# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001410368-25-043433
**Filing Date:** 2025-12
**Character Count:** 74420
**Document Hash:** 6b09861f3c866b28276d089f15b93f03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-043433.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001410368-25-043433

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**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:** 251606841

**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

### iShares FTSE NAREIT All Equity REIT Index Fund (Series ID: S000087852)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000253866 | iShares FTSE NAREIT All Equity REIT Index Fund |  |

## Nport-Ex

October 31, 2025

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

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

---

| |
|:---|
| **BlackRock Funds**<sup>SM</sup> |
| • iShares FTSE NAREIT All Equity REIT Index Fund |

---

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

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

October 31, 2025

**iShares FTSE NAREIT All Equity REIT Index 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 — 2.1%** | **Diversified REITs — 2.1%** |  |
| Alexander & Baldwin, Inc. | 102182 | &nbsp;&nbsp; $1631846 |
| Alpine Income Property Trust, Inc. | 18429 | &nbsp;&nbsp; 270538 |
| American Assets Trust, Inc. | 73436 | &nbsp;&nbsp; 1403362 |
| Armada Hoffler Properties, Inc. | 115682 | &nbsp;&nbsp; 756560 |
| Broadstone Net Lease, Inc. | 269751 | &nbsp;&nbsp; 4833938 |
| CTO Realty Growth, Inc. | 43453 | &nbsp;&nbsp; 724796 |
| Essential Properties Realty Trust, Inc. | 281595 | &nbsp;&nbsp; 8414059 |
| Gladstone Commercial Corp. | 62153 | &nbsp;&nbsp; 710409 |
| Global Net Lease, Inc. | 288118 | &nbsp;&nbsp; 2195459 |
| NexPoint Diversified Real Estate Trust | 46962 | &nbsp;&nbsp; 149339 |
| WP Carey, Inc. | 311228 | &nbsp;&nbsp; 20541048 |
|  |  | &nbsp;&nbsp; 41631354 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |  |
| Uniti Group, Inc.<sup>(a)</sup> | 205964 | &nbsp;&nbsp; 1186353 |
| **Health Care REITs — 16.4%** | **Health Care REITs — 16.4%** |  |
| Alexandria Real Estate Equities, Inc. | 246355 | &nbsp;&nbsp; 14342788 |
| American Healthcare REIT, Inc. | 225630 | &nbsp;&nbsp; 10225552 |
| CareTrust REIT, Inc. | 302030 | &nbsp;&nbsp; 10465339 |
| Community Healthcare Trust, Inc. | 40483 | &nbsp;&nbsp; 593481 |
| Diversified Healthcare Trust | 305937 | &nbsp;&nbsp; 1303292 |
| Global Medical REIT, Inc. | 18476 | &nbsp;&nbsp; 567213 |
| Healthcare Realty Trust, Inc. | 469822 | &nbsp;&nbsp; 8325246 |
| Healthpeak Properties, Inc. | 995703 | &nbsp;&nbsp; 17872869 |
| LTC Properties, Inc. | 65011 | &nbsp;&nbsp; 2280586 |
| Medical Properties Trust, Inc. | 721115 | &nbsp;&nbsp; 3728164 |
| National Health Investors, Inc. | 65510 | &nbsp;&nbsp; 4881150 |
| Omega Healthcare Investors, Inc. | 412640 | &nbsp;&nbsp; 17343259 |
| Sabra Health Care REIT, Inc. | 336958 | &nbsp;&nbsp; 6004591 |
| Sila Realty Trust, Inc. | 79434 | &nbsp;&nbsp; 1882586 |
| Universal Health Realty Income Trust | 18044 | &nbsp;&nbsp; 689642 |
| Ventas, Inc. | 650271 | &nbsp;&nbsp; 47983497 |
| Welltower, Inc. | 960620 | &nbsp;&nbsp; 173910645 |
|  |  | &nbsp;&nbsp; 322399900 |
| **Hotel & Resort REITs — 2.1%** | **Hotel & Resort REITs — 2.1%** |  |
| Apple Hospitality REIT, Inc. | 318916 | &nbsp;&nbsp; 3568670 |
| Chatham Lodging Trust | 65712 | &nbsp;&nbsp; 420557 |
| DiamondRock Hospitality Co. | 293332 | &nbsp;&nbsp; 2293856 |
| Host Hotels & Resorts, Inc. | 985413 | &nbsp;&nbsp; 15786316 |
| Park Hotels & Resorts, Inc. | 279833 | &nbsp;&nbsp; 2879482 |
| Pebblebrook Hotel Trust | 165535 | &nbsp;&nbsp; 1731496 |
| RLJ Lodging Trust | 213351 | &nbsp;&nbsp; 1450787 |
| Ryman Hospitality Properties, Inc. | 87541 | &nbsp;&nbsp; 7608188 |
| Service Properties Trust | 216264 | &nbsp;&nbsp; 462805 |
| Summit Hotel Properties, Inc. | 151608 | &nbsp;&nbsp; 779265 |
| Sunstone Hotel Investors, Inc. | 270272 | &nbsp;&nbsp; 2391907 |
| Xenia Hotels & Resorts, Inc. | 141128 | &nbsp;&nbsp; 1735875 |
|  |  | &nbsp;&nbsp; 41109204 |
| **Industrial REITs — 12.1%** | **Industrial REITs — 12.1%** |  |
| Americold Realty Trust, Inc. | 408363 | &nbsp;&nbsp; 5263799 |
| EastGroup Properties, Inc. | 76135 | &nbsp;&nbsp; 13287841 |
| First Industrial Realty Trust, Inc. | 183268 | &nbsp;&nbsp; 10131055 |
| Industrial Logistics Properties Trust | 81240 | &nbsp;&nbsp; 428947 |
| Innovative Industrial Properties, Inc. | 39014 | &nbsp;&nbsp; 1956552 |
| Lineage, Inc. | 101504 | &nbsp;&nbsp; 3999258 |
| LXP Industrial Trust | 416112 | &nbsp;&nbsp; 3948903 |
| One Liberty Properties, Inc. | 25165 | &nbsp;&nbsp; 505565 |
| Plymouth Industrial REIT, Inc. | 58525 | &nbsp;&nbsp; 1287550 |
| Prologis, Inc. | 1331535 | &nbsp;&nbsp; 165230178 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Industrial REITs (continued)** | **Industrial REITs (continued)** |  |
| Rexford Industrial Realty, Inc. | 340719 | &nbsp;&nbsp; $14078509 |
| STAG Industrial, Inc. | 267265 | &nbsp;&nbsp; 10228232 |
| Terreno Realty Corp. | 144949 | &nbsp;&nbsp; 8280936 |
|  |  | &nbsp;&nbsp; 238627325 |
| **Office REITs — 3.4%** | **Office REITs — 3.4%** |  |
| Brandywine Realty Trust | 241726 | &nbsp;&nbsp; 829120 |
| BXP, Inc. | 227596 | &nbsp;&nbsp; 16202559 |
| City Office REIT, Inc. | 54484 | &nbsp;&nbsp; 375940 |
| COPT Defense Properties | 162244 | &nbsp;&nbsp; 4570414 |
| Cousins Properties, Inc. | 238911 | &nbsp;&nbsp; 6194962 |
| Douglas Emmett, Inc. | 208568 | &nbsp;&nbsp; 2698870 |
| Easterly Government Properties, Inc. | 57851 | &nbsp;&nbsp; 1250739 |
| Empire State Realty Trust, Inc., Class A | 198973 | &nbsp;&nbsp; 1470410 |
| Highwoods Properties, Inc. | 151784 | &nbsp;&nbsp; 4345576 |
| Hudson Pacific Properties, Inc.<sup>(a)</sup> | 520459 | &nbsp;&nbsp; 1269920 |
| JBG SMITH Properties | 88677 | &nbsp;&nbsp; 1728315 |
| Kilroy Realty Corp. | 167929 | &nbsp;&nbsp; 7095000 |
| NET Lease Office Properties | 22053 | &nbsp;&nbsp; 647256 |
| Orion Properties, Inc. | 78530 | &nbsp;&nbsp; 193969 |
| Paramount Group, Inc.<sup>(a)</sup> | 264160 | &nbsp;&nbsp; 1727606 |
| Peakstone Realty Trust | 51463 | &nbsp;&nbsp; 695265 |
| Piedmont Realty Trust, Inc., Class A | 180424 | &nbsp;&nbsp; 1454217 |
| Postal Realty Trust, Inc., Class A | 32254 | &nbsp;&nbsp; 477682 |
| SL Green Realty Corp. | 101833 | &nbsp;&nbsp; 5229125 |
| Vornado Realty Trust | 252512 | &nbsp;&nbsp; 9580305 |
|  |  | &nbsp;&nbsp; 68037250 |
| **Residential REITs — 12.1%** | **Residential REITs — 12.1%** |  |
| American Homes 4 Rent, Class A | 489183 | &nbsp;&nbsp; 15458183 |
| Apartment Investment and Management Co., Class A | 190052 | &nbsp;&nbsp; 1011077 |
| AvalonBay Communities, Inc. | 204133 | &nbsp;&nbsp; 35502811 |
| BRT Apartments Corp. | 16050 | &nbsp;&nbsp; 236095 |
| Camden Property Trust | 153885 | &nbsp;&nbsp; 15308480 |
| Centerspace | 24186 | &nbsp;&nbsp; 1433020 |
| Elme Communities | 125158 | &nbsp;&nbsp; 2058849 |
| Equity LifeStyle Properties, Inc. | 276040 | &nbsp;&nbsp; 16852242 |
| Equity Residential | 543659 | &nbsp;&nbsp; 32315091 |
| Essex Property Trust, Inc. | 91480 | &nbsp;&nbsp; 23031920 |
| Independence Realty Trust, Inc. | 333431 | &nbsp;&nbsp; 5311556 |
| Invitation Homes, Inc. | 878264 | &nbsp;&nbsp; 24723131 |
| Mid-America Apartment Communities, Inc. | 167044 | &nbsp;&nbsp; 21420052 |
| NexPoint Residential Trust, Inc. | 31409 | &nbsp;&nbsp; 963314 |
| Sun Communities, Inc. | 181383 | &nbsp;&nbsp; 22963088 |
| UDR, Inc. | 474649 | &nbsp;&nbsp; 15990925 |
| UMH Properties, Inc. | 111246 | &nbsp;&nbsp; 1617517 |
| Veris Residential, Inc. | 113394 | &nbsp;&nbsp; 1628338 |
|  |  | &nbsp;&nbsp; 237825689 |
| **Retail REITs — 14.5%** | **Retail REITs — 14.5%** |  |
| Acadia Realty Trust | 188143 | &nbsp;&nbsp; 3587887 |
| Agree Realty Corp. | 155793 | &nbsp;&nbsp; 11374447 |
| Alexander's, Inc. | 3131 | &nbsp;&nbsp; 691732 |
| Brixmor Property Group, Inc. | 438047 | &nbsp;&nbsp; 11459310 |
| CBL & Associates Properties, Inc. | 26276 | &nbsp;&nbsp; 776981 |
| Curbline Properties Corp. | 137723 | &nbsp;&nbsp; 3175892 |
| Federal Realty Investment Trust | 122386 | &nbsp;&nbsp; 11772309 |
| FrontView REIT, Inc. | 28320 | &nbsp;&nbsp; 376656 |
| Getty Realty Corp. | 74117 | &nbsp;&nbsp; 2033029 |
| InvenTrust Properties Corp. | 110215 | &nbsp;&nbsp; 3019891 |
| Kimco Realty Corp. | 959433 | &nbsp;&nbsp; 19821886 |
| Kite Realty Group Trust | 313006 | &nbsp;&nbsp; 6929953 |
| Macerich Co. | 359936 | &nbsp;&nbsp; 6172902 |
| NETSTREIT Corp. | 133990 | &nbsp;&nbsp; 2494894 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares FTSE NAREIT All Equity REIT Index Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Retail REITs (continued)** | **Retail REITs (continued)** |  |
| NNN REIT, Inc. | 267718 | &nbsp;&nbsp; $10831870 |
| Phillips Edison & Co., Inc. | 178965 | &nbsp;&nbsp; 6056176 |
| Realty Income Corp. | 1298274 | &nbsp;&nbsp; 75273927 |
| Regency Centers Corp. | 259462 | &nbsp;&nbsp; 17889905 |
| Saul Centers, Inc. | 16715 | &nbsp;&nbsp; 494931 |
| Simon Property Group, Inc. | 465074 | &nbsp;&nbsp; 81741406 |
| SITE Centers Corp. | 74987 | &nbsp;&nbsp; 549655 |
| Tanger, Inc. | 158398 | &nbsp;&nbsp; 5157439 |
| Urban Edge Properties | 181400 | &nbsp;&nbsp; 3488322 |
| Whitestone REIT | 64543 | &nbsp;&nbsp; 809369 |
|  |  | &nbsp;&nbsp; 285980769 |
| **Specialized REITs — 35.6%** | **Specialized REITs — 35.6%** |  |
| American Tower Corp. | 671455 | &nbsp;&nbsp; 120177016 |
| Crown Castle, Inc. | 622795 | &nbsp;&nbsp; 56188565 |
| CubeSmart | 325512 | &nbsp;&nbsp; 12262037 |
| Digital Realty Trust, Inc. | 484180 | &nbsp;&nbsp; 82509114 |
| EPR Properties | 106822 | &nbsp;&nbsp; 5236414 |
| Equinix, Inc. | 140286 | &nbsp;&nbsp; 118683359 |
| Extra Space Storage, Inc. | 302399 | &nbsp;&nbsp; 40382362 |
| Farmland Partners, Inc. | 60647 | &nbsp;&nbsp; 608289 |
| Four Corners Property Trust, Inc. | 142588 | &nbsp;&nbsp; 3370780 |
| Gaming and Leisure Properties, Inc. | 390080 | &nbsp;&nbsp; 17420973 |
| Gladstone Land Corp. | 48026 | &nbsp;&nbsp; 435116 |
| Iron Mountain, Inc. | 421132 | &nbsp;&nbsp; 43355539 |
| Lamar Advertising Co., Class A | 125947 | &nbsp;&nbsp; 14936055 |
| Millrose Properties, Inc., Class A | 171517 | &nbsp;&nbsp; 5524563 |
| National Storage Affiliates Trust | 102023 | &nbsp;&nbsp; 2967849 |
| Outfront Media, Inc. | 198850 | &nbsp;&nbsp; 3517657 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** |  |
| PotlatchDeltic Corp. | 111703 | &nbsp;&nbsp; $4468120 |
| Public Storage | 226716 | &nbsp;&nbsp; 63154009 |
| Rayonier, Inc. | 221669 | &nbsp;&nbsp; 4892235 |
| Safehold, Inc. | 79887 | &nbsp;&nbsp; 1152769 |
| SBA Communications Corp. | 154135 | &nbsp;&nbsp; 29513770 |
| Smartstop Self Storage REIT, Inc. | 43669 | &nbsp;&nbsp; 1500030 |
| VICI Properties, Inc. | 1515978 | &nbsp;&nbsp; 45464180 |
| Weyerhaeuser Co. | 1040346 | &nbsp;&nbsp; 23927958 |
|  |  | &nbsp;&nbsp; 701648759 |
| **Total Long-Term Investments — 98.4%** <br>**(Cost: $2,052,337,248)** | **Total Long-Term Investments — 98.4%** <br>**(Cost: $2,052,337,248)** | &nbsp;&nbsp; 1938446603 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.05%<sup>(b)(c)</sup><br>| 6477161 | &nbsp;&nbsp; 6477161 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $6,477,161)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $6,477,161)** | &nbsp;&nbsp; 6477161 |
| **Total Investments — 98.7%** <br>**(Cost: $2,058,814,409)** | **Total Investments — 98.7%** <br>**(Cost: $2,058,814,409)** | &nbsp;&nbsp; 1944923764 |
| **Other Assets Less Liabilities — 1.3%** | **Other Assets Less Liabilities — 1.3%** | &nbsp;&nbsp; 26274358 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $1971198122 |

---

&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.

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 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>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| &nbsp;&nbsp; $3850420 | $—<br> $(3849824 )<sup>(b)</sup><br>| &nbsp;&nbsp; $(596)<br>| $— | $— |  | $13224 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | &nbsp;&nbsp; 11685975 | —<br> (5208814 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 6477161 | 6477161 | 345999 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $(596)<br>| $— | $6477161 |  | $359223 | &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. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dow Jones U.S. Real Estate Index | &nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $6916 | &nbsp;&nbsp;&nbsp;&nbsp; $(131581)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares FTSE NAREIT All Equity REIT Index Fund** 

**Equity Swap Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts | Long Contracts | Long Contracts | Long Contracts | Long Contracts | Long Contracts | Long Contracts | Long Contracts |
| Douglas Emmett, Inc. | Bank of America N.A. | $131437 | 02/15/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(7110)<br>|
| Douglas Emmett, Inc. | Goldman Sachs Bank USA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49535 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (2680)<br>|
| Douglas Emmett, Inc. | HSBC Bank PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138049 | 02/09/28 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (18159)<br>|
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  | &nbsp;&nbsp; (27949)<br>|
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; 3892 |
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $(24057)<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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | &nbsp;&nbsp; $41631354 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $41631354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp; 1186353 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1186353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | &nbsp;&nbsp; 322399900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 322399900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | &nbsp;&nbsp; 41109204 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41109204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | &nbsp;&nbsp; 238627325 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238627325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | &nbsp;&nbsp; 68037250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68037250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | &nbsp;&nbsp; 237825689 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 237825689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | &nbsp;&nbsp; 285980769 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 285980769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | &nbsp;&nbsp; 696756524 | &nbsp;&nbsp;&nbsp;&nbsp; 4892235 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 701648759 |
| &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; 6477161 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6477161 |
|  | &nbsp;&nbsp; $1940031529 | &nbsp;&nbsp;&nbsp;&nbsp; $4892235 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1944923764 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3892 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3892 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; (131581)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27949)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (159530)<br>|
|  | &nbsp;&nbsp; $(131581)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(24057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(155638)<br>|

---

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

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**iShares FTSE NAREIT All Equity REIT Index Fund** 

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| REIT | Real Estate Investment Trust |

---

Schedule of Investments

------

## 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:** iShares FTSE NAREIT All Equity REIT Index Fund

- **b. EDGAR series identifier (if any):** S000087852

- **c. LEI of Series:** 5299003R7QVUX5J8F342

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

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

- **b. Date as of which information is reported:** 2025-10-31

**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:** $1946793139.62

**Total Liabilities:** $297949.98

**Net Assets:** $1946495189.64

**Cash Not Reported:** $614029.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253866 | 3.33%                | 0.42%                | -2.13%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1500455.21             | $60362103.36                               |
| Month 2  | $-280108.48              | $-4812854.59                               |
| Month 3  | $0.00                    | $-47036556.50                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Acadia Realty Trust                            | Acadia Realty Trust                              | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               |  | US        |    188143 | NS      | $3587887.01   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                              | Agree Realty Corp                                | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               |  | US        |    155793 | NS      | $11374446.93  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                        | Alexander & Baldwin Inc                          | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               |  | US        |    102182 | NS      | $1631846.54   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander's Inc                                | Alexander's Inc                                  | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Long             | EC               |  | US        |      3131 | NS      | $691731.83    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc            | Alexandria Real Estate Equities Inc              | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |    246355 | NS      | $14342788.10  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpine Income Property Trust Inc               | Alpine Income Property Trust Inc                 | CUSIP: 02083X103<br>LEI: 254900VQGUBS1J4C4N33 | Long             | EC               |  | US        |     18429 | NS      | $270537.72    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc                      | American Assets Trust Inc                        | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               |  | US        |     73436 | NS      | $1403361.96   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                          | American Homes 4 Rent                            | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |    489183 | NS      | $15458182.80  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                            | American Tower Corp                              | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    671455 | NS      | $120177015.90 | 6.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                     | Americold Realty Trust Inc                       | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               |  | US        |    408363 | NS      | $5263799.07   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Management Co         | Apartment Investment and Management Co           | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               |  | US        |    190052 | NS      | $1011076.64   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc                     | Apple Hospitality REIT Inc                       | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               |  | US        |    318916 | NS      | $3568670.04   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Hoffler Properties Inc                  | Armada Hoffler Properties Inc                    | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               |  | US        |    115682 | NS      | $756560.28    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                      | AvalonBay Communities Inc                        | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               |  | US        |    204133 | NS      | $35502811.36  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BRT Apartments Corp                            | BRT Apartments Corp                              | CUSIP: 055645303<br>LEI: N/A                  | Long             | EC               |  | US        |     16050 | NS      | $236095.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                        | BXP Inc                                          | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |    227596 | NS      | $16202559.24  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                        | Brandywine Realty Trust                          | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               |  | US        |    241726 | NS      | $829120.18    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                     | Brixmor Property Group Inc                       | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               |  | US        |    438047 | NS      | $11459309.52  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc                       | Broadstone Net Lease Inc                         | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               |  | US        |    269751 | NS      | $4833937.92   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CBL & Associates Properties Inc                | CBL & Associates Properties Inc                  | CUSIP: 124830878<br>LEI: 529900EIVFBRS4PUBZ13 | Long             | EC               |  | US        |     26276 | NS      | $776981.32    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                          | Camden Property Trust                            | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               |  | US        |    153885 | NS      | $15308479.80  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                             | CareTrust REIT Inc                               | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               |  | US        |    302030 | NS      | $10465339.50  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                          | Sila Realty Trust Inc                            | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               |  | US        |     79434 | NS      | $1882585.80   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                    | Centerspace                                      | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               |  | US        |     24186 | NS      | $1433020.50   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                          | Chatham Lodging Trust                            | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               |  | US        |     65712 | NS      | $420556.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| City Office REIT Inc                           | City Office REIT Inc                             | CUSIP: 178587101<br>LEI: 5493003J7157VP25NL57 | Long             | EC               |  | US        |     54484 | NS      | $375939.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc                 | Community Healthcare Trust Inc                   | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               |  | US        |     40483 | NS      | $593480.78    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                        | COPT Defense Properties                          | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               |  | US        |    162244 | NS      | $4570413.48   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                         | Cousins Properties Inc                           | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               |  | US        |    238911 | NS      | $6194962.23   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                               | Crown Castle Inc                                 | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    622795 | NS      | $56188564.90  | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc                          | CTO Realty Growth Inc                            | CUSIP: 22948Q101<br>LEI: 254900ZQ99OFO1WXS678 | Long             | EC               |  | US        |     43453 | NS      | $724796.04    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                      | CubeSmart                                        | CUSIP: 229663109<br>LEI: 549300MPHKO3I3FJRA97 | Long             | EC               |  | US        |    325512 | NS      | $12262037.04  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp                       | Curbline Properties Corp                         | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               |  | US        |    137723 | NS      | $3175892.38   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                     | DiamondRock Hospitality Co                       | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               |  | US        |    293332 | NS      | $2293856.24   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                       | Digital Realty Trust Inc                         | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |    484180 | NS      | $82509113.80  | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Healthcare Trust                   | Diversified Healthcare Trust                     | CUSIP: 25525P107<br>LEI: N/A                  | Long             | EC               |  | US        |    305937 | NS      | $1303291.62   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                             | Douglas Emmett Inc                               | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               |  | US        |    208568 | NS      | $2698869.92   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                 | EPR Properties                                   | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               |  | US        |    106822 | NS      | $5236414.44   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc             | Easterly Government Properties Inc               | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               |  | US        |     57851 | NS      | $1250738.62   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                       | EastGroup Properties Inc                         | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |     76135 | NS      | $13287841.55  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc                  | Empire State Realty Trust Inc                    | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               |  | US        |    198973 | NS      | $1470410.47   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                    | Equinix Inc                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |    140286 | NS      | $118683358.86 | 6.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                | Equity LifeStyle Properties Inc                  | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |    276040 | NS      | $16852242.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                             | Equity Residential                               | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    543659 | NS      | $32315090.96  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc          | Essential Properties Realty Trust Inc            | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               |  | US        |    281595 | NS      | $8414058.60   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                       | Essex Property Trust Inc                         | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     91480 | NS      | $23031919.60  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                        | Extra Space Storage Inc                          | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    302399 | NS      | $40382362.46  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmland Partners Inc                          | Farmland Partners Inc                            | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               |  | US        |     60647 | NS      | $608289.41    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                | Federal Realty Investment Trust                  | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               |  | US        |    122386 | NS      | $11772309.34  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust Inc              | First Industrial Realty Trust Inc                | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               |  | US        |    183268 | NS      | $10131055.04  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc                | Four Corners Property Trust Inc                  | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               |  | US        |    142588 | NS      | $3370780.32   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FrontView REIT Inc                             | FrontView REIT Inc                               | CUSIP: 35922N100<br>LEI: N/A                  | Long             | EC               |  | US        |     28320 | NS      | $376656.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc              | Gaming and Leisure Properties Inc                | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |    390080 | NS      | $17420972.80  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                              | Getty Realty Corp                                | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               |  | US        |     74117 | NS      | $2033029.31   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Commercial Corp                      | Gladstone Commercial Corp                        | CUSIP: 376536108<br>LEI: 529900EVVV534W8R0T32 | Long             | EC               |  | US        |     62153 | NS      | $710408.79    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Land Corp                            | Gladstone Land Corp                              | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               |  | US        |     48026 | NS      | $435115.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                           | Global Net Lease Inc                             | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               |  | US        |    288118 | NS      | $2195459.16   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc                        | Global Medical REIT Inc                          | CUSIP: 37954A303<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               |  | US        |     18476 | NS      | $567213.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc                   | American Healthcare REIT Inc                     | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |    225630 | NS      | $10225551.60  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Peakstone Realty Trust                         | Peakstone Realty Trust                           | CUSIP: 39818P799<br>LEI: 549300EZQXWQI2YL1T80 | Long             | EC               |  | US        |     51463 | NS      | $695265.13    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc                    | Healthcare Realty Trust Inc                      | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               |  | US        |    469822 | NS      | $8325245.84   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                      | Healthpeak Properties Inc                        | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               |  | US        |    995703 | NS      | $17872868.85  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc                       | Highwoods Properties Inc                         | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               |  | US        |    151784 | NS      | $4345575.92   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                      | Host Hotels & Resorts Inc                        | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    985413 | NS      | $15786316.26  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc                  | Hudson Pacific Properties Inc                    | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               |  | US        |    520459 | NS      | $1269919.96   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                  | Independence Realty Trust Inc                    | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               |  | US        |    333431 | NS      | $5311555.83   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial Logistics Properties Trust          | Industrial Logistics Properties Trust            | CUSIP: 456237106<br>LEI: 5493004XH9PJW009HR47 | Long             | EC               |  | US        |     81240 | NS      | $428947.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properties Inc           | Innovative Industrial Properties Inc             | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               |  | US        |     39014 | NS      | $1956552.10   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| InvenTrust Properties Corp                     | InvenTrust Properties Corp                       | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               |  | US        |    110215 | NS      | $3019891.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                           | Invitation Homes Inc                             | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |    878264 | NS      | $24723131.60  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                              | Iron Mountain Inc                                | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |    421132 | NS      | $43355539.40  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                           | JBG SMITH Properties                             | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               |  | US        |     88677 | NS      | $1728314.73   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                             | Kilroy Realty Corp                               | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               |  | US        |    167929 | NS      | $7095000.25   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                              | Kimco Realty Corp                                | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    959433 | NS      | $19821885.78  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                        | Kite Realty Group Trust                          | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               |  | US        |    313006 | NS      | $6929952.84   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                             | LTC Properties Inc                               | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               |  | US        |     65011 | NS      | $2280585.88   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                           | Lamar Advertising Co                             | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               |  | US        |    125947 | NS      | $14936054.73  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                           | LXP Industrial Trust                             | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               |  | US        |    416112 | NS      | $3948902.88   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                                    | Lineage Inc                                      | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               |  | US        |    101504 | NS      | $3999257.60   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                                | Macerich Co/The                                  | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |    359936 | NS      | $6172902.40   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                          | Veris Residential Inc                            | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               |  | US        |    113394 | NS      | $1628337.84   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc                   | Medical Properties Trust Inc                     | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               |  | US        |    721115 | NS      | $3728164.55   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities Inc          | Mid-America Apartment Communities Inc            | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |    167044 | NS      | $21420052.12  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc                        | Millrose Properties Inc                          | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               |  | US        |    171517 | NS      | $5524562.57   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc                  | National Health Investors Inc                    | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               |  | US        |     65510 | NS      | $4881150.10   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                   | NNN REIT Inc                                     | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               |  | US        |    267718 | NS      | $10831870.28  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust              | National Storage Affiliates Trust                | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               |  | US        |    102023 | NS      | $2967849.07   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NET Lease Office Properties                    | NET Lease Office Properties                      | CUSIP: 64110Y108<br>LEI: N/A                  | Long             | EC               |  | US        |     22053 | NS      | $647255.55    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                 | NETSTREIT Corp                                   | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               |  | US        |    133990 | NS      | $2494893.80   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Diversified Real Estate Trust         | NexPoint Diversified Real Estate Trust           | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               |  | US        |     46962 | NS      | $149339.16    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Residential Trust Inc                 | NexPoint Residential Trust Inc                   | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               |  | US        |     31409 | NS      | $963314.03    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc                 | Omega Healthcare Investors Inc                   | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               |  | US        |    412640 | NS      | $17343259.20  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| One Liberty Properties Inc                     | One Liberty Properties Inc                       | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               |  | US        |     25165 | NS      | $505564.85    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Properties Inc                           | Orion Properties Inc                             | CUSIP: 68629Y103<br>LEI: 254900ZBXYX11W8ZL437 | Long             | EC               |  | US        |     78530 | NS      | $193969.10    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc                             | Outfront Media Inc                               | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               |  | US        |    198850 | NS      | $3517656.50   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Group Inc                            | Paramount Group Inc                              | CUSIP: 69924R108<br>LEI: 5493006GJU1CFI7Z5J17 | Long             | EC               |  | US        |    264160 | NS      | $1727606.40   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc                      | Park Hotels & Resorts Inc                        | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               |  | US        |    279833 | NS      | $2879481.57   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                        | Pebblebrook Hotel Trust                          | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               |  | US        |    165535 | NS      | $1731496.10   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                       | Phillips Edison & Co Inc                         | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               |  | US        |    178965 | NS      | $6056175.60   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Realty Trust Inc                      | Piedmont Realty Trust Inc                        | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               |  | US        |    180424 | NS      | $1454217.44   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc                   | Plymouth Industrial REIT Inc                     | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               |  | US        |     58525 | NS      | $1287550.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc                        | Postal Realty Trust Inc                          | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               |  | US        |     32254 | NS      | $477681.74    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp                            | PotlatchDeltic Corp                              | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               |  | US        |    111703 | NS      | $4468120.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                   | Prologis Inc                                     | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |   1331535 | NS      | $165230178.15 | 8.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                 | Public Storage                                   | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |    226716 | NS      | $63154008.96  | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust                              | RLJ Lodging Trust                                | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               |  | US        |    213351 | NS      | $1450786.80   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                   | Rayonier Inc                                     | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               |  | US        |    221669 | NS      | $4892234.83   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                             | Realty Income Corp                               | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |   1298274 | NS      | $75273926.52  | 3.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                           | Regency Centers Corp                             | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |    259462 | NS      | $17889904.90  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                  | Rexford Industrial Realty Inc                    | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               |  | US        |    340719 | NS      | $14078509.08  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc               | Ryman Hospitality Properties Inc                 | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               |  | US        |     87541 | NS      | $7608188.31   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                        | SBA Communications Corp                          | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |    154135 | NS      | $29513769.80  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                           | SL Green Realty Corp                             | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               |  | US        |    101833 | NS      | $5229124.55   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc                     | Sabra Health Care REIT Inc                       | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               |  | US        |    336958 | NS      | $6004591.56   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                                   | Safehold Inc                                     | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               |  | US        |     79887 | NS      | $1152769.41   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers Inc                               | Saul Centers Inc                                 | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               |  | US        |     16715 | NS      | $494931.15    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Properties Trust                       | Service Properties Trust                         | CUSIP: 81761L102<br>LEI: 529900IS770AG1K9QG27 | Long             | EC               |  | US        |    216264 | NS      | $462804.96    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                       | Simon Property Group Inc                         | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |    465074 | NS      | $81741406.24  | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp                              | SITE Centers Corp                                | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               |  | US        |     74987 | NS      | $549654.71    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartstop Self Storage REIT Inc                | Smartstop Self Storage REIT Inc                  | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               |  | US        |     43669 | NS      | $1500030.15   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                            | STAG Industrial Inc                              | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |    267265 | NS      | $10228231.55  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties Inc                    | Summit Hotel Properties Inc                      | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               |  | US        |    151608 | NS      | $779265.12    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                            | Sun Communities Inc                              | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               |  | US        |    181383 | NS      | $22963087.80  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc                   | Sunstone Hotel Investors Inc                     | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               |  | US        |    270272 | NS      | $2391907.20   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                                     | Tanger Inc                                       | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               |  | US        |    158398 | NS      | $5157438.88   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                            | Terreno Realty Corp                              | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               |  | US        |    144949 | NS      | $8280936.37   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                        | UDR Inc                                          | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               |  | US        |    474649 | NS      | $15990924.81  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                             | UMH Properties Inc                               | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               |  | US        |    111246 | NS      | $1617516.84   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group Inc                                | Uniti Group Inc                                  | CUSIP: 912932100<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               |  | US        |    205964 | NS      | $1186352.64   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Realty Income Trust           | Universal Health Realty Income Trust             | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               |  | US        |     18044 | NS      | $689641.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                          | Urban Edge Properties                            | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               |  | US        |    181400 | NS      | $3488322.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                     | Ventas Inc                                       | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |    650271 | NS      | $47983497.09  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                            | VICI Properties Inc                              | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |   1515978 | NS      | $45464180.22  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                           | Vornado Realty Trust                             | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               |  | US        |    252512 | NS      | $9580305.28   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                                   | WP Carey Inc                                     | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               |  | US        |    311228 | NS      | $20541048.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                               | Elme Communities                                 | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               |  | US        |    125158 | NS      | $2058849.10   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                  | Welltower Inc                                    | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |    960620 | NS      | $173910644.80 | 8.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                                | Weyerhaeuser Co                                  | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               |  | US        |   1040346 | NS      | $23927958.00  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                                | Whitestone REIT                                  | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               |  | US        |     64543 | NS      | $809369.22    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES | BlackRock Cash Funds: Treasury, SL Agency Shares | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   6477161 | NS      | $6477160.67   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc                     | Xenia Hotels & Resorts Inc                       | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               |  | US        |    141128 | NS      | $1735874.40   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                         | DJ US REAL ESTATE DEC25                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DE               |  | US        |       161 | NC      | $-131149.33   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Merrill Lynch International                    | DOUGLAS EMMETT REIT INC                          | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               |  | US        |      9608 | OU      | $124327.52    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                         | DOUGLAS EMMETT REIT INC                          | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | US        |      3621 | OU      | $46855.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank PLC                                  | DOUGLAS EMMETT REIT INC                          | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               |  | US        |      9265 | OU      | $119889.10    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer