NPORT-EX 1 Real_Estate_Securities.htm EX-REALEST

Schedule of Investments  (unaudited) 

April 30, 2019

   

BlackRock Real Estate Securities Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 98.9%

    

Health Care — 10.7%

    

CareTrust REIT, Inc.

     41,333     $ 1,002,325  

Omega Healthcare Investors, Inc.

     23,986       848,865  

Ventas, Inc.

     25,983       1,587,821  

Welltower, Inc.

     17,983       1,340,273  
   

 

 

  
      4,779,284  
Industrial — 10.5%            

Prologis, Inc.

     43,383       3,326,175  

Rexford Industrial Realty, Inc.

     35,495       1,344,906  
   

 

 

  
      4,671,081  
Lodging — 6.0%            

Hilton Worldwide Holdings, Inc.

     5,055       439,734  

Host Hotels & Resorts, Inc.

     93,586       1,800,595  

Marriott International, Inc., Class A

     3,279       447,321  
   

 

 

  
      2,687,650  
Office — 15.1%            

Alexandria Real Estate Equities, Inc.

     14,278       2,033,044  

Boston Properties, Inc.

     17,946       2,469,728  

Douglas Emmett, Inc.

     9,043       372,481  

Highwoods Properties, Inc.

     18,159       809,528  

Hudson Pacific Properties, Inc.

     17,030       593,666  

SL Green Realty Corp.

     5,279       466,347  
   

 

 

  
      6,744,794  
Residential — 19.5%            

American Homes 4 Rent, Class A

     21,865       524,323  

AvalonBay Communities, Inc.

     13,400       2,692,462  

Equity Residential

     25,260       1,930,369  

Invitation Homes, Inc.

     21,586       536,628  

Sun Communities, Inc.

     11,891       1,463,544  

UDR, Inc.

     34,317       1,542,549  
   

 

 

  
      8,689,875  
Retail — 13.6%            

Federal Realty Investment Trust

     8,772       1,174,132  

Regency Centers Corp.

     22,783       1,530,334  

Simon Property Group, Inc.

     19,324       3,356,579  
   

 

 

  
      6,061,045  
Security   Shares     Value  
Self Storage — 5.1%            

Extra Space Storage, Inc.

     19,791     $ 2,052,129  

Public Storage

     984       217,641  
   

 

 

  
      2,269,770  
Specialty — 6.5%            

CyrusOne, Inc.

     19,928       1,109,790  

Digital Realty Trust, Inc.

     3,169       373,023  

Equinix, Inc.

     2,904       1,320,449  

GDS Holdings Ltd. — ADR (a)

     2,085       81,586  
   

 

 

  
      2,884,848  
Tower — 0.5%            

Crown Castle International Corp.

     1,973       248,164  
   

 

 

  
Triple Net Lease — 11.4%            

EPR Properties

     14,581       1,149,858  

Spirit Realty Capital, Inc.

     31,522       1,275,380  

STAG Industrial, Inc.

     16,178       465,603  

VEREIT, Inc.

     123,880       1,023,249  

VICI Properties, Inc.

     50,380       1,148,664  
   

 

 

  
      5,062,754  
   

 

 

  

Total Long-Term Investments — 98.9%
(Cost: $38,817,584)

       44,099,265  
   

 

 

  

Short-Term Securities — 1.9%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.32% (b)(c)

     842,571       842,571  
   

 

 

  

Total Short-Term Securities — 1.9%
(Cost: $842,571)

       842,571  
   

 

 

  

Total Investments — 100.8%
(Cost: $39,660,155)

       44,941,836  

Liabilities in Excess of Other Assets — (0.8)%

 

     (368,101 ) 
   

 

 

  

Net Assets — 100.0%

     $     44,573,735  
   

 

 

  
 
(a) 

Non-income producing security.

(b) 

Annualized 7-day yield as of period end.

(c) 

During the period ended April 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
01/31/19		      Net Activity      Shares
Held at
04/30/19		      Value at
04/30/19		      Income      Net
Realized
Gain
(Loss)(a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      1,618,476        (775,905 )       842,571      $ 842,571      $ 5,454      $ —      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

 

 

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Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock Real Estate Securities Fund

 

 

Portfolio Abbreviations
ADR    American Depositary Receipt
REIT    Real Estate Investment Trust

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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)

 

  •  

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 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 BlackRock Global Valuation Methodologies Committee (the “Global 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 investments is based on the pricing transparency of the investments 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 investments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                  

Investments:

                  

Long-Term Investments(a)

    $ 44,099,265        $ —        $ —        $ 44,099,265  

Short-Term Securities

      842,571          —          —          842,571  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $         44,941,836        $         —        $         —        $         44,941,836  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each industry.

 

 

 

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