January 31, 2026 
2026 Quarterly Report
(Unaudited)
 
BlackRock FundsSM
• iShares Enhanced Roll Yield Index Fund
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Consolidated Schedule of Investments (unaudited)
January 31, 2026
iShares Enhanced Roll Yield Index Fund
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Short-Term Securities
Certificates of Deposit — 18.2%
Banco Santander SA
 
4.28%, 02/09/26
$
3,690
$ 3,690,514
4.40%, 06/02/26
 
2,880
2,885,098
4.00%, 08/14/26
 
1,490
1,491,681
Bank of America NA, Series GLOB, Class BN, 3.79%,
08/24/26
 
4,260
4,259,686
Bank of Montreal, (1-day SOFR + 0.38%), 4.03%,
02/19/27(a)
 
3,500
3,500,230
Barclays Bank PLC(a)
 
(1-day SOFR + 0.33%), 3.98%, 08/10/26
 
4,000
4,000,753
(1-day SOFR + 0.40%), 4.04%, 11/13/26
 
4,000
4,001,831
BNP Paribas SA, 4.32%, 07/14/26
 
2,850
2,855,709
Canadian Imperial Bank of Commerce, 3.75%, 02/05/27
 
2,730
2,728,925
Deutsche Bank AG
 
4.40%, 07/17/26
 
1,420
1,423,373
3.85%, 10/15/26
 
4,000
4,000,517
4.02%, 11/17/26
 
1,000
1,001,219
3.90%, 01/22/27
 
2,220
2,220,469
Mizuho Bank Ltd., (1-day SOFR + 0.35%), 3.99%,
02/06/26(a)
 
1,000
1,000,050
MUFG Bank Ltd., (1-day SOFR + 0.28%), 3.93%,
07/02/26(a)
 
1,840
1,840,600
Natixis SA, 3.80%, 07/08/26
 
4,260
4,259,707
Nordea Bank Abp
 
3.97%, 08/14/26
 
4,100
4,104,191
(1-day SOFR + 0.25%), 3.90%, 03/17/26(a)
 
3,760
3,760,947
Oversea-Chinese Banking Corp. Ltd., (1-day SOFR +
0.28%), 3.92%, 08/14/26(a)
 
4,000
4,000,577
Royal Bank of Canada
 
3.74%, 10/05/26
 
2,080
2,080,073
(1-day SOFR + 0.38%), 4.03%, 05/01/26(a)
 
3,980
3,982,027
Standard Chartered Bank, (1-day SOFR + 0.44%),
4.09%, 11/23/26(a)
 
3,090
3,091,889
Sumitomo Mitsui Banking Corp.
 
4.45%, 03/10/26
 
2,740
2,741,572
(1-day SOFR + 0.23%), 3.88%, 02/23/26(a)
 
2,000
2,000,133
Svenska Handelsbanken AB
 
3.94%, 11/17/26
 
1,000
1,001,270
(1-day SOFR + 0.34%), 3.98%, 11/25/26(a)
 
2,750
2,751,596
Swedbank AB, 4.36%, 04/09/26
 
2,250
2,252,231
Toronto-Dominion Bank, (1-day SOFR + 0.40%), 4.05%,
12/14/26(a)
 
3,100
3,102,229
Westpac Banking Corp.
 
3.89%, 08/12/26
 
3,000
3,001,252
3.91%, 08/14/26
 
4,000
4,002,178
 
87,032,527
Commercial Paper — 4.8%
Aquitaine Funding Co. LLC, 4.18%, 03/02/26(b)(c)
 
1,850
1,843,961
Australia & New Zealand Banking Group Ltd., 4.37%,
06/22/26(b)(c)
 
3,960
3,902,391
CDP Financial, Inc., 4.47%, 03/09/26(b)(c)
 
1,630
1,623,601
Intrepid Funding Co. LLC, 3.93%, 07/24/26(b)(c)
 
4,420
4,340,824
Macquarie Bank Ltd.(c)
 
4.45%, 03/19/26(b)
 
930
925,400
(1-day SOFR + 0.40%), 4.05%, 01/07/27(a)
 
3,090
3,091,334
National Bank of Canada, (1-day SOFR + 0.40%),
4.05%, 12/29/26(a)(c)
 
2,000
2,000,830
Swedbank AB, 4.06%, 06/10/26(b)(c)
 
1,250
1,233,287
Verto Capital I Compartment D, 4.25%, 03/03/26(b)(c)
 
4,000
3,986,271
 
22,947,899
 
Security
 
 
Shares
Value
Money Market Funds — 10.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,
3.64%(d)(e)
 
48,561,862
$  48,561,862
 
 
 
Par
(000)
 
U.S. Treasury Obligations — 70.0%
U.S. Treasury Bills(b)
 
3.90%, 02/03/26
$
10,000
9,999,004
4.12%, 02/05/26
 
12,000
11,996,408
3.89%, 02/10/26
 
13,000
12,989,671
3.87%, 02/12/26
 
1,365
1,363,638
3.86%, 02/19/26 - 03/26/26
 
17,674
17,615,642
3.98%, 02/26/26
 
10,000
9,975,878
3.64%, 03/03/26 - 11/27/26
 
42,000
41,544,769
3.72%, 03/05/26 - 03/12/26
 
15,326
15,267,497
3.81%, 03/19/26
 
10,000
9,954,658
3.83%, 03/24/26
 
5,000
4,974,721
3.70%, 03/31/26
 
3,000
2,982,691
3.78%, 03/31/26 - 04/23/26
 
25,000
24,823,195
3.82%, 04/09/26 - 04/30/26
 
15,500
15,387,728
3.62%, 04/14/26 - 10/01/26
 
8,000
7,895,609
3.74%, 04/30/26
 
5,000
4,956,740
3.80%, 05/07/26 - 09/03/26
 
15,000
14,805,637
4.11%, 05/14/26
 
5,000
4,950,026
3.66%, 05/26/26
 
15,000
14,831,842
3.67%, 06/02/26
 
10,000
9,881,628
3.69%, 06/04/26 - 09/03/26
 
26,000
25,621,371
4.04%, 06/11/26
 
10,000
9,873,508
3.60%, 06/25/26 - 07/16/26
 
25,000
24,627,857
3.59%, 07/09/26
 
10,000
9,846,053
3.68%, 10/01/26
 
5,000
4,884,772
3.53%, 12/24/26
 
10,000
9,694,455
3.57%, 01/21/27
 
15,000
14,507,675
 
335,252,673
Total Short-Term Securities — 103.1%
(Cost: $493,605,541)
493,794,961
Total Investments — 103.1%
(Cost: $493,605,541)
493,794,961
Liabilities in Excess of Other Assets — (3.1)%
(14,892,941
)
Net Assets — 100.0%
$ 478,902,020
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Rates are discount rates or a range of discount rates as of period end.
(c)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
2
Consolidated Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares Enhanced Roll Yield Index Fund
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/26
Shares
Held at
01/31/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency Shares
$ 20,708,697
$ 27,853,165
(a)
$ —
$ —
$ —
$ 48,561,862
48,561,862
$ 252,181
$ —
 
(a)
Represents net amount purchased (sold).
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts(a) 
Sugar 11
174
02/27/26
$ 2,781
$ (551,216
)
Cotton No.2
74
03/09/26
2,337
(235,556
)
Corn
186
03/13/26
3,983
(252,452
)
KC HRW Wheat
87
03/13/26
2,370
(208,168
)
Soybean
129
03/13/26
6,864
223,273
Soybean Meal
105
03/13/26
3,083
(139,636
)
Soybean Oil
104
03/13/26
3,339
408,263
Wheat
97
03/13/26
2,609
(201,351
)
LME Aluminium Premiums
53
03/16/26
4,158
468,872
LME Lead
47
03/16/26
2,340
(51,496
)
LME Nickel
26
03/16/26
2,785
346,393
LME Tin
11
03/16/26
2,853
854,039
LME Zinc
37
03/16/26
3,156
373,099
Coffee C
24
03/19/26
2,990
(63,878
)
WTI Crude Oil
132
03/20/26
8,546
681,274
Cattle Feeder
14
03/26/26
2,522
207,344
Copper
31
03/27/26
4,591
598,656
Natural Gas
63
03/27/26
2,537
281,780
Silver
19
03/27/26
7,460
3,590,985
Brent Crude Oil
218
03/31/26
14,957
1,158,758
Gasoline RBOB
44
03/31/26
4,010
280,607
NY Harbor ULSD
42
03/31/26
4,268
446,493
Low Sulphur Gasoil
72
04/10/26
5,110
577,961
LME Aluminium Premiums
53
04/13/26
4,165
329,550
LME Lead
46
04/13/26
2,305
(78,621
)
LME Nickel
26
04/13/26
2,795
386,378
LME Tin
11
04/13/26
2,857
858,098
LME Zinc
37
04/13/26
3,153
318,090
Lean Hogs
71
04/15/26
2,702
173,281
WTI Crude Oil
133
04/21/26
8,555
667,079
Copper
31
04/28/26
4,613
610,781
Gold 100 OZ
49
04/28/26
23,251
5,946,584
Natural Gas
60
04/28/26
2,405
145,306
Brent Crude Oil
218
04/30/26
14,833
1,114,598
Cattle Feeder
14
04/30/26
2,508
96,607
Gasoline RBOB
44
04/30/26
4,021
187,009
Live Cattle
34
04/30/26
3,220
245,750
NY Harbor ULSD
43
04/30/26
4,259
196,300
Sugar 11
182
04/30/26
2,821
(604,635
)
Cotton No.2
71
05/06/26
2,305
(165,446
)
Low Sulphur Gas
73
05/12/26
5,064
303,513
Corn
179
05/14/26
3,900
(241,039
)
KC HRW Wheat
83
05/14/26
2,303
(109,046
)
Consolidated Schedule of Investments
3
Consolidated Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares Enhanced Roll Yield Index Fund
 
Futures Contracts (continued)
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts(a) (continued)
Soybean
125
05/14/26
$ 6,731
$ 53,622
Soybean Meal
102
05/14/26
3,035
(174,269
)
Soybean Oil
102
05/14/26
3,308
273,510
Wheat
92
05/14/26
2,512
(163,073
)
Coffee C
26
05/18/26
3,075
(162,426
)
LME Aluminium Premiums
53
05/18/26
4,169
305,704
LME Lead
46
05/18/26
2,325
(3,027
)
LME Nickel
26
05/18/26
2,807
428,159
LME Tin
11
05/18/26
2,859
638,171
LME Zinc
37
05/18/26
3,147
280,306
WTI Crude Oil
133
05/19/26
8,503
763,105
Cattle Feeder
15
05/21/26
2,663
(2,057
)
Copper
31
05/27/26
4,636
403,442
Natural Gas
53
05/27/26
2,202
136,143
Silver
18
05/27/26
7,123
3,008,591
Brent Crude Oil
218
05/29/26
14,732
1,275,128
Gasoline RBOB
44
05/29/26
4,005
274,604
NY Harbor ULSD
43
05/29/26
4,179
324,264
Low Sulphur Gas
74
06/11/26
5,043
449,342
Lean Hogs
54
06/12/26
2,331
111,306
LME Aluminium Premiums
52
06/15/26
4,093
15,262
LME Lead
45
06/15/26
2,288
(54,670
)
LME Nickel
26
06/15/26
2,816
16,926
LME Tin
11
06/15/26
2,860
309,754
LME Zinc
37
06/15/26
3,138
162,203
WTI Crude Oil
132
06/22/26
8,389
701,172
Copper
30
06/26/26
4,507
(13,168
)
Gold 100 OZ
48
06/26/26
22,947
2,808,955
Natural Gas
46
06/26/26
1,993
423,903
Brent Crude Oil
219
06/30/26
14,712
1,221,466
Gasoline RBOB
45
06/30/26
4,058
297,270
Live Cattle
36
06/30/26
3,337
26,442
NY Harbor ULSD
43
06/30/26
4,142
373,158
Sugar 11
181
06/30/26
2,808
(472,795
)
Cotton No.2
68
07/09/26
2,263
(152,011
)
Low Sulphur Gas
74
07/10/26
4,989
500,191
Corn
174
07/14/26
3,845
19,600
KC HRW Wheat
79
07/14/26
2,242
(6,680
)
Soybean
122
07/14/26
6,652
86,288
Soybean Meal
98
07/14/26
2,965
(262,422
)
Soybean Oil
100
07/14/26
3,263
169,941
Wheat
88
07/14/26
2,445
(38,435
)
Lean Hogs
53
07/15/26
2,310
218,299
Coffee C
27
07/21/26
3,129
165,154
Silver
18
07/29/26
7,179
2,455,460
Lean Hogs
54
08/14/26
2,334
79,010
Cattle Feeder
15
08/27/26
2,655
156,298
Gold 100 OZ
47
08/27/26
22,638
936,336
Live Cattle
37
08/31/26
3,389
211,399
Corn
179
09/14/26
3,949
(134,792
)
KC HRW Wheat
74
09/14/26
2,152
19,062
Wheat
83
09/14/26
2,356
(46,406
)
Coffee C
28
09/18/26
3,189
(383,586
)
Sugar 11
173
09/30/26
2,749
(337,885
)
Live Cattle
37
10/30/26
3,379
6,098
Soybean
124
11/13/26
6,694
(154,758
)
Cotton No.2
65
12/08/26
2,234
21,522
4
Consolidated Schedule of Investments (unaudited)(continued)
January 31, 2026
iShares Enhanced Roll Yield Index Fund
 
Futures Contracts (continued)
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts(a) (continued)
Soybean Meal
94
12/14/26
$ 2,911
$ (154,544
)
Soybean Oil
102
12/14/26
3,277
116,073
 
$ 36,699,816
 
(a)
All or a portion of the security is held by a wholly-owned subsidiary.
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 Consolidated Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Short-Term Securities 
Certificates of Deposit
$ —
$ 87,032,527
$ —
$ 87,032,527
Commercial Paper
—
22,947,899
—
22,947,899
Money Market Funds
48,561,862
—
—
48,561,862
U.S. Treasury Obligations
—
335,252,673
—
335,252,673
 
$48,561,862
$445,233,099
$—
$493,794,961
Derivative Financial Instruments(a)
Assets 
Commodity Contracts
$ 42,319,360
$ —
$ —
$ 42,319,360
Liabilities 
Commodity Contracts
(5,619,544
)
—
—
(5,619,544
)
 
$36,699,816
$—
$—
$36,699,816
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
 
Portfolio Abbreviation 
SOFR
 Secured Overnight Financing Rate
Consolidated Schedule of Investments
5