N-CSRS 1 d821311dncsrs.htm BLACKROCK ENHANCED CAPITAL & INCOME FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21506

Name of Fund: |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Fund Address: |  | 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Enhanced Capital and Income Fund, Inc., 50 Hudson Yards, New York, NY 10001

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2024

Date of reporting period: 06/30/2024

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

June 30, 2024

2024 Semi-Annual Report (Unaudited)

BlackRock Energy and Resources Trust (BGR)
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
BlackRock Enhanced Equity Dividend Trust (BDJ)
BlackRock Enhanced Global Dividend Trust (BOE)
BlackRock Enhanced International Dividend Trust (BGY)
BlackRock Health Sciences Term Trust (BMEZ)
BlackRock Health Sciences Trust (BME)
BlackRock Innovation and Growth Term Trust (BIGZ)
BlackRock Resources & Commodities Strategy Trust (BCX)
BlackRock Science and Technology Term Trust (BSTZ)
BlackRock Science and Technology Trust (BST)
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information(unaudited)
Section 19(a) Notices
BlackRock Energy and Resources Trust’s (BGR), BlackRock Enhanced Capital and Income Fund, Inc.’s (CII), BlackRock Enhanced Equity Dividend Trust’s (BDJ), BlackRock Enhanced Global Dividend Trust’s (BOE), BlackRock Enhanced International Dividend Trust’s (BGY), BlackRock Health Sciences Term Trust’s (BMEZ), BlackRock Health Sciences Trust’s (BME), BlackRock Innovation and Growth Term Trust’s (BIGZ), BlackRock Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Term Trust’s (BSTZ), BlackRock Science and Technology Trust’s (BST) and BlackRock Utilities, Infrastructure & Power Opportunities Trust’s (BUI) (collectively, the "Trusts" or individually, a “Trust”) amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.
June 30, 2024

|  | Total Cumulative Distributions for the Fiscal Period | % Breakdown of the Total Cumulative Distributions for the Fiscal Period
Trust Name |  | Net Income | Net Realized Capital Gains Short-Term | Net Realized Capital Gains Long-Term | Return of Capital (a) | Total Per Common Share | Net Income | Net Realized Capital Gains Short-Term | Net Realized Capital Gains Long-Term | Return of Capital | Total Per Common Share
BGR |  | $0.160290 | $— | $— | $0.233910 | $0.394200 | 41 % | — % | — % | 59 % | 100 %
CII |  | 0.052867 | — | 0.544133 | — | 0.597000 | 9 | — | 91 | — | 100
BDJ |  | 0.259764 | — | 0.077436 | — | 0.337200 | 77 | — | 23 | — | 100
BOE |  | 0.122626 | — | — | 0.255374 | 0.378000 | 32 | — | — | 68 | 100
BGY |  | 0.072997 | — | — | 0.129803 | 0.202800 | 36 | — | — | 64 | 100
BMEZ |  | — | — | — | 0.630230 | 0.630230 | — | — | — | 100 | 100
BME |  | 0.041691 | — | 0.085676 | 1.150633 | 1.278000 | 3 | — | 7 | 90 | 100
BIGZ |  | — | — | — | 0.311630 | 0.311630 | — | — | — | 100 | 100
BCX |  | 0.121527 | — | — | 0.189273 | 0.310800 | 39 | — | — | 61 | 100
BSTZ |  | — | — | — | 0.730380 | 0.730380 | — | — | — | 100 | 100
BST |  | — | — | 1.500000 | — | 1.500000 | — | — | 100 | — | 100
BUI |  | 0.184645 | — | 0.368348 | 0.173007 | 0.726000 | 25 | — | 51 | 24 | 100

(a) | Each Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in a Trust is returned to the shareholder. A return of capital does not necessarily reflect a Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce a Trust’s net asset value per share.

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at blackrock.com.
Section 19(b) Disclosure
The Trusts, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Trustees (the “Board”), each has adopted a managed distribution plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a monthly basis:

Trust Name | Amount Per Common Share
BGR | $0.065700
CII | 0.099500
BDJ | 0.056200
BOE | 0.063000
BGY | 0.033800
BMEZ | 0.178870
BME | 0.213000
BIGZ | 0.088870
BCX | 0.051800
BSTZ | 0.211250
BST | 0.250000
BUI | 0.121000

The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Under its Plan, each Trust will distribute all available net income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net income and short-term capital gains) is not earned on a monthly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, each Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the “1940 Act”).
Shareholders should not draw any conclusions about a Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance is presented in its financial highlights table.
2
2024 BlackRock Semi-Annual Report to Shareholders

Supplemental Information(unaudited) (continued)
The Board may amend, suspend or terminate a Trust’s Plan at any time without prior notice to the Trust’s shareholders if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust’s stock is trading at or above net asset value) or widening an existing trading discount. The Trusts are subject to risks that could have an adverse impact on their ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to BDJ, BME, BST and BUI’s prospectuses for a more complete description of each Trust’s risks.
Supplemental Information
3

Table of Contents
Page

Supplemental Information | 2
Option Over-Writing Strategy | 5
Derivative Financial Instruments | 5
Semi-Annual Report: |
Trust Summary | 6
Financial Statements: |
Schedules of Investments | 31
Statements of Assets and Liabilities | 115
Statements of Operations | 118
Statements of Changes in Net Assets | 121
Statements of Cash Flows | 127
Financial Highlights | 131
Notes to Financial Statements | 143
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements | 158
Additional Information | 163
Glossary of Terms Used in this Report | 168

4

Option Over-Writing Strategy
Overview
In general, the goal of each of the Trusts is to provide total return through a combination of current income and realized and unrealized gains (capital appreciation). The Trusts seek to pursue these goals primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options in an effort to generate current gains from option premiums and to enhance each Trust’s risk-adjusted return. Each Trust’s objectives cannot be achieved in all market conditions.
Each Trust primarily writes single stock covered call options and may also from time to time write single stock put options. When writing (selling) a covered call option, a Trust holds an underlying equity security and enters into an option transaction which allows the counterparty to purchase the equity security at an agreed-upon price (“strike price”) within an agreed-upon time period. The Trust receives cash premiums from the counterparties upon writing (selling) the option, which along with net investment income and net realized gains, if any, are generally available to support current or future distributions paid by the Trust. During the option term, the counterparty may elect to exercise the option if the market value of the equity security rises above the strike price, and the Trust is obligated to sell the equity security to the counterparty at the strike price, realizing a gain or loss. Premiums received increase gains or reduce losses realized on the sale of the equity security. If the option remains unexercised upon its expiration, the Trust realizes gains equal to the premiums received. Alternatively, an option may be closed out by an offsetting purchase or sale of an option prior to expiration. The Trust realizes a capital gain from a closing purchase or sale transaction if the premium paid is less than the premium received from writing the option. The Trust realizes a capital loss from a closing purchase or sale transaction if the premium received is less than the premium paid to purchase the option.
Writing covered call options entails certain risks, which include, but are not limited to, the following: an increase in the value of the underlying equity security above the strike price can result in the exercise of a written option (sale by a Trust to the counterparty) when the Trust might not otherwise have sold the security; exercise of the option by the counterparty may result in a sale below the current market value and a gain or loss being realized by the Trust; and limiting the potential appreciation that could be realized on the underlying equity security to the extent of the strike price of the option. The premium that a Trust receives from writing a covered call option may not be sufficient to offset the potential appreciation on the underlying equity security above the strike price of the option that could have otherwise been realized by the Trust. As such, an option over-writing strategy may outperform the general equity market in flat or falling markets but underperform in rising markets.
Option Over-Writing Strategy Illustration
To illustrate these concepts, assume the following: (1) a common stock purchased at and currently trading at $37.15 per share; (2) a three-month call option is written by a Trust with a strike price of $40 (i.e., 7.7% higher than the current market price); and (3) the Trust receives $2.45, or 6.6% of the common stock’s value, as a premium. If the stock price remains unchanged, the option expires and there would be a 6.6% return for the three-month period. If the stock were to decline in price by 6.6% (i.e., decline to $34.70 per share), the option strategy would “break-even” from an economic perspective resulting in neither a gain nor a loss. If the stock were to climb to a price of $40 or above, the option would be exercised and the stock would return 7.7% coupled with the option premium received of 6.6% for a total return of 14.3%. Under this scenario, the Trust loses the benefit of any appreciation of the stock above $40, and thus is limited to a 14.3% total return. The premium from writing the call option serves to offset some of the unrealized loss on the stock in the event that the price of the stock declines, but if the stock were to decline more than 6.6% under this scenario, the Trust’s downside protection is eliminated and the stock could eventually become worthless.
Each Trust intends to write covered call and other options to varying degrees depending upon market conditions. Please refer to each Trust’s Schedule of Investments and the Notes to Financial Statements for details of written options.
Derivative Financial Instruments
The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Trusts must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Trusts’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
Option Over-Writing Strategy / Derivative Financial Instruments
5

Trust Summary as of June 30, 2024
BlackRock Energy and Resources Trust (BGR)
Investment Objective
BlackRock Energy and Resources Trust’s (BGR) (the “Trust”) investment objective is to provide total return through a combination of current income and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BGR
Initial Offering Date | December 29, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($13.22)(a) | 5.96%
Current Monthly Distribution per Common Share(b) | $0.065700
Current Annualized Distribution per Common Share(b) | $0.788400

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $13.22 | $12.45 | 6.18 % | $13.63 | $11.87
Net Asset Value | 14.88 | 14.13 | 5.31 | 15.68 | 13.48

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 8.56 % | 15.81 % | 9.33 % | 0.63 %
Trust at Market Price(a)(b) | 9.46 | 16.74 | 8.79 | 0.32
MSCI World Energy Call Overwrite Index(c) | 7.53 | 16.21 | 6.86 | N/A
MSCI World Energy Index(d) | 8.29 | 15.56 | 9.02 | 1.52

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(b) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | An index that incorporates an option overlay component on the MSCI World Energy Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns.
(d) | An index that is designed to capture the large- and mid-cap segments across developed markets countries. All securities in the index are classified in the energy sector as per the Global Industry Classification Standard.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Energy stocks performed well during the reporting period, reflecting strength in oil prices and a broader rally in the equity market.
Holdings in integrated energy and midstream companies contributed to performance, as sticky inflation, geopolitical risk, and higher oil prices served as tailwinds for these sectors. Exxon Mobil Corp., a U.S.-based integrated energy firm, was the largest contributor at the individual stock level. The company reported strong earnings, and it completed its strategic acquisition of Pioneer Resources. Shell PLC, a European-based integrated energy company that benefited from higher oil prices and its divestment of less profitable projects, also contributed to performance.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. Given the strength in energy stocks, this strategy detracted from results during the reporting period.
6
2024 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2024(continued)
BlackRock Energy and Resources Trust (BGR)
Schlumberger Ltd., a U.S.-based oilfield services company, detracted from performance. Major oil producers focused on acquiring assets and buying back shares, leading to a reduction in capital spending. Total Energies SE, a French-based integrated energy firm, also detracted. The company reported weaker-than-expected earnings, citing the impact of lower gasoline prices on its refining margins.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust rotated its positioning in the integrated oil and gas and exploration and production industries by shifting assets from European companies to U.S.-based companies. It also increased its allocation to midstream energy.
Describe portfolio positioning at period end.
As the end of the period, 50.2% of the portfolio was invested in integrated oil and gas, 21.9% in exploration and production industry, 13.2% in distribution, 7.2% in refining and marketing, 6.9% in oilfield services, and 0.7% in cash.
As of June 30, 2024, the Trust had in place an option overwriting program whereby 32.4% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 3.4% out of the money) and for maturities averaging 51 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Exxon Mobil Corp. | 19.9 %
Shell PLC | 10.7
Chevron Corp. | 7.5
BP PLC | 6.0
ConocoPhillips | 5.4
TotalEnergies SE | 4.2
Canadian Natural Resources Ltd. | 4.1
Hess Corp. | 4.0
Marathon Petroleum Corp. | 3.6
Cheniere Energy, Inc. | 3.2

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Oil, Gas & Consumable Fuels | 93.1 %
Energy Equipment & Services | 6.9

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized for compliance purposes.

Trust Summary
7

Trust Summary as of June 30, 2024
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
Investment Objective
BlackRock Enhanced Capital and Income Fund, Inc.’s (CII) (the “Trust”) investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment objective by investing in a portfolio of equity securities of U.S. and foreign issuers. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | CII
Initial Offering Date | April 30, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($19.99)(a) | 5.97%
Current Monthly Distribution per Common Share(b) | $0.099500
Current Annualized Distribution per Common Share(b) | $1.194000

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $19.99 | $19.00 | 5.21 % | $19.99 | $18.30
Net Asset Value | 21.28 | 19.81 | 7.42 | 21.37 | 19.57

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 10.77 % | 18.14 % | 12.81 % | 10.81 %
Trust at Market Price(a)(b) | 8.49 | 14.99 | 12.70 | 10.89
MSCI USA Call Overwrite Index(c) | 12.14 | 18.49 | 11.04 | N/A
Russell 1000® Index(d) | 14.24 | 23.88 | 14.61 | 12.51

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(b) | The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | An index that incorporates an option overlay component on the MSCI USA Index with a 55% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns.
(d) | An index that measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Russell 1000® Index represents approximately 93% of the U.S. market.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
The largest contributor to the Trust’s relative performance was security selection in the financials sector, specifically within the capital markets industry. Selection in the consumer discretionary sector also proved beneficial, most notably the decision to not invest in automobiles. An underweight allocation to the real estate sector and stock selection in materials also modestly boosted relative performance.
Investment decisions in information technology weighed on relative return, specifically in semiconductors and semiconductor equipment. Stock selection in the consumer staples sector, specifically in the consumer staples distribution and retail industry, also detracted. Finally, stock selection in energy and communication services modestly detracted.
The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance for the period.
8
2024 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2024(continued)
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
As a result of a combination of portfolio trading activity and market price changes, the Trust’s allocations to the information technology and real estate sectors increased over the period. Conversely, the Trust’s allocations to the financials and consumer staples sectors decreased.
Describe portfolio positioning at period end.
At period end, the Trust’s largest absolute allocations were to information technology, healthcare and communication services. Relative to the benchmark, the Trust’s most significant overweight exposures were in communication services, healthcare and consumer discretionary. The Trust maintained its most significant relative underweight exposures to consumer staples, industrials and information technology.
The Trust had an options overwriting program in place under which 50.5% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at levels above prevailing market prices (estimated to be 5.0% out of the money) with an average time until expiration of 49 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Microsoft Corp. | 9.1 %
Alphabet, Inc. | 6.5
Amazon.com, Inc. | 6.4
Apple, Inc. | 4.3
NVIDIA Corp. | 4.2
Meta Platforms, Inc. | 3.6
Berkshire Hathaway, Inc. | 2.6
Novo Nordisk A/S | 2.5
Intercontinental Exchange, Inc. | 2.3
Micron Technology, Inc. | 2.2

SECTOR ALLOCATION
Sector(b) | Percent of Total Investments(a)
Information Technology | 30.1 %
Health Care | 16.0
Communication Services | 14.6
Consumer Discretionary | 12.7
Financials | 10.2
Industrials | 5.4
Energy | 3.6
Materials | 3.2
Consumer Staples | 2.7
Real Estate | 1.5

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.

Trust Summary
9

Trust Summary as of June 30, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
Investment Objective
BlackRock Enhanced Equity Dividend Trust’s (BDJ) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing in common stocks that pay dividends and have the potential for capital appreciation and by utilizing an option writing strategy to enhance distributions to its shareholders. The Trust invests, under normal market conditions, at least 80% of its total assets in dividend paying equities and may invest up to 20% of its total assets in equity securities of issuers that do not pay dividends. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information

Symbol on New York Stock Exchange | BDJ
Initial Offering Date | August 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($8.17)(a) | 8.25%
Current Monthly Distribution per Common Share(b) | $0.056200
Current Annualized Distribution per Common Share(b) | $0.674400

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $8.17 | $7.69 | 6.24 % | $8.32 | $7.69
Net Asset Value | 9.13 | 8.82 | 3.51 | 9.34 | 8.68

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 7.88 % | 13.32 % | 8.64 % | 8.21 %
Trust at Market Price(a)(b) | 10.72 | 7.36 | 7.94 | 8.03
MSCI USA Value Call Overwrite Index(c) | 6.26 | 10.65 | 6.19 | N/A
Russell 1000® Value Index(d) | 6.62 | 13.06 | 9.01 | 8.23

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(b) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | An index that incorporates an option overlay component on the MSCI USA Value Index with a 55% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns.
(d) | An index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
The largest contributor to the Trust’s relative performance was security selection in the financials sector, specifically among banks. Stock selection in industrials was another key contributor to relative performance, most notably in professional services. Selection in the consumer discretionary sector and an underweight allocation to the real estate sector also proved additive.
The largest detractor was stock selection in the consumer staples sector, specifically in the food products industry. An underweight allocation to information technology, most notably to the semiconductors and semiconductor equipment industry, also weighed on relative performance. Finally, stock selection in utilities and an underweight allocation to energy detracted.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The options overlay strategy detracted from relative performance.
10
2024 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2024(continued)
BlackRock Enhanced Equity Dividend Trust (BDJ)
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
As the result of a combination of portfolio trading activity and market price movements, the Trust’s allocations to the information technology and communication services sectors increased over the period. Conversely, the Trust’s allocations to the financials and consumer staples sectors decreased.
Describe portfolio positioning at period end.
At period end, the Trust’s largest absolute allocations were in financials, health care and industrials. Relative to the benchmark, the Trust’s most significant overweight exposures were in financials, health care and communication services. The most significant underweight exposures were to information technology, real estate, and consumer staples.
The Trust had in place an option overwriting program under which 48.4% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 5.0% out of the money) and for maturities averaging 55 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Wells Fargo & Co. | 3.7 %
Citigroup, Inc. | 3.1
American International Group, Inc. | 2.6
First Citizens BancShares, Inc. | 2.5
Fidelity National Information Services, Inc. | 2.5
Shell PLC | 2.4
Micron Technology, Inc. | 2.4
L3Harris Technologies, Inc. | 2.3
BP PLC | 2.3
CVS Health Corp. | 2.3

SECTOR ALLOCATION
Sector(b) | Percent of Total Investments(a)
Financials | 25.0 %
Health Care | 18.4
Industrials | 10.8
Energy | 8.8
Information Technology | 8.3
Consumer Staples | 7.0
Communication Services | 6.5
Consumer Discretionary | 5.8
Utilities | 4.9
Materials | 3.0
Real Estate | 1.5

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.

Trust Summary
11

Trust Summary as of June 30, 2024
BlackRock Enhanced Global Dividend Trust (BOE)
Investment Objective
BlackRock Enhanced Global Dividend Trust’s (BOE) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies located in countries throughout the world and by employing a strategy of writing (selling) call and put options. Under normal circumstances, the Trust invests at least 80% of its net assets in dividend-paying equity securities and at least 40% of its assets outside of the U.S. (unless market conditions are not deemed favorable by Trust management, in which case the Trust would invest at least 30% of its assets outside of the U.S.). The Trust may invest in securities of companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information

Symbol on New York Stock Exchange | BOE
Initial Offering Date | May 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($10.61)(a) | 7.13%
Current Monthly Distribution per Common Share(b) | $0.063000
Current Annualized Distribution per Common Share(b) | $0.756000

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $10.61 | $9.92 | 6.96 % | $10.63 | $9.81
Net Asset Value | 12.14 | 11.81 | 2.79 | 12.26 | 11.53

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 6.62 % | 12.92 % | 7.93 % | 5.69 %
Trust at Market Price(a)(b) | 10.94 | 13.59 | 7.26 | 5.29
MSCI ACWI Call Overwrite Index(c) | 9.75 | 15.84 | 8.10 | N/A
MSCI ACWI(d) | 11.30 | 19.38 | 10.76 | 8.43

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(b) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | An index that incorporates an option overlay component on the MSCI ACWI Index with a 45% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns.
(d) | An index that captures large- and mid-cap representation across certain developed and emerging markets.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
An underweight to and stock selection in the information technology sector detracted from relative performance during the period. Stock selection in consumer staples and communication services also weighed on relative return.
At the individual security level, not owning NVIDIA Corp. detracted the most from relative performance. The technology giant outperformed on continued positive sentiment surrounding the surge in artificial intelligence (“AI”)-driven demand for its leading-edge chips. As the stock does not align with the Trust’s dividend criteria, the Trust strategically allocated capital to other companies that are engaged in comparable sectors, many of which also demonstrated strong performance during the period. Shares of Walmart de Mexico fell following the decisive victory by a left-wing populist candidate in Mexico’s presidential election, raising concerns about the possibility of more extensive reforms to
12
2024 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2024(continued)
BlackRock Enhanced Global Dividend Trust (BOE)
the constitution. Telus Corp. was another laggard as the Canadian telecommunications company continued to be impacted by the high interest rate environment given its substantial long-term debt as it continued to spend capital to expand its fiber network.
Stock selection in the healthcare sector led positive contributions to the Trust’s relative performance, while underweights to real estate and materials also proved additive.
Taiwan Semiconductor Manufacturing Co. Ltd. was the leading individual contributor as revenue from AI processors continued to accelerate. Strength continues to come from the company’s strategic position in AI chip manufacturing, driving both demand growth and pricing power for leading edge chips. In addition to AI-driven demand, the company also had an improving outlook across other key markets, including PCs, smartphones, autos and industrial sectors. Applied Materials Inc. reported strong financial results driven by robust demand for its semiconductor manufacturing equipment and services. The company’s performance was bolstered by secular growth trends including AI, Internet of things and clean energy, which are fuelling the need for advanced chips and driving capacity expansions across the semiconductor industry. Novo Nordisk A/S continued its strong performance as the pharmaceutical company executed on its established diabetes franchise and capitalized on the weight-loss drug opportunity. The company’s R&D pipeline also continued to innovate new products that deliverd greater weight loss and additional medical benefits, further expanding the market opportunity.
The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed positively to relative performance. The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
During the period, the Trust reduced exposure to the financials, healthcare and industrials sectors. The Trust added exposure to communication services, consumer staples and information technology.
Describe portfolio positioning at period end.
At the end of the period, the Trust’s largest sector overweights were in industrials, consumer staples and health care. Regionally, the majority of the portfolio was listed in the U.S., with material exposure also in Europe.
As of June 30, 2024, the Trust had in place an option overwriting program under which 45% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 2.4% out of the money) with an average time until expiration of 50 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Microsoft Corp. | 4.9 %
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.3
Novo Nordisk A/S | 3.2
Texas Instruments, Inc. | 3.0
Apple, Inc. | 3.0
AstraZeneca PLC | 3.0
Nestle SA | 2.9
UnitedHealth Group, Inc. | 2.9
RELX PLC | 2.8
Union Pacific Corp. | 2.5

GEOGRAPHIC ALLOCATION
Country/Geographic Region | Percent of Total Investments
United States | 68.6 %
United Kingdom | 10.5
France | 6.1
Taiwan | 3.3
Denmark | 3.2
Canada | 1.8
Netherlands | 1.6
Mexico | 1.5
Switzerland | 1.5
Singapore | 1.1
Other# | 0.8

(a) | Excludes short-term securities, short investments and options, if any.
# | Includes holdings within countries/geographic regions that are less than 1.0% of total investments. Please refer to the Schedule of Investments for such countries/geographic regions.

Trust Summary
13

Trust Summary as of June 30, 2024
BlackRock Enhanced International Dividend Trust (BGY)
Investment Objective
BlackRock Enhanced International Dividend Trust’s (BGY) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and by employing a strategy of writing (selling) call and put options. The Trust invests, under normal circumstances, at least 80% of its net assets in dividend-paying equity securities issued by non-U.S. companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information

Symbol on New York Stock Exchange | BGY
Initial Offering Date | May 30, 2007
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($5.58)(a) | 7.27%
Current Monthly Distribution per Common Share(b) | $0.033800
Current Annualized Distribution per Common Share(b) | $0.405600

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $5.58 | $5.27 | 5.88 % | $5.58 | $5.13
Net Asset Value | 6.28 | 6.21 | 1.13 | 6.45 | 6.00

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 4.95 % | 8.62 % | 7.82 % | 4.50 %
Trust at Market Price(a)(b) | 9.89 | 10.71 | 7.46 | 3.91
MSCI ACWI ex USA Call Overwrite Index(c) | 4.63 | 9.17 | 3.12 | N/A
MSCI ACWI ex USA Index(d) | 5.69 | 11.62 | 5.55 | 3.84

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(b) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | An index that incorporates an option overlay component on the MSCI ACWI ex USA Index with a 45% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns.
(d) | An index that captures large- and mid-cap representation across certain developed markets countries (excluding the U.S.) and certain emerging markets countries.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
Stock selection in the financials, consumer staples and consumer discretionary sectors detracted from relative performance.
Shares of B3 S.A., the Brazilian stock exchange, underperformed as the company’s quarterly profit fell 9% on weaker volumes as interest rate cut expectations moderated during the period. Shares of Walmart de Mexico declined following the decisive victory by a left-wing populist candidate in Mexico’s presidential election, raising concerns about the possibility of more extensive reforms to the constitution. Diageo plc, one of the highest quality franchises in the alcoholic beverage market, also lagged due to analyst downgrades and short-term headwinds impacting sales across several geographies. The stock appears to be fully pricing in these risks and the Trust continues to hold the position.
Stock selection in the healthcare, information technology and industrials sectors were the largest contributors to relative performance.
14
2024 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2024(continued)
BlackRock Enhanced International Dividend Trust (BGY)
Taiwan Semiconductor Manufacturing Co. Ltd. was the leading individual contributor as revenue from artificial intelligence (“AI”) processors continued to accelerate. Strength continued to come from the company’s strategic position in AI chip manufacturing, driving both demand growth and pricing power for leading edge chips. In addition to AI-driven demand, the company also had an improved outlook across other key markets, including PCs, smartphones, autos and industrial sectors. Novo Nordisk A/S continued its strong performance as the pharmaceutical company executed on its established diabetes franchise and capitalized on the weight-loss drug opportunity. The company’s R&D pipeline also continued to innovate new products that deliver greater weight loss and additional medical benefits, further expanding the market opportunity. Even with intensifying competition, Novo Nordisk’s leadership in production capacity and product innovation positioned the company to continue its extraordinary growth trajectory. ASICS Corp., the global athletic footwear and apparel company, contributed to relative performance as well, reporting strong sales and profitability for fiscal year 2023.
The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed to relative performance for the reporting period. The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
During the period, the Trust reduced its exposure to the financials, communication services and materials sectors, while adding to information technology, industrials and consumer discretionary.
Describe portfolio positioning at period end.
At period end, the Trust’s largest sector overweights were in industrials, health care and consumer staples. Regionally, the majority of portfolio assets comprised securities listed in Europe, with particularly significant exposure in Europe excluding the United Kingdom.
As of June 30, 2024, the Trust had in place an option overwriting program under which 43% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 2.6% out of the money) with an average time until expiration of 51 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.1 %
Novo Nordisk A/S | 5.4
Baker Hughes Co. | 4.1
ASML Holding NV | 3.9
RELX PLC | 3.7
AstraZeneca PLC | 3.6
LVMH Moet Hennessy Louis Vuitton SE | 3.5
Assa Abloy AB | 3.4
Air Liquide SA | 3.4
Texas Instruments, Inc. | 3.3

GEOGRAPHIC ALLOCATION
Country/Geographic Region | Percent of Total Investments
United States | 20.6 %
United Kingdom | 14.3
France | 8.8
Germany | 6.9
Netherlands | 6.4
Sweden | 6.2
Taiwan | 6.0
Denmark | 5.3
Canada | 5.3
Japan | 5.0
Singapore | 4.3
Italy | 2.8
India | 2.5
Mexico | 1.7
Switzerland | 1.5
Brazil | 1.2
Indonesia | 1.2

(a) | Excludes short-term securities, short investments and options, if any.

