0000940400-26-014710.txt : 20260424 0000940400-26-014710.hdr.sgml : 20260424 20260424144657 ACCESSION NUMBER: 0000940400-26-014710 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: 26893033 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 0000844779 S000001869 BLACKROCK ENERGY OPPORTUNITIES FUND C000004873 INSTITUTIONAL BACIX C000004875 INVESTOR A BACAX C000004877 INVESTOR C BACCX NPORT-P 1 primary_doc.xml NPORT-P false 0000844779 XXXXXXXX S000001869 C000004873 C000004875 C000004877 BlackRock Funds 811-05742 0000844779 549300OZUEVJZHOBFP42 100 Bellevue Parkway Wilmington 19809 800-441-7762 BlackRock Energy Opportunities Fund S000001869 GU5M3WA7Y5ONXJPK4R58 2026-05-31 2026-02-27 N 342171989.23 1647521.37 340524467.86 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N Poseidon Concepts Corp N/A Poseidon Concepts Corp COM 73731R103 35081.00000000 NS 0.26000000 0.000000076352 Long EC CORP CA N 3 N N N BlackRock Liquidity Funds 5493007YVNX55LTRQ706 BlackRock Liquidity Funds T FUND INSTL SHS 09248U718 2003917.74000000 PA USD 2003917.74000000 0.588479809569 Long STIV RF US N 1 N N N HF Sinclair Corp. 2549009G116AM01XHN24 HF Sinclair Corp. COM 403949100 41164.00000000 NS USD 2058611.64000000 0.604541474783 Long EC CORP US N 1 N N N Valero Energy Corp. 549300XTO5VR8SKV1V74 Valero Energy Corp. COM 91913Y100 59195.00000000 NS USD 12113664.80000000 3.557355181002 Long EC CORP US N 1 N N N Kosmos Energy Ltd 213800YDFJ3OT9B5P157 Kosmos Energy Ltd COM 500688106 664916.00000000 NS USD 1549254.28000000 0.454961221945 Long EC CORP US N 1 N N EQT Corporation 4NT01YGM4X7ZX86ISY52 EQT Corporation COM 26884L109 70014.00000000 NS USD 4300259.88000000 1.262834329358 Long EC CORP US N 1 N N N Chevron Corp. N/A Chevron Corp. COM 166764100 209705.00000000 NS USD 39164505.80000000 11.50123104108 Long EC CORP US N 1 N N N TotalEnergies SE 529900S21EQ1BO4ESM68 TotalEnergies SE EUR2.5 000000000 279861.00000000 NS 22417317.47000000 6.583173776286 Long EC CORP FR N 2 N N N Liberty Energy Inc 254900PKFJW6RILDCM60 Liberty Energy Inc COM CL A 53115L104 69836.00000000 NS USD 1961693.24000000 0.576079966390 Long EC CORP US N 1 N N N Cheniere Energy Inc MIHC87W9WTYSYZWV1J40 Cheniere Energy Inc COM NEW 16411R208 44379.00000000 NS USD 10461461.67000000 3.072161520652 Long EC CORP US N 1 N N N Air Liquide S.A.(L') 969500MMPQVHK671GT54 Air Liquide S.A.(L') EUR5.50 000000000 14364.00000000 NS 3020395.11000000 0.886983284631 Long EC CORP FR N 2 N N N ConocoPhillips WPTL2Z3FIYTHSP5V2253 ConocoPhillips COM 20825C104 104209.00000000 NS USD 11823553.14000000 3.472159640775 Long EC CORP US N 1 N N N TechnipFMC PLC 549300D5I93QWCJTCK36 TechnipFMC PLC USD1 000000000 110453.00000000 NS USD 7324138.43000000 2.150840577191 Long EC CORP GB N 1 N N N Williams Companies Inc. (The) D71FAKCBLFS2O0RBPG08 Williams Companies Inc. (The) COM 969457100 200638.00000000 NS USD 14991671.36000000 4.402523981379 Long EC CORP US N 1 N N N Canadian Natural Resources Limited 549300T15RIMIKZC5Q38 Canadian Natural Resources Limited COM NPV 136385101 291964.00000000 NS 12771886.57000000 3.750651649282 Long EC CORP CA N 1 N N N Cameco Corporation N4BHALMXL3GMZKCUON55 Cameco Corporation COM NPV 13321L108 50219.00000000 NS 5941382.08000000 1.744773912235 Long EC CORP CA N 1 N N N Targa Resources Corp. 5493003QENHHS261UR94 Targa Resources Corp. COM 87612G101 48577.00000000 NS USD 11454456.60000000 3.363769033099 Long EC CORP US N 1 N N N Gazprom Public Joint Stock Company 213800FD9J2IHTA7YX78 Gazprom Public Joint Stock Company RUB5(RUB) 000000000 639500.00000000 NS 82.73000000 0.000024294876 Long EC CORP RU N 3 N N N Permian Resources Corp 529900NXUJPOKU7OJ511 Permian Resources Corp CLASS A COM 71424F105 458367.00000000 NS USD 8383532.43000000 2.461947149550 Long EC CORP US N 1 N N N Exxon Mobil Corp. J3WHBG0MTS7O8ZVMDC91 Exxon Mobil Corp. COM 30231G102 469898.00000000 NS USD 71659445.00000000 21.04384611488 Long EC CORP US N 1 N N N Alimentation Couche-Tard Inc. 549300OSW32RVX8CCZ87 Alimentation Couche-Tard Inc. COM 01626P148 39668.00000000 NS 2407328.94000000 0.706947419998 Long EC CORP CA N 1 N N N Subsea 7 SA 222100AIF0CBCY80AH62 Subsea 7 SA COM USD2 000000000 60824.00000000 NS 1764381.67000000 0.518136532475 Long EC CORP LU N 2 N N N Pembina Pipeline Corporation 5493002W3L9YICM6FU21 Pembina Pipeline Corporation COM NPV 706327103 130396.00000000 NS 5730904.44000000 1.682964068930 Long EC CORP CA N 1 N N N Blackrock Funds III 5493008LW2651I1QB503 Blackrock Funds III INSTL MMKT 066922519 993328.33200000 PA USD 993825.00000000 0.291851274666 Long STIV RF US N 1 N N Kinder Morgan, Inc. 549300WR7IX8XE0TBO16 Kinder Morgan, Inc. COM 49456B101 351925.00000000 NS USD 11708544.75000000 3.438385741729 Long EC CORP US N 1 N N N Shell PLC 21380068P1DRHMJ8KU70 Shell PLC ORD EUR0.07 000000000 763474.00000000 NS 31976485.72000000 9.390363612034 Long EC CORP GB N 2 N N N Tecnicas Reunidas SA 213800JEZBUPZKWJGF49 Tecnicas Reunidas SA EUR0.1 000000000 32736.00000000 NS 1425362.29000000 0.418578523580 Long EC CORP ES N 2 N N N SUNCOR ENERGY INC 894500XO86FKXQGPYV71 Suncor Energy Inc. COM NPV 'NEW' 867224107 206901.00000000 NS 11687051.10000000 3.432073816441 Long EC CORP CA N 1 N N N TC Energy Corp 549300UGKOFV2IWJJG27 TC Energy Corp COM NPV 87807B107 203451.00000000 NS 13073186.58000000 3.839132812440 Long EC CORP CA N 1 N N N Gaztransport Et Technigaz SA 969500BVOHVZUUFWDT54 Gaztransport Et Technigaz SA EUR0.01 000000000 20239.00000000 NS 4622141.45000000 1.357359569210 Long EC CORP FR N 2 N N N Linde PLC 5299003QR1WT0EF88V51 Linde PLC COM EUR0.001 000000000 10130.00000000 NS USD 5146850.40000000 1.511448041412 Long EC CORP IE N 1 N N N California Resources Corporation 5493003Q8F0T4F4YMR48 California Resources Corporation COM STOCK 13057Q305 29066.00000000 NS USD 1710243.44000000 0.502238047899 Long EC CORP US N 1 N N N Repsol SA BSYCX13Y0NOTV14V9N85 Repsol SA EUR1 000000000 224677.00000000 NS 5084572.38000000 1.493159188223 Long EC CORP ES N 2 N N N 2026-04-24 BlackRock Funds Chuck Pulsfort Chuck Pulsfort Assistant Treasurer XXXX NPORT-EX 2 BRFAER0BR022826.htm EDGAR HTML
Schedule of Investments (unaudited) 
February 28, 2026
BlackRock Energy Opportunities Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Chemicals — 2.4%
Air Liquide SA
14,364
$  3,020,395
Linde PLC
10,130
5,146,850
 
8,167,245
Consumer Staples Distribution & Retail — 0.7%
Alimentation Couche-Tard, Inc.
39,668
2,407,329
Energy Equipment & Services — 3.6%
Liberty Energy, Inc., Class A
69,836
1,961,693
Poseidon Concepts Corp.(a)(b)
35,081
—
Subsea 7 SA
60,824
1,764,382
TechnipFMC PLC
110,453
7,324,139
Tecnicas Reunidas SA(b)
32,736
1,425,362
 
12,475,576
Oil, Gas & Consumable Fuels — 90.8%
California Resources Corp.
29,066
1,710,243
Cameco Corp. (CAD)
50,219
5,941,382
Canadian Natural Resources Ltd.
291,964
12,771,887
Cheniere Energy, Inc.
44,379
10,461,462
Chevron Corp.
209,705
39,164,506
ConocoPhillips
104,209
11,823,553
EQT Corp.
70,014
4,300,260
Exxon Mobil Corp.
469,898
71,659,445
Gazprom PJSC(a)(b)
639,500
83
Gaztransport Et Technigaz SA
20,239
4,622,141
Kinder Morgan, Inc.
351,925
11,708,545
Kosmos Energy Ltd.(b)(c)
664,916
1,549,254
Pembina Pipeline Corp.
52,326
2,299,728
Permian Resources Corp., Class A
458,367
8,383,532
Repsol SA
224,677
5,084,572
Shell PLC
763,474
31,976,486
Suncor Energy, Inc.
206,901
11,687,051
Security
 
 
Shares
Value
Oil, Gas & Consumable Fuels (continued)
Targa Resources Corp.
48,577
$  11,454,457
TC Energy Corp.
203,451
13,073,187
TotalEnergies SE
279,861
22,417,318
Valero Energy Corp.
59,195
12,113,665
Williams Cos., Inc. (The)
200,638
14,991,671
 
309,194,428
Total Long-Term Investments — 97.5%
(Cost: $183,640,976)
332,244,578
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.84%(d)(e)(f)
993,328
993,825
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.56%(d)(e)
1,792,899
1,792,899
Total Short-Term Securities — 0.8%
(Cost: $2,786,724)
2,786,724
Total Investments — 98.3%
(Cost: $186,427,700)
335,031,302
Other Assets Less Liabilities — 1.7%
5,628,662
Net Assets — 100.0%
$  340,659,964
 
(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)
All or a portion of this security is on loan.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
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
05/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
02/28/26
Shares
Held at
02/28/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$  —
 
$  993,833
(a)
$  —
$  (8
)
$  —
$  993,825
993,328
$  706
(b)
$  —
BlackRock Liquidity Funds, T-Fund,
Institutional Shares
1,948,783
 
—
(155,884
)(a)
—
—
1,792,899
1,792,899
103,661
—
 
$  (8
)
$  —
$  2,786,724
$  104,367
$  —
 
(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 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.
1
Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Energy Opportunities Fund
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:
• 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
• Level 3 — Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments
Long-Term Investments
Common Stocks 
Chemicals
$  5,146,850
$  3,020,395
$  —
$  8,167,245
Consumer Staples Distribution & Retail
2,407,329
—
—
2,407,329
Energy Equipment & Services
9,285,832
3,189,744
—
12,475,576
Oil, Gas & Consumable Fuels
245,093,828
64,100,517
83
309,194,428
Short-Term Securities
Money Market Funds
2,786,724
—
—
2,786,724
 
$  264,720,563
$  70,310,656
$  83
$  335,031,302
 
Currency Abbreviation 
CAD
Canadian Dollar
2