberty Holdings Ltd.		412		4,631
Mediclinic International Ltd.		8,490		75,538
MMI Holdings Ltd.		5,200		12,106
Mondi, Ltd.		2,212		52,931
Mr. Price Group Ltd.		2,646		52,695
MTN Group Ltd.		4,612		76,784
Naspers Ltd., Class N		1,770		246,673
Netcare Ltd.		38,995		124,256
PSG Group Ltd.		218		3,441
Sanlam Ltd.		2,064		10,904
Sappi Ltd.		22,696		74,527
Sasol Ltd.		9,392		324,220
Sasol, Ltd., ADR		4,647		160,229
Sibanye Gold, Ltd.		49,614		64,658
Standard Bank Group Ltd.		20,603		247,424
				3,042,630
South Korea
Amorepacific Corp.		394		129,489
Amorepacific Group		90		15,016
Asiana Airlines, Inc.		551		2,802
BGF retail Co. Ltd.		475		80,970
Cheil Industries, Inc.		254		36,046
CJ Corp.		272		71,230
CJ E&M Corp.		108		6,842
Coway Co. Ltd.		2,111		176,230
Crown Confectionery Co. Ltd.		2		1,374
Daesang Corp.		150		4,561
Doosan Infracore Co. Ltd.		3,081		20,057
GS Home Shopping, Inc.		37		6,410
GSretail Co. Ltd.		171		7,639
Hanwha Corp.		765		31,094
Hyosung Corp.		2,473		301,730
Hyundai Development Co-Engineering & Construction		848		50,987
	Shares		Value
Reference Entity — Long
South Korea (continued)
Hyundai Engineering & Construction Co. Ltd.		2,203	$	64,800
Hyundai Home Shopping Network Corp.		93		9,733
Hyundai Mobis		486		88,664
Hyundai Motor Co.		1,345		171,340
Hyundai Steel Co.		3,057		152,607
Hyundai Wia Corp.		809		74,167
Industrial Bank of Korea		10,969		129,811
Kangwon Land, Inc.		9,643		352,220
KEPCO Plant Service & Engineering Co. Ltd.		146		14,660
Kia Motors Corp.		157		5,889
Korea Electric Power Corp.		609		26,332
Korea Gas Corp.		685		24,745
Korea Investment Holdings Co. Ltd.		1,203		64,178
Korea Petrochemical Ind Co. Ltd.		29		4,482
KT Skylife Co. Ltd.		3,110		63,536
KT&G Corp.		1,553		145,990
LG Chem Ltd.		687		146,883
LG Corp.		177		8,787
LG Display Co. Ltd.		2,959		55,930
LG Display Co. Ltd., ADR		45,418		434,650
LG Electronics, Inc.		143		4,958
LG Household & Health Care Ltd.		207		151,604
LG Innotek Co. Ltd.		1,041		72,929
Lotte Chemical Corp.		303		67,476
Lotte Food Co. Ltd.		94		73,354
LOTTE Himart Co. Ltd.		905		49,582
Lotte Shopping Co. Ltd.		483		104,089
LS Corp.		2,565		86,131
Medy-Tox, Inc.		620		281,444
NCSoft Corp.		939		176,091
Orion Corp.		7		6,920
Poongsan Corp.		710		15,993
Samsung C&T Corp.		1,194		57,754
Samsung Card Co. Ltd.		649		21,458
Samsung Electronics Co. Ltd.		527		534,671
Samsung Electronics Co. Ltd., — GDR		297		150,579
Sansung Life & Science Co. Ltd.		85		5,376
Shinhan Financial Group Co. Ltd.		1,403		50,209
Silicon Works Co. Ltd.		1,354		39,365
SK C&C Co. Ltd.		341		89,492
SK Hynix, Inc.		12,744		402,460
SK Innovation Co. Ltd.		568		48,504
SK Networks Co. Ltd.		2,234		13,847
SKC Co. Ltd.		2,766		84,391
Sungwoo Hitech Co. Ltd.		13,238		102,045
Woori Bank		6,758		55,169

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015 9

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares		Value
Reference Entity — Long
South Korea (concluded)
Yuhan Corp.		74	$	17,082
				5,744,854
Taiwan
Advanced Semiconductor Engineering, Inc.		32,000		37,150
AU Optronics Corp.		575,000		184,757
AU Optronics Corp., ADR		106,958		356,170
Catcher Technology Co. Ltd.		32,000		352,776
Chailease Holding Co. Ltd.		2,080		4,347
China Airlines Ltd.		52,000		23,110
Compeq Manufacturing Co. Ltd.		135,000		89,002
CTCI Corp.		40,000		60,718
Cub Elecparts, Inc.		1,000		9,994
Elan Microelectronics Corp.		116,000		120,873
Elite Advanced Laser Corp.		14,400		52,005
Everlight Electronics Co. Ltd.		32,000		42,289
Far Eastern New Century Corp.		4,281		4,034
Faraday Technology Corp.		151,000		153,210
Feng TAY Enterprise Co. Ltd.		78,000		436,454
First Financial Holding Co. Ltd.		495		267
Foxconn Technology Co. Ltd.		66,000		200,462
Fubon Financial Holding Co. Ltd.		41,000		74,801
Highwealth Construction Corp.		34,000		69,958
Hon Hai Precision Industry Co. Ltd.		173,040		497,634
Hon Hai Precision Industry Co. Ltd. — GDR		7,981		49,243
Hota Industrial Manufacturing Co. Ltd.		6,000		17,774
Innolux Corp.		857,000		297,941
King Yuan Electronics Co. Ltd.		279,000		188,189
Lite-On Technology Corp.		57,000		62,655
PChome Online, Inc.		4,000		55,579
Pegatron Corp.		43,000		120,861
Pou Chen Corp.		277,000		393,456
Powertech Technology, Inc.		13,000		24,378
Realtek Semiconductor Corp.		70		138
Shin Kong Financial Holding Co. Ltd.		77,000		22,545
Siliconware Precision Industries Co.		11,000		12,491
Siliconware Precision Industries Co. — ADR		19,591		110,885
Sitronix Technology Corp.		49,000		120,300
Taiwan Cement Corp.		75,000		81,196
Taiwan Cooperative Financial Holding Co. Ltd.		8		4
Taiwan Fertilizer Co. Ltd.		60,000		87,944
Taiwan Paiho Ltd.		51,000		106,561
Taiwan Semiconductor Manufacturing Co. Ltd.		150,000		655,501
Transcend Information, Inc.		3,000		8,939
	Shares		Value
Reference Entity — Long
Taiwan (concluded)
United Microelectronics Corp.		288,000	$	102,942
United Microelectronics Corp., ADR		4,881		8,786
Yuanta Financial Holding Co. Ltd.		768,925		365,430
				5,663,749
Thailand
Advanced Info Service PCL		6,200		43,978
Airports of Thailand PCL		49,400		412,076
Bangkok Bank PCL, Foreign Registered Shares		1,300		6,116
Bumrungrad Hospital PCL		42,200		244,256
Central Pattana PCL		259,600		348,024
Delta Electronics Thailand PCL		86,600		197,795
Glow Energy PCL, Foreign Registered Shares		12,500		31,653
Indorama Ventures PCL		83,600		62,857
Krung Thai Bank PCL		15,700		7,795
Pruksa Real Estate PCL		40,700		27,830
PTT Exploration & Production PCL, Foreign Registered Shares		74,000		196,312
PTT Global Chemical PCL, Foreign Registered Shares		344,100		590,119
PTT PCL		87,400		808,410
Sansiri PCL		114,300		5,578
Siam Cement PCL, Foreign Registered Shares		3,400		51,141
Siam Commercial Bank PCL		1,000		4,313
Supalai PCL		21,400		10,383
Thai Oil PCL		23,000		31,487
Thai Union Frozen Products PCL		51,100		27,402
				3,107,525
Turkey
Akbank TAS		54,549		145,629
Arcelik AS		2,307		12,155
Enka Insaat ve Sanayi AS		137,733		249,227
Eregli Demir ve Celik Fabrikalari TAS		36,067		54,013
Ford Otomotiv Sanayi		2,155		25,583
Haci Omer Sabanci Holding AS		88,107		300,977
KOC Holding AS		97,468		432,289
Koza Altin Isletmeleri AS		3,271		27,523
TAV Havalimanlari Holding AS		9,988		75,880
Tekfen Holding		5,374		8,167
Tofas Turk Otomobil Fabrikasi AS		6,872		45,009
Turk Hava Yollari		77,092		251,215
Turkiye Garanti Bankasi AS		7,201		21,240
Turkiye Is Bankasi, Class C		65,406		127,187

10 BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares			Value
Reference Entity — Long
Turkey (concluded)
Yapi ve Kredi Bankasi		25,951		$	35,587
					1,811,681
United Kingdom
British American Tobacco PLC		1,685			99,710
Eros International PLC		1,055			37,748
					137,458
United States
Genpact Ltd.		19,302			428,697
Total Reference Entity — Long					42,300,103
Reference Entity — Short
Brazil
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		(1,077	)		(5,450	)
Cosan, Ltd., Class A — A Shares		(9,027	)		(42,427	)
CPFL Energia SA — ADR		(6,236	)		(70,030	)
Embraer SA — ADR		(17,182	)		(478,519	)
Equatorial Energia SA		(1,000	)		(10,222	)
Gol Linhas Aereas Inteligentes SA — ADR		(46,262	)		(77,258	)
Kroton Educacional SA		(57,900	)		(162,339	)
Tim Participacoes SA, ADR		(24,079	)		(327,715	)
Vale SA, ADR		(51,284	)		(220,008	)
					(1,393,968	)
Chile
Empresa Nacional de Electricidad SA — ADR		(6,745	)		(277,557	)
Enersis SA, ADR		(18,353	)		(277,314	)
Sociedad Quimica y Minera de Chile SA — ADR		(16,663	)		(225,117	)
					(779,988	)
China
AAC Technologies Holdings, Inc.		(25,500	)		(144,564	)
AviChina Industry & Technology Co. Ltd., Class H		(232,000	)		(194,159	)
BBMG Corp.		(13,500	)		(10,356	)
Beijing Jingneng Clean Energy Co. Ltd.		(74,000	)		(24,978	)
CGN Power Co. Ltd.		(20,000	)		(8,790	)
China Eastern Airlines Corp., Ltd. Class H		(12,000	)		(9,615	)
China Longyuan Power Group Corp., Class H		(59,000	)		(67,519	)
	Shares			Value
Reference Entity — Short
China (concluded)
China Minsheng Banking Corp., Ltd.		(65,500	)	$	(73,636	)
China Oilfield Services, Ltd.		(12,000	)		(14,691	)
China Petroleum & Chemical Corp., ADR		(236	)		(17,750	)
China Shanshui Cement Group, Ltd.		(763,000	)		(619,077	)
China Shipping Container Lines Co. Ltd., Class H		(87,000	)		(27,256	)
China Tian Lun Gas Holdings, Ltd.		(73,500	)		(66,607	)
Country Garden Holdings Co. Ltd.		(143,000	)		(56,040	)
Dongfang Electric Corp., Ltd., Class H		(35,200	)		(45,616	)
Guangshen Railway Co. Ltd.		(48,000	)		(22,992	)
Haitian International Holdings, Ltd.		(11,000	)		(22,767	)
Huadian Fuxin Energy Corp., Ltd.		(32,000	)		(13,819	)
Huaneng Renewables Corp., Ltd.		(58,000	)		(24,622	)
Parkson Retail Group, Ltd.		(26,500	)		(4,539	)
PetroChina Co. Ltd., ADR		(7,122	)		(700,734	)
Semiconductor Manufacturing International Corp.		(950,000	)		(85,364	)
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		(48,000	)		(32,165	)
Shui On Land Ltd.		(1,166,500	)		(318,813	)
Sichuan Expressway Co. Ltd.		(46,000	)		(17,449	)
SINA Corp.		(7,678	)		(311,804	)
Sinopec Engineering Group Co. Ltd.		(40,500	)		(33,149	)
SOHO China, Ltd.		(71,500	)		(44,981	)
Sohu.com, Inc.		(2,056	)		(98,955	)
Sunac China Holdings, Ltd.		(106,000	)		(94,771	)
Tingyi Cayman Islands Holding Corp.		(184,000	)		(354,125	)
Tsingtao Brewery Co. Ltd., Class H		(4,000	)		(21,318	)
Uni-President China Holdings, Ltd.		(206,000	)		(189,995	)
Want Want China Holdings, Ltd.		(106,000	)		(109,819	)
Yanzhou Coal Mining Co. Ltd. Class H		(2,000	)		(1,140	)
					(3,883,975	)
Colombia
Bancolombia SA, ADR		(7,638	)		(294,827	)
Greece
Diana Shipping, Inc.		(3,437	)		(25,949	)
Hong Kong
Beijing Enterprises Holdings Ltd.		(25,500	)		(187,640	)
Brilliance China Automotive Holdings Ltd.		(38,000	)		(50,336	)
China Agri-Industries Holdings Ltd.		(407,000	)		(177,230	)

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015 11

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares			Value
Reference Entity — Short
Hong Kong (concluded)
China Everbright International, Ltd.		(31,000	)	$	(47,626	)
China Gas Holdings, Ltd.		(62,000	)		(108,704	)
China High Speed Transmission Equipment Group Co. Ltd.		(11,000	)		(8,888	)
China Oceanwide Holdings, Ltd.		(318,000	)		(49,561	)
China Resources Enterprise, Ltd.		(14,101	)		(45,652	)
China Resources Gas Group, Ltd.		(4,000	)		(12,195	)
China Resources Power Holdings Co. Ltd.		(18,000	)		(46,234	)
China State Construction International Holdings Ltd.		(18,000	)		(27,974	)
CITIC, Ltd.		(3,000	)		(5,373	)
COSCO Pacific, Ltd.		(26,000	)		(33,933	)
Far East Horizon, Ltd.		(36,000	)		(33,552	)
Hopewell Highway Infrastructure, Ltd.		(386,500	)		(184,414	)
Kunlun Energy Co. Ltd.		(226,000	)		(215,090	)
Lee & Man Paper Manufacturing, Ltd.		(127,000	)		(78,227	)
Poly Property Group Co. Ltd.		(144,000	)		(54,380	)
Shanghai Industrial Holdings, Ltd.		(5,000	)		(14,702	)
Towngas China Co. Ltd.		(219,000	)		(199,936	)
					(1,581,647	)
Indonesia
Astra Agro Lestari Tbk PT		(6,800	)		(10,086	)
Charoen Pokphand Indonesia Tbk PT		(233,900	)		(43,780	)
Jasa Marga Persero Tbk PT		(18,100	)		(7,660	)
Perusahaan Gas Negara Persero Tbk PT		(98,100	)		(28,979	)
Surya Citra Media Tbk PT		(42,900	)		(9,351	)
XL Axiata Tbk PT		(125,500	)		(27,473	)
					(127,329	)
Malaysia
Gamuda Bhd		(45,000	)		(56,713	)
Lafarge Malaysia BHD		(24,300	)		(60,043	)
					(116,756	)
Mexico
Alsea SAB de C.V.		(13,900	)		(45,222	)
America Movil SAB de CV — ADR, Series L		(25,627	)		(496,651	)
Coca-Cola Femsa SAB de C.V., ADR		(1,131	)		(85,447	)
Fibra Uno Administracion SA de C.V.		(282,788	)		(679,218	)
Fomento Economico Mexicano SAB de C.V.		(24,100	)		(218,527	)
Fomento Economico Mexicano SAB de C.V., ADR		(6,296	)		(570,669	)
	Shares			Value
Reference Entity — Short
Mexico (concluded)
Genomma Lab Internacional SAB de C.V.		(283,600	)	$	(263,139	)
Grupo Aeroportuario del Sureste SAB de C.V.		(1,790	)		(26,788	)
Grupo Carso SAB de C.V.		(39,062	)		(177,340	)
Grupo Financiero Inbursa SAB de C.V.		(56,900	)		(129,179	)
Grupo Lala SAB de C.V.		(59,900	)		(138,593	)
Grupo Mexico SAB de C.V.		(136,300	)		(372,715	)
Grupo Televisa SAB, ADR		(17,071	)		(595,095	)
Infraestructura Energetica Nova SAB de C.V.		(1,300	)		(6,349	)
Mexichem SAB de CV		(183,221	)		(536,614	)
Promotora y Operadora de Infraestructura SAB de C.V.		(16,700	)		(192,274	)
Southern Copper Corp.		(1,885	)		(52,516	)
					(4,586,336	)
Monaco
GasLog, Ltd.		(484	)		(7,512	)
Panama
Copa Holdings SA, Class A		(6,308	)		(476,443	)
Peru
Cia de Minas Buenaventura SAA, ADR		(24,630	)		(175,365	)
Credicorp, Ltd.		(2,551	)		(336,477	)
					(511,842	)
Poland
Bank Pekao SA		(755	)		(31,855	)
Cyfrowy Polsat SA		(2,238	)		(13,699	)
Eurocash SA		(723	)		(8,310	)
Orange Polska SA		(68,494	)		(147,600	)
Powszechna Kasa Oszczednosci Bank Polski SA		(1,988	)		(15,393	)
Powszechny Zaklad Ubezpieczen SA		(1,107	)		(126,647	)
					(343,504	)
South Africa
Aspen Pharmacare Holdings, Ltd.		(547	)		(16,018	)
The Foschini Group Ltd.		(2,952	)		(33,542	)
Gold Fields, Ltd., ADR		(38,781	)		(107,036	)
Impala Platinum Holdings, Ltd.		(5,438	)		(19,518	)
Imperial Holdings, Ltd.		(1,256	)		(16,857	)
Life Healthcare Group Holdings, Ltd.		(17,404	)		(51,353	)
Nampak Ltd.		(28,660	)		(72,146	)
Remgro Ltd.		(28,712	)		(593,639	)
RMB Holdings, Ltd.		(4,490	)		(24,229	)

12 BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares			Value
Reference Entity — Short
South Africa (concluded)
Steinhoff International Holdings, Ltd.		(4,645	)	$	(28,084	)
Woolworths Holdings, Ltd.		(577	)		(4,520	)
					(966,942	)
South Korea
Com2uSCorp		(3	)		(319	)
Daelim Industrial Co. Ltd.		(968	)		(61,672	)
Doosan Corp.		(2,336	)		(204,682	)
Gamevil, Inc.		(337	)		(26,654	)
Green Cross Holdings Corp.		(218	)		(7,658	)
Halla Visteon Climate Control Corp.		(1,193	)		(37,051	)
Hite Jinro Co. Ltd.		(6,438	)		(123,300	)
Hotel Shilla Co. Ltd.		(4,814	)		(517,737	)
Hyundai Glovis Co. Ltd.		(84	)		(14,025	)
Hyundai Heavy Industries Co. Ltd.		(1,587	)		(131,636	)
Korea Aerospace Industries, Ltd.		(629	)		(52,604	)
KT Corp., ADR		(772	)		(10,090	)
LG International Corp.		(2,987	)		(73,714	)
Lotte Confectionery Co. Ltd.		(54	)		(90,285	)
NongShim Co. Ltd.		(39	)		(10,365	)
S-1 Corp.		(504	)		(36,355	)
Samsung Fine Chemicals Co. Ltd.		(2,158	)		(63,472	)
Samsung Heavy Industries Co. Ltd.		(2,937	)		(34,685	)
Samsung SDI Co. Ltd.		(32	)		(2,350	)
Samsung Techwin Co. Ltd.		(6,363	)		(207,195	)
SK Chemicals Co. Ltd.		(292	)		(17,664	)
SK Telecom Co. Ltd. — ADR		(10,700	)		(256,693	)
					(1,980,206	)
Switzerland
Luxoft Holding, Inc.		(1,159	)		(72,739	)
Taiwan
Asustek Computer, Inc.		(3,000	)		(27,112	)
Career Technology MFG. Co. Ltd.		(182,000	)		(143,701	)
Center Laboratories, Inc.		(1,000	)		(2,189	)
Chang Hwa Commercial Bank		(603,000	)		(337,036	)
Cheng Shin Rubber Industry Co. Ltd.		(122,000	)		(235,646	)
China Steel Corp.		(299,000	)		(213,943	)
ChipMOS TECHNOLOGIES Bermuda, Ltd.		(1,636	)		(26,929	)
Compal Electronics, Inc.		(52,000	)		(35,053	)
	Shares			Value
Reference Entity — Short
Taiwan (concluded)
CTBC Financial Holding Co. Ltd.		(141,000	)	$	(102,259	)
Delta Electronics, Inc.		(49,000	)		(241,029	)
Evergreen Marine Corp. Taiwan Ltd.		(530,250	)		(254,590	)
Far EasTone Telecommunications Co. Ltd.		(77,000	)		(180,235	)
Formosa Petrochemical Corp.		(3,000	)		(7,076	)
Genius Electronic Optical Co. Ltd.		(20,000	)		(38,732	)
Giant Manufacturing Co. Ltd.		(17,000	)		(143,521	)
Gigastorage Corp.		(174,000	)		(110,218	)
Hotai Motor Co. Ltd.		(11,000	)		(141,078	)
HTC Corp.		(28,000	)		(61,441	)
Inotera Memories, Inc.		(19,000	)		(11,464	)
MediaTek, Inc.		(8,000	)		(84,097	)
Phison Electronics Corp.		(6,000	)		(43,170	)
President Chain Store Corp.		(38,000	)		(276,369	)
Quanta Computer, Inc.		(269,000	)		(520,803	)
Taiwan Mobile Co. Ltd.		(69,000	)		(228,192	)
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		(33,399	)		(738,452	)
U-Ming Marine Transport Corp.		(154,000	)		(197,506	)
Unimicron Technology Corp.		(478,000	)		(225,718	)
Vanguard International Semiconductor Corp.		(36,000	)		(42,257	)
Wistron Corp.		(302,000	)		(197,633	)
Yulon Motor Co. Ltd.		(5,000	)		(4,880	)
					(4,872,329	)
Turkey
BIM Birlesik Magazalar		(7,301	)		(123,830	)
Emlak Konut Gayrimenkul Yatirim Ortakligi		(288,433	)		(270,005	)
Turkcell Iletisim Hizmetleri AS		(122,457	)		(560,455	)
Turkcell Iletisim Hizmetleri AS — ADR		(58,006	)		(665,909	)
					(1,620,199	)
United States
AES Corp.		(23,706	)		(303,437	)
Total Reference Entity — Short					(23,945,928	)
Net Value of Reference Entity — Goldman Sachs & Co.					18,354,175

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015 13

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of July 31, 2015, expiration dates 8/27/15 — 7/27/23:

	Shares		Value
Reference Entity — Long
Australia
BHP Billiton Ltd.		138	$	2,665
Ramsay Health Care Ltd.		52		2,536
Rio Tinto Ltd.		36		1,383
South32, Ltd.		138		180
Woodside Petroleum Ltd.		44		1,144
				7,908
Austria
Andritz AG		9		502
BUWOG AG		9		181
IMMOFINANZ AG		181		445
Raiffeisen Bank International AG		16		235
Vienna Insurance Group AG		17		586
				1,949
Belgium
Anheuser-Busch InBev NV		57		6,811
KBC Groep NV		14		976
				7,787
Canada
BlackBerry Ltd.		186		1,442
Brookfield Renewable Energy Partners LP		38		1,101
Eldorado Gold Corp.		249		857
First Quantum Minerals Ltd.		54		431
Kinross Gold Corp.		387		710
Methanex Corp.		8		361
New Gold, Inc.		163		360
Yamana Gold, Inc.		113		224
				5,486
Denmark
Chr Hansen Holding A/S		15		829
Novo Nordisk A/S, Class B		19		1,121
Rockwool International A/S, -B Shares		3		448
				2,398
Finland
Kone OYJ, Class B		21		881
Nokia OYJ		81		574
Valmet Corp.		52		615
				2,070
	Shares		Value
Reference Entity — Long
France
Airbus Group NV		29	$	2,059
Casino Guichard-Perrachon SA		11		816
Christian Dior SA		4		827
Danone SA		25		1,696
Edenred		32		798
Imerys SA		19		1,431
Pernod Ricard SA		12		1,435
Renault SA		11		1,013
SEB SA		10		1,009
Societe BIC SA		10		1,713
Valeo SA		10		1,333
				14,130
Germany
adidas AG		7		573
Bayer AG, Registered Shares		5		738
Bayerische Motoren Werke AG		25		2,507
Daimler AG, Registered Shares		40		3,578
Fuchs Petrolub SE, Preference Shares		20		869
GEA Group AG		24		1,015
Henkel AG & Co. KGaA, Preference Shares		20		2,371
MAN SE		6		626
Merck KGaA		22		2,239
Puma SE		3		569
Symrise AG		21		1,396
Volkswagen AG, Preference Shares		15		3,009
Wacker Chemie AG		5		502
				19,992
Hong Kong
Bank of East Asia Ltd.		400		1,620
BOC Hong Kong Holdings Ltd.		500		2,014
Cathay Pacific Airways Ltd.		1,000		2,364
Champion REIT		1,000		555
CLP Holdings Ltd.		500		4,246
Galaxy Entertainment Group Ltd.		1,000		4,599
Hang Seng Bank Ltd.		200		4,097
Henderson Land Development Co. Ltd.		1,331		8,782
Hong Kong & China Gas Co. Ltd.		1,694		3,456
Kerry Logistics Network, Ltd.		250		387
MTR Corp.		1,000		4,452
Sands China Ltd.		400		1,765
Wharf Holdings Ltd.		1,000		6,340
Wynn Macau Ltd.		400		825
				45,502
Israel
Bank Leumi Le-Israel BM		545		2,377
Israel Chemicals Ltd.		121		837

14 BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares		Value
Reference Entity — Long
Israel (concluded)
The Israel Corp. Ltd.		2		706
Tower Semiconductor, Ltd.		4	$	54
				3,974
Italy
Pirelli & C SpA		121		2,001
Prysmian SpA		72		1,653
Saipem SpA		30		262
Tenaris SA		93		1,175
				5,091
Japan
Advantest Corp.		100		874
Nexon Co. Ltd.		200		2,739
Nitto Denko Corp.		100		7,568
Sharp Corp.		1,000		1,323
Sumco Corp.		100		998
Tokyo Electron Ltd.		100		5,521
Tokyo Seimitsu Co. Ltd.		100		1,984
Toyota Motor Corp.		100		6,659
Yamaha Motor Co. Ltd.		100		2,269
				29,935
Netherlands
Akzo Nobel NV		21		1,502
Chicago Bridge & Iron Co. NV		5		266
Koninklijke Boskalis Westminster NV		39		1,905
Royal Dutch Shell PLC, Class B		227		6,573
Unilever NV CVA		160		7,168
				17,414
Norway
Telenor ASA		53		1,164
Singapore
Flextronics International Ltd.		213		2,345
Kenon Holdings, Ltd.		14		220
				2,565
Spain
Banco Bilbao Vizcaya Argentaria SA		144		1,460
Banco Santander SA		398		2,752
Indra Sistemas SA		38		427
Obrascon Huarte Lain SA		12		200
Tecnicas Reunidas SA		10		509
Telefonica SA		88		1,350
				6,698
Sweden
Alfa Laval AB		28		515
Atlas Copco AB, A Shares		50		1,368
	Shares		Value
Reference Entity — Long
Sweden (concluded)
Investment AB Kinnevik, Class B		27	$	863
Telefonaktiebolaget LM Ericsson, Class B		58		620
Volvo AB, Class B		63		747
				4,113
Switzerland
ABB Ltd., Registered Shares		89		1,810
Cie Financiere Richemont SA, Registered Shares		23		1,985
Clariant AG		37		738
DKSH Holding AG		11		825
Dufry AG		9		1,248
Glencore PLC		298		966
Holcim Ltd., Registered Shares		12		835
LafargeHolcim, Ltd.		10		693
Nestle SA, Registered Shares		113		8,548
OC Oerlikon Corp. AG, Registered Shares		108		1,325
Schindler Holding AG, Participation Certificates		17		2,738
SGS SA, Registered Shares		1		1,908
Sika AG — Bearer Shares		1		3,625
The Swatch Group AG, Bearer Shares		2		861
				28,105
United Kingdom
3i Group PLC		143		1,234
BG Group PLC		103		1,752
British American Tobacco PLC		84		4,988
Burberry Group PLC		21		527
Diageo PLC		64		1,794
Eurasian Natural Resources Corp. PLC		448		1,522
G4S PLC		140		600
HSBC Holdings PLC		756		6,829
Intertek Group PLC		26		994
Investec PLC		60		547
Lonmin PLC		3		2
Mondi PLC		47		1,128
Noble Corp. PLC		45		538
Old Mutual PLC		503		1,663
Rexam PLC		135		1,172
Rotork PLC		110		367
SABMiller PLC		69		3,618
Standard Chartered PLC		92		1,407
Vodafone Group PLC		1,091		4,133
				34,815
United States
3M Co.		13		1,967

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015 15

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares		Value
Reference Entity — Long
United States (continued)
Accenture PLC, Class A		47	$	4,846
Adobe Systems, Inc.		9		738
Advanced Micro Devices, Inc.		151		291
The AES Corp.		83		1,062
Air Lease Corp.		35		1,237
Alexion Pharmaceuticals, Inc.		6		1,185
Allergan PLC		2		662
Amazon.com, Inc.		10		5,361
American International Group, Inc.		22		1,411
Amgen, Inc.		29		5,121
Apple, Inc.		133		16,133
Applied Materials, Inc.		83		1,441
Atmel Corp.		142		1,176
Avon Products, Inc.		76		431
The Boeing Co.		17		2,451
Bristol-Myers Squibb Co.		47		3,085
Bunge Ltd.		21		1,677
California Resources Corp.		4		17
Caterpillar, Inc.		31		2,437
Chevron Corp.		41		3,628
Citigroup, Inc.		141		8,243
The Coca-Cola Co.		60		2,465
Colgate-Palmolive Co.		19		1,292
Corning, Inc.		114		2,129
Costco Wholesale Corp.		6		872
Cypress Semiconductor Corp.		84		964
Dril-Quip, Inc.		9		526
eBay, Inc.		15		422
Expeditors International of Washington, Inc.		56		2,625
Exxon Mobil Corp.		104		8,238
Facebook, Inc., Class A		56		5,265
FedEx Corp.		4		686
Fluor Corp.		12		561
FMC Corp.		18		874
General Electric Co.		135		3,523
Google, Inc., Class A		16		10,520
Halyard Health, Inc.		1		41
Hewlett-Packard Co.		19		580
The Home Depot, Inc.		74		8,660
Honeywell International, Inc.		13		1,366
Intel Corp.		182		5,269
International Business Machines Corp.		24		3,888
Jabil Circuit, Inc.		41		830
Johnson & Johnson		89		8,919
Kansas City Southern		7		694
KBR, Inc.		32		559
Kimberly-Clark Corp.		14		1,610
	Shares		Value
Reference Entity — Long
United States (concluded)
Kosmos Energy Ltd.		128	$	922
Las Vegas Sands Corp.		16		897
Lear Corp.		16		1,665
Marvell Technology Group Ltd.		49		610
Mastercard, Inc., Class A		27		2,630
MaxLinear, Inc., Class A		55		598
Merck & Co., Inc.		93		5,483
MGM Resorts International		80		1,570
Micron Technology, Inc.		37		685
Microsoft Corp.		190		8,873
Monsanto Co.		5		509
The Mosaic Co.		26		1,116
Newfield Exploration Co.		26		853
NIKE, Inc., Class B		19		2,189
NVIDIA Corp.		42		838
Occidental Petroleum Corp.		12		842
ON Semiconductor Corp.		151		1,604
Oracle Corp.		93		3,714
Pall Corp.		32		4,046
Paragon Offshore PLC		14		10
PayPal Holdings, Inc.		15		580
PepsiCo, Inc.		33		3,180
Pfizer, Inc.		396		14,280
Philip Morris International, Inc.		28		2,395
The Procter & Gamble Co.		73		5,599
QUALCOMM, Inc.		60		3,863
Raytheon Co.		5		545
Samsonite International SA		600		1,958
SanDisk Corp.		7		422
Schlumberger Ltd.		63		5,218
Teradyne, Inc.		34		655
Texas Instruments, Inc.		29		1,449
Thermo Fisher Scientific, Inc.		18		2,512
United Technologies Corp.		19		1,906
Verizon Communications, Inc.		121		5,675
Visa, Inc., Class A		64		4,822
Visteon Corp.		11		1,095
VMware, Inc., Class A		6		535
Wal-Mart Stores, Inc.		88		6,334
Western Digital Corp.		11		947
Wynn Resorts Ltd.		8		826
Yum! Brands, Inc.		29		2,545
				244,973
Net Value of Reference Entity — Goldman Sachs & Co.				486,069

