|
2025 Quarterly Report
(Unaudited)
|
|
BlackRock Science and Technology Trust (BST)
|
|
Not FDIC Insured • May Lose Value • No Bank Guarantee
|
|
Security
|
|
Shares
|
Value
|
|
Common Stocks
|
|||
|
Automobiles — 0.3%
|
|
||
|
Tesla, Inc.(a)
|
|
14,382
|
$ 3,727,239
|
|
Broadline Retail — 4.3%
|
|
||
|
Alibaba Group Holding Ltd., ADR
|
|
44,736
|
5,915,441
|
|
Amazon.com, Inc.(a)
|
|
169,938
|
32,332,404
|
|
MercadoLibre, Inc.(a)
|
|
6,902
|
13,464,905
|
|
|
|
|
51,712,750
|
|
Capital Markets — 0.5%
|
|
||
|
S&P Global, Inc.
|
|
12,313
|
6,256,235
|
|
Communications Equipment — 0.5%
|
|
||
|
Arista Networks, Inc.(a)
|
|
76,490
|
5,926,445
|
|
Diversified Consumer Services(b)(c) — 0.8%
|
|
||
|
Grammarly, Inc., (Acquired 11/17/21, Cost:
$18,749,975)(a)
|
|
715,323
|
9,363,578
|
|
Think & Learn Private Ltd., Class J-B, (Acquired
09/30/20, Cost: $1,524,948)
|
|
997
|
—
|
|
|
|
|
9,363,578
|
|
Electrical Equipment — 0.5%
|
|
||
|
Vertiv Holdings Co., Class A
|
|
81,837
|
5,908,631
|
|
Electronic Equipment, Instruments & Components — 0.6%
|
|
||
|
Coherent Corp.(a)
|
|
101,950
|
6,620,633
|
|
Entertainment(a) — 3.6%
|
|
||
|
Krafton, Inc.
|
|
28,734
|
6,571,175
|
|
Spotify Technology SA(d)
|
|
46,129
|
25,372,334
|
|
Take-Two Interactive Software, Inc.
|
|
52,968
|
10,977,618
|
|
|
|
|
42,921,127
|
|
Financial Services — 2.4%
|
|
||
|
Mastercard, Inc., Class A
|
|
36,006
|
19,735,609
|
|
Plaid
|
|
42,651
|
8,699,806
|
|
|
|
|
28,435,415
|
|
Industrial Conglomerates — 0.8%
|
|
||
|
Hitachi Ltd.
|
|
433,400
|
10,175,973
|
|
Interactive Media & Services — 4.8%
|
|
||
|
Alphabet, Inc., Class A
|
|
91,940
|
14,217,601
|
|
Meta Platforms, Inc., Class A
|
|
73,311
|
42,253,528
|
|
Patreon, Inc., (Acquired 08/19/21, Cost:
$3,352,227)(a)(b)(c)
|
|
59,524
|
1,363,695
|
|
|
|
|
57,834,824
|
|
IT Services — 4.1%
|
|
||
|
Automattic, Inc., (Acquired 02/03/21, Cost:
$7,999,945)(b)(c)
|
|
94,117
|
2,920,451
|
|
Farmer’s Business Network, Inc.(a)(b)
|
|
203,366
|
412,833
|
|
Klarna Holdings AB, (Acquired 08/07/19, Cost:
$7,971,978)(b)(c)
|
|
317,160
|
12,058,125
|
|
MongoDB, Inc., Class A(a)
|
|
44,686
|
7,837,924
|
|
Shopify, Inc., Class A(a)
|
|
90,618
|
8,643,598
|
|
Snowflake, Inc., Class A(a)
|
|
116,069
|
16,964,645
|
|
|
|
|
48,837,576
|
|
Professional Services — 1.3%
|
|
||
|
RELX PLC
|
|
298,055
|
14,971,488
|
|
Semiconductors & Semiconductor Equipment — 25.1%
|
|
||
|
ARM Holdings PLC, ADR(a)(d)
|
|
87,354
|
9,328,534
|
|
ASM International NV
|
|
17,373
|
7,916,754
|
|
Security
|
|
Shares
|
Value
|
|
Semiconductors & Semiconductor Equipment (continued)
|
|
||
|
ASML Holding NV
|
|
16,314
|
$ 10,796,167
|
|
Broadcom, Inc.(e)
|
|
357,391
|
59,837,975
|
|
Celestial Asia Securities Holdings Ltd.(b)
|
|
588,496
|
9,663,104
|
|
Credo Technology Group Holding Ltd.(a)
|
|
275,895
|
11,079,943
|
|
Intel Corp.
|
|
223,978
|
5,086,540
|
|
Lam Research Corp.
|
|
134,107
|
9,749,579
|
|
Micron Technology, Inc.
|
|
143,320
|
12,453,075
|
|
NVIDIA Corp.(f)
|
|
1,326,166
|
143,729,871
|
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
|
|
116,848
|
19,396,768
|
|
|
|
|
299,038,310
|
|
Software — 23.1%
|
|
||
|
AppLovin Corp., Class A(a)
|
|
32,243
|
8,543,428
|
|
Atlassian Corp. Ltd., Class A(a)
|
|
44,143
|
9,367,586
|
|
Autodesk, Inc.(a)
|
|
30,312
|
7,935,682
|
|
Cadence Design Systems, Inc.(a)
|
|
104,915
|
26,683,032
|
|
Canva, Inc.(a)(b)
|
|
9,375
|
9,899,625
|
|
Constellation Software, Inc./Canada
|
|
4,035
|
12,778,561
|
|
Crowdstrike Holdings, Inc., Class A(a)
|
|
30,021
|
10,584,804
|
|
CyberArk Software Ltd.(a)
|
|
28,927
|
9,777,326
|
|
Databricks, Inc., (Acquired 07/24/20, Cost:
$960,476)(b)(c)
|
|
59,997
|
5,549,722
|
|
DataRobot, Inc., (Acquired 03/01/21, Cost:
$583,275)(a)(b)(c)
|
|
38,789
|
50,038
|
|
Guidewire Software, Inc.(a)
|
|
50,446
|
9,451,563
|
|
Microsoft Corp.(e)
|
|
259,819
|
97,533,454
|
|
Oracle Corp.
|
|
180,471
|
25,231,651
|
|
Palo Alto Networks, Inc.(a)
|
|
46,091
|
7,864,968
|
|
ServiceNow, Inc.(a)
|
|
24,477
|
19,487,119
|
|
Snorkel AI, Inc., (Acquired 06/30/21, Cost:
$997,636)(b)(c)
|
|
66,422
|
595,141
|
|
Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost:
$5,192,307)(b)(c)
|
|
361,972
|
2,349,198
|
|
Teya Services Ltd., Series C, (Acquired 12/17/21, Cost:
$24,999,987)(a)(b)(c)
|
|
12,871
|
3,587,405
|
|
Xero Ltd.(a)
|
|
80,668
|
7,884,775
|
|
|
|
|
275,155,078
|
|
Specialty Retail — 0.0%
|
|
||
|
AceVector Limited, Series I, (Acquired 08/31/18, Cost:
$1,998,435)(a)(b)(c)
|
|
168,640
|
54,061
|
|
Technology Hardware, Storage & Peripherals — 7.7%
|
|
||
|
Apple, Inc.(e)
|
|
415,869
|
92,376,981
|
|
Wireless Telecommunication Services — 0.5%
|
|
||
|
SoftBank Group Corp.
|
|
105,700
|
5,406,544
|
|
Total Common Stocks — 80.9%
(Cost: $479,919,824)
|
964,722,888
|
||
|
|
|
Par
(000)
|
|
|
Convertible Notes
|
|||
|
Financial Services — 0.0%
|
|||
|
Wyre, Inc., (Acquired 12/14/21, Cost: $8,000,000),
0.00%, 12/08/24(b)(c)
|
$
|
80
|
1
|
|
Security
|
|
Par
(000)
|
Value
|
|
IT Services — 0.1%
|
|||
|
Voltron Capital, 0.00%(b)
|
$
|
1,663
|
$ 1,895,290
|
|
Total Convertible Notes — 0.1%
(Cost: $9,662,535)
|
1,895,291
|
||
|
|
|
Shares
|
|
|
Preferred Securities
|
|||
|
Preferred Stocks — 18.8%(b)
|
|||
|
Aerospace & Defense — 3.3%
|
|
||
|
Anduril Industries, Inc.(a)
|
|
920,107
|
38,819,314
|
|
Chemicals — 0.4%
|
|
||
|
Solugen, Inc., Series C, (Acquired 09/02/21, Cost:
$9,999,977)(a)(c)
|
|
269,284
|
4,168,516
|
|
Communications Equipment — 0.6%
|
|
||
|
Astranis, Series D(a)
|
|
856,310
|
7,518,402
|
|
Consumer Staples Distribution & Retail — 1.0%
|
|
||
|
Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost:
$6,999,994)(a)(c)
|
|
709,724
|
12,398,878
|
|
Diversified Consumer Services(c) — 0.3%
|
|
||
|
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost:
$6,249,992)(a)
|
|
238,441
|
3,121,193
|
|
Think & Learn Private Ltd., Series F, (Acquired 09/30/20,
Cost: $3,052,975)
|
|
1,054
|
—
|
|
|
|
|
3,121,193
|
|
Diversified Telecommunication Services — 0.2%
|
|
||
|
Discord, Inc., Series I, (Acquired 09/13/21, Cost:
$7,000,088)(a)(c)
|
|
12,713
|
2,722,107
|
|
Financial Services(c) — 1.3%
|
|
||
|
Trumid Holdings LLC
|
|
|
|
|
Class J-A, (Acquired 07/24/20, Cost: $2,499,716)
|
|
5,038
|
3,655,573
|
|
Class J-B, (Acquired 07/24/20, Cost: $1,499,830)
|
|
5,038
|
3,655,573
|
|
Class L, (Acquired 09/15/21, Cost: $9,999,694)
|
|
11,420
|
8,286,352
|
|
|
|
|
15,597,498
|
|
Interactive Media & Services(a)(c) — 0.7%
|
|
||
|
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost:
$2,857,834)
|
|
24,110
|
5,215,475
|
|
Patreon, Inc., Series D, (Acquired 07/14/21, Cost:
$6,666,632)
|
|
119,047
|
2,727,367
|
|
|
|
|
7,942,842
|
|
IT Services(c) — 2.1%
|
|
||
|
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost:
$2,999,391)(a)
|
|
493,493
|
39,480
|
|
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost:
$24,999,980)(a)
|
|
1,088,598
|
15,577,837
|
|
TRAX Ltd.
|
|
|
|
|
(Acquired 02/18/21, Cost: $1,999,989)(a)
|
|
38,361
|
731,928
|
|
(Acquired 09/12/19, Cost: $4,000,012)
|
|
106,667
|
2,035,206
|
|
Security
|
|
Shares
|
Value
|
|
IT Services (continued)
|
|
||
|
Voltron Data, Inc.(a)
|
|
|
|
|
Series A, (Acquired 01/18/22, Cost: $10,000,000)
|
|
6,201,935
|
$ 4,093,277
|
|
Series SEED, (Acquired 07/14/21, Cost: $5,000,000)
|
|
9,090,909
|
2,000,000
|
|
|
|
|
24,477,728
|
|
Professional Services — 0.3%
|
|
||
|
ANT Group Co. Ltd., Series C
|
|
1,703,548
|
3,969,267
|
|
Semiconductors & Semiconductor Equipment — 4.8%
|
|
||
|
Celestial Asia Securities Holdings Ltd.
|
|
|
|
|
Series A
|
|
185,582
|
3,047,256
|
|
Series B
|
|
139,646
|
2,292,987
|
|
PsiQuantum Corp.(c)
|
|
|
|
|
Series C, (Acquired 09/09/19, Cost: $3,200,234)
|
|
690,003
|
23,273,801
|
|
Series D, (Acquired 05/21/21, Cost: $5,000,025)(a)
|
|
190,650
|
7,132,217
|
|
Rivos, Inc.(a)
|
|
|
|
|
Series A1
|
|
2,700,558
|
5,941,228
|
|
Series A2
|
|
2,464,862
|
4,880,427
|
|
Series A3
|
|
1,027,026
|
2,033,511
|
|
SambaNova Systems, Inc., Series C, (Acquired
02/20/20, Cost: $9,972,126)(c)
|
|
187,300
|
8,574,594
|
|
|
|
|
57,176,021
|
|
Software(c) — 3.4%
|
|
||
|
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost:
$0)(a)
|
|
598,682
|
6
|
|
Databricks, Inc.
|
|
|
|
|
Series F, (Acquired 10/22/19, Cost: $3,999,999)
|
|
279,405
|
25,844,963
|
|
Series G, (Acquired 02/01/21, Cost: $4,500,001)
|
|
76,113
|
7,040,453
|
|
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost:
$2,999,996)
|
|
228,276
|
883,428
|
|
Prosimo, Inc., Series B, (Acquired 11/04/21, Cost:
$4,999,998)(a)
|
|
2,515,811
|
25
|
|
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost:
$4,999,985)(a)
|
|
332,896
|
2,982,748
|
|
Snyk Ltd., Series F, (Acquired 09/02/21, Cost:
$4,807,688)(a)
|
|
337,018
|
2,187,247
|
|
Unqork, Inc.
|
|
|
|
|
Series B, (Acquired 09/19/19, Cost: $3,198,417)
|
|
281,080
|
1,596,534
|
|
Series C, (Acquired 09/18/20, Cost: $1,303,260)
|
|
47,600
|
343,196
|
|
|
|
|
40,878,600
|
|
Technology Hardware, Storage & Peripherals — 0.4%
|
|
||
|
PsiQuantum Corp., Series E
|
|
121,615
|
5,000,809
|
|
|
223,791,175
|
||
|
Total Preferred Securities — 18.8%
(Cost: $213,077,105)
|
223,791,175
|
||
|
Security
|
|
Shares
|
Value
|
|
Warrants
|
|||
|
Software — 0.0%
|
|
||
|
Constellation Software, Inc., (Issued 08/29/23, 1 Share
for 1 Warrant, Expires 03/31/40, Strike Price CAD
11.50)(a)(b)
|
|
3,923
|
$ —
|
|
Total Warrants — 0.0%
(Cost: $ — )
|
—
|
||
|
Total Long-Term Investments — 99.8%
(Cost: $702,659,464)
|
1,190,409,354
|
||
|
Short-Term Securities
|
|||
|
Money Market Funds — 1.1%
|
|
||
|
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.50%(g)(h)(i)
|
|
6,735,732
|
6,739,100
|
|
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.22%(g)(h)
|
|
6,070,228
|
6,070,228
|
|
Total Short-Term Securities — 1.1%
(Cost: $12,809,328)
|
12,809,328
|
||
|
Total Investments Before Options Written — 100.9%
(Cost: $715,468,792)
|
1,203,218,682
|
||
|
Options Written — (0.2)%
(Premiums Received: $(6,506,600))
|
(2,065,787
)
|
||
|
Total Investments, Net of Options Written — 100.7%
(Cost: $708,962,192)
|
1,201,152,895
|
||
|
Liabilities in Excess of Other Assets — (0.7)%
|
(8,529,046
)
|
||
|
Net Assets — 100.0%
|
$ 1,192,623,849
|
||
|
(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 Trust held restricted
securities with a current value of $188,179,389, representing 15.8% of its net assets
as of
period end, and an original cost of $237,139,022.
|
|
(d)
|
All or a portion of this security is on loan.
|
|
(e)
|
All or a portion of the security has been pledged and/or segregated as collateral
in
connection with outstanding exchange-traded options written.
|
|
(f)
|
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
|
|
(g)
|
Affiliate of the Trust.
|
|
(h)
|
Annualized 7-day yield as of period end.
|
|
(i)
|
All or a portion of this security was purchased with the cash collateral from loaned
securities.
|
|
Affiliated Issuer
|
Value at
12/31/24
|
Purchases
at Cost
|
Proceeds
from Sales
|
Net
Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Value at
03/31/25
|
Shares
Held at
03/31/25
|
Income
|
Capital Gain
Distributions
from
Underlying
Funds
|
|
BlackRock Cash Funds: Institutional, SL Agency Shares
|
$ 565,400
|
$ 6,173,394
(a)
|
$ —
|
$ 306
|
$ —
|
$ 6,739,100
|
6,735,732
|
$ 2,743
(b)
|
$ —
|
|
BlackRock Liquidity Funds, T-Fund, Institutional Shares
|
1,644,863
|
4,425,365
(a)
|
—
|
—
|
—
|
6,070,228
|
6,070,228
|
119,269
|
—
|
|
|
|
|
|
$ 306
|
$ —
|
$ 12,809,328
|
|
$ 122,012
|
$ —
|
|
(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.
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Exercise Price
|
Notional
Amount (000)
|
Value
|
||
|
Call
|
|
|
|
|
|
|
|
|
Apple, Inc.
|
285
|
04/04/25
|
USD
|
255.00
|
USD
|
6,331
|
$ (285
)
|
|
ARM Holdings PLC, ADR
|
179
|
04/04/25
|
USD
|
142.00
|
USD
|
1,912
|
(12,888
)
|
|
Broadcom, Inc.
|
98
|
04/04/25
|
USD
|
215.00
|
USD
|
1,641
|
(196
)
|
|
Lam Research Corp.
|
40
|
04/04/25
|
USD
|
85.00
|
USD
|
291
|
(80
)
|
|
Micron Technology, Inc.
|
314
|
04/04/25
|
USD
|
107.00
|
USD
|
2,728
|
(785
)
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Exercise Price
|
Notional
Amount (000)
|
Value
|
||
|
Call (continued)
|
|
|
|
|
|
|
|
|
Microsoft Corp.
|
177
|
04/04/25
|
USD
|
430.00
|
USD
|
6,644
|
$ (177
)
|
|
NVIDIA Corp.
|
402
|
04/04/25
|
USD
|
126.00
|
USD
|
4,357
|
(1,005
)
|
|
Oracle Corp.
|
80
|
04/04/25
|
USD
|
175.00
|
USD
|
1,118
|
(160
)
|
|
Palo Alto Networks, Inc.
|
46
|
04/04/25
|
USD
|
200.00
|
USD
|
785
|
(483
)
|
|
Snowflake, Inc., Class A
|
28
|
04/04/25
|
USD
|
210.00
|
USD
|
409
|
(56
)
|
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
|
16
|
04/04/25
|
USD
|
210.00
|
USD
|
266
|
(32
)
|
|
Vertiv Holdings Co., Class A
|
158
|
04/04/25
|
USD
|
112.00
|
USD
|
1,141
|
(790
)
|
|
Atlassian Corp. Ltd., Class A
|
35
|
04/11/25
|
USD
|
295.00
|
USD
|
743
|
(1,750
)
|
|
Broadcom, Inc.
|
48
|
04/11/25
|
USD
|
210.00
|
USD
|
804
|
(264
)
|
|
Intel Corp.
|
183
|
04/11/25
|
USD
|
23.00
|
USD
|
416
|
(16,012
)
|
|
Lam Research Corp.
|
228
|
04/11/25
|
USD
|
81.00
|
USD
|
1,658
|
(4,902
)
|
|
NVIDIA Corp.
|
212
|
04/11/25
|
USD
|
138.00
|
USD
|
2,298
|
(2,544
)
|
|
Palo Alto Networks, Inc.
|
46
|
04/11/25
|
USD
|
200.00
|
USD
|
785
|
(1,196
)
|
|
Alphabet, Inc., Class A
|
155
|
04/17/25
|
USD
|
195.00
|
USD
|
2,397
|
(620
)
|
|
Apple, Inc.
|
285
|
04/17/25
|
USD
|
255.00
|
USD
|
6,331
|
(1,710
)
|
|
Arista Networks, Inc.
|
152
|
04/17/25
|
USD
|
90.00
|
USD
|
1,178
|
(3,800
)
|
|
Autodesk, Inc.
|
30
|
04/17/25
|
USD
|
260.00
|
USD
|
785
|
(22,050
)
|
|
Broadcom, Inc.
|
227
|
04/17/25
|
USD
|
230.00
|
USD
|
3,801
|
(1,249
)
|
|
Cadence Design Systems, Inc.
|
100
|
04/17/25
|
USD
|
270.00
|
USD
|
2,543
|
(26,500
)
|
|
Coherent Corp.
|
37
|
04/17/25
|
USD
|
100.00
|
USD
|
240
|
(925
)
|
|
Credo Technology Group Holding Ltd.
|
310
|
04/17/25
|
USD
|
90.00
|
USD
|
1,245
|
(3,100
)
|
|
Crowdstrike Holdings, Inc., Class A
|
30
|
04/17/25
|
USD
|
390.00
|
USD
|
1,058
|
(10,275
)
|
|
CyberArk Software Ltd.
|
57
|
04/17/25
|
USD
|
380.00
|
USD
|
1,927
|
(6,840
)
|
|
Guidewire Software, Inc.
|
127
|
04/17/25
|
USD
|
220.00
|
USD
|
2,379
|
(2,540
)
|
|
Intel Corp.
|
183
|
04/17/25
|
USD
|
23.00
|
USD
|
416
|
(20,953
)
|
|
MercadoLibre, Inc.
|
7
|
04/17/25
|
USD
|
2,100.00
|
USD
|
1,366
|
(12,250
)
|
|
Meta Platforms, Inc., Class A
|
44
|
04/17/25
|
USD
|
720.00
|
USD
|
2,536
|
(726
)
|
|
Microsoft Corp.
|
177
|
04/17/25
|
USD
|
430.00
|
USD
|
6,644
|
(2,301
)
|
|
NVIDIA Corp.
|
418
|
04/17/25
|
USD
|
125.00
|
USD
|
4,530
|
(19,646
)
|
|
Oracle Corp.
|
27
|
04/17/25
|
USD
|
155.00
|
USD
|
377
|
(1,715
)
|
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
|
19
|
04/17/25
|
USD
|
210.00
|
USD
|
315
|
(247
)
|
|
Take-Two Interactive Software, Inc.
|
107
|
04/17/25
|
USD
|
210.00
|
USD
|
2,218
|
(45,475
)
|
|
Tesla, Inc.
|
93
|
04/17/25
|
USD
|
405.00
|
USD
|
2,410
|
(1,070
)
|
|
Vertiv Holdings Co., Class A
|
4
|
04/17/25
|
USD
|
95.00
|
USD
|
29
|
(86
)
|
|
Alibaba Group Holding Ltd., ADR
|
90
|
04/25/25
|
USD
|
147.00
|
USD
|
1,190
|
(14,355
)
|
|
Amazon.com, Inc.
|
249
|
04/25/25
|
USD
|
205.00
|
USD
|
4,737
|
(41,832
)
|
|
Autodesk, Inc.
|
30
|
04/25/25
|
USD
|
265.00
|
USD
|
785
|
(21,900
)
|
|
Broadcom, Inc.
|
115
|
04/25/25
|
USD
|
215.00
|
USD
|
1,925
|
(2,243
)
|
|
Mastercard, Inc., Class A
|
72
|
04/25/25
|
USD
|
545.00
|
USD
|
3,946
|
(111,060
)
|
|
MercadoLibre, Inc.
|
7
|
04/25/25
|
USD
|
2,150.00
|
USD
|
1,366
|
(11,585
)
|
|
NVIDIA Corp.
|
417
|
04/25/25
|
USD
|
125.00
|
USD
|
4,519
|
(31,066
)
|
|
Oracle Corp.
|
253
|
04/25/25
|
USD
|
165.00
|
USD
|
3,537
|
(6,578
)
|
|
S&P Global, Inc.
|
24
|
04/25/25
|
USD
|
500.00
|
USD
|
1,219
|
(42,720
)
|
|
Shopify, Inc., Class A
|
183
|
04/25/25
|
USD
|
101.00
|
USD
|
1,746
|
(61,305
)
|
|
Applovin Corp., Class A
|
32
|
05/02/25
|
USD
|
355.00
|
USD
|
848
|
(11,040
)
|
|
Atlassian Corp. Ltd., Class A
|
52
|
05/02/25
|
USD
|
240.00
|
USD
|
1,103
|
(38,740
)
|
|
Broadcom, Inc.
|
115
|
05/02/25
|
USD
|
210.00
|
USD
|
1,925
|
(5,865
)
|
|
Crowdstrike Holdings, Inc., Class A
|
30
|
05/02/25
|
USD
|
400.00
|
USD
|
1,058
|
(14,625
)
|
|
Meta Platforms, Inc., Class A
|
102
|
05/02/25
|
USD
|
625.00
|
USD
|
5,879
|
(137,955
)
|
|
Microsoft Corp.
|
166
|
05/02/25
|
USD
|
410.00
|
USD
|
6,231
|
(44,322
)
|
|
MongoDB, Inc., Class A
|
90
|
05/02/25
|
USD
|
205.00
|
USD
|
1,579
|
(15,390
)
|
|
NVIDIA Corp.
|
600
|
05/02/25
|
USD
|
127.00
|
USD
|
6,503
|
(55,200
)
|
|
ServiceNow, Inc.
|
12
|
05/02/25
|
USD
|
905.00
|
USD
|
955
|
(14,100
)
|
|
Snowflake, Inc., Class A
|
204
|
05/02/25
|
USD
|
175.00
|
USD
|
2,982
|
(17,646
)
|
|
Spotify Technology SA
|
102
|
05/02/25
|
USD
|
585.00
|
USD
|
5,610
|
(288,660
)
|
|
NVIDIA Corp.
|
212
|
05/09/25
|
USD
|
122.00
|
USD
|
2,298
|
(43,460
)
|
|
Amazon.com, Inc.
|
90
|
05/16/25
|
USD
|
215.00
|
USD
|
1,712
|
(20,205
)
|
|
Apple, Inc.
|
265
|
05/16/25
|
USD
|
225.00
|
USD
|
5,886
|
(231,875
)
|
|
Applovin Corp., Class A
|
32
|
05/16/25
|
USD
|
380.00
|
USD
|
848
|
(25,280
)
|
|
Broadcom, Inc.
|
111
|
05/16/25
|
USD
|
200.00
|
USD
|
1,858
|
(21,090
)
|
|
Cadence Design Systems, Inc.
|
100
|
05/16/25
|
USD
|
275.00
|
USD
|
2,543
|
(60,000
)
|
|
Coherent Corp.
|
166
|
05/16/25
|
USD
|
75.00
|
USD
|
1,078
|
(57,270
)
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Exercise Price
|
Notional
Amount (000)
|
Value
|
||
|
Call (continued)
|
|
|
|
|
|
|
|
|
Credo Technology Group Holding Ltd.
|
255
|
05/16/25
|
USD
|
60.00
|
USD
|
1,024
|
$ (17,212
)
|
|
NVIDIA Corp.
|
402
|
05/16/25
|
USD
|
130.00
|
USD
|
4,357
|
(50,049
)
|
|
ServiceNow, Inc.
|
36
|
05/16/25
|
USD
|
910.00
|
USD
|
2,866
|
(53,280
)
|
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
|
199
|
05/16/25
|
USD
|
190.00
|
USD
|
3,303
|
(46,964
)
|
|
|
|
|
|
|
|
|
$ (1,842,555
)
|
|
Description
|
Counterparty
|
Number of
Contracts
|
Expiration
Date
|
Exercise Price
|
Notional
Amount (000)
|
Value
|
||
|
Call
|
|
|
|
|
|
|
|
|
|
SoftBank Group Corp.
|
Société Générale
|
39,500
|
04/08/25
|
JPY
|
10,195.16
|
JPY
|
303,043
|
$ (38
)
|
|
ASML Holding NV
|
Goldman Sachs International
|
10,500
|
04/10/25
|
EUR
|
767.90
|
EUR
|
—
|
(916
)
|
|
Hitachi Ltd.
|
UBS AG
|
86,700
|
04/25/25
|
JPY
|
3,718.70
|
JPY
|
305,329
|
(35,981
)
|
|
ASM International NV
|
BNP Paribas SA
|
3,600
|
04/29/25
|
EUR
|
457.39
|
EUR
|
1,517
|
(37,178
)
|
|
Krafton, Inc.
|
JPMorgan Chase Bank N.A.
|
5,700
|
05/08/25
|
USD
|
355,724.27
|
KRW
|
—
|
(65,508
)
|
|
RELX PLC
|
Citibank N.A.
|
59,700
|
05/08/25
|
GBP
|
39.63
|
GBP
|
2,321
|
(39,330
)
|
|
Xero Ltd.
|
Morgan Stanley & Co. International PLC
|
16,200
|
05/15/25
|
AUD
|
161.41
|
AUD
|
2,534
|
(44,281
)
|
|
|
|
|
|
|
|
|
|
$ (223,232
)
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets
|
|
|
|
|
|
Investments
|
|
|
|
|
|
Long-Term Investments
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
Automobiles
|
$ 3,727,239
|
$ —
|
$ —
|
$ 3,727,239
|
|
Broadline Retail
|
51,712,750
|
—
|
—
|
51,712,750
|
|
Capital Markets
|
6,256,235
|
—
|
—
|
6,256,235
|
|
Communications Equipment
|
5,926,445
|
—
|
—
|
5,926,445
|
|
Diversified Consumer Services
|
—
|
—
|
9,363,578
|
9,363,578
|
|
Electrical Equipment
|
5,908,631
|
—
|
—
|
5,908,631
|
|
Electronic Equipment, Instruments & Components
|
6,620,633
|
—
|
—
|
6,620,633
|
|
Entertainment
|
36,349,952
|
6,571,175
|
—
|
42,921,127
|
|
Financial Services
|
19,735,609
|
8,699,806
|
—
|
28,435,415
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Common Stocks (continued)
|
|
|
|
|
|
Industrial Conglomerates
|
$ —
|
$ 10,175,973
|
$ —
|
$ 10,175,973
|
|
Interactive Media & Services
|
56,471,129
|
—
|
1,363,695
|
57,834,824
|
|
IT Services
|
33,446,167
|
—
|
15,391,409
|
48,837,576
|
|
Professional Services
|
—
|
14,971,488
|
—
|
14,971,488
|
|
Semiconductors & Semiconductor Equipment
|
270,662,285
|
18,712,921
|
9,663,104
|
299,038,310
|
|
Software
|
245,239,174
|
7,884,775
|
22,031,129
|
275,155,078
|
|
Specialty Retail
|
—
|
—
|
54,061
|
54,061
|
|
Technology Hardware, Storage & Peripherals
|
92,376,981
|
—
|
—
|
92,376,981
|
|
Wireless Telecommunication Services
|
—
|
5,406,544
|
—
|
5,406,544
|
|
Convertible Notes
|
—
|
—
|
1,895,291
|
1,895,291
|
|
Preferred Securities
|
|
|
|
|
|
Preferred Stocks
|
—
|
—
|
223,791,175
|
223,791,175
|
|
Warrants
|
—
|
—
|
—
|
—
|
|
Short-Term Securities
|
|
|
|
|
|
Money Market Funds
|
12,809,328
|
—
|
—
|
12,809,328
|
|
|
$847,242,558
|
$72,422,682
|
$283,553,442
|
$1,203,218,682
|
|
Derivative Financial Instruments(a)
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Equity Contracts
|
$ (1,842,555
)
|
$ (223,232
)
|
$ —
|
$ (2,065,787
)
|
|
(a)
|
Derivative financial instruments are options written. Options written are shown at
value.
|
|
|
Common
Stocks
|
Convertible
Notes
|
Preferred
Stocks
|
Warrants
|
Total
|
|
Assets
|
|
|
|
|
|
|
Opening balance, as of December 31, 2024
|
$ 55,665,715
|
$ 1,695,787
|
$ 220,068,321
|
$ —
(a)
|
$ 277,429,823
|
|
Transfers into Level 3
|
—
|
—
|
—
|
—
|
—
|
|
Transfers out of Level 3
|
—
|
—
|
—
|
—
|
—
|
|
Accrued discounts/premiums
|
—
|
—
|
—
|
—
|
—
|
|
Net realized gain (loss)
|
—
|
—
|
—
|
—
|
—
|
|
Net change in unrealized appreciation (depreciation)(b)
|
(7,980,245
)
|
(7,800,495
)
|
23,902,765
|
—
|
8,122,025
|
|
Purchases
|
10,181,506
|
7,999,999
|
9,820,044
|
—
|
28,001,549
|
|
Sales
|
—
|
—
|
(29,999,955
)
|
—
|
(29,999,955
)
|
|
Closing balance, as of March 31, 2025
|
$ 57,866,976
|
$ 1,895,291
|
$ 223,791,175
|
$ —
(a)
|
$ 283,553,442
|
|
Net change in unrealized appreciation (depreciation) on investments still held at
March 31, 2025(b)
|
$ (7,980,245
)
|
$ (7,800,495
)
|
$ 23,902,765
|
$ —
(a)
|
$ 8,122,025
|
|
(a)
|
Rounds to less than $1.
|
|
(b)
|
Any difference between net change in unrealized appreciation (depreciation) and net
change in unrealized appreciation (depreciation) on investments still held at March
31, 2025 is
generally due to investments no longer held or categorized as Level 3 at 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
|
$57,866,976
|
Market
|
Revenue Multiple
|
1.80x - 22.80x
|
11.56x
|
|
|
|
|
Volatility
|
70%
|
—
|
|
|
|
|
Time to Exit
|
3.0 years
|
—
|
|
|
|
|
Gross Profit Multiple
|
7.75x
|
—
|
|
|
|
|
|
|
|
|
Preferred Stocks
|
223,791,144
|
Market
|
Revenue Multiple
|
1.50x - 22.80x
|
13.78x
|
|
|
|
|
Volatility
|
70% - 90%
|
74%
|
|
|
Value
|
Valuation
Approach
|
Unobservable
Inputs
|
Range of
Unobservable
Inputs
Utilized(a)
|
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
|
|
|
|
|
Time to Exit
|
0.3 - 5.0 years
|
3.5 years
|
|
|
|
|
Market Adjustment Multiple
|
1.00x-1.05x
|
1.01x
|
|
|
|
|
Terminal Growth Rate
|
5%
|
—
|
|
|
|
|
Gross Profit Multiple
|
7.50x
|
—
|
|
|
|
|
|
|
|
|
Convertible Notes
|
$1,895,291
|
Market
|
Revenue Multiple
|
11.50x
|
—
|
|
|
|
|
Volatility
|
75%
|
—
|
|
|
|
|
Time to Exit
|
0.3 years
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$283,553,411
|
|
|
|
|
|
(a)
|
A significant change in unobservable input could result in a correlated or inverse
change in value.
|
|
Currency Abbreviation
|
|
|
AUD
|
Australian Dollar
|
|
EUR
|
Euro
|
|
GBP
|
British Pound
|
|
JPY
|
Japanese Yen
|
|
KRW
|
South Korean Won
|
|
USD
|
United States Dollar
|
|
Portfolio Abbreviation
|
|
|
ADR
|
American Depositary Receipt
|
|
S&P
|
Standard & Poor’s
|