NPORT-EX 2 BRFRES1BR043024.htm
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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