# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0000940400-26-007754
**Filing Date:** 2026-2
**Character Count:** 11949
**Document Hash:** 816aebffa4e21e4e894d571ba2a02f70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007754.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000940400-26-007754

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26676483

**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:** 2025-12-31

**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:** $277517529.93

**Total Liabilities:** $1264024.09

**Net Assets:** $276253505.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004917 | -0.34%               | 1.59%                | 0.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $16468349.78             | $-17310304.80                              |
| Month 2  | $0.00                    | $4124539.43                                |
| Month 3  | $1413378.73              | $-1100057.59                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Visa Inc                         | Visa Inc                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     39748 | NS      | $13940021.08  | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds T-Fund | BlackRock Liquidity Funds T-Fund         | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |    620021 | NS      | $620020.71    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                  | Sandoz Group AG                          | CUSIP: 799926100<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |     13736 | NS      | $999637.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                           | BP PLC                                   | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     31546 | NS      | $1095592.58   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                  | AstraZeneca PLC                          | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    128000 | NS      | $11767040.00  | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The          | Procter & Gamble Co/The                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     20126 | NS      | $2884257.06   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co              | American Express Co                      | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     61141 | NS      | $22619112.95  | 8.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc           | Berkshire Hathaway Inc                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     55371 | NS      | $27832233.15  | 10.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                     | Organon & Co                             | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |      6811 | NS      | $48834.87     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In   | Philip Morris International Inc          | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     50136 | NS      | $8041814.40   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                      | Novartis AG                              | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     68681 | NS      | $9469049.47   | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                         | Alcon AG                                 | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     13736 | NS      | $1082534.16   | 0.39%             |  |  |  | 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      | $81111.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                | Johnson & Johnson                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     55418 | NS      | $11468755.10  | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                 | Exxon Mobil Corp                         | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     54584 | NS      | $6568638.56   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co              | JPMorgan Chase & Co                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     86042 | NS      | $27724453.24  | 10.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                   | Merck & Co Inc                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     68117 | NS      | $7169995.42   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc        | Keysight Technologies Inc                | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     14874 | NS      | $3022248.06   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                 | Altria Group Inc                         | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     77000 | NS      | $4439820.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                      | Walmart Inc                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     82272 | NS      | $9165923.52   | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                   | Microsoft Corp                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    157368 | NS      | $76106312.16  | 27.55%            |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp            | General Dynamics Corp                    | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     78065 | NS      | $26281362.90  | 9.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd                          | SLB Ltd                                  | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     70328 | NS      | $2699188.64   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                      | Viatris Inc                              | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     14108 | NS      | $175644.60    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                       | Pfizer Inc                               | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     76397 | NS      | $1902285.30   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer