# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0000940400-26-014709
**Filing Date:** 2026-4
**Character Count:** 86060
**Document Hash:** 7060b122bf0ca905e7bfc958aa7e65e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014709.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000940400-26-014709

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**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:** 26893032

**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)

February 28, 2026

**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 — 30.7%** | **Biotechnology — 30.7%** | **Biotechnology — 30.7%** |
| 4D Molecular Therapeutics, Inc.<sup>(a)</sup> | 126274 | $1219807 |
| AbbVie, Inc. | 1157700 | 268679016 |
| Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 344876 | 10425602 |
| Aktis Oncology, Inc.<sup>(a)</sup> | 266503 | 5364705 |
| Allogene Therapeutics, Inc.<sup>(a)</sup> | 1208862 | 3360636 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 207149 | 68964045 |
| Amgen, Inc. | 588158 | 228299409 |
| &nbsp;&nbsp;&nbsp; Angitia Biopharmaceuticals Ltd. (Acquired 01/27/26, <br> cost $6,508,673)<sup>(a)(b)(c)</sup><br>| 658956 | 6517075 |
| Apogee Therapeutics, Inc.<sup>(a)(d)</sup> | 202950 | 14206500 |
| Arcellx, Inc.<sup>(a)</sup> | 92964 | 10578374 |
| Arcus Biosciences, Inc.<sup>(a)</sup> | 455542 | 9279391 |
| Argenx SE, ADR<sup>(a)(d)</sup> | 121340 | 93058073 |
| Autolus Therapeutics PLC, ADR<sup>(a)</sup> | 728967 | 1246534 |
| Avidity Biosciences, Inc.<sup>(a)</sup> | 99483 | 7162776 |
| Beam Therapeutics, Inc.<sup>(a)</sup> | 168010 | 4781565 |
| Biogen, Inc.<sup>(a)</sup> | 364188 | 69858542 |
| Biohaven Ltd.<sup>(a)</sup> | 348832 | 4018545 |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 322635 | 19916259 |
| BioNTech SE, ADR<sup>(a)</sup> | 41921 | 4620952 |
| &nbsp;&nbsp;&nbsp; Bridgebio Oncology Therapeutics, Inc. (Acquired <br> 08/08/25, cost $2,242,992)<sup>(a)(c)</sup><br>| 209287 | 2099149 |
| BridgeBio Oncology Therapeutics, Inc.<sup>(a)(d)</sup> | 673766 | 6757873 |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 204874 | 13620024 |
| Bright Minds Biosciences, Inc.<sup>(a)</sup> | 95655 | 8017802 |
| CG oncology, Inc.<sup>(a)</sup> | 59514 | 3499423 |
| Cogent Biosciences, Inc.<sup>(a)</sup> | 820419 | 31873278 |
| Corvus Pharmaceuticals, Inc.<sup>(a)</sup> | 110424 | 2016342 |
| Cytokinetics, Inc.<sup>(a)</sup> | 184777 | 11496825 |
| Denali Therapeutics, Inc.<sup>(a)</sup> | 329179 | 6972011 |
| Dianthus Therapeutics, Inc.<sup>(a)</sup> | 108033 | 5962341 |
| Disc Medicine, Inc.<sup>(a)(d)</sup> | 86558 | 5766494 |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | 278934 | 4356949 |
| Eikon Therapeutics, Inc.<sup>(a)(d)</sup> | 722389 | 9954520 |
| Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 492001 | 7035614 |
| Erasca, Inc.<sup>(a)</sup> | 709864 | 9696742 |
| Exact Sciences Corp.<sup>(a)</sup> | 548069 | 56659373 |
| Exelixis, Inc.<sup>(a)</sup> | 231652 | 10206587 |
| Gilead Sciences, Inc. | 1736422 | 258640057 |
| Gossamer Bio, Inc.<sup>(a)</sup> | 365199 | 155173 |
| Immunocore Holdings PLC, ADR<sup>(a)(d)</sup> | 188691 | 6094719 |
| Immunome, Inc.<sup>(a)</sup> | 288792 | 6312993 |
| Incyte Corp.<sup>(a)</sup> | 396174 | 40120541 |
| Insmed, Inc.<sup>(a)</sup> | 301353 | 45001044 |
| Intellia Therapeutics, Inc.<sup>(a)(d)</sup> | 518392 | 7143442 |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 170008 | 13796149 |
| &nbsp;&nbsp;&nbsp; Kailera Therapeutics, Inc., Series B (Acquired <br> 10/31/25, cost $5,992,000)<sup>(a)(b)(c)</sup><br>| 428000 | 5992000 |
| KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | 212587 | 3460916 |
| &nbsp;&nbsp;&nbsp; Kartos Therapeutics, Inc. (Acquired 02/12/26, cost <br> $491,515)<sup>(a)(b)(c)</sup><br>| 491515 | 493776 |
| &nbsp;&nbsp;&nbsp; Kartos Therapeutics, Inc., Series C (Acquired <br> 08/22/23, cost $6,974,988)<sup>(a)(b)(c)</sup><br>| 1233856 | 7008302 |
| Kodiak Sciences, Inc.<sup>(a)</sup> | 188769 | 5059009 |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | 54173 | 4948704 |
| Moderna, Inc.<sup>(a)</sup> | 560799 | 30042002 |
| Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | 318162 | 5647376 |
| Natera, Inc.<sup>(a)</sup> | 130279 | 27103243 |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 78721 | 10410852 |
| Nuvalent, Inc., Class A<sup>(a)(d)</sup> | 315841 | 32199990 |
| Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 253931 | 6145130 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Oruka Therapeutics, Inc.<sup>(a)</sup> | 185015 | $6366366 |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 370408 | 34107169 |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 82970 | 5657724 |
| Regeneron Pharmaceuticals, Inc. | 87659 | 68520411 |
| REGENXBIO, Inc.<sup>(a)</sup> | 214663 | 1940554 |
| Revolution Medicines, Inc.<sup>(a)</sup> | 302995 | 30911550 |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 538793 | 49962275 |
| Roivant Sciences Ltd.<sup>(a)</sup> | 468548 | 13559779 |
| Scholar Rock Holding Corp.<sup>(a)</sup> | 226209 | 10014272 |
| Stoke Therapeutics, Inc.<sup>(a)(d)</sup> | 473152 | 17227464 |
| Summit Therapeutics, Inc.<sup>(a)(d)</sup> | 924148 | 15331615 |
| TScan Therapeutics, Inc.<sup>(a)</sup> | 556653 | 590052 |
| United Therapeutics Corp.<sup>(a)</sup> | 55689 | 28061687 |
| Upstream Bio, Inc.<sup>(a)</sup> | 341675 | 2624064 |
| Vaxcyte, Inc.<sup>(a)</sup> | 87540 | 5404720 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 273318 | 135792582 |
| Viking Therapeutics, Inc.<sup>(a)(d)</sup> | 425324 | 14392964 |
| Viridian Therapeutics, Inc.<sup>(a)</sup> | 516095 | 15162871 |
| Vor BioPharma, Inc.<sup>(a)</sup> | 115078 | 1776804 |
| Voyager Therapeutics, Inc.<sup>(a)</sup> | 371161 | 1521760 |
| Zealand Pharma A/S<sup>(a)</sup> | 74091 | 4288750 |
|  |  | 2006540004 |
| **Health Care Equipment & Supplies — 16.9%** | **Health Care Equipment & Supplies — 16.9%** | **Health Care Equipment & Supplies — 16.9%** |
| Abbott Laboratories | 1361894 | 158456367 |
| Alcon AG<sup>(d)</sup> | 65553 | 5714911 |
| Boston Scientific Corp.<sup>(a)</sup> | 1284362 | 98703220 |
| Cooper Cos., Inc. (The)<sup>(a)</sup> | 293135 | 24526605 |
| Dexcom, Inc.<sup>(a)</sup> | 663769 | 48740558 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 1710975 | 147948008 |
| &nbsp;&nbsp;&nbsp; Exo Imaging, Inc. (Acquired 06/24/21, cost <br> $11,178,821)<sup>(a)(b)(c)</sup><br>| 19083 | 7061 |
| GE HealthCare Technologies, Inc. | 226856 | 19117155 |
| Glaukos Corp.<sup>(a)</sup> | 87150 | 10492860 |
| Hologic, Inc.<sup>(a)</sup> | 138368 | 10427412 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 74621 | 49005849 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 319051 | 160645369 |
| Medline, Inc., Class A<sup>(a)</sup> | 842573 | 40030643 |
| Medtronic PLC | 1336319 | 130504914 |
| Novocure Ltd.<sup>(a)</sup> | 574295 | 7850613 |
| Nyxoah SA<sup>(a)(d)</sup> | 337359 | 1376425 |
| Orchestra BioMed Holdings, Inc.<sup>(a)</sup> | 206130 | 902849 |
| Penumbra, Inc.<sup>(a)</sup> | 133216 | 45878258 |
| STERIS PLC | 64935 | 16386347 |
| Stryker Corp. | 333071 | 129051690 |
|  |  | 1105767114 |
| **Health Care Providers & Services — 9.2%** | **Health Care Providers & Services — 9.2%** | **Health Care Providers & Services — 9.2%** |
| Cencora, Inc. | 265860 | 98937140 |
| Centene Corp.<sup>(a)</sup> | 545618 | 24487336 |
| CVS Health Corp. | 359282 | 28706632 |
| Elevance Health, Inc. | 88605 | 28353600 |
| Guardant Health, Inc.<sup>(a)</sup> | 336665 | 31612844 |
| HCA Healthcare, Inc. | 125705 | 66585938 |
| Humana, Inc. | 78693 | 14994164 |
| McKesson Corp. | 79662 | 78655869 |
| Quest Diagnostics, Inc. | 85193 | 18053249 |
| RadNet, Inc.<sup>(a)</sup> | 108100 | 7546461 |
| UnitedHealth Group, Inc. | 677911 | 198810959 |
|  |  | 596744192 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Health Sciences Opportunities Portfolio**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |
| &nbsp;&nbsp;&nbsp; Carbon Health Technologies, Inc. (Acquired <br> 07/09/21, cost $18,064,000)<sup>(a)(b)(c)</sup><br>| 2720277 | $27 |
| Veeva Systems, Inc., Class A<sup>(a)</sup> | 99401 | 18091976 |
|  |  | 18092003 |
| **Life Sciences Tools & Services — 7.6%** | **Life Sciences Tools & Services — 7.6%** | **Life Sciences Tools & Services — 7.6%** |
| Agilent Technologies, Inc. | 271239 | 32922990 |
| Bio-Techne Corp. | 193925 | 11441575 |
| Bruker Corp. | 471949 | 18929874 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 56177 | 10027033 |
| Danaher Corp. | 716192 | 150858683 |
| Illumina, Inc.<sup>(a)</sup> | 145933 | 19622151 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 141190 | 25246184 |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 4594 | 6278574 |
| Repligen Corp.<sup>(a)</sup> | 136584 | 17582458 |
| Thermo Fisher Scientific, Inc. | 285286 | 148665387 |
| Waters Corp.<sup>(a)</sup> | 124449 | 39746522 |
| West Pharmaceutical Services, Inc. | 60429 | 15369512 |
|  |  | 496690943 |
| **Pharmaceuticals — 34.0%** | **Pharmaceuticals — 34.0%** | **Pharmaceuticals — 34.0%** |
| Alumis, Inc.<sup>(a)(d)</sup> | 293662 | 8718825 |
| AstraZeneca PLC | 449772 | 94646703 |
| Atrium Therapeutics, Inc.<sup>(a)</sup> | 9948 | 146737 |
| Bristol-Myers Squibb Co. | 1097084 | 68425129 |
| Daiichi Sankyo Co. Ltd. | 673800 | 13270506 |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | 256164 | 7797632 |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 483249 | 12757774 |
| Eli Lilly & Co. | 704342 | 740960741 |
| EyePoint, Inc.<sup>(a)</sup> | 186478 | 3274554 |
| Galderma Group AG | 153331 | 28935097 |
| Johnson & Johnson | 2688331 | 667862070 |
| LB Pharmaceuticals, Inc.<sup>(a)(d)</sup> | 567627 | 13628724 |
| Maze Therapeutics, Inc.<sup>(a)</sup> | 184453 | 8409212 |
| MBX Biosciences, Inc.<sup>(a)</sup> | 333350 | 10850543 |
| Merck & Co., Inc. | 1871806 | 231767019 |
| Novartis AG, ADR | 251660 | 42434909 |
| Ocular Therapeutix, Inc.<sup>(a)</sup> | 258781 | 2313502 |
| Pfizer, Inc. | 1184622 | 32754798 |
| Roche Holding AG, NVS | 147789 | 70333000 |
| Terns Pharmaceuticals, Inc.<sup>(a)</sup> | 367842 | 15493505 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | 3475093 | 117666649 |
| UCB SA | 53577 | 16093642 |
| Ventyx Biosciences, Inc.<sup>(a)</sup> | 590649 | 8251367 |
| WaVe Life Sciences Ltd.<sup>(a)</sup> | 345882 | 4818136 |
|  |  | 2221610774 |
| **Total Common Stocks — 98.7%** <br>**(Cost: $3,481,702,233)** | **Total Common Stocks — 98.7%** <br>**(Cost: $3,481,702,233)** | 6445445030 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Other Interests**<sup>(a)(b)(c)(e)</sup> | **Other Interests**<sup>(a)(b)(c)(e)</sup> | **Other Interests**<sup>(a)(b)(c)(e)</sup> | **Other Interests**<sup>(a)(b)(c)(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 | 450764 |
| **Total Other Interests — 0.0%** <br>**(Cost: $0)** | **Total Other Interests — 0.0%** <br>**(Cost: $0)** | **Total Other Interests — 0.0%** <br>**(Cost: $0)** | 450798 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** | **Preferred Stocks — 0.6%** |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| &nbsp;&nbsp;&nbsp; Adarx Pharmaceuticals, Inc., Series C, (Acquired <br> 08/02/23, cost $6,399,994)<sup>(a)(b)(c)</sup><br>| 769230 | $10084605 |
| &nbsp;&nbsp;&nbsp; Cellarity, Inc., Series B, (Acquired 01/15/21, cost <br> $5,149,998)<sup>(a)(b)(c)</sup><br>| 858333 | 2094332 |
| &nbsp;&nbsp;&nbsp; Genesis Therapeutics, Inc., Series B, (Acquired <br> 08/10/23, cost $4,207,998)<sup>(a)(b)(c)</sup><br>| 823870 | 4860833 |
| &nbsp;&nbsp;&nbsp; Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, <br> cost $3,676,117)<sup>(a)(b)(c)</sup><br>| 3115353 | 934606 |
| &nbsp;&nbsp;&nbsp; Kartos Therapeutics, Inc., Series D, (Acquired <br> 02/19/25, cost $1,919,018)<sup>(a)(b)(c)</sup><br>| 339469 | 1928184 |
| &nbsp;&nbsp;&nbsp; Laronde, Inc., Series B, (Acquired 07/28/21, cost <br> $10,822,560)<sup>(a)(b)(c)</sup><br>| 386520 | 8399080 |
|  |  | 28301640 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Exo Imaging, Inc., Series D, (Acquired 07/24/24, <br> cost $577,098)<sup>(a)(b)(c)</sup><br>| 890877 | 659249 |
| &nbsp;&nbsp;&nbsp; Quanta Dialysis Technologies Ltd., Series D, <br> (Acquired 06/18/21, cost $9,727,321)<sup>(a)(b)(c)</sup><br>| 80024425 | 4637332 |
| &nbsp;&nbsp;&nbsp; Swift Health Systems, Inc., Series D, (Acquired <br> 08/27/21, cost $5,270,016)<sup>(a)(b)(c)</sup><br>| 1700 | 3791 |
|  |  | 5300372 |
| **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)(b)(c)</sup><br>| 592636 | 4954437 |
| **Total Preferred Securities — 0.6%** <br>**(Cost: $58,590,084)** | **Total Preferred Securities — 0.6%** <br>**(Cost: $58,590,084)** | 38556449 |
| **Rights** | **Rights** | **Rights** |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Blueprint Medicines Corp., CVR<sup>(a)(b)</sup> | 204909 | 204909 |
| Korro Bio, Inc., CVR<sup>(a)(b)</sup> | 428010 | 4 |
| Mirati Therapeutics, Inc., CVR<sup>(a)(b)(d)</sup> | 228510 | 180523 |
|  |  | 385436 |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| ABIOMED, Inc., CVR<sup>(a)(b)</sup> | 243643 | 565252 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 950688 |
| **Warrants**<sup>(a)(b)</sup> | **Warrants**<sup>(a)(b)</sup> | **Warrants**<sup>(a)(b)</sup> |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Goldfinch Bio, Inc., (Issued/Exercisable 02/10/26, <br> 1 Share for 1 Warrant, Expires 11/20/35, Strike <br> Price USD 1.18)<br>| 403447 | 4 |
| **Total Warrants — 0.0%** <br>**(Cost: $161,379)** | **Total Warrants — 0.0%** <br>**(Cost: $161,379)** | 4 |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $3,540,453,696)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $3,540,453,696)** | 6485402969 |

---

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Health Sciences Opportunities Portfolio**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.5%** | **Money Market Funds — 1.5%** | **Money Market Funds — 1.5%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.84%<sup>(f)(g)(h)</sup><br>| 53061432 | $53087963 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.56%<sup>(f)(g)</sup><br>| 44302967 | 44302967 |
| **Total Short-Term Securities — 1.5%** <br>**(Cost: $97,386,618)** | **Total Short-Term Securities — 1.5%** <br>**(Cost: $97,386,618)** | 97390930 |
| **Total Investments — 100.8%** <br>**(Cost: $3,637,840,314)** | **Total Investments — 100.8%** <br>**(Cost: $3,637,840,314)** | 6582793899 |
| **Liabilities in Excess of Other Assets — (0.8)%** | **Liabilities in Excess of Other Assets — (0.8)%** | (53790936)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6529002963 |

---

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

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $61,124,637, representing 0.9% of its net assets as of period end, and an original cost of $110,043,073. 

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

<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. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2026 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>*02/28/26*<br>| *Shares* <br>*Held at* <br>*02/28/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash <br> Funds: Institutional, SL Agency <br> Shares<br>| &nbsp;&nbsp; $53001569<br>| &nbsp;&nbsp; $83699 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $934 | &nbsp;&nbsp; $1761 | &nbsp;&nbsp; $53087963 | &nbsp;&nbsp; 53061432 | &nbsp;&nbsp; $497780 <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; (288256842 )<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44302967 | &nbsp;&nbsp; 44302967 | &nbsp;&nbsp; 1535361 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $934 | &nbsp;&nbsp; $1761 | &nbsp;&nbsp; $97390930 |  | &nbsp;&nbsp; $2033141 | &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

------

Schedule of Investments (unaudited) (continued)

February 28, 2026

**BlackRock Health Sciences Opportunities Portfolio**

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

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; $1972978176 | &nbsp;&nbsp; $13550675 | &nbsp;&nbsp; $20011153 | &nbsp;&nbsp; $2006540004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp; 1105760053 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7061 | &nbsp;&nbsp; 1105767114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp; 596744192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 596744192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp; 18091976 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 18092003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp; 496690943 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 496690943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp; 1998331826 | &nbsp;&nbsp; 223278948 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2221610774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 450798 | &nbsp;&nbsp; 450798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38556449 | &nbsp;&nbsp; 38556449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 950688 | &nbsp;&nbsp; 950688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| &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; 97390930 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 97390930 |
|  | &nbsp;&nbsp; $6285988096 | &nbsp;&nbsp; $236829623 | &nbsp;&nbsp; $59976180 | &nbsp;&nbsp; $6582793899 |

---

&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 |
| NVS | Non-Voting Shares |

---

------

## 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:** 2026-02-27

**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:** $6598804192.45

**Total Liabilities:** $66306144.76

**Net Assets:** $6532498047.69

**Cash Not Reported:** $10107794.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004912 | -1.96%               | 0.10%                | 2.34%                |
| Class ID C000004913 | -1.99%               | 0.08%                | 2.31%                |
| Class ID C000004914 | -1.99%               | 0.08%                | 2.32%                |
| Class ID C000004916 | -2.06%               | 0.02%                | 2.26%                |
| Class ID C000037661 | -2.03%               | 0.07%                | 2.29%                |
| Class ID C000172900 | -1.96%               | 0.11%                | 2.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $147847837.51            | $-285710243.17                             |
| Month 2  | $98363448.10             | $-90724228.66                              |
| Month 3  | $9422946.20              | $136624154.69                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Monte Rosa Therapeutics Inc                    | Monte Rosa Therapeutics Inc COM                    | CUSIP: 61225M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    318162 | NS      | $5647375.50   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                   | Illumina Inc COM                                   | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |    145933 | NS      | $19622151.18  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. COM | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     56177 | NS      | $10027032.73  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Agios Pharmaceuticals Inc                      | Agios Pharmaceuticals Inc COM                      | CUSIP: 00847X104<br>LEI: 529900ONJHY8EOGYT555 | Long             | EC               | CORP              | US        |    344876 | NS      | $10425601.48  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Viridian Therapeutics Inc                      | Viridian Therapeutics Inc COM                      | CUSIP: 92790C104<br>LEI: 549300C775BNYF550E70 | Long             | EC               | CORP              | US        |    516095 | NS      | $15162871.10  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Biomarin Pharmaceutical Inc.                   | Biomarin Pharmaceutical Inc. COM                   | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |    322635 | NS      | $19916258.55  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc.                                  | Penumbra Inc. COM                                  | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |    133216 | NS      | $45878258.24  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc               | Mettler-Toledo International Inc COM               | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      4594 | NS      | $6278573.86   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                      | Argenx SE SPONSORED ADR                            | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |    121340 | NS      | $93058072.80  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Dianthus Therapeutics Inc                      | Dianthus Therapeutics Inc COM                      | CUSIP: 252828108<br>LEI: 549300Z3N6ODPCOFC890 | Long             | EC               | CORP              | US        |    108033 | NS      | $5962341.27   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA INC                                     | Natera Inc. COM                                    | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |    130279 | NS      | $27103243.16  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFINIVAX INC                                  | AFFINIVAX INC                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    122824 | NS      | $450764.08    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Enanta Pharmaceuticals Inc                     | Enanta Pharmaceuticals Inc COM                     | CUSIP: 29251M106<br>LEI: 529900SSN4DODDQSN594 | Long             | EC               | CORP              | US        |    492001 | NS      | $7035614.30   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Therapeutics Inc.                       | Viking Therapeutics Inc. COM                       | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |    425324 | NS      | $14392964.16  | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Hologic Inc                                    | Hologic Inc COM                                    | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |    138368 | NS      | $10427412.48  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Wave Life Sciences Ltd.                        | Wave Life Sciences Ltd. COM NPV                    | CUSIP: 000000000<br>LEI: 54930070006GPKFYZ813 | Long             | EC               | CORP              | SG        |    345882 | NS      | $4818136.26   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Regenxbio Inc.                                 | Regenxbio Inc. COM                                 | CUSIP: 75901B107<br>LEI: 549300EOES47LATSET33 | Long             | EC               | CORP              | US        |    214663 | NS      | $1940553.52   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                    | Cencora Inc COM                                    | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |    265860 | NS      | $98937140.40  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Autolus Therapeutics PLC                       | Autolus Therapeutics PLC SPON ADS                  | CUSIP: 05280R100<br>LEI: 549300C0KZP8EYROLL02 | Long             | EC               | CORP              | GB        |    728967 | NS      | $1246533.57   | 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      | $7060.71      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elevance Health Inc.                           | Elevance Health Inc. COM                           | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     88605 | NS      | $28353600.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                | AstraZeneca PLC ORD USD0.25                        | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    449772 | NS      | $94646702.97  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| KalVista Pharmaceuticals Inc.                  | KalVista Pharmaceuticals Inc. COM                  | CUSIP: 483497103<br>LEI: 529900Q7IDA3WUGRZA51 | Long             | EC               | CORP              | US        |    212587 | NS      | $3460916.36   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CARBON HEALTH TECHNOLOGIES INC                 | CARBON HEALTH TECHNOLOGIES INC                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2720277 | NS      | $27.20        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Medtronic PLC                                  | Medtronic PLC USD0.0001                            | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |   1336319 | NS      | $130504913.54 | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRATI THERAPEUTICS INC                        | MIRATI THERAPEUTICS INC                            | CUSIP: 604CVR027<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    228510 | NS      | $180522.90    | 0.00%             |  |  |  | No            |                  3 | On Loan: —       |
| ADARX PHARMACEUTICALS INC                      | ADARX PHARMACEUTICALS INC                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    769230 | NS      | $10084605.30  | 0.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dyne Therapeutics Inc.                         | Dyne Therapeutics Inc. COM                         | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    278934 | NS      | $4356949.08   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc.                                    | Humana Inc. COM                                    | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     78693 | NS      | $14994164.22  | 0.23%             |  |  |  | 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 COM                        | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54173 | NS      | $4948703.55   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                | CVS Health Corp COM                                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    359282 | NS      | $28706631.80  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                       | Alcon AG CHF0.04                                   | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     65553 | NS      | $5714910.54   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| GOLDFINCH BIO INC                              | GOLDFINCH BIO INC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3115353 | NS      | $934605.90    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Arcus Biosciences Inc.                         | Arcus Biosciences Inc. COM                         | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    455542 | NS      | $9279390.54   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corporation                            | Danaher Corporation COM                            | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    716192 | NS      | $150858682.88 | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                             | HCA Healthcare Inc COM                             | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |    125705 | NS      | $66585938.50  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Radnet Inc                                     | Radnet Inc COM                                     | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |    108100 | NS      | $7546461.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated            | Vertex Pharmaceuticals Incorporated COM            | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |    273318 | NS      | $135792581.94 | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MBX Biosciences, Inc.                          | MBX Biosciences, Inc. COM                          | CUSIP: 55287L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    333350 | NS      | $10850542.50  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LARONDE INC                                    | LARONDE INC                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    386520 | NS      | $8399079.60   | 0.13%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Intuitive Surgical Inc.                        | Intuitive Surgical Inc. COM NEW                    | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |    319051 | NS      | $160645369.01 | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| GENESIS THERAPEUTICS INC                       | GENESIS THERAPEUTICS INC                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    823870 | NS      | $4860833.00   | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Gilead Sciences Inc.                           | Gilead Sciences Inc. COM                           | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |   1736422 | NS      | $258640056.90 | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds                      | BlackRock Liquidity Funds T FUND INSTL SHS         | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  34195870 | PA      | $34195870.35  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                                    | Vaxcyte Inc COM                                    | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     87540 | NS      | $5404719.60   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd.                         | Daiichi Sankyo Co Ltd. NPV                         | CUSIP: 000000000<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |    673800 | NS      | $13270506.33  | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| BioNTech SE                                    | BioNTech SE SPONSORED ADS                          | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |     41921 | NS      | $4620951.83   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.                | Regeneron Pharmaceuticals, Inc. COM                | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     87659 | NS      | $68520410.53  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Allogene Therapeutics Inc                      | Allogene Therapeutics Inc COM                      | CUSIP: 019770106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1208862 | NS      | $3360636.36   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Gossamer Bio Inc                               | Gossamer Bio Inc COM                               | CUSIP: 38341P102<br>LEI: 549300ZOC0N2W6PSFR58 | Long             | EC               | CORP              | US        |    365199 | NS      | $155173.06    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kodiak Sciences Inc                            | Kodiak Sciences Inc COM                            | CUSIP: 50015M109<br>LEI: 254900IXI5NI8C9OQE24 | Long             | EC               | CORP              | US        |    188769 | NS      | $5059009.20   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation                            | Stryker Corporation COM                            | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |    333071 | NS      | $129051689.66 | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Eyepoint Inc.                                  | Eyepoint Inc. COM NEW                              | CUSIP: 30233G209<br>LEI: 549300QE1RU34T50MR69 | Long             | EC               | CORP              | US        |    186478 | NS      | $3274553.68   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Upstream Bio Inc                               | Upstream Bio Inc COM                               | CUSIP: 91678A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    341675 | NS      | $2624064.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                    | Moderna Inc COM                                    | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |    560799 | NS      | $30042002.43  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Atrium Therapeutics Inc.                       | Atrium Therapeutics Inc. COM                       | CUSIP: 04965N104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9948 | NS      | $146737.43    | 0.00%             |  |  |  | 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      |
| Cytokinetics Inc                               | Cytokinetics Inc COM NEW                           | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |    184777 | NS      | $11496824.94  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Biohaven Ltd                                   | Biohaven Ltd COM                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |    348832 | NS      | $4018544.64   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Company                   | Bristol-Myers Squibb Company COM                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   1097084 | NS      | $68425129.08  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                    | Novartis AG SPONSORED ADR                          | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    251660 | NS      | $42434909.20  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                              | Johnson & Johnson COM                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |   2688331 | NS      | $667862070.33 | 10.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Mckesson Corp.                                 | Mckesson Corp. COM                                 | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     79662 | NS      | $78655868.94  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoke Therapeutics Inc                         | Stoke Therapeutics Inc COM                         | CUSIP: 86150R107<br>LEI: 549300RD25SS2DIJHJ67 | Long             | EC               | CORP              | US        |    473152 | NS      | $17227464.32  | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Steris PLC                                     | Steris PLC ORD USD0.001                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     64935 | NS      | $16386347.25  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Medline Inc.                                   | Medline Inc. COM CL A                              | CUSIP: 58507V107<br>LEI: 984500FAN6J1P8566D43 | Long             | EC               | CORP              | US        |    842573 | NS      | $40030643.23  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                                    | Arcellx Inc COMMON STOCK                           | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92964 | NS      | $10578373.56  | 0.16%             |  |  |  | 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. COM                                    | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |   1157700 | NS      | $268679016.00 | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Voyager Therapeutics Incorporation             | Voyager Therapeutics Incorporation COM             | CUSIP: 92915B106<br>LEI: 54930082S4XVR0ZWCC74 | Long             | EC               | CORP              | US        |    371161 | NS      | $1521760.10   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corporation               | Edwards Lifesciences Corporation COM               | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |   1710975 | NS      | $147948008.25 | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Incorporated      | West Pharmaceutical Services Incorporated COM      | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |     60429 | NS      | $15369511.86  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Oruka Therapeutics Inc                         | Oruka Therapeutics Inc COM                         | CUSIP: 687604108<br>LEI: 529900TG7O4ESUDMGI54 | Long             | EC               | CORP              | US        |    185015 | NS      | $6366366.15   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| INSITRO INC                                    | INSITRO INC                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    592636 | NS      | $4954436.96   | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Quest Diagnostics Incorporated                 | Quest Diagnostics Incorporated COM                 | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     85193 | NS      | $18053248.63  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Eikon Therapeutics Inc.                        | Eikon Therapeutics Inc. COM                        | CUSIP: 282564103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    722389 | NS      | $9954520.42   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Maze Therapeutics Inc                          | Maze Therapeutics Inc COM                          | CUSIP: 578784100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    184453 | NS      | $8409212.27   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Aktis Oncology Inc.                            | Aktis Oncology Inc. COM                            | CUSIP: 01021M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    266503 | NS      | $5364705.39   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corporation.                            | Incyte Corporation. COM                            | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |    396174 | NS      | $40120540.98  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewise Therapeutics Inc.                     | Edgewise Therapeutics Inc. COM                     | CUSIP: 28036F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    256164 | NS      | $7797632.16   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                     | Neurocrine Biosciences Inc COM                     | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     78721 | NS      | $10410852.25  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc.                            | IQVIA Holdings Inc. COM                            | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |    141190 | NS      | $25246183.90  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Therapeutics Inc.                       | Apogee Therapeutics Inc. COM                       | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    202950 | NS      | $14206500.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| BLUEPRINT MEDICINES CORP                       | Blueprint Medicines Corporation NPV                | CUSIP: 096CVR048<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |    204909 | NS      | $204909.00    | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Thermo Fisher Scientific Inc                   | Thermo Fisher Scientific Inc COM                   | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    285286 | NS      | $148665387.46 | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation                  | Boston Scientific Corporation COM                  | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |   1284362 | NS      | $98703219.70  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Angitia Biopharmaceuticals Limited             | Angitia Biopharmaceuticals Limited                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    658956 | NS      | $6517074.84   | 0.10%             |  |  |  | Yes           |                  3 | 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      |
| Nuvalent Inc                                   | Nuvalent Inc COM                                   | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    315841 | NS      | $32199989.95  | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| Galderma Group AG                              | Galderma Group AG CHF0.01                          | CUSIP: 000000000<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |    153331 | NS      | $28935096.50  | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Vor Biopharma Inc.                             | Vor Biopharma Inc. COM NEW                         | CUSIP: 929033207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115078 | NS      | $1776804.32   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                       | Revolution Medicines Inc COM                       | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |    302995 | NS      | $30911549.90  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Alumis Inc                                     | Alumis Inc COM                                     | CUSIP: 022307102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    293662 | NS      | $8718824.78   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| KARTOS THERAPEUTICS INC                        | KARTOS THERAPEUTICS INC                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    491515 | NS      | $493775.92    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ionis Pharmaceuticals, Inc.                    | Ionis Pharmaceuticals, Inc. COM                    | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |    170008 | NS      | $13796149.20  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                              | Veeva Systems Inc CL A COM                         | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     99401 | NS      | $18091976.01  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp.                                  | Glaukos Corp. COM                                  | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     87150 | NS      | $10492860.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Disc Medicine Inc                              | Disc Medicine Inc COM                              | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86558 | NS      | $5766493.96   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Roivant Sciences Ltd                           | Roivant Sciences Ltd SHS                           | CUSIP: 000000000<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | BM        |    468548 | NS      | $13559779.12  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunome Inc                                   | Immunome Inc COM                                   | CUSIP: 45257U108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    288792 | NS      | $6312993.12   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Beam Therapeutics Inc.                         | Beam Therapeutics Inc. COM                         | CUSIP: 07373V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    168010 | NS      | $4781564.60   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                     | DexCom Inc COM                                     | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    663769 | NS      | $48740557.67  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc.                        | IDEXX Laboratories Inc. COM                        | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     74621 | NS      | $49005849.33  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BridgeBio Oncology Therapeutics Inc.           | BridgeBio Oncology Therapeutics Inc. COM NEW       | CUSIP: 107924102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    673766 | NS      | $6757872.98   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Blackrock Funds III                            | Blackrock Funds III INSTL MMKT                     | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |  57435421 | PA      | $57464138.82  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| LB Pharmaceuticals Inc.                        | LB Pharmaceuticals Inc. COM SHS                    | CUSIP: 50180M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    567627 | NS      | $13628724.27  | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| The Cooper Companies, Inc.                     | The Cooper Companies, Inc. COM                     | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |    293135 | NS      | $24526605.45  | 0.38%             |  |  |  | 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      | $4637331.40   | 0.07%             |  |  |  | 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      | $2099148.61   | 0.03%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Scholar Rock Holding Corp.                     | Scholar Rock Holding Corp. COM                     | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |    226209 | NS      | $10014272.43  | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Waters Corporation                             | Waters Corporation COM                             | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |    124449 | NS      | $39746521.62  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Orchestra BioMed Holdings Inc                  | Orchestra BioMed Holdings Inc COM                  | CUSIP: 68572M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    206130 | NS      | $902849.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunocore Holdings plc                        | Immunocore Holdings plc ADS                        | CUSIP: 45258D105<br>LEI: 213800IUE3DFS84BVN18 | Long             | EC               | CORP              | GB        |    188691 | NS      | $6094719.30   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Centene Corp.                                  | Centene Corp. COM                                  | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    545618 | NS      | $24487335.84  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                        | UnitedHealth Group Inc. COM                        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    677911 | NS      | $198810958.97 | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc                   | Protagonist Therapeutics Inc COM                   | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    370408 | NS      | $34107168.64  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Novocure Ltd                                   | Novocure Ltd COM USD0.00                           | CUSIP: 000000000<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | JE        |    574295 | NS      | $7850612.65   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CELLARITY INC                                  | CELLARITY INC                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    858333 | NS      | $2094332.52   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Pfizer Inc.                                    | Pfizer Inc. COM                                    | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   1184622 | NS      | $32754798.30  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc.                       | Avidity Biosciences Inc. COM                       | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99483 | NS      | $7162776.00   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Intellia Therapeutics Inc                      | Intellia Therapeutics Inc COM                      | CUSIP: 45826J105<br>LEI: 5493002T5BCPE5DZC723 | Long             | EC               | CORP              | US        |    518392 | NS      | $7143441.76   | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Repligen Corporation                           | Repligen Corporation COM                           | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |    136584 | NS      | $17582458.32  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TScan Therapeutics Inc                         | TScan Therapeutics Inc COM                         | CUSIP: 89854M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    556653 | NS      | $590052.18    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Corvus Pharmaceuticals Inc                     | Corvus Pharmaceuticals Inc COM                     | CUSIP: 221015100<br>LEI: 549300I3AVJ8F75NCX65 | Long             | EC               | CORP              | US        |    110424 | NS      | $2016342.24   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Healthcare Technologies Inc.                | GE Healthcare Technologies Inc. COMMON STOCK       | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |    226856 | NS      | $19117155.12  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Minds Biosciences Inc                   | Bright Minds Biosciences Inc COM NEW               | CUSIP: 10919W405<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     95655 | NS      | $8017802.10   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis, Inc.                                 | Exelixis, Inc. COM                                 | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    231652 | NS      | $10206587.12  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                     | Amgen Inc. COM                                     | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |    588158 | NS      | $228299409.28 | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc.                   | Alnylam Pharmaceuticals Inc. COM                   | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |    207149 | NS      | $68964045.08  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                           | Bridgebio Pharma Inc COM                           | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |    204874 | NS      | $13620023.52  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                                         | UCB SA NPV                                         | CUSIP: 000000000<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |     53577 | NS      | $16093641.63  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                | Eli Lilly & Co. COM                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |    704342 | NS      | $740960740.58 | 11.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corporation                             | Bruker Corporation COM                             | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |    471949 | NS      | $18929874.39  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Denali Therapeutics Inc                        | Denali Therapeutics Inc COM                        | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |    329179 | NS      | $6972011.22   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Erasca Inc                                     | Erasca Inc COM                                     | CUSIP: 29479A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    709864 | NS      | $9696742.24   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| 4D Molecular Therapeutics Inc                  | 4D Molecular Therapeutics Inc COM                  | CUSIP: 35104E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    126274 | NS      | $1219806.84   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Zealand Pharma As                              | Zealand Pharma As DKK1                             | CUSIP: 000000000<br>LEI: 549300ITBB1ULBL4CZ12 | Long             | EC               | CORP              | DK        |     74091 | NS      | $4288749.91   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Summit Therapeutics Inc.                       | Summit Therapeutics Inc. COM                       | CUSIP: 86627T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    924148 | NS      | $15331615.32  | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| CG Oncology Inc.                               | CG Oncology Inc. COM                               | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59514 | NS      | $3499423.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Guardant Health Inc                            | Guardant Health Inc COM                            | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |    336665 | NS      | $31612843.50  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| KAILERA THERAPEUTICS INC                       | KAILERA THERAPEUTICS INC                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    428000 | NS      | $5992000.00   | 0.09%             |  |  |  | Yes           |                  3 | 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 Corporation                     | Exact Sciences Corporation COM                     | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |    548069 | NS      | $56659373.22  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                     | Biogen Inc COM                                     | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |    364188 | NS      | $69858542.16  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Nyxoah Sa                                      | Nyxoah Sa NPV                                      | CUSIP: 000000000<br>LEI: 5493002O1ESKZ18OXR80 | Long             | EC               | CORP              | BE        |    337359 | NS      | $1376424.72   | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Ocular Therapeutix Inc                         | Ocular Therapeutix Inc COM                         | CUSIP: 67576A100<br>LEI: 529900ABAWFXOHSIHG03 | Long             | EC               | CORP              | US        |    258781 | NS      | $2313502.14   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corporation                | United Therapeutics Corporation COM                | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     55689 | NS      | $28061687.10  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc.                      | Agilent Technologies Inc. COM                      | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |    271239 | NS      | $32922989.82  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Biosciences Inc.                        | Cogent Biosciences Inc. COM                        | CUSIP: 19240Q201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    820419 | NS      | $31873278.15  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Olema Pharmaceuticals Inc.                     | Olema Pharmaceuticals Inc. COM                     | CUSIP: 68062P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    253931 | NS      | $6145130.20   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Terns Pharmaceuticals Inc.                     | Terns Pharmaceuticals Inc. COM                     | CUSIP: 880881107<br>LEI: 254900S1ZDQMF4MYP709 | Long             | EC               | CORP              | US        |    367842 | NS      | $15493505.04  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                               | Merck & Co., Inc COM                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   1871806 | NS      | $231767018.92 | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDFINCH EQUITY                               | GOLDFINCH EQUITY WARRANTS                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    403447 | NC      | $4.03         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PTC Therapeutics, Inc.                         | PTC Therapeutics, Inc. COM                         | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |     82970 | NS      | $5657724.30   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd.            | Teva Pharmaceutical Industries Ltd. SPONSORED ADS  | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |   3475093 | NS      | $117666648.98 | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventyx Biosciences Inc.                        | Ventyx Biosciences Inc. COM                        | CUSIP: 92332V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    590649 | NS      | $8251366.53   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                       | Elanco Animal Health Inc COM                       | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |    483249 | NS      | $12757773.60  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                     | Insmed Inc COM PAR $.01                            | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |    301353 | NS      | $45001043.49  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                            | Abbott Laboratories COM                            | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |   1361894 | NS      | $158456366.90 | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                                | Bio-Techne Corp COM                                | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    193925 | NS      | $11441575.00  | 0.18%             |  |  |  | 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      |
| Roche Holding AG                               | Roche Holding AG GENUSSCHEINE NPV                  | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |    147789 | NS      | $70333000.39  | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Abiomed Inc                                    | Abiomed Inc USD0.01 SUBS RTS                       | CUSIP: 003CVR016<br>LEI: 5493001EZN4ZTB4Z5887 | Long             |  | CORP              | US        |    243643 | NS      | $565251.76    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Rhythm Pharmaceuticals Inc                     | Rhythm Pharmaceuticals Inc COM                     | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |    538793 | NS      | $49962274.89  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-24

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer