Schedule of Investments (unaudited)
April 30, 2024
BlackRock Real Estate Securities Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Diversified REITs — 1.8% | |||
Essential Properties Realty Trust, Inc. | 182,698 | $ 4,812,265 | |
Diversified Telecommunication Services — 0.5% | |||
Cellnex Telecom SA(a) | 41,803 | 1,381,786 | |
Health Care — 1.0% | |||
Ensign Group, Inc. (The) | 22,472 | 2,659,786 | |
Health Care REITs — 9.6% | |||
American Healthcare REIT, Inc. | 143,801 | 1,974,388 | |
CareTrust REIT, Inc. | 111,936 | 2,767,058 | |
Healthpeak Properties, Inc. | 289,373 | 5,385,236 | |
Welltower, Inc. | 165,662 | 15,784,275 | |
25,910,957 | |||
Hotel & Resort REITs — 3.0% | |||
Host Hotels & Resorts, Inc. | 86,639 | 1,634,878 | |
Ryman Hospitality Properties, Inc. | 62,725 | 6,616,233 | |
8,251,111 | |||
Industrial REITs — 11.7% | |||
Prologis, Inc. | 164,599 | 16,797,328 | |
Rexford Industrial Realty, Inc. | 239,472 | 10,251,796 | |
STAG Industrial, Inc. | 132,056 | 4,541,406 | |
31,590,530 | |||
Office REITs — 4.2% | |||
Alexandria Real Estate Equities, Inc. | 5,703 | 660,807 | |
Boston Properties, Inc. | 80,825 | 5,002,259 | |
Cousins Properties, Inc. | 129,763 | 2,976,763 | |
SL Green Realty Corp. | 53,411 | 2,661,470 | |
11,301,299 | |||
Real Estate Management & Development — 0.6% | |||
Corporación Inmobiliaria Vesta SAB de CV, ADR | 48,922 | 1,737,220 | |
Residential REITs — 14.5% | |||
AvalonBay Communities, Inc. | 62,048 | 11,762,439 | |
Invitation Homes, Inc. | 209,863 | 7,177,315 | |
Mid-America Apartment Communities, Inc. | 46,542 | 6,050,460 | |
Sun Communities, Inc. | 62,122 | 6,915,421 | |
UDR, Inc. | 190,220 | 7,243,578 | |
39,149,213 |
Security | Shares | Value | |
Retail REITs — 13.5% | |||
Agree Realty Corp. | 179,690 | $ 10,281,862 | |
Federal Realty Investment Trust | 59,374 | 6,184,990 | |
Regency Centers Corp. | 158,711 | 9,398,865 | |
Simon Property Group, Inc. | 53,848 | 7,567,259 | |
SITE Centers Corp. | 240,204 | 3,240,352 | |
36,673,328 | |||
Specialized REITs — 36.0% | |||
American Tower Corp. | 115,109 | 19,748,100 | |
Crown Castle, Inc. | 56,929 | 5,338,802 | |
Digital Realty Trust, Inc. | 50,267 | 6,976,054 | |
EPR Properties | 95,873 | 3,891,485 | |
Equinix, Inc. | 25,200 | 17,919,972 | |
Extra Space Storage, Inc. | 100,673 | 13,518,370 | |
PotlatchDeltic Corp. | 90,808 | 3,633,228 | |
Public Storage | 17,769 | 4,610,167 | |
SBA Communications Corp. | 39,809 | 7,409,251 | |
VICI Properties, Inc. | 416,392 | 11,887,992 | |
Weyerhaeuser Co. | 87,588 | 2,642,530 | |
97,575,951 | |||
Total Long-Term Investments — 96.4% (Cost: $243,290,032) | 261,043,446 | ||
Short-Term Securities | |||
Money Market Funds — 3.4% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19%(b)(c) | 9,128,613 | 9,128,613 | |
Total Short-Term Securities — 3.4% (Cost: $9,128,613) | 9,128,613 | ||
Total Investments — 99.8% (Cost: $252,418,645) | 270,172,059 | ||
Other Assets Less Liabilities — 0.2% | 565,640 | ||
Net Assets — 100.0% | $ 270,737,699 |
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | Affiliate of the Fund. |
(c) | Annualized 7-day yield as of period end. |
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Schedule of Investments (unaudited) (continued)
April 30, 2024
BlackRock Real Estate Securities Fund
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 01/31/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/24 | Shares Held at 04/30/24 | Income | Capital Gain Distributions from Underlying Funds | |||
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ 3,398,799 | $ 5,729,814(a) | $ — | $ — | $ — | $ 9,128,613 | 9,128,613 | $ 80,120 | $ — | |||
SL Liquidity Series, LLC, Money Market Series(b) | — | 2(a) | — | (2) | — | — | — | 429(c) | — | |||
$ (2) | $ — | $ 9,128,613 | $ 80,549 | $ — |
(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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
USD | 1,394,023 | EUR | 1,296,000 | Morgan Stanley & Co. International PLC | 07/12/24 | $ 6,559 |
USD | 73,634 | EUR | 69,000 | Morgan Stanley & Co. International PLC | 07/12/24 | (236) |
$ 6,323 | ||||||
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 Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. 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.
Certain investments of the Fund were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
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Schedule of Investments (unaudited) (continued)
April 30, 2024
BlackRock Real Estate Securities Fund
Fair Value Hierarchy as of Period End (continued)
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 | |||||||
Diversified REITs | $ 4,812,265 | $ — | $ — | $ 4,812,265 | |||
Diversified Telecommunication Services | — | 1,381,786 | — | 1,381,786 | |||
Health Care Providers & Services | 2,659,786 | — | — | 2,659,786 | |||
Health Care REITs | 25,910,957 | — | — | 25,910,957 | |||
Hotel & Resort REITs | 8,251,111 | — | — | 8,251,111 | |||
Industrial REITs | 31,590,530 | — | — | 31,590,530 | |||
Office REITs | 11,301,299 | — | — | 11,301,299 | |||
Real Estate Management & Development | 1,737,220 | — | — | 1,737,220 | |||
Residential REITs | 39,149,213 | — | — | 39,149,213 | |||
Retail REITs | 36,673,328 | — | — | 36,673,328 | |||
Specialized REITs | 97,575,951 | — | — | 97,575,951 | |||
Short-Term Securities | |||||||
Money Market Funds | 9,128,613 | — | — | 9,128,613 | |||
$ 268,790,273 | $ 1,381,786 | $ — | $ 270,172,059 | ||||
Derivative Financial Instruments(a) | |||||||
Assets | |||||||
Foreign Currency Exchange Contracts | $ — | $ 6,559 | $ — | $ 6,559 | |||
Liabilities | |||||||
Foreign Currency Exchange Contracts | — | (236) | — | (236) | |||
$ — | $ 6,323 | $ — | $ 6,323 |
(a) | Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Currency Abbreviation | |
EUR | Euro |
USD | United States Dollar |
Portfolio Abbreviation | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
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