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AUGUST 31, 2026
2026 Quarterly Report
(Unaudited)
BlackRock Funds SM
• BlackRock Energy Opportunities Fund
Not FDIC Insured • May Lose Value • No Bank Guarantee
BNM1026U-6041638-19232821
Page 2
Security Shares Value Common Stocks
Chemicals — 0.5% Linde PLC .............................................. 3,645 $ 1,784,519 Energy Equipment & Services — 6.4% Aker Solutions ASA ...................................... 383,206 1,776,851 Liberty Energy, Inc., Class A ............................. 69,836 1,376,468 Poseidon Concepts Corp. (a)(b) ............................ 35,081 — SBM Offshore NV ....................................... 108,014 4,418,704 Subsea 7 SA ............................................ 205,194 7,572,002 TechnipFMC PLC ....................................... 91,547 7,154,398 Tecnicas Reunidas SA (b) ................................. 79,688 2,440,203 24,738,626 Oil, Gas & Consumable Fuels — 91.8% Aker BP ASA ............................................ 113,480 4,354,175 Cameco Corp. (CAD) .................................... 53,515 5,282,963 Canadian Natural Resources Ltd. ........................ 294,806 14,781,247 Cheniere Energy, Inc. .................................... 51,203 14,935,403 Chevron Corp. .......................................... 217,994 44,937,283 ConocoPhillips .......................................... 115,793 15,341,415 EQT Corp. .............................................. 97,560 5,285,801 ExxonMobil Holdings Corp. .............................. 454,298 73,119,263 Gazprom PJSC (a)(b) ..................................... 639,500 74 Gaztransport Et Technigaz SA ........................... 15,722 3,841,771 Kinder Morgan, Inc. ...................................... 195,653 6,307,853 Kosmos Energy Ltd. (b) ................................... 535,733 1,532,196 Marathon Petroleum Corp. ............................... 41,666 15,554,751 Permian Resources Corp., Class A ....................... 328,073 7,640,820 Repsol SA .............................................. 231,767 7,392,115 Shell PLC ............................................... 807,384 36,991,286
Security Shares Value
Oil, Gas & Consumable Fuels (continued) Suncor Energy, Inc. ...................................... 197,003 $ 13,180,914 Targa Resources Corp. .................................. 53,953 15,843,299 TC Energy Corp. ........................................ 166,805 10,444,344 TotalEnergies SE ........................................ 276,782 24,388,363 Valero Energy Corp. ..................................... 50,547 18,142,329 Venture Global, Inc., Class A ............................. 203,900 2,985,096 Williams Cos., Inc. (The) ................................. 179,764 13,491,288 355,774,049 Total Long-Term Investments — 98.7% (Cost: $195,897,917) ................................................. 382,297,194
Short-Term Securities
Money Market Funds — 1.0% BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.58% (c)(d) ............................................ 3,997,588 3,997,588 Total Short-Term Securities — 1.0% (Cost: $3,997,588) ................................................... 3,997,588 Total Investments — 99.7% (Cost: $199,895,505) ................................................. 386,294,782 Other Assets Less Liabilities — 0.3% .................................. 1,213,275 Net Assets — 100.0% .................................................. $ 387,508,057
(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. (b) Non-income producing security. (c) Affiliate of the Fund. (d) Annualized 7-day yield as of period end.
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 Liquidity Funds, T-Fund, Institutional Shares ..................... $ 4,567,253 $ — $ (569,665) (a) $ — $ — $ 3,997,588 3,997,588 $ 31,199 $ —
(a) Represents net amount purchased (sold).
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).
Schedule of Investments (unaudited) August 31, 2026
BlackRock Energy Opportunities Fund (Percentages shown are based on Net Assets)
2 BNM1026U-6041638-19232821
Page 3
Fair Value Hiera rchy as of P eriod End (continued)
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 Chemicals ........................................................... $ 1,784,519 $ — $ — $ 1,784,519 Energy Equipment & Services ........................................ 16,102,868 8,635,758 — 24,738,626 Oil, Gas & Consumable Fuels ........................................ 278,806,265 76,967,710 74 355,774,049 Short-Term Securities Money Market Funds ................................................... 3,997,588 — — 3,997,588 $ 300,691,240 $ 85,603,468 $ 74 $ 386,294,782
Currency Abbreviation CAD Canadian Dollar
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Energy Opportunities Fund
3 BNM1026U-6041638-19232821
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},
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},
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},
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"text": "50,547 18,142,329"
},
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},
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},
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"text": "Total Investments \u2014 99.7%"
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"text": "(Cost: $199,895,505)"
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},
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"text": "................................................."
