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: 10/31/2013

Date of reporting period: 07/31/2013

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2013 (Unaudited) BlackRock Emerging Market Allocation Portfolio (Percentages shown are based on Net Assets)

					Par (000)		Value
Corporate Bonds
Azerbaijan — 0.4%
State Oil Co. of the Azerbaijan Republic, 4.75%, 3/13/23		$	200			$			185,500
Chile — 1.0%
Corp. Nacional del Cobre de Chile:
	7.50%, 1/15/19		100						121,208
	3.00%, 7/17/22		400						368,348
									489,556
China — 0.4%
State Grid Overseas Investment 2013 LTD, 3.13%, 5/22/23			200						186,489
Hong Kong — 0.9%
Sinochem Overseas Capital Co. LTD, 4.50%, 11/12/20			200						201,429
Sinopec Group Overseas Development 2012 LTD, 3.90%, 5/17/22			200						195,861
									397,290
India — 0.4%
Export-Import Bank of India, 4.00%, 1/14/23			200						178,140
Indonesia — 0.8%
Pertamina Persero PT, 5.25%, 5/23/21			200						196,000
Perusahaan Listrik Negara PT, 5.50%, 11/22/21			200						198,000
									394,000
Ireland — 0.7%
Russian Railways via RZD Capital PLC, 5.74%, 4/03/17			100						107,125
Vnesheconombank Via VEB Finance PLC, 6.03%, 7/05/22			200						210,000
									317,125
Kazakhstan — 1.9%
Kazakhstan Temir Zholy Finance BV, 6.38%, 10/06/20				200				219,500
KazMunayGas National Co. JSC:
	9.13%, 7/02/18		400						487,000
	5.75%, 4/30/43		200						175,980
									882,480
Luxembourg — 0.4%
Russian Agricultural Bank OJSC Via RSHB Capital SA, 5.30%, 12/27/17			200						205,040
Malaysia — 1.2%
Penerbangan Malaysia Bhd, 5.63%, 3/15/16			100						110,281
Petronas Capital LTD, 5.25%, 8/12/19			400						445,934
									556,215
					Par (000)		Value
Corporate Bonds
Mexico — 0.9%
Petroleos Mexicanos:
	3.50%, 1/30/23	$	320			$			292,800
	6.50%, 6/02/41		130						136,760
									429,560
Philippines — 0.4%
Power Sector Assets & Liabilities Management Corp., 7.39%, 12/02/24			150						186,000
South Africa — 0.8%
Eskom Holdings SOC LTD, 5.75%, 1/26/21			200						195,000
Transnet SOC LTD, 4.00%, 7/26/22			200						173,460
									368,460
Ukrainian  — 0.2%
National JSC Naftogaz of Ukraine, 9.50%, 9/30/14			100						99,875
United Kingdom — 0.2%
Ukreximbank Via Biz Finance PLC, 8.38%, 4/27/15			100						96,750
United States — 0.4%
Pemex Project Funding Master Trust, 5.75%, 3/01/18			150						166,500
Venezuela — 1.0%
Petroleos de Venezuela SA:
	8.50%, 11/02/17		330						303,600
	9.75%, 5/17/35		180						140,850
									444,450
Total Corporate Bonds – 12.0%							5,583,430
Foreign Agency Obligations
Argentine Republic Government International Bond:
	8.75%, 6/02/17		60						47,100
	8.28%, 12/31/33		346						209,430
	8.28%, 12/31/33		118						69,146
	2.50%, 12/31/38 (a)		345						113,850
Banco Nacional de Desenvolvimento Economico e Social, 5.50%, 7/12/20			100						104,250
Belize Government International Bond, 5.00%, 2/20/38 (a)			100						59,500
Brazilian Government International Bond:
	4.88%, 1/22/21		900						954,450

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 1

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

				Par (000)		Value
Foreign Agency Obligations
Brazilian Government International Bond (concluded):
	7.13%, 1/20/37	$	300		$		352,050
Bulgaria Government International Bond, 8.25%, 1/15/15			125				137,505
Chile Government International Bond, 2.25%, 10/30/22			250				222,500
Colombia Government International Bond:
	4.38%, 7/12/21		800				828,000
	6.13%, 1/18/41		250				273,750
Costa Rica Government International Bond, 4.38%, 4/30/25			200				185,500
Croatia Government International Bond, 6.63%, 7/14/20			600				645,000
Dominican Republic International Bond:
	9.04%, 1/23/18		98				107,713
	7.50%, 5/06/21		100				108,000
	5.88%, 4/18/24		100				96,500
Ecuador Government International Bond, 9.38%, 12/15/15			100				104,000
Egypt Government International Bond, 5.75%, 4/29/20			200				168,000
El Salvador Government International Bond:
	5.88%, 1/30/25		300				297,000
	7.63%, 2/01/41		150				149,250
The Export-Import Bank of China, 4.88%, 7/21/15			200				213,361
Guatemala Government Bond, 4.88%, 2/13/28			200				186,500
Hungary Government International Bond:
	4.75%, 2/03/15		100				102,250
	6.38%, 3/29/21		670				699,480
	7.63%, 3/29/41		100				105,000
Indonesia Government International Bond:
	3.75%, 4/25/22		600				552,000
	8.50%, 10/12/35		100				128,500
	7.75%, 1/17/38		200				241,000
Ivory Coast Government International Bond, 5.75%, 12/31/32			200				176,000
Jamaica Government International Bond, 8.00%, 3/15/39			100				85,000
Lebanon Government International Bond:
	5.00%, 10/12/17		650				640,420
	8.25%, 4/12/21		150				166,500
	6.75%, 11/29/27		150				148,905
Lithuania Government International Bond, 7.38%, 2/11/20			500				605,750
				Par (000)		Value
Foreign Agency Obligations
Mexico Government International Bond:
	3.63%, 3/15/22	$	400		$		396,000
	6.75%, 9/27/34		100				121,000
	4.75%, 3/08/44		330				303,600
Mongolia Government International Bond, 5.13%, 12/05/22			200				172,000
Morocco Government International Bond, 5.50%, 12/11/42			200				170,000
Pakistan Government International Bond, 6.88%, 6/01/17			100				96,500
Panama Government International Bond:
	7.13%, 1/29/26		500				617,500
	6.70%, 1/26/36		100				118,000
Peruvian Government International Bond:
	7.13%, 3/30/19		200				242,500
	8.75%, 11/21/33		100				145,500
	6.55%, 3/14/37		430				505,250
Philippine Government International Bond:
	8.38%, 6/17/19		150				192,188
	5.50%, 3/30/26		400				453,000
	7.75%, 1/14/31		100				131,000
	6.38%, 10/23/34		400				479,000
Poland Government International Bond:
	5.00%, 10/19/15		200				216,260
	5.13%, 4/21/21		700				761,250
Republic of Belarus, 8.95%, 1/26/18			200				199,000
Republic of Iraq, 5.80%, 1/15/28			300				252,000
Republic of Latvia, 2.75%, 1/12/20			350				329,000
Republic of Serbia, 4.88%, 2/25/20			400				368,080
Republic of Turkey, 6.75%, 4/03/18			700				785,750
Romanian Government International Bond, 4.38%, 8/22/23			300				288,075
Russian Foreign Bond - Eurobond:
	5.00%, 4/29/20		900				974,250
	12.75%, 6/24/28		100				173,000
South Africa Government International Bond, 5.88%, 5/30/22			500				540,000
Sri Lanka Government International Bond:
	7.40%, 1/22/15		100				105,500
	6.25%, 7/27/21		200				200,000
Turkey Government International Bond:
	7.38%, 2/05/25		100				115,000
	6.88%, 3/17/36		400				431,000
	6.75%, 5/30/40		100				106,500

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 2

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

				Par (000)		Value
Foreign Agency Obligations
Ukraine Government International Bond:
	9.25%, 7/24/17	$	350		$		349,552
	7.80%, 11/28/22		200				179,500
	7.50%, 4/17/23		200				174,750
Uruguay Government International Bond:
	8.00%, 11/18/22		100				129,500
	7.63%, 3/21/36		300				390,000
Venezuela Government International Bond:
	8.50%, 10/08/14		75				75,375
	7.75%, 10/13/19		300				252,000
	9.00%, 5/07/23		100				82,750
	11.75%, 10/21/26		375				354,375
Vietnam Government International Bond, 6.75%, 1/29/20			200				219,000
Total Foreign Agency Obligations – 46.1%						21,477,665

		Shares			Value
Investment Companies
United States — 6.7%
iShares MSCI Frontier 100 ETF (b)	99,142		$			3,105,127
Total Investment Companies – 6.7%				3,105,127
Total Long-Term Investments (Cost – $32,057,283) – 64.8%				30,166,222
Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.04% (b)(c)	16,646,771					16,646,771
Total Short-Term Securities (Cost – $16,646,771) – 35.7%				16,646,771
Total Investments(Cost - $48,704,054*) – 100.5%				46,812,993
Liabilities in Excess of Other Assets – (0.5)%				(220,320)
Net Assets – 100.0%					$	46,592,673

* As of July 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	48,704,054
Gross unrealized appreciation	$	132,398
Gross unrealized depreciation		(2,023,459	)
Net unrealized depreciation	$	(1,891,061	)

	Notes to Schedule of Investments
(a)	Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.
(b)	Investments in issuers considered to be an affiliate of the Fund during the period ended July 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Share Purchases		Shares Held at July 31, 2013		Income
iShares MSCI Frontier 100 ETF		99,142		99,142		—
BlackRock Liquidity Funds, TempFund Institutional Class		16,646,771		16,646,771	$	2,109

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

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 3

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

· Total return swaps outstanding as of July 31, 2013 were as follows:¹

Reference Entity	Counterparty	Expiration Date	Notional Amount			Unrealized Appreciation (Depreciation)			Net Value of Reference Entities
Equity Securities Long/Short:	Goldman Sachs & Co.	11/19/14 – 7/28/23		13,167,211		$	(706,848	)2	$	12,398,339
	Goldman Sachs & Co.	11/17/14 – 7/27/23		2,791,713			(61,116	)3		2,723,093
	Goldman Sachs & Co.	11/17/14 – 1/26/15		2,407,529			(199,105	)4		2,200,151
	Goldman Sachs & Co.	12/03/14 – 2/13/15		(33,090	)		(49,794	)5		(39,747	)
	UBS AG	6/13/14		4,999,507			(302,845	)6		4,645,555
	UBS AG	6/13/14		2,496,266			(385,388	)7		2,094,879
	UBS AG	6/13/14 – 10/03/14		(18,191	)		104,439	8		115,627
Total						$	(1,600,657	)	$	24,137,897

1	The Fund receives or pays the total return on the long and short positions underlying the total return swap and pays or receives a specific LIBOR or Federal Funds floating rate, which is denominated in various foreign currencies based on the currencies of the securities underlying the total return swap.
2	Amount includes $(62,024) of dividends and financing income payable from the Fund to the counterparty.
3	Amount includes $(7,504) of dividends and financing income payable from the Fund to the counterparty.
4	Amount includes $(8,273) of dividends and financing income payable from the Fund to the counterparty.
5	Amount includes $43,137 of dividends and financing income payable from the Fund to the counterparty.
6	Amount includes $(51,107) of dividends and financing income payable from the Fund to the counterparty.
7	Amount includes $(15,999) of dividends and financing income payable from the Fund to the counterparty.
8	Amount includes $29,379 of dividends and financing income payable from the Fund to the counterparty.

Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
ADR	American Depository Receipts
ETF	Exchange-Traded Fund
GDR	Global Depository Receipts
LIBOR	London InterBank Offered Rate
MSCI	Morgan Stanley Capital International
NVDR	Non-Voting Depositor Receipts
REIT	Real Estate Investment Trust

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 4

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, 2013:
Reference Entity - Long		Shares		Value
Brazil
Arteris SA	3,300		$		31,360
Banco Bradesco SA - ADR	1,277				15,605
Banco Bradesco SA, Preference Shares	900				10,928
Brasil Pharma SA	1,600				6,943
BRF - Brasil Foods SA	400				8,521
BRF - Brasil Foods SA - ADR	590				12,644
Cia de Bebidas das Americas, Preference Shares	2,800				105,564
Cia de Bebidas das Americas, Preference Shares - ADR	991				37,440
Cia de Concessoes Rodoviarias	16,000				125,540
Cielo SA	2,700				66,561
Cosan SA Industria e Comercio	3,000				56,887
EcoRodovias Infraestrutura e Logistica SA	19,600				137,892
M Dias Branco SA	2,000				81,092
Minerva SA	1,900				7,579
Natura Cosmeticos SA	4,300				86,609
Raia Drogasil SA	6,300				53,297
Souza Cruz SA	17,500				210,796
Totvs SA	4,900				77,323
Tractebel Energia SA	4,600				73,395
Transmissora Alianca de Energia Eletrica SA	500				5,004
Ultrapar Participacoes SA	4,700				111,559
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA	300				4,545
					1,327,084
Chile
Banco Santander Chile SA - ADR	5,698				128,547
China
Bank of China LTD, Class H	257,000				107,608
Beijing Enterprises Holdings LTD	4,500				30,043
China Construction Bank Corp., Class H	254,000				189,382
China Minsheng Banking Corp. LTD, Class H	47,500				47,964
China Petroleum & Chemical Corp.	87,000				64,617
Hengan International Group Co. LTD	21,000				230,546
Industrial and Commercial Bank of China LTD, Class H	90,000				59,113
Jiangsu Expressway Co. LTD	64,000				66,512
PetroChina Co. LTD	14,000				16,354
Shanghai Fosun Pharmaceutical Group Co. LTD	77,000				134,498
Shanghai Pharmaceuticals Holding Co. LTD	53,300				110,729
Sun Art Retail Group LTD	75,500				104,890
Tencent Holdings LTD	2,100				95,063
Reference Entity - Long	Shares				Value
China (concluded)
Tingyi (Cayman Islands) Holding Corp.	52,000		$		128,587
Tsingtao Brewery Co. LTD, Class H	16,000				122,176
Uni-President China Holdings LTD	45,000				41,013
Want Want China Holdings LTD	32,000				43,301
Wumart Stores, Inc., Class H	8,000				14,951
Zhejiang Expressway Co. LTD	20,000				16,994
					1,624,341
Colombia
BanColombia SA - ADR	312				17,924
Hong Kong
Bank of Communications Co. LTD, Class H	13,000				8,455
China Mengniu Dairy Co. LTD	30,000				120,031
China Resources Enterprise LTD	4,000				12,348
China Resources Gas Group LTD	42,000				104,907
Extrawell Pharmaceutical Holdings LTD	190,000				13,705
Guangdong Investment LTD	24,000				19,430
Hanergy Solar Group LTD	48,000				3,957
Kunlun Energy Co. LTD	10,000				14,713
Sino Biopharmaceutical	72,000				52,318
Vinda International Holdings LTD	48,000				47,561
					397,425
India
HDFC Bank LTD - ADR	11,061				363,907
ICICI Bank LTD - ADR	5,159				169,112
Infosys LTD - ADR	527				26,181
Larsen & Toubro LTD - GDR	3,331				46,246
Reliance Industries LTD - GDR	6,412				183,381
Wipro LTD - ADR	15,761				135,860
					924,687
Indonesia
Bank Central Asia Tbk PT	260,500				263,300
Bank Danamon Indonesia Tbk PT	156,500				79,152
Bank Mandiri Persero Tbk PT	27,000				23,369
Express Transindo Utama Tbk PT	171,000				26,288
Jasa Marga Persero Tbk PT	126,000				65,547
Unilever Indonesia Tbk PT	63,500				196,079
					653,735
Malaysia
Alliance Financial Group Bhd	11,000				18,175
Hong Leong Bank Bhd	34,000				144,377
IHH Healthcare Bhd	67,400				83,066
Malayan Banking Bhd	51,800				163,747
Petronas Dagangan Bhd	15,900				131,356
Public Bank Bhd	91,200				484,934
					1,025,655
Mexico
El Puerto de Liverpool SAB de CV	4,100				47,299
Grupo Financiero Santander Mexico SAB de CV	2,400				6,960

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 5

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Long	Shares				Value
Mexico (concluded)
Grupo Sanborns SA de CV	5,600			$	12,964
					67,223
Peru
Credicorp LTD	1,848				219,524
Philippines
Bank of the Philippine Islands	73,680				159,631
International Container Terminal Services, Inc.	3,570				7,534
Jollibee Foods Corp.	6,690				23,876
Metropolitan Bank & Trust	3,980				9,730
Universal Robina Corp.	4,100				11,734
					212,505
Russia
AK Transneft OAO, Preference Shares	5				11,939
Lukoil OAO	4,603				271,722
Magnit OJSC	199				48,339
Rosneft OAO	8,630				61,294
Surgutneftegas OAO	19,900				15,737
Uralkali OJSC	3,350				14,643
					423,674
South Africa
Aspen Pharmacare Holdings LTD	3,592				79,617
AVI LTD	1,447				8,433
Clicks Group LTD	4,287				24,890
Life Healthcare Group Holdings LTD	29,087				105,990
Massmart Holdings LTD	1,784				30,289
Nedbank Group LTD	5,104				91,909
Pick’n Pay Stores LTD	6,528				24,999
Shoprite Holdings LTD	3,603				60,926
The Spar Group LTD	4,410				51,227
Standard Bank Group LTD	16,257				181,783
					660,063
South Korea
Advanced Process Systems Corp.		432				4,036
Amorepacific Corp.	22				7,602
Amorepacific Corp.	140				118,139
Binggrae Co. LTD	25				2,347
Cheil Worldwide, Inc.	1,320				30,251
CJ Cheil Jedang Corp.	331				83,479
CJ Hellovision Co. LTD	10,430				167,445
CJ O Shopping Co. LTD	64				20,835
Cosmax, Inc.	340				14,438
Daum Communications Corp.	294				22,936
Dongbu Insurance Co. LTD	850				35,990
Duksan Hi-Metal Co. LTD	1,564				33,165
E-Mart Co. LTD	390				73,396
GemVax & Kael Co. LTD	259				4,957
GS Retail Co. LTD	870				26,112
Hana Tour Service Inc.	138				9,453
Hanmi Pharm Co. LTD	138				20,647
Hite Jinro Co. LTD	1,430				34,982
Hotel Shilla Co. LTD	352				20,837
Reference Entity - Long	Shares				Value
South Africa (concluded)
Hyundai Department Store Co. LTD	62			$	8,907
Hyundai Greenfood Co. LTD	4,260				67,273
Hyundai Marine & Fire Insurance Co. LTD	1,250				34,294
Iljin Display Co. LTD	1,410				19,345
Industrial Bank of Korea	3,600				36,503
Iones Co. LTD	3,103				18,970
Kangwon Land, Inc.	3,950				100,542
KEPCO Plant Service & Engineering Co. LTD	990				48,205
Korea Aerospace Industries LTD	560				14,379
KT&G Corp.	4,595				309,626
LG Fashion Corp.	190				4,657
LG Household & Health Care LTD	300				157,965
Lotte Confectionery Co. LTD	16				22,577
Lotte Himart Co. LTD			348				26,282
Lotte Shopping Co. LTD	90				28,131
Nable Communications, Inc.	873				10,139
Nanos Co. LTD	1,858				26,945
NEPES Corp.	350				3,705
NongShim Co. LTD	129				29,893
Orion Corp/Republic of South Korea	127				115,309
S1 Corp.	1,367				84,568
Samsung Electronics Co. LTD	146				166,369
Samsung Electronics Co. LTD - GDR	60				34,380
Samsung Fire & Marine Insurance Co. LTD	326				69,583
Samsung Life Insurance Co. LTD	845				80,815
SBS Media Holdings Co. LTD	460				2,075
Seoul Semiconductor Co. LTD	1,925				63,776
SK C&C Co. LTD	281				25,377
SK Hynix, Inc.	2,240				54,187
Tera Semicon Co. LTD	623				8,678
WeMade Entertainment Co. LTD	444				21,878
Woongjin Coway Co. LTD	25				1,333
YMC Co. LTD	2,066				11,594
Yuhan Corp.	106				19,877
					2,459,184
Taiwan
Advanced Semiconductor Engineering, Inc., ADR	7,901				31,683
Advanced Semiconductor Engineering, Inc.	36,000				29,515
Advantech Co. LTD	4,000				19,337
Chang Hwa Commercial Bank	80,000				45,860
China Airlines LTD	5,000				1,851
China Steel Corp.	72,720				60,096
Feng Hsin Iron & Steel Co.	15,000				26,425
First Financial Holding Co. LTD	165,000				102,273
Formosa Petrochemical Corp.	17,000				44,190
Formosa Taffeta Co. LTD	14,000				13,110
Global Unichip Corp.	12,000				38,239

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 6

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Long	Shares			Value
Taiwan (concluded)
Hua Nan Financial Holdings Co. LTD	471,000	$		274,045
Kinsus Interconnect Technology Corp.	6,000			21,363
Lite-On Technology Corp.	1,000			1,702
MediaTek, Inc.	5,000			60,024
MStar Semiconductor, Inc.	3,000			23,745
Parade Technologies LTD	2,000			14,614
President Chain Store Corp.	11,000			81,960
Realtek Semiconductor Corp.	7,000			16,720
Richtek Technology Corp.	7,000			28,445
ScinoPharm Taiwan LTD	38,000			108,018
Siliconware Precision Industries Co.	6,000			6,953
Siliconware Precision Industries Co. LTD - ADR	2,064			11,765
Standard Foods Corp.	1,150			3,475
Taiwan Cooperative Financial Holding	501,000			286,403
Taiwan Semiconductor Manufacturing Co. LTD	64,000			217,644
Taiwan Semiconductor Manufacturing Co. LTD - ADR	3,890			66,052
Transcend Information, Inc.	36,000			104,426
U-Ming Marine Transport Corp.	24,000			36,326
United Microelectronics Corp.	27,000			12,077
Win Semiconductors Corp.	7,000			7,571
				1,795,907
Thailand
Bangkok Bank PCL	19,000			124,397
Bangkok Dusit Medical Services PCL	18,100			84,734
Charoen Pokphand Foods PCL	5,300			4,746
CP ALL Public Co. LTD - NVDR	140,900			157,688
Kasikornbank PCL - NVDR	3,800			22,149
PTT PCL	1,800			19,035
Siam Commercial Bank PCL - NVDR	9,500			48,112
				460,861
Net Value of Reference Entity – Goldman Sachs & Co.			$	12,398,339

