# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0000940400-26-021271
**Filing Date:** 2026-5
**Character Count:** 21860
**Document Hash:** 06bd4574f49ba2c1495321f53c1c72e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021271.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000940400-26-021271

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**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:** 261023834

**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           |

## Nport-Ex

Schedule of Investments (unaudited)

March 31, 2026

**BlackRock Exchange Portfolio**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 10.4%** | **Aerospace & Defense — 10.4%** | **Aerospace & Defense — 10.4%** |
| General Dynamics Corp. | 78065 | $26793468 |
| **Banks — 8.2%** | **Banks — 8.2%** | **Banks — 8.2%** |
| JPMorgan Chase & Co. | 72443 | 21309833 |
| **Consumer Finance — 7.2%** | **Consumer Finance — 7.2%** | **Consumer Finance — 7.2%** |
| American Express Co. | 61141 | 18493930 |
| **Consumer Staples Distribution & Retail — 4.0%** | **Consumer Staples Distribution & Retail — 4.0%** | **Consumer Staples Distribution & Retail — 4.0%** |
| Walmart, Inc. | 82272 | 10224764 |
| **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** |
| Keysight Technologies, Inc.<sup>(a)</sup> | 14874 | 4199971 |
| **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** | **Energy Equipment & Services — 1.4%** |
| SLB Ltd. | 70328 | 3614156 |
| **Financial Services — 14.9%** | **Financial Services — 14.9%** | **Financial Services — 14.9%** |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 55371 | 26533783 |
| Visa, Inc., Class A | 39748 | 12013436 |
|  |  | 38547219 |
| **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** |
| Alcon AG | 13736 | 1035008 |
| **Household Products — 1.1%** | **Household Products — 1.1%** | **Household Products — 1.1%** |
| Procter & Gamble Co. (The) | 20126 | 2906999 |
| **Machinery — 0.0%** | **Machinery — 0.0%** | **Machinery — 0.0%** |
| Westinghouse Air Brake Technologies Corp. | 380 | 94966 |
| **Oil, Gas & Consumable Fuels — 4.2%** | **Oil, Gas & Consumable Fuels — 4.2%** | **Oil, Gas & Consumable Fuels — 4.2%** |
| BP PLC, ADR | 31546 | 1482662 |
| Exxon Mobil Corp. | 54584 | 9260721 |
|  |  | 10743383 |
| **Pharmaceuticals — 18.7%** | **Pharmaceuticals — 18.7%** | **Pharmaceuticals — 18.7%** |
| AstraZeneca PLC | 64000 | 12622080 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Johnson & Johnson | 55418 | $13546376 |
| Merck & Co., Inc. | 68117 | 8193794 |
| Novartis AG, ADR | 68681 | 10491023 |
| Organon & Co. | 6811 | 40798 |
| Pfizer, Inc. | 76397 | 2145228 |
| Sandoz Group AG, ADR | 13736 | 1074155 |
| Viatris, Inc. | 14108 | 190599 |
|  |  | 48304053 |
| **Software — 22.6%** | **Software — 22.6%** | **Software — 22.6%** |
| Microsoft Corp. | 157368 | 58252913 |
| **Tobacco — 5.2%** | **Tobacco — 5.2%** | **Tobacco — 5.2%** |
| Altria Group, Inc. | 77000 | 5081230 |
| Philip Morris International, Inc. | 50136 | 8289486 |
|  |  | 13370716 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $14,024,299)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $14,024,299)** | 257891379 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.55%<sup>(b)(c)</sup><br>| 425637 | 425637 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $425,637)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $425,637)** | 425637 |
| **Total Investments — 100.1%** <br>**(Cost: $14,449,936)** | **Total Investments — 100.1%** <br>**(Cost: $14,449,936)** | 258317016 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (163454)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $258153562 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Affiliate of the Fund. <br> <sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 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* <br>*12/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/26*<br>| *Shares* <br>*Held at* <br>*03/31/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $—<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $58 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| &nbsp;&nbsp; 570604<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (144967 )<sup>(c)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 425637 | &nbsp;&nbsp; 425637 | &nbsp;&nbsp; 4583 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $425637 |  | &nbsp;&nbsp; $4641 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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.

------

Schedule of Investments (unaudited) (continued)

March 31, 2026

**BlackRock Exchange Portfolio**

**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:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  | &nbsp;&nbsp; $257891379 | $— | $— | $257891379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 425637 |  |  | 425637 |
|  | &nbsp;&nbsp; $258317016 | $— | $— | $258317016 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |

---

------

## 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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $258704454.48

**Total Liabilities:** $550891.49

**Net Assets:** $258153562.99

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004917 | -1.96%               | 0.93%                | -4.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1445223.11              | $-6782361.70                               |
| Month 2  | $31298.18                | $2120378.72                                |
| Month 3  | $2170452.84              | $-13708140.70                              |

### 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 Corporation             | General Dynamics Corporation COM           | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     78065 | NS      | $26793469.30  | 10.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                        | Exxon Mobil Corp. COM                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     54584 | NS      | $9260721.44   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                          | Sandoz Group AG SPONSORED ADS              | CUSIP: 799926100<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |     13736 | NS      | $1074155.20   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                 | The Procter & Gamble Co. COM               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     20126 | NS      | $2906999.44   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                         | Merck & Co., Inc COM                       | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     68117 | NS      | $8193793.93   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies, Inc.              | Keysight Technologies, Inc. COM            | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     14874 | NS      | $4199971.38   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                              | Viatris Inc COM                            | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     14108 | NS      | $190599.08    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                          | Microsoft Corp. COM                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    157368 | NS      | $58252912.56  | 22.57%            |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                  | Berkshire Hathaway Inc. CL B NEW           | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     55371 | NS      | $26533783.20  | 10.28%            |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                 | Visa Inc COM CL A                          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     39748 | NS      | $12013435.52  | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                          | AstraZeneca PLC ORD USD0.25                | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     64000 | NS      | $12622080.00  | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP | Wabtec Corp COM                            | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |       380 | NS      | $94965.80     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.         | Philip Morris International Inc. COM       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     50136 | NS      | $8289486.24   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                     | JPMorgan Chase & Co. COM                   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     72443 | NS      | $21309832.88  | 8.25%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company                 | American Express Company COM               | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     61141 | NS      | $18493929.68  | 7.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                              | Pfizer Inc. COM                            | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     76397 | NS      | $2145227.76   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                              | Walmart Inc COM                            | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     82272 | NS      | $10224764.16  | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                             | Organon & Co COMMON STOCK                  | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |      6811 | NS      | $40797.89     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB LTD                                  | SLB Ltd. COM STK                           | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     70328 | NS      | $3614155.92   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds                | BlackRock Liquidity Funds T FUND INSTL SHS | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    435637 | NS      | $435636.58    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                   | BP PLC SPONSORED ADR                       | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     31546 | NS      | $1482662.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                       | Altria Group, Inc. COM                     | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     77000 | NS      | $5081230.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                                 | Alcon AG CHF0.04                           | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     13736 | NS      | $1035007.60   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                        | Johnson & Johnson COM                      | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     55418 | NS      | $13546375.92  | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                              | Novartis AG SPONSORED ADR                  | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     68681 | NS      | $10491022.75  | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer