# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0000940400-25-005397
**Filing Date:** 2025-10
**Character Count:** 74387
**Document Hash:** dba48ded58bbb8a3fc6a83b268f5f9f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005397.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0000940400-25-005397

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260531

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 251419553

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

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

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

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

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

## Series and Classes Contracts Data

### BLACKROCK HEALTH SCIENCES OPPORTUNITIES PORTFOLIO (Series ID: S000001877)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000004912 | INSTITUTIONAL  | SHSSX           |
| C000004913 | SERVICE        | SHISX           |
| C000004914 | INVESTOR A     | SHSAX           |
| C000004916 | INVESTOR C     | SHSCX           |
| C000037661 | Class R Shares |  |
| C000172900 | Class K        |  |

## Nport-Ex

Schedule of Investments (unaudited)

August 31, 2025

**BlackRock Health Sciences Opportunities Portfolio**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Biotechnology — 24.6%** | **Biotechnology — 24.6%** | **Biotechnology — 24.6%** |
| 4D Molecular Therapeutics, Inc.<sup>(a)</sup> | 135704 | $835937 |
| AbbVie, Inc. | 1266166 | 266401326 |
| Alkermes PLC<sup>(a)</sup> | 153448 | 4445389 |
| Allogene Therapeutics, Inc.<sup>(a)(b)</sup> | 1299131 | 1468018 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 369882 | 165156012 |
| Amgen, Inc. | 705353 | 202937112 |
| Arcellx, Inc.<sup>(a)</sup> | 196656 | 13645960 |
| Argenx SE, ADR<sup>(a)</sup> | 68304 | 48646109 |
| Ascendis Pharma A/S, ADR<sup>(a)(b)</sup> | 117823 | 22889474 |
| Autolus Therapeutics PLC, ADR<sup>(a)</sup> | 783400 | 1175100 |
| Avidity Biosciences, Inc.<sup>(a)(b)</sup> | 106911 | 4979914 |
| Beam Therapeutics, Inc.<sup>(a)(b)</sup> | 178178 | 2914992 |
| Biogen, Inc.<sup>(a)</sup> | 344176 | 45506951 |
| Biohaven Ltd.<sup>(a)(b)</sup> | 219235 | 3374027 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 362437 | 21119204 |
| BioNTech SE, ADR<sup>(a)(b)</sup> | 45052 | 4505200 |
| &nbsp;&nbsp;&nbsp; Bridgebio Oncology Therapeutics, Inc. (Acquired <br> 08/08/25, cost $2,242,992)<sup>(a)(c)</sup><br>| 209287 | 1687049 |
| BridgeBio Oncology Therapeutics, Inc.<sup>(a)</sup> | 841293 | 7521160 |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 220174 | 11396206 |
| CG oncology, Inc.<sup>(a)</sup> | 63959 | 1715380 |
| Denali Therapeutics, Inc.<sup>(a)(b)</sup> | 243212 | 3713847 |
| Disc Medicine, Inc.<sup>(a)(b)</sup> | 91796 | 5475172 |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | 295814 | 3990531 |
| Exact Sciences Corp.<sup>(a)</sup> | 588997 | 27930238 |
| Exelixis, Inc.<sup>(a)</sup> | 325138 | 12166664 |
| Gilead Sciences, Inc. | 1055880 | 119282764 |
| Incyte Corp.<sup>(a)</sup> | 396619 | 33557934 |
| Insmed, Inc.<sup>(a)</sup> | 616927 | 83963765 |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 182704 | 7789585 |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | 57452 | 2367022 |
| Legend Biotech Corp., ADR<sup>(a)(b)</sup> | 132938 | 4616937 |
| Merus NV<sup>(a)</sup> | 218944 | 14415273 |
| Moderna, Inc.<sup>(a)</sup> | 387149 | 9326419 |
| MoonLake Immunotherapeutics<sup>(a)</sup> | 119395 | 6656271 |
| Natera, Inc.<sup>(a)</sup> | 144158 | 24254584 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 137344 | 19173222 |
| Nuvalent, Inc., Class A<sup>(a)</sup> | 339427 | 25993320 |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 393519 | 23237297 |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 260718 | 12861219 |
| Regeneron Pharmaceuticals, Inc. | 104909 | 60920656 |
| REGENXBIO, Inc.<sup>(a)</sup> | 227654 | 2032950 |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 644433 | 66473264 |
| Roivant Sciences Ltd.<sup>(a)</sup> | 503537 | 6007196 |
| Scholar Rock Holding Corp.<sup>(a)</sup> | 94016 | 3069622 |
| Stoke Therapeutics, Inc.<sup>(a)(b)</sup> | 828896 | 16378985 |
| Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 216143 | 5122589 |
| TScan Therapeutics, Inc.<sup>(a)(b)</sup> | 598220 | 1076796 |
| United Therapeutics Corp.<sup>(a)</sup> | 48892 | 14900326 |
| Upstream Bio, Inc.<sup>(a)</sup> | 207817 | 3559905 |
| Vaxcyte, Inc.<sup>(a)</sup> | 92838 | 2858482 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 150520 | 58856330 |
| Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 112904 | 3054053 |
| Vir Biotechnology, Inc.<sup>(a)</sup> | 240122 | 1186203 |
| Voyager Therapeutics, Inc.<sup>(a)</sup> | 393621 | 1322567 |
| Zealand Pharma A/S<sup>(a)</sup> | 87629 | 6022667 |
|  |  | 1525935175 |
| **Health Care Equipment & Supplies — 29.1%** | **Health Care Equipment & Supplies — 29.1%** | **Health Care Equipment & Supplies — 29.1%** |
| Abbott Laboratories | 2765267 | 366840320 |
| Alcon AG<sup>(b)</sup> | 70448 | 5622455 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| Becton Dickinson & Co. | 452702 | $87362432 |
| Boston Scientific Corp.<sup>(a)</sup> | 2745140 | 289612270 |
| Cooper Cos., Inc. (The)<sup>(a)</sup> | 326162 | 21981688 |
| Dexcom, Inc.<sup>(a)</sup> | 449757 | 33884692 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 2436956 | 198222001 |
| GE HealthCare Technologies, Inc. | 255065 | 18805942 |
| Glaukos Corp.<sup>(a)</sup> | 93658 | 8974310 |
| Hologic, Inc.<sup>(a)</sup> | 148701 | 9980811 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 80193 | 51892088 |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 55983 | 5245047 |
| Insulet Corp.<sup>(a)</sup> | 96316 | 32735882 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 359957 | 170365848 |
| Medtronic PLC | 2251852 | 208994384 |
| Novocure Ltd.<sup>(a)</sup> | 609048 | 7509562 |
| Nyxoah SA<sup>(a)(b)</sup> | 360523 | 2249664 |
| Orchestra BioMed Holdings, Inc.<sup>(a)</sup> | 221523 | 604758 |
| Penumbra, Inc.<sup>(a)</sup> | 141528 | 38586194 |
| STERIS PLC | 71712 | 17573743 |
| Stryker Corp. | 590593 | 231164006 |
|  |  | 1808208097 |
| **Health Care Providers & Services — 12.2%** | **Health Care Providers & Services — 12.2%** | **Health Care Providers & Services — 12.2%** |
| Cencora, Inc. | 313552 | 91434899 |
| Centene Corp.<sup>(a)</sup> | 589562 | 17120881 |
| Cigna Group (The) | 108590 | 32671473 |
| CVS Health Corp. | 386110 | 28243947 |
| Elevance Health, Inc. | 153852 | 49024940 |
| &nbsp;&nbsp;&nbsp; Exo Imaging, Inc. (Acquired 06/24/21, cost <br> $11,178,821)<sup>(a)(c)(d)</sup><br>| 19083 | 6870 |
| Guardant Health, Inc.<sup>(a)</sup> | 375126 | 25290995 |
| HCA Healthcare, Inc. | 147340 | 59519466 |
| Humana, Inc. | 69526 | 21112265 |
| Labcorp Holdings, Inc. | 237783 | 66101296 |
| McKesson Corp. | 139055 | 95480725 |
| Quest Diagnostics, Inc. | 286388 | 52019516 |
| UnitedHealth Group, Inc. | 710162 | 220057899 |
|  |  | 758085172 |
| **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** | **Health Care Technology — 0.5%** |
| &nbsp;&nbsp;&nbsp; Carbon Health Technologies, Inc. (Acquired <br> 07/09/21, cost $18,064,000)<sup>(a)(c)(d)</sup><br>| 2720277 | 27203 |
| HeartFlow, Inc.<sup>(a)(b)</sup> | 23080 | 727020 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 106825 | 28757290 |
|  |  | 29511513 |
| **Life Sciences Tools & Services — 9.5%** | **Life Sciences Tools & Services — 9.5%** | **Life Sciences Tools & Services — 9.5%** |
| Agilent Technologies, Inc. | 427913 | 53771548 |
| Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup> | 26608 | 7925991 |
| Bio-Techne Corp. | 208407 | 11385274 |
| Bruker Corp. | 529821 | 18003318 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 60372 | 9859351 |
| Danaher Corp. | 519842 | 106993880 |
| Illumina, Inc.<sup>(a)</sup> | 162107 | 16204216 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 191232 | 36488978 |
| Mettler-Toledo International, Inc.<sup>(a)(b)</sup> | 14688 | 19109675 |
| Repligen Corp.<sup>(a)</sup> | 151775 | 18565118 |
| Thermo Fisher Scientific, Inc. | 445095 | 219307208 |
| Waters Corp.<sup>(a)</sup> | 149365 | 45078357 |
| West Pharmaceutical Services, Inc. | 120989 | 29878234 |
|  |  | 592571148 |
| **Pharmaceuticals — 22.2%** | **Pharmaceuticals — 22.2%** | **Pharmaceuticals — 22.2%** |
| AstraZeneca PLC | 391870 | 62469728 |
| Bristol-Myers Squibb Co. | 1144749 | 54009258 |
| Daiichi Sankyo Co. Ltd. | 741200 | 17723331 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock Health Sciences Opportunities Portfolio**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | 271665 | $3898393 |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 506636 | 9296771 |
| Eli Lilly & Co. | 632815 | 463587613 |
| Galderma Group AG | 162586 | 28474776 |
| Johnson & Johnson | 2742592 | 485905025 |
| Merck & Co., Inc. | 1075121 | 90439178 |
| Pfizer, Inc. | 3203007 | 79306453 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)(b)</sup> | 2874833 | 52839430 |
| UCB SA | 116719 | 27379814 |
| WaVe Life Sciences Ltd.<sup>(a)</sup> | 294174 | 2824070 |
|  |  | 1378153840 |
| **Total Common Stocks — 98.1%** <br>**(Cost: $3,596,991,802)** | **Total Common Stocks — 98.1%** <br>**(Cost: $3,596,991,802)** | 6092464945 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Other Interests**<sup>(a)(c)(d)(e)</sup> | **Other Interests**<sup>(a)(c)(d)(e)</sup> | **Other Interests**<sup>(a)(c)(d)(e)</sup> | **Other Interests**<sup>(a)(c)(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp; Afferent Pharmaceuticals, Inc., Series C (Acquired <br> 06/30/15, cost $0)<br>| USD  | 3421 | 34 |
| Affinivax Inc. (Acquired 08/19/22, cost $0) |  | 123 | 1215958 |
| **Total Other Interests — 0.0%** <br>**(Cost: $0)** | **Total Other Interests — 0.0%** <br>**(Cost: $0)** | **Total Other Interests — 0.0%** <br>**(Cost: $0)** | 1215992 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 0.8%** | **Preferred Stocks — 0.8%** | **Preferred Stocks — 0.8%** |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| &nbsp;&nbsp;&nbsp; Adarx Pharmaceuticals, Inc., Series C, (Acquired <br> 08/02/23, cost $6,399,994)<sup>(a)(c)(d)</sup><br>| 769230 | 9146145 |
| &nbsp;&nbsp;&nbsp; Cellarity, Inc., Series B, (Acquired 01/15/21, cost <br> $5,149,998)<sup>(a)(c)(d)</sup><br>| 858333 | 1759582 |
| &nbsp;&nbsp;&nbsp; Genesis Therapeutics, Inc., Series B, (Acquired <br> 08/10/23, cost $4,207,998)<sup>(a)(c)(d)</sup><br>| 823870 | 4498330 |
| &nbsp;&nbsp;&nbsp; Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, <br> cost $4,152,184)<sup>(a)(c)(d)</sup><br>| 3518800 | 563008 |
| Kartos Therapeutics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, (Acquired 08/22/23, cost <br> $6,974,988)<sup>(a)(c)(d)</sup><br>| 1233856 | 7008302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, (Acquired 02/19/25, cost <br> $1,919,018)<sup>(a)(c)(d)</sup><br>| 339469 | 1928184 |
| &nbsp;&nbsp;&nbsp; Laronde, Inc., Series B, (Acquired 07/28/21, cost <br> $10,822,560)<sup>(a)(c)(d)</sup><br>| 386520 | 8835847 |
|  |  | 33739398 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| &nbsp;&nbsp;&nbsp; Swift Health Systems, Inc., Series D, (Acquired <br> 08/27/21, cost $5,270,016)<sup>(a)(c)(d)</sup><br>| 1700 | 3791 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Exo Imaging, Inc., (Acquired 07/24/24, cost <br> $577,098)<sup>(a)(c)(d)</sup><br>| 890877 | 659249 |
| &nbsp;&nbsp;&nbsp; Quanta Dialysis Technologies Ltd., Series D, <br> (Acquired 06/18/21, cost $9,727,321)<sup>(a)(c)(d)</sup><br>| 80024425 | 6597822 |
|  |  | 7257071 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Insitro, Series C, (Acquired 03/10/21, cost <br> $10,839,964)<sup>(a)(c)(d)</sup><br>| 592636 | 5428546 |
| **Total Preferred Securities — 0.8%** <br>**(Cost: $66,041,139)** | **Total Preferred Securities — 0.8%** <br>**(Cost: $66,041,139)** | 46428806 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Rights** | **Rights** | **Rights** |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Blueprint Medicines Corp., CVR<sup>(a)(d)</sup> | 204909 | $198762 |
| Korro Bio, Inc., CVR<sup>(a)(d)</sup> | 428010 | 4 |
| Mirati Therapeutics, Inc., CVR<sup>(a)(b)(d)</sup> | 228510 | 171382 |
|  |  | 370148 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| ABIOMED, Inc., CVR<sup>(a)(d)</sup> | 243643 | 548197 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 918345 |
| **Warrants**<sup>(a)</sup> | **Warrants**<sup>(a)</sup> | **Warrants**<sup>(a)</sup> |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; CareMax, Inc., (Issued 09/15/20/Exercisable, <br> 1 Share for 1 Warrant, Expires 06/08/26, Strike <br> Price USD 11.50)<sup>(d)</sup><br>| 88432 | 186 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| &nbsp;&nbsp;&nbsp; Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, <br> 1 Share for 1 Warrant, Expires 07/07/27, Strike <br> Price USD 11.50)<br>| 77354 | 15471 |
| **Total Warrants — 0.0%** <br>**(Cost: $306,235)** | **Total Warrants — 0.0%** <br>**(Cost: $306,235)** | 15657 |
| **Total Long-Term Investments — 98.9%** <br>**(Cost: $3,663,339,176)** | **Total Long-Term Investments — 98.9%** <br>**(Cost: $3,663,339,176)** | 6141043745 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.0%** | **Money Market Funds — 2.0%** | **Money Market Funds — 2.0%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| 54659768 | 54687098 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.16%<sup>(f)(g)</sup><br>| 70251895 | 70251895 |
| **Total Short-Term Securities — 2.0%** <br>**(Cost: $124,933,519)** | **Total Short-Term Securities — 2.0%** <br>**(Cost: $124,933,519)** | 124938993 |
| **Total Investments — 100.9%** <br>**(Cost: $3,788,272,695)** | **Total Investments — 100.9%** <br>**(Cost: $3,788,272,695)** | 6265982738 |
| **Liabilities in Excess of Other Assets — (0.9)%** | **Liabilities in Excess of Other Assets — (0.9)%** | (55138948)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6210843790 |

---

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $49,365,920, representing 0.8% of its net assets as of period end, and an original cost of $97,526,952. 

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

<sup>(e)</sup> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. 

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

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

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock Health Sciences Opportunities Portfolio**

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*05/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $53001569<br>| &nbsp;&nbsp; $1680992 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1614 | &nbsp;&nbsp; $2923 | &nbsp;&nbsp; $54687098 | &nbsp;&nbsp; 54659768 | &nbsp;&nbsp; $172467 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, <br> T-Fund, Institutional Shares<br>| &nbsp;&nbsp; 332559809<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (262307914 )<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70251895 | &nbsp;&nbsp; 70251895 | &nbsp;&nbsp; 929749 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $1614 | &nbsp;&nbsp; $2923 | &nbsp;&nbsp; $124938993 |  | &nbsp;&nbsp; $1102216 | &nbsp;&nbsp; $— |

---

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

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

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

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

**Fair Value Hierarchy as of Period End**

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp; $1518225459 | &nbsp;&nbsp; $7709716 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1525935175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp; 1808208097 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1808208097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp; 758078302 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6870 | &nbsp;&nbsp; 758085172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp; 29484310 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27203 | &nbsp;&nbsp; 29511513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp; 592571148 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 592571148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp; 1242106191 | &nbsp;&nbsp; 136047649 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1378153840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1215992 | &nbsp;&nbsp; 1215992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46428806 | &nbsp;&nbsp; 46428806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 918345 | &nbsp;&nbsp; 918345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants  | &nbsp;&nbsp; 15471 | &nbsp;&nbsp; — | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 15657 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock Health Sciences Opportunities Portfolio**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $124938993 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $124938993 |
|  | &nbsp;&nbsp; $6073627971 | &nbsp;&nbsp; $143757365 | &nbsp;&nbsp; $48597402 | &nbsp;&nbsp; $6265982738 |

---

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

- **a. Name of Series:** BlackRock Health Sciences Opportunities Portfolio

- **b. EDGAR series identifier (if any):** S000001877

- **c. LEI of Series:** VN6DJGBO8DKY0GTM4883

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-29

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $6286283337.93

**Total Liabilities:** $69380771.57

**Net Assets:** $6216902566.36

**Cash Not Reported:** $59529764.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004912 | 2.27%                | -1.65%               | 4.92%                |
| Class ID C000004913 | 2.24%                | -1.67%               | 4.87%                |
| Class ID C000004914 | 2.26%                | -1.67%               | 4.89%                |
| Class ID C000004916 | 2.18%                | -1.75%               | 4.83%                |
| Class ID C000037661 | 2.22%                | -1.70%               | 4.85%                |
| Class ID C000172900 | 2.28%                | -1.65%               | 4.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $20783586.61             | $120980335.40                              |
| Month 2  | $125528203.68            | $-233070758.54                             |
| Month 3  | $21239150.00             | $270707783.33                              |

### Schedule of Portfolio Investments

| Name                                       | Title                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NUVATION BIO INC                           | NUVATION EQUITY WARRANTS EXP TH JU           | CUSIP: 67080N119<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     77354 | NC      | $15470.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                                | Vaxcyte Inc                                  | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     92838 | NS      | $2858482.02   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                              | Medtronic PLC                                | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |   2251852 | NS      | $208994384.12 | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRATI THERAPEUTICS INC                    | MIRATI THERAPEUTICS INC                      | CUSIP: 604CVR027<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    228510 | NS      | $171382.50    | 0.00%             |  |  |  | No            |                  3 | On Loan: —       |
| Alkermes PLC                               | Alkermes PLC                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    153448 | NS      | $4445388.56   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ADARX PHARMACEUTICALS INC                  | ADARX PHARMACEUTICALS INC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    769230 | NS      | $9146144.70   | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Vir Biotechnology Inc                      | Vir Biotechnology Inc                        | CUSIP: 92764N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    240122 | NS      | $1186202.68   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                 | Humana Inc                                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     69526 | NS      | $21112265.16  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Dyne Therapeutics Inc                      | Dyne Therapeutics Inc                        | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    295814 | NS      | $3990530.86   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FREQUENCY THERAPEUTICS CVR                 | FREQUENCY THERAPEUTICS CVR                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    428010 | NS      | $4.28         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Kymera Therapeutics Inc                    | Kymera Therapeutics Inc                      | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57452 | NS      | $2367022.40   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                            | CVS Health Corp                              | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    386110 | NS      | $28243946.50  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                                | Arcellx Inc                                  | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    196656 | NS      | $13645959.84  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CAREMAX INC                                | CAREMAX INC                                  | CUSIP: 14171W111<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     88432 | NC      | $185.71       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Alcon AG                                   | Alcon AG                                     | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     70448 | NS      | $5622454.88   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| GOLDFINCH BIO INC                          | GOLDFINCH BIO INC                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3518800 | NS      | $563008.00    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Danaher Corp                               | Danaher Corp                                 | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    519842 | NS      | $106993880.44 | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                         | HCA Healthcare Inc                           | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |    147340 | NS      | $59519466.40  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INC                 | VERTEX PHARMACEUTICALS INC                   | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |    150520 | NS      | $58856330.40  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| LARONDE INC                                | LARONDE INC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    386520 | NS      | $8835847.20   | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INTUITIVE SURGICAL INC                     | INTUITIVE SURGICAL INC                       | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |    359957 | NS      | $170365848.32 | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC                        | GILEAD SCIENCES INC                          | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |   1055880 | NS      | $119282763.60 | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| GENESIS THERAPEUTICS INC                   | GENESIS THERAPEUTICS INC                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    823870 | NS      | $4498330.20   | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| INSITRO INC                                | INSITRO INC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    592636 | NS      | $5428545.76   | 0.09%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO | BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO   | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |  10719694 | NS      | $10719693.80  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd                      | Daiichi Sankyo Co Ltd                        | CUSIP: 000000000<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |    749500 | NS      | $17921797.56  | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals Inc              | Regeneron Pharmaceuticals Inc                | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |    104909 | NS      | $60920656.30  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                                | BioNTech SE                                  | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |     45052 | NS      | $4505200.