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 7

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, 2013:
Reference Entity - Long		Shares			Value
Argentina
MercadoLibre, Inc.	17		$	1,996
Australia
BHP Billiton LTD	1,958			61,216
Fortescue Metals Group LTD	1,116			3,664
Iluka Resources LTD	145			1,434
Ramsay Health Care LTD	69			2,283
Rio Tinto LTD	651			33,667
Woodside Petroleum LTD	290			9,793
				112,057
Austria
AMS AG	23			1,618
Andritz AG	35			1,892
Erste Group Bank AG	138			4,184
IMMOFINANZ AG	371			1,519
Raiffeisen Bank International AG	69			2,094
Vienna Insurance Group AG	46			2,375
				13,682
Belgium
Anheuser-Busch InBev NV	618			59,428
KBC Groep NV	145			5,837
Solvay SA	30			4,067
				69,332
Canada
Blackberry LTD	186			1,633
Brookfield Renewable Energy Partners LP	91			2,490
Eldorado Gold Corp.	249			1,966
First Quantum Minerals LTD	209			3,357
Franco-Nevada Corp.	56			2,385
Kinross Gold Corp.	387			2,012
Methanex Corp.	34			1,624
New Gold, Inc.	163			1,184
Silver Wheaton Corp.	132			3,036
Teck Resources LTD, Class B	216			5,060
Yamana Gold, Inc.	265			2,768
				27,515
China
FIH Mobile LTD	2,000			1,078
SINA Corp.	25			1,724
				2,802
Cyprus
Prosafe SE	147			1,473
Denmark
Carlsberg A/S, Class B	54			5,353
Christian Hansen Holding A/S	46			1,525
FLSmidth & Co. A/S	19			901
Reference Entity - Long	Shares			Value
Denmark (concluded)
Rockwool International A/S, -B Shares	6		$	948
				8,727
Finland
Cargotec Oyj	38			1,350
Kone Oyj, Class B	88			6,554
Metso Oyj	52			1,832
Nokia Oyj	1,391			5,499
Nokian Renkaat Oyj	45			1,999
Outotec Oyj	122			1,480
Wartsila Oyj	68			3,083
				21,797
France
Alcatel-Lucent	1,403			3,541
Alstom SA	106			3,587
Arkema SA	37			3,708
Bourbon SA	59			1,602
Casino Guichard-Perrachon SA	40			4,119
Christian Dior SA	72			12,759
Cie Generale de Geophysique-Veritas	63			1,590
Danone SA	223			17,661
Edenred	80			2,564
European Aeronautic Defence and Space Co. NV	308			18,445
Imerys SA	26			1,719
Ingenico	19			1,420
Lafarge SA	100			6,397
Pernod Ricard SA	93			11,096
Peugeot SA	128			1,635
Remy Cointreau SA	18			1,864
Renault SA	125			9,849
SEB SA	18			1,497
Societe BIC SA	17			1,888
Technip SA	57			6,289
Valeo SA	40			3,167
Vallourec SA	44			2,599
				118,996
Germany
Adidas AG	81			9,029
Aixtron SE NA	102			1,602
BASF SE	357			31,640
Bayerische Motoren Werke AG	250			24,470
Daimler AG, Registered Shares	422			29,275
Duerr AG	15			1,004
Fuchs Petrolub AG, Preference Shares	23			1,716
GEA Group AG	66			2,728
HeidelbergCement AG	65			5,008
Henkel AG & Co. KGaA, Preference Shares	151			14,760
Infineon Technologies AG	563			4,996
K+S AG	68			1,680
Lanxess AG	29			1,815
MAN SE	66			7,524

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 8

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Long	Shares		Value
Germany (concluded)
Merck KGaA	78	$	12,887
Metro AG	116		4,003
Puma AG Rudolf Dassler Sport	5		1,396
Symrise AG	40		1,727
Volkswagen AG, Preference Shares	177		41,990
Wacker Chemie AG	18		1,756
			201,006
Greece
National Bank of Greece SA	1,226		4,269
Hong Kong
AIA Group LTD	4,400		20,827
ASM Pacific Technology LTD	100		1,086
Bank of East Asia LTD	1,000		3,749
BOC Hong Kong Holdings LTD	4,000		12,549
Cathay Pacific Airways LTD	2,000		3,698
Champion REIT	2,000		878
Cheung Kong Holdings LTD	1,000		14,036
CLP Holdings LTD	1,000		8,290
Esprit Holdings LTD	700		1,140
First Pacific Co. LTD	2,000		2,260
Galaxy Entertainment Group LTD	2,000		10,527
Hang Lung Properties LTD	2,000		6,474
Hang Seng Bank LTD	800		12,236
Henderson Land Development Co. LTD	1,100		6,851
Hong Kong & China Gas LTD	4,400		11,273
Hongkong Land Holdings LTD	1,000		6,755
Hopewell Holdings LTD	500		1,584
Jardine Matheson Holdings LTD	400		21,897
Jardine Strategic Holdings LTD	500		17,199
Kerry Properties LTD	500		2,055
The Link REIT	1,000		4,883
Melco International Development, LTD	1,000		2,013
MTR Corp. LTD	2,500		9,295
New World Development Co. LTD	3,000		4,376
Noble Group LTD	3,000		2,108
NWS Holdings LTD	1,000		1,533
Sands China LTD	3,200		17,295
Shangri-La Asia LTD	2,000		3,144
Sino Land Co. LTD	2,000		2,822
SJM Holdings LTD	2,000		5,008
Sun Hung Kai Properties LTD	1,000		13,331
Swire Pacific LTD, Class A	500		5,897
Wharf Holdings LTD	1,000		8,592
Wynn Macau LTD	2,000		5,666
Xinyi Glass Holdings LTD	2,000		1,829
			253,156
Ireland
Accenture PLC, Class A	244		18,010
Israel
Bank Leumi le - Israel	545		1,828
Israel Chemicals LTD	446		3,557
The Israel Corp. LTD	3		1,406
Reference Entity - Long	Shares		Value
Israel (concluded)
Mellanox Technologies LTD	29	$	1,308
			8,099
Italy
Fiat SpA	425		3,389
Pirelli & C SpA	166		2,180
Prysmian SpA	72		1,464
Saipem SpA	156		3,325
			10,358
Japan
FANUC Corp.	100		15,141
Isuzu Motors LTD	1,000		7,090
Komatsu LTD	400		8,905
Murata Manufacturing Co. LTD	100		6,868
Nexon Co. LTD	200		2,525
Nidec Corp.	100		8,213
Nitto Denko Corp.	100		5,633
Tokyo Electron LTD	100		4,549
Yamaha Motor Co. LTD	100		1,340
			60,264
Luxembourg
ArcelorMittal	592		7,734
AZ Electronic Materials SA	199		925
Tenaris SA	485		10,821
			19,480
Mexico
Fresnillo PLC	266		4,177
Netherlands
Akzo Nobel NV	83		5,060
ASM International NV	60		1,889
ASML Holding NV	199		17,926
Chicago Bridge & Iron Co. NV	37		2,205
Koninklijke Boskalis Westminster NV	39		1,468
NXP Semiconductors NV	88		2,873
SBM Offshore NV	71		1,374
Unilever NV CVA	1,090		43,732
			76,527
Norway
Petroleum Geo-Services ASA	77		1,035
Seadrill LTD	165		7,053
Telenor ASA	552		12,225
TGS Nopec Geophysical Co. ASA	36		1,154
Yara International ASA	123		5,520
			26,987
Portugal
Jeronimo Martins SGPS SA	243		4,801
Portugal Telecom SGPS SA, Registered Shares	397		1,515
			6,316
Singapore
Ascendas Real Estate Investment Trust	1,000		1,807

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 9

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Long	Shares		Value
Singapore (concluded)
Avago Technologies LTD	88	$	3,228
CapitaCommercial Trust	1,000		1,104
CapitaLand LTD	2,000		5,074
CapitaMall Trust	1,000		1,594
CapitaMalls Asia LTD	1,000		1,567
DBS Group Holdings LTD	1,000		13,123
Flextronics International LTD	213		1,845
Fraser and Neave LTD	1,000		4,419
Genting Singapore PLC	5,000		5,215
Golden Agri-Resources LTD	4,000		1,650
Hutchison Port Holdings Trust	4,000		2,956
Keppel Land LTD	1,000		2,897
Keppel REIT	1,000		1,000
Oversea-Chinese Banking Corp. LTD	1,000		8,302
Sembcorp Marine LTD	1,000		3,575
Singapore Technologies Engineering LTD	1,000		3,367
Singapore Telecommunications LTD	6,000		18,528
StarHub LTD	1,000		3,461
United Overseas Bank LTD	1,000		16,869
Wilmar International LTD	3,000		7,426
			109,007
South Korea
Amorepacific Corp.	3		1,037
Amorepacific Corp.	2		1,688
Cheil Worldwide, Inc.	50		1,146
CJ Cheil Jedang Corp.	5		1,261
CJ Corp.	11		1,121
Daewoo Engineering & Construction Co. LTD	150		1,029
Daewoo International Corp.	40		1,367
Daewoo Shipbuilding & Marine Engineering Co. LTD	70		1,845
Doosan Heavy Industries & Construction Co. LTD	40		1,641
E-Mart Co. LTD	10		1,882
GS Holdings	35		1,719
Halla Climate Control Corp.	30		889
Hankook Tire Co. LTD	50		2,675
Hyundai Department Store Co. LTD	9		1,293
Hyundai Engineering & Construction Co. LTD	41		2,158
Hyundai Glovis Co. LTD	13		2,240
Hyundai Heavy Industries Co. LTD	27		5,040
Hyundai Mipo Dockyard	8		945
Hyundai Mobis	34		8,288
Hyundai Motor Co.	86		17,783
Hyundai Steel Co.	31		1,888
Hyundai Wia Corp.	9		1,314
KCC Corp.	4		1,241
KEPCO Engineering & Construction Co., Inc.	14		902
Kia Motors Corp.	140		7,927
Korea Electric Power Corp.	260		6,637
Reference Entity - Long	Shares		Value
South Korea (concluded)
Korea Gas Corp.	28	$	1,555
Korea Zinc Co. LTD	7		1,790
KT Corp.	100		3,236
KT&G Corp.	44		2,965
Kumho Petrochemical Co. LTD	12		958
LG Chem LTD	23		5,769
LG Display Co. LTD	150		3,721
LG Electronics, Inc.	56		3,633
LG Household & Health Care LTD	6		3,159
LG Uplus Corp.	150		1,829
Lotte Chemical Corp.	12		1,814
Lotte Shopping Co. LTD	11		3,438
NCSoft Corp.	8		1,212
Orion Corp/Republic of South Korea	2		1,816
POSCO	34		9,765
S-Oil Corp.	41		2,754
Samsung C&T Corp.	63		3,116
Samsung Electro-Mechanics Co. LTD	26		1,870
Samsung Electronics Co. LTD	57		64,952
Samsung Engineering Co. LTD	15		1,049
Samsung Heavy Industries Co. LTD	90		3,197
Samsung Life Insurance Co. LTD	71		6,790
Samsung SDI Co. LTD	17		2,463
Samsung Securities Co. LTD	26		1,065
Samsung Techwin Co. LTD	21		1,315
Seoul Semiconductor Co. LTD	54		1,789
SK C&C Co. LTD	19		1,716
SK Hynix, Inc.	250		6,048
SK Innovation Co. LTD	34		4,597
SK Telecom Co. LTD	33		6,466
Woongjin Coway Co. LTD	29		1,546
			234,349
Spain
Banco Bilbao Vizcaya Argentaria SA	2,166		20,540
Banco Santander SA	4,053		29,651
Banco Santander SA	3,842		843
Gamesa Corp. Tecnologica SA	134		987
Indra Sistemas SA	130		1,762
International Consolidated Airlines Group SA	643		2,852
Mapfre SA	1,061		3,884
Obrascon Huarte Lain SA	32		1,221
Tecnicas Reunidas SA	48		2,190
Telefonica SA	1,713		24,483
			88,413
Sweden
Alfa Laval AB	142		3,223
Atlas Copco AB, Class A	414		10,799
Kinnevik Investment AB,  Class B	119		3,582
Sandvik AB	439		5,557
Scania AB, Class B	273		5,696
SKF AB, Class B	159		4,413

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 10

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Long	Shares		Value
Sweden (concluded)
Svenska Cellulosa AB, B Shares	340	$	8,994
Telefonaktiebolaget LM Ericsson, Class B	1,377		16,277
Volvo AB, Class B	748		11,019
			69,560
Switzerland
ABB LTD, Registered Shares	807		17,791
Cie Financiere Richemont SA, Class A	227		22,206
Clariant AG	116		1,813
DKSH Holding AG	21		1,877
Dufry AG	11		1,439
Givaudan SA, Registered Shares	4		5,567
Glencore Xstrata PLC	4,704		19,866
Holcim LTD, Registered Shares	114		8,247
Julius Baer Group LTD	88		4,006
Nestle SA, Registered Shares	1,517		102,675
Noble Corp.	90		3,438
OC Oerlikon Corp. AG	108		1,420
Schindler Holding AG, Participation Certificates	40		5,723
SGS SA, Registered Shares	3		6,790
Sika AG	1		2,785
Sulzer AG	12		1,793
The Swatch Group AG	22		13,074
Syngenta AG, Registered Shares	33		13,049
			233,559
United Kingdom
3i Group PLC	369		2,148
Afren PLC	688		1,424
Aggreko PLC	95		2,575
Anglo American PLC	496		10,639
Antofagasta PLC	345		4,628
Ashmore Group PLC	270		1,522
Aveva Group PLC	63		2,305
BG Group PLC	1,327		23,929
British American Tobacco PLC	671		35,796
Burberry Group PLC	156		3,636
Cairn Energy PLC	384		1,571
CSR PLC	179		1,548
Diageo PLC	864		27,077
Dialog Semiconductor PLC	81		1,339
Essar Energy PLC	459		928
Eurasian Natural Resources Corp. PLC	448		1,486
Evraz PLC	520		742
G4S PLC	695		2,392
Gulf Keystone Petroleum LTD	493		1,255
HSBC Holdings PLC	7,126		80,905
International Personal Finance PLC	162		1,564
Intertek Group PLC	55		2,532
Investec PLC	347		2,322
Kazakhmys PLC	189		751
Lonmin PLC	370		1,757
Man Group PLC	696		847
Mondi PLC	167		2,488
Old Mutual PLC	1,729		5,106
Reference Entity - Long	Shares		Value
United Kingdom (concluded)
Petrofac LTD	121	$	2,414
Premier Oil PLC	183		1,006
Randgold Resources LTD	34		2,505
Rexam PLC	270		2,020
Rotork PLC	28		1,130
Royal Dutch Shell PLC, Class B	2,361		83,510
SABMiller PLC	550		26,959
Standard Chartered PLC	925		21,454
Tullow Oil PLC	379		5,995
Vedanta Resources PLC	95		1,682
Vodafone Group PLC	23,372		70,001
			443,888
United States
Advanced Micro Devices, Inc.	236		890
The AES Corp.	256		3,185
Air Lease Corp	35		976
Altera Corp.	115		4,089
Applied Materials, Inc.	423		6,899
Atmel Corp.	142		1,122
Avon Products, Inc.	150		3,429
Broadcom Corp., Class A	203		5,597
Bunge LTD	52		3,953
Caterpillar, Inc.	234		19,401
Citigroup, Inc.	1,132		59,023
Cliffs Natural Resources, Inc.	57		1,112
Corning, Inc.	500		7,595
Cree, Inc.	42		2,936
Dresser-Rand Group, Inc.	26		1,583
Dril-Quip, Inc.	14		1,273
Expeditors International of Washington, Inc.	73		2,943
Fluor Corp.	58		3,629
FMC Corp.	47		3,110
Herbalife LTD	35		2,293
The Home Depot, Inc.	646		51,053
Intel Corp.	1,788		41,660
IPG Photonics Corp.	18		1,096
Jabil Circuit, Inc.	69		1,586
Kansas City Southern	37		3,987
KBR, Inc.	51		1,595
KLA-Tencor Corp.	59		3,459
Kosmos Energy LTD	128		1,352
Lam Research Corp.	58		2,855
Las Vegas Sands Corp.	283		15,726
Lear Corp.	31		2,147
LSI Corp.	184		1,432
Marvell Technology Group LTD	170		2,205
Maxim Integrated Products, Inc.	105		3,003
MGM Resorts International	170		2,773
Microchip Technology, Inc.	70		2,782
Micron Technology, Inc.	365		4,836
Molex, Inc.	57		1,700
The Mosaic Co.	154		6,328
Newfield Exploration Co.	49		1,205
Newmont Mining Corp.	182		5,460
Nu Skin Enterprises, Inc., Class A	20		1,673

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 11

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Long	Shares			Value
United States (concluded)
NVIDIA Corp.	217	$		3,131
ON Semiconductor Corp.	151			1,244
Pall Corp.	38			2,658
Philip Morris International, Inc.	564			50,298
QUALCOMM, Inc.	600			38,730
Royal Gold Inc.	25			1,292
Samsonite International SA	600			1,642
SanDisk Corp.	84			4,630
Schlumberger LTD	465			37,818
Skyworks Solutions, Inc.	68			1,633
Teradyne, Inc.	66			1,088
Texas Instruments, Inc.	396			15,523
Visteon Corp.	17			1,120
Western Digital Corp.	82			5,279
Wynn Resorts LTD	35			4,660
Yum! Brands, Inc.	159			11,594
				477,291
Net Value of Reference Entity – Goldman Sachs & Co.			$2,723,093

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 12

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, 2013:
Reference Entity - Long		Shares		Value
Australia
BHP Billiton LTD	863		$		26,982
Fortescue Metals Group LTD	2,415				7,929
Iluka Resources LTD	729				7,209
Medusa Mining LTD	2,251				4,681
OZ Minerals LTD	1,991				7,291
PanAust LTD	3,254				5,727
Rio Tinto LTD	337				17,428
Sandfire Resources NL	1,291				6,352
Whitehaven Coal LTD	3,861				6,820
Woodside Petroleum LTD	623				21,037
					111,456
Belgium
Bekaert SA	322				11,321
Brazil
Bradespar SA, Preference Shares	1,200				11,782
Cia Siderurgica Nacional SA	2,100				6,048
Duratex SA	2,100				12,022
Gerdau SA, Preference Shares	1,700				10,872
Metalurgica Gerdau SA, Preference Shares	1,200				9,589
MMX Mineracao e Metalicos SA	4,200				3,038
OGX Petroleo e Gas Participacoes SA	4,000				1,157
Petroleo Brasileiro SA, Preference Shares	1,400				9,997
QGEP Participacoes SA	1,400				7,266
Suzano Papel e Celulose SA, Preference Shares	2,300				7,843
Usinas Siderurgicas de Minas Gerais SA, Preference 'A' Shares	1,600				6,109
Vale SA, Preference 'A' Shares	900				11,105
					96,828
Canada
Alamos Gold, Inc.	632				9,310
Argonaut Gold, Inc.	1,265				8,387
AuRico Gold, Inc.	1,666				7,688
Bankers Petroleum LTD	1,833				5,318
Capstone Mining Corp.	3,429				6,477
Dominion Diamond Corp.	581				8,219
Eldorado Gold Corp.	1,182				9,333
First Quantum Minerals LTD	437				7,020
Franco-Nevada Corp.	330				14,053
Kinross Gold Corp.	1,892				9,837
Nevsun Resources, LTD	1,717				5,784
New Gold, Inc.	1,260				9,152
Niko Resources LTD	613				4,315
Pan American Silver Corp.	790				10,022
Petrominerales LTD	831				4,523
Silver Wheaton Corp.	468				10,763
Silvercorp Metals, Inc.	2,112				6,560
Teck Resources LTD, Class B	409				9,581
Reference Entity - Long		Shares		Value
Canada (concluded)
TransGlobe Energy Corp.	949		$		6,329
Yamana Gold, Inc.	1,104				11,533
					164,204
China
Aluminum Corp. of China LTD	22,000				6,766
Angang New Steel Co. LTD, Class H	10,000				5,536
China BlueChemical LTD	20,000				9,225
China Coal Energy Co. LTD	15,000				7,999
China Molybdenum Co. LTD, Class H	22,000				8,364
China Petroleum & Chemical Corp.	18,200				13,518
China Shenhua Energy Co. LTD, Class H	5,000				14,432
CNOOC LTD	7,000				12,651
Jiangxi Copper Co. LTD, Class H	4,000				6,741
Maanshan Iron & Steel	32,000				7,581
PetroChina Co. LTD	14,000				16,354
Yanzhou Coal Mining Co. LTD	10,000				6,858
Zhaojin Mining Industry Co. LTD	6,500				4,364
Zijin Mining Group Co. LTD, Class H	24,000				5,143
					125,532
Finland
Rautaruukki Oyj	1,308				7,668
France
Eramet	84				7,400
Germany
K+S AG	474				11,708
Hong Kong
China Agri-Industries Holdings LTD	20,000				9,277
EPI Holdings LTD	120,000				3,663
Fushan International Energy Group LTD	20,000				6,546
Kunlun Energy Co. LTD	8,000				11,771
Nine Dragons Paper Holdings LTD	8,000				5,057
Sinofert Holdings LTD	40,000				6,233
					42,547
Hungary
Mol Hungarian Oil & Gas PLC	260				19,530
India
Sterlite Industries India LTD - ADR	1,290				6,489
Indonesia
Adaro Energy Tbk PT	98,500				6,697
Bumi Resources Tbk PT	74,500				3,691
Charoen Pokphand Indonesia Tbk PT	26,000				10,869
Harum Energy Tbk PT	28,000				7,081
Indo Tambangraya Megah Tbk PT	4,500				10,585
Tambang Batubara Bukit Asam Tbk PT	9,000				8,711
					47,634

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 13

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Long				Shares		Value
Iraq
DNO International ASA	6,905				$		14,932
Israel
Israel Chemicals LTD	1,718						13,700
The Israel Corp. LTD	25						11,720
Isramco Negev 2 LP	94,652						17,223
							42,643
Japan
Pacific Metals Co., LTD	2,000						8,908
Sumitomo Metal Mining Co. LTD	1,000						13,035
Yamato Kogyo Co. LTD	400						12,962
							34,905
Luxembourg
APERAM	571						7,047
ArcelorMittal	822						10,739
							17,786
Malaysia
IOI Corp. Bhd	25,700						43,322
Kuala Lumpur Kepong Bhd	6,800						44,439
							87,761
Mexico
Fresnillo PLC	591						9,281
Grupo Mexico SA de CV	4,000						12,323
Industrias CH SAB de CV	2,300						14,757
							36,361
Peru
Southern Copper Corp.	468						12,201
Poland
KGHM Polska Miedz SA	227						7,866
Polskie Gornictwo Naftowe i Gazownictwo SA	11,993						23,247
							31,113
Russia
Gazprom OAO	4,160						16,179
Lukoil OAO	390						23,022
Magnitogorsk Iron & Steel Works	45,799						10,667
Mechel	1,288						3,793
MMC Norilsk Nickel OJSC	96						12,916
NovaTek OAO	1,273						13,718
Novolipetsk Steel OJSC	5,562						8,054
Polymetal International PLC	614						6,052
Rosneft OAO	2,600						18,466
Severstal OAO	1,170						8,721
Surgutneftegas OAO	16,800						13,286
Tatneft OAO, Class S	1,910						11,691
Uralkali OJSC	2,610						11,409
							157,974
Singapore
Bumitama Agri LTD	37,000						26,472
First Resources LTD	15,000						19,806
Golden Agri-Resources LTD	50,000						20,629
Reference Entity - Long				Shares		Value
Singapore (concluded)
Wilmar International LTD	9,000				$		22,277
							89,184
South Africa
African Rainbow Minerals LTD	1,006						16,533
Anglo American Platinum LTD	308						10,897
AngloGold Ashanti LTD	573						7,518
Assore LTD	437						14,736
Exxaro Resources LTD	1,262						19,452
Gold Fields LTD	1,499						8,982
Harmony Gold Mining Co. LTD	1,752						6,614
Impala Platinum Holdings LTD	962						9,449
Kumba Iron Ore LTD	363						16,074
Mondi, LTD	1,644						24,303
Sappi LTD	6,192						16,524
Sasol LTD	788						36,204
							187,286
South Korea
Dongkuk Steel Mill Co. LTD	980						10,764
Hyundai Hysco Co. LTD	330						11,576
Hyundai Steel Co.	187						11,386
Korea Zinc Co. LTD	27						6,906
Nong Woo Bio Co. LTD	453						11,828
Poongsan Corp.	320						7,202
POSCO	71						20,392
Posco M-Tech Co. LTD			1,156						8,931
Seah Besteel Corp.		330						9,302
WooSung Feed Co. LTD		1,440						3,754
							102,041
Sweden
Hoganas AB	313						15,510
Switzerland
Glencore Xstrata PLC	2,651						11,195
Syngenta AG, Registered Shares	116						45,868
							57,063
Taiwan
China Metal Products	10,000						15,269
China Steel Corp.	38,380						31,717
Taiwan Fertilizer Co. LTD	12,000						29,315
Ton Yi Industrial Corp.	24,000						21,037
							97,338
Thailand
Banpu Public Co. LTD	1,300						9,592
Energy Earth PCL	26,700						4,997
General Engineering PCL	89,100						2,675
PTT Exploration & Production PCL	3,100						15,453
PTT PCL	1,900						20,089
Robinson Department Store PCL	5,100						9,201
STP & I PCL	2,900						7,000
Thai-German Products PCL	110,800						2,694

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 14

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Long		Shares		Value
Thailand (concluded)
Tipco Asphalt PCL	3,500		$		6,147
					77,848
Turkey
Bagfas Bandirma Gubre Fabrik	527				11,285
Eregli Demir ve Celik Fabrikalari TAS	12,470				12,368
Gubre Fabrikalari TAS	1,655				12,993
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D	14,470				8,715
Koza Altin Isletmeleri AS	500				6,893
Koza Anadolu Metal Madencilik Isletmeleri AS	4,716				7,628
Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS	2,972				7,227
					67,109
United Kingdom
African Barrick Gold PLC	2,931				5,048
Anglo American PLC	680				14,586
Antofagasta PLC	813				10,906
BG Group PLC	1,224				22,071
BHP Billiton PLC	660				18,892
BowLeven PLC	3,647				3,499
Cairn Energy PLC	4,366				17,868
Centamin PLC	6,578				3,731
Eurasian Natural Resources Corp. PLC	1,199				3,977
Evraz PLC	2,397				3,420
Ferrexpo PLC	1,791				4,613
Gulf Keystone Petroleum LTD	2,607				6,639
Heritage Oil PLC	4,409				11,101
Kazakhmys PLC	918				3,646
Lonmin PLC	1,371				6,509
Mondi PLC	1,775				26,448
Petropavlovsk PLC	1,990				2,685
Premier Oil PLC	3,043				16,732
Randgold Resources LTD	158				11,641
Rio Tinto PLC	341				15,345
Rockhopper Exploration PLC	3,150				6,273
Royal Dutch Shell PLC, Class A	45				1,535
Royal Dutch Shell PLC, Class B	1,367				48,351
Soco International PLC	2,711				15,163
Tullow Oil PLC	849				13,430
Vedanta Resources PLC	397				7,028
					301,137
United States
Bunge LTD	383				29,112
Cliffs Natural Resources, Inc.	193				3,765
Coastal Energy Co.	481				6,678
Coeur Mining, Inc.	435				5,833
Gran Tierra Energy, Inc.	1,543				9,490
Hecla Mining Co.	1,942				6,273
Kosmos Energy LTD	1,021				10,782
The Mosaic Co.	335				13,765
Newfield Exploration Co.	319				7,847
Reference Entity - Long		Shares		Value
United States (concluded)
Newmont Mining Corp.	419		$		12,570
Royal Gold Inc.	223				11,527
					117,642
Net Value of Reference Entity – Goldman Sachs & Co.				$	2,200,151

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 15

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, 2013:
Reference Entity - Long	Shares		Value
Argentina
Ternium SA - ADR		4,307	$	96,348
Brazil
BRF - Brasil Foods SA		9,100		193,859
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares		800		35,484
Oi SA, Preference Shares		27,900		51,242
Randon Participacoes SA, Preference Shares		19,300		99,742
Vale SA, Preference 'A' Shares		6,400		78,971
				459,298
Canada
Petrominerales LTD		1,005		5,469
Silver Wheaton Corp.		1,329		30,563
				36,032
China
Agile Property Holdings LTD		80,000		83,980
Anta Sports Products LTD		18,000		9,198
Bank of China LTD, Class H		63,000		26,378
BBMG Corp.		158,000		99,312
China Communications Construction Co. LTD, Class H		292,000		222,986
China Construction Bank Corp., Class H		26,000		19,386
China Mobile LTD		8,000		85,104
China Shanshui Cement Group LTD		30,000		11,937
CSR Corp LTD		54,000		35,959
Future Land Development Holdings LTD		482,000		56,510
Guangzhou R&F Properties Co. LTD, Class H		70,400		109,218
NVC Lighting Holdings LTD		15,000		3,962
Zhaojin Mining Industry Co. LTD		26,500		17,791
Zijin Mining Group Co. LTD, Class H		164,000		35,142
				816,863
Czech Republic
CEZ AS		370		8,783
Egypt
Orascom Construction Industries - GDR		234		7,956
Hong Kong
China Oilfield Services LTD, Class H		104,000		233,841
China Railway Construction Corp. LTD		126,500		128,579
CIFI Holdings Group Co. LTD		192,000		33,888
Geely Automobile Holdings LTD		315,000		131,475
Shenzhen Investment LTD		312,000		114,896
				642,679
Reference Entity - Long		Shares		Value
Indonesia
Indocement Tunggal Prakarsa Tbk PT		28,500	$	57,790
Israel
The Israel Corp. LTD		44		20,628
Malaysia
MISC Bhd		4,000		6,708
Petronas Chemicals Group Bhd		195,700		399,290
				405,998
Mexico
Fomento Economico Mexicano SAB de CV - ADR		423		42,084
Grupo Financiero Santander Mexico SAB de CV		14,000		40,599
Kimberly-Clark de Mexico SAB de CV, Class A		69,900		229,849
				312,532
Panama
Copa Holdings SA, Class A		5,136		714,777
Poland
Telekomunikacja Polska SA		45,856		109,037
Russia
Gazprom OAO		11,240		43,715
Pharmstandard OJSC - GDR		1,860		25,761
Russian Grids OAO		213,000		7,009
Sistema JSFC - GDR		17,745		389,844
Surgutneftegas OAO, Preference Shares		56,900		37,179
				503,508
South Africa
Mr Price Group LTD		12,770		166,465
Netcare LTD		37,467		89,017
Truworths International LTD		2,885		24,422
				279,904
South Korea
Cheil Worldwide, Inc.		8,950		205,108
Digital Optics Co. LTD		3,036		54,463
Dongbu Insurance Co. LTD		370		15,666
Doosan Corp.		585		74,138
Doosan Heavy Industries & Construction Co. LTD		3,880		159,163
Grand Korea Leisure Co. LTD		4,020		114,468
Halla Climate Control Corp.		11,080		328,384
Hansol SeenTec Co., LTD		6,367		52,252
Hyundai Engineering & Construction Co. LTD		3,006		158,224
Korea Aerospace Industries LTD		19,260		494,531
Kyung Bong Co. LTD		7,707		21,313
Mando Corp.		551		57,855
Nable Communications, Inc.		2,915		33,855
Neowiz Games Corp.		228		3,245

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 16

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Long	Shares			Value
South Korea (concluded)
PARTRON Co. LTD	636		$	9,373
RFTech Co. LTD	2,915			30,268
SK Hynix, Inc.	4,300			104,020
Sung Kwang Bend Co. LTD	1,496			38,566
Tamul Multimedia Co. LTD	3,706			20,866
				1,975,758
Taiwan
AU Optronics Corp.	228,000			82,124
Catcher Technology Co. LTD	16,000			69,190
Cheng Uei Precision Industry Co. LTD	105,000			213,036
Chimei Materials Technology Corp.	117,000			131,051
Delta Electronics, Inc.	31,000			150,373
Everlight Electronics Co. LTD	52,000			81,850
Far Eastern New Century Corp.	314,000			354,268
Global Unichip Corp.	1,000			3,187
Inventec Co. LTD	144,000			108,605
Merida Industry Co. LTD	36,000			240,049
Motech Industries, Inc.	110,000			142,265
Pegatron Corp.	145,000			214,064
Phison Electronics Corp.	25,000			186,342
President Chain Store Corp.	58,000			432,152
Taiwan Semiconductor Manufacturing Co. LTD	72,000			244,849
Uni-President Enterprises Corp.	191,000			389,581
Vanguard International Semiconductor Corp.	106,000			105,803
				3,148,789
Thailand
BEC World PCL	121,300			238,337
Samart Corp. PCL	155,900			94,138
				332,475
Turkey
Anadolu Efes Biracilik Ve Malt Sanayii AS	338			4,652
Netas Telekomunikasyon AS	2,969			10,812
Turk Hava Yollari	44,287			185,971
				201,435
United Kingdom
SABMiller PLC	6,145			299,228
United States
Coeur Mining, Inc.	333			4,465
Gran Tierra Energy, Inc.	8,631			53,081
				57,546
Total Reference Entity - Long				10,487,364
Reference Entity - Short
Brazil
Aliansce Shopping Centers SA	(2,300	)		(21,212	)
BR Malls Participacoes SA	(23,500	)		(208,285	)
BR Properties SA	(28,900	)		(239,424	)
Braskem SA - ADR	(5,275	)		(81,129	)
Cia de Bebidas das Americas - ADR	(552	)		(20,854	)
Reference Entity - Short	Shares			Value
Brazil (concluded)
EcoRodovias Infraestrutura e Logistica SA	(8,300	)	$	(58,393	)
Embraer SA - ADR	(6,956	)		(236,295	)
Equatorial Energia SA	(21,500	)		(175,668	)
Fibria Celulose SA - ADR	(13,478	)		(149,336	)
Gerdau SA - ADR	(9,320	)		(59,089	)
Gol Linhas Aereas Inteligentes SA - ADR	(26,003	)		(92,311	)
Qualicorp SA	(3,200	)		(23,425	)
Telefonica Brasil SA - ADR	(12,081	)		(259,379	)
Totvs SA	(12,400	)		(195,674	)
				(1,820,474	)
Chile
Empresa Nacional de Electricidad SA - ADR	(6,496	)		(258,021	)
China
China Life Insurance Co. LTD, Class H	(103,000	)		(247,066	)
China Longyuan Power Group Corp.	(147,000	)		(154,607	)
China National Building Material Co. LTD, Class H	(130,000	)		(117,157	)
China Pacific Insurance Group Co. LTD	(83,000	)		(277,453	)
China Shipping Development Co. LTD, Class H	(6,000	)		(2,610	)
China Yurun Food Group LTD	(47,000	)		(32,865	)
CITIC Securities Co. LTD	(13,000	)		(24,497	)
Daphne International Holdings LTD	(66,000	)		(47,025	)
Guangzhou Automobile Group Co. LTD	(78,000	)		(75,674	)
Shanghai Pharmaceuticals Holding Co. LTD	(68,600	)		(142,515	)
Shui On Land LTD	(676,500	)		(202,382	)
Sinopec Shanghai Petrochemical Co. LTD	(58,000	)		(17,851	)
Weichai Power Co. LTD	(15,000	)		(49,646	)
				(1,391,348	)
Czech Republic
Telefonica Czech Republic AS	(8,511	)		(127,373	)
Hong Kong
Beijing Enterprises Holdings LTD	(9,500	)		(63,424	)
Bosideng International Holdings LTD	(650,000	)		(134,859	)
Brilliance China Automotive Holdings LTD	(100,000	)		(119,403	)
China Agri-Industries Holdings LTD	(98,000	)		(45,458	)
China High Speed Transmission Equipment Group Co. LTD	(99,000	)		(44,605	)
China Mengniu Dairy Co. LTD	(18,000	)		(72,018	)
Dah Chong Hong Holdings LTD	(17,000	)		(12,858	)
Zhongsheng Group Holdings LTD	(132,000	)		(136,863	)
				(629,488	)

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 17

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Short	Shares			Value
Hungary
MOL Hungarian Oil and Gas PLC	(44	)	$	(3,305	)
India
Dr Reddy's Laboratories LTD - ADR	(580	)		(21,617	)
Larsen & Toubro LTD - GDR	(7,207	)		(100,058	)
				(121,675	)
Malaysia
IHH Healthcare Bhd	(38,100	)		(46,955	)
Sapurakencana Petroleum Bhd	(24,800	)		(29,481	)
				(76,436	)
Mexico
Empresas ICA SAB de CV	(68,200	)		(144,113	)
Grupo Bimbo SAB de CV	(7,800	)		(26,381	)
Grupo Televisa SAB	(7,500	)		(40,557	)
Grupo Televisa SAB - ADR	(1,988	)		(53,875	)
Industrias CH SAB de CV	(300	)		(1,925	)
Mexichem SAB de CV	(114,800	)		(537,206	)
				(804,057	)
Philippines
Globe Telecom Inc.	(710	)		(26,683	)
Poland
Polski Koncern Naftowy Orlen SA	(2,689	)		(36,503	)
Russia
Mobile Telesystems OJSC - ADR	(13,575	)		(264,577	)
South Africa
Exxaro Resources LTD	(12,589	)		(194,045	)
Massmart Holdings LTD	(9,996	)		(169,716	)
MTN Group LTD	(4,126	)		(77,246	)
Northam Platinum LTD	(9,573	)		(35,111	)
Shoprite Holdings LTD	(10,634	)		(179,818	)
The Spar Group LTD	(3,994	)		(46,394	)
				(702,330	)
South Korea
CJ CheilJedang Corp.	(218	)		(54,980	)
Daewoo Engineering & Construction Co. LTD	(16,620	)		(114,060	)
Daewoo International Corp.	(1,190	)		(40,681	)
Daewoo Shipbuilding & Marine Engineering Co. LTD	(4,110	)		(108,310	)
Danal Co. LTD	(865	)		(8,128	)
GS Engineering & Construction Corp.	(2,830	)		(76,717	)
Hotel Shilla Co. LTD	(2,779	)		(164,503	)
Hyundai Development Co.	(1,680	)		(29,798	)
Hyundai Mipo Dockyard	(6,061	)		(716,303	)
LG Chem LTD	(247	)		(61,951	)
LG Display Co. LTD - ADR	(940	)		(11,647	)
LG Household & Health Care LTD	(16	)		(8,425	)
Orion Corp/Republic of South Korea	(11	)		(9,987	)
Osstem Implant Co. LTD	(156	)		(4,193	)
Samsung Engineering Co. LTD	(3,631	)		(253,922	)
Reference Entity - Short	Shares			Value
South Korea (concluded)
Samsung Fine Chemicals Co. LTD	(1,230	)	$	(52,260	)
Samsung SDI Co. LTD	(1,323	)		(191,688	)
SBS Media Holdings Co. LTD	(5,020	)		(22,643	)
WeMade Entertainment Co. LTD	(692	)		(34,098	)
				(1,964,294	)
Taiwan
Career Technology MFG. Co. LTD	(7,000	)		(6,680	)
China Airlines LTD	(744,000	)		(275,419	)
China Development Financial Holding Corp.	(641,000	)		(181,366	)
China Motor Corp.	(69,000	)		(58,126	)
Compal Electronics, Inc.	(373,000	)		(258,402	)
Evergreen Marine Corp. Taiwan LTD	(307,000	)		(171,937	)
Foxconn Technology Co. LTD	(89,000	)		(220,749	)
Macronix International	(210,000	)		(50,552	)
Medigen Biotechnology Corp.	(4,000	)		(24,536	)
Novatek Microelectronics Corp.	(14,000	)		(61,880	)
Quanta Computer, Inc.	(50,000	)		(116,302	)
Ruentex Development Co. LTD	(16,000	)		(31,269	)
Ruentex Development Co. LTD Entitlement	(16,000	)		(932	)
Siliconware Precision Industries Co.	(213,000	)		(246,841	)
Siliconware Precision Industries Co. - ADR	(39,927	)		(227,584	)
Taiwan Cement Corp.	(212,000	)		(258,931	)
Tripod Technology Corp.	(9,000	)		(18,734	)
				(2,210,240	)
Turkey
Coca-Cola Icecek AS	(179	)		(5,030	)
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS	(6,681	)		(7,473	)
Turk Telekomunikasyon AS	(12,029	)		(43,083	)
Yapi ve Kredi Bankasi AS	(4,276	)		(9,304	)
				(64,890	)
United States
NII Holdings, Inc.	(3,540	)		(25,417	)
Total Reference Entity - Short				(10,527,111	)
Net Value of Reference Entity – Goldman Sachs & Co.			$	(39,747	)

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 18

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, 2013:
Reference Entity - Long		Shares		Value
Brazil
AES Tiete SA, Preference Shares	1,100		$		10,873
All America Latina Logistica SA	4,900				18,944
Arteris SA	1,400				13,304
Centrais Eletricas Brasileiras SA, Preference B Shares	2,500				9,117
Cia de Concessoes Rodoviarias	9,700				76,108
Cia de Saneamento Basico do Estado de Sao Paulo	3,700				37,951
Cia de Saneamento de Minas Gerais - COPASA	600				9,518
Cia Energetica de Minas Gerais, Preference Shares	5,900				53,948
Cia Energetica de Sao Paulo, Preference 'B' Shares	1,700				14,971
Cia Paranaense de Energia, Preference 'B' Shares	1,100				13,481
CPFL Energia SA	2,700				24,984
EcoRodovias Infraestrutura e Logistica SA	1,800				12,664
EDP - Energias do Brasil SA	2,600				13,460
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA, Preference Shares	1,100				2,946
Light SA	700				5,431
Localiza Rent a Car SA	1,500				21,369
MPX Energia SA	1,700				5,179
MPX Energia SA	364				73
Oi SA, Preference Shares	9,200				16,897
Telefonica Brasil SA, Preference Shares	3,300				69,881
Tim Participacoes SA	9,400				34,941
Tractebel Energia SA	1,800				28,720
					494,760
Chile
AES Gener SA	25,786				16,879
Aguas Andinas SA	24,144				17,168
Colbun SA	85,569				22,246
Empresa Nacional de Electricidad SA	36,379				48,041
Empresa Nacional de Telecomunicaciones SA	1,280				20,974
Enersis SA	217,017				65,534
Latam Airlines Group SA	3,013				40,738
					231,580
China
Air China LTD, Class H	22,000				14,881
Beijing Capital International Airport Co. LTD, Class H	22,000				13,634
China Communications Services Corp. LTD	26,000				16,893
China Cosco Holdings Co. LTD, Class H	30,000				12,365
Reference Entity - Long		Shares		Value
China (concluded)
China Longyuan Power Group Corp.	29,000		$		30,501
China Mobile LTD	66,500				707,424
China Shipping Container Lines Co. LTD	43,000				10,407
China Shipping Development Co. LTD	14,000				6,091
China Southern Airlines Co. LTD, Class H	22,000				8,129
China Telecom Corp. LTD, Class H	150,000				74,495
Datang International Power Generation Co. LTD	32,000				14,426
Huaneng Power International, Inc.	34,000				35,455
Jiangsu Expressway Co. LTD	12,000				12,471
Zhejiang Expressway Co. LTD	16,000				13,595
					970,767
Colombia
Interconexion Electrica SA ESP	4,360				18,501
Isagen SA ESP	8,850				12,704
					31,205
Czech Republic
CEZ AS	1,798				42,682
Telefonica Czech Republic AS	1,235				18,483
					61,165
Hong Kong
China Gas Holdings LTD	36,000				40,671
China Merchants Holdings International Co. LTD	12,000				37,470
China Resources Gas Group LTD	10,000				24,978
China Resources Power Holdings Co. LTD	22,000				51,251
China Unicom Hong Kong LTD	50,000				73,577
COSCO Pacific LTD	18,000				25,263
ENN Energy Holdings LTD	8,000				44,278
Guangdong Investment LTD	28,000				22,669
					320,157
Hungary
Magyar Telekom Telecommunications PLC	5,112				7,020
Indonesia
Indosat Tbk PT	14,500				7,051
Jasa Marga Persero Tbk PT	23,000				11,965
Perusahaan Gas Negara Persero Tbk PT	122,000				70,062
Telekomunikasi Indonesia Tbk PT	111,500				128,993
XL Axiata Tbk PT	28,500				12,479
					230,550
Malaysia
AirAsia Bhd	14,300				13,909
Axiata Group Bhd	27,900				58,367
Digi.Com Bhd	34,700				49,715
Malaysia Airports Holdings Bhd	6,000				12,466

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 19

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Long		Shares		Value
Malaysia (concluded)
Maxis Bhd	24,900		$		54,601
MISC Bhd	12,400				20,794
Petronas Gas Bhd	6,500				41,759
Telekom Malaysia Bhd	11,900				19,332
Tenaga Nasional Bhd	30,500				83,612
YTL Corp. Bhd	52,700				27,111
YTL Power International Bhd	24,900				12,433
					394,099
Mexico
America Movil SAB de CV	433,600				456,251
Grupo Aeroportuario del Pacifico SA de CV, -B Shares	3,500				18,220
Grupo Aeroportuario del Sureste SAB de CV	2,200				26,091
					500,562
Philippines
Aboitiz Power Corp.	19,900				16,015
Energy Development Corp.	82,800				11,513
Globe Telecom, Inc.	360				13,530
International Container Terminal Services, Inc.	8,480				17,896
Philippine Long Distance Telephone Co.	465				32,479
					91,433
Poland
Enea SA	1,198				5,065
PGE SA	8,101				38,307
Tauron Polska Energia SA	11,390				15,655
Telekomunikacja Polska SA	7,860				18,690
					77,717
Russia
Federal Grid Co. Unified Energy System JSC	3,280,000				11,022
Federal Hydrogenerating Co. JSC	1,378,000				23,790
Inter RAO JSC	21,800,000				8,139
Rostelecom OJSC	12,950				43,454
Russian Grids OAO	198,000				6,515
					92,920
South Africa
MTN Group LTD	18,279				342,213
Vodacom Group LTD	4,060				47,926
					390,139
South Korea
Hyundai Glovis Co. LTD	149				25,670
Hyundai Merchant Marine Co. LTD	620				8,847
Korea Electric Power Corp.	2,790				71,224
Korea Gas Corp.	271				15,052
KT Corp.	380				12,296
LG Uplus Corp.	2,360				28,780
SK Telecom Co. LTD	115				22,532
					184,401
Reference Entity - Long		Shares		Value
Taiwan
China Airlines LTD	33,000		$		12,216
Chunghwa Telecom Co. LTD	41,000				131,075
Eva Airways Corp.	21,000				11,702
Evergreen Marine Corp. Taiwan LTD	19,000				10,641
Far EasTone Telecommunications Co. LTD	18,000				45,798
Taiwan Mobile Co. LTD	19,000				69,021
U-Ming Marine Transport Corp.	5,000				7,568
Wan Hai Lines LTD	11,000				5,884
Yang Ming Marine Transport Corp.	16,000				6,802
					300,707
Thailand
Advanced Info Service PCL	13,300				120,934
Airports of Thailand PCL	4,800				27,266
Glow Energy PCL	5,700				12,456
					160,656
Turkey
TAV Havalimanlari Holding AS	1,732				10,825
Turk Hava Yollari	6,207				26,065
Turk Telekomunikasyon AS	5,833				20,892
Turkcell Iletisim Hizmet AS	8,265				47,935
					105,717
Net Value of Reference Entity – UBS AG				$	4,645,555

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 20

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, 2013:
Reference Entity - Long		Shares		Value
Austria
IMMOFINANZ AG	7,419		$		30,385
Brazil
Aliansce Shopping Centers SA	3,100				28,590
BR Malls Participacoes SA	2,100				18,613
Brasil Brokers Participacoes SA	5,600				14,213
Iguatemi Empresa de Shopping Centers SA	1,900				19,155
LPS Brasil Consultoria de Imoveis SA	2,400				19,441
Multiplan Empreendimentos Imobiliarios SA	1,200				26,489
					126,501
China
Agile Property Holdings LTD	10,000				10,497
Country Garden Holdings Co. LTD	23,000				12,999
Golden Wheel Tiandi Holdings Co. LTD	58,000				7,768
Greentown China Holdings LTD	4,500				8,935
Guangzhou R&F Properties Co. LTD, Class H	6,400				9,929
Hopson Development Holdings LTD	4,000				4,669
Kaisa Group Holdings LTD	38,000				8,615
Longfor Properties Co. LTD	10,000				15,285
Soho China LTD	29,500				24,151
					102,848
Hong Kong
Champion REIT	95,000				41,706
Cheung Kong Holdings LTD	3,000				42,109
China Overseas Land & Investment LTD	6,000				17,271
Great Eagle Holdings LTD	6,000				22,740
Hang Lung Group LTD	5,000				25,740
Hang Lung Properties LTD	8,000				25,897
Henderson Land Development Co. LTD	4,400				27,404
Hongkong Land Holdings LTD	5,000				33,775
Hysan Development Co. LTD	7,000				29,702
K Wah International Holdings LTD	31,000				14,137
Kerry Properties LTD	7,000				28,776
KWG Property Holding LTD	14,000				8,024
The Link REIT	8,500				41,505
New World Development Co. LTD	12,000				17,503
Poly Property Group Co. LTD	14,000				7,595
Renhe Commercial Holdings Co. LTD	104,000				6,168
Shimao Property Holdings LTD	6,500				13,658
Sino Land Co. LTD	18,000				25,394
Sun Hung Kai Properties LTD	2,000				26,661
Swire Pacific LTD, Class A	4,000				47,179
Wharf Holdings LTD	3,000				25,776
Yuexiu Property Co. LTD	68,000				17,169
Reference Entity - Long		Shares		Value
Hong Kong (concluded)
Yuexiu Real Estate Investment Trust	52,000		$		27,077
					572,966
Indonesia
Alam Sutera Realty Tbk PT	124,000				8,433
Bekasi Fajar Industrial Estate Tbk PT	164,500				9,763
Bumi Serpong Damai PT	99,500				15,257
Ciputra Development Tbk PT	106,500				11,920
Modernland Realty Tbk PT	124,500				9,933
Pakuwon Jati Tbk PT	394,500				14,577
Sentul City Tbk PT	369,500				8,981
Summarecon Agung Tbk PT	112,000				10,891
					89,755
Malaysia
IGB Real Estate Investment Trust	151,000				58,606
KLCC Property Holdings Bhd	14,700				29,726
SP Setia Bhd	24,300				25,019
Tebrau Teguh Bhd	27,600				11,222
UEM Land Holdings Bhd	24,200				19,975
					144,548
Philippines
Ayala Land, Inc.	34,900				24,147
Megaworld Corp.	212,000				15,796
SM Prime Holdings, Inc.	73,400				29,658
					69,601
Singapore
Ascendas Real Estate Investment Trust	25,000				45,187
CapitaCommercial Trust	35,000				38,632
CapitaLand LTD	10,000				25,368
CapitaMall Trust	30,000				47,812
CapitaMalls Asia LTD	18,000				28,204
CDL Hospitality Trusts	28,000				36,639
City Developments LTD	4,000				33,428
Keppel Land LTD	11,000				31,868
Keppel REIT	45,000				44,993
Mapletree Logistics Trust	48,000				40,239
Suntec Real Estate Investment Trust	35,000				43,756
Yanlord Land Group LTD	15,000				14,559
					430,685
South Africa
Growthpoint Properties LTD	19,303				48,635
Taiwan
Chong Hong Construction Co.	6,000				24,925
Farglory Land Development Co. LTD	14,000				25,439
Huaku Development Co. LTD	9,000				29,025
Huang Hsiang Construction Co.	10,000				23,737
Hung Sheng Construction Co. LTD	34,000				32,579
Kindom Construction Co.	15,000				23,028

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 21

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Long		Shares		Value
Taiwan (concluded)
Kuoyang Construction Co. LTD	29,000		$		19,907
Prince Housing & Development Corp.	31,000				21,402
Radium Life Tech Co. LTD	23,000				20,633
Ruentex Development Co. LTD	9,000				17,589
					238,264
Thailand
Amata Corp. PCL	17,500				9,449
Ananda Development PCL	88,100				7,198
AP Thailand PCL	80,900				15,139
Bangkokland PCL	161,500				7,525
Central Pattana PCL	13,300				18,292
Hemaraj Land and Development PCL	132,700				13,991
Land and Houses PCL	42,700				13,786
LPN Development PCL	24,200				16,469
Malee Sampran Factory PCL	3,900				4,211
MDX PCL	9,700				3,285
Nawarat Patanakarn PCL	48,900				3,693
Nawarat Patanakarn PCL, BrokerTB	6,112				129
Property Perfect PCL	191,200				7,021
Pruksa Real Estate PCL	15,000				8,995
Quality Houses PCL	82,200				7,130
Raimon Land PCL	162,500				6,584
Sansiri PCL	114,000				9,739
SC Asset Corp. PCL	72,900				9,054
Siam Future Development PCL	37,400				7,523
Supalai PCL	30,900				15,277
Thai Factory Development PCL	13,900				4,098
Ticon Industrial Connection PCL	19,900				12,635
Univentures PCL	14,300				3,592
					204,815
Turkey
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	12,689				17,582
Nurol Gayrimenkul Yatirim Ortakligi AS	1,788				5,664
Sinpas Gayrimenkul Yatirim Ortakligi AS	23,290				12,630
					35,876
Net Value of Reference Entity – UBS AG				$	2,094,879

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 22

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, 2013:
Reference Entity - Long		Shares		Value
Brazil
AES Tiete SA, Preference Shares	13,700		$		135,418
Cia Siderurgica Nacional SA	13,700				39,454
Cyrela Brazil Realty SA	500				3,570
JBS SA	16,200				45,234
Odontoprev SA	65,900				270,088
Oi SA, Preference Shares	41,700				76,588
Vale SA, Preference 'A' Shares	700				8,637
					578,989
Canada
Alamos Gold, Inc.	1,852				27,281
Methanex Corp.	3,732				178,225
Petrominerales LTD	4,291				23,354
					228,860
Chile
Cia Cervecerias Unidas SA	1,464				19,753
Empresa Nacional de Telecomunicaciones SA	17,984				294,677
Empresas CMPC SA	40,643				120,494
					434,924
China
Agile Property Holdings LTD	46,000				48,288
Anta Sports Products LTD	10,000				5,110
Bank of China LTD, Class H	11,000				4,606
China Communications Construction Co. LTD, Class H	66,000				50,401
China Construction Bank Corp., Class H	17,000				12,675
China Railway Group LTD	133,000				71,450
China Shanshui Cement Group LTD	175,000				69,630
Datang International Power Generation Co. LTD	154,000				69,427
Future Land Development Holdings LTD	124,000				14,538
Greentown China Holdings LTD	4,500				8,935
Guangzhou R&F Properties Co. LTD, Class H	4,000				6,206
NVC Lighting Holdings LTD	381,000				100,641
Soho China LTD	105,000				85,963
Zhaojin Mining Industry Co. LTD	6,500				4,364
					552,234
Czech Republic
CEZ AS	20,578				488,496
Egypt
Orascom Construction Industries - GDR	119				4,046
Hong Kong
China Merchants Holdings International Co. LTD	32,000				99,921
CIFI Holdings Group Co. LTD	108,000				19,062
Reference Entity - Long		Shares		Value
Hong Kong (concluded)
Franshion Properties China LTD	60,000		$		19,181
GOME Electrical Appliances Holdings LTD	321,000				32,248
KWG Property Holding LTD	146,000				83,680
Shenzhen Investment LTD	20,000				7,365
					261,457
Hungary
Richter Gedeon Nyrt	5,940				91,316
Indonesia
Perusahaan Gas Negara Persero Tbk PT	144,000				82,696
Israel
The Israel Corp. LTD	126				59,070
Malaysia
MISC Bhd	3,700				6,205
Petronas Chemicals Group Bhd	35,100				71,615
					77,820
Mexico
America Movil SAB de CV	249,300				262,323
Embotelladoras Arca SA de CV	3,200				23,966
Grupo Financiero Santander Mexico SAB de CV	7,000				20,300
Kimberly-Clark de Mexico SAB de CV, Class A	7,200				23,675
					330,264
Philippines
Universal Robina Corp.	69,680				199,415
Poland
Telekomunikacja Polska SA	1,467				3,488
Russia
Gazprom OAO	3,500				13,612
LSR Group - GDR	20,623				87,235
Russian Grids OAO	653,000				21,487
Sistema JSFC - GDR	13,082				287,402
					409,736
South Africa
Netcare LTD	11,881				28,228
Sibanye Gold LTD	3,314				2,572
					30,800
South Korea
Chabio & Diostech Co. LTD	5,382				50,006
Digital Optics Co. LTD	2,197				39,412
Doosan Heavy Industries & Construction Co. LTD	4,170				171,059
Hankook Tire Co. LTD	2,734				146,246
Hanwha Corp.	250				6,835
Hyundai Engineering & Construction Co. LTD	2,556				134,538
ICD Co. LTD	1,872				24,545
KCC Corp.	219				67,971

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 23

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Long		Shares		Value
South Korea (concluded)
KEYEAST Co. LTD	30,808		$		43,602
KGMobilians Co. LTD	1,548				20,630
Korea Aerospace Industries LTD	190				4,879
Mando Corp.	3,316				348,178
Nanos Co. LTD	126				1,827
PARTRON Co. LTD	5,104				75,220
S-MAC Co. LTD	8,833				92,372
SaraminHR Co. LTD	3,906				44,647
Tamul Multimedia Co. LTD	478				2,691
					1,274,658
Taiwan
AU Optronics Corp.	501,000				180,455
Casetek Holdings LTD	26,000				129,952
Chimei Innolux Corp.	160,000				70,884
Chimei Materials Technology Corp.	117,000				131,050
Chong Hong Construction Co.	1,000				4,154
Elan Microelectronics Corp.	22,000				41,266
Everlight Electronics Co. LTD	25,000				39,351
Feng Hsin Iron & Steel Co.	52,000				91,608
Formosa Chemicals & Fibre Corp.	55,620				138,360
Giant Manufacturing Co. LTD	4,000				30,240
Inventec Co. LTD	225,000				169,695
Phison Electronics Corp.	27,000				201,250
Powertech Technology, Inc.	175,000				335,221
President Chain Store Corp.	6,000				44,705
Realtek Semiconductor Corp.	71,000				169,588
Zhen Ding Technology Holding LTD	300				676
					1,778,455
Thailand
BEC World PCL	25,600				50,302
Siam Cement PCL	12,200				179,080
					229,382
Turkey
TAV Havalimanlari Holding AS	36,889				230,566
Turk Hava Yollari	3,695				15,516
					246,082
Total Reference Entity - Long				7,362,188
Reference Entity - Short
Brazil
BR Malls Participacoes SA	(300)				(2,659)
BR Properties SA	(100)				(828)
Multiplan Empreendimentos Imobiliarios SA	(1,700)				(37,527)
Natura Cosmeticos SA	(3,100)				(62,439)
Totvs SA	(1,700)				(26,826)
					(130,279)
China
Airtac International Group	(70)				(396)
China COSCO Holdings Co. LTD	(132,500)				(54,612)
China Life Insurance Co. LTD,  Class H	(1,000)				(2,399)
Reference Entity - Short		Shares		Value
China (concluded)
China Longyuan Power Group Corp.	(2,000)		$		(2,103)
China Pacific Insurance Group Co. LTD	(7,800)				(26,074)
Daphne International Holdings LTD	(12,000)				(8,550)
Guangzhou Automobile Group Co. LTD	(58,000)				(56,270)
Hopson Development Holdings LTD	(4,000)				(4,669)
ZTE Corp.	(5,800)				(10,076)
					(165,149)
Czech Republic
Komercni Banka SA	(45)				(8,745)
Egypt
Orascom Telecom Holding SAE - GDR	(19,055)				(56,027)
Hong Kong
Beijing Enterprises Holdings LTD	(8,500)				(56,748)
China Mengniu Dairy Co. LTD	(5,000)				(20,005)
Dah Chong Hong Holdings LTD	(122,000)				(92,276)
GCL-Poly Energy Holdings LTD	(955,000)				(243,375)
					(412,404)
India
Larsen & Toubro LTD - GDR	(11,026)				(153,080)
Israel
Ratio Oil Exploration 1992 LP	(175,000)				(17,459)
Malaysia
Axiata Group Bhd	(6,200)				(12,970)
IJM Corp. Bhd	(17,200)				(30,673)
Maxis Bhd	(3,700)				(8,114)
					(51,757)
Mexico
Grupo Bimbo SAB de CV	(73,600)				(248,930)
Industrias CH SAB de CV	(17,900)				(114,846)
					(363,776)
Poland
Polski Koncern Naftowy Orlen SA	(12,460)				(169,146)
Russia
Novolipetsk Steel OJSC - GDR	(7,044)				(102,125)
Severstal OAO - GDR	(818)				(6,148)
Tatneft OAO - ADR	(5,972)				(219,496)
Uralkali OJSC - GDR	(3,476)				(75,295)
VTB Bank OJSC - GDR	(5,838)				(16,398)
					(419,462)
South Africa
Anglo American Platinum LTD	(920)				(32,548)

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 24

Schedule of Investments (continued) BlackRock Emerging Market Allocation Portfolio  

Reference Entity - Short		Shares		Value
South Korea
Amorepacific Corp.	(387)		$		(326,569)
CJ Corp.	(271)				(27,606)
CTC BIO, Inc.	(605)				(15,515)
Daewoo Shipbuilding & Marine Engineering Co. LTD	(6,070)				(159,961)
Daum Communications Corp.	(1,591)				(124,122)
Doosan Infracore Co. LTD	(1,960)				(21,515)
E-Mart Co. LTD	(450)				(84,688)
GS Engineering & Construction Corp.	(3,770)				(102,199)
Hansol Technics Co. LTD	(1,360)				(23,526)
Hotel Shilla Co. LTD	(789)				(46,705)
Hyundai Development Co.	(6,720)				(119,192)
Kolon Industries, Inc.	(368)				(16,530)
OCI Co. LTD	(44)				(6,513)
Orion Corp/Republic of South Korea	(193)				(175,234)
Osstem Implant Co. LTD	(599)				(16,099)
					(1,265,974)
Taiwan
China Motor Corp.	(287,000)				(241,770)
China Petrochemical Development Corp.	(729,000)				(373,118)
Dynapack International Technology Corp.	(5,000)				(14,145)
Epistar Corp.	(112,000)				(186,509)
Eva Airways Corp.	(148,000)				(82,474)
Evergreen Marine Corp. Taiwan LTD	(5,000)				(2,800)
Foxconn Technology Co. LTD	(41,000)				(101,693)
G Tech Optoelectronics Corp.	(46,000)				(88,259)
Genesis Photonics, Inc.	(101,000)				(60,804)
Genius Electronic Optical Co. LTD	(4,000)				(21,129)
Green Energy Technology, Inc.	(16,000)				(10,201)
Macronix International	(2,578,000)				(620,593)
MStar Semiconductor, Inc.	(11,000)				(87,066)
Oriental Union Chemical Corp.	(18,000)				(17,600)
Shin Zu Shing Co. LTD	(50,000)				(112,504)
Synnex Technology International Corp.	(352,000)				(442,117)
Wintek Corp.	(710,000)				(288,812)
Yang Ming Marine Transport Corp.	(233,000)				(99,047)
Yuanta Financial Holding Co. LTD	(161,000)				(83,971)
					(2,934,612)
Thailand
Charoen Pokphand Foods PCL	(490,300)				(438,607)
Glow Energy PCL	(6,600)				(14,444)
Home Product Center PCL	(406,600)				(153,287)
Thai Union Frozen Products PCL	(34,200)				(61,462)
					(667,800)
Turkey
Arcelik AS	(10,169)				(67,767)
Coca-Cola Icecek AS	(154)				(4,327)
Trakya Cam Sanayi AS	(101,730)				(131,361)
Reference Entity - Short		Shares		Value
Turkey (concluded)
Turk Telekomunikasyon AS	(54,413)				(194,888)
					(398,343)
Total Reference Entity - Short				(7,246,561)
Net Value of Reference Entity – UBS AG				$	115,627

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 25

Schedule of Investments (concluded) BlackRock Emerging Market Allocation Portfolio

• Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure 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)

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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities.

The following tables summarize the Fund's investments categorized in the disclosure hierarchy as of July 31, 2013:

		Level 1		Level 2	Level 3		Total
Assets:
Investments:
Long Term Investments:
Corporate Bonds		—	$	5,583,430	—	$	5,583,430
Foreign Agency Obligations		—		21,477,665	—		21,477,665
Investment Companies	$	3,105,127		—	—		3,105,127
Short-Term Securities		16,646,771		—	—		16,646,771
Total	$	19,751,898	$	27,061,095	—	$	46,812,993

	Level 1		Level 2	Level 3		Total
Derivative Financial Instruments1
Assets:
Equity contracts.	—	$	104,439	—	$	104,439
Liabilities:
Equity contracts.	—		(1,705,096)	—		(1,705,096)
Total	—	$	(1,600,657)	—	$	(1,600,657)

¹   Derivative financial instruments are swaps, which are valued at the unrealized appreciation/depreciation on the instrument.

Certain of the Fund’s assets are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2013, cash held at brokers as collateral for swaps of $1,256,870 is categorized as Level 1 within the disclosure hierarchy.

BLACKROCK EMERGING MARKET ALLOCATION PORTFOLIO JULY 31, 2013 26

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 24, 2013

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 24, 2013

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Funds

Date: September 24, 2013