# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001752724-25-202677
**Filing Date:** 2025-8
**Character Count:** 12927
**Document Hash:** 9e477b3353ea6c8e16974709c65b4472
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-202677.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001752724-25-202677

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20251231

**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:** 251250957

**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 EXCHANGE PORTFOLIO (Series ID: S000001878)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000004917 | BLACKROCK    | STSEX           |

## 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 Exchange Portfolio

- **b. EDGAR series identifier (if any):** S000001878

- **c. LEI of Series:** 549300MFYV3Z42Z33674

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $277378189.25

**Total Liabilities:** $597610.37

**Net Assets:** $276780578.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004917 | 0.60%                | 5.34%                | 3.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9.94                    | $1291178.12                                |
| Month 2  | $521882.50               | $12986367.15                               |
| Month 3  | $89318.21                | $9046708.20                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| General Dynamics Corp                      | General Dynamics Corp                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     78065 | NS      | $22768437.90  | 8.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technol             | Westinghouse Air Brake Technologies Corp   | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |       380 | NS      | $79553.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                  | Keysight Technologies Inc                  | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     14874 | NS      | $2437253.64   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                            | Sandoz Group AG                            | CUSIP: 799926100<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |     13736 | NS      | $750878.44    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                            | ASTRAZENECA PLC-SPONS ADR                  | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    128000 | NS      | $8944640.00   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                           | EXXON MOBIL CORP                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     54584 | NS      | $5884155.20   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO                        | JPMORGAN CHASE & CO                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     90739 | NS      | $26306143.49  | 9.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                                | Viatris Inc                                | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     14108 | NS      | $125984.44    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                             | MICROSOFT CORP                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    160564 | NS      | $79866139.24  | 28.86%            |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                        | American Express Co                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     61141 | NS      | $19502756.18  | 7.05%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC                                   | VISA INC-CLASS A SHARES                    | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     39748 | NS      | $14112527.40  | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The                         | Kraft Heinz Co/The                         | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     17761 | NS      | $458589.02    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVARTIS AG                                | NOVARTIS AG-SPONSORED ADR                  | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     68681 | NS      | $8311087.81   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC                     | BERKSHIRE HATHAWAY INC-CL B                | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     75033 | NS      | $36448780.41  | 13.17%            |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                          | JOHNSON & JOHNSON                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     55418 | NS      | $8465099.50   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER & GAMBLE CO/THE                    | PROCTER & GAMBLE CO/THE                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     39631 | NS      | $6314010.92   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC                                 | PFIZER INC                                 | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     76397 | NS      | $1851863.28   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                | Walmart Inc                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     82272 | NS      | $8044556.16   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                 | Mondelez International Inc                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     40283 | NS      | $2716685.52   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHLUMBERGER LTD                           | SCHLUMBERGER LTD                           | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     70328 | NS      | $2377086.40   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO INC                             | MERCK & CO. INC.                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     68117 | NS      | $5392141.72   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO | BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |     53862 | NS      | $53861.97     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                     | BP PLC                                     | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     31546 | NS      | $944171.78    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTRIA GROUP INC                           | ALTRIA GROUP INC                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     77000 | NS      | $4514510.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                   | Alcon AG                                   | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     13736 | NS      | $1212614.08   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTERNATIONAL INC            | PHILIP MORRIS INTERNATIONAL                | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     50136 | NS      | $9131269.68   | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                               | Organon & Co                               | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |      6811 | NS      | $65930.48     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer