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AUGUST 31, 2026
2026 Quarterly Report
(Unaudited)
BlackRock Funds SM
• BlackRock Health Sciences Opportunities Portfolio
Not FDIC Insured • May Lose Value • No Bank Guarantee
BNM1026U-6041638-19232810
Page 2
Security Shares Value Common Stocks
Biotechnology — 33.2% 4D Molecular Therapeutics, Inc. (a)(b) ................... 126,274 $ 1,781,726 AbbVie, Inc. .......................................... 1,261,298 323,422,033 Aktis Oncology, Inc. (a) ................................ 266,503 6,905,093 Allogene Therapeutics, Inc. (a) ......................... 649,106 1,298,212 Amgen, Inc. .......................................... 590,203 253,716,466 Angitia Biopharmaceuticals Ltd. (Acquired 01/27/26, cost $6,508,673) (a)(c)(d) ............................. 658,956 6,530,254 Annexon, Inc. (a) ...................................... 188,611 931,738 Apogee Therapeutics, Inc. (a) .......................... 263,702 35,620,866 Arcus Biosciences, Inc. (a) ............................. 572,430 16,760,750 Argenx SE, ADR (a) ................................... 95,059 98,068,568 Avalo Therapeutics, Inc. (a)(b) .......................... 299,585 5,793,974 Beam Therapeutics, Inc. (a)(b) .......................... 168,010 4,944,534 Bicara Therapeutics, Inc. (a) ........................... 160,104 3,701,605 Biogen, Inc. (a) ........................................ 364,188 78,901,330 Biohaven Ltd. (a) ...................................... 348,832 5,326,665 BioMarin Pharmaceutical, Inc. (a) ....................... 322,635 21,045,481 BridgeBio Oncology Therapeutics, Inc. (a)(b) ............ 883,053 7,770,866 Bright Minds Biosciences, Inc. (a) ...................... 95,655 6,861,333 Cogent Biosciences, Inc. (a) ........................... 1,030,762 36,076,670 Corvus Pharmaceuticals, Inc. (a)(b) ..................... 110,424 1,550,353 Cytokinetics, Inc. (a)(b) ................................. 649,484 46,054,910 Denali Therapeutics, Inc. (a) ........................... 251,859 5,984,170 Dianthus Therapeutics, Inc. (a)(b) ....................... 186,482 19,694,364 Dyne Therapeutics, Inc. (a)(b) .......................... 278,934 7,093,292 Eikon Therapeutics, Inc. (a)(b) .......................... 722,389 7,556,189 Enanta Pharmaceuticals, Inc. (a) ....................... 492,001 6,558,373 Erasca, Inc. (a) ........................................ 1,261,812 22,561,199 Exelixis, Inc. (a) ....................................... 231,652 12,657,465 Gilead Sciences, Inc. ................................. 1,783,230 260,957,878 Gossamer Bio, Inc. (a) ................................. 365,199 62,084 Halozyme Therapeutics, Inc. (a) ........................ 246,253 26,223,482 Immunocore Holdings PLC, ADR (a) .................... 188,691 6,853,257 Immunome, Inc. (a)(b) .................................. 288,792 7,915,789 Incyte Corp. (a) ........................................ 439,661 54,175,028 Insmed, Inc. (a) ........................................ 299,235 36,452,808 Intellia Therapeutics, Inc. (a)(b) ......................... 664,846 8,463,490 Ionis Pharmaceuticals, Inc. (a) ......................... 170,008 10,261,683 Kailera Therapeutics, Inc. (a) ........................... 333,687 5,138,780 Kailera Therapeutics, Inc., Series B (Acquired 10/31/25, cost $5,992,000) (a)(d) ..................... 428,000 6,591,200 Kartos Therapeutics, Inc. (Acquired 08/27/26, cost $0) (a)(c)(d) .......................................... 1,713,899 5,193,114 Kymera Therapeutics, Inc. (a) .......................... 54,173 6,436,294 Madrigal Pharmaceuticals, Inc. (a) ...................... 27,588 14,898,348 MapLight Therapeutics, Inc. (a)(b) ....................... 50,257 651,833 Moderna, Inc. (a) ...................................... 444,967 62,446,669 Monte Rosa Therapeutics, Inc. (a)(b) .................... 318,162 4,435,178 MoonLake Immunotherapeutics (a) ..................... 161,391 2,428,935 Natera, Inc. (a) ........................................ 46,190 14,871,332 Neurocrine Biosciences, Inc. (a) ........................ 113,005 17,406,160 Oruka Therapeutics, Inc. (a) ............................ 264,813 24,526,980 Palvella Therapeutics, Inc. (a) .......................... 50,716 7,738,754 Protagonist Therapeutics, Inc. (a) ....................... 326,162 48,190,435 REGENXBIO, Inc. (a) .................................. 214,663 2,039,299 Relay Therapeutics, Inc. (a) ............................ 342,957 6,303,550 Revolution Medicines, Inc. (a) .......................... 361,340 74,280,664 Rhythm Pharmaceuticals, Inc. (a) ....................... 201,001 21,332,236 Roivant Sciences Ltd. (a) .............................. 605,623 20,978,781 Sagimet Biosciences, Inc., Series A (a) ................. 585,181 6,003,957 Scholar Rock Holding Corp. (a) ......................... 226,209 12,848,671
Security Shares Value
Biotechnology (continued) Stoke Therapeutics, Inc. (a) ............................ 473,152 $ 14,762,342 Summit Therapeutics, Inc. (a) .......................... 276,987 3,772,563 Syndax Pharmaceuticals, Inc. (a) ....................... 58,560 1,129,622 Tango Therapeutics, Inc. (a) ............................ 212,263 4,848,087 Ultragenyx Pharmaceutical, Inc. (a) ..................... 130,855 3,298,855 United Therapeutics Corp. (a) .......................... 55,689 28,422,552 Vaxcyte, Inc. (a) ....................................... 147,352 8,950,161 Vertex Pharmaceuticals, Inc. (a) ........................ 390,198 212,470,615 Viridian Therapeutics, Inc. (a)(b) ........................ 516,095 11,952,760 Vor BioPharma, Inc. (a)(b) .............................. 115,078 2,586,953 Zealand Pharma A/S (a) ............................... 74,091 3,447,096 2,116,916,754 Health Care Equipment & Supplies — 9.4% Abbott Laboratories .................................. 1,509,463 166,584,337 Boston Scientific Corp. (a) ............................. 1,240,969 59,938,803 Dexcom, Inc. (a) ....................................... 663,769 60,442,805 Edwards Lifesciences Corp. (a) ........................ 1,594,693 144,718,390 Exo Imaging, Inc. (Acquired 06/24/21, cost $11,178,821) (a)(c)(d) ................................ 19,083 572 Novocure Ltd. (a) ...................................... 574,295 10,136,307 Orchestra BioMed Holdings, Inc. (a) .................... 206,130 1,038,895 Penumbra, Inc. (a) ..................................... 133,216 43,042,090 Stryker Corp. ......................................... 354,942 114,930,219 600,832,418 Health Care Providers & Services — 10.0% Cencora, Inc. ......................................... 120,395 38,959,822 CVS Health Corp. .................................... 262,347 24,637,007 Elevance Health, Inc. ................................. 302,439 118,719,405 HCA Healthcare, Inc. ................................. 137,660 57,053,187 Humana, Inc. ......................................... 75,328 28,867,949 McKesson Corp. ..................................... 27,586 24,422,438 Quest Diagnostics, Inc. ............................... 85,193 20,471,878 RadNet, Inc. (a) ....................................... 108,100 8,196,142 Tenet Healthcare Corp. (a) ............................. 154,007 40,952,001 UnitedHealth Group, Inc. ............................. 708,976 276,082,344 638,362,173 Life Sciences Tools & Services — 12.3% AbCellera Biologics, Inc. (a) ............................ 1,257,977 14,441,576 Agilent Technologies, Inc. ............................. 271,239 41,651,461 Bruker Corp. ......................................... 394,770 22,900,608 Charles River Laboratories International, Inc. (a) ........ 56,177 16,192,458 Danaher Corp. ....................................... 682,443 145,742,527 Illumina, Inc. (a) ....................................... 284,747 60,830,502 IQVIA Holdings, Inc. (a) ................................ 262,637 68,598,158 Mettler-Toledo International, Inc. (a) .................... 14,830 20,838,226 Tempus AI, Inc., Class A (a)(b) .......................... 414,285 26,120,669 Thermo Fisher Scientific, Inc. ......................... 455,530 281,107,563 Waters Corp. (a) ....................................... 174,359 72,294,472 West Pharmaceutical Services, Inc. ................... 32,517 11,091,874 781,810,094 Pharmaceuticals — 33.4% Axsome Therapeutics, Inc. (a) .......................... 87,522 17,374,867 Braveheart Bio, Inc. (a)(b) .............................. 117,028 2,984,214 Bristol-Myers Squibb Co. ............................. 1,690,485 112,941,303 Definium Therapeutics, Inc. (a) ......................... 81,265 3,227,846 Eli Lilly & Co. ......................................... 656,650 759,566,755 Galderma Group AG .................................. 188,090 39,000,881 Johnson & Johnson .................................. 1,924,600 511,654,910 LB Pharmaceuticals, Inc. (a) ........................... 567,627 26,826,052 Maze Therapeutics, Inc. (a) ............................ 184,453 4,900,916 MBX Biosciences, Inc. (a) .............................. 333,350 20,534,360
Schedule of Investments (unaudited) August 31, 2026
BlackRock Health Sciences Opportunities Portfolio (Percentages shown are based on Net Assets)
2 BNM1026U-6041638-19232810
Page 3
Security Shares Value
Pharmaceuticals (continued) Merck & Co., Inc. ..................................... 2,400,258 $ 354,662,122 Novartis AG, ADR .................................... 207,638 31,573,434 Ocular Therapeutix, Inc. (a) ............................ 258,781 2,714,613 Pfizer, Inc. ........................................... 5,365,585 152,704,549 Structure Therapeutics, Inc., ADR (a) ................... 91,395 4,195,944 Teva Pharmaceutical Industries Ltd., ADR (a) ........... 2,140,996 77,182,906 Wave Life Sciences, Inc. (a) ............................ 345,882 1,694,822 2,123,740,494 Total Common Stocks — 98.3% (Cost: $3,338,381,576) ............................................. 6,261,661,933 Par (000) Other Interests (a)(c)(d)(e) Affinivax Inc., (Acquired 08/19/22, cost $0) ....... USD 123 451,992 Total Other Interests — 0.0% (Cost: $0) ......................................................... 451,992
Shares Preferred Securities
Preferred Stocks — 0.6% Biotechnology — 0.5% Adarx Pharmaceuticals, Inc., Series C, (Acquired 08/02/23, cost $6,399,994) (a)(c)(d) ................... 769,230 10,799,989 Cellarity, Inc., Series B, (Acquired 01/15/21, cost $5,149,998) (a)(c)(d) ................................. 858,333 377,667 Genesis Therapeutics, Inc., Series B, (Acquired 08/10/23, cost $4,207,998) (a)(c)(d) ................... 823,870 6,368,515 Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, cost $3,676,117) (a)(c)(d) ................................. 3,115,353 934,606 Laronde, Inc., Series B, (Acquired 07/28/21, cost $10,822,560) (a)(c)(d) ................................ 386,520 10,942,381 29,423,158 Health Care Equipment & Supplies — 0.0% Exo Imaging, Inc., Series D, (Acquired 07/24/24, cost $577,098) (a)(c)(d) ................................... 890,877 267,263 Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, cost $9,727,321) (a)(c)(d) ................... 80,024,425 2,602,394 Swift Health Systems, Inc., Series D, (Acquired 08/27/21, cost $5,270,016) (a)(c)(d) ................... 1,700 3,791 2,873,448 Pharmaceuticals — 0.1% Insitro, Series C, (Acquired 03/10/21, cost $10,839,964) (a)(c)(d) ................................ 592,636 5,475,957 Total Preferred Securities — 0.6% (Cost: $56,671,066) ................................................ 37,772,563
Rights
Biotechnology — 0.0% Arcellx, Inc., CVR (a) .................................. 92,964 6,508
Security Shares Value
Biotechnology (continued) Blueprint Medicines Corp., CVR (a)(c) ................... 204,909 $ 202,860 Korro Bio, Inc., CVR (a)(c) .............................. 428,010 4 Mirati Therapeutics, Inc., CVR (a)(b)(c) ................... 228,510 180,523 389,895 Capital Markets — 0.0% TPG, Inc., CVR (a)(c) ................................... 138,368 1,384 Health Care Equipment & Supplies — 0.0% ABIOMED, Inc., CVR (a)(c) ............................. 243,643 370,337 Total Rights — 0.0% (Cost: $—) ......................................................... 761,616
Warrants (a)(c)
Financial Services — 0.0% Goldfinch Bio, Inc., (Issued/Exercisable 02/10/26, 1 Share for 1 Warrant, Expires 11/20/35, Strike Price USD 1.18) ......................................... 403,447 4 Total Warrants — 0.0% (Cost: $161,379) ................................................... 4 Total Long-Term Investments — 98.9% (Cost: $3,395,214,021) ............................................. 6,300,648,108
Short-Term Securities
Money Market Funds — 1.5% BlackRock Cash Funds: Institutional, SL Agency Shares, 3.84% (f)(g)(h) ............................... 35,155,953 35,166,500 BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.58% (f)(g) ................................. 58,952,234 58,952,234 Total Short-Term Securities — 1.5% (Cost: $94,118,713) ................................................ 94,118,734 Total Investments — 100.4% (Cost: $3,489,332,734) ............................................. 6,394,766,842 Liabilities in Excess of Other Assets — (0.4)% ....................... (23,741,659) Net Assets — 100.0% ................................................ $ 6,371,025,183
(a) Non-income producing security. (b) All or a portion of this security is on loan. (c) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. (d) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $56,539,695, representing 0.9% of its net assets as of period end, and an original cost of $80,350,560. (e) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. (f) Affiliate of the Fund. (g) Annualized 7-day yield as of period end. (h) All or a portion of this security was purchased with the cash collateral from loaned securities.
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Health Sciences Opportunities Portfolio (Percentages shown are based on Net Assets)
3 BNM1026U-6041638-19232810
Page 4
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2026 for purposes of Section 2(a)(3) of the Investm ent Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at 05/31/26
Purchases at Cost
Proceeds from Sales
Net Realized Gain (Loss)
Change in Unrealized Appreciation (Depreciation)
Value at 08/31/26
Shares Held at 08/31/26 Income
Capital Gain Distributions from Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares ......................... $ 41,039,716 $ — $ (5,867,093) (a) $ (2,259) $ (3,864) $ 35,166,500 35,155,953 $ 81,308 (b) $— BlackRock Liquidity Funds, T-Fund, Institutional Shares ............. 9,404,024 49,548,210 (a) — — — 58,952,234 58,952,234 360,698 — $ (2,259) $ (3,864) $ 94,118,734 $ 442,006 $ —
(a) Represents net amount purchased (sold). (b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral inve stment 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 Hiera rchy as of P eriod End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are cate gorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Level 1 — Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Leve l 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) an d the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments ca tegorized 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 hie rarchy 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 ha ve 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 priv ately 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 instru ments 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. F or information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial inst ruments into major categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Common Stocks Biotechnology ....................................................... $ 2,095,155,090 $ 10,038,296 $ 11,723,368 $ 2,116,916,754 Health Care Equipment & Supplies ................................... 600,831,846 — 572 600,832,418 Health Care Providers & Services ..................................... 638,362,173 — — 638,362,173 Life Sciences Tools & Services ........................................ 781,810,094 — — 781,810,094 Pharmaceuticals ..................................................... 2,084,739,613 39,000,881 — 2,123,740,494 Other Interests ......................................................... — — 451,992 451,992 Preferred Securities .................................................... — — 37,772,563 37,772,563 Rights ................................................................. — 6,508 755,108 761,616 Warrants ............................................................... — — 4 4 Short-Term Securities Money Market Funds ................................................... 94,118,734 — — 94,118,734 $ 6,295,017,550 $ 49,045,685 $ 50,703,607 $ 6,394,766,842
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Health Sciences Opportunities Portfolio
4 BNM1026U-6041638-19232810
Page 5
Currency Abbreviation USD United States Dollar
Portfolio Abbreviation
ADR American Depositary Receipt CVR Contingent Value Rights
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Health Sciences Opportunities Portfolio
5 BNM1026U-6041638-19232810
Truncated: This annotation is too large to fit.
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},
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},
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