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"text": "386,294,782"
},
{
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},
"id": "9f1592e5-2c97-489e-b129-1bd227bcae9e",
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"text": "Other Assets Less Liabilities \u2014 0.3%"
},
{
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"text": "1,213,275"
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},
"id": "f5fbe8a8-60ca-4cdb-90f9-f13ba2077810",
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"text": "Net Assets \u2014 100.0%"
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},
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"text": "$ 387,508,057"
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"text": "Security is valued using significant unobservable inputs and is classified as Level 3 in the"
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"text": "fair value hierarchy."
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},
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"text": "Non-income producing security."
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"text": "Affiliate of the Fund."
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"id": "3470e88f-1e21-4327-bc8c-90e750506a13",
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"text": "Annualized 7-day yield as of period end."
},
{
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"text": "Affiliates"
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},
"id": "ae2d31c3-4a66-403d-a9e7-16e506d2b449",
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"text": "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"
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},
"id": "5e3f4b05-716f-426d-b954-63fe581d62bb",
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"text": "ent Company Act of"
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"id": "b38b228d-8340-4e56-9618-8b7648adaefa",
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"text": "1940, as amended, were as follows:"
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"text": "Affiliated Issuer"
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"text": "Value at"
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"text": "05/31/26"
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"text": "Purchases"
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"text": "at Cost"
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"text": "Proceeds"
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"text": "from Sales"
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"text": "Net"
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"text": "Realized"
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"text": "Gain"
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{
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"text": "Change in"
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"text": "Unrealized"
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"text": "Appreciation"
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{
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"text": "08/31/26"
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"text": "Shares"
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"text": "Held at"
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"text": "08/31/26 Income"
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"text": "Capital"
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"text": "Distributions"
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"text": "from"
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"text": "Underlying"
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"id": "e5731bac-7af1-4460-afd8-ba8c9a5b1ad8",
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"text": "BlackRock Liquidity Funds, T-Fund,"
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"text": "....................."
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"id": "da2115db-bd84-4788-b6a2-b44db24d2ab3",
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"text": "$ 4,567,253 $ \u2014 $ (569,665)"
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"text": "$ \u2014 $ \u2014 $ 3,997,588 3,997,588 $ 31,199 $ \u2014"
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"text": "Represents net amount purchased (sold)."
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"id": "5c76d204-9907-491f-aa15-a87a84aa0110",
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"text": "For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes."
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"text": "Fair Value Hiera"
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"id": "6d9fa034-563f-4e9e-93e0-be657ee17b01",
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"text": "rchy as of P"
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"text": "eriod End"
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"text": "Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are cate"
},
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"text": "gorized into a fair value"
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"text": "hierarchy consisting of three broad levels for financial reporting purposes as follows:"
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"id": "2dc56039-fdc3-46ea-b1da-30bba41e7ae3",
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"text": "Level 1 \u2014 Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;"
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"text": "Level 2 \u2014 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and"
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"text": "Leve"
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"text": "l 3 \u2014 Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee\u2019"
},
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"text": "s assumptions"
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"text": "used in determining the fair value of financial instruments)."
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"text": "Schedule of Investments"
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"text": "(unaudited)"
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"text": "August 31, 2026"
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"text": "BlackRock Energy Opportunities Fund"
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"text": "Fair Value Hiera"
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"text": "unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments ca"
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"text": "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"
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"text": "determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 ha"
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"text": "inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by priv"
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"text": "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"
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"text": "pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. F"
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"text": "or information about the Fund\u2019s"
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"text": "The following table summarizes the Fund\u2019s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund\u2019s financial inst"
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"text": "categories is disclosed in the Schedule of Investments above."
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"text": "Level 1 Level 2 Level 3 Total"
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"text": "$ 1,784,519 $ \u2014 $ \u2014 $ 1,784,519"
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"text": "16,102,868 8,635,758 \u2014 24,738,626"
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"text": "$ 300,691,240 $ 85,603,468 $ 74 $ 386,294,782"
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