Schedule of Investments (unaudited) 
February 28, 2026
BlackRock Technology Opportunities Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 1.1%
AeroVironment, Inc.(a)
105,439
$  26,596,988
Kratos Defense & Security Solutions, Inc.(a)
502,359
43,293,298
 
69,890,286
Automobiles — 2.4%
Hyundai Motor Co.
105,092
49,269,686
Tesla, Inc.(a)
270,657
108,942,149
 
158,211,835
Broadline Retail — 2.5%
Amazon.com, Inc.(a)
567,425
119,159,250
MercadoLibre, Inc.(a)
26,417
46,429,991
 
165,589,241
Capital Markets — 0.3%
Robinhood Markets, Inc., Class A(a)
295,976
22,449,780
Communications Equipment — 3.9%
Arista Networks, Inc.(a)
758,237
101,224,639
Cisco Systems, Inc.
608,924
48,385,101
Lumentum Holdings, Inc.(a)(b)
150,381
105,403,547
 
255,013,287
Diversified Consumer Services — 0.0%
Think & Learn Private Ltd. (Acquired 09/30/20, cost
$3,427,642)(a)(c)(d)
2,241
—
Electrical Equipment — 2.6%
Siemens Energy AG
442,193
85,642,956
Vertiv Holdings Co., Class A
342,606
87,326,843
 
172,969,799
Electronic Equipment, Instruments & Components — 3.2%
Advanced Energy Industries, Inc.
69,082
23,181,847
Coherent Corp.(a)
128,085
33,165,049
Corning, Inc.
379,813
57,116,279
Elite Material Co. Ltd.
636,000
48,706,600
Flex Ltd.(a)
740,326
46,655,344
 
208,825,119
Entertainment — 1.7%
Spotify Technology SA(a)
93,869
48,336,903
Take-Two Interactive Software, Inc.(a)
292,241
61,803,126
 
110,140,029
Financial Services — 0.1%
Klarna Group PLC(a)
307,200
4,165,632
Interactive Media & Services — 6.6%
Alphabet, Inc., Class A
930,406
290,063,375
Meta Platforms, Inc., Class A
226,517
146,823,789
 
436,887,164
IT Services — 2.9%
Farmer’s Business Network, Inc.(a)(c)
194,200
200,026
International Business Machines Corp.
77,278
18,562,948
MongoDB, Inc., Class A(a)
116,054
38,120,257
Snowflake, Inc., Class A(a)
787,865
132,684,345
 
189,567,576
Media — 0.8%
EchoStar Corp., Class A(a)
456,188
52,703,400
Semiconductors & Semiconductor Equipment — 44.6%
Advanced Micro Devices, Inc.(a)
730,349
146,223,173
Advantest Corp.
1,365,600
236,480,283
ASE Technology Holding Co. Ltd.
2,783,000
33,533,968
ASML Holding NV
52,424
76,245,885
Security
 
 
Shares
Value
Semiconductors & Semiconductor Equipment (continued)
Broadcom, Inc.
1,502,119
$  480,002,126
Credo Technology Group Holding Ltd.(a)
321,263
36,068,197
Intel Corp.(a)
2,190,013
99,886,493
Lam Research Corp.
1,204,250
281,662,033
Monolithic Power Systems, Inc.
129,300
147,756,282
NVIDIA Corp.
4,442,758
787,212,290
SK hynix, Inc.
397,910
294,211,669
Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR
864,432
323,798,939
 
2,943,081,338
Software — 11.7%
Cadence Design Systems, Inc.(a)
137,160
41,340,024
Crowdstrike Holdings, Inc., Class A(a)
193,460
71,963,251
Databricks, Inc. (Acquired 07/24/20, cost
$5,122,891)(a)(c)(d)
319,983
57,187,361
Datadog, Inc., Class A(a)
216,504
24,239,788
Microsoft Corp.
910,100
357,432,674
Oracle Corp.
598,902
87,080,351
Palantir Technologies, Inc., Class A(a)(b)
232,697
31,923,701
Palo Alto Networks, Inc.(a)
481,364
71,684,727
Rubrik, Inc., Class A(a)
535,054
27,801,406
Unqork, Inc. (Acquired 03/05/21, cost
$4,093,769)(a)(c)(d)
149,520
508,368
 
771,161,651
Specialty Retail — 0.0%
AceVector Ltd. (Acquired 05/07/14, cost
$1,414,399)(a)(c)(d)
304,000
99,010
Technology Hardware, Storage & Peripherals — 11.3%
Apple Inc.
1,520,460
401,675,123
Samsung Electronics Co. Ltd.
2,062,128
308,641,448
Western Digital Corp.
134,999
37,759,220
 
748,075,791
Wireless Telecommunication Services — 1.2%
SoftBank Group Corp.
3,140,200
80,407,832
Total Common Stocks — 96.9%
(Cost: $3,227,583,712)
6,389,238,770
Preferred Securities
Preferred Stocks — 3.2%
Diversified Consumer Services — 0.0%
Think & Learn Private Ltd., Series F, (Acquired
09/30/20, cost $6,867,746)(a)(c)(d)
2,371
—
Interactive Media & Services — 0.4%
Bytedance Ltd., Series E-1, (Acquired 11/11/20, cost
$9,487,385)(a)(c)(d)
94,889
24,771,723
Semiconductors & Semiconductor Equipment — 0.5%
PsiQuantum Corp., Series C, (Acquired 09/09/19,
cost $2,698,454)(a)(c)(d)
581,814
22,108,932
SambaNova Systems, Inc.
Series C, (Acquired 02/20/20, cost
$9,804,574)(a)(c)(d)
184,153
5,642,448
Series E-2, (Acquired 10/22/25, cost
$3,000,000)(a)(c)(d)
138,276
4,112,328
 
31,863,708
Software — 2.3%
Anthropic PBC, Series F, (Acquired 08/18/25, cost
$35,749,947)(a)(c)(d)
253,604
65,718,940
1
Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Technology Opportunities Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Software (continued)
Databricks, Inc.
Series F, (Acquired 10/22/19, cost
$3,700,005)(a)(c)(d)
258,450
$  46,190,184
Series G, (Acquired 02/01/21, cost
$12,500,003)(a)(c)(d)
211,425
37,785,876
Unqork, Inc.
Series A, (Acquired 03/05/21, cost
$194,941)(a)(c)(d)
7,120
26,415
Series B, (Acquired 03/05/21, cost
$314,315)(a)(c)(d)
11,480
49,594
Series C, (Acquired 09/18/20, cost
$8,323,340)(a)(c)(d)
304,000
1,814,880
Series Seed, (Acquired 03/05/21, cost
$489,544)(a)(c)(d)
17,880
62,044
Series Seed A, (Acquired 03/05/21, cost
$180,704)(a)(c)(d)
6,600
22,770
 
151,670,703
Total Preferred Securities — 3.2%
(Cost: $93,310,958)
208,306,134
Warrants(a)(c)
Software — 0.0%
Constellation Software, Inc., (Issued/Exercisable
08/22/23, 1 Share for 1 Warrant, Expires
03/31/40, Strike Price CAD 11.50)
22,107
—
Total Warrants — 0.0%
(Cost: $0)
—
Total Long-Term Investments — 100.1%
(Cost: $3,320,894,670)
6,597,544,904
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.84%(e)(f)(g)
64,510,294
$  64,542,549
Total Short-Term Securities — 1.0%
(Cost: $64,542,433)
64,542,549
Total Investments — 101.1%
(Cost: $3,385,437,103)
6,662,087,453
Liabilities in Excess of Other Assets — (1.1)%
(69,910,236
)
Net Assets — 100.0%
$  6,592,177,217
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(d)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $266,100,873, representing 4.0% of its net assets as of
period end, and an original cost of $107,369,659.
(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 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
$  8,833,200
 
$  55,709,758
(a)
$  —
$  (525
)
$  116
$  64,542,549
64,510,294
$  1,081,873
(b)
$  —
BlackRock Liquidity Funds,
T-Fund, Institutional
Shares(c)
153,923,002
 
—
(153,923,002
)(a)
—
—
—
—
945,302
—
 
$  (525
)
$  116
$  64,542,549
$  2,027,175
$  —
 
(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.
(c)
As of period end, the entity is no longer held.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
2
Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Technology 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 
Aerospace & Defense
$  69,890,286
$  —
$  —
$  69,890,286
Automobiles
108,942,149
49,269,686
—
158,211,835
Broadline Retail
165,589,241
—
—
165,589,241
Capital Markets
22,449,780
—
—
22,449,780
Communications Equipment
255,013,287
—
—
255,013,287
Diversified Consumer Services
—
—
—
—
Electrical Equipment
87,326,843
85,642,956
—
172,969,799
Electronic Equipment, Instruments & Components
160,118,519
48,706,600
—
208,825,119
Entertainment
110,140,029
—
—
110,140,029
Financial Services
—
4,165,632
—
4,165,632
Interactive Media & Services
436,887,164
—
—
436,887,164
IT Services
189,367,550
—
200,026
189,567,576
Media
52,703,400
—
—
52,703,400
Semiconductors & Semiconductor Equipment
2,302,609,533
640,471,805
—
2,943,081,338
Software
713,465,922
—
57,695,729
771,161,651
Specialty Retail
—
—
99,010
99,010
Technology Hardware, Storage & Peripherals
439,434,343
308,641,448
—
748,075,791
Wireless Telecommunication Services
—
80,407,832
—
80,407,832
Preferred Securities 
—
—
208,306,134
208,306,134
Warrants 
—
—
—
—
Short-Term Securities
Money Market Funds
64,542,549
—
—
64,542,549
 
$  5,178,480,595
$  1,217,305,959
$  266,300,899
$  6,662,087,453
3
Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Technology Opportunities Fund
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 period 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, 2025
$44,662,809
$100,074,838
$—
(b)
$144,737,647
Transfers into Level 3
—
—
—
—
Transfers out of Level 3
—
—
—
—
Accrued discounts/premiums
—
—
—
—
Net realized gain (loss)
—
—
—
—
Net change in unrealized appreciation (depreciation)(a)
24,349,128
70,742,346
—
95,091,474
Purchases
—
38,749,947
—
38,749,947
Sales
(11,017,172
)
(1,260,997
)
—
(12,278,169
)
Closing Balance, as of February 28, 2026
$57,994,765
$208,306,134
$—
(b)
$266,300,899
Net change in unrealized appreciation (depreciation) on investments still held at February 28, 2026(a)
$24,830,452
$70,742,346
$—
$95,572,798
 
(a)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at February 28, 2026, 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 Valuation Committee to determine the value of certain of the Fund’s Level 3 financial instruments as of period end. 
 
Value
Valuation Approach
Unobservable
Inputs
Range of
Unobservable Inputs
Utilized(a)
Weighted Average of
Unobservable Inputs
Based on Fair Value
 Assets
 Common Stocks
$57,994,765
Market
 
 
 
Revenue Multiple
Volatility
Time to Exit
1.00x - 22.00x
70%
3.0 years
21.74x
—
—
 Preferred Stocks
208,306,134
Market
Revenue Multiple
Volatility
Time to Exit
Market Adjustment Multiple
1.40x - 22.00x
70% - 90%
3.0 - 4.0 years
1.15x
17.68x
76%
3.7 years
—
 
266,300,899
 
(a)
A significant change in unobservable input could result in a correlated or inverse change in value. 
Currency Abbreviation 
CAD
Canadian Dollar
 
Portfolio Abbreviation 
ADR
American Depositary Receipt
4