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

Registrant’s 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

 

 

Schedule of Investments October 31, 2012 (Unaudited)

 

 

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

Diversified – 3.8%

     

American Assets Trust, Inc.

     1,900       $ 51,623   

Vornado Realty Trust

     1,703         136,598   
     

 

 

 
        188,221   

 

 

Health Care – 12.4%

     

HCP, Inc.

     2,175         96,353   

Health Care REIT, Inc.

     2,699         160,402   

Sabra Health Care REIT, Inc.

     2,300         51,106   

Ventas, Inc.

     4,837         306,037   
     

 

 

 
        613,898   

 

 

Industrial – 5.0%

     

EastGroup Properties, Inc.

     1,418         73,821   

Prologis, Inc.

     5,100         174,879   
     

 

 

 
        248,700   

 

 

Lodging – 4.5%

     

DiamondRock Hospitality Co.

     7,748         65,703   

Pebblebrook Hotel Trust

     3,703         78,578   

Starwood Hotels & Resorts Worldwide, Inc.

     1,532         79,434   
     

 

 

 
        223,715   

 

 

Mixed Industrial/Office – 2.2%

     

Liberty Property Trust

     3,066         107,678   

 

 

Office – 10.7%

     

Boston Properties, Inc.

     2,259         240,132   

Douglas Emmett, Inc.

     2,175         51,004   

Kilroy Realty Corp.

     2,218         98,501   

SL Green Realty Corp.

     1,881         141,639   
     

 

 

 
        531,276   

 

 

Other – 3.1%

     

American Tower Corp.

     705         53,079   

CBRE Group, Inc. (a)

     2,690         48,474   

Crown Castle International Corp. (a)

     779         51,998   
     

 

 

 
        153,551   

 

 

Residential – 18.2%

     

American Campus Communities, Inc.

     2,300         104,213   

AvalonBay Communities, Inc.

     1,567         212,422   

Camden Property Trust

     1,739         114,131   

Equity Residential

     4,348         249,619   

Essex Property Trust, Inc.

     840         126,000   

Home Properties, Inc.

     1,615         98,176   
     

 

 

 
        904,561   

 

 
Common Stocks    Shares      Value  

Retail – 25.9%

     

Acadia Realty Trust

     1,990       $ 51,103   

CBL & Associates Properties, Inc.

     4,624         103,439   

DDR Corp.

     8,181         125,660   

Equity One, Inc.

     2,398         50,118   

Federal Realty Investment Trust

     1,187         127,994   

General Growth Properties, Inc.

     9,600         188,736   

Simon Property Group, Inc.

     4,199         639,130   
     

 

 

 
        1,286,180   

 

 

Self Storage – 6.3%

     

CubeSmart

     3,862         50,669   

Public Storage

     1,880         260,624   
     

 

 

 
        311,293   

 

 

Specialty – 3.7%

     

Alexandria Real Estate Equities, Inc.

     1,193         84,023   

Digital Realty Trust, Inc.

     1,644         100,991   
     

 

 

 
        185,014   

 

 

Triple Net Lease – 1.5%

     

Entertainment Properties Trust

     1,681         74,720   

 

Total Long-Term Investments

(Cost – $4,876,017) – 97.3%

              4,828,807   
     
     

Short-Term Securities

                 

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.17% (b)(c)

     90,544         90,544   

Total Short-Term Securities (Cost – $90,544) – 1.8%

  

     90,544   

Total Investments (Cost – $4,966,561*) – 99.1%

  

     4,919,351   

Other Assets Less Liabilities – 0.9%

        45,691   
     

 

 

 

Net Assets – 100.0%

      $ 4,965,042   
     

 

 

 

    

                 

 

* As of October 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

Tax cost

   $ 4,966,561   
  

 

 

 

Gross unrealized appreciation

   $ 35,168   

Gross unrealized depreciation

     (82,378 ) 
  

 

 

 

Net unrealized depreciation

   $ (47,210 ) 
  

 

 

 

 

(a)  Non-income producing security.
(b)  Represents the current yield as of report date.
 

 

  Portfolio Abbreviation

 

REIT      Real Estate Investment Trust

 

                 
      BLACKROCK REAL ESTATE SECURITIES FUND       OCTOBER 31, 2012    1

 

 

Schedule of Investments (concluded)

 

 

(c) 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:
Affiliate   

Net

Activity

    

Shares

Held at

October 31,

2012

   Income

BlackRock Liquidity Funds, TempFund, Institutional Class

     90,544       90,544    $10

 

—  

For Fund compliance purposes, the Fund’s 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.

 

—  

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:

 

  —  

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and 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)

 

  —  

Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

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 Fund’s 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 Fund’s investments categorized in the disclosure hierarchy as of October 31, 2012:

 

 

     Level 1      Level 2      Level 3      Total  

Assets:

                                   

Investments:

           

Long-Term Investments 1

   $ 4,828,807         —           —         $ 4,828,807   

Short-Term Securities

 

    

 

90,544

 

  

 

    

 

—  

 

  

 

    

 

—  

 

  

 

    

 

90,544

 

  

 

Total

   $ 4,919,351         —           —         $ 4,919,351   
  

 

 

 

 

1  

See above Schedule of Investments for values in each industry.

There were no transfers between levels during the period ended October 31, 2012.

 

 

                 
2       BLACKROCK REAL ESTATE SECURITIES FUND       OCTOBER 31, 2012   

Item 2 – Controls and Procedures

 

2(a) –   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded
that the registrant’s 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.
2(b) –   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

 

By:     

/s/ John M. Perlowski

     John M. Perlowski
     Chief Executive Officer (principal executive officer) of
     BlackRock Funds

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.

 

By:     

/s/ John M. Perlowski

     John M. Perlowski
     Chief Executive Officer (principal executive officer) of
     BlackRock Funds

Date: December 21, 2012

 

By:     

/s/ Neal J. Andrews

     Neal J. Andrews
     Chief Financial Officer (principal financial officer) of
     BlackRock Funds

Date: December 21, 2012

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