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Allogene Therapeutics Inc                  | Allogene Therapeutics Inc                    | CUSIP: 019770106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1299131 | NS      | $1468018.03   | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| STRYKER CORP                               | STRYKER CORP                                 | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |    590593 | NS      | $231164006.13 | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Upstream Bio Inc                           | Upstream Bio Inc                             | CUSIP: 91678A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    207817 | NS      | $3559905.21   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                | Moderna Inc                                  | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |    387149 | NS      | $9326419.41   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SWIFT HEALTH SYSTEMS INC                   | SWIFT HEALTH SYSTEMS INC                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1700 | NS      | $3791.01      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Biohaven Ltd                               | Biohaven Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    219235 | NS      | $3374026.65   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Quest Diagnostics Inc                      | Quest Diagnostics Inc                        | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |    286388 | NS      | $52019516.32  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                    | Bristol-Myers Squibb Co                      | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   1144749 | NS      | $54009257.82  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                          | Johnson & Johnson                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |   2742592 | NS      | $485905024.64 | 7.82%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                              | McKesson Corp                                | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |    139055 | NS      | $95480725.20  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoke Therapeutics Inc                     | Stoke Therapeutics Inc                       | CUSIP: 86150R107<br>LEI: 549300RD25SS2DIJHJ67 | Long             | EC               | CORP              | US        |    828896 | NS      | $16378984.96  | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| STERIS PLC                                 | STERIS PLC                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71712 | NS      | $17573742.72  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KARTOS THERAPEUTICS INC                    | KARTOS THERAPEUTICS INC                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1233856 | NS      | $7008302.08   | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AbbVie Inc                                 | AbbVie Inc                                   | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |   1266166 | NS      | $266401326.40 | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Voyager Therapeutics Inc                   | Voyager Therapeutics Inc                     | CUSIP: 92915B106<br>LEI: 54930082S4XVR0ZWCC74 | Long             | EC               | CORP              | US        |    393621 | NS      | $1322566.56   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                  | Edwards Lifesciences Corp                    | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |   2436956 | NS      | $198222001.04 | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I             | West Pharmaceutical Services Inc             | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |    120989 | NS      | $29878233.55  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                       | Labcorp Holdings Inc                         | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    237783 | NS      | $66101296.17  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                        | Ascendis Pharma A/S                          | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |    117823 | NS      | $22889474.21  | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Edgewise Therapeutics Inc                  | Edgewise Therapeutics Inc                    | CUSIP: 28036F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    271665 | NS      | $3898392.75   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORP                                | INCYTE CORP                                  | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |    396619 | NS      | $33557933.59  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                 | Neurocrine Biosciences Inc                   | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |    137344 | NS      | $19173222.40  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc                         | IQVIA Holdings Inc                           | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |    191232 | NS      | $36488977.92  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| KARTOS THERAPEUTICS INC                    | KARTOS THERAPEUTICS INC                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    339469 | NS      | $1928183.92   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC               | THERMO FISHER SCIENTIFIC INC                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    445095 | NS      | $219307208.40 | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUEPRINT MEDICINES CORP                   | BLUEPRINT MEDICINES CORP                     | CUSIP: 096CVR048<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |    204909 | NS      | $198761.73    | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BOSTON SCIENTIFIC CORP                     | BOSTON SCIENTIFIC CORP                       | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |   2745140 | NS      | $289612270.00 | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvalent Inc                               | Nuvalent Inc                                 | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    339427 | NS      | $25993319.66  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Galderma Group AG                          | Galderma Group AG                            | CUSIP: 000000000<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |    164407 | NS      | $28793699.54  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Ionis Pharmaceuticals Inc                  | Ionis Pharmaceuticals Inc                    | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |    182704 | NS      | $7789585.04   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                            | Cigna Group/The                              | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    108590 | NS      | $32671473.30  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp                        | Legend Biotech Corp                          | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | US        |    132938 | NS      | $4616936.74   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Veeva Systems Inc                          | Veeva Systems Inc                            | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |    106825 | NS      | $28757290.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Disc Medicine Inc                          | Disc Medicine Inc                            | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91796 | NS      | $5475172.42   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Roivant Sciences Ltd                       | Roivant Sciences Ltd                         | CUSIP: 000000000<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | US        |    503537 | NS      | $6007196.41   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                               | Glaukos Corp                                 | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     93658 | NS      | $8974309.56   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Beam Therapeutics Inc                      | Beam Therapeutics Inc                        | CUSIP: 07373V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    178178 | NS      | $2914992.08   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Dexcom Inc                                 | Dexcom Inc                                   | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    449757 | NS      | $33884692.38  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc                     | IDEXX Laboratories Inc                       | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     80193 | NS      | $51892088.37  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BridgeBio Oncology Therapeutic             | BridgeBio Oncology Therapeutics Inc          | CUSIP: 107924102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    841293 | NS      | $7521159.42   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Cash Funds - Institutional       | BlackRock Cash Funds - Institutional         | CUSIP: 066922519<br>LEI: 549300JDHS1T46VWOG19 | Long             | STIV             | RF                | US        |  57829468 | NS      | $57858383.09  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                         | Cooper Cos Inc/The                           | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |    326162 | NS      | $21981687.99  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA DIALYSIS TECHNOLOGIES LTD           | QUANTA DIALYSIS TECHNOLOGIES LTD             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |  80024425 | NS      | $6597821.78   | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| BRIDGEBIO ONCOLOGY THERAPEUTICS INC        | BRIDGEBIO ONCOLOGY THERAPEUTICS INC          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    209287 | NS      | $1687049.13   | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Waters Corp                                | Waters Corp                                  | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |    149365 | NS      | $45078357.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholar Rock Holding Corp                  | Scholar Rock Holding Corp                    | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |     94016 | NS      | $3069622.40   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Orchestra BioMed Holdings Inc              | Orchestra BioMed Holdings Inc                | CUSIP: 68572M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    221523 | NS      | $604757.79    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories Inc                   | Bio-Rad Laboratories Inc                     | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |     26608 | NS      | $7925991.04   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                               | Centene Corp                                 | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    589562 | NS      | $17120880.48  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                | Inspire Medical Systems Inc                  | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     55983 | NS      | $5245047.27   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                     | UNITEDHEALTH GROUP INC                       | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    710162 | NS      | $220057898.94 | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc               | Protagonist Therapeutics Inc                 | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    393519 | NS      | $23237296.95  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Novocure Ltd                               | Novocure Ltd                                 | CUSIP: 000000000<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | JE        |    609048 | NS      | $7509561.84   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CELLARITY INC                              | CELLARITY INC                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    858333 | NS      | $1759582.65   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PFIZER INC                                 | PFIZER INC                                   | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   3203007 | NS      | $79306453.32  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc                    | Avidity Biosciences Inc                      | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    106911 | NS      | $4979914.38   | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| ELI LILLY & CO                             | ELI LILLY & CO                               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |    632815 | NS      | $463587612.70 | 7.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                              | Repligen Corp                                | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |    151775 | NS      | $18565118.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TScan Therapeutics Inc                     | TScan Therapeutics Inc                       | CUSIP: 89854M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    598220 | NS      | $1076796.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| GE HealthCare Technologies Inc             | GE HealthCare Technologies Inc               | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |    255065 | NS      | $18805942.45  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                               | Exelixis Inc                                 | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    325138 | NS      | $12166663.96  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC                                  | AMGEN INC                                    | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |    705353 | NS      | $202937111.63 | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                | Alnylam Pharmaceuticals Inc                  | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |    369882 | NS      | $165156011.82 | 2.66%             |  |  |  | No            |                  1 | On Loan: —       |
| Bridgebio Pharma Inc                       | Bridgebio Pharma Inc                         | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |    220174 | NS      | $11396206.24  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                                     | UCB SA                                       | CUSIP: 000000000<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |    118026 | NS      | $27686409.10  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Bruker Corp                                | Bruker Corp                                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |    529821 | NS      | $18003317.58  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Denali Therapeutics Inc                    | Denali Therapeutics Inc                      | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |    243212 | NS      | $3713847.24   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| PTC Therapeutics Inc                       | PTC Therapeutics Inc                         | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |    260718 | NS      | $12861218.94  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| 4D Molecular Therapeutics Inc              | 4D Molecular Therapeutics Inc                | CUSIP: 35104E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    135704 | NS      | $835936.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Zealand Pharma A/S                         | Zealand Pharma A/S                           | CUSIP: 000000000<br>LEI: 549300ITBB1ULBL4CZ12 | Long             | EC               | CORP              | DK        |     88610 | NS      | $6090090.53   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Summit Therapeutics Inc                    | Summit Therapeutics Inc                      | CUSIP: 86627T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    216143 | NS      | $5122589.10   | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| MoonLake Immunotherapeutics                | MoonLake Immunotherapeutics                  | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    119395 | NS      | $6656271.25   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CG oncology Inc                            | CG oncology Inc                              | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63959 | NS      | $1715380.38   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                      | Becton Dickinson & Co                        | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |    452702 | NS      | $87362431.96  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                        | Guardant Health Inc                          | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |    375126 | NS      | $25290994.92  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Nyxoah SA                                  | Nyxoah SA                                    | CUSIP: 000000000<br>LEI: 5493002O1ESKZ18OXR80 | Long             | EC               | CORP              | BE        |    360523 | NS      | $2249663.52   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Biogen Inc                                 | Biogen Inc                                   | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |    344176 | NS      | $45506950.72  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFERENT PHARMACEUTICAL                    | AFFERENT PHARMACEUTICAL                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   3420640 | NS      | $34.21        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Exact Sciences Corp                        | Exact Sciences Corp                          | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |    588997 | NS      | $27930237.74  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp                   | United Therapeutics Corp                     | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     48892 | NS      | $14900325.92  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc                   | Agilent Technologies Inc                     | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |    427913 | NS      | $53771547.58  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                               | Insulet Corp                                 | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     96316 | NS      | $32735882.08  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO INC                             | MERCK & CO. INC.                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   1075121 | NS      | $90439178.52  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Industries             | Teva Pharmaceutical Industries Ltd           | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |   2874833 | NS      | $52839430.54  | 0.85%             |  |  |  | No            |                  1 | On Loan: —       |
| Elanco Animal Health Inc                   | Elanco Animal Health Inc                     | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |    506636 | NS      | $9296770.60   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                 | Insmed Inc                                   | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |    616927 | NS      | $83963764.70  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                            | Bio-Techne Corp                              | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    208407 | NS      | $11385274.41  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES                        | ABBOTT LABORATORIES                          | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |   2765267 | NS      | $366840320.22 | 5.90%             |  |  |  | No            |                  1 | On Loan: No      |
| EXO IMAGING INC                            | EXO IMAGING INC                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    890877 | NS      | $659248.98    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Illumina Inc                               | Illumina Inc                                 | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |    162107 | NS      | $16204215.72  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ABIOMED Inc                                | ABIOMED Inc                                  | CUSIP: 003CVR016<br>LEI: N/A                  | Long             |  | CORP              | US        |    243643 | NS      | $548196.75    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Rhythm Pharmaceuticals Inc                 | Rhythm Pharmaceuticals Inc                   | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |    644433 | NS      | $66473263.95  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories Int             | Charles River Laboratories International Inc | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     60372 | NS      | $9859351.32   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOMARIN PHARMACEUTICAL INC                | BIOMARIN PHARMACEUTICAL INC                  | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |    362437 | NS      | $21119203.99  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                               | Penumbra Inc                                 | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |    141528 | NS      | $38586193.92  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International I             | Mettler-Toledo International Inc             | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |     14688 | NS      | $19109675.52  | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| Argenx SE                                  | Argenx SE                                    | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     68304 | NS      | $48646108.80  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                 | Natera Inc                                   | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    144158 | NS      | $24254583.50  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFINIVAX INC                              | AFFINIVAX INC                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    122824 | NS      | $1215957.60   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| HeartFlow Inc                              | HeartFlow Inc                                | CUSIP: 42238D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23080 | NS      | $727020.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| CARBON HEALTH TECHNOLOGIES INC             | CARBON HEALTH TECHNOLOGIES INC               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2720277 | NS      | $27202.77     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Viking Therapeutics Inc                    | Viking Therapeutics Inc                      | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |    112904 | NS      | $3054053.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Hologic Inc                                | Hologic Inc                                  | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |    148701 | NS      | $9980811.12   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                   | Merus NV                                     | CUSIP: 000000000<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |    218944 | NS      | $14415272.96  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WaVe Life Sciences Ltd                     | WaVe Life Sciences Ltd                       | CUSIP: 000000000<br>LEI: 54930070006GPKFYZ813 | Long             | EC               | CORP              | US        |    294174 | NS      | $2824070.40   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENXBIO Inc                              | REGENXBIO Inc                                | CUSIP: 75901B107<br>LEI: 549300EOES47LATSET33 | Long             | EC               | CORP              | US        |    227654 | NS      | $2032950.22   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                | Cencora Inc                                  | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |    313552 | NS      | $91434898.72  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Autolus Therapeutics PLC                   | Autolus Therapeutics PLC                     | CUSIP: 05280R100<br>LEI: 549300C0KZP8EYROLL02 | Long             | EC               | CORP              | GB        |    783400 | NS      | $1175100.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EXO IMAGING INC                            | EXO IMAGING INC                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19083 | NS      | $6869.88      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| AstraZeneca PLC                            | AstraZeneca PLC                              | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    396259 | NS      | $63169397.62  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health Inc                        | Elevance Health Inc                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    153852 | NS      | $49024939.80  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-27

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer