# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001752724-25-158907
**Filing Date:** 2025-6
**Character Count:** 27107
**Document Hash:** de430e21c5b6c1fb5f5e6bd0bdece58c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-158907.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-158907

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 251078331

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### BlackRock Real Estate Securities Fund (Series ID: S000038448)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118599 | Investor A Shares    |  |
| C000118600 | Investor C Shares    |  |
| C000118601 | Institutional Shares |  |

## Nport-Ex

Schedule of Investments (unaudited)

April 30, 2025

**BlackRock Real Estate Securities Fund**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Diversified REITs — 1.8%** | **Diversified REITs — 1.8%** | **Diversified REITs — 1.8%** |
| Essential Properties Realty Trust, Inc. | 177933 | $5724105 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| Brookdale Senior Living, Inc.<sup>(a)</sup> | 114153 | 748844 |
| **Health Care REITs — 13.4%** | **Health Care REITs — 13.4%** | **Health Care REITs — 13.4%** |
| Alexandria Real Estate Equities, Inc. | 23511 | 1708309 |
| Healthpeak Properties, Inc. | 351083 | 6263321 |
| Omega Healthcare Investors, Inc. | 94662 | 3696551 |
| PACS Group, Inc.<sup>(a)</sup> | 132664 | 1277554 |
| Ventas, Inc. | 165717 | 11613448 |
| Welltower, Inc. | 125453 | 19142873 |
|  |  | 43702056 |
| **Hotel & Resort REITs — 1.9%** | **Hotel & Resort REITs — 1.9%** | **Hotel & Resort REITs — 1.9%** |
| Ryman Hospitality Properties, Inc. | 71376 | 6277519 |
| **Industrial REITs — 10.0%** | **Industrial REITs — 10.0%** | **Industrial REITs — 10.0%** |
| Americold Realty Trust, Inc. | 149295 | 2887365 |
| EastGroup Properties, Inc. | 51053 | 8343081 |
| Prologis, Inc. | 208350 | 21293370 |
|  |  | 32523816 |
| **Office REITs — 3.0%** | **Office REITs — 3.0%** | **Office REITs — 3.0%** |
| BXP, Inc. | 94352 | 6013053 |
| Cousins Properties, Inc. | 132611 | 3652107 |
|  |  | 9665160 |
| **Residential REITs — 14.4%** | **Residential REITs — 14.4%** | **Residential REITs — 14.4%** |
| American Homes 4 Rent, Class A | 216338 | 8088878 |
| Apartment Investment & Management Co., Class A | 404568 | 3200133 |
| AvalonBay Communities, Inc. | 84543 | 17752339 |
| Essex Property Trust, Inc. | 38004 | 10608816 |
| Sun Communities, Inc. | 58781 | 7314120 |
|  |  | 46964286 |
| **Retail REITs — 14.7%** | **Retail REITs — 14.7%** | **Retail REITs — 14.7%** |
| Agree Realty Corp. | 87962 | 6826731 |
| Brixmor Property Group, Inc. | 165703 | 4127662 |
| Federal Realty Investment Trust | 37908 | 3564110 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Retail REITs (continued)** | **Retail REITs (continued)** | **Retail REITs (continued)** |
| NNN REIT, Inc. | 123436 | $5074454 |
| Realty Income Corp. | 119759 | 6929256 |
| Regency Centers Corp. | 100147 | 7228610 |
| Simon Property Group, Inc. | 89081 | 14019568 |
|  |  | 47770391 |
| **Specialized REITs — 39.3%** | **Specialized REITs — 39.3%** | **Specialized REITs — 39.3%** |
| American Tower Corp. | 99957 | 22531307 |
| Crown Castle, Inc. | 113993 | 12055900 |
| CubeSmart | 114564 | 4659318 |
| Digital Realty Trust, Inc. | 50691 | 8137933 |
| Equinix, Inc. | 25418 | 21878542 |
| Iron Mountain, Inc. | 138165 | 12389256 |
| PotlatchDeltic Corp. | 141445 | 5430074 |
| Public Storage | 46786 | 14055918 |
| SBA Communications Corp. | 44011 | 10712277 |
| Smartstop Self Storage REIT, Inc. | 113135 | 3975564 |
| VICI Properties, Inc. | 385447 | 12342013 |
|  |  | 128168102 |
| **Total Long-Term Investments — 98.7%** <br>**(Cost: $277,569,241)** | **Total Long-Term Investments — 98.7%** <br>**(Cost: $277,569,241)** | 321544279 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.21%<sup>(b)(c)</sup><br>| 3147012 | 3147012 |
| **Total Short-Term Securities — 0.9%** <br>**(Cost: $3,147,012)** | **Total Short-Term Securities — 0.9%** <br>**(Cost: $3,147,012)** | 3147012 |
| **Total Investments — 99.6%** <br>**(Cost: $280,716,253)** | **Total Investments — 99.6%** <br>**(Cost: $280,716,253)** | 324691291 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 1165990 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $325857281 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Affiliate of the Fund. <br> <sup>(c)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*01/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash <br> Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $1291537<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1291535 )<sup>(b)</sup><br>| &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $619 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, <br> Institutional Shares<br>| &nbsp;&nbsp; 2816961<br>| &nbsp;&nbsp; 330051 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3147012 | &nbsp;&nbsp; 3147012 | &nbsp;&nbsp; 26457 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $3147012 |  | &nbsp;&nbsp; $27076 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of period end, the entity is no longer held.

<sup>(b)</sup> Represents net amount purchased (sold).

<sup>(c)</sup> 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. 

------

Schedule of Investments (unaudited) (continued)

April 30, 2025

**BlackRock Real Estate Securities Fund**

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  | &nbsp;&nbsp; $321544279 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $321544279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 3147012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3147012 |
|  | &nbsp;&nbsp; $324691291 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $324691291 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| REIT | Real Estate Investment Trust |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Funds

- **b. Investment Company Act file number:** 811-05742

- **c. CIK number of Registrant:** 0000844779

- **d. LEI of Registrant:** 549300OZUEVJZHOBFP42

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock Real Estate Securities Fund

- **b. EDGAR series identifier (if any):** S000038448

- **c. LEI of Series:** 549300619RPPBQL8JR35

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $324712728.13

**Total Liabilities:** $468772.97

**Net Assets:** $324243955.16

**Cash Not Reported:** $53101.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118599 | 3.93%                | -2.88%               | -1.57%               |
| Class ID C000118600 | 3.84%                | -2.92%               | -1.65%               |
| Class ID C000118601 | 4.00%                | -2.88%               | -1.57%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-826523.02              | $15059653.54                               |
| Month 2  | $-1605213.45             | $-10495279.99                              |
| Month 3  | $-999436.45              | $-5532081.71                               |

### Schedule of Portfolio Investments

| Name                                       | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Brookdale Senior Living Inc                | Brookdale Senior Living Inc                | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |     89291 | NS      | $585748.96    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                      | American Homes 4 Rent                      | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    216338 | NS      | $8088877.82   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                     | Cousins Properties Inc                     | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |    132611 | NS      | $3652106.94   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO | BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |   3089855 | NS      | $3089855.12   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                              | Welltower Inc                              | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    125453 | NS      | $19142873.27  | 5.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                          | Agree Realty Corp                          | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87962 | NS      | $6826730.82   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Manag             | Apartment Investment and Management Co     | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |    404568 | NS      | $3200132.88   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                  | Healthpeak Properties Inc                  | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    351083 | NS      | $6263320.72   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                 | Ventas Inc                                 | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    165717 | NS      | $11613447.36  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                           | Crown Castle Inc                           | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    113993 | NS      | $12055899.68  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus             | Federal Realty Investment Trust            | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     37908 | NS      | $3564110.16   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                   | Essex Property Trust Inc                   | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     38004 | NS      | $10608816.60  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                   | Simon Property Group Inc                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     89081 | NS      | $14019567.78  | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                  | AvalonBay Communities Inc                  | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     84543 | NS      | $17752339.14  | 5.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc             | Omega Healthcare Investors Inc             | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |     94662 | NS      | $3696551.10   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartstop Self Storage REIT In             | Smartstop Self Storage REIT Inc            | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               | CORP              | US        |    113135 | NS      | $3975563.90   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                         | Realty Income Corp                         | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |    119759 | NS      | $6929255.74   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                    | BXP Inc                                    | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     94352 | NS      | $6013052.96   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I             | Ryman Hospitality Properties Inc           | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     71376 | NS      | $6277519.20   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                 | Brixmor Property Group Inc                 | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    165703 | NS      | $4127661.73   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                  | CubeSmart                                  | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    114564 | NS      | $4659317.88   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                   | EastGroup Properties Inc                   | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     51053 | NS      | $8343081.26   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                       | Regency Centers Corp                       | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |    100147 | NS      | $7228610.46   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                        | American Tower Corp                        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     99957 | NS      | $22531307.37  | 6.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                   | Digital Realty Trust Inc                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     50691 | NS      | $8137933.14   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                        | Sun Communities Inc                        | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     58781 | NS      | $7314119.83   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                               | Prologis Inc                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    208350 | NS      | $21293370.00  | 6.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                             | Public Storage                             | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     46786 | NS      | $14055917.98  | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                          | Iron Mountain Inc                          | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |    138165 | NS      | $12389255.55  | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                    | SBA Communications Corp                    | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     44011 | NS      | $10712277.40  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                 | Americold Realty Trust Inc                 | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |    149295 | NS      | $2887365.30   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                               | NNN REIT Inc                               | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |    123436 | NS      | $5074453.96   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PACS Group Inc                             | PACS Group Inc                             | CUSIP: 69380Q107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    132664 | NS      | $1277554.32   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                        | VICI Properties Inc                        | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    385447 | NS      | $12342012.94  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie             | Alexandria Real Estate Equities Inc        | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     23511 | NS      | $1708309.26   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                | Equinix Inc                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     25418 | NS      | $21878543.50  | 6.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr             | Essential Properties Realty Trust Inc      | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |    177933 | NS      | $5724104.61   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp                        | PotlatchDeltic Corp                        | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |    141445 | NS      | $5430073.55   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-24

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer