# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0000940400-26-025192
**Filing Date:** 2026-6
**Character Count:** 32188
**Document Hash:** 2cb4839e47eaa4f6b7bddc1127b9ef1b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-025192.hdr.sgml**: 20260624

**ACCESSION NUMBER**: 0000940400-26-025192

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260624

**DATE AS OF CHANGE**: 20260624

**PERIOD START**: 20270131

**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:** 261115560

**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, 2026

**BlackRock Real Estate Securities Fund**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Diversified REITs — 4.0%** | **Diversified REITs — 4.0%** | **Diversified REITs — 4.0%** |
| Broadstone Net Lease, Inc. | 236643 | $4685531 |
| WP Carey, Inc. | 176534 | 12874625 |
|  |  | 17560156 |
| **Health Care REITs — 18.1%** | **Health Care REITs — 18.1%** | **Health Care REITs — 18.1%** |
| Alexandria Real Estate Equities, Inc. | 158265 | 6411315 |
| American Healthcare REIT, Inc. | 271404 | 13781895 |
| CareTrust REIT, Inc. | 224464 | 8855105 |
| Janus Living, Inc., Class A<sup>(a)</sup> | 338964 | 8894415 |
| Ventas, Inc. | 8688 | 763328 |
| Welltower, Inc. | 183976 | 39985344 |
|  |  | 78691402 |
| **Hotel & Resort REITs — 2.3%** | **Hotel & Resort REITs — 2.3%** | **Hotel & Resort REITs — 2.3%** |
| Host Hotels & Resorts, Inc. | 480038 | 10143203 |
| **Industrial REITs — 11.8%** | **Industrial REITs — 11.8%** | **Industrial REITs — 11.8%** |
| EastGroup Properties, Inc. | 53100 | 10683720 |
| Prologis, Inc. | 286757 | 40725229 |
|  |  | 51408949 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Applied Digital Corp.<sup>(a)</sup> | 14540 | 497995 |
| **Office REITs — 3.8%** | **Office REITs — 3.8%** | **Office REITs — 3.8%** |
| BXP, Inc. | 85346 | 4989327 |
| COPT Defense Properties | 262763 | 8211344 |
| Cousins Properties, Inc. | 129478 | 3315932 |
|  |  | 16516603 |
| **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** |
| CBRE Group, Inc., Class A<sup>(a)</sup> | 21977 | 3136777 |
| **Residential REITs — 11.6%** | **Residential REITs — 11.6%** | **Residential REITs — 11.6%** |
| American Homes 4 Rent, Class A | 256321 | 8161261 |
| Equity Residential | 244748 | 16001624 |
| Essex Property Trust, Inc. | 34962 | 9202348 |
| Sun Communities, Inc. | 74009 | 9461310 |
| UDR, Inc. | 215593 | 7834650 |
|  |  | 50661193 |
| **Retail REITs — 13.2%** | **Retail REITs — 13.2%** | **Retail REITs — 13.2%** |
| Agree Realty Corp. | 166479 | 12837196 |
| Federal Realty Investment Trust | 49079 | 5442861 |
| InvenTrust Properties Corp. | 168470 | 5411256 |
| Primaris REIT | 151853 | 2109520 |
| Realty Income Corp. | 70101 | 4503288 |
| Regency Centers Corp. | 118306 | 9210122 |
| Simon Property Group, Inc. | 89096 | 18149746 |
|  |  | 57663989 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Cipher Digital, Inc.<sup>(a)</sup> | 25232 | $447616 |
| Cleanspark, Inc.<sup>(a)(b)</sup> | 17533 | 219688 |
| Hut 8 Corp.<sup>(a)</sup> | 2837 | 214988 |
|  |  | 882292 |
| **Specialized REITs — 32.9%** | **Specialized REITs — 32.9%** | **Specialized REITs — 32.9%** |
| American Tower Corp. | 89166 | 16291520 |
| Crown Castle, Inc. | 174772 | 15516258 |
| Digital Realty Trust, Inc. | 38091 | 7654005 |
| Equinix, Inc. | 35366 | 38295366 |
| Extra Space Storage, Inc. | 46314 | 6638186 |
| Iron Mountain, Inc. | 124883 | 15734009 |
| Outfront Media, Inc. | 117754 | 3632711 |
| Public Storage | 59747 | 18070480 |
| SBA Communications Corp. | 53936 | 11930643 |
| VICI Properties, Inc. | 89754 | 2620817 |
| Weyerhaeuser Co. | 278538 | 6829752 |
|  |  | 143213747 |
| **Total Long-Term Investments — 98.7%** <br>**(Cost: $348,533,351)** | **Total Long-Term Investments — 98.7%** <br>**(Cost: $348,533,351)** | 430376306 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.4%** | **Money Market Funds — 1.4%** | **Money Market Funds — 1.4%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 3.83%<sup>(c)(d)(e)</sup><br>| 178493 | 178547 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.54%<sup>(c)(d)</sup><br>| 5929117 | 5929117 |
| **Total Short-Term Securities — 1.4%** <br>**(Cost: $6,107,646)** | **Total Short-Term Securities — 1.4%** <br>**(Cost: $6,107,646)** | 6107664 |
| **Total Investments — 100.1%** <br>**(Cost: $354,640,997)** | **Total Investments — 100.1%** <br>**(Cost: $354,640,997)** | 436483970 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (281795)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $436202175 |

---

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

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

------

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* <br>*01/31/26*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/26*<br>| *Shares* <br>*Held at* <br>*04/30/26*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $—<br>&nbsp;&nbsp; $178600 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(71)<br>| &nbsp;&nbsp; $18 | &nbsp;&nbsp; $178547 | &nbsp;&nbsp; 178493 | &nbsp;&nbsp; $218 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, <br> Institutional Shares<br>| &nbsp;&nbsp; 4917804<br>&nbsp;&nbsp; 1011313 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5929117 | &nbsp;&nbsp; 5929117 | &nbsp;&nbsp; 41712 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $(71)<br>| &nbsp;&nbsp; $18 | &nbsp;&nbsp; $6107664 |  | &nbsp;&nbsp; $41930 | &nbsp;&nbsp; $— |

---

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

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

<sup>(b)</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. 

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 Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Settlement* <br>*Date*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CAD | 10000 | USD | 7311 | Morgan Stanley & Co. International PLC | 07/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $75 |
| USD | 1633023 | CAD | 2247000 | Morgan Stanley & Co. International PLC | 07/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26541)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(26466)<br>|

---

**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.

------

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 |  |  |  |  |
| &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; $430376306 | $— | $— | $430376306 |
| &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; 6107664 |  |  | 6107664 |
|  | &nbsp;&nbsp; $436483970 | $— | $— | $436483970 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; $— | $75 | $— | $75 |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | (26541)<br>|  | (26541)<br>|
|  | &nbsp;&nbsp; $— | $(26466)<br>| $— | $(26466)<br>|

---

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

<sup>(a)</sup> Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| CAD | Canadian Dollar |
| USD | United States Dollar |

---

&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:** 2027-01-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $437431476.78

**Total Liabilities:** $881302.85

**Net Assets:** $436550173.93

**Cash Not Reported:** $430569.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118599 | 7.41%                | -6.11%               | 9.02%                |
| Class ID C000118600 | 7.44%                | -6.18%               | 8.89%                |
| Class ID C000118601 | 7.48%                | -6.11%               | 9.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1417003.64              | $25839156.67                               |
| Month 2  | $859989.30               | $-27891131.87                              |
| Month 3  | $-247783.26              | $36161245.35                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MORGAN STANLEY & CO. LLC              | USD/CAD FORWARD                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $74.80        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VICI PROPERTIES INC                   | VICI PROPERTIES INC COM                             | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     89754 | NS      | $2620816.80   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| WP CAREY INC                          | WP CAREY INC COM                                    | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |    167691 | NS      | $12229704.63  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                           | EQUINIX INC COM                                     | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     35366 | NS      | $38295365.78  | 8.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDRIA REAL ESTATE EQUITIES INC   | ALEXANDRIA REAL ESTATE EQUITIES INC COM             | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |    158265 | NS      | $6411315.15   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| JANUS LIVING INC                      | JANUS LIVING INC CL A-1                             | CUSIP: 471024109<br>LEI: 2549003JCIOFKGHO7313 | Long             | EC               | CORP              | US        |    338964 | NS      | $8894415.36   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| OUTFRONT MEDIA INC                    | OUTFRONT MEDIA INC COM NEW                          | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |    117754 | NS      | $3632710.90   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT                 | AMERICAN HOMES 4 RENT CL A                          | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    256321 | NS      | $8161260.64   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| COUSINS PROPERTIES INC                | COUSINS PROPERTIES INC COM NEW                      | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |    129478 | NS      | $3315931.58   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK LIQUIDITY FUNDS             | BLACKROCK LIQUIDITY FUNDS T FUND INSTL SHS          | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   5501234 | NS      | $5501233.54   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HEALTHCARE REIT INC          | AMERICAN HEALTHCARE REIT INC COM SHS                | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |    271404 | NS      | $13781895.12  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC              | CAD/USD FORWARD                                     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-26540.52    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| INVENTRUST PROPERTIES CORP            | INVENTRUST PROPERTIES CORP COM NEW                  | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |    168470 | NS      | $5411256.40   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HOST HOTELS & RESORTS INC             | HOST HOTELS & RESORTS INC COM                       | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    480038 | NS      | $10143202.94  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADSTONE NET LEASE INC              | BROADSTONE NET LEASE INC COM                        | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |    278404 | NS      | $5512399.20   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC                         | WELLTOWER INC COM                                   | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    183976 | NS      | $39985343.84  | 9.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AGREE REALTY CORP                     | AGREE REALTY CORP COM                               | CUSIP: 008492100<br>LEI: 98450090H010B37OEB68 | Long             | EC               | CORP              | US        |    163298 | NS      | $12591908.78  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS INC                            | VENTAS INC COM                                      | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      8688 | NS      | $763327.68    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| EXTRA SPACE STORAGE INC               | EXTRA SPACE STORAGE INC COM                         | CUSIP: 30225T102<br>LEI: 529900SDJHKRQWED6A16 | Long             | EC               | CORP              | US        |     46314 | NS      | $6638185.62   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL                    | EQUITY RESIDENTIAL SH BEN INT                       | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    244748 | NS      | $16001624.24  | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                      | CROWN CASTLE INC COM                                | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    174772 | NS      | $15516258.16  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED DIGITAL CORP                  | APPLIED DIGITAL CORP COM NEW                        | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |     14540 | NS      | $497995.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP INC                        | CBRE GROUP INC CL A                                 | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     21977 | NS      | $3136777.21   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY INVESTMENT TRUST       | FEDERAL REALTY INVESTMENT TRUST SH BEN INT NEW      | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     49079 | NS      | $5442861.10   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMARIS REAL ESTATE INVESTMENT TRUST | PRIMARIS REAL ESTATE INVESTMENT TRUST TR UNIT SER A | CUSIP: 74167K109<br>LEI: 549300WUM45OXSEVOT03 | Long             | EC               | CORP              | CA        |    151853 | NS      | $2109519.72   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP INC              | SIMON PROPERTY GROUP INC COM                        | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     89096 | NS      | $18149746.16  | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CARETRUST REIT INC                    | CARETRUST REIT INC COM                              | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |    224464 | NS      | $8855104.80   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP INC                               | BXP INC COM                                         | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     85346 | NS      | $4989327.16   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORP                    | REALTY INCOME CORP COM                              | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |     70101 | NS      | $4503288.24   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEANSPARK INC                        | CLEANSPARK INC COM NEW                              | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |     17533 | NS      | $219688.49    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| EASTGROUP PROPERTIES INC              | EASTGROUP PROPERTIES INC COM                        | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     53100 | NS      | $10683720.00  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK FUNDS III                   | BLACKROCK FUNDS III INSTL MMKT                      | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |    186091 | NS      | $186146.62    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST INC              | DIGITAL REALTY TRUST INC COM                        | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     38091 | NS      | $7654005.54   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSEX PROPERTY TRUST INC              | ESSEX PROPERTY TRUST INC COM                        | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     34962 | NS      | $9202348.02   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                   | AMERICAN TOWER CORP COM                             | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     89166 | NS      | $16291519.86  | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COMMUNITIES INC                   | SUN COMMUNITIES INC COM                             | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     74009 | NS      | $9461310.56   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                          | PROLOGIS INC COM                                    | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    286757 | NS      | $40725229.14  | 9.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                        | PUBLIC STORAGE COM                                  | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     59747 | NS      | $18070480.15  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| IRON MOUNTAIN INC (REIT)              | IRON MOUNTAIN INC (REIT) COM                        | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |    124883 | NS      | $15734009.17  | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| WEYERHAEUSER COMPANY                  | WEYERHAEUSER COMPANY COM NEW                        | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    278538 | NS      | $6829751.76   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMUNICATIONS CORP               | SBA COMMUNICATIONS CORP CL A                        | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     53936 | NS      | $11930643.20  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENCY CENTERS CORP                  | REGENCY CENTERS CORP COM                            | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |    118306 | NS      | $9210122.10   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT DEFENSE PROPERTIES               | COPT DEFENSE PROPERTIES SHS BEN INT                 | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |    287743 | NS      | $8991968.75   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CIPHER DIGITAL INC                    | CIPHER DIGITAL INC COM                              | CUSIP: 17253J106<br>LEI: 254900QABG5HCQZ28A17 | Long             | EC               | CORP              | US        |     25232 | NS      | $447615.68    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HUT 8 CORP                            | HUT 8 CORP COM                                      | CUSIP: 44812J104<br>LEI: 98450066FEF9C1D3FC20 | Long             | EC               | CORP              | US        |      2837 | NS      | $214987.86    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR INC                               | UDR INC COM                                         | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |    215593 | NS      | $7834649.62   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-24

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer