Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
21 Dicembre 2012 - 10:07PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-05742
Name of Fund: BlackRock Funds
BlackRock Real Estate Securities Fund
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address
of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds, 55 East 52
nd
Street,
New York, NY 10055
Registrants telephone number, including area code: (800) 441-7762
Date of fiscal year end: 01/31/2013
Date of reporting period: 10/31/2012
Item 1 Schedule of Investments
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Schedule of Investments
October 31, 2012 (Unaudited)
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(Percentages shown are based on Net Assets)
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Common Stocks
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Shares
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Value
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Diversified 3.8%
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American Assets Trust, Inc.
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1,900
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$
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51,623
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Vornado Realty Trust
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1,703
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136,598
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188,221
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Health Care 12.4%
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HCP, Inc.
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2,175
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96,353
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Health Care REIT, Inc.
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2,699
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160,402
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Sabra Health Care REIT, Inc.
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2,300
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51,106
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Ventas, Inc.
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4,837
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306,037
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613,898
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Industrial 5.0%
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EastGroup Properties, Inc.
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1,418
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73,821
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Prologis, Inc.
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5,100
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174,879
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248,700
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Lodging 4.5%
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DiamondRock Hospitality Co.
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7,748
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65,703
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Pebblebrook Hotel Trust
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3,703
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78,578
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Starwood Hotels & Resorts Worldwide, Inc.
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1,532
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79,434
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223,715
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Mixed Industrial/Office 2.2%
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Liberty Property Trust
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3,066
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107,678
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Office 10.7%
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Boston Properties, Inc.
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2,259
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240,132
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Douglas Emmett, Inc.
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2,175
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51,004
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Kilroy Realty Corp.
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2,218
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98,501
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SL Green Realty Corp.
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1,881
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141,639
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531,276
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Other 3.1%
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American Tower Corp.
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705
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53,079
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CBRE Group, Inc. (a)
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2,690
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48,474
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Crown Castle International Corp. (a)
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779
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51,998
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153,551
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Residential 18.2%
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American Campus Communities, Inc.
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2,300
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104,213
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AvalonBay Communities, Inc.
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1,567
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212,422
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Camden Property Trust
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1,739
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114,131
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Equity Residential
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4,348
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249,619
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Essex Property Trust, Inc.
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840
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126,000
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Home Properties, Inc.
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1,615
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98,176
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904,561
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Common Stocks
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Shares
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Value
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Retail 25.9%
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Acadia Realty Trust
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1,990
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$
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51,103
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CBL & Associates Properties, Inc.
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4,624
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103,439
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DDR Corp.
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8,181
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125,660
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Equity One, Inc.
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2,398
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50,118
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Federal Realty Investment Trust
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1,187
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127,994
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General Growth Properties, Inc.
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9,600
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188,736
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Simon Property Group, Inc.
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4,199
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639,130
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1,286,180
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Self Storage 6.3%
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CubeSmart
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3,862
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50,669
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Public Storage
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1,880
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260,624
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311,293
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Specialty 3.7%
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Alexandria Real Estate Equities, Inc.
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1,193
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84,023
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Digital Realty Trust, Inc.
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1,644
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100,991
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185,014
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Triple Net Lease 1.5%
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Entertainment Properties Trust
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1,681
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74,720
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Total Long-Term Investments
(Cost $4,876,017)
97.3%
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4,828,807
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Short-Term Securities
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BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.17% (b)(c)
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90,544
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90,544
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Total Short-Term Securities (Cost $90,544) 1.8%
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90,544
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Total Investments (Cost $4,966,561*) 99.1%
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4,919,351
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Other Assets Less Liabilities 0.9%
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45,691
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Net Assets 100.0%
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$
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4,965,042
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*
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As of October 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
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Tax cost
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$
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4,966,561
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Gross unrealized appreciation
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$
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35,168
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Gross unrealized depreciation
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(82,378
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Net unrealized depreciation
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$
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(47,210
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(a)
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Non-income producing security.
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(b)
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Represents the current yield as of report date.
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REIT
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Real Estate Investment Trust
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BLACKROCK REAL ESTATE SECURITIES FUND
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OCTOBER 31, 2012
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1
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Schedule of Investments (concluded)
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(c)
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Investments in issuers considered to be an affiliate of the Fund during the period ended October 31, 2012, for purposes of Section 2(a)(3) of the Investment Company Act
of 1940, as amended, were as follows:
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Affiliate
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Net
Activity
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Shares
Held at
October 31,
2012
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Income
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BlackRock Liquidity Funds, TempFund, Institutional Class
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90,544
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90,544
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$10
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For Fund compliance purposes, the Funds industry classifications refer to any one or more of the industry sub-classifications used by one or more widely
recognized market indexes or ratings group indexes, and/or as defined by Fund management. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
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Fair Value Measurements Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a
disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:
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Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access
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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)
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Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the
Funds own assumptions used in determining the fair value of investments)
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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 level in the fair value hierarchy within
which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Funds policy, transfers between different levels of the fair
value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication
of the risks associated with investing in those securities.
The following table summarizes the Funds investments categorized in the disclosure hierarchy as of
October 31, 2012:
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Level 1
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Level 2
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Level 3
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Total
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Assets:
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Investments:
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Long-Term
Investments
1
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$
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4,828,807
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$
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4,828,807
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Short-Term Securities
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90,544
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90,544
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Total
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$
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4,919,351
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$
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4,919,351
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1
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See above Schedule of Investments for values in each industry.
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There were no transfers between levels during the period ended October 31, 2012.
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2
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BLACKROCK REAL ESTATE SECURITIES FUND
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OCTOBER 31, 2012
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Item 2 Controls and Procedures
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2(a)
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The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded
that the registrants disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the
Securities Exchange Act of 1934, as amended.
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2(b)
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There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the
registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
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Item 3 Exhibits
Certifications Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Funds
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By:
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/s/ John M. Perlowski
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John M. Perlowski
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Chief Executive Officer (principal executive officer) of
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BlackRock Funds
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Date: December 21, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
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By:
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/s/ John M. Perlowski
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John M. Perlowski
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Chief Executive Officer (principal executive officer) of
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BlackRock Funds
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Date: December 21, 2012
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By:
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/s/ Neal J. Andrews
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Neal J. Andrews
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Chief Financial Officer (principal financial officer) of
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BlackRock Funds
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Date: December 21, 2012
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