NPORT-EX 2 BRRealEstateSecuritiesFd.htm
Schedule of Investments (unaudited)
April 30, 2020
BlackRock Real Estate Securities Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Common Stocks
Diversified Telecommunication Services — 1.0%
Cellnex Telecom SA(a)
     40,964 $   2,142,622
Health Care — 8.7%
CareTrust REIT, Inc.
     68,288    1,125,386
Ensign Group, Inc.
     16,765      627,179
Healthcare Trust of America, Inc., Class A
    105,590    2,600,682
Healthpeak Properties, Inc.
    208,040    5,438,165
Omega Healthcare Investors, Inc.
     98,154    2,861,189
Ventas, Inc.
     65,256    2,111,032
Welltower, Inc.
     93,520   4,791,030
      19,554,663
Industrial — 14.4%
Prologis, Inc.
    259,907   23,191,501
Rexford Industrial Realty, Inc.
    220,144   8,964,264
      32,155,765
Lodging — 3.0%
Hilton Worldwide Holdings, Inc.
     20,707    1,567,727
Host Hotels & Resorts, Inc.
    133,890    1,648,186
Pebblebrook Hotel Trust
    152,439    1,804,877
RLJ Lodging Trust
    195,689   1,817,951
      6,838,741
Office — 12.1%
Alexandria Real Estate Equities, Inc.(b)
     64,052   10,061,929
Boston Properties, Inc.
  87,328 8,486,535
Cousins Properties, Inc.
  153,199 4,622,014
Hudson Pacific Properties, Inc.
  157,345 3,867,540
      27,038,018
Residential — 19.7%
American Homes 4 Rent, Class A
  241,770 5,836,328
AvalonBay Communities, Inc.
  11,880 1,935,846
Equity Residential
  161,884 10,532,173
Mid-America Apartment Communities, Inc.
  83,256 9,318,010
Sun Communities, Inc.
  70,722 9,505,037
UDR, Inc.
  186,125 6,974,104
      44,101,498
Retail — 5.8%
Federal Realty Investment Trust
  44,071 3,669,792
Regency Centers Corp.
  98,360 4,318,988
Simon Property Group, Inc.
  74,818 4,995,598
      12,984,378
Self Storage — 5.7%
Extra Space Storage, Inc.
  102,944 9,083,778
Life Storage, Inc.
  43,301 3,792,735
      12,876,513
Security   Shares Value
Specialty — 17.3%
CoreSite Realty Corp.
     24,524 $   2,972,064
Crown Castle International Corp.
     13,282    2,117,549
CyrusOne, Inc.
     92,922    6,518,478
Digital Realty Trust, Inc.
     14,243    2,129,186
Equinix, Inc.
     29,251   19,750,275
GDS Holdings Ltd., ADR(c)
     26,987    1,546,895
SBA Communications Corp.
      7,521    2,180,488
Switch, Inc., Class A
     92,897   1,595,042
      38,809,977
Triple Net Lease — 9.7%
EPR Properties
    112,378    3,306,161
Plymouth Industrial REIT, Inc.
      6,097       85,419
Spirit Realty Capital, Inc.
    163,811    5,038,826
STAG Industrial, Inc.
    122,851    3,224,839
VEREIT, Inc.
    650,115    3,562,630
VICI Properties, Inc.
    367,753   6,406,257
      21,624,132
Total Long-Term Investments — 97.4%

(Cost $248,855,659)
218,126,307
Short-Term Securities(d)(e)
Money Market Funds — 5.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.12%
  5,646,048    5,646,048
SL Liquidity Series, LLC, Money Market Series, 0.79%(f)
  7,320,492   7,326,349
Total Short-Term Securities — 5.8%

(Cost: $12,967,647)
12,972,397
Total Investments — 103.2%

(Cost: $261,823,306)
231,098,704
Liabilities in Excess of Other Assets — (3.2)%
(7,229,181)
Net Assets — 100.0%
$223,869,523
(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) Security, or a portion of the security, is on loan.
(c) Non-income producing security.
(d) Affiliate of the Fund.
(e) Annualized 7-day yield as of period end.
(f) Security was purchased with the cash collateral from loaned securities.
 
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Schedule of Investments (unaudited)  (continued)
April 30, 2020
BlackRock Real Estate Securities Fund
Affiliates
Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer Shares
Held at
01/31/20 		Shares
Purchased 		Shares
Sold 		Shares
Held at
04/30/20 		Value at
04/30/20 		  Income   Net
Realized
Gain (Loss)(a) 		  Change in
Unrealized
Appreciation
(Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class
5,653,201 — (7,153) (b) 5,646,048  $ 5,646,048   $ 11,100   $ —    $ — 
SL Liquidity Series, LLC, Money Market Series
3,666,580 3,653,912(b) —  7,320,492  7,326,349   2,781(c)   917    4,750 
          $ 12,972,397   $ 13,881   $ 917   $ 4,750
(a) Includes net capital gain distributions, if applicable.
(b) Represents net shares/investment value purchased (sold).
(c) 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 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.
Currency Abbreviation
EUR Euro
USD United States Dollar
Portfolio Abbreviation
ADR American Depositary Receipt
OTC Over-the-Counter
REIT Real Estate Investment Trust
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
Currency Purchased Currency Sold Counterparty Settlement
Date 		Unrealized
Appreciation
(Depreciation)
EUR 394,000 USD 428,402 Morgan Stanley & Co. International PLC 07/15/20 $ 4,047
USD 2,250,854 EUR 2,058,000 Morgan Stanley & Co. International PLC 07/15/20 (7,980)
  $ (3,933)
             
OTC Total Return Swaps(a)
Reference Entity Counterparty Termination
Date 		Net
Notional 		Unrealized
Appreciation
(Depreciation) 		  Net Value of
Reference
Entity 		Gross Notional
Amount
Net Asset
Percentage
Equity Securities Long/Short 
Morgan Stanley & Co. LLC 06/09/20 $ 1,835,801 $ 261,223(b)   $ 2,075,953 0.9% 
(a) The Fund receives the total return on the underlying portfolio and pays a variable rate of interest, based on a specified benchmark, plus or minus a spread of 20 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:
U.S. Federal Funds Effective Rate
(b) Amount includes $21,071 of net dividends and financing fees.
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Schedule of Investments (unaudited)  (continued)
April 30, 2020
BlackRock Real Estate Securities Fund
The following table represents the individual long positions and related values of equity securities underlying the total return swap with Morgan Stanley & Co. LLC, as of period end, termination date June 9, 2020:
  Shares Value   % of
Basket
Value
Reference Entity — Long        
Common Stocks         
Health Care        
CareTrust REIT, Inc.
82,852 $ 1,365,401   65.8% 
Triple Net Lease        
EPR Properties
24,152 710,552   34.2
Net Value of Reference Entity —

Morgan Stanley & Co. LLC
  $ 2,075,953    
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative 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)
•    Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative 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 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 and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.
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.
The following table summarizes the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
  Level 1 Level 2 Level 3 Total
Assets        
Investments        
Long-Term Investments        
Common Stocks        
Diversified Telecommunication Services
$ — $ 2,142,622 $ — $ 2,142,622
Health Care
19,554,663 — — 19,554,663
Industrial
32,155,765 — — 32,155,765
Lodging
6,838,741 — — 6,838,741
Office
27,038,018 — — 27,038,018
Residential
44,101,498 — — 44,101,498
Retail
12,984,378 — — 12,984,378
Self Storage
12,876,513 — — 12,876,513
Specialty
38,809,977 — — 38,809,977
Triple Net Lease
21,624,132 — — 21,624,132
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Schedule of Investments (unaudited)  (continued)
April 30, 2020
BlackRock Real Estate Securities Fund
  Level 1   Level 2   Level 3   Total
Short-Term Securities              
Money Market Funds
$ 5,646,048   $ —   $ —   $ 5,646,048
  $ 221,629,733   $ 2,142,622   $ —   223,772,355
Investments Valued at NAV(a)
            7,326,349
              $ 231,098,704
Derivative Financial Instruments(b)              
Assets              
Equity Contracts
$ —   $ 261,223   $ —   $ 261,223
Foreign Currency Exchange Contracts
—   4,047   —   4,047
Liabilities              
Foreign Currency Exchange Contracts
—   (7,980)   —   (7,980)
  $ —   $ 257,290   $ —   $ 257,290
(a) Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
(b) Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.
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