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BlackRock Funds
2024-06-30
BlackRock Exchange Portfolio
BlackRock Shares
STSEX
This semi-annual shareholder report contains important information about BlackRock Exchange Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024.
semi-annual shareholder report
You can find additional information about the Fund at <span>blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762.
blackrock.com/fundreports
(800) 441‑7762
<div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: #000000; margin-bottom: -0.18pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-kerning: none; font-family: 'arial'; font-size: 9pt; color: #000000;">(based on a hypothetical $10,000 investment)</div>
<table style="page-break-inside: avoid; margin-top: 2pt; table-layout: auto; width: 100%; border-collapse: collapse;">
<tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; border-bottom-color: #000000;">
<td style="break-inside: avoid; font-kerning: none; font-family: Arial; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); vertical-align: bottom; text-align: left; padding: 0px;">Class name</td>
<td style="break-inside: avoid; font-kerning: none; font-family: Arial; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding: 0px;">Costs of a $10,000<br/>investment</td>
<td style="break-inside: avoid; font-kerning: none; font-family: Arial; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; vertical-align: bottom; padding: 0px;">Costs paid as a percentage of a <br/>$10,000 investment</td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-size: 9pt; line-height: 11pt; color: #000000; overflow-x: hidden; text-align: left; vertical-align: bottom; padding: 2pt 0 2pt 0;">BlackRock Shares</td>
<td style="page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-size: 9pt; line-height: 11pt; color: #000000; text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;"><span style="float: none;">$</span>39</td>
<td style="page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-size: 9pt; line-height: 11pt; color: #000000; text-align: center; vertical-align: bottom; padding: 2pt 0 2pt 0;">0.74<span>%</span></td> </tr> </table>
39
0.0074
<div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: #000000; background-color: #ffce00; border-bottom-color: #000000; margin-top: 0px; margin-bottom: 0px; padding: 2pt 0px 1.5pt 0px;" title="oef:AvgAnnlRtrTableTextBlock">Average annual total returns</div>
<table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid; font-kerning: none; text-align: left; overflow-x: hidden; font-family: Arial; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); width: auto; vertical-align: bottom; text-indent: -6pt; border-bottom: none; padding: 0px 6pt;"></td>
<td style="break-inside: avoid; text-align: right; font-kerning: none; font-family: Arial; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); width: 13%; padding: 0px 6pt 0px 0px;">6-Month<br/>Total<br/>Returns</td>
<td style="break-inside: avoid; text-align: right; font-kerning: none; font-family: Arial; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); width: 13%; padding: 0px 6pt 0px 0px;">1 Year</td>
<td style="break-inside: avoid; text-align: right; font-kerning: none; font-family: Arial; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; vertical-align: bottom; white-space: nowrap; color: rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); width: 13%; padding: 0px 6pt 0px 0px;">5 Years</td>
<td style="break-inside: avoid; text-align: right; font-kerning: none; font-family: Arial; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); border-bottom: 0.5pt solid rgb(0, 0, 0); width: 13%; vertical-align: bottom; padding: 0px 6pt 0px 0px;">10 Years</td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: auto; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 6pt;">BlackRock Shares</td>
<td style="page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; vertical-align: bottom; width: 13%; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;">14.05<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; vertical-align: bottom; width: 13%; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;">21.34<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; vertical-align: bottom; width: 13%; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;">15.28<span>%</span></td>
<td style="page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: 13%; vertical-align: bottom; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 0 0;">11.83<span>%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; border-bottom-color: #000000;">
<td style="page-break-inside: avoid; font-kerning: none; text-align: left; color: #000000; overflow-x: hidden; font-family: 'Arial'; width: auto; vertical-align: bottom; text-indent: -6pt; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 6pt;">S&P 500<sup style="vertical-align: 0.5em; font-size: smaller;">®</sup> Index</td>
<td style="page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; vertical-align: bottom; width: 13%; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;">15.29<span style="visibility: hidden; display: none;">%</span></td>
<td style="page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; vertical-align: bottom; width: 13%; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;">24.56<span style="visibility: hidden; display: none;">%</span></td>
<td style="page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; vertical-align: bottom; width: 13%; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;">15.05<span style="visibility: hidden; display: none;">%</span></td>
<td style="page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; width: 13%; vertical-align: bottom; font-size: 8pt; line-height: 10pt; padding: 1.6pt 6pt 1.6pt 0;">12.86<span style="visibility: hidden; display: none;">%</span></td> </tr> </table>
BlackRock Shares
0.1405
0.2134
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S&P 500® Index
0.1529
0.2456
0.1505
0.1286
<div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: #000000; background-color: #ffce00; border-bottom-color: #000000; margin-top: 0px; margin-bottom: 0px; padding: 2pt 0px 1.5pt 0px;">Key Fund statistics</div>
<table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; border-bottom-color: initial;">
<td style="break-inside: avoid; font-kerning: none; color: rgb(0, 0, 0); overflow-x: hidden; font-family: Arial; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 0px 6pt;">Net Assets</td>
<td style="break-inside: avoid; text-align: right; font-kerning: none; font-family: Arial; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 0px 6pt;"><span style="float: none;">$</span>261,641,408<span style="visibility: hidden; display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Number of Portfolio Holdings</td>
<td style="page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 0 6pt;"><span style="visibility: hidden; display: none; float: none;">$</span>28<span style="visibility: hidden; display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; border-bottom-color: #000000;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Portfolio Turnover Rate</td>
<td style="page-break-inside: avoid; text-align: right; font-kerning: none; font-family: 'Arial'; color: #000000; font-size: 8pt; line-height: 10pt; width: 12%; vertical-align: bottom; padding: 1.6pt 6pt 1.6pt 6pt;"><span style="visibility: hidden; display: none; float: none;">$</span>0<span>%</span></td> </tr> </table>
261641408
28
0
Past performance is not an indication of future results.
Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
Visit <span>blackrock.com</span> for more recent performance information.
<div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-weight: bold; font-size: 10pt; color: #000000; margin-bottom: -0.18pt;">What did the Fund invest in?</div> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; text-align: justify; font-size: 9pt; line-height: 11.4pt; color: #000000; margin-bottom: 0px;">(as of June 30, 2024)</div> <div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: #000000; background-color: #ffce00; border-bottom-color: #000000; margin-top: 0px; margin-bottom: 0px; padding: 2pt 0px 1.5pt 0px;"><b>Sector allocation</b></div>
<table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: #000000;">
<td style="break-inside: avoid; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 0px 6pt;"><em>Sector<sup style="vertical-align: 0.5em; font-size: smaller;">(a)</sup></em></td>
<td style="break-inside: avoid; text-align: right; font-kerning: none; white-space: nowrap; width: 12%; vertical-align: bottom; padding: 0px 6pt;"><em>Percent of<br/>Net Assets</em></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Information Technology</td>
<td style="page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">35.4<span style="visibility: hidden; display: none;">)</span><span>%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Financials</td>
<td style="page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">28.1<span style="visibility: hidden; display: none;">)</span><span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Health Care</td>
<td style="page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">14.5<span style="visibility: hidden; display: none;">)</span><span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Consumer Staples</td>
<td style="page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">9.1<span style="visibility: hidden; display: none;">)</span><span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Industrials</td>
<td style="page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">8.7<span style="visibility: hidden; display: none;">)</span><span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Energy</td>
<td style="page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">4.1<span style="visibility: hidden; display: none;">)</span><span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Short-Term Securities</td>
<td style="page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">0.2<span style="visibility: hidden; display: none;">)</span><span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: #000000;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Liabilities in Excess of Other Assets</td>
<td style="page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 1.6pt 6pt;">(0.1<span>)</span><span style="display: none;">%</span></td> </tr> </table> <div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: #000000; background-color: #ffce00; border-bottom-color: #000000; margin-top: 0px; margin-bottom: 0px; padding: 2pt 0px 1.5pt 0px;"><b>Ten largest holdings</b></div>
<table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: #000000;">
<td style="break-inside: avoid; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 0px 6pt;"><em>Security<sup style="vertical-align: 0.5em; font-size: smaller;">(b)</sup></em></td>
<td style="break-inside: avoid; text-align: right; font-kerning: none; white-space: nowrap; width: 12%; vertical-align: bottom; padding: 0px 6pt;"><em>Percent of<br/>Net Assets</em></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Microsoft Corp.</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">34.6<span>%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Berkshire Hathaway, Inc., Class B</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">11.7<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">General Dynamics Corp.</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">8.7<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">JPMorgan Chase & Co.</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">7.0<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">American Express Co.</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">5.4<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Visa, Inc., Class A</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">4.0<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">AstraZeneca PLC, ADR</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">3.8<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Merck & Co., Inc.</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">3.2<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Johnson & Johnson</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">3.1<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: #000000;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Novartis AG, ADR</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 1.6pt 6pt;">2.8<span style="display: none;">%</span></td> </tr> </table>
<table style="border-collapse: collapse; page-break-inside: avoid; width: 100%; margin-top: 0px;">
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; width: initial; text-indent: 0; color: #000000; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: #000000; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: 0.5em; font-size: smaller;">(a)</sup></div> </td>
<td style="break-inside: avoid; font-kerning: none; font-family: Arial; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; text-indent: 0px; color: rgb(0, 0, 0); width: 100%; padding: 0px;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: #000000; margin-bottom: 0px; padding: 0px;">For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.</div> </td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: #000000; width: initial; vertical-align: top; text-indent: 0; padding: 0 6pt 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: #000000; margin-bottom: 0px; padding: 0px;"><sup style="vertical-align: 0.5em; font-size: smaller;">(b)</sup></div> </td>
<td style="page-break-inside: avoid; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: #000000; width: 100%; padding: 2.5pt 0 0 0;"> <div style="margin-top: 0px; font-kerning: none; font-family: 'arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; vertical-align: top; color: #000000; margin-bottom: 0px; padding: 0px;">Excludes short-term securities.</div> </td> </tr> </table>
0.354
0.281
0.145
0.091
0.087
0.041
0.002
-0.001
<div style="border-bottom-width: 0.5pt; border-bottom-style: solid; font-family: 'arial'; font-weight: bold; font-size: 10pt; text-align: left; letter-spacing: normal; text-transform: none; font-kerning: none; color: #000000; background-color: #ffce00; border-bottom-color: #000000; margin-top: 0px; margin-bottom: 0px; padding: 2pt 0px 1.5pt 0px;"><b>Ten largest holdings</b></div>
<table style="page-break-inside: avoid; table-layout: auto; width: 100%; border-collapse: collapse; margin-top: 0px;">
<tr style="page-break-inside: avoid; border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; font-family: 'arial'; font-style: italic; font-size: 8pt; line-height: 10pt; border-bottom-color: #000000;">
<td style="break-inside: avoid; font-kerning: none; white-space: nowrap; font-weight: normal; text-align: left; vertical-align: bottom; text-indent: -6pt; width: auto; padding: 0px 6pt;"><em>Security<sup style="vertical-align: 0.5em; font-size: smaller;">(b)</sup></em></td>
<td style="break-inside: avoid; text-align: right; font-kerning: none; white-space: nowrap; width: 12%; vertical-align: bottom; padding: 0px 6pt;"><em>Percent of<br/>Net Assets</em></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Microsoft Corp.</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">34.6<span>%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Berkshire Hathaway, Inc., Class B</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">11.7<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">General Dynamics Corp.</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">8.7<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">JPMorgan Chase & Co.</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">7.0<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">American Express Co.</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">5.4<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Visa, Inc., Class A</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">4.0<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">AstraZeneca PLC, ADR</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">3.8<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Merck & Co., Inc.</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">3.2<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: initial; border-bottom-style: none; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 0 6pt;">Johnson & Johnson</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 0 6pt;">3.1<span style="display: none;">%</span></td> </tr>
<tr style="page-break-inside: avoid; border-bottom-width: 0.5pt; border-bottom-style: solid; height: auto; font-family: 'arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: #000000;">
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; font-weight: normal; text-align: left; width: auto; vertical-align: bottom; text-indent: -6pt; padding: 1.6pt 6pt 1.6pt 6pt;">Novartis AG, ADR</td>
<td style="page-break-inside: avoid; font-kerning: none; color: #000000; font-family: 'Arial'; font-style: normal; font-size: 8pt; line-height: 10pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; width: 12%; vertical-align: bottom; text-align: right; padding: 1.6pt 6pt 1.6pt 6pt;">2.8<span style="display: none;">%</span></td> </tr> </table> (b)Excludes short-term securities.
0.346
0.117
0.087
0.070
0.054
0.040
0.038
0.032
0.031
0.028
For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
Excludes short-term securities.