NPORT-EX 2 NPORT_LCXI_23388533_0922.htm BlackRock Science and Technology Trust

Consolidated Schedule of Investments (unaudited)

September 30, 2022

  

BlackRock Science and Technology Trust (BST)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Automobiles — 2.8%  

Tesla, Inc.(a)(b)

    108,657     $ 28,821,269  
   

 

 

 
Banks — 0.5%            

Klarna Holdings AB, (Acquired 08/07/19,
Cost: $7,971,978)(c)(d)

    26,430       5,584,603  
   

 

 

 
Capital Markets — 0.8%            

S&P Global, Inc.(a)

    24,968       7,623,979  
   

 

 

 
Diversified Consumer Services — 0.3%            

Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $1,524,948)(c)(d)

    997       2,896,869  
   

 

 

 
Electronic Equipment, Instruments & Components — 1.6%  

CDW Corp.(a)

    46,408       7,243,361  

Samsung SDI Co. Ltd.

    23,749       8,933,032  
   

 

 

 
          16,176,393  
Entertainment(a)(b) — 1.1%            

Netflix, Inc.

    22,666       5,336,483  

Roku, Inc.

    49,846       2,811,314  

Spotify Technology SA

    38,793       3,347,836  
   

 

 

 
      11,495,633  
Hotels, Restaurants & Leisure — 0.3%            

Airbnb, Inc., Class A(a)(b)

    30,705       3,225,253  
   

 

 

 
Interactive Media & Services — 3.6%  

Alphabet, Inc., Class A(a)(b)

    221,714       21,206,944  

Kakao Corp.

    154,283       6,070,948  

ZoomInfo Technologies, Inc., CLass A(a)(b)

    211,469       8,809,799  
   

 

 

 
      36,087,691  
Internet & Direct Marketing Retail — 3.6%  

Alibaba Group Holding Ltd.(b)

    459,800       4,588,499  

Amazon.com, Inc.(a)(b)

    165,219       18,669,747  

Jasper Infotech Private Ltd., Series I, (Acquired 08/18/15, Cost: $1,998,435)(c)(d)

    168,640       153,131  

Meituan, Class B(b)(e)

    237,600       4,993,507  

MercadoLibre, Inc.(a)(b)

    9,140       7,565,909  
   

 

 

 
      35,970,793  
IT Services — 15.4%  

Accenture PLC, Class A(a)

    34,184       8,795,543  

Adyen NV(b)(e)

    5,642       7,036,484  

Automatic Data Processing, Inc.(a)

    25,500       5,767,845  

Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $7,999,945)(c)(d)

    94,117       4,783,026  

AvidXchange Holdings, Inc.(a)(b)

    302,335       2,545,661  

Block, Inc.(a)(b)

    61,312       3,371,547  

GMO Payment Gateway, Inc.

    64,700       4,435,253  

Mastercard, Inc., Class A(a)

    93,087       26,468,357  

MongoDB, Inc.(a)(b)

    33,099       6,572,137  

Okta, Inc.(a)(b)

    73,455       4,177,386  

PayPal Holdings, Inc.(a)(b)

    123,398       10,620,866  

Salt Pay Co. Ltd., Series C, (Acquired 12/17/21,
Cost: $24,999,987)(c)(d)

    12,871       16,907,732  

Snowflake, Inc., Class A(a)(b)

    13,175       2,239,223  

Thoughtworks Holding, Inc.(a)(b)

    342,986       3,597,923  

TRAX Ltd., (Acquired 09/12/19,
Cost: $4,000,013)(c)(d)

    106,667       3,692,811  

TRAX Ltd., Series D, (Acquired 02/18/21,
Cost: $1,999,989)(c)(d)

    38,361       1,328,058  

Twilio, Inc., Class A(a)(b)

    67,897       4,694,399  
Security   Shares     Value  
IT Services (continued)  

Visa, Inc., Class A(a)

    126,243     $ 22,427,069  

Voltron Data, Inc., Series A, (Acquired 01/18/22, Cost: $10,000,000)(c)(d)

    6,201,935       8,310,593  

Wise PLC, Class A(b)

    1,075,013       7,845,827  
   

 

 

 
          155,617,740  
Machinery — 0.5%            

Wuxi Lead Intelligent Equipment Co., Ltd., Class A

    719,470       4,742,215  
   

 

 

 
Professional Services — 0.5%  

Planet Labs PBC

    930,853       5,054,532  
   

 

 

 
Road & Rail — 1.0%            

Ant Group Co., Ltd., Series C, (Acquired 05/18/18, Cost: $6,492,863)(c)(d)

    1,703,548       4,906,218  

Uber Technologies, Inc.(a)(b)

    188,033       4,982,875  
   

 

 

 
      9,889,093  
Semiconductors & Semiconductor Equipment — 16.3%  

Advanced Micro Devices, Inc.(a)(b)

    114,513       7,255,544  

Alphawave IP Group PLC(b)

    2,366,147       3,640,567  

Analog Devices, Inc.(a)

    31,958       4,453,028  

ASM International NV

    27,204       6,091,168  

ASML Holding NV

    41,992       17,396,396  

Broadcom, Inc.(a)

    23,580       10,469,756  

Credo Technology Group Holding Ltd.(a)(b)

    997,925       10,977,175  

Globalfoundries, Inc.(a)(b)(f)

    123,190       5,956,236  

Lam Research Corp.(a)

    25,152       9,205,632  

Marvell Technology, Inc.(a)

    482,482       20,703,303  

Monolithic Power Systems, Inc.(a)

    22,499       8,176,137  

NVIDIA Corp.(a)

    50,530       6,133,837  

Qualcomm, Inc.(a)

    52,430       5,923,541  

Soitec SA(b)

    99,085       11,313,925  

STMicroelectronics NV

    207,649       6,453,160  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR(a)

    83,581       5,730,313  

Wolfspeed, Inc.(a)(b)

    244,372       25,258,290  
   

 

 

 
      165,138,008  
Software — 21.2%  

Adobe, Inc.(a)(b)

    10,379       2,856,301  

ANSYS, Inc.(a)(b)

    35,186       7,800,736  

AppLovin Corp., Class A(a)(b)

    132,373       2,579,950  

Aspen Technology, Inc.(a)(b)

    29,439       7,012,370  

Atlassian Corp. PLC, Class A(a)(b)

    40,449       8,518,155  

Cadence Design Systems, Inc.(a)(b)

    109,188       17,844,595  

Constellation Software, Inc.

    3,684       5,126,130  

Crowdstrike Holdings, Inc., Class A(a)(b)

    43,876       7,231,204  

CS Disco, Inc.(a)(b)

    215,329       2,153,290  

Dassault Systemes SE

    144,641       4,993,739  

Databricks, Inc., (Acquired 07/24/20,
Cost: $960,476)(c)(d)

    59,997       3,668,817  

DataRobot, Inc., (Acquired 03/01/21,
Cost: $583,275)(c)(d)

    38,789       287,426  

Elastic NV(a)(b)

    27,666       1,984,759  

Gitlab, Inc., Class A(a)(b)

    138,420       7,089,872  

Grammarly, Inc., (Acquired 11/17/21,
Cost: $18,749,975)(c)(d)

    715,323       13,076,104  

Intuit, Inc.(a)

    33,520       12,982,966  

Microsoft Corp.(a)

    260,059       60,567,741  

Oracle Corp.(a)

    110,058       6,721,242  

Patreon, Inc., (Acquired 08/19/21,
Cost: $3,352,226)(c)(d)

    59,524       1,650,601  

Salesforce, Inc.(a)(b)

    26,262       3,777,526  
 

 

 

1  


Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2022

  

BlackRock Science and Technology Trust (BST)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Software (continued)            

ServiceNow, Inc.(a)(b)

    26,932     $ 10,169,793  

SiteMinder Ltd.(b)

    2,145,680       4,226,807  

Snorkel AI, Inc., (Acquired 06/30/21,
Cost: $997,636)(c)(d)

    66,422       614,403  

Snyk Ltd., (Acquired 09/02/21,
Cost: $5,192,307)(c)(d)

    361,972       4,159,058  

Unity Software, Inc.(a)(b)

    114,284       3,641,088  

Xero Ltd.(b)

    130,197       6,025,070  

Zscaler, Inc.(a)(b)

    44,605       7,331,724  
   

 

 

 
      214,091,467  
Technology Hardware, Storage & Peripherals — 6.7%  

Apple, Inc.(a)

    491,130       67,874,166  
   

 

 

 

Total Common Stocks — 76.2%
(Cost: $567,209,954)

          770,289,704  
   

 

 

 
    

Par

(000)

        

Convertible Notes

   
Software — 0.8%            

Wyre, Inc., (Acquired: 12/14/21,
Cost: $8,000,000), 0.00%(c)(d)

  $ 80       7,740,000  
   

 

 

 

Total Convertible Notes — 0.8%
(Cost: $8,000,000)

      7,740,000  
   

 

 

 
     Shares         

Preferred Securities

   
Preferred Stocks — 21.2%(c)(d)            
Chemicals — 1.1%            

Solugen, Inc., (Acquired 09/02/21,
Cost: $9,999,977)

    269,284       10,959,859  
   

 

 

 
Diversified Consumer Services — 0.3%            

Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $3,052,975)

    1,054       3,062,487  
   

 

 

 
Diversified Financial Services — 0.7%            

Trumid Holdings LLC, Class L, (Acquired 10/18/22, Cost: $9,999,695), 07/16/22(g)

    11,420       7,490,378  
   

 

 

 
Entertainment — 0.5%            

Discord, Inc., Series I, (Acquired 09/13/21, Cost: $7,000,088)

    12,713       4,913,320  
   

 

 

 
Food & Staples Retailing — 1.6%            

Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost: $6,999,994)

    709,724       15,670,706  
   

 

 

 
Food Products — 1.0%            

Farmer’s Business Network, Inc.

   

(Acquired 09/15/21, Cost: $6,999,963)

    112,616       5,789,589  

Series F, (Acquired 07/31/20,
Cost: $2,999,886)

    90,750       4,665,457  
   

 

 

 
      10,455,046  
Interactive Media & Services — 1.5%            

ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $9,999,959)

    91,262       15,167,519  
   

 

 

 
IT Services — 1.9%            

Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $2,999,391)

    493,493       3,479,126  
Security   Shares     Value  
IT Services (continued)            

Trumid Holdings LLC(g)

   

Class J-A, (Acquired 10/18/22,
Cost: $2,499,716)

    5,038     $ 3,304,424  

Class J-B, (Acquired 10/18/22,
Cost: $1,499,830)

    5,038       3,304,424  

Voltron Data, Inc., (Acquired 07/14/21,
Cost: $5,000,000)

    9,090,909       8,727,273  
   

 

 

 
      18,815,247  
Road & Rail — 0.4%            

FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $5,482,937)

    275       4,185,279  
   

 

 

 
Semiconductors & Semiconductor Equipment — 4.2%  

PsiQuantum Corp.

   

Series C, (Acquired 09/09/19,
Cost: $3,200,234)

    690,003       14,214,062  

Series C, (Acquired 05/21/21,
Cost: $5,000,025)

    190,650       4,844,416  

Rivos, Inc., Series A, (Acquired 12/03/21,
Cost: $12,003,705)

    4,500,000       10,755,000  

SambaNova Systems, Inc., Series C, (Acquired 02/20/20, Cost: $9,972,125)

    187,300           12,854,399  
   

 

 

 
      42,667,877  
Software — 8.0%            

Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $29,999,955)

    598,682       19,319,468  

Databricks, Inc.

   

Series F, (Acquired 10/22/19, Cost: $3,999,999)

    279,405       17,085,616  

Series G, (Acquired 02/01/21, Cost: $4,500,001)

    76,113       4,654,310  

DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $2,999,996)

    228,276       1,698,373  

Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $6,249,992)

    238,441       4,358,702  

MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $24,999,980)

    1,088,598       13,357,097  

Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $6,666,632)

    119,047       3,301,173  

Prosimo, Inc., Series B, (Acquired 11/04/21, Cost: $4,999,998)

    2,515,811       4,704,567  

Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $4,999,985)

    332,896       3,079,288  

Snyk Ltd., Series B, (Acquired 09/02/21,
Cost: $4,807,688)

    335,159       3,850,977  

Unqork, Inc.

   

Series B, (Acquired 09/19/19,
Cost: $3,198,416)

    281,080       5,017,278  

Series C, (Acquired 09/18/20,
Cost: $1,303,260)

    47,600       849,660  
   

 

 

 
      81,276,509  
   

 

 

 
      214,664,227  
   

 

 

 

Total Preferred Securities — 21.2%
(Cost: $203,436,402)

      214,664,227  
   

 

 

 

Warrants

   
IT Services — 0.0%            

TRAX Ltd., (Acquired 09/12/19, Cost: $0), (Issued 09/23/19, Exercisable 07/12/23, 1 Share for 1 Warrant, Expires 09/15/23, Strike Price USD 46.88)(b)(c)(d)

    17,065       49,659  
   

 

 

 

Total Warrants — 0.0%
(Cost: $ — )

      49,659  
   

 

 

 

Total Long-Term Investments — 98.2%
(Cost: $778,646,356)

      992,743,590  
   

 

 

 
 

 

 

C O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S

  2


Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2022

  

BlackRock Science and Technology Trust (BST)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Short-Term Securities

   
Money Market Funds — 2.6%            

BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.79%(h)(i)

    24,437,314     $ 24,437,314  

SL Liquidity Series, LLC, Money Market Series, 3.29%(h)(i)(j)

    2,254,710       2,254,710  
   

 

 

 

Total Short-Term Securities — 2.6%
(Cost: $26,691,874)

 

    26,692,024  
   

 

 

 

Total Investments Before Options Written — 100.8%
(Cost: $805,338,230)

 

    1,019,435,614  
   

 

 

 

Options Written — (0.4)%
(Premiums Received: $(11,870,653))

 

    (4,203,246
   

 

 

 

Total Investments, Net of Options Written — 100.4%
(Cost: $793,467,577)

 

    1,015,232,368  

Liabilities in Excess of Other Assets — (0.4)%

 

    (3,961,543
   

 

 

 

Net Assets — 100.0%

    $  1,011,270,825  
   

 

 

 

 

(a) 

All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

(b) 

Non-income producing security.

(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 Trust held restricted securities with a current value of $294,473,336, representing 29.1% of its net assets as of period end, and an original cost of $308,260,455.

(e) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(f) 

All or a portion of this security is on loan.

(g) 

All or a portion of the security is held by a wholly-owned subsidiary.

(h) 

Affiliate of the Trust.

(i) 

Annualized 7-day yield as of period end.

(j) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

For Trust compliance purposes, the Trust’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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   Value at
12/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net
Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
09/30/22
    Shares
Held at
09/30/22
    Income     Capital Gain
Distributions
from
Underlying
Funds
 

BlackRock Liquidity Funds, T-Fund, Institutional Class

  $  42,574,872     $       $ (18,137,558 )(a)    $     $     $ 24,437,314       24,437,314     $ 220,901     $  

SL Liquidity Series, LLC, Money Market Series

    840,396       1,414,239 (a)            (75     150       2,254,710       2,254,710       28,366 (b)       
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (75   $ 150     $ 26,692,024       $ 249,267     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

 

           
Description    Number of
Contracts
     Expiration
Date
     Exercise Price     

Notional

Amount (000)

               Value  

Call

                  

Adobe, Inc.

     14        10/07/22        USD          400.00        USD       385      $ (70

Advanced Micro Devices, Inc.

     187        10/07/22        USD       102.00        USD       1,185        (187

Airbnb, Inc., Class A

     66        10/07/22        USD       121.00        USD       693        (627

Alphabet, Inc., Class A

     520        10/07/22        USD       115.00        USD       4,974        (780

Amazon.com, Inc.

     78        10/07/22        USD       133.00        USD       881        (234

Analog Devices, Inc.

     56        10/07/22        USD       160.00        USD       780        (280

Apple, Inc.

     157        10/07/22        USD       173.35        USD       2,170         

Apple, Inc.

     183        10/07/22        USD       172.87        USD       2,529         

Atlassian Corp. PLC, Class A

     46        10/07/22        USD       285.00        USD       969        (4,600

Automatic Data Processing, Inc.

     12        10/07/22        USD       245.00        USD       271        (150

Block, Inc.

     81        10/07/22        USD       77.00        USD       445        (162

Broadcom, Inc.

     17        10/07/22        USD       555.00        USD       755        (170

Crowdstrike Holdings, Inc., Class A

     55        10/07/22        USD       190.00        USD       906        (935

 

 

3

 


Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2022

  

BlackRock Science and Technology Trust (BST)

    

 

Exchange-Traded Options Written (continued)

 

           
Description   

Number of

Contracts

    

Expiration

Date

     Exercise Price     

Notional

Amount (000)

               Value  

Call (continued)

                  

Intuit, Inc.

     10        10/07/22        USD       485.00        USD       387      $ (1,500

Lam Research Corp.

     54        10/07/22        USD       510.00        USD       1,976        (216

Marvell Technology, Inc.

     922        10/07/22        USD       52.00        USD       3,956        (1,383

Mastercard, Inc., Class A

     120        10/07/22        USD       340.00        USD       3,412        (4,800

Microsoft Corp.

     133        10/07/22        USD       265.00        USD       3,098        (599

MongoDB, Inc.

     38        10/07/22        USD       390.00        USD       755        (2,850

Netflix, Inc.

     21        10/07/22        USD       240.00        USD       494        (12,075

NVIDIA Corp.

     89        10/07/22        USD       185.00        USD       1,080        (89

PayPal Holdings, Inc.

     138        10/07/22        USD       97.00        USD       1,188        (1,725

S&P Global, Inc.

     14        10/07/22        USD       365.00        USD       427        (2,800

ServiceNow, Inc.

     48        10/07/22        USD       475.00        USD       1,813        (1,920

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

     127        10/07/22        USD       87.00        USD       871        (127

Uber Technologies, Inc.

     375        10/07/22        USD       32.00        USD       994        (563

Unity Software, Inc.

     89        10/07/22        USD       45.00        USD       284        (623

Visa, Inc., Class A

     157        10/07/22        USD       215.00        USD       2,789        (1,570

Zscaler, Inc.

     27        10/07/22        USD       172.50        USD       444        (6,075

Amazon.com, Inc.

     287        10/14/22        USD       135.00        USD       3,243        (2,583

Apple, Inc.

     244        10/14/22        USD       165.00        USD       3,372        (1,342

Atlassian Corp. PLC, Class A

     42        10/14/22        USD       260.00        USD       884        (2,205

Crowdstrike Holdings, Inc., Class A

     70        10/14/22        USD       185.00        USD       1,154        (8,995

Lam Research Corp.

     35        10/14/22        USD       460.00        USD       1,281        (578

Marvell Technology, Inc.

     440        10/14/22        USD       52.00        USD       1,888        (3,740

Mastercard, Inc., Class A

     41        10/14/22        USD       335.00        USD       1,166        (984

MercadoLibre, Inc.

     19        10/14/22        USD       1,050.00        USD       1,573        (3,943

MongoDB, Inc.

     30        10/14/22        USD       270.00        USD       596        (1,200

MongoDB, Inc.

     26        10/14/22        USD       275.00        USD       516        (585

NVIDIA Corp.

     93        10/14/22        USD       150.00        USD       1,129        (1,674

Okta, Inc.

     231        10/14/22        USD       70.00        USD       1,314        (5,313

Oracle Corp.

     85        10/14/22        USD       77.00        USD       519        (1,020

Oracle Corp.

     309        10/14/22        USD       78.00        USD       1,887        (4,326

Roku, Inc.

     57        10/14/22        USD       80.00        USD       321        (485

Salesforce, Inc.

     52        10/14/22        USD       165.00        USD       748        (1,456

ServiceNow, Inc.

     23        10/14/22        USD       500.00        USD       869        (3,220

Snowflake, Inc., Class A

     24        10/14/22        USD       195.00        USD       408        (4,380

Spotify Technology SA

     55        10/14/22        USD       114.00        USD       475        (688

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

     77        10/14/22        USD       84.00        USD       528        (385

Tesla, Inc.

     53        10/14/22        USD       305.00        USD       1,406        (11,103

Tesla, Inc.

     60        10/14/22        USD       310.00        USD       1,592        (9,510

Twilio, Inc., Class A

     36        10/14/22        USD       78.00        USD       249        (3,996

Zscaler, Inc.

     40        10/14/22        USD       177.50        USD       657        (12,280

Adobe, Inc.

     18        10/21/22        USD       425.00        USD       495        (180

Advanced Micro Devices, Inc.

     176        10/21/22        USD       90.00        USD       1,115        (968

Airbnb, Inc., Class A

     22        10/21/22        USD       120.00        USD       231        (2,629

Alphabet, Inc., Class A

     128        10/21/22        USD       117.50        USD       1,224        (832

Analog Devices, Inc.

     25        10/21/22        USD       160.00        USD       348        (563

ANSYS, Inc.

     80        10/21/22        USD       290.00        USD       1,774        (1,200

Apple, Inc.

     357        10/21/22        USD       170.00        USD       4,934        (2,499

Apple, Inc.

     82        10/21/22        USD       165.00        USD       1,133        (984

Apple, Inc.

     157        10/21/22        USD       148.00        USD       2,170        (27,161

Applovin Corp., Class A

     421        10/21/22        USD       35.00        USD       821        (4,210

Aspen Technology, Inc.

     9        10/21/22        USD       230.00        USD       214        (13,770

Automatic Data Processing, Inc.

     51        10/21/22        USD       237.50        USD       1,154        (10,965

Block, Inc.

     49        10/21/22        USD       105.00        USD       269        (196

Cadence Design Systems, Inc.

     222        10/21/22        USD       180.00        USD       3,628        (22,200

CDW Corp.

     121        10/21/22        USD       190.00        USD       1,889        (58,080

Credo Technology Group Holding Ltd.

     963        10/21/22        USD       17.50        USD       1,059        (14,445

Crowdstrike Holdings, Inc., Class A

     30        10/21/22        USD       200.00        USD       494        (2,205

Crowdstrike Holdings, Inc., Class A

     42        10/21/22        USD       190.00        USD       692        (7,140

CS Disco, Inc.

     968        10/21/22        USD       17.50        USD       968        (19,360

Elastic NV

     118        10/21/22        USD       85.00        USD       847        (10,325

Gitlab, Inc., Class A

     294        10/21/22        USD       75.00        USD       1,506        (3,675

Globalfoundries, Inc.

     553        10/21/22        USD       65.00        USD       2,674        (5,530

 

 

C O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S

  4


Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2022

   BlackRock Science and Technology Trust (BST)

 

Exchange-Traded Options Written (continued)

 

           
Description    Number of
Contracts
    

Expiration

Date

     Exercise Price     

Notional

Amount (000)

               Value  

Call (continued)

                  

Intuit, Inc.

     101        10/21/22        USD          460.00        USD       3,912      $ (9,090

Mastercard, Inc., Class A

     75        10/21/22        USD       350.00        USD       2,133        (975

Monolithic Power Systems, Inc.

     39        10/21/22        USD       530.00        USD       1,417        (18,720

Monolithic Power Systems, Inc.

     21        10/21/22        USD       440.00        USD       763        (7,350

Netflix, Inc.

     11        10/21/22        USD       255.00        USD       259        (12,182

Qualcomm, Inc.

     133        10/21/22        USD       140.00        USD       1,503        (1,397

Roku, Inc.

     55        10/21/22        USD       100.00        USD       310        (193

S&P Global, Inc.

     45        10/21/22        USD       380.00        USD       1,374        (12,375

Snowflake, Inc., Class A

     35        10/21/22        USD       182.50        USD       595        (22,925

Spotify Technology SA

     68        10/21/22        USD       115.00        USD       587        (1,190

Tesla, Inc.

     51        10/21/22        USD       300.00        USD       1,353        (28,177

Thoughtworks Holding, Inc.

     101        10/21/22        USD       15.00        USD       106        (1,515

Twilio, Inc., Class A

     35        10/21/22        USD       100.00        USD       242        (403

Unity Software, Inc.

     200        10/21/22        USD       55.00        USD       637        (700

Visa, Inc., Class A

     121        10/21/22        USD       220.00        USD       2,150        (908

Visa, Inc., Class A

     90        10/21/22        USD       210.00        USD       1,599        (720

Wolfspeed, Inc.

     240        10/21/22        USD       110.00        USD       2,481        (94,800

Wolfspeed, Inc.

     121        10/21/22        USD       120.00        USD       1,251        (18,755

Wolfspeed, Inc.

     239        10/21/22        USD       130.00        USD       2,470        (13,145

ZoomInfo Technologies, Inc., Class A

     535        10/21/22        USD       50.00        USD       2,229        (14,712

Zscaler, Inc.

     34        10/21/22        USD       185.00        USD       559        (9,622

Accenture PLC, Class A

     54        10/28/22        USD       275.00        USD       1,389        (14,985

Adobe, Inc.

     14        10/28/22        USD       300.00        USD       385        (5,810

Advanced Micro Devices, Inc.

     152        10/28/22        USD       76.00        USD       963        (9,348

Airbnb, Inc., Class A

     50        10/28/22        USD       115.00        USD       525        (15,300

Amazon.com, Inc.

     378        10/28/22        USD       134.00        USD       4,271        (28,539

Analog Devices, Inc.

     62        10/28/22        USD       155.00        USD       864        (6,200

Apple, Inc.

     357        10/28/22        USD       160.00        USD       4,934        (23,383

Apple, Inc.

     23        10/28/22        USD       157.50        USD       318        (2,151

Block, Inc.

     145        10/28/22        USD       73.00        USD       797        (6,598

Broadcom, Inc.

     26        10/28/22        USD       555.00        USD       1,154        (585

Intuit, Inc.

     19        10/28/22        USD       440.00        USD       736        (7,457

Lam Research Corp.

     24        10/28/22        USD       450.00        USD       878        (3,456

Marvell Technology, Inc.

     440        10/28/22        USD       52.00        USD       1,888        (14,300

Marvell Technology, Inc.

     78        10/28/22        USD       50.00        USD       335        (4,407

MercadoLibre, Inc.

     15        10/28/22        USD       915.00        USD       1,242        (42,825

Microsoft Corp.

     432        10/28/22        USD       255.00        USD       10,061        (128,088

MongoDB, Inc.

     28        10/28/22        USD       300.00        USD       556        (6,300

Okta, Inc.

     12        10/28/22        USD       73.00        USD       68        (540

PayPal Holdings, Inc.

     136        10/28/22        USD       100.00        USD       1,171        (14,484

S&P Global, Inc.

     53        10/28/22        USD       330.00        USD       1,618        (23,982

Salesforce, Inc.

     100        10/28/22        USD       170.00        USD       1,438        (6,500

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

     172        10/28/22        USD       78.00        USD       1,179        (8,600

Tesla, Inc.

     64        10/28/22        USD       305.00        USD       1,698        (41,600

Unity Software, Inc.

     190        10/28/22        USD       39.00        USD       605        (17,100

Zscaler, Inc.

     54        10/28/22        USD       180.00        USD       888        (28,890

Alphabet, Inc., Class A

     175        11/04/22        USD       104.00        USD       1,674        (34,825

Apple, Inc.

     158        11/04/22        USD       162.50        USD       2,184        (10,665

Atlassian Corp. PLC, Class A

     84        11/04/22        USD       240.00        USD       1,769        (74,760

Automatic Data Processing, Inc.

     51        11/04/22        USD       245.00        USD       1,154        (13,770

Crowdstrike Holdings, Inc., Class A

     44        11/04/22        USD       180.00        USD       725        (26,400

Intuit, Inc.

     20        11/04/22        USD       420.00        USD       775        (18,400

Marvell Technology, Inc.

     291        11/04/22        USD       48.00        USD       1,249        (35,793

Mastercard, Inc., Class A

     182        11/04/22        USD       305.00        USD       5,175        (98,280

MercadoLibre, Inc.

     7        11/04/22        USD       950.00        USD       579        (22,260

Microsoft Corp.

     173        11/04/22        USD       250.00        USD       4,029        (81,310

MongoDB, Inc.

     60        11/04/22        USD       230.00        USD       1,191        (45,900

Netflix, Inc.

     32        11/04/22        USD       260.00        USD       753        (38,640

NVIDIA Corp.

     95        11/04/22        USD       140.00        USD       1,153        (25,032

Okta, Inc.

     43        11/04/22        USD       62.00        USD       245        (11,889

Oracle Corp.

     101        11/04/22        USD       66.00        USD       617        (6,414

PayPal Holdings, Inc.

     281        11/04/22        USD       93.00        USD       2,419        (98,350

 

 

5

 


Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2022

  

BlackRock Science and Technology Trust (BST)

    

 

Exchange-Traded Options Written (continued)

 

           
Description   

Number of

Contracts

     Expiration
Date
     Exercise Price     

Notional

Amount (000)

               Value  

Call (continued)

                  

Roku, Inc.

     57        11/04/22        USD       68.00        USD       321      $ (17,100

ServiceNow, Inc.

     25        11/04/22        USD          420.00        USD       944        (26,875

Spotify Technology SA

     51        11/04/22        USD       98.00        USD       440        (16,320

Tesla, Inc.

     61        11/04/22        USD       315.00        USD       1,618        (37,210

Twilio, Inc., Class A

     95        11/04/22        USD       81.00        USD       657        (32,300

Unity Software, Inc.

     149        11/04/22        USD       40.00        USD       475        (17,209

Visa, Inc., Class A

     102        11/04/22        USD       190.00        USD       1,812        (32,844

Zscaler, Inc.

     34        11/04/22        USD       185.00        USD       559        (18,445

Gitlab, Inc., Class A

     344        11/09/22        USD       56.70        USD       1,762        (105,042

Accenture PLC, Class A

     99        11/11/22        USD       275.00        USD       2,547        (43,560

Alphabet, Inc., Class A

     175        11/11/22        USD       105.00        USD       1,674        (36,225

Microsoft Corp.

     173        11/11/22        USD       250.00        USD       4,029        (94,717

Netflix, Inc.

     37        11/11/22        USD       260.00        USD       871        (48,655

Tesla, Inc.

     135        11/11/22        USD       300.00        USD       3,581        (154,912

Applovin Corp., Class A

     403        11/18/22        USD       30.00        USD       785        (17,127

Atlassian Corp. PLC, Class A

     10        11/18/22        USD       280.00        USD       211        (3,300

AvidXchange Holdings, Inc.

     434        11/18/22        USD       10.00        USD       365        (14,105

Broadcom, Inc.

     57        11/18/22        USD       530.00        USD       2,531        (11,257

Cadence Design Systems, Inc.

     270        11/18/22        USD       180.00        USD       4,413        (101,250

CDW Corp.

     87        11/18/22        USD       182.00        USD       1,358        (13,978

Credo Technology Group Holding Ltd.

     855        11/18/22        USD       17.50        USD       941        (21,375

Credo Technology Group Holding Ltd.

     965        11/18/22        USD       13.60        USD       1,062        (39,161

Elastic NV

     6        11/18/22        USD       90.00        USD       43        (1,050

Gitlab, Inc., Class A

     123        11/18/22        USD       65.00        USD       630        (19,680

Monolithic Power Systems, Inc.

     41        11/18/22        USD       450.00        USD       1,490        (28,700

Okta, Inc.

     44        11/18/22        USD       65.00        USD       250        (12,144

Qualcomm, Inc.

     50        11/18/22        USD       135.00        USD       565        (7,400

Roku, Inc.

     55        11/18/22        USD       90.00        USD       310        (4,373

ServiceNow, Inc.

     25        11/18/22        USD       510.00        USD       944        (5,063

Tesla, Inc.

     64        11/18/22        USD       306.67        USD       1,698        (68,320

Thoughtworks Holding, Inc.

     686        11/18/22        USD       15.00        USD       720        (24,010

Twilio, Inc., Class A

     139        11/18/22        USD       90.00        USD       961        (31,414

Visa, Inc., Class A

     98        11/18/22        USD       205.00        USD       1,741        (11,368

Wolfspeed, Inc.

     250        11/18/22        USD       114.75        USD       2,584        (163,273

ZoomInfo Technologies, Inc., Class A

     417        11/18/22        USD       49.00        USD       1,737        (57,511

Zscaler, Inc.

     27        11/18/22        USD       185.00        USD       444        (20,452

Zscaler, Inc.

     29        11/18/22        USD       200.00        USD       477        (11,890
                  

 

 

 
                   $  (3,085,803
                  

 

 

 

OTC Options Written

 

             
Description    Counterparty   

Number of

Contracts

    

Expiration

Date

     Exercise Price     

Notional

Amount (000)

             Value  

Call

                     

Soitec SA

   Morgan Stanley & Co. International PLC      2,250        10/05/22        EUR       166.06        EUR       267      $  

Thoughtworks Holding, Inc.

   Barclays Bank PLC      12,800        10/05/22        USD       17.94        USD       134         

GMO Payment Gateway, Inc.

   UBS AG      8,200        10/11/22        JPY       11,697.00        JPY       81,590        (142

Soitec SA

   Morgan Stanley & Co. International PLC      2,250        10/12/22        EUR       166.06        EUR       267        (4

Soitec SA

   UBS AG      1,800        10/12/22        EUR       163.66        EUR       214        (3

Kakao Corp.

   Goldman Sachs International      37,600        10/18/22        USD       78,540.00        USD       2,146,960        (528

Meituan, Class B

   Bank of America N.A.      52,000        10/18/22        HKD       179.20        HKD       8,611        (22,395

Samsung SDI Co. Ltd.

   Goldman Sachs International      10,600        10/18/22        USD       616,350.00        USD       5,787,600        (9,420

Soitec SA

   UBS AG      7,100        10/18/22        EUR       140.64        EUR       842        (2,149

GMO Payment Gateway, Inc.

   JPMorgan Chase Bank N.A.      12,800        10/19/22        JPY       11,328.59        JPY       127,360        (2,717

ANSYS, Inc.

   Citibank N.A.      7,800        11/01/22        USD       264.01        USD       1,729        (6,883

Kakao Corp.

   BNP Paribas SA      29,300        11/02/22        USD       73,502.17        USD       1,673,030        (777

SiteMinder Ltd.

   UBS AG      22,000        11/02/22        AUD       3.62        AUD       68        (1,037

Soitec SA

   JPMorgan Chase Bank N.A.      3,400        11/02/22        EUR       149.19        EUR       403        (1,036

Wise PLC, Class A

   Goldman Sachs International      150,000        11/02/22        GBP       5.80        GBP       991        (162,455

Xero Ltd.

   UBS AG      8,500        11/02/22        AUD       97.29        AUD       625        (574

 

 

C O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S

  6


Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2022

   BlackRock Science and Technology Trust (BST)

 

OTC Options Written (continued)

 

             
Description    Counterparty   

Number of

Contracts

    

Expiration

Date

     Exercise Price     

Notional

Amount (000)

               Value  

Call (continued)

                     

Thoughtworks Holding, Inc.

   Citibank N.A.      40,500        11/03/22        USD       13.58        USD       425      $ (3,111

Alibaba Group Holding Ltd.

   Bank of America N.A.      107,600        11/04/22        HKD       92.49        HKD       8,387        (17,394

ASML Holding NV

   Barclays Bank PLC      18,000        11/04/22        EUR       494.88        EUR       7,805        (88,644

STMicroelectronics NV

   UBS AG      18,300        11/04/22        EUR       37.30        EUR       590        (5,314

Alphawave IP Group PLC

   Goldman Sachs International      62,000        11/08/22        GBP       1.59        GBP       85        (2,966

Meituan, Class B

   BNP Paribas SA      54,900        11/08/22        HKD       179.50        HKD       9,091        (47,632

Wolfspeed, Inc.

   JPMorgan Chase Bank N.A.      24,300        11/08/22        USD       114.84        USD       2,512        (146,671

Alibaba Group Holding Ltd.

   BNP Paribas SA      99,300        11/10/22        HKD       88.79        HKD       7,740        (29,317

ASM International NV

   Credit Suisse International      12,200        11/10/22        EUR       279.48        EUR       2,852        (36,289

Dassault Systèmes SE

   Morgan Stanley & Co. International PLC      65,000        11/10/22        EUR       36.50        EUR       2,323        (78,607

SiteMinder Ltd.

   UBS AG      9,000        11/10/22        AUD       3.53        AUD       28        (669

Soitec SA

   Goldman Sachs International      14,000        11/10/22        EUR       134.89        EUR       1,661        (27,708

STMicroelectronics NV

   JPMorgan Chase Bank N.A.      39,100        11/10/22        EUR       36.83        EUR       1,261        (17,969

Wuxi Lead Intelligent Equipment Co., Ltd., Class A

   JPMorgan Chase Bank N.A.      107,000        11/10/22        USD       53.87        USD       5,035        (10,784

Adyen NV

   Goldman Sachs International      2,500        11/15/22        EUR       1,357.44        EUR       3,255        (162,313

GMO Payment Gateway, Inc.

   BNP Paribas SA      8,200        11/15/22        JPY         10,429.94        JPY            81,590        (20,025

SiteMinder Ltd

   Societe Generale      46,000        11/15/22        AUD       3.13        AUD       142        (7,653

Soitec SA

   Goldman Sachs International      14,000        11/15/22        EUR       134.89        EUR       1,661        (32,024

Wuxi Lead Intelligent Equipment Co., Ltd., Class A

   UBS AG      216,700        11/15/22        USD       53.09        USD       10,198        (29,881

Xero Ltd.

   UBS AG      50,000        11/15/22        AUD       82.84        AUD       3,676        (53,955

STMicroelectronics NV

   JPMorgan Chase Bank N.A.      36,000        11/17/22        EUR       35.01        EUR       1,161        (34,500

Wise PLC, Class A

   Morgan Stanley & Co. International PLC      100,000        11/17/22        GBP       7.27        GBP       661        (45,659

Thoughtworks Holding, Inc.

   Citibank N.A.      22,300        11/29/22        USD       12.66        USD       234        (8,238
                     

 

 

 
                      $ (1,117,443
                     

 

 

 

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 Trust 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 Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

Certain investments of the Trust were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

 

 

7

 


Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2022

  

BlackRock Science and Technology Trust (BST)

    

 

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

 

         
      Level 1        Level 2        Level 3        Total  

Assets

                 

Investments

                 

Long-Term Investments

                 

Common Stocks

                 

Automobiles

   $ 28,821,269        $        $        $ 28,821,269  

Banks

                       5,584,603          5,584,603  

Capital Markets

     7,623,979                            7,623,979  

Diversified Consumer Services

                       2,896,869          2,896,869  

Electronic Equipment, Instruments & Components

     7,243,361          8,933,032                   16,176,393  

Entertainment

     11,495,633                            11,495,633  

Hotels, Restaurants & Leisure

     3,225,253                            3,225,253  

Interactive Media & Services

     30,016,743          6,070,948                   36,087,691  

Internet & Direct Marketing Retail

     26,235,656          9,582,006          153,131          35,970,793  

IT Services

     101,277,956          19,317,564          35,022,220          155,617,740  

Machinery

              4,742,215                   4,742,215  

Professional Services

              5,054,532                   5,054,532  

Road & Rail

     4,982,875                   4,906,218          9,889,093  

Semiconductors & Semiconductor Equipment

     123,883,359          41,254,649                   165,138,008  

Software

     175,389,442          15,245,616          23,456,409          214,091,467  

Technology Hardware, Storage & Peripherals

     67,874,166                            67,874,166  

Convertible Notes

                       7,740,000          7,740,000  

Preferred Securities

                 

Preferred Stocks

                       214,664,227          214,664,227  

Warrants

                       49,659          49,659  

Short-Term Securities

                 

Money Market Funds

     24,437,314                            24,437,314  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     612,507,006        $     110,200,562        $     294,473,336          1,017,180,904  
  

 

 

      

 

 

      

 

 

      

 

 

 

Investments Valued at NAV(a)

                    2,254,710  
                 

 

 

 
                  $  1,019,435,614  
                 

 

 

 

Derivative Financial Instruments(b)

                 

Equity Contracts

   $        $        $        $  

Liabilities

                 

Equity Contracts

     (2,706,838        (1,496,408                 (4,203,246
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ (2,706,838      $ (1,496,408      $        $ (4,203,246
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Certain investments of the Trust were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

 
  (b) 

Derivative financial instruments are options written. Options written are shown at value.

 

A reconciliation of Level 3 financial instruments is presented when the Trust 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

   

Convertible

Notes

    Preferred Stocks     Warrants     Total  

 

 

Assets

         

Opening balance, as of December 31, 2021

  $ 119,431,663     $ 8,000,000     $ 240,189,562     $ 117,749     $ 367,738,974  

Transfers into Level 3

                             

Transfers out of Level 3

                             

Accrued discounts/premiums

                             

Net realized gain (loss)

                             

Net change in unrealized appreciation (depreciation)(a)

    (57,412,212     (260,000     (50,120,791     (68,090     (107,861,093

Purchases

    11,998,434             29,999,955             41,998,389  

Sales

    (1,998,435           (5,404,499           (7,402,934
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Closing balance, as of September 30, 2022

  $ 72,019,450     $ 7,740,000     $ 214,664,227     $ 49,659     $ 294,473,336  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022(a)

  $ (59,157,939   $ (260,000   $ (47,149,593   $ (68,089   $ (106,635,621
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

  (a) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

 

 

 

C O N S O L I D A T E D   S C H E D U L E   O F   I N V E S T M E N T S

  8


Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2022

   BlackRock Science and Technology Trust (BST)

 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee to determine the value of certain of the Trust’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

  $ 72,019,450          Market      Revenue Multiple        3.00x - 28.00x       11.70x  
          Volatility        44% - 75%       63%  
          Time to Exit        1.0 - 4.0 years       2.9 years  
         Income      Exit Multiple        9.50x        
          Discount        15%        

Convertible Notes

    7,740,000          Income      Discount Rate        21%        
         Market      Volatility        80%        
          Revenue Multiple        3.50x        

Preferred Stocks

    214,664,227          Market      Revenue Multiple        3.15x - 29.00x       13.96x  
          Volatility        50% - 75%       62%  
          Time to Exit        3.0 - 5.0 years       4.1 years  
          Market Adjustment Multiple        0.90x - 1.00x       0.96x  
          Gross Profit Multiple        11.89x        

Warrants

    49,659          Market      Volatility        44%        
          Time to Exit        1.0 year        
 

 

 

                
  $   294,473,336                 
 

 

 

                

 

  (a) 

A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

 

The fund valued certain of its Level 3 investments using recent prior transaction prices as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable, is $14,438,985 as of September 30, 2022.

 

Currency Abbreviation
AUD    Australian Dollar
EUR    Euro
GBP    British Pound
HKD    Hong Kong Dollar
JPY    Japanese Yen
USD    United States Dollar
Portfolio Abbreviation
ADR    American Depositary Receipt
S&P    Standard & Poor’s

 

 

9