Form NPORT-P BLACKROCK FUNDS For: Mar 31

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    NPORT-P
    false
    
      
      
        
          0000844779
          XXXXXXXX
        
      
      
      
      
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      BlackRock Funds
      811-05742
      0000844779
      549300OZUEVJZHOBFP42
      100 Bellevue Parkway
      Wilmington
      
      19809
      800-441-7762
      BlackRock Exchange Portfolio
      S000001878
      549300MFYV3Z42Z33674
      2022-12-31
      2022-03-31
      N
    
    
      217781532.66
      166298.83
      217615233.83
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      0.00000000
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        General Dynamics Corp
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        General Dynamics Corp
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        78065.00000000
        NS
        USD
        18827716.70000000
        8.651837635001
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
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        Westinghouse Air Brake Technol
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        Westinghouse Air Brake Technologies Corp
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        380.00000000
        NS
        USD
        36544.60000000
        0.016793217715
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BP PLC
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        BP PLC
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        31546.00000000
        NS
        USD
        927452.40000000
        0.426189097002
        Long
        EC
        CORP
        GB
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        1
        
          N
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        PROCTER & GAMBLE CO/THE
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        PROCTER & GAMBLE CO/THE
        742718109
        
          
          
        
        49045.00000000
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        7494076.00000000
        3.443727660102
        Long
        EC
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        N
        
        1
        
          N
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        JPMORGAN CHASE & CO
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        JPMORGAN CHASE & CO
        46625H100
        
          
          
        
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        NS
        USD
        13483411.20000000
        6.195986817050
        Long
        EC
        CORP
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        N
        
        1
        
          N
          N
          N
        
      
      
        Kraft Heinz Co/The
        N/A
        Kraft Heinz Co/The
        500754106
        
          
          
        
        17761.00000000
        NS
        USD
        699605.79000000
        0.321487506957
        Long
        EC
        CORP
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        N
        
        1
        
          N
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        Viatris Inc
        254900ZZTSW7NL773X71
        Viatris Inc
        92556V106
        
          
          
        
        14108.00000000
        NS
        USD
        153495.04000000
        0.070535061952
        Long
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        N
        
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        MICROSOFT CORP
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        MICROSOFT CORP
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        214753.00000000
        NS
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        66210497.43000000
        30.42548826417
        Long
        EC
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        N
        
        1
        
          N
          N
          N
        
      
      
        Mondelez International Inc
        549300DV9GIB88LZ5P30
        Mondelez International Inc
        609207105
        
          
          
        
        53285.00000000
        NS
        USD
        3345232.30000000
        1.537223401654
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        EC
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        N
        
        1
        
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        VISA INC
        549300JZ4OKEHW3DPJ59
        VISA INC-CLASS A SHARES
        92826C839
        
          
          
        
        39748.00000000
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        8814913.96000000
        4.050687906751
        Long
        EC
        CORP
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        N
        
        1
        
          N
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        MERCK & CO INC
        4YV9Y5M8S0BRK1RP0397
        MERCK & CO. INC.
        58933Y105
        
          
          
        
        68117.00000000
        NS
        USD
        5588999.85000000
        2.568294393565
        Long
        EC
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        N
        
        1
        
          N
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        JOHNSON & JOHNSON
        549300G0CFPGEF6X2043
        JOHNSON & JOHNSON
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        55418.00000000
        NS
        USD
        9821732.14000000
        4.513347694983
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Organon & Co
        549300AMCKY57OK2CO56
        Organon & Co
        68622V106
        
          
          
        
        6811.00000000
        NS
        USD
        237908.23000000
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        N
        
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        EXXON MOBIL CORP
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        EXXON MOBIL CORP
        30231G102
        
          
          
        
        54584.00000000
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        N
        
        1
        
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        American Express Co
        R4PP93JZOLY261QX3811
        American Express Co
        025816109
        
          
          
        
        66690.00000000
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        12471030.00000000
        5.730770672857
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        N
        
        1
        
          N
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        PFIZER INC
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        PFIZER INC
        717081103
        
          
          
        
        76397.00000000
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        N
        
        1
        
          N
          N
          N
        
      
      
        Walmart Inc
        Y87794H0US1R65VBXU25
        Walmart Inc
        931142103
        
          
          
        
        27424.00000000
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        4083982.08000000
        1.876698615314
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        1
        
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          N
        
      
      
        BERKSHIRE HATHAWAY INC
        5493000C01ZX7D35SD85
        BERKSHIRE HATHAWAY INC-CL B
        084670702
        
          
          
        
        75033.00000000
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        26479896.03000000
        12.16821798913
        Long
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        CORP
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        N
        
        1
        
          N
          N
          N
        
      
      
        SCHLUMBERGER LTD
        213800ZUA17OK3QLGM62
        SCHLUMBERGER LTD
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        70328.00000000
        NS
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        1.335039660996
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        N
        
        1
        
          N
          N
          N
        
      
      
        Keysight Technologies Inc
        549300GLKVIO8YRCYN02
        Keysight Technologies Inc
        49338L103
        
          
          
        
        14874.00000000
        NS
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        2349645.78000000
        1.079724860547
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        N
        
        1
        
          N
          N
          N
        
      
      
        BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO
        5493002L9DNZ83RX7V61
        BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO
        09248U718
        
          
          
        
        738646.86000000
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        738646.86000000
        0.339427919176
        Long
        STIV
        RF
        US
        N
        
        1
        
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        ASTRAZENECA PLC
        PY6ZZQWO2IZFZC3IOL08
        ASTRAZENECA PLC-SPONS ADR
        046353108
        
          
          
        
        128000.00000000
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        8491520.00000000
        3.902079762776
        Long
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        CORP
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        1
        
          N
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          N
        
      
      
        ALTRIA GROUP INC
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        ALTRIA GROUP INC
        02209S103
        
          
          
        
        77000.00000000
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        4023250.00000000
        1.848790605874
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        CORP
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        N
        
        1
        
          N
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        Alcon Inc
        549300LDT5AP8S0NBM78
        Alcon Inc
        000000000
        
          
          
          
        
        13736.00000000
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        1089676.88000000
        0.500735569298
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
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        NOVARTIS AG
        5493007HIVTX6SY6XD66
        NOVARTIS AG-SPONSORED ADR
        66987V109
        
          
          
        
        68681.00000000
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        PHILIP MORRIS INTERNATIONAL INC
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        PHILIP MORRIS INTERNATIONAL
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        50136.00000000
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        4709775.84000000
        2.164267527189
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        1
        
          N
          N
          N
        
      
    
    
      
      
      
    
    
      2022-05-25
      BlackRock Funds
      Ann Frechette
      Ann Frechette
      Assistant Treasurer
    
  
  XXXX

Schedule of Investments (unaudited)

March 31, 2022

BlackRock Exchange Portfolio

(Percentages shown are based on Net Assets)

Security	Shares	Value
Common Stocks
Aerospace & Defense — 8.7%
General Dynamics Corp.	78,065	$ 18,827,717
Banks — 6.2%
JPMorgan Chase & Co.	98,910	13,483,411
Consumer Finance — 5.7%
American Express Co.	66,690	12,471,030
Diversified Financial Services — 12.2%
Berkshire Hathaway, Inc., Class B^(a)	75,033	26,479,896
Electronic Equipment, Instruments & Components — 1.1%
Keysight Technologies, Inc.^(a)	14,874	2,349,646
Energy Equipment & Services — 1.3%
Schlumberger NV	70,328	2,905,250
Food & Staples Retailing — 1.9%
Walmart, Inc.	27,424	4,083,982
Food Products — 1.9%
Kraft Heinz Co.	17,761	699,606
Mondelez International, Inc., Class A	53,285	3,345,232
		4,044,838
Health Care Equipment & Supplies — 0.5%
Alcon, Inc.	13,736	1,089,677
Household Products — 3.4%
Procter & Gamble Co.	49,045	7,494,076
IT Services — 4.1%
Visa, Inc., Class A	39,748	8,814,914
Machinery — 0.0%
Westinghouse Air Brake Technologies Corp.	380	36,544
Oil, Gas & Consumable Fuels — 2.5%
BP PLC, ADR	31,546	927,452
Exxon Mobil Corp.	54,584	4,508,093
		5,435,545

Security	Shares	Value
Pharmaceuticals — 15.7%
AstraZeneca PLC, ADR	128,000	$ 8,491,520
Johnson & Johnson	55,418	9,821,732
Merck & Co., Inc.	68,117	5,589,000
Novartis AG, ADR	68,681	6,026,758
Organon & Co.	6,811	237,908
Pfizer, Inc.	76,397	3,955,073
Viatris, Inc.	14,108	153,495
		34,275,486
Software — 30.4%
Microsoft Corp.	214,753	66,210,497
Tobacco — 4.0%
Altria Group, Inc.	77,000	4,023,250
Philip Morris International, Inc.	50,136	4,709,776
		8,733,026
Total Long-Term Investments — 99.6% (Cost: $15,384,653)		216,735,535
Short-Term Securities^(b)(c)
Money Market Funds — 0.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21%	728,059	728,059
Total Short-Term Securities — 0.3% (Cost: $728,059)		728,059
Total Investments — 99.9% (Cost: $16,112,712)		217,463,594
Other Assets Less Liabilities — 0.1%		151,640
Net Assets — 100.0%		$ 217,615,234

^(a)	Non-income producing security.
^(b)	Affiliate of the Fund.
^(c)	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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/21	Purchases at Cost	Proceeds from Sale	Net Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value at 03/31/22	Shares Held at 03/31/22	Income	Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$ 691,224	$ 36,835^(a)	$ —	$ —	$ —	$ 728,059	728,059	$ 71	$ —
SL Liquidity Series, LLC, Money Market Series^(b)	—	—^(a)	—	—	—	—	—	20^(c)	—
				$ —	$ —	$ 728,059		$ 91	$ —

^(a)	Represents net amount purchased (sold).
^(b)	As of period end, the entity is no longer held.
^(c)	All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Schedule of Investments (unaudited) (continued)

March 31, 2022

BlackRock Exchange Portfolio

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are 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
Investments
Long-Term Investments
Common Stocks	$ 216,735,535	$ —	$ —	$ 216,735,535
Short-Term Securities
Money Market Funds	728,059	—	—	728,059
	$ 217,463,594	$ —	$ —	$ 217,463,594

Portfolio Abbreviation
ADR	American Depositary Receipt

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