Schedule of Investments (unaudited)
February 29, 2024
BlackRock Technology Opportunities Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Automobiles — 1.1% | |||
Tesla, Inc.(a) | 294,799 | $ 59,514,022 | |
Broadline Retail — 4.0% | |||
Amazon.com, Inc.(a) | 732,721 | 129,515,764 | |
MercadoLibre, Inc.(a) | 52,783 | 84,204,720 | |
213,720,484 | |||
Capital Markets — 0.6% | |||
S&P Global, Inc. | 68,424 | 29,311,473 | |
Communications Equipment — 1.4% | |||
Arista Networks, Inc.(a) | 177,580 | 49,285,553 | |
Motorola Solutions, Inc. | 69,230 | 22,872,900 | |
72,158,453 | |||
Consumer Finance — 0.4% | |||
Kaspi.KZ JSC, ADR | 218,373 | 22,708,608 | |
Diversified Consumer Services — 0.0% | |||
Think & Learn Private Ltd. (Acquired 09/30/20, cost $3,427,642)(a)(b)(c) | 2,241 | 173,110 | |
Electrical Equipment — 0.4% | |||
NEXTracker, Inc., Class A(a) | 421,125 | 23,684,070 | |
Entertainment — 3.6% | |||
Netflix, Inc.(a) | 66,822 | 40,288,320 | |
Nintendo Co. Ltd. | 712,900 | 39,837,050 | |
Spotify Technology SA(a) | 210,362 | 53,938,921 | |
Take-Two Interactive Software, Inc.(a) | 162,010 | 23,804,129 | |
Warner Music Group Corp., Class A | 958,752 | 33,489,207 | |
191,357,627 | |||
Financial Services — 4.2% | |||
Mastercard, Inc., Class A | 242,009 | 114,896,193 | |
Visa, Inc., Class A | 324,510 | 91,719,506 | |
Wise PLC, Class A(a) | 1,569,620 | 18,234,747 | |
224,850,446 | |||
Ground Transportation — 1.0% | |||
Uber Technologies, Inc.(a) | 692,844 | 55,081,098 | |
Interactive Media & Services — 4.4% | |||
Alphabet, Inc., Class A(a) | 514,571 | 71,247,500 | |
Meta Platforms, Inc., Class A | 329,783 | 161,636,542 | |
232,884,042 | |||
IT Services — 3.4% | |||
Accenture PLC, Class A | 54,846 | 20,555,184 | |
EPAM Systems, Inc.(a) | 74,555 | 22,694,542 | |
Farmer’s Business Network, Inc.(a)(b) | 194,200 | 701,062 | |
Klarna Holdings AB (Acquired 09/15/20, cost $11,017,172)(a)(b)(c) | 25,600 | 6,887,285 | |
MongoDB, Inc., Class A(a) | 164,224 | 73,503,378 | |
Shopify, Inc., Class A(a)(d) | 425,071 | 32,462,672 | |
Snowflake, Inc., Class A(a) | 142,653 | 26,858,707 | |
183,662,830 | |||
Professional Services — 2.2% | |||
Equifax, Inc. | 112,752 | 30,847,820 | |
RELX PLC | 1,092,709 | 47,865,142 | |
Thomson Reuters Corp. | 258,588 | 40,820,759 | |
119,533,721 | |||
Semiconductors & Semiconductor Equipment — 32.4% | |||
Advanced Micro Devices, Inc.(a) | 855,306 | 164,672,064 | |
Applied Materials, Inc. | 160,846 | 32,429,771 | |
ARM Holdings PLC, ADR(a)(d) | 475,752 | 67,100,062 |
Security | Shares | Value | |
Semiconductors & Semiconductor Equipment (continued) | |||
ASM International NV | 79,257 | $ 48,406,032 | |
ASML Holding NV | 158,565 | 150,478,489 | |
Broadcom, Inc. | 140,460 | 182,666,825 | |
Lam Research Corp. | 104,111 | 97,682,146 | |
Marvell Technology, Inc. | 900,235 | 64,510,840 | |
Micron Technology, Inc. | 926,321 | 83,933,946 | |
Monolithic Power Systems, Inc. | 79,655 | 57,354,786 | |
NVIDIA Corp. | 755,811 | 597,937,198 | |
QUALCOMM, Inc. | 215,354 | 33,980,708 | |
SOITEC(a) | 267,773 | 39,203,514 | |
STMicroelectronics NV | 505,564 | 22,956,299 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 513,707 | 66,098,680 | |
Wolfspeed, Inc.(a)(d) | 817,208 | 21,263,752 | |
1,730,675,112 | |||
Software — 30.6% | |||
Adobe, Inc.(a) | 90,026 | 50,439,767 | |
Altium Ltd. | 1,327,823 | 56,097,806 | |
Autodesk, Inc.(a) | 128,813 | 33,255,652 | |
Cadence Design Systems, Inc.(a) | 596,755 | 181,640,287 | |
Constellation Software, Inc. | 22,302 | 62,090,155 | |
Crowdstrike Holdings, Inc., Class A(a) | 214,110 | 69,403,757 | |
Databricks, Inc. (Acquired 07/24/20 - 09/02/20, cost $5,122,890)(a)(b)(c) | 319,983 | 26,427,396 | |
Datadog, Inc., Class A(a) | 222,865 | 29,297,833 | |
Fair Isaac Corp.(a) | 68,255 | 86,677,707 | |
Intuit, Inc. | 158,454 | 105,037,572 | |
Microsoft Corp. | 1,244,060 | 514,592,979 | |
Nutanix, Inc., Class A(a) | 373,458 | 23,587,607 | |
Oracle Corp. | 672,867 | 75,145,787 | |
Palo Alto Networks, Inc.(a) | 134,420 | 41,744,131 | |
Salesforce, Inc.(a) | 319,699 | 98,729,445 | |
SAP SE | 266,329 | 49,908,298 | |
ServiceNow, Inc.(a) | 96,539 | 74,464,392 | |
Unqork, Inc. (Acquired 03/05/21, cost $4,093,769)(a)(b)(c) | 149,520 | 792,456 | |
Xero Ltd.(a) | 351,092 | 29,199,839 | |
Zscaler, Inc.(a) | 102,863 | 24,889,760 | |
1,633,422,626 | |||
Specialty Retail — 0.0% | |||
AceVector Ltd. (Acquired 05/07/14 - 10/29/14, cost $1,414,399)(a)(b)(c) | 304,000 | 151,420 | |
Technology Hardware, Storage & Peripherals — 8.3% | |||
Apple Inc. | 2,099,715 | 379,523,486 | |
Quanta Computer, Inc. | 3,384,000 | 24,866,768 | |
Western Digital Corp.(a) | 617,335 | 36,712,913 | |
441,103,167 | |||
Total Common Stocks — 98.0% (Cost: $2,344,399,885) | 5,233,992,309 | ||
Preferred Securities | |||
Preferred Stocks — 1.6% | |||
Diversified Consumer Services — 0.0% | |||
FlixMobility GmbH, Series F (Acquired 07/26/19, cost $ 2,492,260 )(a)(b)(c) | 125 | 3,899,686 | |
Think & Learn Private Ltd., Series F (Acquired 09/30/20, cost $6,867,746)(a)(b)(c) | 2,371 | 183,151 | |
4,082,837 |
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Schedule of Investments (unaudited) (continued)
February 29, 2024
BlackRock Technology Opportunities Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Interactive Media & Services — 0.3% | |||
Bytedance Ltd., Series E-1 (Acquired 11/11/20, cost $ 10,397,385 )(a)(b)(c) | 94,889 | $ 15,353,284 | |
Semiconductors & Semiconductor Equipment — 0.3% | |||
PsiQuantum Corp., Series C (Acquired 09/09/19, cost $2,698,453)(a)(b)(c) | 581,814 | 14,906,075 | |
Software — 1.0% | |||
Databricks, Inc. | |||
Series F (Acquired 10/22/19, cost $3,700,005)(a)(b)(c) | 258,450 | 21,345,385 | |
Series G (Acquired 02/01/21, cost $12,500,003)(a)(b)(c) | 211,425 | 17,461,591 | |
SambaNova Systems, Inc., Series C (Acquired 02/20/20, cost $9,804,574)(a)(b)(c) | 184,153 | 12,454,267 | |
Unqork, Inc. | |||
Series A (Acquired 03/05/21, cost $194,941)(a)(b)(c) | 7,120 | 39,943 | |
Series B (Acquired 03/05/21, cost $314,315)(a)(b)(c) | 11,480 | 71,291 | |
Series C (Acquired 09/18/20, cost $8,323,340)(a)(b)(c) | 304,000 | 2,368,160 | |
Series Seed (Acquired 03/05/21, cost $489,544)(a)(b)(c) | 17,880 | 96,016 | |
Series Seed A (Acquired 03/05/21, cost $180,704)(a)(b)(c) | 6,600 | 35,376 | |
53,872,029 | |||
Total Preferred Securities — 1.6% (Cost: $57,963,270) | 88,214,225 | ||
Warrants(a)(b) | |||
Software — 0.0% | |||
Constellation Software, Inc. (Issued/Exercisable, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 0.00) | 22,107 | — | |
Total Warrants — 0.0% (Cost: $0) | — | ||
Total Long-Term Investments — 99.6% (Cost: $2,402,363,155) | 5,322,206,534 |
Security | Shares | Value | |
Short-Term Securities | |||
Money Market Funds — 1.1% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.20%(e)(f) | 22,969,970 | $ 22,969,970 | |
SL Liquidity Series, LLC, Money Market Series, 5.98%(e)(f)(g) | 33,832,871 | 33,846,404 | |
Total Short-Term Securities — 1.1% (Cost: $56,806,612) | 56,816,374 | ||
Total Investments — 100.7% (Cost: $2,459,169,767) | 5,379,022,908 | ||
Liabilities in Excess of Other Assets — (0.7)% | (38,619,677) | ||
Net Assets — 100.0% | $ 5,340,403,231 |
(a) | Non-income producing security. |
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(c) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $122,645,892, representing 2.3% of its net assets as of period end, and an original cost of $83,039,142. |
(d) | All or a portion of this security is on loan. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 05/31/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/29/24 | Shares Held at 02/29/24 | Income | Capital Gain Distributions from Underlying Funds | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ 37,081,328 | $ — | $ (14,111,358)(a) | $ — | $ — | $ 22,969,970 | 22,969,970 | $ 542,378 | $ — | |||
SL Liquidity Series, LLC, Money Market Series | 148,567,014 | — | (114,735,367)(a) | 32,742 | (17,985) | 33,846,404 | 33,832,871 | 202,653(b) | — | |||
$ 32,742 | $ (17,985) | $ 56,816,374 | $ 745,031 | $ — |
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
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Schedule of Investments (unaudited) (continued)
February 29, 2024
BlackRock Technology Opportunities Fund
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;
• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and
• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (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. There may not be a secondary market, and/or there are 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.
Certain investments of the Fund were fair valued using net asset value (“NAV”) as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Common Stocks | ||||
Automobiles | $ 59,514,022 | $ — | $ — | $ 59,514,022 |
Broadline Retail | 213,720,484 | — | — | 213,720,484 |
Capital Markets | 29,311,473 | — | — | 29,311,473 |
Communications Equipment | 72,158,453 | — | — | 72,158,453 |
Consumer Finance | 22,708,608 | — | — | 22,708,608 |
Diversified Consumer Services | — | — | 173,110 | 173,110 |
Electrical Equipment | 23,684,070 | — | — | 23,684,070 |
Entertainment | 151,520,577 | 39,837,050 | — | 191,357,627 |
Financial Services | 206,615,699 | 18,234,747 | — | 224,850,446 |
Ground Transportation | 55,081,098 | — | — | 55,081,098 |
Interactive Media & Services | 232,884,042 | — | — | 232,884,042 |
IT Services | 176,074,483 | — | 7,588,347 | 183,662,830 |
Professional Services | 71,668,579 | 47,865,142 | — | 119,533,721 |
Semiconductors & Semiconductor Equipment | 1,469,630,778 | 261,044,334 | — | 1,730,675,112 |
Software | 1,470,996,831 | 135,205,943 | 27,219,852 | 1,633,422,626 |
Specialty Retail | — | — | 151,420 | 151,420 |
Technology Hardware, Storage & Peripherals | 416,236,399 | 24,866,768 | — | 441,103,167 |
Preferred Securities | — | — | 88,214,225 | 88,214,225 |
Warrants | — | — | — | — |
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Schedule of Investments (unaudited) (continued)
February 29, 2024
BlackRock Technology Opportunities Fund
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | ||||
Short-Term Securities | |||||||
Money Market Funds | $ 22,969,970 | $ — | $ — | $ 22,969,970 | |||
$ 4,694,775,566 | $ 527,053,984 | $ 123,346,954 | 5,345,176,504 | ||||
Investments valued at NAV(a) | 33,846,404 | ||||||
$ 5,379,022,908 |
(a) | Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy. |
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
Common Stocks | Preferred Stocks | Warrants | Total | ||||
Assets | |||||||
Opening Balance, as of May 31, 2023 | $ 27,801,094 | $ 103,069,338 | $ — | $ 130,870,432 | |||
Transfers into Level 3 | — | — | — | — | |||
Transfers out of Level 3 | — | — | — | — | |||
Accrued discounts/premiums | — | — | — | — | |||
Net realized gain (loss) | — | 2,583,493 | — | 2,583,493 | |||
Net change in unrealized appreciation (depreciation)(a) | 912,044 | 3,363,536 | —(b) | 4,275,579 | |||
Purchases | 6,419,592 | — | — | 6,419,592 | |||
Sales | — | (20,802,142) | — | (20,802,142) | |||
Closing Balance, as of February 29, 2024 | $ 35,132,729 | $ 88,214,225 | $ —(b) | $ 123,346,954 | |||
Net change in unrealized appreciation (depreciation) on investments still held at February 29, 2024(a) | $ 912,044 | $ 4,795,450 | $ —(b) | $ 5,707,494 |
(a) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at February 29, 2024, is generally due to investments no longer held or categorized as Level 3 at period end. |
(b) | Rounds to less than $1. |
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “ Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $356,261. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.
Value | Valuation Approach | Unobservable Inputs | Range of Unobservable Inputs Utilized(a) | Weighted Average of Unobservable Inputs Based on Fair Value | |
Assets | |||||
Common Stocks | $ 34,959,619 | Market | Revenue Multiple Volatility Time to Exit | 3.38x - 31.00x 70% 3.0 years | 24.49x — — |
Preferred Securities(b) | 88,031,074 | Market | Revenue Multiple Volatility Time to Exit Market Adjustment Multiple | 2.00x - 31.00x 50%- 70% 3.0 - 4.0 years 1.30x | 20.51x 53% 3.9 years — |
$ 122,990,693 |
(a) | A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value. |
(b) | For the period end February 29, 2024, the valuation technique for certain investments classified as Preferred Stock used recent prior transaction prices as inputs within the model used for the approximation of fair value. |
Currency Abbreviation | |
CAD | Canadian Dollar |
Portfolio Abbreviation | |
ADR | American Depositary Receipt |
4