# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0000940400-25-005414
**Filing Date:** 2025-10
**Character Count:** 49166
**Document Hash:** 8446dc6f2da285d2313fdbb39948615d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005414.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0000940400-25-005414

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**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:** 251419571

**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 MID CAP GROWTH EQUITY PORTFOLIO (Series ID: S000001505)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000004036 | INSTITUTIONAL  | CMGIX           |
| C000004037 | SERVICE        | CMGSX           |
| C000004038 | INVESTOR A     | BMGAX           |
| C000004040 | INVESTOR C     | BMGCX           |
| C000037625 | Class R Shares | BMRRX           |
| C000166016 | Class K        |  |

## Nport-Ex

Schedule of Investments (unaudited)

August 31, 2025

**BlackRock Mid-Cap Growth Equity 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 — 13.2%** | **Aerospace & Defense — 13.2%** | **Aerospace & Defense — 13.2%** |
| Axon Enterprise, Inc.<sup>(a)(b)</sup> | 417673 | $312122856 |
| BWX Technologies, Inc. | 576231 | 93372471 |
| HEICO Corp.<sup>(b)</sup> | 732424 | 228530937 |
| Howmet Aerospace, Inc. | 1780601 | 310002634 |
| Loar Holdings, Inc.<sup>(a)(b)</sup> | 1052798 | 74390707 |
|  |  | 1018419605 |
| **Automobiles — 2.1%** | **Automobiles — 2.1%** | **Automobiles — 2.1%** |
| Ferrari NV | 345656 | 164950500 |
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
| Natera, Inc.<sup>(a)</sup> | 721789 | 121440999 |
| **Broadline Retail — 2.0%** | **Broadline Retail — 2.0%** | **Broadline Retail — 2.0%** |
| Coupang, Inc., Class A<sup>(a)</sup> | 5533211 | 158139170 |
| **Capital Markets — 10.9%** | **Capital Markets — 10.9%** | **Capital Markets — 10.9%** |
| Ares Management Corp., Class A | 1308615 | 234503808 |
| Blue Owl Capital, Inc., Class A | 8331197 | 154293769 |
| Robinhood Markets, Inc., Class A<sup>(a)</sup> | 1262869 | 131376262 |
| TPG, Inc., Class A | 2947283 | 177868529 |
| Tradeweb Markets, Inc., Class A | 1164698 | 143677145 |
|  |  | 841719513 |
| **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** |
| Copart, Inc.<sup>(a)</sup> | 88281 | 4308995 |
| Rollins, Inc. | 2117707 | 119735154 |
|  |  | 124044149 |
| **Construction & Engineering — 2.9%** | **Construction & Engineering — 2.9%** | **Construction & Engineering — 2.9%** |
| Comfort Systems U.S.A., Inc. | 159731 | 112351591 |
| Quanta Services, Inc.<sup>(b)</sup> | 292722 | 110637207 |
|  |  | 222988798 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| Vulcan Materials Co. | 11461 | 3336985 |
| **Diversified Consumer Services — 1.6%** | **Diversified Consumer Services — 1.6%** | **Diversified Consumer Services — 1.6%** |
| Duolingo, Inc., Class A<sup>(a)(b)</sup> | 416704 | 124119454 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| NRG Energy, Inc. | 935026 | 136102385 |
| **Electrical Equipment — 3.5%** | **Electrical Equipment — 3.5%** | **Electrical Equipment — 3.5%** |
| Vertiv Holdings Co., Class A | 2104119 | 268380379 |
| **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 162573 | 87491911 |
| Trimble, Inc.<sup>(a)</sup> | 787845 | 63673633 |
|  |  | 151165544 |
| **Entertainment — 7.5%** | **Entertainment — 7.5%** | **Entertainment — 7.5%** |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C, NVS<sup>(a)</sup><br>| 1748439 | 174669056 |
| Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 1502078 | 250080966 |
| ROBLOX Corp., Class A<sup>(a)</sup> | 1215430 | 151430424 |
|  |  | 576180446 |
| **Financial Services — 4.6%** | **Financial Services — 4.6%** | **Financial Services — 4.6%** |
| Adyen NV<sup>(a)(c)</sup> | 86033 | 144464118 |
| Affirm Holdings, Inc., Class A<sup>(a)(b)</sup> | 2386354 | 211096875 |
|  |  | 355560993 |
| **Health Care Equipment & Supplies — 6.9%** | **Health Care Equipment & Supplies — 6.9%** | **Health Care Equipment & Supplies — 6.9%** |
| Dexcom, Inc.<sup>(a)</sup> | 2973471 | 224021305 |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 224540 | 145297589 |
| Masimo Corp.<sup>(a)(b)</sup> | 1175889 | 164283452 |
|  |  | 533602346 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** |
| Cencora, Inc. | 443175 | $129234262 |
| **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** | **Health Care Technology — 0.4%** |
| Doximity, Inc., Class A<sup>(a)</sup> | 463531 | 31492296 |
| **Hotels, Restaurants & Leisure — 3.3%** | **Hotels, Restaurants & Leisure — 3.3%** | **Hotels, Restaurants & Leisure — 3.3%** |
| Flutter Entertainment PLC<sup>(a)</sup> | 393395 | 120839142 |
| Planet Fitness, Inc., Class A<sup>(a)</sup> | 1072833 | 112432899 |
| Wingstop, Inc. | 71392 | 23425143 |
|  |  | 256697184 |
| **Independent Power and Renewable Electricity Producers — 1.9%** | **Independent Power and Renewable Electricity Producers — 1.9%** | **Independent Power and Renewable Electricity Producers — 1.9%** |
| Vistra Corp. | 787938 | 149006955 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Reddit, Inc., Class A<sup>(a)</sup> | 59701 | 13437501 |
| **IT Services — 4.1%** | **IT Services — 4.1%** | **IT Services — 4.1%** |
| Cloudflare, Inc., Class A<sup>(a)</sup> | 1509901 | 315131438 |
| **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| Repligen Corp.<sup>(a)</sup> | 125305 | 15327307 |
| Waters Corp.<sup>(a)</sup> | 8711 | 2628980 |
| West Pharmaceutical Services, Inc. | 13860 | 3422727 |
|  |  | 21379014 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 12392 | 3291067 |
| **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** |
| Antero Resources Corp.<sup>(a)</sup> | 747215 | 23851103 |
| Expand Energy Corp. | 306480 | 29661134 |
|  |  | 53512237 |
| **Real Estate Management & Development — 1.4%** | **Real Estate Management & Development — 1.4%** | **Real Estate Management & Development — 1.4%** |
| CoStar Group, Inc.<sup>(a)</sup> | 1158150 | 103642843 |
| Landbridge Co. LLC, Class A<sup>(b)</sup> | 29471 | 1566384 |
|  |  | 105209227 |
| **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** |
| ASM International NV | 175199 | 84125353 |
| BE Semiconductor Industries NV | 22709 | 3058846 |
| Entegris, Inc. | 21644 | 1812468 |
| Lattice Semiconductor Corp.<sup>(a)(b)</sup> | 857523 | 56922377 |
| Monolithic Power Systems, Inc. | 237186 | 198230571 |
|  |  | 344149615 |
| **Software — 13.6%** | **Software — 13.6%** | **Software — 13.6%** |
| AppLovin Corp., Class A<sup>(a)(b)</sup> | 377571 | 180701705 |
| Bentley Systems, Inc., Class B | 2067447 | 115053426 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 354315 | 124162605 |
| Docusign, Inc.<sup>(a)</sup> | 312546 | 23959776 |
| Fair Isaac Corp.<sup>(a)</sup> | 111766 | 170067616 |
| Guidewire Software, Inc.<sup>(a)</sup> | 599044 | 130004529 |
| Nutanix, Inc., Class A<sup>(a)</sup> | 1757537 | 118124062 |
| Roper Technologies, Inc. | 106131 | 55857807 |
| Tyler Technologies, Inc.<sup>(a)(b)</sup> | 232349 | 130784605 |
|  |  | 1048716131 |
| **Specialty Retail — 4.2%** | **Specialty Retail — 4.2%** | **Specialty Retail — 4.2%** |
| Carvana Co., Class A<sup>(a)</sup> | 767162 | 285322891 |
| Floor & Decor Holdings, Inc., Class A<sup>(a)(b)</sup> | 488822 | 40044298 |
|  |  | 325367189 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| Brunello Cucinelli SpA<sup>(b)</sup> | 403952 | 46726648 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock Mid-Cap Growth Equity Portfolio**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** |
| Fastenal Co. | 1652208 | $82048649 |
| **Total Common Stocks — 100.1%** <br>**(Cost: $5,427,881,237)** | **Total Common Stocks — 100.1%** <br>**(Cost: $5,427,881,237)** | 7725550679 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Other Interests**<sup>(a)(d)(e)</sup> | **Other Interests**<sup>(a)(d)(e)</sup> | **Other Interests**<sup>(a)(d)(e)</sup> | **Other Interests**<sup>(a)(d)(e)</sup> |
| GCI Liberty, Inc., Class A | USD  | 1529 | 15 |
| **Total Other Interests — 0.0%** <br>**(Cost: $0)** | **Total Other Interests — 0.0%** <br>**(Cost: $0)** | **Total Other Interests — 0.0%** <br>**(Cost: $0)** | 15 |
| **Total Long-Term Investments — 100.1%** <br>**(Cost: $5,427,881,237)** | **Total Long-Term Investments — 100.1%** <br>**(Cost: $5,427,881,237)** | **Total Long-Term Investments — 100.1%** <br>**(Cost: $5,427,881,237)** | 7725550694 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.9%** | **Money Market Funds — 1.9%** | **Money Market Funds — 1.9%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(f)(g)(h)</sup><br>| 148376887 | 148451075 |
| **Total Short-Term Securities — 1.9%** <br>**(Cost: $148,436,181)** | **Total Short-Term Securities — 1.9%** <br>**(Cost: $148,436,181)** | 148451075 |
| **Total Investments — 102.0%** <br>**(Cost: $5,576,317,418)** | **Total Investments — 102.0%** <br>**(Cost: $5,576,317,418)** | 7874001769 |
| **Liabilities in Excess of Other Assets — (2.0)%** | **Liabilities in Excess of Other Assets — (2.0)%** | (155496574)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7718505195 |

---

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

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> All or a portion of this security is on loan.

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

<sup>(c)</sup> 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. 

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> 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 August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*05/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash <br> Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $351344459<br>| &nbsp;&nbsp; $—<br> &nbsp;&nbsp; $(202925976 )<sup>(a)</sup><br>| &nbsp;&nbsp; $45997 | &nbsp;&nbsp; $(13405)<br>| &nbsp;&nbsp; $148451075 | &nbsp;&nbsp; 148376887 | &nbsp;&nbsp; $144079 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, <br> T-Fund, Institutional <br> Shares<sup>(c)</sup><br>| &nbsp;&nbsp; 186976<br>| &nbsp;&nbsp; —<br> &nbsp;&nbsp; (186976 )<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 249541 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $45997 | &nbsp;&nbsp; $(13405)<br>| &nbsp;&nbsp; $148451075 |  | &nbsp;&nbsp; $393620 | &nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Represents net amount purchased (sold).

<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> As of period end, the entity is no longer held.

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)

August 31, 2025

**BlackRock Mid-Cap Growth Equity 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | &nbsp;&nbsp; $1018419605 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1018419605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp; 164950500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 164950500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp; 121440999 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 121440999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp; 158139170 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 158139170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp; 841719513 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 841719513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp; 124044149 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124044149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp; 222988798 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 222988798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp; 3336985 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3336985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp; 124119454 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 124119454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp; 136102385 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 136102385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp; 268380379 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 268380379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 151165544 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 151165544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp; 576180446 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 576180446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp; 211096875 | &nbsp;&nbsp; 144464118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 355560993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp; 533602346 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 533602346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp; 129234262 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 129234262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp; 31492296 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31492296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp; 256697184 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 256697184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 149006955 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 149006955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp; 13437501 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13437501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp; 315131438 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 315131438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp; 21379014 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21379014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp; 3291067 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3291067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 53512237 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53512237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp; 105209227 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 105209227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 256965416 | &nbsp;&nbsp; 87184199 | &nbsp;&nbsp; — | &nbsp;&nbsp; 344149615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp; 1048716131 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1048716131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp; 325367189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 325367189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; — | &nbsp;&nbsp; 46726648 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46726648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp; 82048649 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 82048649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| &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; 148451075 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 148451075 |
|  | &nbsp;&nbsp; $7595626789 | &nbsp;&nbsp; $278374965 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $7874001769 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock Mid-Cap Growth Equity Portfolio**

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| NVS | Non-Voting Shares |

---

------

## 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 Mid-Cap Growth Equity Portfolio

- **b. EDGAR series identifier (if any):** S000001505

- **c. LEI of Series:** 549300VLQD7ENY3MA898

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-29

**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:** $7885567898.95

**Total Liabilities:** $146238595.60

**Net Assets:** $7739329303.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004036 | 5.71%                | -1.03%               | -1.59%               |
| Class ID C000004037 | 5.71%                | -1.06%               | -1.60%               |
| Class ID C000004038 | 5.72%                | -1.06%               | -1.62%               |
| Class ID C000004040 | 5.63%                | -1.14%               | -1.69%               |
| Class ID C000037625 | 5.68%                | -1.07%               | -1.65%               |
| Class ID C000166016 | 5.74%                | -1.05%               | -1.58%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $484415410.68            | $-984759.60                                |
| Month 2  | $216538017.42            | $-304217995.99                             |
| Month 3  | $117896515.05            | $-248059984.00                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tradeweb Markets Inc                 | Tradeweb Markets Inc                   | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1164698 | NS      | $143677145.28 | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG Inc                              | TPG Inc                                | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |   3007646 | NS      | $181511436.10 | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                   | Planet Fitness Inc                     | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |   1072833 | NS      | $112432898.40 | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                           | Natera Inc                             | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    721789 | NS      | $121440999.25 | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                          | Vistra Corp                            | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |    787938 | NS      | $149006955.18 | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                        | AppLovin Corp                          | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |    377571 | NS      | $180701704.89 | 2.33%             |  |  |  | No            |                  1 | On Loan: —       |
| Wingstop Inc                         | Wingstop Inc                           | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     47816 | NS      | $15689385.92  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc               | Roper Technologies Inc                 | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |    106131 | NS      | $55857806.61  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                   | Vertiv Holdings Co                     | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |   2104119 | NS      | $268380378.45 | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                          | Cencora Inc                            | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |    443175 | NS      | $129234261.75 | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc           | Floor & Decor Holdings Inc             | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    488822 | NS      | $40044298.24  | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Vulcan Materials Co                  | Vulcan Materials Co                    | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     11461 | NS      | $3336984.76   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                           | Copart Inc                             | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     88281 | NS      | $4308995.61   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Docusign Inc                         | Docusign Inc                           | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |    312546 | NS      | $23959776.36  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc              | Comfort Systems USA Inc                | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |    159731 | NS      | $112351590.78 | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC            | Flutter Entertainment PLC              | CUSIP: 000000000<br>LEI: 635400EG4YIJLJMZJ782 | Long             | EC               | CORP              | US        |    393395 | NS      | $120839142.15 | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                  | Quanta Services Inc                    | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |    312495 | NS      | $118110610.20 | 1.53%             |  |  |  | No            |                  1 | On Loan: —       |
| Dexcom Inc                           | Dexcom Inc                             | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |   2973471 | NS      | $224021305.14 | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                    | Loar Holdings Inc                      | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1052798 | NS      | $74390706.68  | 0.96%             |  |  |  | No            |                  1 | On Loan: —       |
| IDEXX Laboratories Inc               | IDEXX Laboratories Inc                 | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |    224540 | NS      | $145297588.60 | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                 | Blue Owl Capital Inc                   | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8331197 | NS      | $154293768.44 | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                          | ROBLOX Corp                            | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1215430 | NS      | $151430423.70 | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                          | Trimble Inc                            | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |    787845 | NS      | $63673632.90  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Cash Funds - Institutional | BlackRock Cash Funds - Institutional   | CUSIP: 066922519<br>LEI: 549300JDHS1T46VWOG19 | Long             | STIV             | RF                | US        | 122244265 | NS      | $122305387.20 | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                          | Masimo Corp                            | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |   1175889 | NS      | $164283452.19 | 2.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Robinhood Markets Inc                | Robinhood Markets Inc                  | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |   1262869 | NS      | $131376262.07 | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc           | Cadence Design Systems Inc             | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |    354315 | NS      | $124162605.45 | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                          | Waters Corp                            | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |      8711 | NS      | $2628979.80   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                           | Carvana Co                             | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |    767162 | NS      | $285322891.04 | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc               | Tyler Technologies Inc                 | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |    232349 | NS      | $130784605.12 | 1.69%             |  |  |  | No            |                  1 | On Loan: —       |
| Axon Enterprise Inc                  | Axon Enterprise Inc                    | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |    428179 | NS      | $319973884.91 | 4.13%             |  |  |  | No            |                  1 | On Loan: —       |
| BWX Technologies Inc                 | BWX Technologies Inc                   | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |    576231 | NS      | $93372471.24  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                           | Ferrari NV                             | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | IT        |    345656 | NS      | $164950499.76 | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc                  | Bentley Systems Inc                    | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |   2067447 | NS      | $115053425.55 | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM International NV                 | ASM International NV                   | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |    176646 | NS      | $84820159.32  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| GCI LIBERTY INC                      | GCI LIBERTY INC                        | CUSIP: 361ESC049<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1528805 | NS      | $15.29        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Coupang Inc                          | Coupang Inc                            | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |   5533211 | NS      | $158139170.38 | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc               | Guidewire Software Inc                 | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |    599044 | NS      | $130004528.88 | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds T-Fund     | BlackRock Liquidity Funds T-Fund       | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |   6617029 | NS      | $6617029.06   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                       | NRG Energy Inc                         | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    935026 | NS      | $136102384.56 | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                        | Repligen Corp                          | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |    125305 | NS      | $15327307.60  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty For       | Liberty Media Corp-Liberty Formula One | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1748439 | NS      | $174669056.10 | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                           | HEICO Corp                             | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |    732424 | NS      | $228530936.48 | 2.95%             |  |  |  | No            |                  1 | On Loan: —       |
| Howmet Aerospace Inc                 | Howmet Aerospace Inc                   | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |   1780601 | NS      | $310002634.10 | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAR GROUP INC                     | COSTAR GROUP INC                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |   1158150 | NS      | $103642843.50 | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunello Cucinelli SpA               | Brunello Cucinelli SpA                 | CUSIP: 000000000<br>LEI: 5493003CX2RZ0FOBH256 | Long             | EC               | CORP              | IT        |    407289 | NS      | $47112650.81  | 0.61%             |  |  |  | No            |                  2 | On Loan: —       |
| Adyen NV                             | Adyen NV                               | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     86744 | NS      | $145658008.81 | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Reddit Inc                           | Reddit Inc                             | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59701 | NS      | $13437501.08  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                          | Fastenal Co                            | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |   1652208 | NS      | $82048649.28  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                         | Entegris Inc                           | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     21644 | NS      | $1812468.56   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                   | Expand Energy Corp                     | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |    306480 | NS      | $29661134.40  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                 | Ares Management Corp                   | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |   1308615 | NS      | $234503808.00 | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BE Semiconductor Industries NV       | BE Semiconductor Industries NV         | CUSIP: 000000000<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |     22897 | NS      | $3084168.71   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Cloudflare Inc                       | Cloudflare Inc                         | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |   1546271 | NS      | $322722220.41 | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                          | Nutanix Inc                            | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |   1757537 | NS      | $118124061.77 | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc        | Live Nation Entertainment Inc          | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |   1502078 | NS      | $250080966.22 | 3.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Antero Resources Corp                | Antero Resources Corp                  | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |    747215 | NS      | $23851102.80  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc            | Teledyne Technologies Inc              | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |    162573 | NS      | $87491911.41  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                          | Rollins Inc                            | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |   2117707 | NS      | $119735153.78 | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc           | Charter Communications Inc             | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     12392 | NS      | $3291067.36   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Fair Isaac Corp                      | Fair Isaac Corp                        | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |    111766 | NS      | $170067616.24 | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc         | Monolithic Power Systems Inc           | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |    237186 | NS      | $198230571.36 | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC                    | Landbridge Co LLC                      | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29471 | NS      | $1566383.65   | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| West Pharmaceutical Services I       | West Pharmaceutical Services Inc       | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |     13860 | NS      | $3422727.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                         | Doximity Inc                           | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    463531 | NS      | $31492296.14  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                         | Duolingo Inc                           | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    416704 | NS      | $124119453.44 | 1.60%             |  |  |  | No            |                  1 | On Loan: —       |
| Affirm Holdings Inc                  | Affirm Holdings Inc                    | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2386354 | NS      | $211096874.84 | 2.73%             |  |  |  | No            |                  1 | On Loan: —       |
| Lattice Semiconductor Corp           | Lattice Semiconductor Corp             | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |    857523 | NS      | $56922376.74  | 0.74%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-10-27

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer