# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001752724-25-177000
**Filing Date:** 2025-7
**Character Count:** 48944
**Document Hash:** 86ef8b1daa5e4f72f37d2756787d8a9e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-177000.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001752724-25-177000

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250530

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**PERIOD START**: 20250531

**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:** 251146612

**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        |  |

## 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:** 2025-05-31

- **b. Date as of which information is reported:** 2025-05-30

**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:** $6528494030.47

**Total Liabilities:** $77125214.98

**Net Assets:** $6451368815.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004912 | -3.50%               | -2.20%               | -4.55%               |
| Class ID C000004913 | -3.53%               | -2.23%               | -4.56%               |
| Class ID C000004914 | -3.53%               | -2.21%               | -4.57%               |
| Class ID C000004916 | -3.58%               | -2.28%               | -4.61%               |
| Class ID C000037661 | -3.56%               | -2.23%               | -4.60%               |
| Class ID C000172900 | -3.51%               | -2.18%               | -4.54%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $122014365.17            | $-387956825.22                             |
| Month 2  | $-16478648.55            | $-147476675.05                             |
| Month 3  | $-81346166.63            | $-236848385.42                             |

### 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      | $20112.04     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                                | Vaxcyte Inc                                | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |    102708 | NS      | $3336982.92   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                                 | Humana Inc                                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |    146579 | NS      | $34171962.27  | 0.53%             |  |  |  | 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        |     60530 | NS      | $1794109.20   | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| CVS Health Corp                            | CVS Health Corp                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    815115 | NS      | $52199964.60  | 0.81%             |  |  |  | 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        |    443060 | NS      | $38076576.40  | 0.59%             |  |  |  | No            |                  1 | On Loan: —       |
| GOLDFINCH BIO INC                          | GOLDFINCH BIO INC                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3518800 | NS      | $985264.00    | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Danaher Corp                               | Danaher Corp                               | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    554987 | NS      | $105392031.30 | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                         | HCA Healthcare Inc                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |    127213 | NS      | $48517766.07  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INC                 | VERTEX PHARMACEUTICALS INC                 | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |    225865 | NS      | $99843623.25  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| INSITRO INC                                | INSITRO INC                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    592636 | NS      | $4995921.48   | 0.08%             |  |  |  | Yes           |                  3 | 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        |    381710 | NS      | $210833701.40 | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC                        | GILEAD SCIENCES INC                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |   1125322 | NS      | $123875445.76 | 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      | $4803162.10   | 0.07%             |  |  |  | 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        | 335339485 | NS      | $335339485.28 | 5.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd                      | Daiichi Sankyo Co Ltd                      | CUSIP: 000000000<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |    781700 | NS      | $20804088.28  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Regeneron Pharmaceuticals Inc              | Regeneron Pharmaceuticals Inc              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |    144734 | NS      | $70960185.52  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                                | BioNTech SE                                | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |     47467 | NS      | $4547813.27   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Allogene Therapeutics Inc                  | Allogene Therapeutics Inc                  | CUSIP: 019770106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1413527 | NS      | $1653826.59   | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| STRYKER CORP                               | STRYKER CORP                               | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |    672262 | NS      | $257234331.68 | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                                | Arcellx Inc                                | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    207201 | NS      | $12858894.06  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                | Moderna Inc                                | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |    407880 | NS      | $10833292.80  | 0.17%             |  |  |  | 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        |    230982 | NS      | $3420843.42   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                    | Bristol-Myers Squibb Co                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   2279200 | NS      | $110039776.00 | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                              | McKesson Corp                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |    147956 | NS      | $106455821.56 | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                          | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |   1717195 | NS      | $266525835.95 | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AC Immune SA                               | AC Immune SA                               | CUSIP: 000000000<br>LEI: 967600VLQ0ZC2HSOG765 | Long             | EC               | CORP              | CH        |      3467 | NS      | $5928.57      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoke Therapeutics Inc                     | Stoke Therapeutics Inc                     | CUSIP: 86150R107<br>LEI: 549300RD25SS2DIJHJ67 | Long             | EC               | CORP              | US        |    925936 | NS      | $8833429.44   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| STERIS PLC                                 | STERIS PLC                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75548 | NS      | $18525125.08  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| KARTOS THERAPEUTICS INC                    | KARTOS THERAPEUTICS INC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1233856 | NS      | $6995963.52   | 0.11%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STRUCTURE THERAPEUTICS INC                 | STRUCTURE THERAPEUTICS INC                 | CUSIP: 86366E106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    103023 | NS      | $2241780.48   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                 | AbbVie Inc                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |   2072351 | NS      | $385685244.61 | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Voyager Therapeutics Inc                   | Voyager Therapeutics Inc                   | CUSIP: 92915B106<br>LEI: 54930082S4XVR0ZWCC74 | Long             | EC               | CORP              | US        |    425922 | NS      | $1167026.28   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp                  | Edwards Lifesciences Corp                  | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |   2213874 | NS      | $173169224.28 | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I             | West Pharmaceutical Services Inc           | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |    134864 | NS      | $28436074.40  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                      | Quest Diagnostics Inc                      | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |    303566 | NS      | $52620130.44  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                        | Ascendis Pharma A/S                        | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |    124134 | NS      | $20213980.56  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                       | Labcorp Holdings Inc                       | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170245 | NS      | $42385897.65  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORP                                | INCYTE CORP                                | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |    160906 | NS      | $10468544.36  | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Edgewise Therapeutics Inc                  | Edgewise Therapeutics Inc                  | CUSIP: 28036F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    286215 | NS      | $4087150.20   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                 | Neurocrine Biosciences Inc                 | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |    144705 | NS      | $17801609.10  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| KARTOS THERAPEUTICS INC                    | KARTOS THERAPEUTICS INC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    339469 | NS      | $1924789.23   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IQVIA Holdings Inc                         | IQVIA Holdings Inc                         | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     88638 | NS      | $12438570.54  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC               | THERMO FISHER SCIENTIFIC INC               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    267577 | NS      | $107785367.14 | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORP                     | BOSTON SCIENTIFIC CORP                     | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |   4073041 | NS      | $428728295.66 | 6.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvalent Inc                               | Nuvalent Inc                               | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    367660 | NS      | $27431112.60  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Galderma Group AG                          | Galderma Group AG                          | CUSIP: 000000000<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |    116108 | NS      | $15254663.78  | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Cigna Group/The                            | Cigna Group/The                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    222702 | NS      | $70516361.28  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc                  | Ionis Pharmaceuticals Inc                  | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |    155518 | NS      | $5211408.18   | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Legend Biotech Corp                        | Legend Biotech Corp                        | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | US        |    140057 | NS      | $4054650.15   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                               | Glaukos Corp                               | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |    101118 | NS      | $9534416.22   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Disc Medicine Inc                          | Disc Medicine Inc                          | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96722 | NS      | $4514982.96   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Roivant Sciences Ltd                       | Roivant Sciences Ltd                       | CUSIP: 000000000<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | US        |    757759 | NS      | $8327771.41   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Beam Therapeutics Inc                      | Beam Therapeutics Inc                      | CUSIP: 07373V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    187715 | NS      | $2971528.45   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Dexcom Inc                                 | Dexcom Inc                                 | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    351585 | NS      | $30165993.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc                     | IDEXX Laboratories Inc                     | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     86759 | NS      | $44538600.24  | 0.69%             |  |  |  | No            |                  1 | On Loan: —       |
| BlackRock Cash Funds - Institutional       | BlackRock Cash Funds - Institutional       | CUSIP: 066922519<br>LEI: 549300JDHS1T46VWOG19 | Long             | STIV             | RF                | US        |  53370398 | NS      | $53391746.32  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                         | Cooper Cos Inc/The                         | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |    343632 | NS      | $23463192.96  | 0.36%             |  |  |  | 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      | $6684896.36   | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Waters Corp                                | Waters Corp                                | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |    197840 | NS      | $69093641.60  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Orchestra BioMed Holdings Inc              | Orchestra BioMed Holdings Inc              | CUSIP: 68572M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    250564 | NS      | $714107.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Centene Corp                               | Centene Corp                               | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |    260875 | NS      | $14723785.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                | Inspire Medical Systems Inc                | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     58973 | NS      | $8150068.60   | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Xenon Pharmaceuticals Inc                  | Xenon Pharmaceuticals Inc                  | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |    330873 | NS      | $9545686.05   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                     | UNITEDHEALTH GROUP INC                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    934338 | NS      | $282085985.58 | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc               | Protagonist Therapeutics Inc               | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    262826 | NS      | $12476350.22  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Novocure Ltd                               | Novocure Ltd                               | CUSIP: 000000000<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | JE        |    641675 | NS      | $12262409.25  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CELLARITY INC                              | CELLARITY INC                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    858333 | NS      | $1828249.29   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sanofi SA                                  | Sanofi SA                                  | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    328294 | NS      | $32514550.82  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| PFIZER INC                                 | PFIZER INC                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   2395660 | NS      | $56274053.40  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                              | Repligen Corp                              | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |    167659 | NS      | $19795498.13  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TScan Therapeutics Inc                     | TScan Therapeutics Inc                     | CUSIP: 89854M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    650525 | NS      | $930250.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc             | GE HealthCare Technologies Inc             | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |    268721 | NS      | $18955579.34  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp                   | Blueprint Medicines Corp                   | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |    204909 | NS      | $20767527.15  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholar Rock Holding Corp                  | Scholar Rock Holding Corp                  | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |    103615 | NS      | $3005871.15   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                               | Exelixis Inc                               | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    342550 | NS      | $14743352.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| AMGEN INC                                  | AMGEN INC                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |    748486 | NS      | $215698695.48 | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                | Alnylam Pharmaceuticals Inc                | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |    502787 | NS      | $153128808.72 | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOETIS INC                                 | ZOETIS INC                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |    422297 | NS      | $71211943.11  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                       | Bridgebio Pharma Inc                       | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |    231965 | NS      | $7944801.25   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| UCB SA                                     | UCB SA                                     | CUSIP: 000000000<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |    111585 | NS      | $20299495.74  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Denali Therapeutics Inc                    | Denali Therapeutics Inc                    | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |    269381 | NS      | $3566604.44   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Zealand Pharma A/S                         | Zealand Pharma A/S                         | CUSIP: 000000000<br>LEI: 549300ITBB1ULBL4CZ12 | Long             | EC               | CORP              | DK        |     92335 | NS      | $6418317.57   | 0.10%             |  |  |  | No            |                  2 | On Loan: —       |
| 4D Molecular Therapeutics Inc              | 4D Molecular Therapeutics Inc              | CUSIP: 35104E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    154258 | NS      | $558413.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Therapeutics Inc                    | Summit Therapeutics Inc                    | CUSIP: 86627T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    227720 | NS      | $4147919.80   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| ELI LILLY & CO                             | ELI LILLY & CO                             | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |    778943 | NS      | $574602882.81 | 8.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MoonLake Immunotherapeutics                | MoonLake Immunotherapeutics                | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     77153 | NS      | $3009738.53   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| CG oncology Inc                            | CG oncology Inc                            | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68649 | NS      | $1758787.38   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                        | Guardant Health Inc                        | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |    129627 | NS      | $5265448.74   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Metsera Inc                                | Metsera Inc                                | CUSIP: 59267L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    152727 | NS      | $4080865.44   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| 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      |
| Nyxoah SA                                  | Nyxoah SA                                  | CUSIP: 000000000<br>LEI: 5493002O1ESKZ18OXR80 | Long             | EC               | CORP              | BE        |    392838 | NS      | $3005210.70   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Helix Acquisition Corp II                  | Helix Acquisition Corp II                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    850715 | NS      | $9204736.30   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc                   | Agilent Technologies Inc                   | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |    261530 | NS      | $29270437.60  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                               | Insulet Corp                               | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     66855 | NS      | $21729880.65  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO INC                             | MERCK & CO. INC.                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    616926 | NS      | $47404593.84  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Therapeutics Inc                       | PTC Therapeutics Inc                       | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |    274700 | NS      | $13328444.00  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Industries             | Teva Pharmaceutical Industries Ltd         | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |   3047795 | NS      | $51142000.10  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Prothena Corp PLC                          | Prothena Corp PLC                          | CUSIP: 000000000<br>LEI: 5299009ZXQ8NIIJ8OL30 | Long             | EC               | CORP              | IE        |    436720 | NS      | $2004544.80   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                 | Insmed Inc                                 | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |    658178 | NS      | $45894751.94  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES                        | ABBOTT LABORATORIES                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |   2604639 | NS      | $347927677.62 | 5.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                            | Bio-Techne Corp                            | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    219569 | NS      | $10627139.60  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EXO IMAGING INC                            | EXO IMAGING INC                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    890877 | NS      | $659783.51    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ABIOMED Inc                                | ABIOMED Inc                                | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | US        |    243643 | NS      | $538451.03    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Rhythm Pharmaceuticals Inc                 | Rhythm Pharmaceuticals Inc                 | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |    690347 | NS      | $42338981.51  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOMARIN PHARMACEUTICAL INC                | BIOMARIN PHARMACEUTICAL INC                | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |    281157 | NS      | $16326786.99  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                               | Penumbra Inc                               | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |    149102 | NS      | $39805760.94  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                        | Exact Sciences Corp                        | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |    620545 | NS      | $34924272.60  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International I             | Mettler-Toledo International Inc           | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |     15479 | NS      | $17886294.08  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                  | Argenx SE                                  | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |    117950 | NS      | $67616017.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                 | Natera Inc                                 | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    151876 | NS      | $23955401.48  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AFFINIVAX INC                              | AFFINIVAX INC                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    122824 | NS      | $1186479.84   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Viking Therapeutics Inc                    | Viking Therapeutics Inc                    | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |    118964 | NS      | $3188235.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Hologic Inc                                | Hologic Inc                                | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |    156655 | NS      | $9739241.35   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                   | Merus NV                                   | CUSIP: 000000000<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |    230676 | NS      | $12934003.32  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WaVe Life Sciences Ltd                     | WaVe Life Sciences Ltd                     | CUSIP: 000000000<br>LEI: 54930070006GPKFYZ813 | Long             | EC               | CORP              | US        |    252070 | NS      | $1514940.70   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENXBIO Inc                              | REGENXBIO Inc                              | CUSIP: 75901B107<br>LEI: 549300EOES47LATSET33 | Long             | EC               | CORP              | US        |    247495 | NS      | $2190330.75   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                | Cencora Inc                                | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |    333871 | NS      | $97236590.04  | 1.51%             |  |  |  | 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      | $27202.77     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Autolus Therapeutics PLC                   | Autolus Therapeutics PLC                   | CUSIP: 05280R100<br>LEI: 549300C0KZP8EYROLL02 | Long             | EC               | CORP              | GB        |    850117 | NS      | $1487704.75   | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| EXO IMAGING INC                            | EXO IMAGING INC                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19083 | NS      | $6967.20      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ELEVANCE HEALTH INC                        | ELEVANCE HEALTH INC                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    279607 | NS      | $107324350.88 | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                            | AstraZeneca PLC                            | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    324659 | NS      | $47557369.88  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Medtronic PLC                              | Medtronic PLC                              | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |   1992642 | NS      | $165349433.16 | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                               | Alkermes PLC                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    169810 | NS      | $5197884.10   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRATI THERAPEUTICS INC                    | MIRATI THERAPEUTICS INC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    228510 | NS      | $169097.40    | 0.00%             |  |  |  | No            |                  3 | On Loan: —       |
| Vir Biotechnology Inc                      | Vir Biotechnology Inc                      | CUSIP: 92764N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    272240 | NS      | $1344865.60   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ADARX PHARMACEUTICALS INC                  | ADARX PHARMACEUTICALS INC                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    769230 | NS      | $8738452.80   | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dyne Therapeutics Inc                      | Dyne Therapeutics Inc                      | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    322438 | NS      | $3856358.48   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-24

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer