Schedule of Investments (unaudited) 
February 28, 2026
BlackRock Energy Opportunities Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Chemicals — 2.4%
Air Liquide SA
14,364
$  3,020,395
Linde PLC
10,130
5,146,850
 
8,167,245
Consumer Staples Distribution & Retail — 0.7%
Alimentation Couche-Tard, Inc.
39,668
2,407,329
Energy Equipment & Services — 3.6%
Liberty Energy, Inc., Class A
69,836
1,961,693
Poseidon Concepts Corp.(a)(b)
35,081
—
Subsea 7 SA
60,824
1,764,382
TechnipFMC PLC
110,453
7,324,139
Tecnicas Reunidas SA(b)
32,736
1,425,362
 
12,475,576
Oil, Gas & Consumable Fuels — 90.8%
California Resources Corp.
29,066
1,710,243
Cameco Corp. (CAD)
50,219
5,941,382
Canadian Natural Resources Ltd.
291,964
12,771,887
Cheniere Energy, Inc.
44,379
10,461,462
Chevron Corp.
209,705
39,164,506
ConocoPhillips
104,209
11,823,553
EQT Corp.
70,014
4,300,260
Exxon Mobil Corp.
469,898
71,659,445
Gazprom PJSC(a)(b)
639,500
83
Gaztransport Et Technigaz SA
20,239
4,622,141
Kinder Morgan, Inc.
351,925
11,708,545
Kosmos Energy Ltd.(b)(c)
664,916
1,549,254
Pembina Pipeline Corp.
52,326
2,299,728
Permian Resources Corp., Class A
458,367
8,383,532
Repsol SA
224,677
5,084,572
Shell PLC
763,474
31,976,486
Suncor Energy, Inc.
206,901
11,687,051
Security
 
 
Shares
Value
Oil, Gas & Consumable Fuels (continued)
Targa Resources Corp.
48,577
$  11,454,457
TC Energy Corp.
203,451
13,073,187
TotalEnergies SE
279,861
22,417,318
Valero Energy Corp.
59,195
12,113,665
Williams Cos., Inc. (The)
200,638
14,991,671
 
309,194,428
Total Long-Term Investments — 97.5%
(Cost: $183,640,976)
332,244,578
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.84%(d)(e)(f)
993,328
993,825
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.56%(d)(e)
1,792,899
1,792,899
Total Short-Term Securities — 0.8%
(Cost: $2,786,724)
2,786,724
Total Investments — 98.3%
(Cost: $186,427,700)
335,031,302
Other Assets Less Liabilities — 1.7%
5,628,662
Net Assets — 100.0%
$  340,659,964
 
(a)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(b)
Non-income producing security.
(c)
All or a portion of this security is on loan.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
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 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
05/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
02/28/26
Shares
Held at
02/28/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$  —
 
$  993,833
(a)
$  —
$  (8
)
$  —
$  993,825
993,328
$  706
(b)
$  —
BlackRock Liquidity Funds, T-Fund,
Institutional Shares
1,948,783
 
—
(155,884
)(a)
—
—
1,792,899
1,792,899
103,661
—
 
$  (8
)
$  —
$  2,786,724
$  104,367
$  —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
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Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Energy Opportunities Fund
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Level 1 — Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 — Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
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 
Chemicals
$  5,146,850
$  3,020,395
$  —
$  8,167,245
Consumer Staples Distribution & Retail
2,407,329
—
—
2,407,329
Energy Equipment & Services
9,285,832
3,189,744
—
12,475,576
Oil, Gas & Consumable Fuels
245,093,828
64,100,517
83
309,194,428
Short-Term Securities
Money Market Funds
2,786,724
—
—
2,786,724
 
$  264,720,563
$  70,310,656
$  83
$  335,031,302
 
Currency Abbreviation 
CAD
Canadian Dollar
2