16 BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with UBS AG as of July 31, 2015, expiration date 8/08/16:

	Shares		Value
Reference Entity — Long
Brazil
AMBEV SA		33,600	$	190,965
Banco Bradesco SA, Preference Shares		22,520		179,426
Banco do Brasil SA		24,300		156,490
BM&FBovespa SA		13,200		40,248
Braskem SA, Preference A Shares		42,400		155,287
BRF SA		2,800		58,773
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares		3,100		67,904
Cia Energetica de Minas Gerais, Preference Shares		2,200		6,066
Cia Energetica de Sao Paulo, Preference ‘B’ Shares		16,000		89,394
Cia Paranaense de Energia, Preference ‘B’ Shares		9,300		95,826
Cyrela Brazil Realty SA		4,100		11,136
EDP — Energias do Brasil SA		20,500		78,133
Even Construtora e Incorporadora SA		14,500		12,366
Fibria Celulose SA		2,300		30,591
Gerdau SA, Preference Shares		56,300		97,014
Itau Unibanco Holding SA, Preference Shares		19,950		175,264
JBS SA		130,400		586,885
Lojas Renner SA		4,800		152,652
MRV Engenharia e Participacoes SA		6,400		14,393
Multiplus SA		18,800		226,493
Petroleo Brasileiro SA, Preference Shares		75,300		230,917
Raia Drogasil SA		13,100		166,469
Smiles SA		400		6,462
Suzano Papel e Celulose SA, Preference ‘A’ Shares		43,300		212,330
Telefonica Brasil SA, Preference Shares		6,000		79,084
Tim Participacoes SA		3,100		8,502
Transmissora Alianca de Energia Eletrica SA		6,600		40,383
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		1,600		23,225
Via Varejo SA		800		2,021
				3,194,699
	Shares		Value
Reference Entity — Long
Chile
Aguas Andinas SA, Class A		124,546	$	65,901
Banco Santander Chile SA		545,445		27,475
				93,376
China
Agile Property Holdings Ltd.		48,000		27,653
Agricultural Bank of China Ltd., Class H		477,000		215,177
Air China Ltd., Class H		38,000		38,117
Anhui Expressway Co. Ltd. Class H		86,000		74,571
Bank of China Ltd., Class H		212,000		115,845
Bank of Communications Co. Ltd., Class H		149,000		130,965
China Cinda Asset Management Co. Ltd.		246,000		109,718
China Citic Bank Corp. Ltd., Class H		19,000		13,543
China Communications Construction Co. Ltd., Class H		87,000		111,670
China Communications Services Corp. Ltd., Class H		192,000		86,930
China Construction Bank Corp., Class H		81,000		66,077
China Dongxiang Group Co. Ltd.		26,000		6,633
China Everbright Bank Co. Ltd., Class H		228,000		126,967
China Galaxy Securities Co. Ltd., Class H		94,500		85,167
China International Marine Containers Group Co. Ltd., Class H		4,300		9,122
China Lesso Group Holdings, Ltd.		60,000		47,020
China Life Insurance Co. Ltd., Class H		11,000		40,516
China Machinery Engineering Corp.		85,000		64,496
China Medical System Holdings Ltd.		68,000		90,347
China Merchants Bank Co. Ltd., Class H		22,500		58,121
China Pacific Insurance Group Co. Ltd., Class H		15,400		64,557
China Railway Construction Corp. Ltd., Class H		80,500		104,381
China Railway Group Ltd., Class H		48,000		40,940
China Southern Airlines Co. Ltd., Class H		6,000		5,930
China Telecom Corp. Ltd., Class H		256,000		143,164
China Unicom Hong Kong Ltd.		62,000		87,017
China Vanke Co. Ltd., Class H		32,500		77,206
CITIC Securities Co. Ltd., Class H		11,500		31,432
CNOOC Ltd.		101,000		123,941
CSPC Pharmaceutical Group Ltd.		150,000		137,309
CSR Corp. Ltd., Class H		11,050		13,921
Datang International Power Generation Co. Ltd., Class H		12,000		5,184

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015 17

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares		Value
Reference Entity — Long
China (continued)
Dongfeng Motor Group Co. Ltd., Class H		108,000	$	124,233
Fosun International Ltd.		500		1,052
GF Securities Co. Ltd.		28,000		54,290
Greentown China Holdings Ltd.		30,000		29,582
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class H		26,000		71,276
Guangzhou R&F Properties Co. Ltd., Class H		62,800		62,715
Haitong Securities Co. Ltd., Class H		42,400		76,715
Hengan International Group Co. Ltd.		3,500		39,121
Huaneng Power International, Inc., Class H		72,000		87,250
Industrial & Commercial Bank of China Ltd., Class H		88,000		60,455
Jiangsu Expressway Co. Ltd., Class H		34,000		42,418
Kingdee International Software Group Co. Ltd.		12,000		5,176
Lenovo Group Ltd.		12,000		13,006
Longfor Properties Co. Ltd.		57,500		82,105
Lonking Holdings Ltd.		105,000		16,643
Metallurgical Corp. of China, Ltd.		172,000		57,401
New China Life Insurance Co. Ltd., Class H		8,600		36,963
People’s Insurance Co. Group of China Ltd., Class H		102,000		52,878
PetroChina Co. Ltd., Class H		116,000		114,276
Phoenix Healthcare Group Co. Ltd.		3,000		4,911
PICC Property & Casualty Co. Ltd., Class H		54,000		112,358
Shanghai Electric Group Co. Ltd., Class H		34,000		20,990
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		61,000		144,468
Sihuan Pharmaceutical Holdings Group Ltd.		323,000		62,498
Sino-Ocean Land Holdings Ltd.		11,000		7,540
Sinopec Shanghai Petrochemical Co. Ltd., Class H		134,000		54,636
Sinopharm Group Co. Ltd., Class H		31,600		121,322
Sinotrans Ltd., Class H		55,000		33,830
TCL Communication Technology Holdings, Ltd.		14,000		10,878
Tencent Holdings Ltd.		14,700		273,870
TravelSky Technology, Ltd.		3,000		3,623
Weichai Power Co. Ltd., Class H		5,000		7,501
Xinjiang Goldwind Science & Technology Co. Ltd.		5,000		9,543
	Shares		Value
Reference Entity — Long
China (concluded)
Zhejiang Expressway Co. Ltd., Class H		198,000	$	227,867
Zhuzhou CSR Times Electric Co. Ltd., Class H		8,000		54,236
ZTE Corp., Class H		1,600		3,557
				4,534,820
Colombia
Almacenes Exito SA		763		5,643
Cementos Argos SA		1,951		6,686
Cemex Latam Holdings SA		637		2,796
Corp. Financiera Colombiana SA		204		2,677
Ecopetrol SA		26,107		14,595
Grupo Argos SA		1,923		11,618
Grupo de Inversiones Suramericana SA		1,587		20,389
Interconexion Electrica SA		4,360		10,718
Isagen SA ESP		8,850		9,004
				84,126
Greece
Alpha Bank AE		33,984		8,713
Eurobank Ergasias SA		61,778		7,083
FF Group		218		4,780
Hellenic Telecommunications Organization SA		2,017		14,986
JUMBO SA		476		3,200
National Bank of Greece SA		12,672		12,108
OPAP SA		1,808		12,794
Piraeus Bank SA		14,575		4,642
Titan Cement Co. SA		329		6,379
				74,685
Hong Kong
Belle International Holdings Ltd.		54,000		56,142
China Everbright Ltd.		22,000		53,317
China Mobile Ltd.		36,500		477,814
China Overseas Land & Investment Ltd.		46,000		144,861
China Resources Cement Holdings Ltd.		426,000		221,783
China Resources Land Ltd.		4,000		11,207
China Taiping Insurance Holdings Co. Ltd.		12,000		35,791
Franshion Properties China Ltd.		350,000		113,223
Goldin Properties Holdings, Ltd.		8,000		6,135
Guangdong Investment Ltd.		128,000		173,576
Haier Electronics Group Co. Ltd.		3,000		7,042
Huabao International Holdings Ltd.		71,000		34,491
KWG Property Holding Ltd.		163,500		122,566
PAX Global Technology, Ltd.		4,000		6,386

18 BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares		Value
Reference Entity — Long
Hong Kong (concluded)
Shenzhen International Holdings, Ltd.		6,000	$	9,949
Shimao Property Holdings Ltd.		21,000		37,550
Sino Biopharmaceutical Ltd.		92,000		106,527
Skyworth Digital Holdings Ltd.		240,000		183,302
Universal Health Holdings Ltc.		44,000		18,782
Yuexiu Property Co. Ltd.		160,000		31,554
				1,851,998
Hungary
MOL Hungarian Oil & Gas PLC		7,902		416,258
Indonesia
Adaro Energy Tbk PT		1,360,800		59,323
Bank Negara Indonesia Persero Tbk PT		80,800		28,399
Indofood Sukses Makmur Tbk PT		409,100		184,344
Lippo Karawaci Tbk PT		272,500		23,252
Matahari Putra Prima Tbk PT		128,100		27,448
Pembangunan Perumahan Persero Tbk PT		392,400		113,076
Summarecon Agung Tbk PT		200,600		25,772
Telekomunikasi Indonesia Persero Tbk PT		913,800		198,314
Unilever Indonesia Tbk PT		2,500		7,393
United Tractors Tbk PT		154,700		230,761
				898,082
Malaysia
Astro Malaysia Holdings Bhd		25,500		20,474
British American Tobacco Malaysia Bhd		15,200		268,925
IOI Corp. Bhd		41,200		45,676
KNM Group Bhd		685,300		103,557
MISC Bhd		15,400		31,398
Tenaga Nasional Bhd		57,500		183,302
Westports Holdings Bhd		81,100		85,034
YTL Power International Bhd		89,700		36,825
				775,191
Philippines
Energy Development Corp.		800,400		125,389
Globe Telecom, Inc.		2,645		149,216
Megaworld Corp.		83,000		8,598
Metro Pacific Investments Corp.		245,000		25,984
				309,187
	Shares		Value
Reference Entity — Long
Poland
Bank Handlowy w Warszawie SA		1,533	$	37,637
Enea SA		29,721		116,139
KGHM Polska Miedz SA		1,227		30,835
PGE SA		51,019		239,690
Polski Koncern Naftowy Orlen SA		8,474		171,048
Polskie Gornictwo Naftowe i Gazownictwo SA		24,830		41,379
Tauron Polska Energia SA		219,992		221,055
				857,783
Qatar
Qatar National Bank		318		15,914
Russia
Alrosa AO		32,700		37,535
Gazprom OAO — ADR		21,333		98,073
Lukoil OAO — ADR		2,715		111,217
MMC Norilsk Nickel		317		48,310
Mobile Telesystems — ADR		2,879		23,608
Mobile TeleSystems OJSC		20,190		73,455
Moscow Exchange MICEX-RTS OAO		78,190		89,415
Rosneft Oil Co.		10,650		40,605
Sberbank of Russia		23,230		27,025
Sistema JSFC		55,400		18,640
Sistema JSFC — GDR		4,824		40,956
Surgutneftegas OAO		109,100		60,484
Surgutneftegas OAO — ADR		18,480		103,819
Tatneft OAO		7,230		35,024
Tatneft OAO, ADR		451		13,205
				821,371
South Africa
AngloGold Ashanti Ltd.		3,455		21,024
Barclays Africa Group Ltd.		6,012		88,385
Barloworld Ltd.		2,145		15,218
Bidvest Group Ltd.		1,042		25,302
Capitec Bank Holdings, Ltd.		235		8,652
Clicks Group, Ltd.		13,420		102,132
FirstRand Ltd.		94,643		408,862
Hyprop Investments, Ltd.		8,542		87,525
Investec Ltd.		2,630		23,816
Mediclinic International Ltd.		8,500		75,627
MMI Holdings Ltd.		8,543		19,888
Mondi, Ltd.		1,952		46,710
Mr. Price Group Ltd.		3,443		68,567
MTN Group Ltd.		22,925		381,673
Naspers Ltd., Class N		27		3,763
Netcare Ltd.		134,922		429,923
Pick n Pay Stores Ltd.		7,577		35,430
PSG Group Ltd.		699		11,033
Sappi Ltd.		8,131		26,700
Sasol Ltd.		150		5,178

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015 19

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares		Value
Reference Entity — Long
South Africa (concluded)
Sibanye Gold, Ltd.		68,273	$	88,975
Standard Bank Group Ltd.		6,237		74,901
Telkom SA SOC, Ltd.		1,197		5,816
Truworths International Ltd.		5,669		38,311
				2,093,411
South Korea
Amorepacific Corp.		1,250		440,673
Amorepacific Group		367		61,230
Asiana Airlines, Inc.		9,533		48,474
BGF retail Co. Ltd.		90		15,342
CJ Corp.		51		13,356
Coway Co. Ltd.		50		4,174
DGB Financial Group, Inc.		702		6,736
Doosan Infracore Co. Ltd.		9,992		65,047
GOLFZON Co. Ltd.		129		12,138
GSretail Co. Ltd.		85		3,797
Hanssem Co. Ltd.		97		24,663
Hanwha Corp.		368		14,958
Hyosung Corp.		838		102,244
Hyundai Development Co-Engineering & Construction		71		4,269
Hyundai Engineering & Construction Co. Ltd.		977		28,738
Hyundai Mobis		2,667		486,558
Hyundai Steel Co.		2,350		117,313
Hyundai Wia Corp.		554		50,789
Kangwon Land, Inc.		2,754		100,593
KB Financial Group, Inc.		374		11,750
KEPCO Plant Service & Engineering Co. Ltd.		36		3,615
Kia Motors Corp.		880		33,010
Korea Electric Power Corp.		1,984		85,786
Korea Gas Corp.		2,246		81,135
Korea Investment Holdings Co. Ltd.		1,649		87,971
Korea Petrochemical Ind Co. Ltd.		738		114,069
KT Skylife Co. Ltd.		1,779		36,344
KT&G Corp.		69		6,486
LG Chem Ltd.		160		34,209
LG Display Co. Ltd.		3,284		62,073
LG Electronics, Inc.		1,718		59,568
LG Household & Health Care Ltd.		135		98,872
LG Innotek Co. Ltd.		78		5,464
LG Life Sciences, Ltd.		159		9,583
LOTTE Himart Co. Ltd.		586		32,105
Lotte Shopping Co. Ltd.		43		9,267
LS Corp.		1,293		43,418
Medy-Tox, Inc.		267		121,203
NCSoft Corp.		18		3,376
Neowiz Games Corp.		452		8,335
Orion Corp.		67		66,230
	Shares		Value
Reference Entity — Long
South Korea (concluded)
Poongsan Corp.		1,410	$	31,760
POSCO		413		68,835
Posco ICT Co. Ltd.		1		4
Samsung Card Co. Ltd.		222		7,340
Samsung Electronics Co. Ltd.		611		619,894
Shinhan Financial Group Co. Ltd.		2,716		97,198
Shinsegae Co. Ltd.		143		25,423
SK C&C Co. Ltd.		116		30,443
SK Hynix, Inc.		4,549		143,659
SK Innovation Co. Ltd.		284		24,252
SK Networks Co. Ltd.		7,107		44,052
SKC Co. Ltd.		2,390		72,919
Sungwoo Hitech Co. Ltd.		9,115		70,263
Woori Bank		3,211		26,213
Yuhan Corp.		96		22,160
				3,899,376
Taiwan
Advanced Semiconductor Engineering, Inc.		65,000		75,460
AU Optronics Corp.		720,000		231,348
Catcher Technology Co. Ltd.		8,000		88,194
Cathay Financial Holding Co. Ltd.		15,000		24,244
China Airlines Ltd.		60,000		26,666
China Motor Corp.		12,000		8,727
Compeq Manufacturing Co. Ltd.		33,000		21,756
CTCI Corp.		113,000		171,529
Eclat Textile Co. Ltd.		3,000		43,888
Elan Microelectronics Corp.		18,000		18,756
Elite Advanced Laser Corp.		30,000		108,344
Everlight Electronics Co. Ltd.		51,000		67,399
Faraday Technology Corp.		21,000		21,307
Feng TAY Enterprise Co. Ltd.		19,000		106,316
First Financial Holding Co. Ltd.		118,215		63,732
Foxconn Technology Co. Ltd.		68,000		206,536
Fubon Financial Holding Co. Ltd.		58,000		105,817
Highwealth Construction Corp.		23,000		47,325
Hon Hai Precision Industry Co. Ltd.		166,200		477,963
Hon Hai Precision Industry Co. Ltd. — GDR		29,534		182,225
Hota Industrial Manufacturing Co. Ltd.		20,000		59,247
Innolux Corp.		1,212,311		421,467
King Yuan Electronics Co. Ltd.		298,000		201,004
Lite-On Technology Corp.		85,000		93,433
PChome Online, Inc.		11,000		152,843
Pegatron Corp.		103,000		289,504
Pou Chen Corp.		253,000		359,366
Powertech Technology, Inc.		36,000		67,508
Ruentex Industries Ltd.		36,000		75,404
Shin Kong Financial Holding Co. Ltd.		14,000		4,099

20 BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares			Value
Reference Entity — Long
Taiwan (concluded)
Siliconware Precision Industries Co.		117,000		$	132,856
SinoPac Financial Holdings Co. Ltd.		13,000			5,543
Sitronix Technology Corp.		52,000			127,666
Taiwan Fertilizer Co. Ltd.		6,000			8,794
Taiwan Paiho Ltd.		19,000			39,699
Taiwan Semiconductor Manufacturing Co. Ltd.		62,000			270,941
Transcend Information, Inc.		7,000			20,858
Uni-President Enterprises Corp.		21,000			36,949
United Microelectronics Corp.		64,000			22,876
Yuanta Financial Holding Co. Ltd.		187,250			88,990
Zhen Ding Technology Holding Ltd.		23,000			71,350
					4,647,929
Thailand
Advanced Info Service PCL		27,500			195,063
Airports of Thailand PCL		36,100			301,132
AP Thailand PCL		157,500			26,365
Bangkok Dusit Medical Services PCL		69,100			39,407
Bumrungrad Hospital PCL		11,400			65,984
Central Pattana PCL		100,500			134,732
Delta Electronics Thailand PCL		80,700			184,320
Glow Energy PCL, Foreign Registered Shares		20,700			52,418
Indorama Ventures PCL		76,900			57,819
Jasmine International PCL		50,700			7,192
Kasikornbank PCL, Foreign Registered Shares		31,700			160,397
Krung Thai Bank PCL		29,100			14,449
Nawarat Patanakarn PCL		6,576			312
Pruksa Real Estate PCL		66,400			45,403
PTT Global Chemical PCL, Foreign Registered Shares		52,300			89,693
PTT PCL		4,700			43,473
Sansiri PCL		131,100			6,398
Siam Cement PCL, Foreign Registered Shares		2,200			33,091
Siam Commercial Bank PCL		14,900			64,259
Thai Oil PCL		55,400			75,842
Thai Union Frozen Products PCL		77,800			41,720
TMB Bank PCL		280,600			18,630
					1,658,099
Turkey
Akbank TAS		5,467			14,595
Arcelik AS		17,063			89,899
Enka Insaat ve Sanayi AS		219,367			396,944
Eregli Demir ve Celik Fabrikalari TAS		56,134			84,064
	Shares			Value
Reference Entity — Long
Turkey (concluded)
KOC Holding AS		17,250		$	76,507
Koza Altin Isletmeleri AS		16,554			139,288
TAV Havalimanlari Holding AS		37,178			282,444
Tekfen Holding		8,648			13,143
Tofas Turk Otomobil Fabrikasi AS		24,950			163,414
Tupras Turkiye Petrol Rafinerileri AS		8,223			213,654
Turk Hava Yollari		154,201			502,485
Turk Telekomunikasyon AS		66,207			164,377
Turkiye Garanti Bankasi AS		36,967			109,040
Turkiye Is Bankasi, Class C		51,906			100,936
Yapi ve Kredi Bankasi		3,000			4,114
					2,354,904
United Arab Emirates
DP World Ltd.		184			4,186
Emaar Malls Group PJSC		15,694			13,865
Emaar Properties PJSC		11,503			24,662
					42,713
United Kingdom
British American Tobacco PLC		2,452			145,097
Total Reference Entity — Long					28,769,019
Reference Entity — Short
Australia
BHP Billiton PLC		(4,512	)		(82,393	)
Brazil
BB Seguridade Participacoes SA		(5,500	)		(51,804	)
BR Properties SA		(2,100	)		(6,961	)
Cia de Transmissao de Energia Eletrica Paulista		(8,100	)		(98,034	)
Cielo SA		(42,440	)		(542,035	)
CPFL Energia SA		(1,400	)		(7,883	)
Duratex SA		(38,110	)		(77,468	)
EcoRodovias Infraestrutura e Logistica SA		(2,900	)		(5,878	)
Equatorial Energia SA		(700	)		(7,156	)
Itausa — Investimentos Itau SA		(57,450	)		(140,942	)
Klabin SA		(101,800	)		(631,205	)
Kroton Educacional SA		(8,700	)		(24,393	)
Localiza Rent a Car SA		(2,300	)		(18,876	)
Qualicorp SA		(3,100	)		(18,425	)
Tractebel Energia SA		(8,900	)		(94,226	)
					(1,725,286	)
China
AAC Technologies Holdings, Inc.		(9,000	)		(51,023	)

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015 21

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares			Value
Reference Entity — Short
China (concluded)
Aluminum Corp. of China Ltd., Class H		(100,000	)	$	(34,544	)
BBMG Corp.		(69,500	)		(53,315	)
CGN Power Co. Ltd.		(46,000	)		(20,218	)
China Coal Energy Co. Ltd.		(125,000	)		(60,986	)
China Longyuan Power Group Corp., Class H		(5,000	)		(5,722	)
China Minsheng Banking Corp., Ltd.		(1,500	)		(1,686	)
China Modern Dairy Holdings, Ltd.		(82,000	)		(26,470	)
China Molybdenum Co. Ltd., Class H		(91,000	)		(58,754	)
China National Building Material Co. Ltd., Class H		(6,000	)		(4,540	)
China Oilfield Services, Ltd.		(6,000	)		(7,345	)
China Shanshui Cement Group, Ltd.		(23,000	)		(18,662	)
China Shipping Container Lines Co. Ltd., Class H		(81,000	)		(25,376	)
Country Garden Holdings Co. Ltd.		(10,000	)		(3,919	)
GOME Electrical Appliances Holding, Ltd.		(69,000	)		(11,959	)
Guangshen Railway Co. Ltd.		(90,000	)		(43,110	)
Haitian International Holdings, Ltd.		(19,000	)		(39,325	)
Huadian Fuxin Energy Corp., Ltd.		(30,000	)		(12,956	)
Li Ning Co. Ltd.		(155,500	)		(76,754	)
Maanshan Iron & Steel Co. Ltd. Class H		(24,000	)		(5,625	)
Semiconductor Manufacturing International Corp.		(13,000	)		(1,168	)
Shui On Land Ltd.		(352,000	)		(96,204	)
Sichuan Expressway Co. Ltd.		(32,000	)		(12,139	)
Sinopec Engineering Group Co. Ltd.		(6,000	)		(4,911	)
SOHO China, Ltd.		(32,000	)		(20,131	)
Sunac China Holdings, Ltd.		(31,000	)		(27,716	)
Sunny Optical Technology Group Co. Ltd.		(79,000	)		(152,148	)
Tingyi Cayman Islands Holding Corp.		(2,000	)		(3,849	)
Want Want China Holdings, Ltd.		(23,000	)		(23,829	)
Xinyi Solar Holdings, Ltd.		(68,000	)		(29,287	)
Yanzhou Coal Mining Co. Ltd. Class H		(68,000	)		(38,777	)
Zijin Mining Group Co. Ltd., Class H		(84,000	)		(22,445	)
					(994,893	)
Egypt
Global Telecom Holding, — GDR		(18,789	)		(31,002	)
	Shares			Value
Reference Entity — Short
Hong Kong
Beijing Enterprises Water Group Ltd.		(202,000	)	$	(150,782	)
Brilliance China Automotive Holdings Ltd.		(32,000	)		(42,388	)
China Agri-Industries Holdings Ltd.		(12,000	)		(5,226	)
China Everbright International, Ltd.		(1,000	)		(1,536	)
China Gas Holdings, Ltd.		(8,000	)		(14,026	)
China Resources Gas Group, Ltd.		(4,000	)		(12,195	)
China Singyes Solar Technologies Holdings, Ltd.		(88,000	)		(88,185	)
CITIC, Ltd.		(5,000	)		(8,955	)
Far East Horizon, Ltd.		(7,000	)		(6,524	)
GCL-Poly Energy Holdings Ltd.		(29,000	)		(5,863	)
Geely Automobile Holdings, Ltd.		(35,000	)		(14,695	)
Kunlun Energy Co. Ltd.		(12,000	)		(11,421	)
Lee & Man Paper Manufacturing, Ltd.		(15,000	)		(9,239	)
Poly Property Group Co. Ltd.		(37,000	)		(13,973	)
Shanghai Industrial Holdings, Ltd.		(13,000	)		(38,226	)
Towngas China Co. Ltd.		(19,000	)		(17,346	)
WH Group, Ltd.		(84,500	)		(54,124	)
					(494,704	)
India
Larsen & Toubro Ltd. — GDR		(11,657	)		(320,427	)
Reliance Industries, Ltd., — GDR		(4,742	)		(147,713	)
					(468,140	)
Indonesia
Charoen Pokphand Indonesia Tbk PT		(55,700	)		(10,425	)
Tower Bersama Infrastructure Tbk PT		(201,400	)		(124,721	)
					(135,146	)
Malaysia
Axiata Group BHD		(2,300	)		(3,828	)
CIMB Group Holdings BHD		(25,200	)		(35,434	)
Gamuda Bhd		(180,900	)		(227,988	)
IJM Corp. BHD		(3,100	)		(5,520	)
Sapurakencana Petroleum Bhd		(444,000	)		(283,797	)
UMW Holdings BHD		(41,600	)		(108,772	)
					(665,339	)
Malta
Brait SE		(58,732	)		(710,527	)
Russia
NovaTek OAO — GDR		(882	)		(87,644	)
Polymetal International PLC		(546	)		(3,857	)
Rosneft Oil Co. OJSC		(22,686	)		(87,044	)

22 BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares			Value
Reference Entity — Short
Russia (concluded)
Uralkali OJSC — GDR		(2,015	)	$	(26,603	)
					(205,148	)
South Africa
African Rainbow Minerals, Ltd.		(2,604	)		(14,350	)
Anglo American Platinum Ltd.		(277	)		(5,764	)
Aspen Pharmacare Holdings, Ltd.		(18,046	)		(528,436	)
Coronation Fund Managers, Ltd.		(3,572	)		(21,849	)
Discovery Holdings Ltd.		(4,903	)		(52,535	)
Exxaro Resources Ltd.		(845	)		(4,992	)
The Foschini Group Ltd.		(7,751	)		(88,070	)
Impala Platinum Holdings, Ltd.		(2,952	)		(10,595	)
Imperial Holdings, Ltd.		(1,369	)		(18,374	)
Life Healthcare Group Holdings, Ltd.		(96,932	)		(286,012	)
Nampak Ltd.		(84,295	)		(212,197	)
Rand Merchant Insurance Holdings, Ltd.		(4,944	)		(17,314	)
Remgro Ltd.		(467	)		(9,656	)
Resilient Property Income Fund, Ltd.		(28,059	)		(222,737	)
RMB Holdings, Ltd.		(3,167	)		(17,090	)
Steinhoff International Holdings, Ltd.		(2,870	)		(17,352	)
Woolworths Holdings, Ltd.		(80,651	)		(631,730	)
					(2,159,053	)
South Korea
Daelim Industrial Co. Ltd.		(116	)		(7,390	)
Daewoo International Corp.		(2,988	)		(52,865	)
Daewoo Securities Co. Ltd.		(3,204	)		(39,796	)
Daou Technology, Inc.		(244	)		(6,268	)
Dongbu Insurance Co. Ltd.		(612	)		(29,093	)
Doosan Heavy Industries & Construction Co. Ltd.		(1,237	)		(21,228	)
GS Holdings		(978	)		(38,096	)
Halla Visteon Climate Control Corp.		(218	)		(6,770	)
Hanjin Transportation Co. Ltd.		(884	)		(36,212	)
Hankook Tire Co. Ltd.		(5,414	)		(187,973	)
Hanwha Chemical Corp.		(5,571	)		(98,515	)
Hanwha Life Insurance Co. Ltd.		(5,254	)		(37,419	)
Hotel Shilla Co. Ltd.		(34	)		(3,657	)
Hyundai Department Store Co. Ltd.		(764	)		(96,488	)
Hyundai Glovis Co. Ltd.		(357	)		(59,605	)
Hyundai Heavy Industries Co. Ltd.		(1,154	)		(95,720	)
Hyundai Marine & Fire Insurance Co. Ltd.		(381	)		(10,343	)
KCC Corp.		(22	)		(9,197	)
Kolao Holdings		(12,528	)		(233,864	)
Korea Aerospace Industries, Ltd.		(855	)		(71,505	)
	Shares			Value
Reference Entity — Short
South Korea (concluded)
Lotte Chilsung Beverage Co. Ltd.		(4	)	$	(7,731	)
NAVER Corp.		(193	)		(86,325	)
S-Oil Corp.		(1,977	)		(106,282	)
Samsung Electro-Mechanics Co. Ltd.		(496	)		(23,003	)
Samsung Fine Chemicals Co. Ltd.		(85	)		(2,500	)
Samsung Fire & Marine Insurance Co. Ltd.		(171	)		(40,906	)
Samsung Heavy Industries Co. Ltd.		(14,980	)		(176,907	)
Samsung SDI Co. Ltd.		(1,769	)		(129,897	)
Samsung Securities Co. Ltd.		(540	)		(24,329	)
Samsung Techwin Co. Ltd.		(2,233	)		(72,712	)
					(1,812,596	)
Taiwan
Advantech Co. Ltd.		(1,000	)		(6,744	)
Asustek Computer, Inc.		(10,000	)		(90,374	)
Compal Electronics, Inc.		(84,000	)		(56,623	)
Delta Electronics, Inc.		(33,000	)		(162,326	)
Epistar Corp.		(19,000	)		(16,528	)
Formosa Chemicals & Fibre Corp.		(7,000	)		(16,587	)
Hotai Motor Co. Ltd.		(25,000	)		(320,633	)
Inotera Memories, Inc.		(14,000	)		(8,447	)
MediaTek, Inc.		(32,000	)		(336,389	)
President Chain Store Corp.		(2,000	)		(14,546	)
Quanta Computer, Inc.		(32,000	)		(61,954	)
Radiant Opto-Electronics Corp.		(11,000	)		(32,772	)
Unimicron Technology Corp.		(165,000	)		(77,915	)
Vanguard International Semiconductor Corp.		(163,000	)		(191,328	)
Wistron Corp.		(668,000	)		(437,149	)
Yang Ming Marine Transport Corp.		(162,000	)		(55,733	)
Yulon Motor Co. Ltd.		(24,000	)		(23,422	)
					(1,909,470	)
Thailand
Banpu PCL		(5,900	)		(4,185	)
Charoen Pokphand Foods PCL		(24,300	)		(14,410	)
CP ALL PCL		(490,300	)		(667,737	)
Home Product Center PCL		(187,059	)		(33,171	)
True Corp. PCL		(25,100	)		(7,692	)
					(727,195	)
Turkey
BIM Birlesik Magazalar		(9,219	)		(156,361	)

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015 23

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

	Shares			Value
Reference Entity — Short
Turkey (concluded)
Emlak Konut Gayrimenkul Yatirim Ortakligi		(429,864	)	$	(402,400	)
					(558,761	)
United Kingdom
Anglo American PLC		(2,819	)		(35,523	)
Total Reference Entity — Short					(12,715,176	)
Net Value of Reference Entity — UBS AG					16,053,843

24 BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015

Consolidated Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio

Fair Value Hierarchy as of July 31, 2015

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report. 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 Fund’s own 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. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as level 3.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. 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.

As of July 31, 2015, 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:
Corporate Bonds		—	$	6,074,486		—	$	6,074,486
Foreign Agency Obligations		—		2,999,392		—		2,999,392
Foreign Government Obligations		—		24,454,940		—		24,454,940
Investment Companies	$	3,316,585		—		—		3,316,585
Short-Term Securities		23,244,838		—		—		23,244,838
Total	$	26,561,423	$	33,528,818		—	$	60,090,241
	Level 1		Level 2			Level 3	Total
Derivative Financial Instruments1
Assets:
Equity contracts	$	918	$	17,679		—	$	18,597
Interest rate contracts		—		81,289		—		81,289
Liabilities:
Equity contracts		—		(2,007,859	)	—	$	(2,007,859	)
Foreign currency exchange contracts				(849	)			(849	)
Total	$	918	$	(1,909,740	)	—	$	(1,908,822	)
1     Derivative financial instruments are swaps, financial futures contracts and forward foreign currency exchange contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015 25

Consolidated Schedule of Investments (concluded) BlackRock Emerging Market Allocation Portfolio

The Fund may hold assets in which the fair value approximates the carrying amount for financial reporting purposes. As of July 31, 2015, such assets are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2	Level 3	Total
Assets:
Cash pledged for financial futures contracts	$	133,760	—	—	$	133,760
Cash pledged as collateral for OTC derivatives		2,121,378	—	—	$	2,121,378
Foreign currency at value		4,049	—	—		4,049
Total	$	2,259,187	—	—	$	2,259,187

During the period ended July 31, 2015, there were no transfers between levels.

26 BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2015

Item 2	–	Controls and Procedures
2(a) –		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) –		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3	–	Exhibits
		Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds

Date: September 22, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds

Date: September 22, 2015
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Funds
Date: September 22, 2015