Schedule of Investments (unaudited) 
April 30, 2026
BlackRock Real Estate Securities Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Diversified REITs — 4.0%
Broadstone Net Lease, Inc.
236,643
$  4,685,531
WP Carey, Inc.
176,534
12,874,625
 
17,560,156
Health Care REITs — 18.1%
Alexandria Real Estate Equities, Inc.
158,265
6,411,315
American Healthcare REIT, Inc.
271,404
13,781,895
CareTrust REIT, Inc.
224,464
8,855,105
Janus Living, Inc., Class A(a)
338,964
8,894,415
Ventas, Inc.
8,688
763,328
Welltower, Inc.
183,976
39,985,344
 
78,691,402
Hotel & Resort REITs — 2.3%
Host Hotels & Resorts, Inc.
480,038
10,143,203
Industrial REITs — 11.8%
EastGroup Properties, Inc.
53,100
10,683,720
Prologis, Inc.
286,757
40,725,229
 
51,408,949
IT Services — 0.1%
Applied Digital Corp.(a)
14,540
497,995
Office REITs — 3.8%
BXP, Inc.
85,346
4,989,327
COPT Defense Properties
262,763
8,211,344
Cousins Properties, Inc.
129,478
3,315,932
 
16,516,603
Real Estate Management & Development — 0.7%
CBRE Group, Inc., Class A(a)
21,977
3,136,777
Residential REITs — 11.6%
American Homes 4 Rent, Class A
256,321
8,161,261
Equity Residential
244,748
16,001,624
Essex Property Trust, Inc.
34,962
9,202,348
Sun Communities, Inc.
74,009
9,461,310
UDR, Inc.
215,593
7,834,650
 
50,661,193
Retail REITs — 13.2%
Agree Realty Corp.
166,479
12,837,196
Federal Realty Investment Trust
49,079
5,442,861
InvenTrust Properties Corp.
168,470
5,411,256
Primaris REIT
151,853
2,109,520
Realty Income Corp.
70,101
4,503,288
Regency Centers Corp.
118,306
9,210,122
Simon Property Group, Inc.
89,096
18,149,746
 
57,663,989
Security
 
 
Shares
Value
Software — 0.2%
Cipher Digital, Inc.(a)
25,232
$  447,616
Cleanspark, Inc.(a)(b)
17,533
219,688
Hut 8 Corp.(a)
2,837
214,988
 
882,292
Specialized REITs — 32.9%
American Tower Corp.
89,166
16,291,520
Crown Castle, Inc.
174,772
15,516,258
Digital Realty Trust, Inc.
38,091
7,654,005
Equinix, Inc.
35,366
38,295,366
Extra Space Storage, Inc.
46,314
6,638,186
Iron Mountain, Inc.
124,883
15,734,009
Outfront Media, Inc.
117,754
3,632,711
Public Storage
59,747
18,070,480
SBA Communications Corp.
53,936
11,930,643
VICI Properties, Inc.
89,754
2,620,817
Weyerhaeuser Co.
278,538
6,829,752
 
143,213,747
Total Long-Term Investments — 98.7%
(Cost: $348,533,351)
430,376,306
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.83%(c)(d)(e)
178,493
178,547
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
3.54%(c)(d)
5,929,117
5,929,117
Total Short-Term Securities — 1.4%
(Cost: $6,107,646)
6,107,664
Total Investments — 100.1%
(Cost: $354,640,997)
436,483,970
Liabilities in Excess of Other Assets — (0.1)%
(281,795
)
Net Assets — 100.0%
$  436,202,175
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
 
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Schedule of Investments (unaudited) (continued)
April 30, 2026
BlackRock Real Estate Securities Fund
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
01/31/26
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/26
Shares
Held at
04/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$  —
 
$  178,600
(a)
$  —
$  (71
)
$  18
$  178,547
178,493
$  218
(b)
$  —
BlackRock Liquidity Funds, T-Fund,
Institutional Shares
4,917,804
 
1,011,313
(a)
—
—
—
5,929,117
5,929,117
41,712
—
 
$  (71
)
$  18
$  6,107,664
$  41,930
$  —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, 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)
CAD
10,000
USD
7,311
Morgan Stanley & Co. International PLC
07/15/26
$75
USD
1,633,023
CAD
2,247,000
Morgan Stanley & Co. International PLC
07/15/26
(26,541
)
 
$(26,466
)
 
 
 
 
 
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 — Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 that may not have a secondary market and/or may have 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.
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Schedule of Investments (unaudited) (continued)
April 30, 2026
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 
$  430,376,306
$  —
$  —
$  430,376,306
Short-Term Securities
Money Market Funds
6,107,664
—
—
6,107,664
 
$  436,483,970
$  —
$  —
$  436,483,970
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts
$  —
$  75
$  —
$  75
Liabilities
Foreign Currency Exchange Contracts
—
(26,541
)
—
(26,541
)
 
$  —
$  (26,466
)
$  —
$  (26,466
)
 
(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 
CAD
Canadian Dollar
USD
United States Dollar
 
Portfolio Abbreviation 
REIT
Real Estate Investment Trust
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