Trust Summary
15

Trust Summary as of June 30, 2024
BlackRock Health Sciences Term Trust (BMEZ)
Investment Objective
BlackRock Health Sciences Term Trust’s (BMEZ) (the “Trust”) investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities of companies principally engaged in the health sciences group of industries and equity derivatives with exposure to the health sciences group of industries. Equity derivatives in which the Trust invests include purchased and sold (written) call and put options on equity securities of companies in the health sciences group of industries.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BMEZ
Initial Offering Date | January 30, 2020
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($15.36)(a) | 13.97%
Current Monthly Distribution per Common Share(b) | $0.178870
Current Annualized Distribution per Common Share(b) | $2.146440

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The monthly distribution per Common Share, declared on August 1, 2024, was decreased to $0.176410 per share. The current distribution rate on closing market price, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $15.36 | $14.65 | 4.85 % | $16.54 | $14.44
Net Asset Value | 17.56 | 17.91 | (1.95 ) | 18.94 | 17.09

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | Since Inception(a)
Trust at NAV(b)(c) | 2.07 % | 0.69 % | 4.91 %
Trust at Market Price(b)(c) | 9.14 | 2.18 | 1.78
MSCI Custom ACWI SMID Growth HC Call Overwrite Index(d) | (1.89 ) | (1.45 ) | (6.19 )
MSCI ACWI(e) | 11.30 | 19.38 | 10.08

(a) | BMEZ commenced operations on January 30, 2020.
(b) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(c) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(d) | An index representing the Health Care sector stocks within the MSCI ACWI SMID Cap Growth Index and incorporating an option overlay component with a 25% overwrite level. The MSCI ACWI SMID Cap Growth Index captures mid- and small-cap securities exhibiting overall growth style characteristics across certain developed and emerging markets countries. The index commenced on March 31, 2022 and therefore the since inception return presented is for the period March 31, 2022 through the current reporting period.
(e) | An index that captures large- and mid-cap representation across certain developed and emerging markets.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
At the industry level, security selection in the pharmaceuticals and health care providers and services sub-sectors made the largest contributions to relative performance.
Among the Trust’s individual holdings, an out-of-benchmark position in Numab Therapeutics AG was the leading contributor to relative performance. The biotechnology company’s lead asset, an investigational antibody to treat chronic skin inflammation, was acquired by Johnson & Johnson. An overweight position in the clinical stage immuno-oncology company Merus NV, which reported positive trial results for a head and neck cancer therapy, was another leading contributor. An out-of-benchmark position in Eli Lilly & Co. also contributed positively. The pharmaceutical company continued to benefit from robust sales of its GLP-1 medications.
16
2024 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2024(continued)
BlackRock Health Sciences Term Trust (BMEZ)
Security selection in the biotechnology sub-sector was the largest detractor from relative performance. An overweight in the biotechnology company Immunocore Holdings PLC, which reported trial results for its skin cancer antibody that missed expectations, was the largest detractor at the individual stock level. An overweight position in Carbon Health, a private company, was also a key detractor. A provider of primary care services, the company experienced decreased demand for its COVID-19 testing and vaccination services. A zero weighting in Tenet Healthcare Corp. detracted, as well. The hospital manager experienced broad volume growth as medical utilization rates continued to normalize relative to the depressed levels seen during COVID-19.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy contributed to relative performance.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust increased its allocation to the biotechnology sub-sector, including companies with positive near-term product catalysts. The Trust also added to its private holding in Bright Peak Therapeutics. On the other hand, it reduced positions in select pharmaceutical stocks that appreciated.
Describe portfolio positioning at period end.
The Trust held 20 private investments, comprising 8.3% of total assets for a commitment of approximately $156 million.
The investment adviser continued to seek opportunities to harvest the illiquidity premium by taking advantage of the Trust’s closed-end structure by adding holdings in private investments as capacity increased.
At the end of the period, the Trust held 45% of net asset value in biotechnology, 32% in medical devices & supplies, 12% in health care providers & services, 7% in pharmaceuticals, and 1% outside of healthcare. These industry weightings were the result of bottom-up stock selection.
As of June 30, 2024 the Trust had in place an option overwriting program whereby 23.2% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 3.8% out of the money) and for maturities averaging 53 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Alnylam Pharmaceuticals, Inc. | 2.8 %
West Pharmaceutical Services, Inc. | 2.7
Intuitive Surgical, Inc. | 2.5
Cencora, Inc. | 2.4
Amgen, Inc. | 2.3
Boston Scientific Corp. | 1.9
Blueprint Medicines Corp. | 1.9
BioMarin Pharmaceutical, Inc. | 1.9
Cooper Cos., Inc. | 1.9
Bio-Techne Corp. | 1.6

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Biotechnology | 46.9 %
Health Care Equipment & Supplies | 17.7
Life Sciences Tools & Services | 15.0
Health Care Providers & Services | 11.8
Pharmaceuticals | 7.0
Semiconductors & Semiconductor Equipment | 1.0
Other* | 0.6

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized for compliance purposes.
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

Trust Summary
17

Trust Summary as of June 30, 2024
BlackRock Health Sciences Trust (BME)
Investment Objective
BlackRock Health Sciences Trust’s (BME) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BME
Initial Offering Date | March 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($40.85)(a) | 6.26%
Current Monthly Distribution per Common Share(b) | $0.213000
Current Annualized Distribution per Common Share(b) | $2.556000

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $40.85 | $40.46 | 0.96 % | $42.71 | $38.45
Net Asset Value | 44.20 | 42.18 | 4.79 | 44.68 | 42.06

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 8.09 % | 10.00 % | 9.19 % | 10.33 %
Trust at Market Price(a)(b) | 4.15 | 7.14 | 7.13 | 9.47
MSCI USA Investable Market Index Health Care Call Overwrite Index(c) | 5.58 | 8.39 | 7.99 | N/A
Russell 3000® Health Care Index(d) | 7.42 | 10.43 | 10.22 | 10.62

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(b) | The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | An index that incorporates an option overlay component on the MSCI USA IMI Health Care Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns.
(d) | An unmanaged index that features companies involved in medical services or health care in the Russell 3000® Index, which includes the largest 3,000 U.S. companies as determined by total market capitalization.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
At the industry level, security selection in pharmaceuticals and medical devices and supplies were the largest contributors to relative performance.
An overweight position in Boston Scientific Corp. was the top contributor to performance at the individual security level. The medical device company successfully commercialized new products, including its Farapulse Pulsed Field Ablation System. Additionally, sales in its medical surgery segment continued to be supported by the normalization of procedural demand following COVID-19. Lack of positions in CVS Health Corp. was also a notable contributor to relative performance. The managed care provider missed earnings expectations due to elevated utilization rates, and it cut its full-year profit outlook on expectations that medical costs will remain high. An underweight in Johnson & Johnson also contributed positively. The healthcare giant continued to face a litigation overhang, leading to increased costs.
Security selection in the biotechnology sub-sector was the largest detractor from relative performance. An underweight position in Eli Lilly & Co. was the most notable detractor among the Trust’s individual holdings, as the company continued to benefit from strong demand for GLP-1 weight loss drugs. An overweight position in Biogen, Inc. was
18
2024 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2024(continued)
BlackRock Health Sciences Trust (BME)
another detractor from performance. The biotechnology company missed earnings expectations, citing elevated generic competition for legacy products and a slower-than-expected launch of novel treatments. An overweight in the medical device company Penumbra, Inc., which was hurt by weaker demand in the international markets, was also a meaningful detractor.
The Trust made use of options, principally writing call options on individual stocks, to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The option overlay strategy contributed to results.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The investment adviser increased the Trust’s allocation to the pharmaceuticals sub-sector, adding to companies with strong product pipelines and positive near-term catalysts. Additionally, it increased the portfolio’s weightings in the medical devices and supplies sub-sectors by adding to select bioprocessing companies on anticipation of heightened demand from pharmaceutical manufacturers. The Trust’s weighting in the health care providers and services sub-sector declined due to uncertainty around health insurance reimbursement rates.
Describe portfolio positioning at period end.
The Trust held 31% of net asset value in medical devices & supplies, 25% in biotechnology, 21% in health care providers & services, and 21% in pharmaceuticals. These industry weightings were a result of bottom-up stock selection.
As of June 30, 2024, the Trust had in place an option overwriting program whereby 35.4% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 3.3% out of the money) and for maturities averaging 52 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Eli Lilly & Co. | 11.0 %
UnitedHealth Group, Inc. | 8.1
Boston Scientific Corp. | 5.7
AbbVie, Inc. | 4.1
Amgen, Inc. | 3.9
Merck & Co., Inc. | 3.9
Thermo Fisher Scientific, Inc. | 3.5
Danaher Corp. | 3.2
Intuitive Surgical, Inc. | 3.2
Elevance Health, Inc. | 3.1

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Biotechnology | 25.1 %
Health Care Equipment & Supplies | 22.8
Pharmaceuticals | 21.8
Health Care Providers & Services | 21.0
Life Sciences Tools & Services | 9.1
Other* | 0.2

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized for compliance purposes.
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

Trust Summary
19

Trust Summary as of June 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
Investment Objective
BlackRock Innovation and Growth Term Trust’s (BIGZ) (the “Trust”) investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust will invest primarily in equity securities issued by mid- and small-capitalization companies that the Trust’s adviser believes have above-average earnings growth potential. In selecting investments for the Trust, the Trust’s adviser focuses on mid- and small-capitalization growth companies that are “innovative.” These are companies that have introduced, or are seeking to introduce, a new product or service that potentially changes the marketplace. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BIGZ
Initial Offering Date | March 29, 2021
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($7.23)(a) | 14.75%
Current Monthly Distribution per Common Share(b) | $0.088870
Current Annualized Distribution per Common Share(b) | $1.066440

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The monthly distribution per Common Share, declared on August 1, 2024, was decreased to $0.087630 per share. The current distribution rate on closing market price, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $7.23 | $7.33 | (1.36 )% | $8.20 | $7.03
Net Asset Value | 8.46 | 9.03 | (6.31 ) | 9.36 | 8.42

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | Since Inception(a)
Trust at NAV(b)(c) | (2.40 )% | (1.55 )% | (16.05 )%
Trust at Market Price(b)(c) | 2.76 | 0.54 | (20.00 )
MSCI USA SMID Growth Call Overwrite Index(d) | 3.97 | 9.27 | 1.77
Russell 2500™ Growth Index(e) | 3.93 | 9.02 | (1.02 )

(a) | BIGZ commenced operations on March 29, 2021.
(b) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(c) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(d) | A custom benchmark that is made up of the MSCI USA SMID Growth Index, MSCI USA SMID Growth 25% Call Overwrite Cash and MSCI USA SMID Growth 25% Call Overwrite Option. The MSCI USA SMID Growth Index captures mid and small cap representations of securities exhibiting overall growth style characteristics in the U.S.
(e) | An index that measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by FTSE Russell’s leading style methodology.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
Although the headline equity indexes produced robust performance during the reporting period, small- to mid-sized companies lagged considerably.
Stock selection in the communication services sector was the leading contributor to relative performance, with the largest positive effects occurring in the interactive media and services category. An overweight in Pinterest, Inc. was the largest contributor in this area, followed by a zero weighting in the underperforming stock, Match Group, Inc. Zero weightings in the materials and utilities sectors also helped results.
20
2024 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2024(continued)
BlackRock Innovation and Growth Term Trust (BIGZ)
Security selection in the information technology sector was the largest detractor from relative performance. Most notably, an out-of-benchmark position in Snyk Limited—a cybersecurity company specializing in cloud computing—was detrimental. Selection in in the diversified consumer services industry within the consumer discretionary sector also detracted. The shortfall was primarily the result of a position in Ideal Image Development LLC. Security selection in healthcare further dampened returns, due primarily to an overweight in Repligen Corp.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed to performance.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
Due to a combination of market movements and portfolio activity, the Trust’s allocations to communication services and industrials increased, while its weightings in consumer discretionary and communication services decreased. The Trust did not add any new private companies during the reporting period.
Describe portfolio positioning at period end.
The portfolio’s largest sector overweights were in the information technology and consumer discretionary sectors. Its largest underweights were in energy and materials.
As of June 30, 2024, the Trust had in place an option overwriting program whereby 13.0% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 6.2% out of the money) and for maturities averaging 60 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Monolithic Power Systems, Inc. | 3.3 %
Axon Enterprise, Inc. | 3.1
Pinterest, Inc. | 2.9
Entegris, Inc. | 2.9
Saia, Inc. | 2.8
CoStar Group, Inc. | 2.8
Vertiv Holdings Co. | 2.7
ASM International NV | 2.7
Relativity Space, Inc. | 2.5
Tradeweb Markets, Inc. | 2.5

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Software | 18.5 %
Semiconductors & Semiconductor Equipment | 12.7
Capital Markets | 6.8
Aerospace & Defense | 5.7
IT Services | 5.4
Life Sciences Tools & Services | 5.3
Hotels, Restaurants & Leisure | 5.2
Health Care Equipment & Supplies | 4.9
Interactive Media & Services | 3.7
Automobile Components | 3.5
Ground Transportation | 2.8
Real Estate Management & Development | 2.8
Electrical Equipment | 2.7
Textiles, Apparel & Luxury Goods | 2.7
Entertainment | 2.6
Construction & Engineering | 2.2
Diversified Consumer Services | 2.0
Specialty Retail | 1.6
Building Products | 1.6
Trading Companies & Distributors | 1.5
Wireless Telecommunication Services | 1.2
Food Products | 1.0
Other* | 3.6

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized for compliance purposes.
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

Trust Summary
21

Trust Summary as of June 30, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
Investment Objective
BlackRock Resources & Commodities Strategy Trust’s (BCX) (the “Trust”) primary investment objective is to seek high current income and current gains, with a secondary objective of capital appreciation. The Trust will seek to achieve its investment objectives, under normal market conditions, by investing at least 80% of its total assets in equity securities issued by commodity or natural resources companies, derivatives with exposure to commodity or natural resources companies or investments in securities and derivatives linked to the underlying price movement of commodities or natural resources. While permitted, the Trust does not currently expect to invest in securities and derivatives linked to the underlying price movement of commodities or natural resources. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information

Symbol on New York Stock Exchange | BCX
Initial Offering Date | March 30, 2011
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($9.19)(a) | 6.76%
Current Monthly Distribution per Common Share(b) | $0.051800
Current Annualized Distribution per Common Share(b) | $0.621600

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $9.19 | $8.88 | 3.49 % | $9.56 | $8.30
Net Asset Value | 10.46 | 10.57 | (1.04 ) | 11.01 | 9.72

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 2.43 % | 5.55 % | 9.43 % | 4.29 %
Trust at Market Price(a)(b) | 7.12 | 8.48 | 9.36 | 4.32
MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index(c) | (1.52 ) | 2.54 | 5.10 | N/A
S&P Global Natural Resources Net Index(d) | 0.04 | 7.16 | 7.66 | 3.82

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(b) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | An index that incorporates an option overlay component on the MSCI ACWI Select Liquidity Natural Resources Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns.
(d) | An index that includes approximately 90 of the largest publicly-traded companies in the natural resources and commodities businesses that meet specific investability requirements across three primary commodity-related sectors: agribusiness, energy, and metals and mining.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Natural resources stocks posted flat returns and lagged the broader equity market in the first half of 2024, as the backdrop of high interest rates and slowing global growth weighed on the demand outlook for commodities.
Holdings in energy companies contributed to performance, as sticky inflation, geopolitical risk, and higher oil prices served as tailwinds for the sector. Exxon Mobil Corp., a U.S.-based integrated energy firm, was the largest contributor at the individual stock level. The company reported strong earnings, and it completed its strategic acquisition of Pioneer Resources. Shell PLC, a European-based integrated energy firm that benefited from higher oil prices and its divestment of less profitable projects, also contributed to performance.
22
2024 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2024(continued)
BlackRock Resources & Commodities Strategy Trust (BCX)
Positions in the metals and mining sub-sector detracted from performance as a group due to mixed economic data in China and anticipation of reduced real estate development in the country. Vale SA, a Brazil-based mining company, was a leading single-stock detractor as the concerns about China weighed on the price of iron ore. The agribusiness firm Archer Daniels Midland Co., which faced an accounting scandal and pressure on margins due to an oversupply of grain commodities, also detracted.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy contributed to results during the reporting period.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust initiated positions in exploration and production oil and gas companies with exposure to U.S. shale, Hess Corp. and Diamondback Energy, Inc. It also added to existing holdings in two diversified mining companies, Teck Resources Ltd. and Anglo American PLC, as well as the gold miner, Barrick Gold Corp. The Trust reduced its weightings in several integrated oil and gas companies and the nitrogen fertilizer manufacturer CF Industries Holdings, Inc. It also exited its positions in Vale SA, Agco Corp., and Archer Daniels Midland Co.
Describe portfolio positioning at period end.
The portfolio had weightings of 40.3% of the portfolio was invested in the energy sector, 36.3% in mining, and 21.4% in agriculture. The remaining 0.5% was held in cash.
As of June 30, 2024, the Trust had in place an option overwriting program whereby 30.7% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 3.6% out of the money) and for maturities averaging 50 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Shell PLC | 8.7 %
Exxon Mobil Corp. | 6.6
BP PLC | 5.2
Smurfit Kappa Group PLC | 3.7
TotalEnergies SE | 3.7
Wheaton Precious Metals Corp. | 3.7
Rio Tinto PLC | 3.6
Glencore PLC | 3.5
Teck Resources Ltd. | 3.5
BHP Group Ltd. | 3.5

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Oil, Gas & Consumable Fuels | 38.9 %
Metals & Mining | 36.9
Containers & Packaging | 9.9
Chemicals | 6.9
Food Products | 3.4
Energy Equipment & Services | 1.8
Paper & Forest Products | 1.5
Construction Materials | 0.7

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized for compliance purposes.

Trust Summary
23

Trust Summary as of June 30, 2024
BlackRock Science and Technology Term Trust (BSTZ)
Investment Objective
BlackRock Science and Technology Term Trust’s (BSTZ) (the “Trust”) investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities issued by U.S. and non-U.S. science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BSTZ
Initial Offering Date | June 27, 2019
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($19.91)(a) | 12.73%
Current Monthly Distribution per Common Share(b)(c) | $0.211250
Current Annualized Distribution per Common Share(c) | $2.535000

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(c) | The monthly distribution per Common Share, declared on August 1, 2024, was increased to $0.214050 per share. The current distribution rate on closing market price, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $19.91 | $16.71 | 19.15 % | $19.91 | $16.36
Net Asset Value | 22.82 | 21.43 | 6.49 | 22.97 | 20.38

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | Since Inception(a)
Trust at NAV(b)(c) | 10.66 % | 15.55 % | 11.26 % | 11.31 %
Trust at Market Price(b)(c) | 23.82 | 19.68 | 7.49 | 8.32
MSCI Custom ACWI SMID Growth IT Call Overwrite Index(d) | 3.59 | 13.68 | N/A | 3.43
MSCI ACWI(e) | 11.30 | 19.38 | 10.76 | 10.85

(a) | BSTZ commenced operations on June 27, 2019.
(b) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(c) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(d) | An index representing the Information Technology sector stocks within the MSCI ACWI SMID Cap Growth Index and incorporating an option overlay component with a 25% overwrite level. An index that captures mid- and small-cap securities exhibiting overall growth style characteristics across certain developed and emerging markets. The index commenced on March 31, 2022 and therefore the since inception return presented is for the period March 31, 2022 through the current reporting period.
(e) | An index that captures large- and mid-cap representation across certain developed and emerging markets.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
At the industry level, security selection in the semiconductors and information technology services sub-sectors were the largest contributors to relative performance.
24
2024 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2024(continued)
BlackRock Science and Technology Term Trust (BSTZ)
Among individual holdings, an out-of-benchmark position in NVIDIA, Inc. was the leading contributor. The stock continued to rise after consecutive earnings releases that demonstrated robust demand from data center customers. The firm’s graphics processing units (“GPU”s), which enable artificial intelligence (“AI”), have driven robust revenue growth. An out-of-benchmark position in the South Korean semiconductor stock, SK Hynix Corp., was a notable contributor, as well. The shares rose due to resilient demand for the company’s high bandwidth memory chips, which are critical components within the AI supply chain. An out-of-benchmark private position in the “buy-now, pay-later” financial technology company Klarna Bank AB also contributed. The firm reported healthy growth and smaller losses than previously anticipated, causing its valuation to appreciate.
Security selection in the software and content and infrastructure sub-sectors detracted from relative performance.
An out-of-benchmark position in Snyk Limited was the single largest detractor. The private cybersecurity company’s valuation declined as shares of its publicly traded industry peers weakened on demand concerns. Not holding a position in the data analytics software company Palantir Technologies, Inc., which suffered from slowing demand from its government customers, also detracted. An out-of-benchmark private position in the data infrastructure company Databricks detracted, as well. The company’s valuation declined in sympathy with those of similar public companies due to weak demand from enterprises.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance.
The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust added to companies that are critical to the AI supply chain, including those in the semiconductors and hardware sub-sectors. It trimmed select software holdings where near-term demand remained muted. From a regional perspective, it further reduced holdings in Asian equities and added to the United States and Europe, where the investment adviser identified both attractive fundamentals and near-term catalysts. The Trust did not make any additional investments in private technology companies.
Describe portfolio positioning at period end.
As of June 30, 2024, the Trust held 22 private investments, comprising 28.4% of total assets for a total commitment of approximately $496 million.
The investment adviser continued to seek opportunities to harvest the illiquidity premium by taking advantage of the Trust’s closed-end structure by adding holdings in private investments as capacity increased.
The Trust held 36% of net asset value in semiconductors, 28% in software, 14% in hardware, 10% in services, 9% in internet, 2% in new industries, and 2% in content & infrastructure. These industry weightings were the result of bottom-up stock selection.
As of June 30, 2024, the Trust had in place an option overwriting program whereby 18.8% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 5.2% out of the money) and for maturities averaging 49 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Trust Summary
25

Trust Summary as of June 30, 2024(continued)
BlackRock Science and Technology Term Trust (BSTZ)
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
NVIDIA Corp. | 10.2 %
Databricks, Inc. | 3.9
PsiQuantum Corp. | 3.1
Synopsys, Inc. | 3.0
SK Hynix, Inc. | 3.0
Klarna Holdings AB | 2.3
Credo Technology Group Holding Ltd. | 2.2
GrubMarket, Inc. | 2.2
SambaNova Systems, Inc. | 2.0
Pure Storage, Inc. | 2.0

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Semiconductors & Semiconductor Equipment | 33.3 %
Software | 26.0
IT Services | 6.6
Technology Hardware, Storage & Peripherals | 5.7
Entertainment | 4.1
Interactive Media & Services | 3.7
Electronic Equipment, Instruments & Components | 3.2
Professional Services | 2.8
Consumer Staples Distribution & Retail | 2.2
Media | 1.6
Broadline Retail | 1.5
Communications Equipment | 1.5
Diversified Consumer Services | 1.5
Financial Services | 1.4
Consumer Finance | 1.3
Automobiles | 1.1
Industrial Conglomerates | 1.0
Other* | 1.5

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized for compliance purposes.
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Consolidated Schedule of Investments for details.

26
2024 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2024
BlackRock Science and Technology Trust (BST)
Investment Objective
BlackRock Science and Technology Trust’s (BST) (the “Trust”) investment objective is to provide income and total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of U.S. and non-U.S. science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology (high growth science and technology stocks), and/or potential to generate current income from advantageous dividend yields (cyclical science and technology stocks). The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BST
Initial Offering Date | October 30, 2014
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($37.66)(a) | 7.97%
Current Monthly Distribution per Common Share(b) | $0.250000
Current Annualized Distribution per Common Share(b) | $3.000000

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $37.66 | $33.66 | 11.88 % | $37.95 | $32.92
Net Asset Value | 38.89 | 34.74 | 11.95 | 39.45 | 33.76

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | Since Inception(a)
Trust at NAV(b)(c) | 16.65 % | 24.15 % | 12.97 % | 15.90 %
Trust at Market Price(b)(c) | 16.60 | 19.17 | 12.37 | 14.97
MSCI ACWI Information Technology Call Overwrite Index(d) | 22.07 | 32.56 | 18.40 | N/A
MSCI ACWI Information Technology Index(e) | 24.80 | 37.68 | 23.14 | 19.76

(a) | BST commenced operations on October 30, 2014.
(b) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(c) | The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(d) | An index that incorporates an option overlay component on the MSCI ACWI IT Index with a 33% overwrite level. since inception.
(e) | An index that includes large- and mid-cap securities across certain Developed Markets countries and certain Emerging Markets countries. All securities in the index are classified in the Information Technology sector as per the Global Industry Classification Standard.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
At the industry level, an underweight in hardware and security selection in the internet sub-sector were the largest contributors to relative performance.
Trust Summary
27

Trust Summary as of June 30, 2024(continued)
BlackRock Science and Technology Trust (BST)
An underweight position in Apple, Inc. was the largest contributor to performance at the individual security level. The stock lagged due to regulatory pressures and weak demand in China, where it faced stiff competition from local smartphone brands. A zero weighting in Intel Corp. also contributed. The shares dropped after the company issued disappointing guidance that caused investors to question its ability to keep pace in sales of chips to artificial intelligence (“AI”) data centers. An off-benchmark position in the British semiconductor and software design company, Arm Holdings PLC, was an additional contributor of note. The stock rose as investors anticipated demand growth for the firm’s AI infrastructure solutions.
Security selection in software and an out-of-benchmark allocation to the internet sub-sector were the largest detractors from relative performance.
An underweight in NVIDIA, Inc. was the most significant detractor among the Trust’s individual holdings. The stock continued to rise following consecutive earnings releases that demonstrated robust demand from data center customers. The firm’s graphics processing units (“GPU”s), which enable AI, have driven robust revenue growth. An out-of-benchmark private position in the data infrastructure company Databricks detracted, as well. The company’s valuation declined in sympathy with those of public companies due to weak demand from enterprises. An out-of-benchmark position in Tesla, Inc. also detracted amid weakening demand for electric vehicles.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance.
The Trust’s practice of maintaining a speciﬁed level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust added to companies that are critical to the AI supply chain, including those in the semiconductors and hardware sub-sectors. It trimmed select software and services holdings where near-term demand remained muted. From a regional perspective, it further reduced holdings in Asian equities and added to the United States and Europe, where the investment adviser identified both attractive fundamentals and near-term catalysts. The Trust made two additional investments in private technology companies.
Describe portfolio positioning at period end.
The Trust held 37% of net asset value in semiconductors, 29% in software, 14% in internet, 12% in hardware, 6% in services, 2% in new industries, and 1% in content & infrastructure. These industry weightings were the result of bottom-up stock selection.
As of June 30, 2024, the Trust had in place an option overwriting program whereby 28.0% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 3.8% out of the money) and for maturities averaging 50 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
NVIDIA Corp. | 14.6 %
Microsoft Corp. | 9.5
Apple, Inc. | 7.3
Broadcom, Inc. | 3.9
Cadence Design Systems, Inc. | 2.8
ASML Holding NV | 2.8
Meta Platforms, Inc. | 2.7
Amazon.com, Inc. | 2.4
Micron Technology, Inc. | 2.2
Mastercard, Inc. | 1.8

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Semiconductors & Semiconductor Equipment | 36.0 %
Software | 27.1
Technology Hardware, Storage & Peripherals | 8.8
IT Services | 4.8
Interactive Media & Services | 4.4
Broadline Retail | 3.8
Entertainment | 3.0
Financial Services | 2.8
Diversified Consumer Services | 1.5
Communications Equipment | 1.4
Professional Services | 1.3
Consumer Staples Distribution & Retail | 1.1
Automobiles | 1.0
Other* | 3.0

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized for compliance purposes.
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Consolidated Schedule of Investments for details.

28
2024 BlackRock Semi-Annual Report to Shareholders

Trust Summary as of June 30, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
Investment Objective
BlackRock Utilities, Infrastructure & Power Opportunities Trust’s (BUI) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities issued by companies that are engaged in the Utilities, Infrastructure and Power Opportunities business segments anywhere in the world and by employing a strategy of writing (selling) call and put options. The Trust considers the “Utilities” business segment to include products, technologies and services connected to the management, ownership, operation, construction, development or financing of facilities used to generate, transmit or distribute electricity, water, natural resources or telecommunications, the “Infrastructure” business segment to include companies that own or operate infrastructure assets or that are involved in the development, construction, distribution or financing of infrastructure assets and the “Power Opportunities” business segment to include companies with a significant involvement in, supporting, or necessary to renewable energy technology and development, alternative fuels, energy efficiency, automotive and sustainable mobility and technologies that enable or support the growth and adoption of new power and energy sources. Under normal circumstances, the Trust invests a substantial amount of its total assets in foreign issuers, issuers that primarily trade in a market located outside the United States or issuers that do a substantial amount of business outside the United States. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange | BUI
Initial Offering Date | November 25, 2011
Current Distribution Rate on Closing Market Price as of June 30, 2024 ($22.15)(a) | 6.56%
Current Monthly Distribution per Common Share(b) | $0.121000
Current Annualized Distribution per Common Share(b) | $1.452000

(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.
(b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

Market Price and Net Asset Value Per Share Summary

| 06/30/24 | 12/31/23 | Change | High | Low
Closing Market Price | $22.15 | $21.82 | 1.51 % | $23.03 | $20.20
Net Asset Value | 22.24 | 22.53 | (1.29 ) | 23.25 | 21.12

Performance
Returns for the period ended June 30, 2024 were as follows:

|  | Average Annual Total Returns
| 6-month | 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 2.07 % | 3.65 % | 7.94 % | 6.88 %
Trust at Market Price(a)(b) | 4.96 | 7.58 | 6.73 | 7.80
MSCI World Select Energy, Utilities and Industry Call Overwrite Index(c) | 4.63 | 8.86 | 4.31 | N/A
MSCI ACWI(d) | 11.30 | 19.38 | 10.76 | 8.43

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(b) | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c) | An index that incorporates an option overlay component on the MSCI World Select Energy, Utilities and Industry Index with a 33% overwrite level.The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns.
(d) | An index that captures large- and mid-cap representation across certain developed and emerging markets.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
Trust Summary
29

Trust Summary as of June 30, 2024(continued)
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
The following discussion relates to the Trust’s relative performance based on NAV:
What factors influenced performance?
Positive contributors to the Trust’s performance during the reporting period included companies providing energy efficient solutions to industrial facilities and data centers. Energy distribution and electric utility companies also contributed positively to performance. NextEra Energy Inc., a U.S.-based provider of clean power, was the largest individual contributor to return over the period on optimism about rising electricity demand from U.S. data centers and manufacturing plants. Tran Technologies plc, a U.S. energy efficiency company, also contributed notably to performance as the company saw strong demand for efficient heating, cooling, and ventilation systems.
Exposure to European companies detracted from the Trust’s performance over the period as the region’s economic growth underperformed that of the U.S. Holdings of RWE AG, a Germany-based electric utility company, detracted as the company announced that its 2024 profits would be lower than expected due to a drop in wholesale energy prices in European markets. Vestas Wind Systems, a Danish manufacturer of wind turbines, also detracted as the company reported an unexpected loss attributed to supply chain issues, increased raw material costs, and competition from solar.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed to relative performance in the period.
Describe recent portfolio activity.
The Trust initiated positions in firms that offer energy-efficient solutions for reshoring and grid-related projects, as well as those involved in enhancing energy efficiency in the U.S. building sector. The Trust added to an existing position in a U.K.-based company specializing in grid infrastructure. The Trust took profits in select companies in the building products and machinery industries and scaled back its investments in clean power utilities.
Describe portfolio positioning at period end.
At the end of the period, 44.0% of the portfolio was invested in the utilities sector, 35.5% in the industrials sector, and 11.4% in the energy sector. The remainder was invested in other infrastructure- and power-related sectors.
The Trust had in place an option overwriting program under which 34.9% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 2.8% out of the money) and for maturities averaging 53 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
NextEra Energy, Inc. | 6.4 %
Trane Technologies PLC | 3.6
Enel SpA | 3.6
National Grid PLC | 3.3
Williams Cos., Inc. | 3.0
GE Vernova, Inc. | 3.0
Sempra | 3.0
RWE AG | 3.0
Vinci SA | 2.9
SSE PLC | 2.7

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Electric Utilities | 24.3 %
Multi-Utilities | 14.4
Oil, Gas & Consumable Fuels | 11.6
Electrical Equipment | 10.3
Building Products | 9.3
Independent Power and Renewable Electricity Producers | 5.6
Construction & Engineering | 5.2
Commercial Services & Supplies | 4.8
Semiconductors & Semiconductor Equipment | 4.7
Machinery | 3.4
Chemicals | 2.6
Ground Transportation | 2.6
Electronic Equipment, Instruments & Components | 1.2

(a) | Excludes short-term securities, short investments and options, if any.
(b) | For purposes of this report, industry sub-classifications may differ from those utilized for compliance purposes.

30
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2024
BlackRock Energy and Resources Trust (BGR)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Energy Equipment & Services — 6.9% |
Patterson-UTI Energy, Inc. |  | 103,950 | $1,076,922
Saipem SpA(a) |  | 2,545,449 | 6,527,270
Schlumberger NV |  | 162,031 | 7,644,623
TechnipFMC PLC |  | 225,050 | 5,885,057
Tenaris SA |  | 200,650 | 3,086,466
Weatherford International PLC(a) |  | 32,700 | 4,004,115
|  |  | 28,224,453
Oil, Gas & Consumable Fuels — 92.6% |
ARC Resources Ltd. |  | 301,330 | 5,376,606
BP PLC |  | 4,078,855 | 24,557,840
Canadian Natural Resources Ltd. |  | 473,184 | 16,854,834
Cenovus Energy, Inc. |  | 452,787 | 8,899,852
Cheniere Energy, Inc. |  | 74,068 | 12,949,308
Chevron Corp.(b) |  | 195,340 | 30,555,083
ConocoPhillips(c) |  | 193,919 | 22,180,412
Diamondback Energy, Inc. |  | 58,201 | 11,651,258
EOG Resources, Inc. |  | 19,416 | 2,443,892
Exxon Mobil Corp.(b)(c) |  | 702,980 | 80,927,058
Gazprom PJSC(a)(d) |  | 879,200 | 103
Hess Corp. |  | 110,903 | 16,360,411
Kosmos Energy Ltd.(a) |  | 344,334 | 1,907,610
Marathon Petroleum Corp. |  | 83,445 | 14,476,039
PBF Energy, Inc., Class A |  | 41,950 | 1,930,539
Pembina Pipeline Corp. |  | 254,800 | 9,454,075
Permian Resources Corp., Class A |  | 444,400 | 7,177,060
Shell PLC, ADR |  | 602,110 | 43,460,300
Targa Resources Corp. |  | 86,300 | 11,113,714
TC Energy Corp. |  | 231,600 | 8,779,486
TotalEnergies SE |  | 254,161 | 17,017,028
Tourmaline Oil Corp. |  | 125,033 | 5,671,063
Valero Energy Corp. |  | 82,061 | 12,863,882
Williams Cos., Inc. |  | 280,981 | 11,941,692
|  |  | 378,549,145
Total Long-Term Investments — 99.5% (Cost: $260,547,552) | 406,773,598

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 1.1% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19%(e)(f) |  | 4,464,036 | $4,464,036
Total Short-Term Securities — 1.1% (Cost: $4,464,036) | 4,464,036
Total Investments Before Options Written — 100.6% (Cost: $265,011,588) | 411,237,634
Options Written — (0.7)% (Premiums Received: $(2,444,720)) | (2,894,166 )
Total Investments, Net of Options Written — 99.9% (Cost: $262,566,868) | 408,343,468
Other Assets Less Liabilities — 0.1% | 329,686
Net Assets — 100.0% | $408,673,154

(a) | Non-income producing security.
(b) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(c) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(e) | Affiliate of the Trust.
(f) | Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $3,612,320 | $851,716 (a) | $— | $— | $— | $4,464,036 | 4,464,036 | $149,148 | $—

(a) | Represents net amount purchased (sold).

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 |  |  |  |  |  |  |
Exxon Mobil Corp. | 421 | 07/05/24 | USD | 117.00 | USD | 4,847 | $(17,893 )

Schedule of Investments
31

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Energy and Resources Trust (BGR)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Shell PLC, ADR | 250 | 07/05/24 | USD | 72.00 | USD | 1,805 | $(18,750 )
Shell PLC, ADR | 250 | 07/05/24 | USD | 73.00 | USD | 1,805 | (8,125 )
Cheniere Energy, Inc. | 86 | 07/12/24 | USD | 165.00 | USD | 1,504 | (90,300 )
Chevron Corp. | 264 | 07/12/24 | USD | 165.00 | USD | 4,129 | (4,620 )
Exxon Mobil Corp. | 332 | 07/12/24 | USD | 117.00 | USD | 3,822 | (26,560 )
Hess Corp. | 132 | 07/12/24 | USD | 150.00 | USD | 1,947 | (25,080 )
Shell PLC, ADR | 274 | 07/12/24 | USD | 70.00 | USD | 1,978 | (92,475 )
ARC Resources Ltd. | 252 | 07/19/24 | CAD | 26.00 | CAD | 615 | (1,566 )
ARC Resources Ltd. | 253 | 07/19/24 | CAD | 24.50 | CAD | 618 | (9,247 )
Canadian Natural Resources Ltd. | 152 | 07/19/24 | CAD | 52.50 | CAD | 741 | (1,222 )
Canadian Natural Resources Ltd. | 1,409 | 07/19/24 | CAD | 49.00 | CAD | 6,866 | (91,149 )
Cenovus Energy, Inc. | 747 | 07/19/24 | CAD | 26.00 | CAD | 2,009 | (63,067 )
Cheniere Energy, Inc. | 84 | 07/19/24 | USD | 165.00 | USD | 1,469 | (91,140 )
Chevron Corp. | 141 | 07/19/24 | USD | 160.00 | USD | 2,206 | (19,669 )
ConocoPhillips | 202 | 07/19/24 | USD | 130.00 | USD | 2,310 | (3,030 )
Diamondback Energy, Inc. | 136 | 07/19/24 | USD | 206.75 | USD | 2,723 | (23,120 )
Exxon Mobil Corp. | 332 | 07/19/24 | USD | 115.00 | USD | 3,822 | (75,530 )
Hess Corp. | 81 | 07/19/24 | USD | 150.00 | USD | 1,195 | (14,580 )
Marathon Petroleum Corp. | 173 | 07/19/24 | USD | 180.00 | USD | 3,001 | (36,849 )
PBF Energy, Inc., Class A | 47 | 07/19/24 | USD | 50.00 | USD | 216 | (1,880 )
Permian Resources Corp., Class A | 947 | 07/19/24 | USD | 18.00 | USD | 1,529 | (4,735 )
Shell PLC, ADR | 500 | 07/19/24 | USD | 72.50 | USD | 3,609 | (51,250 )
Targa Resources Corp. | 142 | 07/19/24 | USD | 125.00 | USD | 1,829 | (70,290 )
TechnipFMC PLC | 218 | 07/19/24 | USD | 27.00 | USD | 570 | (7,630 )
Tourmaline Oil Corp. | 215 | 07/19/24 | CAD | 67.00 | CAD | 1,334 | (1,886 )
Valero Energy Corp. | 116 | 07/19/24 | USD | 165.00 | USD | 1,818 | (18,038 )
Weatherford International PLC | 59 | 07/19/24 | USD | 130.00 | USD | 722 | (8,703 )
Cheniere Energy, Inc. | 74 | 07/26/24 | USD | 170.00 | USD | 1,294 | (53,650 )
Chevron Corp. | 140 | 07/26/24 | USD | 155.00 | USD | 2,190 | (65,800 )
ConocoPhillips | 437 | 07/26/24 | USD | 112.00 | USD | 4,998 | (168,245 )
EOG Resources, Inc. | 65 | 07/26/24 | USD | 125.00 | USD | 818 | (21,775 )
Exxon Mobil Corp. | 820 | 07/26/24 | USD | 115.00 | USD | 9,440 | (217,300 )
Schlumberger NV | 267 | 07/26/24 | USD | 46.00 | USD | 1,260 | (58,072 )
Shell PLC, ADR | 275 | 07/26/24 | USD | 71.00 | USD | 1,985 | (61,187 )
TechnipFMC PLC | 130 | 07/26/24 | USD | 25.79 | USD | 340 | (14,122 )
Williams Cos., Inc. | 464 | 07/26/24 | USD | 42.00 | USD | 1,972 | (63,800 )
Diamondback Energy, Inc. | 56 | 08/02/24 | USD | 205.00 | USD | 1,121 | (20,720 )
Hess Corp. | 152 | 08/02/24 | USD | 151.50 | USD | 2,242 | (57,268 )
Shell PLC, ADR | 170 | 08/02/24 | USD | 71.00 | USD | 1,227 | (52,275 )
Valero Energy Corp. | 154 | 08/02/24 | USD | 165.00 | USD | 2,414 | (43,043 )
Marathon Petroleum Corp. | 102 | 08/09/24 | USD | 185.00 | USD | 1,769 | (28,968 )
ARC Resources Ltd. | 236 | 08/16/24 | CAD | 27.00 | CAD | 576 | (3,019 )
ARC Resources Ltd. | 253 | 08/16/24 | CAD | 24.50 | CAD | 618 | (17,384 )
Cenovus Energy, Inc. | 747 | 08/16/24 | CAD | 27.00 | CAD | 2,009 | (55,149 )
Exxon Mobil Corp. | 414 | 08/16/24 | USD | 115.00 | USD | 4,766 | (155,250 )
Patterson-UTI Energy, Inc. | 343 | 08/16/24 | USD | 11.00 | USD | 355 | (12,005 )
Pembina Pipeline Corp. | 335 | 08/16/24 | CAD | 50.00 | CAD | 1,700 | (39,302 )
Permian Resources Corp., Class A | 250 | 08/16/24 | USD | 16.00 | USD | 404 | (21,875 )
Schlumberger NV | 267 | 08/16/24 | USD | 47.50 | USD | 1,260 | (49,128 )
Shell PLC, ADR | 267 | 08/16/24 | USD | 72.50 | USD | 1,927 | (48,060 )
TechnipFMC PLC | 394 | 08/16/24 | USD | 26.75 | USD | 1,030 | (42,875 )
Tourmaline Oil Corp. | 197 | 08/16/24 | CAD | 65.00 | CAD | 1,222 | (16,992 )
Weatherford International PLC | 48 | 08/16/24 | USD | 125.00 | USD | 588 | (28,080 )
Williams Cos., Inc. | 464 | 08/16/24 | USD | 42.00 | USD | 1,972 | (74,240 )
Pembina Pipeline Corp. | 364 | 09/20/24 | CAD | 52.00 | CAD | 1,848 | (20,355 )
|  |  |  |  |  |  | $(2,388,323 )

32
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Energy and Resources Trust (BGR)
OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Chevron Corp. | Bank of America N.A. | 9,900 | 07/02/24 | USD | 164.33 | USD | 1,549 | $(39 )
BP PLC | Bank of America N.A. | 575,000 | 07/03/24 | GBP | 5.14 | GBP | 2,739 | (73 )
TotalEnergies SE | Goldman Sachs International | 1,200 | 07/03/24 | EUR | 69.69 | EUR | 75 | —
TC Energy Corp. | Citibank N.A. | 27,800 | 07/08/24 | CAD | 52.85 | CAD | 1,442 | (8,175 )
BP PLC | Morgan Stanley & Co. International PLC | 317,100 | 07/09/24 | GBP | 5.00 | GBP | 1,510 | (2,974 )
Pembina Pipeline Corp. | Morgan Stanley & Co. International PLC | 14,100 | 07/15/24 | CAD | 50.25 | CAD | 716 | (9,043 )
TC Energy Corp. | Royal Bank of Canada | 26,800 | 07/19/24 | CAD | 52.40 | CAD | 1,390 | (16,841 )
TC Energy Corp. | Morgan Stanley & Co. International PLC | 21,800 | 07/25/24 | CAD | 54.31 | CAD | 1,131 | (9,384 )
BP PLC | Bank of America N.A. | 454,000 | 08/02/24 | GBP | 4.74 | GBP | 2,162 | (70,986 )
Saipem SpA | Bank of America N.A. | 280,000 | 08/02/24 | EUR | 2.14 | EUR | 670 | (87,510 )
Tenaris SA | UBS AG | 66,300 | 08/02/24 | EUR | 15.14 | EUR | 952 | (11,638 )
TotalEnergies SE | Bank of America N.A. | 82,700 | 08/02/24 | EUR | 64.58 | EUR | 5,170 | (84,635 )
Saipem SpA | Goldman Sachs International | 560,000 | 08/06/24 | EUR | 2.20 | EUR | 1,341 | (146,557 )
Targa Resources Corp. | JPMorgan Chase Bank N.A. | 14,200 | 08/20/24 | USD | 129.85 | USD | 1,829 | (57,988 )
|  |  |  |  |  |  |  | $(505,843 )

Balances Reported in the Statements of Assets and Liabilities for Options Written

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $N/A | $601,363 | $(1,050,809 ) | $(2,894,166 )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $2,894,166 | $— | $— | $— | $2,894,166

For the period ended June 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options purchased(a) | $— | $— | $(73,131 ) | $— | $— | $— | $(73,131 )
Options written | — | — | (4,231,774 ) | — | — | — | (4,231,774 )
| $— | $— | $(4,304,905 ) | $— | $— | $— | $(4,304,905 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(1,162,675 ) | $— | $— | $— | $(1,162,675 )

(a) | Options purchased are included in net realized gain (loss) from investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased | $— (a)
Average value of option contracts written | $5,043,839

(a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
33

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Energy and Resources Trust (BGR)
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $2,894,166
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 2,894,166
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (2,388,323 )
Total derivative assets and liabilities subject to an MNA | $— | $505,843

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged | Net Amount of Derivative Liabilities(b)
Bank of America N.A. | $243,243 | $— | $(31,910 ) | $— | $211,333
Citibank N.A. | 8,175 | — | — | — | 8,175
Goldman Sachs International | 146,557 | — | (146,557 ) | — | —
JPMorgan Chase Bank N.A. | 57,988 | — | — | — | 57,988
Morgan Stanley & Co. International PLC | 21,401 | — | (21,401 ) | — | —
Royal Bank of Canada | 16,841 | — | — | — | 16,841
UBS AG | 11,638 | — | — | — | 11,638
| $505,843 | $— | $(199,868 ) | $— | $305,975

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Energy Equipment & Services | $18,610,717 | $9,613,736 | $— | $28,224,453
Oil, Gas & Consumable Fuels | 336,974,174 | 41,574,868 | 103 | 378,549,145
Short-Term Securities |  |  |  |
Money Market Funds | 4,464,036 | — | — | 4,464,036
| $360,048,927 | $51,188,604 | $103 | $411,237,634
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(2,274,058 ) | $(620,108 ) | $— | $(2,894,166 )

(a) | Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.
34
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2024
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Aerospace & Defense — 1.0% |
RTX Corp. |  | 91,017 | $9,137,197
Automobile Components — 1.1% |
Aptiv PLC(a) |  | 143,331 | 10,093,369
Banks — 2.0% |
JPMorgan Chase & Co.(b) |  | 94,074 | 19,027,407
Beverages — 0.9% |
Diageo PLC, ADR |  | 66,595 | 8,396,298
Broadline Retail — 6.5% |
Amazon.com, Inc.(a)(b) |  | 315,060 | 60,885,345
Capital Markets — 3.5% |
Intercontinental Exchange, Inc.(b) |  | 159,629 | 21,851,614
LPL Financial Holdings, Inc. |  | 40,774 | 11,388,178
|  |  | 33,239,792
Chemicals — 3.2% |
Air Products and Chemicals, Inc. |  | 56,603 | 14,606,404
Corteva, Inc.(b) |  | 281,811 | 15,200,885
|  |  | 29,807,289
Communications Equipment — 1.3% |
Ciena Corp.(a) |  | 262,988 | 12,670,762
Consumer Staples Distribution & Retail — 1.8% |
Dollar Tree, Inc.(a) |  | 163,259 | 17,431,163
Electronic Equipment, Instruments & Components — 1.7% |
Zebra Technologies Corp., Class A(a) |  | 51,665 | 15,960,868
Entertainment — 2.5% |
Electronic Arts, Inc. |  | 99,791 | 13,903,880
TKO Group Holdings, Inc., Class A |  | 85,502 | 9,233,361
|  |  | 23,137,241
Financial Services — 2.6% |
Berkshire Hathaway, Inc., Class B(a)(b) |  | 59,717 | 24,292,876
Health Care Providers & Services — 7.3% |
Cardinal Health, Inc. |  | 163,343 | 16,059,884
Elevance Health, Inc. |  | 25,578 | 13,859,695
Humana, Inc.(b) |  | 25,778 | 9,631,950
Tenet Healthcare Corp.(a) |  | 128,437 | 17,085,974
UnitedHealth Group, Inc. |  | 23,789 | 12,114,786
|  |  | 68,752,289
Health Care Technology — 0.8% |
Veeva Systems, Inc., Class A(a) |  | 38,850 | 7,109,939
Hotels, Restaurants & Leisure — 0.7% |
Las Vegas Sands Corp. |  | 140,692 | 6,225,621
Household Durables — 2.0% |
Sony Group Corp., ADR |  | 216,953 | 18,430,157

Security |  | Shares | Value
Insurance — 2.1% |
Fidelity National Financial, Inc., Class A |  | 181,029 | $8,946,453
Reinsurance Group of America, Inc.(b) |  | 53,542 | 10,990,567
|  |  | 19,937,020
Interactive Media & Services — 10.1% |
Alphabet, Inc., Class A |  | 335,226 | 61,061,416
Meta Platforms, Inc., Class A(b) |  | 67,369 | 33,968,797
|  |  | 95,030,213
IT Services — 1.5% |
Cognizant Technology Solutions Corp., Class A |  | 209,007 | 14,212,476
Life Sciences Tools & Services — 3.6% |
Avantor, Inc.(a) |  | 466,465 | 9,889,058
ICON PLC(a) |  | 34,350 | 10,767,695
Thermo Fisher Scientific, Inc.(c) |  | 23,944 | 13,241,032
|  |  | 33,897,785
Machinery — 3.7% |
Fortive Corp. |  | 252,786 | 18,731,443
Otis Worldwide Corp.(b) |  | 98,175 | 9,450,325
Westinghouse Air Brake Technologies Corp. |  | 40,206 | 6,354,558
|  |  | 34,536,326
Media — 2.1% |
Comcast Corp., Class A(b) |  | 507,169 | 19,860,738
Oil, Gas & Consumable Fuels — 3.6% |
BP PLC, ADR |  | 314,828 | 11,365,291
ConocoPhillips(b) |  | 97,864 | 11,193,684
Shell PLC |  | 316,749 | 11,361,141
|  |  | 33,920,116
Pharmaceuticals — 4.4% |
Novo Nordisk A/S, Class B, ADR(c) |  | 164,020 | 23,412,215
Sanofi SA, ADR |  | 369,153 | 17,911,303
|  |  | 41,323,518
Professional Services — 0.8% |
Dun & Bradstreet Holdings, Inc. |  | 773,013 | 7,158,100
Semiconductors & Semiconductor Equipment — 12.3% |
Advanced Micro Devices, Inc.(a)(d) |  | 126,589 | 20,534,002
Applied Materials, Inc.(b) |  | 65,354 | 15,422,890
Marvell Technology, Inc. |  | 262,207 | 18,328,269
Micron Technology, Inc. |  | 158,868 | 20,895,908
NVIDIA Corp. |  | 324,535 | 40,093,054
|  |  | 115,274,123
Software — 9.1% |
Microsoft Corp.(b)(d) |  | 192,389 | 85,988,264
Specialized REITs — 1.5% |
Crown Castle, Inc. |  | 140,453 | 13,722,258
Specialty Retail — 1.6% |
Ross Stores, Inc.(b) |  | 105,674 | 15,356,546
Technology Hardware, Storage & Peripherals — 4.3% |
Apple, Inc.(b) |  | 193,794 | 40,816,892

Schedule of Investments
35

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Textiles, Apparel & Luxury Goods — 1.0% |
Skechers USA, Inc., Class A(a) |  | 136,342 | $9,423,959
Total Long-Term Investments — 100.6% (Cost: $556,934,358) | 945,055,947
Short-Term Securities
Money Market Funds — 1.1% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.48%(e)(f)(g) |  | 2,483,129 | 2,483,874
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19%(e)(f) |  | 8,150,581 | 8,150,581
Total Short-Term Securities — 1.1% (Cost: $10,634,587) | 10,634,455
Total Investments Before Options Written — 101.7% (Cost: $567,568,945) | 955,690,402
Options Written — (1.3)% (Premiums Received: $(11,273,204)) | (12,761,723 )
Total Investments, Net of Options Written — 100.4% (Cost: $556,295,741) | 942,928,679
Liabilities in Excess of Other Assets — (0.4)% | (3,464,245 )
Net Assets — 100.0% | $939,464,434

(a) | Non-income producing security.
(b) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(c) | All or a portion of this security is on loan.
(d) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(e) | Affiliate of the Trust.
(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.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $2,483,800 (a) | $— | $206 | $(132 ) | $2,483,874 | 2,483,129 | $933 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 12,932,953 | — | (4,782,372 )(a) | — | — | 8,150,581 | 8,150,581 | 280,280 | —
SL Liquidity Series, LLC, Money Market Series(c) | 397,512 | — | (397,857 )(a) | 305 | 40 | — | — | 215 (b) | —
|  |  |  | $511 | $(92 ) | $10,634,455 |  | $281,428 | $—

(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.
(c) | As of period end, the entity is no longer held.

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 |  |  |  |  |  |  |
Otis Worldwide Corp. | 179 | 07/02/24 | USD | 97.50 | USD | 1,723 | $(3,107 )
Alphabet, Inc., Class A | 236 | 07/05/24 | USD | 175.00 | USD | 4,299 | (185,260 )
Amazon.com, Inc. | 348 | 07/05/24 | USD | 185.00 | USD | 6,725 | (307,110 )
Applied Materials, Inc. | 81 | 07/05/24 | USD | 225.00 | USD | 1,912 | (86,872 )
JPMorgan Chase & Co. | 140 | 07/05/24 | USD | 200.00 | USD | 2,832 | (49,770 )
Meta Platforms, Inc., Class A | 61 | 07/05/24 | USD | 475.00 | USD | 3,076 | (179,187 )
Micron Technology, Inc. | 61 | 07/05/24 | USD | 131.00 | USD | 802 | (19,642 )
Microsoft Corp. | 302 | 07/05/24 | USD | 430.00 | USD | 13,498 | (539,070 )

36
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
NVIDIA Corp. | 120 | 07/05/24 | USD | 112.50 | USD | 1,482 | $(135,000 )
Ross Stores, Inc. | 276 | 07/05/24 | USD | 141.00 | USD | 4,011 | (122,820 )
Alphabet, Inc., Class A | 236 | 07/12/24 | USD | 175.00 | USD | 4,299 | (192,340 )
Amazon.com, Inc. | 358 | 07/12/24 | USD | 195.00 | USD | 6,918 | (128,880 )
Apple, Inc. | 290 | 07/12/24 | USD | 200.00 | USD | 6,108 | (342,200 )
Cardinal Health, Inc. | 298 | 07/12/24 | USD | 100.00 | USD | 2,930 | (17,135 )
Las Vegas Sands Corp. | 195 | 07/12/24 | USD | 47.00 | USD | 863 | (2,925 )
Meta Platforms, Inc., Class A | 106 | 07/12/24 | USD | 495.00 | USD | 5,345 | (176,490 )
Micron Technology, Inc. | 61 | 07/12/24 | USD | 131.00 | USD | 802 | (26,383 )
Microsoft Corp. | 171 | 07/12/24 | USD | 425.00 | USD | 7,643 | (411,255 )
NVIDIA Corp. | 110 | 07/12/24 | USD | 115.00 | USD | 1,359 | (109,175 )
NVIDIA Corp. | 160 | 07/12/24 | USD | 117.00 | USD | 1,977 | (136,000 )
UnitedHealth Group, Inc. | 49 | 07/12/24 | USD | 505.00 | USD | 2,495 | (49,735 )
Advanced Micro Devices, Inc. | 163 | 07/19/24 | USD | 175.00 | USD | 2,644 | (33,741 )
Air Products and Chemicals, Inc. | 157 | 07/19/24 | USD | 270.00 | USD | 4,051 | (9,028 )
Amazon.com, Inc. | 528 | 07/19/24 | USD | 190.00 | USD | 10,204 | (382,800 )
Apple, Inc. | 346 | 07/19/24 | USD | 190.00 | USD | 7,287 | (768,120 )
Applied Materials, Inc. | 62 | 07/19/24 | USD | 220.00 | USD | 1,463 | (112,220 )
Aptiv PLC | 488 | 07/19/24 | USD | 87.50 | USD | 3,436 | (36,600 )
Avantor, Inc. | 609 | 07/19/24 | USD | 22.00 | USD | 1,291 | (15,225 )
Berkshire Hathaway, Inc., Class B | 179 | 07/19/24 | USD | 410.00 | USD | 7,282 | (68,915 )
BP PLC, ADR | 940 | 07/19/24 | USD | 38.00 | USD | 3,393 | (8,460 )
Ciena Corp. | 504 | 07/19/24 | USD | 55.00 | USD | 2,428 | (5,040 )
Cognizant Technology Solutions Corp., Class A | 196 | 07/19/24 | USD | 70.00 | USD | 1,333 | (11,760 )
Cognizant Technology Solutions Corp., Class A | 225 | 07/19/24 | USD | 72.50 | USD | 1,530 | (4,500 )
ConocoPhillips | 531 | 07/19/24 | USD | 130.00 | USD | 6,074 | (7,965 )
Corteva, Inc. | 909 | 07/19/24 | USD | 60.00 | USD | 4,903 | (9,090 )
Diageo PLC, ADR | 266 | 07/19/24 | USD | 135.00 | USD | 3,354 | (6,650 )
Elevance Health, Inc. | 94 | 07/19/24 | USD | 550.00 | USD | 5,093 | (73,320 )
Fidelity National Financial, Inc., Class A | 376 | 07/19/24 | USD | 50.75 | USD | 1,858 | (17,577 )
Fortive Corp. | 821 | 07/19/24 | USD | 74.01 | USD | 6,084 | (111,809 )
ICON PLC | 108 | 07/19/24 | USD | 330.00 | USD | 3,385 | (29,970 )
Intercontinental Exchange, Inc. | 361 | 07/19/24 | USD | 140.00 | USD | 4,942 | (25,270 )
JPMorgan Chase & Co. | 155 | 07/19/24 | USD | 210.00 | USD | 3,135 | (23,948 )
LPL Financial Holdings, Inc. | 75 | 07/19/24 | USD | 280.00 | USD | 2,095 | (42,375 )
LPL Financial Holdings, Inc. | 75 | 07/19/24 | USD | 270.00 | USD | 2,095 | (88,125 )
Marvell Technology, Inc. | 150 | 07/19/24 | USD | 77.50 | USD | 1,049 | (7,725 )
Meta Platforms, Inc., Class A | 98 | 07/19/24 | USD | 505.00 | USD | 4,941 | (131,075 )
Meta Platforms, Inc., Class A | 106 | 07/19/24 | USD | 525.00 | USD | 5,345 | (62,540 )
Micron Technology, Inc. | 52 | 07/19/24 | USD | 140.00 | USD | 684 | (11,648 )
Micron Technology, Inc. | 62 | 07/19/24 | USD | 120.00 | USD | 815 | (78,740 )
Microsoft Corp. | 190 | 07/19/24 | USD | 450.00 | USD | 8,492 | (117,800 )
Novo Nordisk A/S, Class B, ADR | 223 | 07/19/24 | USD | 135.00 | USD | 3,183 | (198,470 )
NVIDIA Corp. | 160 | 07/19/24 | USD | 117.00 | USD | 1,977 | (152,800 )
NVIDIA Corp. | 220 | 07/19/24 | USD | 105.00 | USD | 2,718 | (424,600 )
Otis Worldwide Corp. | 179 | 07/19/24 | USD | 97.50 | USD | 1,723 | (18,795 )
Ross Stores, Inc. | 154 | 07/19/24 | USD | 150.00 | USD | 2,238 | (9,240 )
RTX Corp. | 132 | 07/19/24 | USD | 105.00 | USD | 1,325 | (2,838 )
Sanofi SA, ADR | 683 | 07/19/24 | USD | 50.10 | USD | 3,314 | (55,243 )
Skechers USA, Inc., Class A | 338 | 07/19/24 | USD | 67.50 | USD | 2,336 | (87,880 )
Sony Group Corp., ADR | 445 | 07/19/24 | USD | 85.00 | USD | 3,780 | (78,987 )
Tenet Healthcare Corp. | 130 | 07/19/24 | USD | 128.00 | USD | 1,729 | (98,807 )
Tenet Healthcare Corp. | 180 | 07/19/24 | USD | 140.00 | USD | 2,395 | (30,600 )
TKO Group Holdings, Inc., Class A | 342 | 07/19/24 | USD | 110.00 | USD | 3,693 | (46,170 )
Westinghouse Air Brake Technologies Corp. | 133 | 07/19/24 | USD | 170.00 | USD | 2,102 | (3,658 )
Zebra Technologies Corp., Class A | 93 | 07/19/24 | USD | 320.50 | USD | 2,873 | (35,315 )
Advanced Micro Devices, Inc. | 92 | 07/26/24 | USD | 165.00 | USD | 1,492 | (57,500 )
Amazon.com, Inc. | 285 | 07/26/24 | USD | 190.00 | USD | 5,508 | (261,487 )
Apple, Inc. | 290 | 07/26/24 | USD | 220.00 | USD | 6,108 | (55,245 )
Applied Materials, Inc. | 144 | 07/26/24 | USD | 240.00 | USD | 3,398 | (99,360 )
BP PLC, ADR | 1,106 | 07/26/24 | USD | 36.00 | USD | 3,993 | (90,139 )
Comcast Corp., Class A | 787 | 07/26/24 | USD | 39.00 | USD | 3,082 | (77,519 )

Schedule of Investments
37

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
ConocoPhillips | 244 | 07/26/24 | USD | 112.00 | USD | 2,791 | $(93,940 )
Dollar Tree, Inc. | 104 | 07/26/24 | USD | 108.00 | USD | 1,110 | (27,976 )
Electronic Arts, Inc. | 100 | 07/26/24 | USD | 139.00 | USD | 1,393 | (24,500 )
Humana, Inc. | 2 | 07/26/24 | USD | 360.00 | USD | 75 | (3,780 )
Las Vegas Sands Corp. | 285 | 07/26/24 | USD | 47.00 | USD | 1,261 | (79,515 )
Marvell Technology, Inc. | 150 | 07/26/24 | USD | 76.00 | USD | 1,049 | (15,600 )
Micron Technology, Inc. | 285 | 07/26/24 | USD | 170.00 | USD | 3,749 | (8,978 )
Microsoft Corp. | 178 | 07/26/24 | USD | 455.00 | USD | 7,956 | (158,865 )
Novo Nordisk A/S, Class B, ADR | 235 | 07/26/24 | USD | 147.00 | USD | 3,354 | (47,235 )
NVIDIA Corp. | 55 | 07/26/24 | USD | 123.00 | USD | 679 | (38,913 )
Ross Stores, Inc. | 102 | 07/26/24 | USD | 152.50 | USD | 1,482 | (9,180 )
RTX Corp. | 232 | 07/26/24 | USD | 107.00 | USD | 2,329 | (11,832 )
UnitedHealth Group, Inc. | 51 | 07/26/24 | USD | 510.00 | USD | 2,597 | (84,915 )
Alphabet, Inc., Class A | 198 | 08/02/24 | USD | 185.00 | USD | 3,607 | (123,750 )
Amazon.com, Inc. | 528 | 08/02/24 | USD | 210.00 | USD | 10,204 | (212,520 )
Apple, Inc. | 333 | 08/02/24 | USD | 215.00 | USD | 7,014 | (188,145 )
Applied Materials, Inc. | 137 | 08/02/24 | USD | 250.00 | USD | 3,233 | (71,240 )
Avantor, Inc. | 628 | 08/02/24 | USD | 23.00 | USD | 1,331 | (147,580 )
Berkshire Hathaway, Inc., Class B | 209 | 08/02/24 | USD | 415.00 | USD | 8,502 | (88,302 )
Cardinal Health, Inc. | 355 | 08/02/24 | USD | 103.00 | USD | 3,490 | (58,575 )
Comcast Corp., Class A | 684 | 08/02/24 | USD | 38.00 | USD | 2,679 | (135,432 )
Electronic Arts, Inc. | 300 | 08/02/24 | USD | 141.00 | USD | 4,180 | (111,000 )
Humana, Inc. | 49 | 08/02/24 | USD | 365.00 | USD | 1,831 | (100,450 )
JPMorgan Chase & Co. | 316 | 08/02/24 | USD | 205.00 | USD | 6,391 | (142,990 )
Las Vegas Sands Corp. | 82 | 08/02/24 | USD | 47.00 | USD | 363 | (11,808 )
Meta Platforms, Inc., Class A | 66 | 08/02/24 | USD | 555.00 | USD | 3,328 | (66,825 )
Micron Technology, Inc. | 114 | 08/02/24 | USD | 143.00 | USD | 1,499 | (35,055 )
Microsoft Corp. | 409 | 08/02/24 | USD | 475.00 | USD | 18,280 | (168,712 )
Novo Nordisk A/S, Class B, ADR | 608 | 08/02/24 | USD | 152.50 | USD | 8,679 | (89,072 )
NVIDIA Corp. | 120 | 08/02/24 | USD | 142.00 | USD | 1,482 | (24,840 )
Ross Stores, Inc. | 155 | 08/02/24 | USD | 148.00 | USD | 2,252 | (41,075 )
Thermo Fisher Scientific, Inc. | 82 | 08/02/24 | USD | 580.00 | USD | 4,535 | (62,730 )
Zebra Technologies Corp., Class A | 127 | 08/05/24 | USD | 305.00 | USD | 3,923 | (204,854 )
Air Products and Chemicals, Inc. | 69 | 08/16/24 | USD | 278.33 | USD | 1,781 | (14,714 )
Aptiv PLC | 443 | 08/16/24 | USD | 75.00 | USD | 3,120 | (99,675 )
Avantor, Inc. | 628 | 08/16/24 | USD | 23.00 | USD | 1,331 | (25,120 )
Comcast Corp., Class A | 963 | 08/16/24 | USD | 40.00 | USD | 3,771 | (99,189 )
Corteva, Inc. | 922 | 08/16/24 | USD | 55.00 | USD | 4,973 | (170,570 )
Dollar Tree, Inc. | 221 | 08/16/24 | USD | 110.00 | USD | 2,360 | (69,062 )
Elevance Health, Inc. | 72 | 08/16/24 | USD | 550.00 | USD | 3,901 | (102,600 )
Fortive Corp. | 821 | 08/16/24 | USD | 74.01 | USD | 6,084 | (179,017 )
ICON PLC | 29 | 08/16/24 | USD | 330.00 | USD | 909 | (25,375 )
Intercontinental Exchange, Inc. | 361 | 08/16/24 | USD | 140.00 | USD | 4,942 | (55,955 )
LPL Financial Holdings, Inc. | 116 | 08/16/24 | USD | 290.00 | USD | 3,240 | (69,600 )
Marvell Technology, Inc. | 224 | 08/16/24 | USD | 75.00 | USD | 1,566 | (53,313 )
NVIDIA Corp. | 353 | 08/16/24 | USD | 138.00 | USD | 4,361 | (147,377 )
Otis Worldwide Corp. | 280 | 08/16/24 | USD | 97.50 | USD | 2,695 | (66,500 )
Sanofi SA, ADR | 1,088 | 08/16/24 | USD | 48.44 | USD | 5,279 | (250,959 )
Skechers USA, Inc., Class A | 430 | 08/16/24 | USD | 72.50 | USD | 2,972 | (94,600 )
Tenet Healthcare Corp. | 310 | 08/16/24 | USD | 140.00 | USD | 4,124 | (159,650 )
Thermo Fisher Scientific, Inc. | 73 | 08/16/24 | USD | 580.00 | USD | 4,037 | (70,445 )
UnitedHealth Group, Inc. | 54 | 08/16/24 | USD | 510.00 | USD | 2,750 | (107,055 )
Veeva Systems, Inc., Class A | 126 | 08/16/24 | USD | 185.00 | USD | 2,306 | (79,380 )
Westinghouse Air Brake Technologies Corp. | 130 | 08/16/24 | USD | 171.81 | USD | 2,055 | (12,676 )
Zebra Technologies Corp., Class A | 115 | 08/16/24 | USD | 330.00 | USD | 3,553 | (106,950 )
Intercontinental Exchange, Inc. | 315 | 09/20/24 | USD | 145.00 | USD | 4,312 | (49,613 )
|  |  |  |  |  |  | $(12,206,624 )

38
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Shell PLC | Morgan Stanley & Co. International PLC | 22,500 | 07/02/24 | GBP | 30.05 | GBP | 638 | $—
Shell PLC | Citibank N.A. | 70,000 | 07/03/24 | GBP | 29.59 | GBP | 1,986 | (105 )
Dun & Bradstreet Holdings, Inc. | Citibank N.A. | 40,000 | 07/18/24 | USD | 9.82 | USD | 370 | (13,368 )
Shell PLC | Goldman Sachs International | 76,900 | 07/24/24 | GBP | 27.89 | GBP | 2,182 | (79,386 )
Shell PLC | Bank of America N.A. | 40,600 | 08/02/24 | GBP | 28.07 | GBP | 1,152 | (41,836 )
Reinsurance Group of America, Inc. | Bank of America N.A. | 17,400 | 08/09/24 | USD | 205.74 | USD | 3,572 | (101,631 )
Fidelity National Financial, Inc., Class A | Morgan Stanley & Co. International PLC | 80,000 | 08/19/24 | USD | 50.55 | USD | 3,954 | (103,638 )
Crown Castle, Inc. | Morgan Stanley & Co. International PLC | 5,800 | 08/26/24 | USD | 98.27 | USD | 567 | (23,109 )
Reinsurance Group of America, Inc. | Goldman Sachs International | 17,400 | 09/09/24 | USD | 211.98 | USD | 3,572 | (96,425 )
Crown Castle, Inc. | Morgan Stanley & Co. International PLC | 22,200 | 09/23/24 | USD | 98.19 | USD | 2,169 | (95,601 )
|  |  |  |  |  |  |  | $(555,099 )

Balances Reported in the Statements of Assets and Liabilities for Options Written

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $N/A | $2,708,833 | $(4,197,352 ) | $(12,761,723 )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $12,761,723 | $— | $— | $— | $12,761,723

For the period ended June 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options written | $— | $— | $(24,940,592 ) | $— | $— | $— | $(24,940,592 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $6,793,687 | $— | $— | $— | $6,793,687

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $15,251,454

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
39

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $12,761,723
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 12,761,723
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (12,206,624 )
Total derivative assets and liabilities subject to an MNA | $— | $555,099

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged | Net Amount of Derivative Liabilities(b)
Bank of America N.A. | $143,467 | $— | $(143,467 ) | $— | $—
Citibank N.A. | 13,473 | — | (13,473 ) | — | —
Goldman Sachs International | 175,811 | — | (93,413 ) | — | 82,398
Morgan Stanley & Co. International PLC | 222,348 | — | (26,817 ) | — | 195,531
| $555,099 | $— | $(277,170 ) | $— | $277,929

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Aerospace & Defense | $9,137,197 | $— | $— | $9,137,197
Automobile Components | 10,093,369 | — | — | 10,093,369
Banks | 19,027,407 | — | — | 19,027,407
Beverages | 8,396,298 | — | — | 8,396,298
Broadline Retail | 60,885,345 | — | — | 60,885,345
Capital Markets | 33,239,792 | — | — | 33,239,792
Chemicals | 29,807,289 | — | — | 29,807,289
Communications Equipment | 12,670,762 | — | — | 12,670,762
Consumer Staples Distribution & Retail | 17,431,163 | — | — | 17,431,163
Electronic Equipment, Instruments & Components | 15,960,868 | — | — | 15,960,868
Entertainment | 23,137,241 | — | — | 23,137,241
Financial Services | 24,292,876 | — | — | 24,292,876
Health Care Providers & Services | 68,752,289 | — | — | 68,752,289
Health Care Technology | 7,109,939 | — | — | 7,109,939
Hotels, Restaurants & Leisure | 6,225,621 | — | — | 6,225,621
Household Durables | 18,430,157 | — | — | 18,430,157
Insurance | 19,937,020 | — | — | 19,937,020
Interactive Media & Services | 95,030,213 | — | — | 95,030,213
IT Services | 14,212,476 | — | — | 14,212,476
Life Sciences Tools & Services | 33,897,785 | — | — | 33,897,785
Machinery | 34,536,326 | — | — | 34,536,326
Media | 19,860,738 | — | — | 19,860,738

40
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Common Stocks (continued) |  |  |  |
Oil, Gas & Consumable Fuels | $22,558,975 | $11,361,141 | $— | $33,920,116
Pharmaceuticals | 41,323,518 | — | — | 41,323,518
Professional Services | 7,158,100 | — | — | 7,158,100
Semiconductors & Semiconductor Equipment | 115,274,123 | — | — | 115,274,123
Software | 85,988,264 | — | — | 85,988,264
Specialized REITs | 13,722,258 | — | — | 13,722,258
Specialty Retail | 15,356,546 | — | — | 15,356,546
Technology Hardware, Storage & Peripherals | 40,816,892 | — | — | 40,816,892
Textiles, Apparel & Luxury Goods | 9,423,959 | — | — | 9,423,959
Short-Term Securities |  |  |  |
Money Market Funds | 10,634,455 | — | — | 10,634,455
| $944,329,261 | $11,361,141 | $— | $955,690,402
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(11,222,546 ) | $(1,539,177 ) | $— | $(12,761,723 )

(a) | Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.
Schedule of Investments
41

Consolidated Schedule of Investments (unaudited)
June 30, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Aerospace & Defense(a) — 3.7% |
L3Harris Technologies, Inc.(b) |  | 172,929 | $38,836,395
RTX Corp. |  | 233,064 | 23,397,295
|  |  | 62,233,690
Automobile Components — 0.4% |
Lear Corp. |  | 63,776 | 7,283,857
Automobiles — 1.8% |
General Motors Co.(a)(b) |  | 646,844 | 30,052,372
Banks — 11.9% |
Bank of America Corp. |  | 301,550 | 11,992,643
Citigroup, Inc.(a) |  | 821,031 | 52,102,627
Citizens Financial Group, Inc. |  | 281,058 | 10,126,520
First Citizens BancShares, Inc., Class A(b) |  | 24,969 | 42,038,058
JPMorgan Chase & Co.(a) |  | 117,227 | 23,710,333
Wells Fargo & Co.(a) |  | 1,052,694 | 62,519,497
|  |  | 202,489,678
Beverages — 1.2% |
Diageo PLC |  | 111,093 | 3,487,651
Keurig Dr. Pepper, Inc. |  | 350,058 | 11,691,937
Pernod Ricard SA |  | 36,959 | 5,042,673
|  |  | 20,222,261
Broadline Retail — 0.4% |
Alibaba Group Holding Ltd. |  | 671,500 | 6,052,121
Building Products — 1.6% |
Allegion PLC |  | 75,887 | 8,966,049
Johnson Controls International PLC |  | 273,250 | 18,162,928
|  |  | 27,128,977
Capital Markets — 2.5% |
Charles Schwab Corp. |  | 67,987 | 5,009,962
Goldman Sachs Group, Inc. |  | 8,167 | 3,694,097
Intercontinental Exchange, Inc. |  | 152,705 | 20,903,787
Raymond James Financial, Inc. |  | 36,993 | 4,572,705
UBS Group AG, Registered Shares |  | 305,841 | 8,982,594
|  |  | 43,163,145
Chemicals — 1.6% |
Air Products and Chemicals, Inc. |  | 32,723 | 8,444,170
Albemarle Corp. |  | 94,585 | 9,034,759
International Flavors & Fragrances, Inc. |  | 109,503 | 10,425,781
|  |  | 27,904,710
Communications Equipment — 1.5% |
Cisco Systems, Inc.(a) |  | 540,101 | 25,660,198
Consumer Staples Distribution & Retail — 1.0% |
Dollar General Corp. |  | 131,777 | 17,424,873
Containers & Packaging — 1.4% |
Sealed Air Corp.(b) |  | 659,350 | 22,938,786
Diversified Telecommunication Services — 1.8% |
AT&T, Inc. |  | 484,730 | 9,263,190
Verizon Communications, Inc.(b) |  | 535,570 | 22,086,907
|  |  | 31,350,097
Electric Utilities — 3.7% |
American Electric Power Co., Inc. |  | 225,125 | 19,752,468
Edison International |  | 92,185 | 6,619,805
Entergy Corp. |  | 59,844 | 6,403,308

Security |  | Shares | Value
Electric Utilities (continued) |
Exelon Corp. |  | 390,761 | $13,524,238
PG&E Corp. |  | 976,461 | 17,049,009
|  |  | 63,348,828
Entertainment — 1.1% |
Electronic Arts, Inc. |  | 138,248 | 19,262,094
Financial Services — 4.4% |
AP Arsenal Co. Invest LP(c)(d) |  | 15,830,106 | 16,146,708
Fidelity National Information Services, Inc.(b) |  | 550,897 | 41,515,598
Visa, Inc., Class A |  | 67,569 | 17,734,835
|  |  | 75,397,141
Food Products — 2.0% |
Kraft Heinz Co.(a)(b) |  | 1,034,365 | 33,327,240
Health Care Equipment & Supplies — 4.6% |
Baxter International, Inc.(a) |  | 856,245 | 28,641,395
Koninklijke Philips NV(d) |  | 680,812 | 17,121,431
Medtronic PLC |  | 415,352 | 32,692,356
|  |  | 78,455,182
Health Care Providers & Services — 8.9% |
Cardinal Health, Inc. |  | 324,321 | 31,887,241
Cigna Group |  | 49,161 | 16,251,152
CVS Health Corp. |  | 649,878 | 38,381,795
Elevance Health, Inc.(a) |  | 47,653 | 25,821,254
Humana, Inc. |  | 47,353 | 17,693,448
Labcorp Holdings, Inc. |  | 108,462 | 22,073,102
|  |  | 152,107,992
Household Durables — 1.7% |
Newell Brands, Inc. |  | 837,913 | 5,371,023
Panasonic Holdings Corp. |  | 755,500 | 6,210,586
Sony Group Corp. |  | 195,900 | 16,694,820
|  |  | 28,276,429
Insurance — 5.8% |
American International Group, Inc.(a) |  | 597,263 | 44,340,805
Fidelity National Financial, Inc., Class A |  | 335,002 | 16,555,799
Prudential PLC |  | 837,093 | 7,589,933
Willis Towers Watson PLC |  | 113,634 | 29,788,017
|  |  | 98,274,554
IT Services — 1.2% |
Cognizant Technology Solutions Corp., Class A(a) |  | 310,982 | 21,146,776
Leisure Products — 0.7% |
Hasbro, Inc. |  | 215,964 | 12,633,894
Life Sciences Tools & Services — 0.6% |
Fortrea Holdings, Inc.(d) |  | 207,744 | 4,848,745
Thermo Fisher Scientific, Inc. |  | 8,981 | 4,966,493
|  |  | 9,815,238
Machinery — 2.1% |
CNH Industrial NV |  | 780,012 | 7,901,522
Komatsu Ltd. |  | 211,400 | 6,174,894
Stanley Black & Decker, Inc. |  | 112,482 | 8,986,187
Westinghouse Air Brake Technologies Corp. |  | 82,371 | 13,018,736
|  |  | 36,081,339
Media — 3.4% |
Comcast Corp., Class A(a) |  | 887,377 | 34,749,683
Fox Corp., Class A |  | 364,297 | 12,520,888
WPP PLC |  | 1,172,512 | 10,736,304
|  |  | 58,006,875

42
2024 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Multi-Utilities — 1.1% |
Sempra |  | 236,726 | $18,005,380
Oil, Gas & Consumable Fuels — 8.7% |
BP PLC |  | 6,383,217 | 38,431,868
Enterprise Products Partners LP(a) |  | 594,717 | 17,234,898
Formentera Partners Fund II LP(c)(e) |  | — (f) | 15,487,288
Hess Corp. |  | 116,637 | 17,206,290
Shell PLC |  | 1,109,136 | 39,782,447
Suncor Energy, Inc. |  | 499,767 | 19,041,123
|  |  | 147,183,914
Personal Care Products — 0.6% |
Unilever PLC, ADR(a) |  | 199,226 | 10,955,438
Pharmaceuticals — 4.0% |
AstraZeneca PLC |  | 57,578 | 8,961,035
Bayer AG, Class N, Registered Shares |  | 368,390 | 10,384,185
Bristol-Myers Squibb Co. |  | 88,550 | 3,677,481
Eli Lilly & Co. |  | 19,684 | 17,821,500
Sanofi SA |  | 274,721 | 26,494,954
|  |  | 67,339,155
Professional Services — 3.3% |
Leidos Holdings, Inc.(a) |  | 139,933 | 20,413,426
SS&C Technologies Holdings, Inc. |  | 560,308 | 35,114,502
|  |  | 55,527,928
Residential REITs — 0.5% |
Mid-America Apartment Communities, Inc. |  | 63,490 | 9,054,309
Semiconductors & Semiconductor Equipment — 2.9% |
Micron Technology, Inc.(b) |  | 301,718 | 39,684,968
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | 51,669 | 8,980,589
|  |  | 48,665,557
Software — 1.2% |
Microsoft Corp. |  | 44,756 | 20,003,694
Specialized REITs — 1.0% |
Crown Castle, Inc. |  | 169,198 | 16,530,645
Technology Hardware, Storage & Peripherals — 1.3% |
Hewlett Packard Enterprise Co. |  | 461,600 | 9,772,072
HP, Inc. |  | 370,091 | 12,960,587
|  |  | 22,732,659
Textiles, Apparel & Luxury Goods — 0.8% |
Swatch Group AG |  | 26,748 | 5,480,060
Tapestry, Inc. |  | 187,125 | 8,007,079
|  |  | 13,487,139
Tobacco — 1.6% |
British American Tobacco PLC, ADR |  | 855,161 | 26,450,130
Total Common Stocks — 98.0% (Cost: $1,375,206,855) | 1,665,974,295

Security |  | Shares | Value
Preferred Securities
Preferred Stocks — 0.5%
Household Products — 0.5% |
Henkel AG & Co. KGaA |  | 102,087 | $9,089,500
| 9,089,500
Total Preferred Securities — 0.5% (Cost: $8,028,655) | 9,089,500
Total Long-Term Investments — 98.5% (Cost: $1,383,235,510) | 1,675,063,795
Short-Term Securities
Money Market Funds — 2.2% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19%(g)(h) |  | 37,914,697 | 37,914,697
Total Short-Term Securities — 2.2% (Cost: $37,914,697) | 37,914,697
Total Investments Before Options Written — 100.7% (Cost: $1,421,150,207) | 1,712,978,492
Options Written — (0.9)% (Premiums Received: $(17,968,047)) | (15,880,803 )
Total Investments, Net of Options Written — 99.8% (Cost: $1,403,182,160) | 1,697,097,689
Other Assets Less Liabilities — 0.2% | 2,786,928
Net Assets — 100.0% | $1,699,884,617

(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) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(d) | Non-income producing security.
(e) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.
(f) | Investment does not issue shares.
(g) | Affiliate of the Trust.
(h) | Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
43

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $— | $896 (b) | $— | $(896 ) | $— | $— | — | $395 (c) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 5,204,534 | 32,710,163 (b) | — | — | — | 37,914,697 | 37,914,697 | 755,375 | —
|  |  |  | $(896 ) | $— | $37,914,697 |  | $755,770 | $—

(a) | As of period end, the entity is no longer held.
(b) | Represents net amount purchased (sold).
(c) | 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 |  |  |  |  |  |  |
American International Group, Inc. | 936 | 07/05/24 | USD | 80.00 | USD | 6,949 | $(18,720 )
Citigroup, Inc. | 673 | 07/05/24 | USD | 63.00 | USD | 4,271 | (71,674 )
JPMorgan Chase & Co. | 164 | 07/05/24 | USD | 200.00 | USD | 3,317 | (58,302 )
Micron Technology, Inc. | 273 | 07/05/24 | USD | 131.00 | USD | 3,591 | (87,906 )
Microsoft Corp. | 174 | 07/05/24 | USD | 430.00 | USD | 7,777 | (310,590 )
Tapestry, Inc. | 170 | 07/05/24 | USD | 43.00 | USD | 727 | (7,225 )
Verizon Communications, Inc. | 617 | 07/05/24 | USD | 42.00 | USD | 2,545 | (4,936 )
Visa, Inc., Class A | 93 | 07/05/24 | USD | 275.00 | USD | 2,441 | (2,093 )
American Electric Power Co., Inc. | 629 | 07/08/24 | USD | 90.05 | USD | 5,519 | (15,073 )
Hasbro, Inc. | 556 | 07/08/24 | USD | 64.50 | USD | 3,253 | (1,292 )
British American Tobacco PLC, ADR | 642 | 07/09/24 | USD | 30.50 | USD | 1,986 | (40,244 )
AT&T, Inc. | 1,137 | 07/12/24 | USD | 18.50 | USD | 2,173 | (76,179 )
Baxter International, Inc. | 1,131 | 07/12/24 | USD | 35.00 | USD | 3,783 | (14,138 )
Cardinal Health, Inc. | 500 | 07/12/24 | USD | 100.00 | USD | 4,916 | (28,750 )
Charles Schwab Corp. | 199 | 07/12/24 | USD | 76.00 | USD | 1,466 | (7,264 )
Cisco Systems, Inc. | 995 | 07/12/24 | USD | 47.00 | USD | 4,727 | (74,127 )
Dollar General Corp. | 107 | 07/12/24 | USD | 140.00 | USD | 1,415 | (4,815 )
Fidelity National Information Services, Inc. | 782 | 07/12/24 | USD | 78.00 | USD | 5,893 | (31,280 )
Fox Corp., Class A | 772 | 07/12/24 | USD | 35.00 | USD | 2,653 | (23,160 )
Hewlett Packard Enterprise Co. | 846 | 07/12/24 | USD | 21.00 | USD | 1,791 | (46,530 )
Medtronic PLC | 738 | 07/12/24 | USD | 81.00 | USD | 5,809 | (15,498 )
Micron Technology, Inc. | 274 | 07/12/24 | USD | 131.00 | USD | 3,604 | (118,505 )
Microsoft Corp. | 107 | 07/12/24 | USD | 425.00 | USD | 4,782 | (257,335 )
PG&E Corp. | 1,294 | 07/12/24 | USD | 18.50 | USD | 2,259 | (10,352 )
Suncor Energy, Inc. | 647 | 07/12/24 | USD | 42.00 | USD | 2,465 | (139,105 )
Verizon Communications, Inc. | 616 | 07/12/24 | USD | 42.00 | USD | 2,540 | (9,548 )
Air Products and Chemicals, Inc. | 89 | 07/19/24 | USD | 280.00 | USD | 2,297 | (3,560 )
Allegion PLC | 551 | 07/19/24 | USD | 120.00 | USD | 6,510 | (93,670 )
American International Group, Inc. | 459 | 07/19/24 | USD | 80.00 | USD | 3,408 | (11,475 )
AT&T, Inc. | 1,089 | 07/19/24 | USD | 18.00 | USD | 2,081 | (123,601 )
Bank of America Corp. | 878 | 07/19/24 | USD | 41.00 | USD | 3,492 | (32,047 )
Baxter International, Inc. | 1,192 | 07/19/24 | USD | 35.00 | USD | 3,987 | (23,840 )
British American Tobacco PLC, ADR | 1,022 | 07/19/24 | USD | 31.66 | USD | 3,161 | (40,395 )
Cardinal Health, Inc. | 502 | 07/19/24 | USD | 100.00 | USD | 4,936 | (56,475 )
Charles Schwab Corp. | 174 | 07/19/24 | USD | 75.00 | USD | 1,282 | (29,493 )
Cigna Group | 192 | 07/19/24 | USD | 340.00 | USD | 6,347 | (62,880 )
Cisco Systems, Inc. | 981 | 07/19/24 | USD | 47.50 | USD | 4,661 | (55,917 )
Citigroup, Inc. | 692 | 07/19/24 | USD | 65.00 | USD | 4,391 | (77,158 )
Citizens Financial Group, Inc. | 375 | 07/19/24 | USD | 37.50 | USD | 1,351 | (17,813 )

44
2024 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Cognizant Technology Solutions Corp., Class A | 944 | 07/19/24 | USD | 70.00 | USD | 6,419 | $(56,640 )
Cognizant Technology Solutions Corp., Class A | 766 | 07/19/24 | USD | 72.50 | USD | 5,209 | (15,320 )
Edison International | 263 | 07/19/24 | USD | 75.00 | USD | 1,889 | (2,630 )
Electronic Arts, Inc. | 380 | 07/19/24 | USD | 137.78 | USD | 5,295 | (124,381 )
Elevance Health, Inc. | 101 | 07/19/24 | USD | 550.00 | USD | 5,473 | (78,780 )
Eli Lilly & Co. | 12 | 07/19/24 | USD | 820.00 | USD | 1,086 | (108,630 )
Enterprise Products Partners LP | 577 | 07/19/24 | USD | 29.00 | USD | 1,672 | (18,464 )
Exelon Corp. | 869 | 07/19/24 | USD | 39.00 | USD | 3,008 | (8,690 )
Fidelity National Financial, Inc., Class A | 890 | 07/19/24 | USD | 50.75 | USD | 4,398 | (41,605 )
Fidelity National Information Services, Inc. | 723 | 07/19/24 | USD | 77.50 | USD | 5,449 | (56,032 )
First Citizens BancShares, Inc., Class A | 70 | 07/19/24 | USD | 1,660.00 | USD | 11,785 | (386,400 )
Fortrea Holdings, Inc. | 571 | 07/19/24 | USD | 27.50 | USD | 1,333 | (9,993 )
Fox Corp., Class A | 632 | 07/19/24 | USD | 34.00 | USD | 2,172 | (58,460 )
Goldman Sachs Group, Inc. | 44 | 07/19/24 | USD | 460.00 | USD | 1,990 | (38,060 )
Hasbro, Inc. | 651 | 07/19/24 | USD | 65.00 | USD | 3,808 | (11,393 )
HP, Inc. | 194 | 07/19/24 | USD | 38.00 | USD | 679 | (1,649 )
Intercontinental Exchange, Inc. | 272 | 07/19/24 | USD | 140.00 | USD | 3,723 | (19,040 )
International Flavors & Fragrances, Inc. | 382 | 07/19/24 | USD | 100.00 | USD | 3,637 | (21,965 )
Johnson Controls International PLC | 790 | 07/19/24 | USD | 70.00 | USD | 5,251 | (23,700 )
JPMorgan Chase & Co. | 173 | 07/19/24 | USD | 210.00 | USD | 3,499 | (26,729 )
L3Harris Technologies, Inc. | 426 | 07/19/24 | USD | 223.00 | USD | 9,567 | (194,474 )
Labcorp Holdings, Inc. | 302 | 07/19/24 | USD | 220.00 | USD | 6,146 | (10,570 )
Lear Corp. | 124 | 07/19/24 | USD | 133.06 | USD | 1,416 | (297 )
Leidos Holdings, Inc. | 416 | 07/19/24 | USD | 145.00 | USD | 6,069 | (118,560 )
Medtronic PLC | 318 | 07/19/24 | USD | 85.00 | USD | 2,503 | (3,180 )
Micron Technology, Inc. | 255 | 07/19/24 | USD | 140.00 | USD | 3,354 | (57,120 )
Micron Technology, Inc. | 274 | 07/19/24 | USD | 120.00 | USD | 3,604 | (347,980 )
Microsoft Corp. | 8 | 07/19/24 | USD | 450.00 | USD | 358 | (4,960 )
Mid-America Apartment Communities, Inc. | 179 | 07/19/24 | USD | 140.00 | USD | 2,553 | (65,335 )
PG&E Corp. | 1,145 | 07/19/24 | USD | 18.02 | USD | 1,999 | (10,092 )
Raymond James Financial, Inc. | 166 | 07/19/24 | USD | 128.00 | USD | 2,052 | (9,723 )
Sealed Air Corp. | 550 | 07/19/24 | USD | 40.00 | USD | 1,913 | (22,000 )
Sempra | 596 | 07/19/24 | USD | 78.00 | USD | 4,533 | (24,727 )
SS&C Technologies Holdings, Inc. | 1,511 | 07/19/24 | USD | 65.00 | USD | 9,469 | (45,330 )
Stanley Black & Decker, Inc. | 375 | 07/19/24 | USD | 95.00 | USD | 2,996 | (2,813 )
Suncor Energy, Inc. | 770 | 07/19/24 | USD | 42.00 | USD | 2,934 | (5,005 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 139 | 07/19/24 | USD | 160.00 | USD | 2,416 | (231,435 )
Tapestry, Inc. | 319 | 07/19/24 | USD | 45.00 | USD | 1,365 | (9,570 )
Unilever PLC, ADR | 1,491 | 07/19/24 | USD | 49.27 | USD | 8,199 | (887,491 )
Verizon Communications, Inc. | 658 | 07/19/24 | USD | 41.00 | USD | 2,714 | (41,783 )
Visa, Inc., Class A | 41 | 07/19/24 | USD | 285.00 | USD | 1,076 | (759 )
Wells Fargo & Co. | 2,140 | 07/19/24 | USD | 62.50 | USD | 12,709 | (116,630 )
Westinghouse Air Brake Technologies Corp. | 348 | 07/19/24 | USD | 165.00 | USD | 5,500 | (21,750 )
Willis Towers Watson PLC | 330 | 07/19/24 | USD | 260.00 | USD | 8,651 | (183,150 )
American Electric Power Co., Inc. | 629 | 07/22/24 | USD | 90.05 | USD | 5,519 | (44,969 )
British American Tobacco PLC, ADR | 1,171 | 07/24/24 | USD | 30.83 | USD | 3,622 | (84,641 )
American International Group, Inc. | 577 | 07/26/24 | USD | 79.00 | USD | 4,284 | (54,815 )
AT&T, Inc. | 306 | 07/26/24 | USD | 19.00 | USD | 585 | (14,535 )
Cisco Systems, Inc. | 994 | 07/26/24 | USD | 47.00 | USD | 4,722 | (93,933 )
Citigroup, Inc. | 836 | 07/26/24 | USD | 63.00 | USD | 5,305 | (165,110 )
Comcast Corp., Class A | 2,089 | 07/26/24 | USD | 39.00 | USD | 8,181 | (205,766 )
CVS Health Corp. | 293 | 07/26/24 | USD | 64.00 | USD | 1,730 | (8,058 )
Dollar General Corp. | 260 | 07/26/24 | USD | 135.00 | USD | 3,438 | (88,400 )
Eli Lilly & Co. | 80 | 07/26/24 | USD | 900.00 | USD | 7,243 | (224,000 )
Enterprise Products Partners LP | 631 | 07/26/24 | USD | 29.00 | USD | 1,829 | (24,609 )
Fidelity National Information Services, Inc. | 698 | 07/26/24 | USD | 77.00 | USD | 5,260 | (85,505 )
General Motors Co. | 527 | 07/26/24 | USD | 48.00 | USD | 2,448 | (51,646 )
Hewlett Packard Enterprise Co. | 846 | 07/26/24 | USD | 23.50 | USD | 1,791 | (12,690 )
HP, Inc. | 194 | 07/26/24 | USD | 39.00 | USD | 679 | (1,649 )
Humana, Inc. | 109 | 07/26/24 | USD | 360.00 | USD | 4,073 | (206,010 )
Medtronic PLC | 424 | 07/26/24 | USD | 82.00 | USD | 3,337 | (15,688 )
Micron Technology, Inc. | 54 | 07/26/24 | USD | 170.00 | USD | 710 | (1,701 )

Schedule of Investments
45

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
PG&E Corp. | 1,711 | 07/26/24 | USD | 18.74 | USD | 2,987 | $(30,269 )
RTX Corp. | 677 | 07/26/24 | USD | 107.00 | USD | 6,796 | (34,527 )
Suncor Energy, Inc. | 1,331 | 07/26/24 | USD | 39.00 | USD | 5,071 | (63,222 )
Tapestry, Inc. | 181 | 07/26/24 | USD | 43.00 | USD | 774 | (33,485 )
Verizon Communications, Inc. | 597 | 07/26/24 | USD | 42.00 | USD | 2,462 | (22,921 )
Visa, Inc., Class A | 89 | 07/26/24 | USD | 285.00 | USD | 2,336 | (8,188 )
American International Group, Inc. | 578 | 08/02/24 | USD | 75.00 | USD | 4,291 | (154,615 )
AT&T, Inc. | 895 | 08/02/24 | USD | 19.00 | USD | 1,710 | (46,092 )
Bank of America Corp. | 780 | 08/02/24 | USD | 41.00 | USD | 3,102 | (83,460 )
Baxter International, Inc. | 1,101 | 08/02/24 | USD | 35.00 | USD | 3,683 | (82,575 )
Cardinal Health, Inc. | 780 | 08/02/24 | USD | 103.00 | USD | 7,669 | (128,700 )
Cigna Group | 78 | 08/02/24 | USD | 345.00 | USD | 2,578 | (36,270 )
Citigroup, Inc. | 1,062 | 08/02/24 | USD | 63.00 | USD | 6,739 | (263,376 )
Comcast Corp., Class A | 1,477 | 08/02/24 | USD | 38.00 | USD | 5,784 | (292,446 )
CVS Health Corp. | 1,139 | 08/02/24 | USD | 64.00 | USD | 6,727 | (72,896 )
Electronic Arts, Inc. | 380 | 08/02/24 | USD | 141.00 | USD | 5,295 | (140,600 )
Eli Lilly & Co. | 16 | 08/02/24 | USD | 935.00 | USD | 1,449 | (25,600 )
Enterprise Products Partners LP | 1,113 | 08/02/24 | USD | 28.00 | USD | 3,225 | (131,890 )
Fox Corp., Class A | 599 | 08/02/24 | USD | 35.00 | USD | 2,059 | (44,925 )
General Motors Co. | 490 | 08/02/24 | USD | 49.00 | USD | 2,277 | (41,895 )
Hess Corp. | 318 | 08/02/24 | USD | 151.50 | USD | 4,691 | (119,810 )
HP, Inc. | 194 | 08/02/24 | USD | 39.00 | USD | 679 | (2,522 )
Humana, Inc. | 23 | 08/02/24 | USD | 365.00 | USD | 859 | (47,150 )
JPMorgan Chase & Co. | 307 | 08/02/24 | USD | 205.00 | USD | 6,209 | (138,917 )
Medtronic PLC | 522 | 08/02/24 | USD | 82.00 | USD | 4,109 | (50,895 )
Micron Technology, Inc. | 529 | 08/02/24 | USD | 143.00 | USD | 6,958 | (162,667 )
PG&E Corp. | 1,220 | 08/02/24 | USD | 18.49 | USD | 2,130 | (12,701 )
RTX Corp. | 604 | 08/02/24 | USD | 103.00 | USD | 6,064 | (98,754 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 145 | 08/02/24 | USD | 197.50 | USD | 2,520 | (41,035 )
Tapestry, Inc. | 78 | 08/02/24 | USD | 42.00 | USD | 334 | (15,015 )
Thermo Fisher Scientific, Inc. | 49 | 08/02/24 | USD | 580.00 | USD | 2,710 | (37,485 )
Verizon Communications, Inc. | 457 | 08/02/24 | USD | 41.00 | USD | 1,885 | (60,781 )
Visa, Inc., Class A | 163 | 08/02/24 | USD | 275.00 | USD | 4,278 | (45,722 )
American International Group, Inc. | 734 | 08/09/24 | USD | 76.00 | USD | 5,449 | (161,480 )
Humana, Inc. | 128 | 08/09/24 | USD | 390.00 | USD | 4,783 | (133,120 )
Air Products and Chemicals, Inc. | 89 | 08/16/24 | USD | 278.33 | USD | 2,297 | (18,979 )
British American Tobacco PLC, ADR | 642 | 08/16/24 | USD | 30.67 | USD | 1,986 | (73,275 )
Citigroup, Inc. | 21 | 08/16/24 | USD | 62.50 | USD | 133 | (5,618 )
Citizens Financial Group, Inc. | 630 | 08/16/24 | USD | 35.00 | USD | 2,270 | (126,000 )
Comcast Corp., Class A | 1,314 | 08/16/24 | USD | 40.00 | USD | 5,146 | (135,342 )
CVS Health Corp. | 1,167 | 08/16/24 | USD | 62.50 | USD | 6,892 | (156,961 )
Edison International | 244 | 08/16/24 | USD | 72.50 | USD | 1,752 | (35,380 )
Elevance Health, Inc. | 161 | 08/16/24 | USD | 550.00 | USD | 8,724 | (229,425 )
Enterprise Products Partners LP | 949 | 08/16/24 | USD | 29.00 | USD | 2,750 | (44,129 )
Exelon Corp. | 1,280 | 08/16/24 | USD | 35.68 | USD | 4,430 | (64,978 )
First Citizens BancShares, Inc., Class A | 67 | 08/16/24 | USD | 1,720.00 | USD | 11,280 | (402,000 )
Fortrea Holdings, Inc. | 571 | 08/16/24 | USD | 27.50 | USD | 1,333 | (49,962 )
General Motors Co. | 1,395 | 08/16/24 | USD | 48.00 | USD | 6,481 | (190,417 )
Intercontinental Exchange, Inc. | 272 | 08/16/24 | USD | 140.00 | USD | 3,723 | (42,160 )
International Flavors & Fragrances, Inc. | 220 | 08/16/24 | USD | 100.00 | USD | 2,095 | (60,500 )
Johnson Controls International PLC | 712 | 08/16/24 | USD | 72.50 | USD | 4,733 | (46,280 )
Keurig Dr. Pepper, Inc. | 607 | 08/16/24 | USD | 34.56 | USD | 2,027 | (39,473 )
L3Harris Technologies, Inc. | 525 | 08/16/24 | USD | 230.00 | USD | 11,790 | (225,750 )
Labcorp Holdings, Inc. | 294 | 08/16/24 | USD | 220.00 | USD | 5,983 | (54,390 )
Leidos Holdings, Inc. | 416 | 08/16/24 | USD | 150.00 | USD | 6,069 | (141,440 )
Medtronic PLC | 282 | 08/16/24 | USD | 82.50 | USD | 2,220 | (20,304 )
Mid-America Apartment Communities, Inc. | 170 | 08/16/24 | USD | 141.00 | USD | 2,424 | (76,105 )
Raymond James Financial, Inc. | 37 | 08/16/24 | USD | 125.00 | USD | 457 | (12,950 )
Sealed Air Corp. | 593 | 08/16/24 | USD | 37.50 | USD | 2,063 | (38,545 )
Sempra | 705 | 08/16/24 | USD | 77.49 | USD | 5,362 | (114,161 )
SS&C Technologies Holdings, Inc. | 1,570 | 08/16/24 | USD | 63.01 | USD | 9,839 | (316,937 )
Stanley Black & Decker, Inc. | 243 | 08/16/24 | USD | 90.00 | USD | 1,941 | (17,618 )

46
2024 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Wells Fargo & Co. | 2,072 | 08/16/24 | USD | 60.00 | USD | 12,306 | $(396,788 )
Westinghouse Air Brake Technologies Corp. | 289 | 08/16/24 | USD | 171.81 | USD | 4,568 | (28,181 )
Willis Towers Watson PLC | 294 | 08/16/24 | USD | 270.00 | USD | 7,707 | (170,520 )
Keurig Dr. Pepper, Inc. | 678 | 08/27/24 | USD | 34.60 | USD | 2,265 | (50,173 )
Keurig Dr. Pepper, Inc. | 640 | 09/09/24 | USD | 34.60 | USD | 2,138 | (54,028 )
Intercontinental Exchange, Inc. | 295 | 09/20/24 | USD | 145.00 | USD | 4,038 | (46,462 )
|  |  |  |  |  |  | $(13,361,222 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Newell Brands, Inc. | Bank of America N.A. | 110,300 | 07/01/24 | USD | 8.31 | USD | 707 | $(1 )
Sealed Air Corp. | Bank of America N.A. | 92,500 | 07/01/24 | USD | 32.74 | USD | 3,218 | (180,318 )
Citizens Financial Group, Inc. | Morgan Stanley & Co. International PLC | 54,000 | 07/02/24 | USD | 36.32 | USD | 1,946 | (15,907 )
Shell PLC | Morgan Stanley & Co. International PLC | 260,300 | 07/02/24 | GBP | 30.05 | GBP | 7,386 | (3 )
BP PLC | Bank of America N.A. | 855,000 | 07/03/24 | GBP | 5.14 | GBP | 4,072 | (108 )
Shell PLC | Citibank N.A. | 90,800 | 07/03/24 | GBP | 29.59 | GBP | 2,576 | (137 )
Sony Group Corp. | Société Générale | 43,200 | 07/03/24 | JPY | 12,417.50 | JPY | 592,325 | (329,328 )
BP PLC | Morgan Stanley & Co. International PLC | 679,800 | 07/09/24 | GBP | 5.00 | GBP | 3,238 | (6,376 )
Alibaba Group Holding Ltd. | BNP Paribas SA | 25,100 | 07/10/24 | HKD | 80.64 | HKD | 1,767 | (45 )
Prudential PLC | Morgan Stanley & Co. International PLC | 31,400 | 07/11/24 | GBP | 8.60 | GBP | 225 | (8 )
Diageo PLC | Morgan Stanley & Co. International PLC | 61,200 | 07/16/24 | GBP | 26.42 | GBP | 1,520 | (1,860 )
Komatsu Ltd. | BNP Paribas SA | 58,900 | 07/16/24 | JPY | 4,597.47 | JPY | 276,802 | (57,523 )
Pernod Ricard SA | Citibank N.A. | 7,300 | 07/16/24 | EUR | 139.48 | EUR | 930 | (765 )
Prudential PLC | Morgan Stanley & Co. International PLC | 215,400 | 07/16/24 | GBP | 8.22 | GBP | 1,545 | (1,353 )
Shell PLC | Morgan Stanley & Co. International PLC | 259,000 | 07/16/24 | GBP | 28.41 | GBP | 7,349 | (129,867 )
Swatch Group AG | Citibank N.A. | 5,400 | 07/16/24 | CHF | 194.36 | CHF | 994 | (6,781 )
UBS Group AG, Registered Shares | Goldman Sachs International | 80,500 | 07/16/24 | CHF | 28.67 | CHF | 2,124 | (3,774 )
WPP PLC | Morgan Stanley & Co. International PLC | 185,900 | 07/16/24 | GBP | 8.37 | GBP | 1,347 | (82 )
Bayer AG, Class N, Registered Shares | UBS AG | 130,200 | 07/18/24 | EUR | 29.52 | EUR | 3,427 | (6,176 )
Koninklijke Philips NV | Goldman Sachs International | 133,000 | 07/18/24 | EUR | 26.09 | EUR | 3,123 | (6,910 )
Panasonic Holdings Corp. | Société Générale | 104,400 | 07/18/24 | JPY | 1,441.96 | JPY | 138,079 | (2,594 )
CNH Industrial NV | JPMorgan Chase Bank N.A. | 143,000 | 07/19/24 | USD | 10.42 | USD | 1,449 | (25,202 )
Komatsu Ltd. | BNP Paribas SA | 57,400 | 07/23/24 | JPY | 4,715.63 | JPY | 269,753 | (41,478 )
Bayer AG, Class N, Registered Shares | Citibank N.A. | 72,500 | 07/24/24 | EUR | 27.66 | EUR | 1,908 | (19,890 )
Koninklijke Philips NV | Goldman Sachs International | 109,000 | 07/24/24 | EUR | 25.59 | EUR | 2,560 | (14,500 )
Panasonic Holdings Corp. | Société Générale | 170,000 | 07/24/24 | JPY | 1,368.68 | JPY | 224,841 | (16,128 )
WPP PLC | Morgan Stanley & Co. International PLC | 196,600 | 07/24/24 | GBP | 7.69 | GBP | 1,424 | (10,577 )
Pernod Ricard SA | Bank of America N.A. | 13,100 | 07/25/24 | EUR | 144.46 | EUR | 1,669 | (757 )
Prudential PLC | Morgan Stanley & Co. International PLC | 77,900 | 07/25/24 | GBP | 7.96 | GBP | 559 | (3,777 )
Crown Castle, Inc. | Bank of America N.A. | 48,200 | 07/26/24 | USD | 100.75 | USD | 4,709 | (74,752 )
Prudential PLC | Morgan Stanley & Co. International PLC | 135,800 | 07/30/24 | GBP | 7.32 | GBP | 974 | (39,902 )
Alibaba Group Holding Ltd. | UBS AG | 128,000 | 08/02/24 | HKD | 76.81 | HKD | 9,009 | (10,813 )
AstraZeneca PLC | Goldman Sachs International | 5,900 | 08/02/24 | GBP | 127.64 | GBP | 726 | (12,573 )
BP PLC | Bank of America N.A. | 1,976,000 | 08/02/24 | GBP | 4.74 | GBP | 9,411 | (308,960 )
Henkel AG & Co. KGaA, Preference Shares | Bank of America N.A. | 28,000 | 08/02/24 | EUR | 87.08 | EUR | 2,328 | (19,248 )
Sanofi SA | Bank of America N.A. | 97,400 | 08/02/24 | EUR | 90.38 | EUR | 8,771 | (263,845 )
Sony Group Corp. | BNP Paribas SA | 64,600 | 08/02/24 | JPY | 13,798.56 | JPY | 885,745 | (148,274 )
WPP PLC | UBS AG | 262,400 | 08/02/24 | GBP | 7.72 | GBP | 1,901 | (19,308 )
Newell Brands, Inc. | BNP Paribas SA | 113,000 | 08/05/24 | USD | 7.80 | USD | 724 | (11,912 )
AstraZeneca PLC | Bank of America N.A. | 25,800 | 08/06/24 | GBP | 127.70 | GBP | 3,176 | (62,086 )
Koninklijke Philips NV | Citibank N.A. | 210,600 | 08/06/24 | EUR | 25.63 | EUR | 4,945 | (56,976 )
Swatch Group AG | Citibank N.A. | 9,400 | 08/06/24 | CHF | 199.00 | CHF | 1,730 | (17,956 )
Sealed Air Corp. | Citibank N.A. | 56,900 | 08/07/24 | USD | 39.75 | USD | 1,980 | (13,941 )
UBS Group AG, Registered Shares | Citibank N.A. | 87,800 | 08/07/24 | CHF | 27.04 | CHF | 2,317 | (58,958 )
Alibaba Group Holding Ltd. | BNP Paribas SA | 115,500 | 08/13/24 | HKD | 76.44 | HKD | 8,129 | (16,266 )
Henkel AG & Co. KGaA, Preference Shares | Bank of America N.A. | 28,000 | 08/13/24 | EUR | 87.08 | EUR | 2,328 | (25,762 )
Panasonic Holdings Corp. | UBS AG | 141,200 | 08/13/24 | JPY | 1,331.84 | JPY | 186,751 | (36,977 )
Sanofi SA | JPMorgan Chase Bank N.A. | 53,700 | 08/13/24 | EUR | 91.96 | EUR | 4,836 | (129,807 )

Schedule of Investments
47

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
OTC Options Written (continued)

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |  |
Fidelity National Financial, Inc., Class A | Morgan Stanley & Co. International PLC | 95,200 | 08/19/24 | USD | 50.56 | USD | 4,705 | $(123,330 )
Crown Castle, Inc. | Morgan Stanley & Co. International PLC | 22,400 | 08/26/24 | USD | 98.27 | USD | 2,188 | (89,248 )
Crown Castle, Inc. | Morgan Stanley & Co. International PLC | 22,400 | 09/23/24 | USD | 98.19 | USD | 2,188 | (96,462 )
|  |  |  |  |  |  |  | $(2,519,581 )

Balances Reported in the Consolidated Statements of Assets and Liabilities for Options Written

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $N/A | $6,323,072 | $(4,235,828 ) | $(15,880,803 )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $15,880,803 | $— | $— | $— | $15,880,803

For the period ended June 30, 2024, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options written | $— | $— | $(35,448,018 ) | $— | $— | $— | $(35,448,018 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $17,961,346 | $— | $— | $— | $17,961,346

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $25,383,309

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $15,880,803
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities | — | 15,880,803
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (13,361,222 )
Total derivative assets and liabilities subject to an MNA | $— | $2,519,581

48
2024 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged | Net Amount of Derivative Liabilities(b)
Bank of America N.A. | $935,837 | $— | $(935,837 ) | $— | $—
BNP Paribas SA | 275,498 | — | — | — | 275,498
Citibank N.A. | 175,404 | — | (175,404 ) | — | —
Goldman Sachs International | 37,757 | — | (37,757 ) | — | —
JPMorgan Chase Bank N.A. | 155,009 | — | (155,009 ) | — | —
Morgan Stanley & Co. International PLC | 518,752 | — | (518,752 ) | — | —
Société Générale | 348,050 | — | — | — | 348,050
UBS AG | 73,274 | — | (73,274 ) | — | —
| $2,519,581 | $— | $(1,896,033 ) | $— | $623,548

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statements of Assets and Liabilities.

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
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 |  |  |  |
Aerospace & Defense | $62,233,690 | $— | $— | $62,233,690
Automobile Components | 7,283,857 | — | — | 7,283,857
Automobiles | 30,052,372 | — | — | 30,052,372
Banks | 202,489,678 | — | — | 202,489,678
Beverages | 11,691,937 | 8,530,324 | — | 20,222,261
Broadline Retail | — | 6,052,121 | — | 6,052,121
Building Products | 27,128,977 | — | — | 27,128,977
Capital Markets | 34,180,551 | 8,982,594 | — | 43,163,145
Chemicals | 27,904,710 | — | — | 27,904,710
Communications Equipment | 25,660,198 | — | — | 25,660,198
Consumer Staples Distribution & Retail | 17,424,873 | — | — | 17,424,873
Containers & Packaging | 22,938,786 | — | — | 22,938,786
Diversified Telecommunication Services | 31,350,097 | — | — | 31,350,097
Electric Utilities | 63,348,828 | — | — | 63,348,828
Entertainment | 19,262,094 | — | — | 19,262,094
Financial Services | 59,250,433 | — | 16,146,708 | 75,397,141
Food Products | 33,327,240 | — | — | 33,327,240
Health Care Equipment & Supplies | 61,333,751 | 17,121,431 | — | 78,455,182
Health Care Providers & Services | 152,107,992 | — | — | 152,107,992
Household Durables | 5,371,023 | 22,905,406 | — | 28,276,429
Insurance | 90,684,621 | 7,589,933 | — | 98,274,554
IT Services | 21,146,776 | — | — | 21,146,776
Leisure Products | 12,633,894 | — | — | 12,633,894
Life Sciences Tools & Services | 9,815,238 | — | — | 9,815,238
Machinery | 29,906,445 | 6,174,894 | — | 36,081,339
Media | 47,270,571 | 10,736,304 | — | 58,006,875
Multi-Utilities | 18,005,380 | — | — | 18,005,380
Oil, Gas & Consumable Fuels | 53,482,311 | 78,214,315 | 15,487,288 | 147,183,914
Personal Care Products | 10,955,438 | — | — | 10,955,438
Pharmaceuticals | 21,498,981 | 45,840,174 | — | 67,339,155

Schedule of Investments
49

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Common Stocks (continued) |  |  |  |
Professional Services | $55,527,928 | $— | $— | $55,527,928
Residential REITs | 9,054,309 | — | — | 9,054,309
Semiconductors & Semiconductor Equipment | 48,665,557 | — | — | 48,665,557
Software | 20,003,694 | — | — | 20,003,694
Specialized REITs | 16,530,645 | — | — | 16,530,645
Technology Hardware, Storage & Peripherals | 22,732,659 | — | — | 22,732,659
Textiles, Apparel & Luxury Goods | 8,007,079 | 5,480,060 | — | 13,487,139
Tobacco | 26,450,130 | — | — | 26,450,130
Preferred Securities |  |  |  |
Preferred Stocks | — | 9,089,500 | — | 9,089,500
Short-Term Securities |  |  |  |
Money Market Funds | 37,914,697 | — | — | 37,914,697
| $1,454,627,440 | $226,717,056 | $31,633,996 | $1,712,978,492
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(10,819,827 ) | $(5,060,976 ) | $— | $(15,880,803 )

(a) | 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 and derivative financial instruments 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
Assets |
Opening balance, as of December 31, 2023 | $26,546,732
Transfers into Level 3 | —
Transfers out of Level 3 | —
Accrued discounts/premiums | —
Net realized gain (loss) | —
Net change in unrealized appreciation (depreciation)(a)(b) | 5,170,232
Purchases | 3,045,369
Sales | (3,128,337 )
Closing balance, as of June 30, 2024 | $31,633,996
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024(b) | $5,170,232

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the 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 | $31,633,996 | Income | Discount Rate | 10% | —
|  | Market | EBITDA Multiple | 7.50x | —
| $31,633,996 |  |  |  |

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

See notes to financial statements.
50
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2024
BlackRock Enhanced Global Dividend Trust (BOE)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Canada — 1.8% |
TELUS Corp. |  | 879,228 | $13,310,036
Denmark — 3.2% |
Novo Nordisk A/S, Class B |  | 167,375 | 23,948,811
France — 6.1% |
Air Liquide SA |  | 90,049 | 15,541,330
L’ Oreal SA |  | 30,573 | 13,457,182
LVMH Moet Hennessy Louis Vuitton SE |  | 21,766 | 16,711,734
|  |  | 45,710,246
India — 0.0% |
AceVector Limited, Series I, (Acquired 08/31/18, Cost: $2,637,143)(a)(b)(c) |  | 566,400 | 261,914
Indonesia — 0.9% |
Bank Rakyat Indonesia Persero Tbk PT |  | 22,422,100 | 6,287,075
Mexico — 1.5% |
Wal-Mart de Mexico SAB de CV |  | 3,288,395 | 11,190,788
Netherlands — 1.6% |
Koninklijke KPN NV |  | 3,151,781 | 12,079,937
Singapore — 1.1% |
DBS Group Holdings Ltd. |  | 318,524 | 8,389,540
Switzerland — 1.5% |
Zurich Insurance Group AG, Class N |  | 20,941 | 11,155,177
Taiwan — 3.3% |
Taiwan Semiconductor Manufacturing Co. Ltd. |  | 836,000 | 24,768,684
United Kingdom — 10.5% |
AstraZeneca PLC |  | 143,163 | 22,280,882
BAE Systems PLC |  | 698,996 | 11,642,916
Diageo PLC |  | 401,868 | 12,616,234
RELX PLC |  | 452,844 | 20,723,455
Taylor Wimpey PLC |  | 6,272,545 | 11,232,377
|  |  | 78,495,864
United States — 68.6% |
AbbVie, Inc.(d)(e) |  | 108,687 | 18,642,019
Accenture PLC, Class A |  | 48,885 | 14,832,198
Allegion PLC |  | 130,351 | 15,400,971
Alphabet, Inc., Class A |  | 84,893 | 15,463,260
Apple, Inc.(d)(e) |  | 107,068 | 22,550,662
Applied Materials, Inc. |  | 57,933 | 13,671,609
Assurant, Inc.(e) |  | 41,501 | 6,899,541
Baker Hughes Co., Class A(d) |  | 442,901 | 15,576,828
Charles Schwab Corp. |  | 145,813 | 10,744,960
Citizens Financial Group, Inc.(d) |  | 429,755 | 15,484,073
Hubbell, Inc.(d) |  | 34,804 | 12,720,166
Intercontinental Exchange, Inc.(e) |  | 106,248 | 14,544,289
M&T Bank Corp. |  | 80,031 | 12,113,492
Mastercard, Inc., Class A |  | 15,561 | 6,864,891
Meta Platforms, Inc., Class A |  | 31,247 | 15,755,362

Security |  | Shares | Value
United States (continued) |
Microsoft Corp.(e) |  | 82,630 | $36,931,478
Mondelez International, Inc., Class A(e) |  | 261,326 | 17,101,173
Moody’ s Corp. |  | 29,471 | 12,405,228
Nestle SA, Class N, Registered Shares |  | 213,444 | 21,787,140
Oracle Corp.(d) |  | 81,086 | 11,449,343
Otis Worldwide Corp. |  | 159,675 | 15,370,315
Paychex, Inc.(d) |  | 127,308 | 15,093,636
Philip Morris International, Inc.(d)(e) |  | 149,817 | 15,180,956
Republic Services, Inc.(d) |  | 75,952 | 14,760,512
Salesforce, Inc. |  | 46,097 | 11,851,539
Sanofi SA |  | 156,434 | 15,086,985
Shell PLC |  | 393,487 | 14,179,826
Texas Instruments, Inc.(d) |  | 116,090 | 22,582,988
Union Pacific Corp.(d) |  | 83,542 | 18,902,213
United Parcel Service, Inc., Class B(e) |  | 96,388 | 13,190,698
UnitedHealth Group, Inc.(d) |  | 42,211 | 21,496,374
Williams Cos., Inc.(e) |  | 369,074 | 15,685,645
Zoetis, Inc., Class A |  | 48,208 | 8,357,339
|  |  | 512,677,709
Total Long-Term Investments — 100.1% (Cost: $592,710,902) | 748,275,781
Short-Term Securities
Money Market Funds — 0.3% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19%(f)(g) |  | 2,304,270 | 2,304,270
Total Short-Term Securities — 0.3% (Cost: $2,304,270) | 2,304,270
Total Investments Before Options Written — 100.4% (Cost: $595,015,172) | 750,580,051
Options Written — (1.0)% (Premiums Received: $(7,078,012)) | (7,723,197 )
Total Investments, Net of Options Written — 99.4% (Cost: $587,937,160) | 742,856,854
Other Assets Less Liabilities — 0.6% | 4,163,258
Net Assets — 100.0% | $747,020,112

(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) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $261,914, representing less than 0.05% of its net assets as of period end, and an original cost of $2,637,143.
(d) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(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) | Affiliate of the Trust.
(g) | Annualized 7-day yield as of period end.

Schedule of Investments
51

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Global Dividend Trust (BOE)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $2,668,223 | $— | $(363,953 )(a) | $— | $— | $2,304,270 | 2,304,270 | $174,795 | $—

(a) | Represents net amount purchased (sold).

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 |  |  |  |  |  |  |
Otis Worldwide Corp. | 112 | 07/02/24 | USD | 97.50 | USD | 1,078 | $(1,944 )
Applied Materials, Inc. | 58 | 07/05/24 | USD | 225.00 | USD | 1,369 | (62,205 )
Mastercard, Inc., Class A | 35 | 07/05/24 | USD | 455.00 | USD | 1,544 | (1,138 )
Microsoft Corp. | 76 | 07/05/24 | USD | 430.00 | USD | 3,397 | (135,660 )
AbbVie, Inc. | 166 | 07/12/24 | USD | 160.00 | USD | 2,847 | (196,295 )
Apple, Inc. | 205 | 07/12/24 | USD | 200.00 | USD | 4,318 | (241,900 )
Charles Schwab Corp. | 275 | 07/12/24 | USD | 76.00 | USD | 2,026 | (10,038 )
Mastercard, Inc., Class A | 35 | 07/12/24 | USD | 455.00 | USD | 1,544 | (4,200 )
Meta Platforms, Inc., Class A | 41 | 07/12/24 | USD | 495.00 | USD | 2,067 | (68,265 )
Microsoft Corp. | 53 | 07/12/24 | USD | 425.00 | USD | 2,369 | (127,465 )
Mondelez International, Inc., Class A | 454 | 07/12/24 | USD | 69.00 | USD | 2,971 | (9,080 )
Texas Instruments, Inc. | 70 | 07/12/24 | USD | 195.00 | USD | 1,362 | (22,225 )
Union Pacific Corp. | 101 | 07/12/24 | USD | 225.00 | USD | 2,285 | (39,895 )
United Parcel Service, Inc., Class B | 167 | 07/12/24 | USD | 141.00 | USD | 2,285 | (12,609 )
UnitedHealth Group, Inc. | 88 | 07/12/24 | USD | 505.00 | USD | 4,481 | (89,320 )
AbbVie, Inc. | 214 | 07/19/24 | USD | 165.00 | USD | 3,671 | (166,920 )
Allegion PLC | 508 | 07/19/24 | USD | 120.00 | USD | 6,002 | (86,360 )
Alphabet, Inc., Class A | 191 | 07/19/24 | USD | 185.00 | USD | 3,479 | (49,660 )
Apple, Inc. | 101 | 07/19/24 | USD | 190.00 | USD | 2,127 | (224,220 )
Applied Materials, Inc. | 197 | 07/19/24 | USD | 220.00 | USD | 4,649 | (356,570 )
Assurant, Inc. | 66 | 07/19/24 | USD | 185.00 | USD | 1,097 | (31,680 )
Baker Hughes Co., Class A | 224 | 07/19/24 | USD | 34.00 | USD | 788 | (35,840 )
Charles Schwab Corp. | 381 | 07/19/24 | USD | 75.00 | USD | 2,808 | (64,579 )
Citizens Financial Group, Inc. | 1,087 | 07/19/24 | USD | 37.50 | USD | 3,916 | (51,633 )
Hubbell, Inc. | 78 | 07/19/24 | USD | 410.00 | USD | 2,851 | (39,000 )
Intercontinental Exchange, Inc. | 358 | 07/19/24 | USD | 140.00 | USD | 4,901 | (25,060 )
M&T Bank Corp. | 196 | 07/19/24 | USD | 160.00 | USD | 2,967 | (22,540 )
Meta Platforms, Inc., Class A | 41 | 07/19/24 | USD | 525.00 | USD | 2,067 | (24,190 )
Microsoft Corp. | 171 | 07/19/24 | USD | 450.00 | USD | 7,643 | (106,020 )
Mondelez International, Inc., Class A | 266 | 07/19/24 | USD | 70.00 | USD | 1,741 | (3,990 )
Oracle Corp. | 284 | 07/19/24 | USD | 130.00 | USD | 4,010 | (328,730 )
Otis Worldwide Corp. | 111 | 07/19/24 | USD | 97.50 | USD | 1,068 | (11,655 )
Paychex, Inc. | 333 | 07/19/24 | USD | 130.00 | USD | 3,948 | (3,330 )
Philip Morris International, Inc. | 430 | 07/19/24 | USD | 100.00 | USD | 4,357 | (99,975 )
Republic Services, Inc. | 121 | 07/19/24 | USD | 190.00 | USD | 2,352 | (64,130 )
TELUS Corp. | 1,126 | 07/19/24 | CAD | 22.50 | CAD | 2,332 | (4,938 )
Texas Instruments, Inc. | 185 | 07/19/24 | USD | 195.00 | USD | 3,599 | (75,387 )
Union Pacific Corp. | 130 | 07/19/24 | USD | 240.00 | USD | 2,941 | (5,200 )
Williams Cos., Inc. | 457 | 07/19/24 | USD | 41.00 | USD | 1,942 | (84,545 )
Zoetis, Inc., Class A | 83 | 07/19/24 | USD | 175.00 | USD | 1,439 | (25,315 )
Accenture PLC, Class A | 97 | 07/26/24 | USD | 305.00 | USD | 2,943 | (61,110 )
Apple, Inc. | 94 | 07/26/24 | USD | 220.00 | USD | 1,980 | (17,907 )
Applied Materials, Inc. | 34 | 07/26/24 | USD | 240.00 | USD | 802 | (23,460 )
Microsoft Corp. | 171 | 07/26/24 | USD | 455.00 | USD | 7,643 | (152,617 )
Mondelez International, Inc., Class A | 455 | 07/26/24 | USD | 67.00 | USD | 2,978 | (47,775 )

52
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Global Dividend Trust (BOE)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Oracle Corp. | 246 | 07/26/24 | USD | 140.00 | USD | 3,474 | $(85,362 )
Philip Morris International, Inc. | 302 | 07/26/24 | USD | 101.00 | USD | 3,060 | (88,335 )
Texas Instruments, Inc. | 120 | 07/26/24 | USD | 205.00 | USD | 2,334 | (28,680 )
UnitedHealth Group, Inc. | 54 | 07/26/24 | USD | 510.00 | USD | 2,750 | (89,910 )
Williams Cos., Inc. | 417 | 07/26/24 | USD | 42.00 | USD | 1,772 | (57,337 )
AbbVie, Inc. | 228 | 08/02/24 | USD | 175.00 | USD | 3,911 | (72,390 )
Accenture PLC, Class A | 74 | 08/02/24 | USD | 310.00 | USD | 2,245 | (37,740 )
Alphabet, Inc., Class A | 191 | 08/02/24 | USD | 185.00 | USD | 3,479 | (119,375 )
Apple, Inc. | 81 | 08/02/24 | USD | 215.00 | USD | 1,706 | (45,765 )
Applied Materials, Inc. | 29 | 08/02/24 | USD | 250.00 | USD | 684 | (15,080 )
Meta Platforms, Inc., Class A | 58 | 08/02/24 | USD | 555.00 | USD | 2,924 | (58,725 )
Texas Instruments, Inc. | 185 | 08/02/24 | USD | 200.00 | USD | 3,599 | (79,087 )
Union Pacific Corp. | 130 | 08/02/24 | USD | 230.00 | USD | 2,941 | (61,100 )
United Parcel Service, Inc., Class B | 170 | 08/02/24 | USD | 140.00 | USD | 2,326 | (55,675 )
Assurant, Inc. | 120 | 08/16/24 | USD | 175.00 | USD | 1,995 | (40,800 )
Baker Hughes Co., Class A | 726 | 08/16/24 | USD | 33.58 | USD | 2,553 | (164,189 )
Citizens Financial Group, Inc. | 364 | 08/16/24 | USD | 35.00 | USD | 1,311 | (72,800 )
Hubbell, Inc. | 78 | 08/16/24 | USD | 400.00 | USD | 2,851 | (48,750 )
Intercontinental Exchange, Inc. | 119 | 08/16/24 | USD | 140.00 | USD | 1,629 | (18,445 )
M&T Bank Corp. | 164 | 08/16/24 | USD | 150.00 | USD | 2,482 | (113,980 )
Moody’s Corp. | 132 | 08/16/24 | USD | 430.00 | USD | 5,556 | (141,900 )
Otis Worldwide Corp. | 495 | 08/16/24 | USD | 97.50 | USD | 4,765 | (117,562 )
Paychex, Inc. | 333 | 08/16/24 | USD | 130.00 | USD | 3,948 | (7,493 )
Republic Services, Inc. | 220 | 08/16/24 | USD | 195.00 | USD | 4,275 | (103,400 )
TELUS Corp. | 1,126 | 08/16/24 | CAD | 22.50 | CAD | 2,332 | (6,585 )
UnitedHealth Group, Inc. | 5 | 08/16/24 | USD | 510.00 | USD | 255 | (9,913 )
Williams Cos., Inc. | 417 | 08/16/24 | USD | 42.00 | USD | 1,772 | (66,720 )
Zoetis, Inc., Class A | 133 | 08/16/24 | USD | 175.00 | USD | 2,306 | (87,115 )
Baker Hughes Co., Class A | 376 | 08/27/24 | USD | 34.85 | USD | 1,322 | (61,867 )
TELUS Corp. | 825 | 09/20/24 | CAD | 23.00 | CAD | 1,709 | (6,030 )
|  |  |  |  |  |  | $(5,278,685 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Citizens Financial Group, Inc. | Morgan Stanley & Co. International PLC | 48,200 | 07/02/24 | USD | 36.32 | USD | 1,737 | $(14,198 )
Koninklijke KPN NV | Goldman Sachs International | 463,500 | 07/02/24 | EUR | 3.48 | EUR | 1,659 | (52,984 )
Taylor Wimpey PLC | Goldman Sachs International | 397,000 | 07/02/24 | GBP | 1.47 | GBP | 562 | (1,104 )
Koninklijke KPN NV | Morgan Stanley & Co. International PLC | 463,500 | 07/03/24 | EUR | 3.48 | EUR | 1,659 | (53,654 )
Nestle SA, Class N, Registered Shares | Goldman Sachs International | 67,100 | 07/03/24 | CHF | 96.53 | CHF | 6,154 | (252 )
Taylor Wimpey PLC | Morgan Stanley & Co. International PLC | 544,000 | 07/03/24 | GBP | 1.47 | GBP | 771 | (2,056 )
Taylor Wimpey PLC | Morgan Stanley & Co. International PLC | 545,000 | 07/09/24 | GBP | 1.47 | GBP | 772 | (6,228 )
Taylor Wimpey PLC | Morgan Stanley & Co. International PLC | 81,200 | 07/09/24 | GBP | 1.50 | GBP | 115 | (494 )
Wal-Mart de Mexico SAB de CV | Morgan Stanley & Co. International PLC | 799,700 | 07/09/24 | MXN | 67.98 | MXN | 49,789 | (178 )
Zurich Insurance Group AG, Class N | Goldman Sachs International | 12,900 | 07/09/24 | CHF | 482.33 | CHF | 6,174 | (43,237 )
Taiwan Semiconductor Manufacturing Co. Ltd. | Bank of America N.A. | 92,000 | 07/10/24 | TWD | 891.28 | USD | 88,427 | (217,453 )
Novo Nordisk A/S, Class B | Bank of America N.A. | 11,500 | 07/11/24 | DKK | 923.52 | DKK | 11,459 | (139,701 )
RELX PLC | Morgan Stanley & Co. International PLC | 45,700 | 07/11/24 | EUR | 41.33 | EUR | 1,953 | (88,022 )
DBS Group Holdings Ltd. | JPMorgan Chase Bank N.A. | 21,000 | 07/16/24 | SGD | 35.92 | SGD | 750 | (6,639 )
Wal-Mart de Mexico SAB de CV | Morgan Stanley & Co. International PLC | 415,700 | 07/16/24 | MXN | 65.87 | MXN | 25,881 | (4,995 )
Air Liquide SA | Morgan Stanley & Co. International PLC | 18,480 | 07/18/24 | EUR | 171.18 | EUR | 2,978 | (13,719 )
AstraZeneca PLC | Citibank N.A. | 3,700 | 07/18/24 | GBP | 127.76 | GBP | 456 | (3,571 )
BAE Systems PLC | Morgan Stanley & Co. International PLC | 142,200 | 07/18/24 | GBP | 14.27 | GBP | 1,874 | (7,084 )
LVMH Moet Hennessy Louis Vuitton SE | Citibank N.A. | 9,700 | 07/18/24 | EUR | 771.21 | EUR | 6,954 | (40,920 )
Novo Nordisk A/S, Class B | Bank of America N.A. | 31,800 | 07/18/24 | DKK | 983.01 | DKK | 31,686 | (177,914 )
Taylor Wimpey PLC | Goldman Sachs International | 501,300 | 07/18/24 | GBP | 1.54 | GBP | 710 | (3,593 )
RELX PLC | Morgan Stanley & Co. International PLC | 76,700 | 07/23/24 | EUR | 42.87 | EUR | 3,277 | (74,846 )
Shell PLC | Bank of America N.A. | 32,700 | 07/23/24 | EUR | 33.17 | EUR | 1,100 | (27,893 )
BAE Systems PLC | Citibank N.A. | 172,400 | 07/24/24 | GBP | 14.12 | GBP | 2,272 | (15,791 )

Schedule of Investments
53

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Global Dividend Trust (BOE)
OTC Options Written (continued)

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |  |
Koninklijke KPN NV | Citibank N.A. | 568,500 | 07/24/24 | EUR | 3.49 | EUR | 2,035 | $(74,595 )
L’Oreal SA | Citibank N.A. | 6,900 | 07/24/24 | EUR | 458.17 | EUR | 2,836 | (4,276 )
Wal-Mart de Mexico SAB de CV | Morgan Stanley & Co. International PLC | 415,600 | 07/24/24 | MXN | 65.61 | MXN | 25,875 | (10,632 )
DBS Group Holdings Ltd. | Bank of America N.A. | 122,200 | 07/25/24 | SGD | 36.55 | SGD | 4,364 | (26,360 )
RELX PLC | Morgan Stanley & Co. International PLC | 36,500 | 07/30/24 | EUR | 41.85 | EUR | 1,560 | (66,468 )
Shell PLC | Morgan Stanley & Co. International PLC | 105,100 | 07/30/24 | EUR | 33.19 | EUR | 3,536 | (100,708 )
Air Liquide SA | Morgan Stanley & Co. International PLC | 22,000 | 08/02/24 | EUR | 168.18 | EUR | 3,545 | (50,786 )
AstraZeneca PLC | Goldman Sachs International | 30,400 | 08/02/24 | GBP | 127.64 | GBP | 3,743 | (64,785 )
Diageo PLC | Bank of America N.A. | 111,400 | 08/02/24 | GBP | 26.42 | GBP | 2,767 | (20,422 )
L’Oreal SA | Goldman Sachs International | 6,800 | 08/02/24 | EUR | 464.43 | EUR | 2,795 | (5,724 )
Nestle SA, Class N, Registered Shares | Citibank N.A. | 28,900 | 08/02/24 | CHF | 97.95 | CHF | 2,650 | (10,244 )
Sanofi SA | Bank of America N.A. | 29,000 | 08/02/24 | EUR | 90.38 | EUR | 2,612 | (78,558 )
Taiwan Semiconductor Manufacturing Co. Ltd. | Bank of America N.A. | 98,000 | 08/02/24 | TWD | 955.76 | USD | 94,194 | (133,577 )
Taylor Wimpey PLC | Citibank N.A. | 754,100 | 08/02/24 | GBP | 1.54 | GBP | 1,068 | (13,756 )
AstraZeneca PLC | Bank of America N.A. | 30,400 | 08/06/24 | GBP | 127.70 | GBP | 3,743 | (73,156 )
Koninklijke KPN NV | Citibank N.A. | 394,500 | 08/06/24 | EUR | 3.57 | EUR | 1,412 | (21,251 )
Novo Nordisk A/S, Class B | Goldman Sachs International | 7,500 | 08/06/24 | DKK | 1,005.73 | DKK | 7,473 | (41,490 )
RELX PLC | Morgan Stanley & Co. International PLC | 44,900 | 08/06/24 | EUR | 43.51 | EUR | 1,919 | (35,465 )
Baker Hughes Co., Class A | Morgan Stanley & Co. International PLC | 22,400 | 08/12/24 | USD | 32.39 | USD | 788 | (70,444 )
Diageo PLC | Citibank N.A. | 69,400 | 08/13/24 | GBP | 25.53 | GBP | 1,724 | (46,693 )
Novo Nordisk A/S, Class B | Goldman Sachs International | 29,100 | 08/13/24 | DKK | 1,027.66 | DKK | 28,996 | (140,515 )
Sanofi SA | JPMorgan Chase Bank N.A. | 25,800 | 08/13/24 | EUR | 91.96 | EUR | 2,323 | (62,365 )
Taiwan Semiconductor Manufacturing Co. Ltd. | Bank of America N.A. | 98,000 | 08/13/24 | TWD | 955.76 | USD | 94,194 | (151,493 )
Taiwan Semiconductor Manufacturing Co. Ltd. | JPMorgan Chase Bank N.A. | 186,000 | 08/13/24 | TWD | 1,017.60 | USD | 178,777 | (144,223 )
|  |  |  |  |  |  |  | $(2,444,512 )

Balances Reported in the Statements of Assets and Liabilities for Options Written

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $N/A | $1,907,908 | $(2,553,093 ) | $(7,723,197 )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $7,723,197 | $— | $— | $— | $7,723,197

For the period ended June 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options written | $— | $— | $(10,474,118 ) | $— | $— | $— | $(10,474,118 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $3,522,195 | $— | $— | $— | $3,522,195

54
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Global Dividend Trust (BOE)
Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $8,947,032

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $7,723,197
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 7,723,197
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (5,278,685 )
Total derivative assets and liabilities subject to an MNA | $— | $2,444,512

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged | Net Amount of Derivative Liabilities(b)
Bank of America N.A. | $1,046,527 | $— | $(1,046,527 ) | $— | $—
Citibank N.A. | 231,097 | — | (231,097 ) | — | —
Goldman Sachs International | 353,684 | — | (353,684 ) | — | —
JPMorgan Chase Bank N.A. | 213,227 | — | (193,673 ) | — | 19,554
Morgan Stanley & Co. International PLC | 599,977 | — | (599,977 ) | — | —
| $2,444,512 | $— | $(2,424,958 ) | $— | $19,554

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Canada | $13,310,036 | $— | $— | $13,310,036
Denmark | — | 23,948,811 | — | 23,948,811
France | — | 45,710,246 | — | 45,710,246
India | — | — | 261,914 | 261,914
Indonesia | — | 6,287,075 | — | 6,287,075
Mexico | 11,190,788 | — | — | 11,190,788
Netherlands | — | 12,079,937 | — | 12,079,937
Singapore | — | 8,389,540 | — | 8,389,540
Switzerland | — | 11,155,177 | — | 11,155,177
Taiwan | — | 24,768,684 | — | 24,768,684
United Kingdom | — | 78,495,864 | — | 78,495,864
United States | 461,623,758 | 51,053,951 | — | 512,677,709

Schedule of Investments
55

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced Global Dividend Trust (BOE)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Short-Term Securities |  |  |  |
Money Market Funds | $2,304,270 | $— | $— | $2,304,270
| $488,428,852 | $261,889,285 | $261,914 | $750,580,051
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(5,050,685 ) | $(2,672,512 ) | $— | $(7,723,197 )

(a) | Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.
56
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2024
BlackRock Enhanced International Dividend Trust (BGY)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Brazil — 1.2% |
B3 SA - Brasil Bolsa Balcao |  | 4,079,988 | $7,473,762
Canada — 5.4% |
Canadian National Railway Co. |  | 134,092 | 15,845,409
Teck Resources Ltd., Class B(a) |  | 126,393 | 6,057,034
TELUS Corp. |  | 797,205 | 12,068,357
|  |  | 33,970,800
Denmark — 5.4% |
Novo Nordisk A/S, Class B |  | 237,548 | 33,989,497
France — 8.9% |
Air Liquide SA |  | 123,850 | 21,374,959
Cie de Saint-Gobain SA |  | 159,333 | 12,391,986
LVMH Moet Hennessy Louis Vuitton SE |  | 29,067 | 22,317,375
|  |  | 56,084,320
Germany — 7.0% |
adidas AG, Class N |  | 53,464 | 12,765,415
Beiersdorf AG |  | 122,485 | 17,927,633
MTU Aero Engines AG, Class N |  | 51,092 | 13,026,071
|  |  | 43,719,119
India — 2.6% |
AceVector Limited, Series I, (Acquired 01/25/22, Cost: $3,948,600)(a)(b)(c) |  | 848,000 | 392,132
HDFC Bank Ltd. |  | 782,464 | 15,801,228
|  |  | 16,193,360
Indonesia — 1.2% |
Bank Rakyat Indonesia Persero Tbk PT |  | 26,413,700 | 7,406,305
Italy — 2.8% |
FinecoBank Banca Fineco SpA |  | 1,185,084 | 17,609,465
Japan — 5.1% |
Keyence Corp. |  | 42,500 | 18,601,312
Sony Group Corp. |  | 155,200 | 13,226,320
|  |  | 31,827,632
Mexico — 1.7% |
Wal-Mart de Mexico SAB de CV |  | 3,222,623 | 10,966,959
Netherlands — 6.4% |
ASML Holding NV |  | 24,088 | 24,549,667
Koninklijke KPN NV |  | 4,165,964 | 15,967,030
|  |  | 40,516,697
Singapore — 4.4% |
DBS Group Holdings Ltd. |  | 479,740 | 12,635,776
United Overseas Bank Ltd. |  | 653,100 | 15,064,613
|  |  | 27,700,389
Sweden — 6.2% |
Assa Abloy AB, Class B |  | 757,324 | 21,447,813
Atlas Copco AB, Class A |  | 948,853 | 17,815,891
|  |  | 39,263,704
Switzerland — 1.5% |
Zurich Insurance Group AG, Class N |  | 17,802 | 9,483,046

Security |  | Shares | Value
Taiwan — 6.1% |
Taiwan Semiconductor Manufacturing Co. Ltd. |  | 1,297,000 | $38,427,013
United Kingdom — 14.4% |
AstraZeneca PLC |  | 144,630 | 22,509,195
BAE Systems PLC |  | 781,046 | 13,009,593
Diageo PLC |  | 500,084 | 15,699,625
RELX PLC |  | 518,745 | 23,739,276
Smith & Nephew PLC |  | 492,926 | 6,108,487
Taylor Wimpey PLC |  | 5,469,595 | 9,794,517
|  |  | 90,860,693
United States — 20.1% |
Baker Hughes Co., Class A(d)(e) |  | 730,834 | 25,703,432
Nestle SA, Class N, Registered Shares |  | 149,393 | 15,249,181
Otis Worldwide Corp.(d)(e) |  | 135,915 | 13,083,178
Sanofi SA |  | 164,875 | 15,901,061
Shell PLC |  | 504,615 | 18,184,471
Texas Instruments, Inc.(d)(e) |  | 109,115 | 21,226,141
Visa, Inc., Class A(d)(e) |  | 66,147 | 17,361,603
|  |  | 126,709,067
Total Long-Term Investments — 100.4% (Cost: $502,037,248) | 632,201,828
Short-Term Securities
Money Market Funds — 0.8% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19%(f)(g) |  | 4,885,161 | 4,885,161
Total Short-Term Securities — 0.8% (Cost: $4,885,161) | 4,885,161
Total Investments Before Options Written — 101.2% (Cost: $506,922,409) | 637,086,989
Options Written — (0.9)% (Premiums Received: $(5,843,174)) | (5,539,625 )
Total Investments, Net of Options Written — 100.3% (Cost: $501,079,235) | 631,547,364
Liabilities in Excess of Other Assets — (0.3)% | (1,766,004 )
Net Assets — 100.0% | $629,781,360

(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 $392,132, representing 0.1% of its net assets as of period end, and an original cost of $3,948,600.
(d) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(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) | Affiliate of the Trust.
(g) | Annualized 7-day yield as of period end.

Schedule of Investments
57

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced International Dividend Trust (BGY)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $8,260,103 | $— | $(3,374,942 )(a) | $— | $— | $4,885,161 | 4,885,161 | $191,460 | $—

(a) | Represents net amount purchased (sold).

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 |  |  |  |  |  |  |
Otis Worldwide Corp. | 161 | 07/02/24 | USD | 97.50 | USD | 1,550 | $(2,794 )
Visa, Inc., Class A | 51 | 07/05/24 | USD | 275.00 | USD | 1,339 | (1,148 )
Texas Instruments, Inc. | 120 | 07/12/24 | USD | 195.00 | USD | 2,334 | (38,100 )
Baker Hughes Co., Class A | 381 | 07/19/24 | USD | 34.00 | USD | 1,340 | (60,960 )
Canadian National Railway Co. | 241 | 07/19/24 | CAD | 180.00 | CAD | 3,896 | (705 )
Otis Worldwide Corp. | 161 | 07/19/24 | USD | 97.50 | USD | 1,550 | (16,905 )
Teck Resources Ltd., Class B | 284 | 07/19/24 | CAD | 74.00 | CAD | 1,862 | (2,803 )
TELUS Corp. | 1,094 | 07/19/24 | CAD | 22.50 | CAD | 2,266 | (4,798 )
Texas Instruments, Inc. | 155 | 07/19/24 | USD | 195.00 | USD | 3,015 | (63,163 )
Visa, Inc., Class A | 35 | 07/19/24 | USD | 285.00 | USD | 919 | (648 )
Texas Instruments, Inc. | 61 | 07/26/24 | USD | 205.00 | USD | 1,187 | (14,579 )
Visa, Inc., Class A | 37 | 07/26/24 | USD | 285.00 | USD | 971 | (3,404 )
Texas Instruments, Inc. | 155 | 08/02/24 | USD | 200.00 | USD | 3,015 | (66,262 )
Visa, Inc., Class A | 240 | 08/02/24 | USD | 275.00 | USD | 6,299 | (67,320 )
Baker Hughes Co., Class A | 1,401 | 08/16/24 | USD | 33.58 | USD | 4,927 | (316,843 )
Canadian National Railway Co. | 320 | 08/16/24 | CAD | 175.00 | CAD | 5,173 | (13,099 )
Otis Worldwide Corp. | 289 | 08/16/24 | USD | 97.50 | USD | 2,782 | (68,637 )
Teck Resources Ltd., Class B | 160 | 08/16/24 | CAD | 70.00 | CAD | 1,049 | (19,473 )
TELUS Corp. | 1,094 | 08/16/24 | CAD | 22.50 | CAD | 2,266 | (6,397 )
Baker Hughes Co., Class A | 394 | 08/27/24 | USD | 34.85 | USD | 1,386 | (64,829 )
TELUS Corp. | 602 | 09/20/24 | CAD | 23.00 | CAD | 1,247 | (4,400 )
|  |  |  |  |  |  | $(837,267 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Koninklijke KPN NV | Goldman Sachs International | 344,200 | 07/02/24 | EUR | 3.48 | EUR | 1,232 | $(39,347 )
Taylor Wimpey PLC | Goldman Sachs International | 375,900 | 07/02/24 | GBP | 1.47 | GBP | 532 | (1,045 )
United Overseas Bank Ltd. | UBS AG | 63,000 | 07/02/24 | SGD | 30.95 | SGD | 1,971 | (17,292 )
Koninklijke KPN NV | Morgan Stanley & Co. International PLC | 501,000 | 07/03/24 | EUR | 3.47 | EUR | 1,793 | (57,995 )
Nestle SA, Class N, Registered Shares | Goldman Sachs International | 18,700 | 07/03/24 | CHF | 96.53 | CHF | 1,715 | (70 )
Taylor Wimpey PLC | Morgan Stanley & Co. International PLC | 323,000 | 07/03/24 | GBP | 1.47 | GBP | 458 | (1,221 )
Taylor Wimpey PLC | Morgan Stanley & Co. International PLC | 645,000 | 07/09/24 | GBP | 1.50 | GBP | 914 | (3,922 )
Taylor Wimpey PLC | Morgan Stanley & Co. International PLC | 322,000 | 07/09/24 | GBP | 1.47 | GBP | 456 | (3,680 )
Wal-Mart de Mexico SAB de CV | Morgan Stanley & Co. International PLC | 466,300 | 07/09/24 | MXN | 67.98 | MXN | 29,032 | (104 )
Zurich Insurance Group AG, Class N | Goldman Sachs International | 8,000 | 07/09/24 | CHF | 482.33 | CHF | 3,829 | (26,814 )
Taiwan Semiconductor Manufacturing Co. Ltd. | Bank of America N.A. | 70,000 | 07/10/24 | TWD | 891.28 | USD | 67,281 | (165,453 )
adidas AG, Class N | Bank of America N.A. | 11,300 | 07/11/24 | EUR | 240.20 | EUR | 2,519 | (11,166 )
Assa Abloy AB, Class B | Bank of America N.A. | 132,000 | 07/11/24 | SEK | 323.54 | SEK | 39,622 | (2,819 )
Atlas Copco AB, Class A | Citibank N.A. | 228,000 | 07/11/24 | SEK | 205.82 | SEK | 45,374 | (35,726 )
Novo Nordisk A/S, Class B | Bank of America N.A. | 26,600 | 07/11/24 | DKK | 923.52 | DKK | 26,505 | (323,133 )
RELX PLC | Morgan Stanley & Co. International PLC | 46,100 | 07/11/24 | EUR | 41.33 | EUR | 1,970 | (88,792 )

58
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced International Dividend Trust (BGY)
OTC Options Written (continued)

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |  |
Sony Group Corp. | Société Générale | 37,400 | 07/11/24 | JPY | 13,651.30 | JPY | 512,800 | $(59,370 )
adidas AG, Class N | Bank of America N.A. | 11,300 | 07/16/24 | EUR | 240.20 | EUR | 2,519 | (18,937 )
Atlas Copco AB, Class A | Citibank N.A. | 129,800 | 07/16/24 | SEK | 202.67 | SEK | 25,831 | (43,284 )
DBS Group Holdings Ltd. | JPMorgan Chase Bank N.A. | 131,000 | 07/16/24 | SGD | 35.92 | SGD | 4,679 | (41,416 )
Diageo PLC | Morgan Stanley & Co. International PLC | 76,600 | 07/16/24 | GBP | 26.42 | GBP | 1,902 | (2,328 )
MTU Aero Engines AG, Class N | Citibank N.A. | 23,000 | 07/16/24 | EUR | 237.83 | EUR | 5,475 | (147,168 )
United Overseas Bank Ltd. | HSBC Bank PLC | 156,600 | 07/16/24 | SGD | 30.87 | SGD | 4,898 | (71,962 )
Wal-Mart de Mexico SAB de CV | Morgan Stanley & Co. International PLC | 535,000 | 07/16/24 | MXN | 65.87 | MXN | 33,309 | (6,428 )
Air Liquide SA | Morgan Stanley & Co. International PLC | 27,170 | 07/18/24 | EUR | 171.18 | EUR | 4,379 | (20,170 )
ASML Holding NV | Citibank N.A. | 2,800 | 07/18/24 | EUR | 917.38 | EUR | 2,665 | (196,308 )
BAE Systems PLC | Morgan Stanley & Co. International PLC | 19,000 | 07/18/24 | GBP | 14.27 | GBP | 250 | (947 )
Cie de Saint-Gobain SA | Citibank N.A. | 35,200 | 07/18/24 | EUR | 82.77 | EUR | 2,556 | (2,871 )
FinecoBank Banca Fineco SpA | Bank of America N.A. | 182,100 | 07/18/24 | EUR | 14.99 | EUR | 2,527 | (10,110 )
Keyence Corp. | Société Générale | 7,200 | 07/18/24 | JPY | 74,474.40 | JPY | 507,010 | (22,745 )
LVMH Moet Hennessy Louis Vuitton SE | Citibank N.A. | 13,000 | 07/18/24 | EUR | 771.21 | EUR | 9,320 | (54,842 )
B3 SA - Brasil Bolsa Balcao | Citibank N.A. | 768,100 | 07/23/24 | BRL | 11.46 | USD | 7,865 | (3,142 )
RELX PLC | Morgan Stanley & Co. International PLC | 88,900 | 07/23/24 | EUR | 42.87 | EUR | 3,799 | (86,751 )
Shell PLC | Bank of America N.A. | 51,600 | 07/23/24 | EUR | 33.17 | EUR | 1,736 | (44,014 )
B3 SA - Brasil Bolsa Balcao | Citibank N.A. | 1,067,800 | 07/24/24 | BRL | 10.76 | USD | 10,934 | (22,979 )
BAE Systems PLC | Citibank N.A. | 246,300 | 07/24/24 | GBP | 14.12 | GBP | 3,245 | (22,560 )
Beiersdorf AG | Bank of America N.A. | 27,200 | 07/24/24 | EUR | 145.94 | EUR | 3,717 | (9,146 )
Cie de Saint-Gobain SA | Citibank N.A. | 36,500 | 07/24/24 | EUR | 77.88 | EUR | 2,651 | (25,845 )
Koninklijke KPN NV | Citibank N.A. | 560,900 | 07/24/24 | EUR | 3.49 | EUR | 2,007 | (73,597 )
Smith & Nephew PLC | UBS AG | 95,400 | 07/24/24 | GBP | 10.24 | GBP | 935 | (10,319 )
United Overseas Bank Ltd. | Citibank N.A. | 74,200 | 07/24/24 | SGD | 30.88 | SGD | 2,321 | (38,158 )
Wal-Mart de Mexico SAB de CV | Morgan Stanley & Co. International PLC | 448,900 | 07/24/24 | MXN | 65.61 | MXN | 27,949 | (11,484 )
DBS Group Holdings Ltd. | Bank of America N.A. | 84,900 | 07/25/24 | SGD | 36.55 | SGD | 3,032 | (18,314 )
RELX PLC | Morgan Stanley & Co. International PLC | 29,500 | 07/30/24 | EUR | 41.85 | EUR | 1,261 | (53,721 )
Shell PLC | Morgan Stanley & Co. International PLC | 82,500 | 07/30/24 | EUR | 33.19 | EUR | 2,776 | (79,052 )
Air Liquide SA | Morgan Stanley & Co. International PLC | 40,900 | 08/02/24 | EUR | 168.18 | EUR | 6,591 | (94,415 )
Assa Abloy AB, Class B | Goldman Sachs International | 38,700 | 08/02/24 | SEK | 319.61 | SEK | 11,617 | (8,290 )
AstraZeneca PLC | Goldman Sachs International | 28,700 | 08/02/24 | GBP | 127.64 | GBP | 3,533 | (61,162 )
Atlas Copco AB, Class A | Goldman Sachs International | 69,100 | 08/02/24 | SEK | 208.68 | SEK | 13,752 | (19,264 )
BAE Systems PLC | Goldman Sachs International | 86,100 | 08/02/24 | GBP | 14.24 | GBP | 1,135 | (9,940 )
Beiersdorf AG | Bank of America N.A. | 28,000 | 08/02/24 | EUR | 149.66 | EUR | 3,827 | (6,172 )
Diageo PLC | Bank of America N.A. | 109,800 | 08/02/24 | GBP | 26.42 | GBP | 2,727 | (20,129 )
FinecoBank Banca Fineco SpA | Citibank N.A. | 210,400 | 08/02/24 | EUR | 14.63 | EUR | 2,919 | (41,521 )
Nestle SA, Class N, Registered Shares | Citibank N.A. | 48,500 | 08/02/24 | CHF | 97.95 | CHF | 4,448 | (17,192 )
Sanofi SA | Bank of America N.A. | 3,400 | 08/02/24 | EUR | 90.38 | EUR | 306 | (9,210 )
Taiwan Semiconductor Manufacturing Co. Ltd. | Bank of America N.A. | 257,000 | 08/02/24 | TWD | 955.76 | USD | 247,019 | (350,299 )
Taylor Wimpey PLC | Citibank N.A. | 795,500 | 08/02/24 | GBP | 1.54 | GBP | 1,127 | (14,511 )
AstraZeneca PLC | Bank of America N.A. | 36,400 | 08/06/24 | GBP | 127.70 | GBP | 4,481 | (87,594 )
FinecoBank Banca Fineco SpA | UBS AG | 140,800 | 08/06/24 | EUR | 14.52 | EUR | 1,954 | (35,757 )
Koninklijke KPN NV | Citibank N.A. | 468,500 | 08/06/24 | EUR | 3.57 | EUR | 1,677 | (25,238 )
Novo Nordisk A/S, Class B | Goldman Sachs International | 30,500 | 08/06/24 | DKK | 1,005.73 | DKK | 30,391 | (168,727 )
RELX PLC | Morgan Stanley & Co. International PLC | 69,000 | 08/06/24 | EUR | 43.51 | EUR | 2,948 | (54,501 )
Smith & Nephew PLC | UBS AG | 126,400 | 08/06/24 | GBP | 10.30 | GBP | 1,239 | (20,454 )
Sony Group Corp. | UBS AG | 32,500 | 08/06/24 | JPY | 13,111.38 | JPY | 445,615 | (161,964 )
ASML Holding NV | Bank of America N.A. | 4,050 | 08/07/24 | EUR | 1,007.21 | EUR | 3,854 | (130,156 )
Shell PLC | Bank of America N.A. | 42,600 | 08/07/24 | EUR | 33.85 | EUR | 1,433 | (31,013 )
Baker Hughes Co., Class A | Morgan Stanley & Co. International PLC | 38,100 | 08/12/24 | USD | 32.38 | USD | 1,340 | (119,818 )
ASML Holding NV | Goldman Sachs International | 4,050 | 08/13/24 | EUR | 1,007.21 | EUR | 3,854 | (138,270 )
Assa Abloy AB, Class B | UBS AG | 170,000 | 08/13/24 | SEK | 301.81 | SEK | 51,029 | (150,987 )
Diageo PLC | Citibank N.A. | 38,600 | 08/13/24 | GBP | 25.53 | GBP | 959 | (25,970 )
Keyence Corp. | UBS AG | 12,000 | 08/13/24 | JPY | 72,206.57 | JPY | 845,016 | (154,488 )
Novo Nordisk A/S, Class B | Goldman Sachs International | 49,700 | 08/13/24 | DKK | 1,027.66 | DKK | 49,522 | (239,987 )
Sanofi SA | JPMorgan Chase Bank N.A. | 54,400 | 08/13/24 | EUR | 91.96 | EUR | 4,899 | (131,499 )
Taiwan Semiconductor Manufacturing Co. Ltd. | Bank of America N.A. | 257,000 | 08/13/24 | TWD | 955.76 | USD | 247,019 | (397,283 )
|  |  |  |  |  |  |  | $(4,702,358 )

Schedule of Investments
59

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced International Dividend Trust (BGY)
Balances Reported in the Statements of Assets and Liabilities for Options Written

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $N/A | $1,935,221 | $(1,631,672 ) | $(5,539,625 )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $5,539,625 | $— | $— | $— | $5,539,625

For the period ended June 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options written | $— | $— | $(13,738,375 ) | $— | $— | $— | $(13,738,375 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $4,751,753 | $— | $— | $— | $4,751,753

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased | $— (a)
Average value of option contracts written | $7,482,681

(a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $5,539,625
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 5,539,625
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (837,267 )
Total derivative assets and liabilities subject to an MNA | $— | $4,702,358

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged | Net Amount of Derivative Liabilities(b)
Bank of America N.A. | $1,634,948 | $— | $(1,634,948 ) | $— | $—
Citibank N.A. | 790,912 | — | (790,912 ) | — | —
Goldman Sachs International | 712,916 | — | (594,725 ) | — | 118,191
HSBC Bank PLC | 71,962 | — | (71,962 ) | — | —

60
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Enhanced International Dividend Trust (BGY)

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged | Net Amount of Derivative Liabilities(b)
JPMorgan Chase Bank N.A. | $172,915 | $— | $(172,915 ) | $— | $—
Morgan Stanley & Co. International PLC | 685,329 | — | (685,329 ) | — | —
Société Générale | 82,115 | — | — | — | 82,115
UBS AG | 551,261 | — | (192,424 ) | — | 358,837
| $4,702,358 | $— | $(4,143,215 ) | $— | $559,143

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Brazil | $7,473,762 | $— | $— | $7,473,762
Canada | 33,970,800 | — | — | 33,970,800
Denmark | — | 33,989,497 | — | 33,989,497
France | — | 56,084,320 | — | 56,084,320
Germany | — | 43,719,119 | — | 43,719,119
India | — | 15,801,228 | 392,132 | 16,193,360
Indonesia | — | 7,406,305 | — | 7,406,305
Italy | — | 17,609,465 | — | 17,609,465
Japan | — | 31,827,632 | — | 31,827,632
Mexico | 10,966,959 | — | — | 10,966,959
Netherlands | — | 40,516,697 | — | 40,516,697
Singapore | — | 27,700,389 | — | 27,700,389
Sweden | — | 39,263,704 | — | 39,263,704
Switzerland | — | 9,483,046 | — | 9,483,046
Taiwan | — | 38,427,013 | — | 38,427,013
United Kingdom | — | 90,860,693 | — | 90,860,693
United States | 77,374,354 | 49,334,713 | — | 126,709,067
Short-Term Securities |  |  |  |
Money Market Funds | 4,885,161 | — | — | 4,885,161
| $134,671,036 | $502,023,821 | $392,132 | $637,086,989
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(452,801 ) | $(5,086,824 ) | $— | $(5,539,625 )

(a) | Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.
Schedule of Investments
61

Schedule of Investments (unaudited)
June 30, 2024
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Biotechnology — 41.5% |
4D Molecular Therapeutics, Inc.(a) |  | 146,438 | $3,073,734
Abbisko Cayman Ltd.(a) |  | 10,378,250 | 4,309,942
AbbVie, Inc. |  | 165,125 | 28,322,240
AC Immune SA(a) |  | 752,390 | 3,002,036
Alkermes PLC(a) |  | 183,485 | 4,421,989
Allogene Therapeutics, Inc.(a) |  | 671,612 | 1,564,856
Alnylam Pharmaceuticals, Inc.(a)(b)(c) |  | 208,467 | 50,657,481
Amgen, Inc.(b) |  | 132,690 | 41,458,990
Annexon, Inc.(a) |  | 237,835 | 1,165,392
Antengene Corp. Ltd.(a) |  | 5,019,274 | 501,346
Apellis Pharmaceuticals, Inc.(a) |  | 51,390 | 1,971,320
Arcturus Therapeutics Holdings, Inc.(a) |  | 80,991 | 1,972,131
Arcus Biosciences, Inc.(a)(c) |  | 169,790 | 2,585,902
Argenx SE, ADR(a) |  | 64,282 | 27,643,831
Arrowhead Pharmaceuticals, Inc.(a) |  | 81,025 | 2,105,840
Autolus Therapeutics PLC, ADR(a) |  | 765,897 | 2,665,322
Avidity Biosciences, Inc.(a) |  | 115,030 | 4,698,976
Beam Therapeutics, Inc.(a) |  | 267,657 | 6,271,204
BeiGene Ltd., ADR(a)(c) |  | 68,555 | 9,780,742
Bicycle Therapeutics PLC, ADR(a) |  | 87,595 | 1,772,923
Biogen, Inc.(a) |  | 99,215 | 23,000,021
Biohaven Ltd.(a) |  | 99,155 | 3,441,670
BioMarin Pharmaceutical, Inc.(a)(d) |  | 420,758 | 34,641,006
Biomea Fusion, Inc.(a)(c) |  | 146,215 | 657,968
Black Diamond Therapeutics, Inc.(a) |  | 833,550 | 3,884,343
Blueprint Medicines Corp.(a) |  | 321,440 | 34,644,803
Bridgebio Pharma, Inc.(a)(c) |  | 169,445 | 4,292,042
Cabaletta Bio, Inc.(a) |  | 506,395 | 3,787,835
CG oncology, Inc.(a) |  | 87,158 | 2,751,578
Connect Biopharma Holdings Ltd., ADR(a) |  | 103,891 | 157,914
CureVac NV(a)(c) |  | 320,123 | 1,088,418
Denali Therapeutics, Inc.(a) |  | 353,229 | 8,201,977
Dyne Therapeutics, Inc.(a) |  | 184,196 | 6,500,277
Everest Medicines Ltd.(a) |  | 3,113,667 | 7,803,172
Exact Sciences Corp.(a) |  | 107,880 | 4,557,930
Exelixis, Inc.(a) |  | 599,320 | 13,466,720
Galapagos NV, ADR(a) |  | 74,410 | 1,843,880
Genmab A/S(a) |  | 34,827 | 8,727,412
Genmab A/S, ADR(a) |  | 114,086 | 2,866,981
Halozyme Therapeutics, Inc.(a)(c) |  | 158,200 | 8,283,352
Immatics NV(a) |  | 256,778 | 2,983,760
Immunocore Holdings PLC, ADR(a) |  | 59,868 | 2,028,927
Immunocore Holdings PLC, Series C, ADR(a) |  | 321,900 | 10,909,191
Incyte Corp.(a)(c) |  | 114,060 | 6,914,317
Insmed, Inc.(a) |  | 276,875 | 18,550,625
Ionis Pharmaceuticals, Inc.(a) |  | 159,555 | 7,604,391
Keros Therapeutics, Inc.(a) |  | 74,602 | 3,409,311
Kyverna Therapeutics, Inc.(a)(c) |  | 50,458 | 378,435
Legend Biotech Corp., ADR(a) |  | 316,032 | 13,997,057
Lexeo Therapeutics, Inc.(a) |  | 26,080 | 418,323
MacroGenics, Inc.(a) |  | 190,555 | 809,859
Merus NV(a) |  | 384,472 | 22,749,208
Monte Rosa Therapeutics, Inc.(a) |  | 266,168 | 995,468
MoonLake Immunotherapeutics(a) |  | 114,141 | 5,018,780
Morphic Holding, Inc.(a) |  | 75,190 | 2,561,723
Neurocrine Biosciences, Inc.(a) |  | 204,955 | 28,216,155
Neurogene, Inc.(a)(c) |  | 372,050 | 13,538,900
Nurix Therapeutics, Inc.(a) |  | 387,016 | 8,077,024
Nuvalent, Inc., Class A(a)(c) |  | 212,315 | 16,106,216
ORIC Pharmaceuticals, Inc.(a) |  | 218,690 | 1,546,138

Security |  | Shares | Value
Biotechnology (continued) |
Perspective Therapeutics, Inc.(a) |  | 186,395 | $1,858,358
Prime Medicine, Inc.(a) |  | 412,139 | 2,118,394
Protagonist Therapeutics, Inc.(a) |  | 421,725 | 14,612,771
PTC Therapeutics, Inc.(a) |  | 215,915 | 6,602,681
REGENXBIO, Inc.(a)(c) |  | 102,490 | 1,199,133
Renagade Therapeutics, Series A-2(a)(e) |  | 3,584,906 | 8,030,189
REVOLUTION Medicines, Inc.(a) |  | 181,447 | 7,041,958
Rhythm Pharmaceuticals, Inc.(a) |  | 580,575 | 23,838,410
Rocket Pharmaceuticals, Inc.(a)(c) |  | 252,097 | 5,427,648
Roivant Sciences Ltd.(a) |  | 827,625 | 8,747,996
RPHM Onkure Pipe(a)(e) |  | 199,004 | 242,785
Sage Therapeutics, Inc.(a) |  | 253,320 | 2,751,055
Sagimet Biosciences, Inc., Class A(a) |  | 408,120 | 1,395,770
Sarepta Therapeutics, Inc.(a) |  | 152,629 | 24,115,382
Soleno Therapeutics, Inc.(a) |  | 96,185 | 3,924,348
Stoke Therapeutics, Inc.(a) |  | 487,988 | 6,592,718
Tenaya Therapeutics, Inc.(a) |  | 411,791 | 1,276,552
TScan Therapeutics, Inc.(a) |  | 1,045,767 | 6,117,737
Twist Bioscience Corp.(a)(c) |  | 130,265 | 6,419,459
Ultragenyx Pharmaceutical, Inc.(a) |  | 118,142 | 4,855,636
United Therapeutics Corp.(a) |  | 55,704 | 17,744,509
Vaxcyte, Inc.(a) |  | 273,970 | 20,687,475
Vertex Pharmaceuticals, Inc.(a) |  | 20,125 | 9,432,990
Vigil Neuroscience, Inc.(a) |  | 207,355 | 829,420
Viking Therapeutics, Inc.(a) |  | 190,020 | 10,072,960
Voyager Therapeutics, Inc.(a) |  | 349,705 | 2,766,167
Xenon Pharmaceuticals, Inc.(a) |  | 420,084 | 16,379,075
Zealand Pharma A/S(a) |  | 157,125 | 19,591,189
|  |  | 776,032,069
Capital Markets — 0.3% |
Helix Acquisition Corp. II, Class A(a) |  | 544,465 | 5,564,432
Health Care Equipment & Supplies — 16.7% |
Align Technology, Inc.(a)(d) |  | 107,175 | 25,875,260
Becton Dickinson & Co. |  | 39,210 | 9,163,769
Boston Scientific Corp.(a) |  | 455,830 | 35,103,468
CONMED Corp. |  | 98,215 | 6,808,264
ConvaTec Group PLC(f) |  | 4,411,215 | 13,069,174
Cooper Cos., Inc.(d) |  | 396,640 | 34,626,672
Dexcom, Inc.(a) |  | 115,155 | 13,056,274
Edwards Lifesciences Corp.(a) |  | 171,980 | 15,885,793
Glaukos Corp.(a) |  | 41,125 | 4,867,144
Hologic, Inc.(a)(b) |  | 194,620 | 14,450,535
Inspire Medical Systems, Inc.(a)(c) |  | 89,190 | 11,936,298
Intuitive Surgical, Inc.(a)(b) |  | 100,308 | 44,622,014
Masimo Corp.(a) |  | 169,235 | 21,313,456
Novocure Ltd.(a) |  | 213,335 | 3,654,428
Nucleix Ltd., (Acquired 04/10/24, Cost: $1,300,000)(a)(e)(g) |  | 1,300 | 1,089,881
Nyxoah SA(a)(c) |  | 648,041 | 4,562,209
Orchestra BioMed Holdings, Inc.(a) |  | 233,344 | 1,901,754
Penumbra, Inc.(a)(c) |  | 59,993 | 10,796,940
STERIS PLC |  | 43,940 | 9,646,588
Stryker Corp. |  | 70,805 | 24,091,401
Tandem Diabetes Care, Inc.(a)(c) |  | 129,700 | 5,225,613
|  |  | 311,746,935
Health Care Providers & Services — 9.3% |
Adicon Holdings Ltd., (Acquired 07/19/23, Cost: $17,840,000)(a)(g) |  | 10,696,226 | 13,971,162
Cencora, Inc.(b) |  | 193,355 | 43,562,882
Chemed Corp. |  | 10,662 | 5,784,988
Elevance Health, Inc. |  | 31,965 | 17,320,555

62
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Health Care Providers & Services (continued) |
Encompass Health Corp. |  | 82,323 | $7,062,490
Guardant Health, Inc.(a)(c) |  | 342,905 | 9,903,096
Kindstar Globalgene Technology, Inc.(f) |  | 2,817,000 | 541,103
McKesson Corp. |  | 38,905 | 22,722,076
Molina Healthcare, Inc.(a) |  | 70,995 | 21,106,814
RadNet, Inc.(a)(c) |  | 60,875 | 3,586,755
UnitedHealth Group, Inc.(b) |  | 57,155 | 29,106,755
|  |  | 174,668,676
Life Sciences Tools & Services — 14.0% |
10X Genomics, Inc., Class A(a) |  | 231,935 | 4,511,136
Bio-Rad Laboratories, Inc., Class A(a) |  | 20,190 | 5,514,091
Bio-Techne Corp. |  | 415,455 | 29,767,351
Charles River Laboratories International, Inc.(a) |  | 67,715 | 13,988,565
Danaher Corp. |  | 82,550 | 20,625,118
Gerresheimer AG |  | 263,055 | 28,268,723
ICON PLC(a) |  | 32,015 | 10,035,742
Lonza Group AG, Registered Shares |  | 23,365 | 12,720,020
Mettler-Toledo International, Inc.(a) |  | 15,590 | 21,788,428
QIAGEN NV |  | 644,060 | 26,464,425
Rapid Micro Biosystems, Inc., Class A(a) |  | 549,778 | 362,853
Repligen Corp.(a)(c) |  | 95,255 | 12,007,845
Waters Corp.(a) |  | 90,145 | 26,152,867
West Pharmaceutical Services, Inc.(b)(d) |  | 148,660 | 48,967,117
|  |  | 261,174,281
Pharmaceuticals — 6.2% |
Arvinas, Inc.(a)(c) |  | 232,960 | 6,201,395
AstraZeneca PLC, ADR |  | 194,940 | 15,203,371
Axsome Therapeutics, Inc.(a) |  | 38,160 | 3,071,880
Catalent, Inc.(a) |  | 83,755 | 4,709,544
Eli Lilly & Co. |  | 24,520 | 22,199,918
Longboard Pharmaceuticals, Inc.(a) |  | 28,227 | 762,976
Merck & Co., Inc. |  | 142,550 | 17,647,690
Neumora Therapeutics, Inc.(a)(c) |  | 99,740 | 980,444
Novo Nordisk A/S, Class B |  | 158,015 | 22,609,537
Nuvation Bio, Inc., Class A(a) |  | 316,156 | 923,175
Sanofi SA, ADR |  | 276,100 | 13,396,372
Structure Therapeutics, Inc., ADR(a)(c) |  | 108,440 | 4,258,439
Tarsus Pharmaceuticals, Inc.(a)(c) |  | 144,165 | 3,918,405
|  |  | 115,883,146
Software — 0.1% |
Carbon Health Technologies, Inc., Series D2, (Acquired 02/27/24, Cost: $1,226,000)(a)(e)(g) |  | 1,226 | 1,309,025
Total Common Stocks — 88.1% (Cost: $1,532,145,223) | 1,646,378,564

Security |  | Benefical Interest (000) | Value
Other Interests
Biotechnology(e)(g)(h) — 0.2% |
Affinivax, Inc., (Acquired 08/18/22, Cost: $ —) | $ | 183 | $2,439,744
Amunix Pharmaceuticals, Inc., (Acquired 02/08/22, Cost: $ —) |  | 5,657 | 961,702
Total Other Interests — 0.2% (Cost: $ — ) | 3,401,446

|  | Shares |
Preferred Securities
Preferred Stocks — 8.8%
Biotechnology(a)(e) — 3.8% |
ABCURO, Series B |  | 1,092,954 | 6,044,036
Adarx Pharamaceuticals, Inc., Series C, (Acquired 08/02/23, Cost: $7,160,001)(g) |  | 860,577 | 7,151,395
Bright Peak Therapeutics, Inc., Series B, (Acquired 05/14/21, Cost: $8,000,004)(g) |  | 3,191,830 | 3,255,667
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998)(g) |  | 2,430,833 | 7,316,807
Genesis Therapeutics, Inc., Series B, (Acquired 08/10/23, Cost: $6,999,996)(g) |  | 1,370,506 | 8,181,921
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $4,543,847)(g) |  | 3,850,718 | 1,424,766
Kartos Therapeutics, Inc., Series C, (Acquired 08/22/23, Cost: $7,539,875)(g) |  | 1,333,783 | 8,069,387
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $13,498,156)(g) |  | 482,077 | 13,498,156
Mirvie, Inc., Series B, (Acquired 10/15/21, Cost: $6,250,000)(g) |  | 2,793,833 | 5,000,961
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996)(g) |  | 1,394,189 | 4,628,707
OnKure, Inc., Series C, (Acquired 03/24/23, Cost: $7,022,595)(g) |  | 2,541,380 | 6,429,691
|  |  | 71,001,494
Health Care Equipment & Supplies(a)(e)(g) — 0.5% |
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $13,225,003) |  | 2,257,597 | 4,447,466
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998) |  | 2,379,480 | 4,830,344
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $6,441,930) |  | 2,078,042 | 457
|  |  | 9,278,267
Health Care Providers & Services(a)(e)(g) — 2.2% |
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986) |  | 382,775 | 3,510,047
Numab Therapeutics AG, Series C, (Acquired 05/07/21, Cost: $7,770,441) |  | 815,851 | 29,067,161
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $14,071,890) |  | 115,766,240 | 7,756,022
|  |  | 40,333,230

Schedule of Investments
63

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Life Sciences Tools & Services — 0.6% |
Sartorius AG |  | 47,930 | $11,219,740
Pharmaceuticals(a)(e)(g) — 0.5% |
Insitro, Inc. |  |  |
Series B, (Acquired 05/21/20, Cost: $5,000,000) |  | 802,478 | 8,321,697
Series C, (Acquired 03/10/21, Cost: $3,600,018) |  | 196,818 | 2,041,003
|  |  | 10,362,700
Semiconductors & Semiconductor Equipment — 1.0% |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $14,999,996)(a)(e)(g) |  | 571,947 | 18,159,317
Software — 0.2% |
Carbon Health Technologies, Inc., Series D2, (Acquired 02/02/23, Cost: $17,100,000)(a)(e)(g) |  | 1,694,781 | 4,592,857
| 164,947,605
Total Preferred Securities — 8.8% (Cost: $206,096,024) | 164,947,605
Rights
Biotechnology(e) — 0.0% |
Korro Bio, Inc., CVR(c) |  | 180,175 | 127,924
Korro Bio, Inc., CVR |  | 231,775 | 2
|  |  | 127,926
Health Care Equipment & Supplies — 0.0% |
Abiomed, Inc., CVR(e) |  | 98,636 | 192,340
Total Rights — 0.0% (Cost: $226,731) | 320,266
Warrants
Health Care Equipment & Supplies — 0.0% |
Nucleix Ltd., (Acquired 04/10/24, Cost: $0)(a)(e)(g) |  | 1,552,563 | 217,359
Health Care Providers & Services — 0.0% |
CareMax, Inc., (Issued/Exercisable 09/15/20, 1 Share for 1 Warrant, Expires 08/06/26, Strike Price USD 11.50)(a) |  | 63,808 | 1,168
Pharmaceuticals — 0.0% |
Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 11.50)(a) |  | 68,880 | 11,021
Total Warrants — 0.0% (Cost: $227,725) | 229,548
Total Long-Term Investments — 97.1% (Cost: $1,738,695,703) | 1,815,277,429

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 5.6% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.48%(i)(j)(k) |  | 29,162,817 | $29,171,566
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19%(i)(j) |  | 76,057,097 | 76,057,097
Total Short-Term Securities — 5.6% (Cost: $105,231,352) | 105,228,663
Total Investments Before Options Written — 102.7% (Cost: $1,843,927,055) | 1,920,506,092
Options Written — (1.0)% (Premiums Received: $(14,613,820)) | (17,847,348 )
Total Investments, Net of Options Written — 101.7% (Cost: $1,829,313,235) | 1,902,658,744
Liabilities in Excess of Other Assets — (1.7)% | (32,671,450 )
Net Assets — 100.0% | $1,869,987,294

(a) | Non-income producing security.
(b) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(c) | All or a portion of this security is on loan.
(d) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(e) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(f) | 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.
(g) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $167,672,702, representing 9.0% of its net assets as of period end, and an original cost of $203,104,730.
(h) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(i) | Affiliate of the Trust.
(j) | Annualized 7-day yield as of period end.
(k) | All or a portion of this security was purchased with the cash collateral from loaned securities.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
64
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Term Trust (BMEZ)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $29,177,557 (a) | $— | $(3,302 ) | $(2,689 ) | $29,171,566 | 29,162,817 | $23,629 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 40,473,813 | 35,583,284 (a) | — | — | — | 76,057,097 | 76,057,097 | 910,501 | —
SL Liquidity Series, LLC, Money Market Series(c) | 12,308,246 | — | (12,309,250 )(a) | 424 | 580 | — | — | 29,603 (b) | —
|  |  |  | $(2,878 ) | $(2,109 ) | $105,228,663 |  | $963,733 | $—

(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.
(c) | As of period end, the entity is no longer held.

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 |  |  |  |  |  |  |
Danaher Corp. | 91 | 07/05/24 | USD | 270.00 | USD | 2,274 | $(10,010 )
AbbVie, Inc. | 102 | 07/12/24 | USD | 160.00 | USD | 1,750 | (120,615 )
Align Technology, Inc. | 103 | 07/12/24 | USD | 280.00 | USD | 2,487 | (6,953 )
Biogen, Inc. | 115 | 07/12/24 | USD | 220.00 | USD | 2,666 | (144,325 )
Danaher Corp. | 90 | 07/12/24 | USD | 270.00 | USD | 2,249 | (1,575 )
Dexcom, Inc. | 122 | 07/12/24 | USD | 126.00 | USD | 1,383 | (2,440 )
McKesson Corp. | 60 | 07/12/24 | USD | 570.00 | USD | 3,504 | (103,500 )
Merck & Co., Inc. | 321 | 07/12/24 | USD | 131.00 | USD | 3,974 | (160,500 )
UnitedHealth Group, Inc. | 63 | 07/12/24 | USD | 505.00 | USD | 3,208 | (63,945 )
AbbVie, Inc. | 102 | 07/19/24 | USD | 165.00 | USD | 1,750 | (79,560 )
Alnylam Pharmaceuticals, Inc. | 322 | 07/19/24 | USD | 175.00 | USD | 7,825 | (2,197,650 )
Amgen, Inc. | 120 | 07/19/24 | USD | 315.00 | USD | 3,749 | (60,600 )
Arcturus Therapeutics Holdings, Inc. | 129 | 07/19/24 | USD | 35.00 | USD | 314 | (8,385 )
Argenx SE, ADR | 54 | 07/19/24 | USD | 420.00 | USD | 2,322 | (93,150 )
Arvinas, Inc. | 372 | 07/19/24 | USD | 30.00 | USD | 990 | (20,460 )
AstraZeneca PLC, ADR | 312 | 07/19/24 | USD | 82.50 | USD | 2,433 | (7,020 )
Becton Dickinson & Co. | 63 | 07/19/24 | USD | 240.00 | USD | 1,472 | (11,025 )
BioMarin Pharmaceutical, Inc. | 586 | 07/19/24 | USD | 85.00 | USD | 4,825 | (48,345 )
Bio-Rad Laboratories, Inc., Class A | 32 | 07/19/24 | USD | 310.00 | USD | 874 | (15,360 )
Bio-Techne Corp. | 813 | 07/19/24 | USD | 90.00 | USD | 5,825 | (390,240 )
Blueprint Medicines Corp. | 514 | 07/19/24 | USD | 110.00 | USD | 5,540 | (188,895 )
Boston Scientific Corp. | 1,458 | 07/19/24 | USD | 72.85 | USD | 11,228 | (685,027 )
Bridgebio Pharma, Inc. | 107 | 07/19/24 | USD | 30.00 | USD | 271 | (1,338 )
Cencora, Inc. | 114 | 07/19/24 | USD | 228.63 | USD | 2,568 | (38,358 )
Charles River Laboratories International, Inc. | 217 | 07/19/24 | USD | 250.00 | USD | 4,483 | (104,160 )
CONMED Corp. | 157 | 07/19/24 | USD | 80.00 | USD | 1,088 | (75,360 )
Cooper Cos., Inc. | 637 | 07/19/24 | USD | 101.50 | USD | 5,561 | (18,754 )
Edwards Lifesciences Corp. | 171 | 07/19/24 | USD | 90.00 | USD | 1,580 | (67,545 )
Elevance Health, Inc. | 74 | 07/19/24 | USD | 550.00 | USD | 4,010 | (57,720 )
Encompass Health Corp. | 132 | 07/19/24 | USD | 90.00 | USD | 1,132 | (5,280 )
Exelixis, Inc. | 960 | 07/19/24 | USD | 23.00 | USD | 2,157 | (57,600 )
Guardant Health, Inc. | 549 | 07/19/24 | USD | 30.00 | USD | 1,586 | (61,762 )
Halozyme Therapeutics, Inc. | 253 | 07/19/24 | USD | 52.88 | USD | 1,325 | (33,199 )
Hologic, Inc. | 311 | 07/19/24 | USD | 76.60 | USD | 2,309 | (14,588 )
ICON PLC | 51 | 07/19/24 | USD | 330.00 | USD | 1,599 | (14,153 )
Incyte Corp. | 136 | 07/19/24 | USD | 59.00 | USD | 824 | (33,302 )
Insmed, Inc. | 800 | 07/19/24 | USD | 65.00 | USD | 5,360 | (340,000 )

Schedule of Investments
65

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Term Trust (BMEZ)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Inspire Medical Systems, Inc. | 142 | 07/19/24 | USD | 190.00 | USD | 1,900 | $(13,135 )
Legend Biotech Corp., ADR | 506 | 07/19/24 | USD | 45.06 | USD | 2,241 | (111,120 )
Masimo Corp. | 229 | 07/19/24 | USD | 130.00 | USD | 2,884 | (69,272 )
McKesson Corp. | 60 | 07/19/24 | USD | 600.00 | USD | 3,504 | (29,700 )
Merus NV | 617 | 07/19/24 | USD | 65.00 | USD | 3,651 | (302,330 )
Mettler-Toledo International, Inc. | 24 | 07/19/24 | USD | 1,520.00 | USD | 3,354 | (12,240 )
Mettler-Toledo International, Inc. | 25 | 07/19/24 | USD | 1,480.00 | USD | 3,494 | (15,000 )
Molina Healthcare, Inc. | 227 | 07/19/24 | USD | 320.00 | USD | 6,749 | (28,943 )
Neurocrine Biosciences, Inc. | 335 | 07/19/24 | USD | 145.00 | USD | 4,612 | (41,875 )
Nuvalent, Inc., Class A | 384 | 07/19/24 | USD | 70.00 | USD | 2,913 | (273,078 )
Penumbra, Inc. | 96 | 07/19/24 | USD | 210.00 | USD | 1,728 | (46,080 )
PTC Therapeutics, Inc. | 350 | 07/19/24 | USD | 35.00 | USD | 1,070 | (103,250 )
QIAGEN NV | 1,062 | 07/19/24 | USD | 50.00 | USD | 4,364 | (21,240 )
RadNet, Inc. | 194 | 07/19/24 | USD | 60.00 | USD | 1,143 | (31,525 )
Repligen Corp. | 193 | 07/19/24 | USD | 185.00 | USD | 2,433 | (7,720 )
REVOLUTION Medicines, Inc. | 290 | 07/19/24 | USD | 42.00 | USD | 1,125 | (26,100 )
Rhythm Pharmaceuticals, Inc. | 335 | 07/19/24 | USD | 50.00 | USD | 1,376 | (167,500 )
Rhythm Pharmaceuticals, Inc. | 510 | 07/19/24 | USD | 45.00 | USD | 2,094 | (24,225 )
Rocket Pharmaceuticals, Inc. | 403 | 07/19/24 | USD | 25.00 | USD | 868 | (28,210 )
Sanofi SA, ADR | 883 | 07/19/24 | USD | 50.10 | USD | 4,284 | (71,420 )
Soleno Therapeutics, Inc. | 153 | 07/19/24 | USD | 45.00 | USD | 624 | (14,918 )
STERIS PLC | 70 | 07/19/24 | USD | 220.00 | USD | 1,537 | (34,125 )
Structure Therapeutics, Inc., ADR | 417 | 07/19/24 | USD | 55.00 | USD | 1,638 | (6,255 )
Stryker Corp. | 154 | 07/19/24 | USD | 341.00 | USD | 5,240 | (92,864 )
Tandem Diabetes Care, Inc. | 207 | 07/19/24 | USD | 45.00 | USD | 834 | (21,218 )
Tarsus Pharmaceuticals, Inc. | 230 | 07/19/24 | USD | 40.00 | USD | 625 | (16,100 )
Twist Bioscience Corp. | 208 | 07/19/24 | USD | 57.50 | USD | 1,025 | (83,200 )
Ultragenyx Pharmaceutical, Inc. | 159 | 07/19/24 | USD | 45.00 | USD | 653 | (25,440 )
United Therapeutics Corp. | 84 | 07/19/24 | USD | 280.00 | USD | 2,676 | (330,540 )
Vaxcyte, Inc. | 440 | 07/19/24 | USD | 75.00 | USD | 3,322 | (140,800 )
Vertex Pharmaceuticals, Inc. | 14 | 07/19/24 | USD | 460.00 | USD | 656 | (21,000 )
Waters Corp. | 144 | 07/19/24 | USD | 310.00 | USD | 4,178 | (24,120 )
West Pharmaceutical Services, Inc. | 355 | 07/19/24 | USD | 376.00 | USD | 11,693 | (20,547 )
Xenon Pharmaceuticals, Inc. | 664 | 07/19/24 | USD | 45.00 | USD | 2,589 | (169,320 )
Align Technology, Inc. | 133 | 07/26/24 | USD | 275.00 | USD | 3,211 | (87,115 )
Dexcom, Inc. | 122 | 07/26/24 | USD | 123.00 | USD | 1,383 | (18,605 )
Eli Lilly & Co. | 78 | 07/26/24 | USD | 900.00 | USD | 7,062 | (218,400 )
Intuitive Surgical, Inc. | 75 | 07/26/24 | USD | 420.00 | USD | 3,336 | (239,250 )
Merck & Co., Inc. | 160 | 07/26/24 | USD | 132.00 | USD | 1,981 | (80,000 )
Sarepta Therapeutics, Inc. | 124 | 07/26/24 | USD | 145.00 | USD | 1,959 | (195,920 )
UnitedHealth Group, Inc. | 63 | 07/26/24 | USD | 510.00 | USD | 3,208 | (104,895 )
Vertex Pharmaceuticals, Inc. | 50 | 07/26/24 | USD | 470.00 | USD | 2,344 | (55,500 )
AbbVie, Inc. | 100 | 08/02/24 | USD | 175.00 | USD | 1,715 | (31,750 )
Amgen, Inc. | 304 | 08/02/24 | USD | 320.00 | USD | 9,498 | (161,120 )
AstraZeneca PLC, ADR | 311 | 08/02/24 | USD | 81.00 | USD | 2,425 | (45,561 )
Biogen, Inc. | 109 | 08/02/24 | USD | 245.00 | USD | 2,527 | (58,042 )
Bridgebio Pharma, Inc. | 435 | 08/02/24 | USD | 30.00 | USD | 1,102 | (208,800 )
Danaher Corp. | 83 | 08/02/24 | USD | 260.00 | USD | 2,074 | (30,710 )
Intuitive Surgical, Inc. | 166 | 08/02/24 | USD | 440.00 | USD | 7,385 | (319,550 )
McKesson Corp. | 4 | 08/02/24 | USD | 600.00 | USD | 234 | (3,460 )
Align Technology, Inc. | 106 | 08/09/24 | USD | 260.00 | USD | 2,559 | (104,410 )
Intuitive Surgical, Inc. | 79 | 08/09/24 | USD | 460.00 | USD | 3,514 | (91,245 )
10X Genomics, Inc., Class A | 371 | 08/16/24 | USD | 25.00 | USD | 722 | (66,780 )
AbbVie, Inc. | 224 | 08/16/24 | USD | 175.00 | USD | 3,842 | (71,792 )
Alnylam Pharmaceuticals, Inc. | 340 | 08/16/24 | USD | 200.00 | USD | 8,262 | (1,555,500 )
Arcturus Therapeutics Holdings, Inc. | 129 | 08/16/24 | USD | 32.48 | USD | 314 | (6,181 )
Argenx SE, ADR | 169 | 08/16/24 | USD | 420.00 | USD | 7,268 | (426,725 )
Beam Therapeutics, Inc. | 856 | 08/16/24 | USD | 27.00 | USD | 2,006 | (89,880 )
Becton Dickinson & Co. | 63 | 08/16/24 | USD | 240.00 | USD | 1,472 | (30,240 )
BeiGene Ltd., ADR | 219 | 08/16/24 | USD | 170.00 | USD | 3,124 | (109,500 )
Biogen, Inc. | 93 | 08/16/24 | USD | 230.00 | USD | 2,156 | (111,135 )
Biohaven Ltd. | 158 | 08/16/24 | USD | 40.00 | USD | 548 | (20,540 )

66
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Term Trust (BMEZ)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
BioMarin Pharmaceutical, Inc. | 760 | 08/16/24 | USD | 89.75 | USD | 6,257 | $(84,485 )
Bio-Rad Laboratories, Inc., Class A | 32 | 08/16/24 | USD | 300.00 | USD | 874 | (18,400 )
Bio-Techne Corp. | 516 | 08/16/24 | USD | 75.00 | USD | 3,697 | (172,860 )
Blueprint Medicines Corp. | 514 | 08/16/24 | USD | 115.00 | USD | 5,540 | (221,020 )
Cencora, Inc. | 267 | 08/16/24 | USD | 240.00 | USD | 6,016 | (58,072 )
Charles River Laboratories International, Inc. | 52 | 08/16/24 | USD | 230.00 | USD | 1,074 | (15,600 )
CONMED Corp. | 157 | 08/16/24 | USD | 70.00 | USD | 1,088 | (61,622 )
Cooper Cos., Inc. | 632 | 08/16/24 | USD | 92.50 | USD | 5,517 | (75,840 )
Denali Therapeutics, Inc. | 540 | 08/16/24 | USD | 22.50 | USD | 1,254 | (162,000 )
Dexcom, Inc. | 124 | 08/16/24 | USD | 125.00 | USD | 1,406 | (27,900 )
Edwards Lifesciences Corp. | 379 | 08/16/24 | USD | 95.00 | USD | 3,501 | (105,172 )
Elevance Health, Inc. | 28 | 08/16/24 | USD | 550.00 | USD | 1,517 | (39,900 )
Encompass Health Corp. | 131 | 08/16/24 | USD | 84.90 | USD | 1,124 | (54,283 )
Exelixis, Inc. | 957 | 08/16/24 | USD | 23.00 | USD | 2,150 | (131,587 )
Glaukos Corp. | 131 | 08/16/24 | USD | 120.00 | USD | 1,550 | (83,840 )
Guardant Health, Inc. | 548 | 08/16/24 | USD | 29.90 | USD | 1,583 | (111,905 )
Halozyme Therapeutics, Inc. | 253 | 08/16/24 | USD | 53.39 | USD | 1,325 | (56,261 )
ICON PLC | 51 | 08/16/24 | USD | 330.00 | USD | 1,599 | (44,625 )
Incyte Corp. | 228 | 08/16/24 | USD | 63.88 | USD | 1,382 | (23,786 )
Inspire Medical Systems, Inc. | 142 | 08/16/24 | USD | 185.00 | USD | 1,900 | (29,465 )
Ionis Pharmaceuticals, Inc. | 510 | 08/16/24 | USD | 45.00 | USD | 2,431 | (204,000 )
Keros Therapeutics, Inc. | 238 | 08/16/24 | USD | 50.00 | USD | 1,088 | (66,045 )
Legend Biotech Corp., ADR | 505 | 08/16/24 | USD | 45.00 | USD | 2,237 | (170,437 )
Merck & Co., Inc. | 161 | 08/16/24 | USD | 135.00 | USD | 1,993 | (27,531 )
Neurocrine Biosciences, Inc. | 320 | 08/16/24 | USD | 145.00 | USD | 4,405 | (174,400 )
Nuvalent, Inc., Class A | 295 | 08/16/24 | USD | 85.00 | USD | 2,238 | (138,650 )
Penumbra, Inc. | 95 | 08/16/24 | USD | 185.00 | USD | 1,710 | (87,400 )
PTC Therapeutics, Inc. | 340 | 08/16/24 | USD | 37.61 | USD | 1,040 | (36,574 )
QIAGEN NV | 998 | 08/16/24 | USD | 45.00 | USD | 4,101 | (74,850 )
Repligen Corp. | 111 | 08/16/24 | USD | 125.00 | USD | 1,399 | (101,565 )
REVOLUTION Medicines, Inc. | 290 | 08/16/24 | USD | 40.00 | USD | 1,125 | (84,100 )
Rhythm Pharmaceuticals, Inc. | 1,012 | 08/16/24 | USD | 45.00 | USD | 4,155 | (194,810 )
Rocket Pharmaceuticals, Inc. | 403 | 08/16/24 | USD | 25.00 | USD | 868 | (27,203 )
Soleno Therapeutics, Inc. | 153 | 08/16/24 | USD | 45.00 | USD | 624 | (37,868 )
STERIS PLC | 70 | 08/16/24 | USD | 220.00 | USD | 1,537 | (60,200 )
Structure Therapeutics, Inc., ADR | 410 | 08/16/24 | USD | 52.50 | USD | 1,610 | (47,150 )
Stryker Corp. | 72 | 08/16/24 | USD | 350.00 | USD | 2,450 | (48,240 )
Tandem Diabetes Care, Inc. | 207 | 08/16/24 | USD | 45.00 | USD | 834 | (67,792 )
Tarsus Pharmaceuticals, Inc. | 230 | 08/16/24 | USD | 30.00 | USD | 625 | (35,075 )
Twist Bioscience Corp. | 208 | 08/16/24 | USD | 50.25 | USD | 1,025 | (91,470 )
Ultragenyx Pharmaceutical, Inc. | 219 | 08/16/24 | USD | 40.00 | USD | 900 | (75,555 )
United Therapeutics Corp. | 94 | 08/16/24 | USD | 310.00 | USD | 2,994 | (207,270 )
UnitedHealth Group, Inc. | 56 | 08/16/24 | USD | 510.00 | USD | 2,852 | (111,020 )
Viking Therapeutics, Inc. | 300 | 08/16/24 | USD | 75.00 | USD | 1,590 | (79,500 )
Waters Corp. | 144 | 08/16/24 | USD | 320.00 | USD | 4,178 | (63,360 )
West Pharmaceutical Services, Inc. | 116 | 08/16/24 | USD | 350.00 | USD | 3,821 | (107,300 )
Xenon Pharmaceuticals, Inc. | 680 | 08/16/24 | USD | 40.00 | USD | 2,651 | (224,400 )
|  |  |  |  |  |  | $(16,532,103 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Gerresheimer AG | Goldman Sachs International | 14,900 | 07/11/24 | EUR | 106.81 | EUR | 1,495 | $(12,913 )
ConvaTec Group PLC | Citibank N.A. | 411,500 | 07/16/24 | GBP | 2.56 | GBP | 964 | (2,310 )
Gerresheimer AG | Goldman Sachs International | 17,100 | 07/16/24 | EUR | 105.68 | EUR | 1,716 | (27,301 )
Lonza Group AG, Registered Shares | Citibank N.A. | 7,400 | 07/16/24 | CHF | 505.57 | CHF | 3,619 | (43,281 )
Gerresheimer AG | Goldman Sachs International | 17,100 | 07/23/24 | EUR | 113.29 | EUR | 1,716 | (10,416 )
Novo Nordisk A/S, Class B | Bank of America N.A. | 50,600 | 07/24/24 | DKK | 1,006.55 | DKK | 50,419 | (213,934 )
Sartorius AG, Preference Shares | Bank of America N.A. | 15,300 | 07/24/24 | EUR | 262.29 | EUR | 3,344 | (25,381 )

Schedule of Investments
67

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Term Trust (BMEZ)
OTC Options Written (continued)

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |  |
ConvaTec Group PLC | UBS AG | 510,000 | 07/25/24 | GBP | 2.58 | GBP | 1,195 | $(5,151 )
Gerresheimer AG | Morgan Stanley & Co. International PLC | 15,000 | 07/30/24 | EUR | 112.79 | EUR | 1,505 | (13,033 )
Cencora, Inc. | Citibank N.A. | 23,700 | 08/01/24 | USD | 242.71 | USD | 5,340 | (26,942 )
Genmab A/S | Bank of America N.A. | 9,200 | 08/02/24 | DKK | 1,902.68 | DKK | 16,055 | (30,060 )
ConvaTec Group PLC | Bank of America N.A. | 490,000 | 08/06/24 | GBP | 2.52 | GBP | 1,148 | (15,491 )
Genmab A/S, ADR | Morgan Stanley & Co. International PLC | 36,500 | 08/06/24 | USD | 26.42 | USD | 917 | (65,445 )
Gerresheimer AG | Bank of America N.A. | 20,000 | 08/06/24 | EUR | 102.06 | EUR | 2,007 | (92,702 )
Zealand Pharma A/S | Bank of America N.A. | 26,900 | 08/06/24 | DKK | 711.70 | DKK | 23,945 | (715,898 )
Genmab A/S | Bank of America N.A. | 1,900 | 08/13/24 | DKK | 1,826.04 | DKK | 3,316 | (14,987 )
|  |  |  |  |  |  |  | $(1,315,245 )

Balances Reported in the Statements of Assets and Liabilities for Options Written

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $N/A | $3,982,629 | $(7,216,157 ) | $(17,847,348 )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $17,847,348 | $— | $— | $— | $17,847,348

For the period ended June 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $— | $— | $— | $(3,753,243 ) | $— | $— | $(3,753,243 )
Options written | — | — | (10,771,650 ) | — | — | — | (10,771,650 )
| $— | $— | $(10,771,650 ) | $(3,753,243 ) | $— | $— | $(14,524,893 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $— | $— | $— | $(1,429,095 ) | $— | $— | $(1,429,095 )
Options written | — | — | 13,471,602 | — | — | — | 13,471,602
| $— | $— | $13,471,602 | $(1,429,095 ) | $— | $— | $12,042,507

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $— (a)
Average amounts sold — in USD | $13,670,363
Options: |
Average value of option contracts written | $20,583,079

(a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
68
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Term Trust (BMEZ)
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $17,847,348
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 17,847,348
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (16,532,103 )
Total derivative assets and liabilities subject to an MNA | $— | $1,315,245

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged | Net Amount of Derivative Liabilities(c)
Bank of America N.A. | $1,108,453 | $— | $(1,108,453 ) | $— | $—
Citibank N.A. | 72,533 | — | — | — | 72,533
Goldman Sachs International | 50,630 | — | (50,630 ) | — | —
Morgan Stanley & Co. International PLC | 78,478 | — | (78,478 ) | (16,000 ) | (16,000 )
UBS AG | 5,151 | — | — | — | 5,151
| $1,315,245 | $— | $(1,237,561 ) | $(16,000 ) | $61,684

(a) | The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.
(b) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Biotechnology | $727,327,380 | $40,431,715 | $8,272,974 | $776,032,069
Capital Markets | 5,564,432 | — | — | 5,564,432
Health Care Equipment & Supplies | 297,587,880 | 13,069,174 | 1,089,881 | 311,746,935
Health Care Providers & Services | 160,697,514 | 13,971,162 | — | 174,668,676
Life Sciences Tools & Services | 220,185,538 | 40,988,743 | — | 261,174,281
Pharmaceuticals | 93,273,609 | 22,609,537 | — | 115,883,146
Software | — | — | 1,309,025 | 1,309,025
Other Interests | — | — | 3,401,446 | 3,401,446
Preferred Securities |  |  |  |
Preferred Stocks | — | 11,219,740 | 153,727,865 | 164,947,605
Rights | — | — | 320,266 | 320,266
Warrants | 12,189 | — | 217,359 | 229,548
Short-Term Securities |  |  |  |
Money Market Funds | 105,228,663 | — | — | 105,228,663
| $1,609,877,205 | $142,290,071 | $168,338,816 | $1,920,506,092

Schedule of Investments
69

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Term Trust (BMEZ)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(14,674,901 ) | $(3,172,447 ) | $— | $(17,847,348 )

(a) | 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 and derivative financial instruments 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 | Other Interests | Preferred Stocks | Rights | Warrants | Total
Assets |  |  |  |  |  |
Opening balance, as of December 31, 2023 | $— | $4,664,318 | $143,543,684 | $268,290 | $— | $148,476,292
Transfers into Level 3 | — | — | — | 3,152 | — | 3,152
Transfers out of Level 3 | — | — | — | — | — | —
Accrued discounts/premiums | — | — | — | — | — | —
Net realized gain (loss) | — | — | — | 4,394 | — | 4,394
Net change in unrealized appreciation (depreciation)(a)(b) | (182,477 ) | (1,262,872 ) | 10,184,181 | (77,298 ) | 217,359 | 8,878,893
Purchases | 10,854,357 | — | — | 126,123 | — | 10,980,480
Sales | — | — | — | (4,395 ) | — | (4,395 )
Closing balance, as of June 30, 2024 | $10,671,880 | $3,401,446 | $153,727,865 | $320,266 | $217,359 | $168,338,816
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024(b) | $(182,477 ) | $(1,262,872 ) | $10,184,181 | $(77,298 ) | $217,359 | $8,878,893

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the 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 |  |  |  |  |
Preferred Stocks | $153,727,865 | Market | Revenue Multiple | 1.75x - 7.68x | 3.55x
|  |  | Volatility | 50% - 100% | 76%
|  |  | Time to Exit | 0.6 - 4.0 years | 2.5 years
|  |  | Market Adjustment Multiple | 0.60x - 1.40x | 0.99x
|  | Income | Discount Rate | 5% | —
Common Stocks | 10,671,880 | Market | Revenue Multiple | 1.75x | —
|  |  | Volatility | 60% - 80% | 77%
|  |  | Time to Exit | 1.0 - 3.0 years | 2.6 years
|  |  | Market Adjustment Multiple | 0.85x - 1.00x | 0.98x
Other Interests | 3,401,446 | Income | Discount Rate | 5% - 5% | 5%
Rights | 320,266 | Income | Discount Rate | 5% - 5% | 5%
Warrants | 217,359 | Market | Volatility | 60% | —
|  |  | Time to Exit | 1.5 years | —
|  |  | Market Adjustment Multiple | 0.85x | —
| $168,338,816 |  |  |  |

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

See notes to financial statements.
70
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2024
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Biotechnology — 24.2% |
4D Molecular Therapeutics, Inc.(a) |  | 17,173 | $360,461
AbbVie, Inc. |  | 144,531 | 24,789,957
AC Immune SA(a) |  | 78,180 | 311,938
Allogene Therapeutics, Inc.(a) |  | 108,101 | 251,875
Alnylam Pharmaceuticals, Inc.(a) |  | 35,881 | 8,719,083
Amgen, Inc.(b) |  | 75,401 | 23,559,042
Argenx SE, ADR(a) |  | 14,073 | 6,051,953
Autolus Therapeutics PLC, ADR(a) |  | 64,258 | 223,618
Avidity Biosciences, Inc.(a) |  | 17,918 | 731,950
Beam Therapeutics, Inc.(a) |  | 20,739 | 485,915
BeiGene Ltd., ADR(a)(c) |  | 6,675 | 952,322
Biogen, Inc.(a) |  | 42,511 | 9,854,900
BioMarin Pharmaceutical, Inc.(a) |  | 45,161 | 3,718,105
Blueprint Medicines Corp.(a) |  | 26,672 | 2,874,708
Bridgebio Pharma, Inc.(a) |  | 16,735 | 423,898
Cabaletta Bio, Inc.(a) |  | 29,605 | 221,445
CG oncology, Inc.(a) |  | 16,418 | 518,316
CureVac NV(a)(c) |  | 29,850 | 101,490
Denali Therapeutics, Inc.(a) |  | 35,343 | 820,664
Dyne Therapeutics, Inc.(a) |  | 24,506 | 864,817
Exact Sciences Corp.(a) |  | 19,226 | 812,299
Genmab A/S(a) |  | 2,927 | 733,487
Genmab A/S, ADR(a) |  | 19,943 | 501,168
Gilead Sciences, Inc. |  | 55,980 | 3,840,788
Immatics NV(a) |  | 21,538 | 250,272
Immunocore Holdings PLC, ADR(a) |  | 12,497 | 423,523
Incyte Corp.(a) |  | 15,306 | 927,850
Insmed, Inc.(a) |  | 45,410 | 3,042,470
Ionis Pharmaceuticals, Inc.(a) |  | 18,725 | 892,434
Kyverna Therapeutics, Inc.(a) |  | 9,645 | 72,338
Legend Biotech Corp., ADR(a) |  | 32,098 | 1,421,620
Merus NV(a) |  | 22,655 | 1,340,496
Moderna, Inc.(a) |  | 33,556 | 3,984,775
MoonLake Immunotherapeutics(a) |  | 10,337 | 454,518
Morphic Holding, Inc.(a) |  | 7,827 | 266,666
Neurocrine Biosciences, Inc.(a) |  | 9,808 | 1,350,267
Neurogene, Inc.(a) |  | 19,342 | 703,855
Nurix Therapeutics, Inc.(a) |  | 45,062 | 940,444
Nuvalent, Inc., Class A(a) |  | 12,436 | 943,395
Prime Medicine, Inc.(a) |  | 22,929 | 117,855
Protagonist Therapeutics, Inc.(a) |  | 27,836 | 964,517
PTC Therapeutics, Inc.(a) |  | 19,817 | 606,004
Regeneron Pharmaceuticals, Inc.(a) |  | 9,307 | 9,781,936
REGENXBIO, Inc.(a)(c) |  | 18,875 | 220,838
REVOLUTION Medicines, Inc.(a) |  | 19,714 | 765,100
Rhythm Pharmaceuticals, Inc.(a) |  | 49,466 | 2,031,074
Rocket Pharmaceuticals, Inc.(a) |  | 18,343 | 394,925
Roivant Sciences Ltd.(a) |  | 57,525 | 608,039
Sage Therapeutics, Inc.(a) |  | 13,650 | 148,239
Sagimet Biosciences, Inc., Class A(a) |  | 21,965 | 75,120
Sarepta Therapeutics, Inc.(a) |  | 20,188 | 3,189,704
Soleno Therapeutics, Inc.(a) |  | 12,300 | 501,840
Stoke Therapeutics, Inc.(a) |  | 70,495 | 952,387
TScan Therapeutics, Inc.(a) |  | 49,480 | 289,458
Ultragenyx Pharmaceutical, Inc.(a) |  | 14,268 | 586,415
Vaxcyte, Inc.(a) |  | 28,905 | 2,182,617
Vertex Pharmaceuticals, Inc.(a) |  | 26,679 | 12,504,981
Viking Therapeutics, Inc.(a) |  | 25,612 | 1,357,692

Security |  | Shares | Value
Biotechnology (continued) |
Voyager Therapeutics, Inc.(a) |  | 32,205 | $254,742
Xenon Pharmaceuticals, Inc.(a) |  | 35,726 | 1,392,957
Zealand Pharma A/S(a) |  | 12,233 | 1,510,603
|  |  | 149,176,165
Capital Markets — 0.1% |
Helix Acquisition Corp. II, Class A(a) |  | 61,530 | 628,837
Health Care Equipment & Supplies — 22.1% |
Abbott Laboratories(b) |  | 165,407 | 17,187,441
Align Technology, Inc.(a) |  | 8,170 | 1,972,483
Baxter International, Inc. |  | 60,439 | 2,021,685
Becton Dickinson & Co. |  | 33,686 | 7,872,755
Boston Scientific Corp.(a) |  | 442,429 | 34,071,457
Cooper Cos., Inc. |  | 60,763 | 5,304,610
Dexcom, Inc.(a) |  | 36,533 | 4,142,112
Edwards Lifesciences Corp.(a) |  | 75,800 | 7,001,646
GE HealthCare Technologies, Inc.(a) |  | 42,353 | 3,300,146
Glaukos Corp.(a) |  | 5,240 | 620,154
IDEXX Laboratories, Inc.(a) |  | 7,516 | 3,661,795
Inspire Medical Systems, Inc.(a)(c) |  | 5,782 | 773,805
Intuitive Surgical, Inc.(a) |  | 43,715 | 19,446,618
Masimo Corp.(a) |  | 21,914 | 2,759,849
Medtronic PLC |  | 53,761 | 4,231,528
Novocure Ltd.(a) |  | 29,303 | 501,960
Nucleix Ltd., (Acquired 04/10/24, Cost: $200,000)(a)(d)(e) |  | 200 | 167,675
Nyxoah SA(a) |  | 29,870 | 210,285
Orchestra BioMed Holdings, Inc.(a) |  | 18,076 | 147,319
Penumbra, Inc.(a) |  | 12,105 | 2,178,537
STERIS PLC |  | 9,642 | 2,116,805
Stryker Corp. |  | 48,820 | 16,611,005
|  |  | 136,301,670
Health Care Providers & Services — 20.5% |
Cencora, Inc. |  | 62,148 | 14,001,944
Centene Corp.(a) |  | 58,019 | 3,846,660
Cigna Group |  | 31,736 | 10,490,970
Elevance Health, Inc.(b) |  | 34,273 | 18,571,168
Guardant Health, Inc.(a) |  | 24,415 | 705,105
HCA Healthcare, Inc. |  | 21,723 | 6,979,165
Humana, Inc. |  | 14,550 | 5,436,607
Labcorp Holdings, Inc. |  | 6,745 | 1,372,675
McKesson Corp. |  | 25,023 | 14,614,433
Quest Diagnostics, Inc. |  | 11,479 | 1,571,246
UnitedHealth Group, Inc.(b) |  | 95,608 | 48,689,330
|  |  | 126,279,303
Life Sciences Tools & Services — 8.9% |
Agilent Technologies, Inc. |  | 23,561 | 3,054,212
Avantor, Inc.(a) |  | 55,614 | 1,179,017
Bio-Techne Corp. |  | 16,718 | 1,197,845
Danaher Corp. |  | 78,006 | 19,489,799
IQVIA Holdings, Inc.(a) |  | 6,738 | 1,424,683
Mettler-Toledo International, Inc.(a) |  | 1,170 | 1,635,180
Nautilus Biotechnology, Inc.(a) |  | 16,010 | 37,463
QIAGEN NV |  | 35,078 | 1,441,355
Rapid Micro Biosystems, Inc., Class A(a) |  | 3,436 | 2,268
Repligen Corp.(a) |  | 8,125 | 1,024,237
Thermo Fisher Scientific, Inc. |  | 37,679 | 20,836,487
West Pharmaceutical Services, Inc. |  | 10,207 | 3,362,084
|  |  | 54,684,630

Schedule of Investments
71

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Pharmaceuticals — 21.2% |
AstraZeneca PLC |  | 28,174 | $4,384,803
Daiichi Sankyo Co. Ltd. |  | 34,800 | 1,209,429
Eli Lilly & Co.(f) |  | 72,897 | 65,999,486
Johnson & Johnson |  | 83,583 | 12,216,491
Longboard Pharmaceuticals, Inc.(a) |  | 2,931 | 79,225
Merck & Co., Inc.(b) |  | 188,107 | 23,287,647
Novo Nordisk A/S, Class B |  | 47,689 | 6,823,569
Pfizer, Inc. |  | 321,776 | 9,003,292
Sanofi SA |  | 26,788 | 2,583,519
Structure Therapeutics, Inc., ADR(a)(c) |  | 21,344 | 838,179
Zoetis, Inc., Class A |  | 24,049 | 4,169,135
|  |  | 130,594,775
Software — 0.0% |
Carbon Health Technologies, Inc., Series D2, (Acquired 02/27/24, Cost: $65,000)(a)(d)(e) |  | 65 | 69,402
Total Common Stocks — 97.0% (Cost: $366,618,407) | 597,734,782

|  | Benefical Interest (000) |
Other Interests
Biotechnology — 0.0% |
Affinivax, Inc., (Acquired 08/18/22, Cost: $ —)(d)(e)(g) | $ | 6 | 84,329
Health Care Providers & Services — 0.0% |
Afferent Pharmaceuticals, Inc., (Acquired 09/30/15, Cost: $ —)(d)(e)(g) |  | 190 | 26,622
Total Other Interests — 0.0% (Cost: $ — ) | 110,951

|  | Shares |
Preferred Securities
Preferred Stocks — 0.7%(a)(d)(e)
Biotechnology — 0.3% |
Adarx Pharamaceuticals, Inc., Series C, (Acquired 08/02/23, Cost: $440,003) |  | 52,885 | 439,474
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $265,002) |  | 44,167 | 132,943
Genesis Therapeutics, Inc., Series B, (Acquired 08/10/23, Cost: $292,001) |  | 57,170 | 341,305
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $224,200) |  | 190,000 | 70,300
Kartos Therapeutics, Inc., Series C, (Acquired 08/22/23, Cost: $485,124) |  | 85,817 | 519,193
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $590,800) |  | 21,100 | 590,800
|  |  | 2,094,015
Health Care Equipment & Supplies — 0.2% |
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $595,999) |  | 101,741 | 200,430

Security |  | Shares | Value
Health Care Equipment & Supplies (continued) |
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $1,070,001) |  | 367,395 | $745,812
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $286,998) |  | 92,580 | 20
|  |  | 946,262
Health Care Providers & Services — 0.1% |
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $515,759) |  | 4,243,029 | 284,271
Pharmaceuticals — 0.1% |
Insitro, Inc., Series C, (Acquired 03/10/21, Cost: $560,000) |  | 30,616 | 317,488
Software — 0.0% |
Carbon Health Technologies, Inc., Series D2, (Acquired 02/02/23, Cost: $907,000) |  | 89,892 | 243,607
| 3,885,643
Total Preferred Securities — 0.7% (Cost: $6,232,887) | 3,885,643
Rights
Biotechnology — 0.0% |
Korro Bio, Inc., CVR(d) |  | 43,807 | 11,180
Health Care Equipment & Supplies — 0.0% |
Abiomed, Inc., CVR(d) |  | 14,359 | 28,000
Total Rights — 0.0% (Cost: $25,669) | 39,180
Warrants
Health Care Equipment & Supplies — 0.0% |
Nucleix Ltd., (Acquired 04/10/24, Cost: $0)(a)(d)(e) |  | 238,856 | 33,440
Health Care Providers & Services — 0.0% |
CareMax, Inc., (Issued/Exercisable 09/15/20, 1 Share for 1 Warrant, Expires 08/06/26, Strike Price USD 11.50)(a) |  | 4,201 | 77
Pharmaceuticals — 0.0% |
Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 11.50)(a) |  | 4,050 | 648
Total Warrants — 0.0% (Cost: $14,030) | 34,165
Total Long-Term Investments — 97.7% (Cost: $372,890,993) | 601,804,721

72
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 3.2% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.48%(h)(i)(j) |  | 1,028,463 | $1,028,771
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19%(h)(i) |  | 18,912,592 | 18,912,592
Total Short-Term Securities — 3.2% (Cost: $19,941,463) | 19,941,363
Total Investments Before Options Written — 100.9% (Cost: $392,832,456) | 621,746,084
Options Written — (1.1)% (Premiums Received: $(5,544,655)) | (6,728,994 )
Total Investments, Net of Options Written — 99.8% (Cost: $387,287,801) | 615,017,090
Other Assets Less Liabilities — 0.2% | 1,244,685
Net Assets — 100.0% | $616,261,775

(a) | Non-income producing security.
(b) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(c) | All or a portion of this security is on loan.
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(e) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $4,267,111, representing 0.7% of its net assets as of period end, and an original cost of $6,497,887.
(f) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(g) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $1,028,752 (a) | $— | $119 | $(100 ) | $1,028,771 | 1,028,463 | $1,280 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 31,396,977 | — | (12,484,385 )(a) | — | — | 18,912,592 | 18,912,592 | 484,886 | —
SL Liquidity Series, LLC, Money Market Series(c) | — | 463 (a) | — | (463 ) | — | — | — | 690 (b) | —
|  |  |  | $(344 ) | $(100 ) | $19,941,363 |  | $486,856 | $—

(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.
(c) | As of period end, the entity is no longer held.

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 |  |  |  |  |  |  |
Abbott Laboratories | 156 | 07/05/24 | USD | 106.00 | USD | 1,621 | $(3,744 )
Centene Corp. | 77 | 07/05/24 | USD | 77.00 | USD | 511 | (5,775 )
Danaher Corp. | 107 | 07/05/24 | USD | 270.00 | USD | 2,673 | (11,770 )
Moderna, Inc. | 31 | 07/05/24 | USD | 155.00 | USD | 368 | (109 )
AbbVie, Inc. | 204 | 07/12/24 | USD | 160.00 | USD | 3,499 | (241,230 )
Align Technology, Inc. | 11 | 07/12/24 | USD | 280.00 | USD | 266 | (743 )
Baxter International, Inc. | 115 | 07/12/24 | USD | 35.00 | USD | 385 | (1,438 )
Biogen, Inc. | 23 | 07/12/24 | USD | 220.00 | USD | 533 | (28,865 )
Danaher Corp. | 78 | 07/12/24 | USD | 270.00 | USD | 1,949 | (1,365 )
Dexcom, Inc. | 53 | 07/12/24 | USD | 126.00 | USD | 601 | (1,060 )
McKesson Corp. | 14 | 07/12/24 | USD | 570.00 | USD | 818 | (24,150 )
Medtronic PLC | 41 | 07/12/24 | USD | 81.00 | USD | 323 | (861 )

Schedule of Investments
73

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Trust (BME)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Merck & Co., Inc. | 273 | 07/12/24 | USD | 131.00 | USD | 3,380 | $(136,500 )
Pfizer, Inc. | 407 | 07/12/24 | USD | 30.00 | USD | 1,139 | (1,425 )
Thermo Fisher Scientific, Inc. | 35 | 07/12/24 | USD | 600.00 | USD | 1,936 | (7,612 )
UnitedHealth Group, Inc. | 90 | 07/12/24 | USD | 505.00 | USD | 4,583 | (91,350 )
Abbott Laboratories | 62 | 07/19/24 | USD | 105.00 | USD | 644 | (11,098 )
AbbVie, Inc. | 204 | 07/19/24 | USD | 165.00 | USD | 3,499 | (159,120 )
Agilent Technologies, Inc. | 45 | 07/19/24 | USD | 160.00 | USD | 583 | (900 )
Alnylam Pharmaceuticals, Inc. | 25 | 07/19/24 | USD | 175.00 | USD | 608 | (170,625 )
Amgen, Inc. | 276 | 07/19/24 | USD | 315.00 | USD | 8,624 | (139,380 )
Argenx SE, ADR | 9 | 07/19/24 | USD | 420.00 | USD | 387 | (15,525 )
Avantor, Inc. | 71 | 07/19/24 | USD | 22.00 | USD | 151 | (1,775 )
Baxter International, Inc. | 58 | 07/19/24 | USD | 35.00 | USD | 194 | (1,160 )
Becton Dickinson & Co. | 64 | 07/19/24 | USD | 240.00 | USD | 1,496 | (11,200 )
BioMarin Pharmaceutical, Inc. | 41 | 07/19/24 | USD | 85.00 | USD | 338 | (3,382 )
Bio-Techne Corp. | 40 | 07/19/24 | USD | 90.00 | USD | 287 | (19,200 )
Blueprint Medicines Corp. | 50 | 07/19/24 | USD | 110.00 | USD | 539 | (18,375 )
Boston Scientific Corp. | 1,682 | 07/19/24 | USD | 72.85 | USD | 12,953 | (790,271 )
Bridgebio Pharma, Inc. | 33 | 07/19/24 | USD | 30.00 | USD | 84 | (413 )
Cencora, Inc. | 52 | 07/19/24 | USD | 228.63 | USD | 1,172 | (17,497 )
Cigna Group | 81 | 07/19/24 | USD | 340.00 | USD | 2,678 | (26,527 )
Cooper Cos., Inc. | 130 | 07/19/24 | USD | 101.50 | USD | 1,135 | (3,827 )
Edwards Lifesciences Corp. | 75 | 07/19/24 | USD | 90.00 | USD | 693 | (29,625 )
Elevance Health, Inc. | 93 | 07/19/24 | USD | 550.00 | USD | 5,039 | (72,540 )
Eli Lilly & Co. | 58 | 07/19/24 | USD | 820.00 | USD | 5,251 | (525,045 )
GE HealthCare Technologies, Inc. | 160 | 07/19/24 | USD | 80.00 | USD | 1,247 | (12,800 )
Gilead Sciences, Inc. | 110 | 07/19/24 | USD | 65.00 | USD | 755 | (42,900 )
Guardant Health, Inc. | 46 | 07/19/24 | USD | 30.00 | USD | 133 | (5,175 )
HCA Healthcare, Inc. | 41 | 07/19/24 | USD | 330.00 | USD | 1,317 | (20,295 )
IDEXX Laboratories, Inc. | 28 | 07/19/24 | USD | 530.00 | USD | 1,364 | (9,380 )
Incyte Corp. | 21 | 07/19/24 | USD | 59.00 | USD | 127 | (5,142 )
Insmed, Inc. | 60 | 07/19/24 | USD | 65.00 | USD | 402 | (25,500 )
Inspire Medical Systems, Inc. | 11 | 07/19/24 | USD | 190.00 | USD | 147 | (1,018 )
Johnson & Johnson | 160 | 07/19/24 | USD | 155.00 | USD | 2,339 | (4,640 )
Labcorp Holdings, Inc. | 13 | 07/19/24 | USD | 220.00 | USD | 265 | (455 )
Legend Biotech Corp., ADR | 60 | 07/19/24 | USD | 45.06 | USD | 266 | (13,176 )
Masimo Corp. | 38 | 07/19/24 | USD | 130.00 | USD | 479 | (11,495 )
McKesson Corp. | 38 | 07/19/24 | USD | 600.00 | USD | 2,219 | (18,810 )
Medtronic PLC | 68 | 07/19/24 | USD | 85.00 | USD | 535 | (680 )
Merus NV | 43 | 07/19/24 | USD | 65.00 | USD | 254 | (21,070 )
Mettler-Toledo International, Inc. | 1 | 07/19/24 | USD | 1,520.00 | USD | 140 | (510 )
Mettler-Toledo International, Inc. | 3 | 07/19/24 | USD | 1,480.00 | USD | 419 | (1,800 )
Moderna, Inc. | 37 | 07/19/24 | USD | 135.00 | USD | 439 | (4,144 )
Neurocrine Biosciences, Inc. | 22 | 07/19/24 | USD | 145.00 | USD | 303 | (2,750 )
Nuvalent, Inc., Class A | 26 | 07/19/24 | USD | 70.00 | USD | 197 | (18,490 )
Penumbra, Inc. | 23 | 07/19/24 | USD | 210.00 | USD | 414 | (11,040 )
Pfizer, Inc. | 408 | 07/19/24 | USD | 31.00 | USD | 1,142 | (1,428 )
PTC Therapeutics, Inc. | 38 | 07/19/24 | USD | 35.00 | USD | 116 | (11,210 )
QIAGEN NV | 68 | 07/19/24 | USD | 50.00 | USD | 279 | (1,360 )
Quest Diagnostics, Inc. | 43 | 07/19/24 | USD | 145.00 | USD | 589 | (1,398 )
Regeneron Pharmaceuticals, Inc. | 10 | 07/19/24 | USD | 1,050.00 | USD | 1,051 | (21,250 )
Repligen Corp. | 15 | 07/19/24 | USD | 185.00 | USD | 189 | (600 )
REVOLUTION Medicines, Inc. | 37 | 07/19/24 | USD | 42.00 | USD | 144 | (3,330 )
Rhythm Pharmaceuticals, Inc. | 36 | 07/19/24 | USD | 50.00 | USD | 148 | (18,000 )
Rhythm Pharmaceuticals, Inc. | 48 | 07/19/24 | USD | 45.00 | USD | 197 | (2,280 )
Rocket Pharmaceuticals, Inc. | 34 | 07/19/24 | USD | 25.00 | USD | 73 | (2,380 )
Soleno Therapeutics, Inc. | 23 | 07/19/24 | USD | 45.00 | USD | 94 | (2,243 )
STERIS PLC | 18 | 07/19/24 | USD | 220.00 | USD | 395 | (8,775 )
Structure Therapeutics, Inc., ADR | 52 | 07/19/24 | USD | 55.00 | USD | 204 | (780 )
Stryker Corp. | 126 | 07/19/24 | USD | 341.00 | USD | 4,287 | (75,979 )
Ultragenyx Pharmaceutical, Inc. | 12 | 07/19/24 | USD | 45.00 | USD | 49 | (1,920 )
Vaxcyte, Inc. | 60 | 07/19/24 | USD | 75.00 | USD | 453 | (19,200 )
Vertex Pharmaceuticals, Inc. | 55 | 07/19/24 | USD | 460.00 | USD | 2,578 | (82,500 )

74
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Trust (BME)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
West Pharmaceutical Services, Inc. | 37 | 07/19/24 | USD | 376.00 | USD | 1,219 | $(2,142 )
Xenon Pharmaceuticals, Inc. | 66 | 07/19/24 | USD | 45.00 | USD | 257 | (16,830 )
Zoetis, Inc., Class A | 79 | 07/19/24 | USD | 175.00 | USD | 1,370 | (24,095 )
Align Technology, Inc. | 10 | 07/26/24 | USD | 275.00 | USD | 241 | (6,550 )
Centene Corp. | 81 | 07/26/24 | USD | 69.00 | USD | 537 | (8,910 )
Dexcom, Inc. | 53 | 07/26/24 | USD | 123.00 | USD | 601 | (8,082 )
Eli Lilly & Co. | 78 | 07/26/24 | USD | 900.00 | USD | 7,062 | (218,400 )
Gilead Sciences, Inc. | 102 | 07/26/24 | USD | 65.00 | USD | 700 | (47,685 )
Humana, Inc. | 21 | 07/26/24 | USD | 360.00 | USD | 785 | (39,690 )
Intuitive Surgical, Inc. | 58 | 07/26/24 | USD | 420.00 | USD | 2,580 | (185,020 )
Medtronic PLC | 27 | 07/26/24 | USD | 82.00 | USD | 213 | (999 )
Merck & Co., Inc. | 239 | 07/26/24 | USD | 132.00 | USD | 2,959 | (119,500 )
Moderna, Inc. | 21 | 07/26/24 | USD | 150.00 | USD | 249 | (767 )
Sarepta Therapeutics, Inc. | 31 | 07/26/24 | USD | 145.00 | USD | 490 | (48,980 )
UnitedHealth Group, Inc. | 120 | 07/26/24 | USD | 510.00 | USD | 6,111 | (199,800 )
Vertex Pharmaceuticals, Inc. | 46 | 07/26/24 | USD | 470.00 | USD | 2,156 | (51,060 )
Abbott Laboratories | 410 | 08/02/24 | USD | 106.00 | USD | 4,260 | (82,410 )
AbbVie, Inc. | 204 | 08/02/24 | USD | 175.00 | USD | 3,499 | (64,770 )
Amgen, Inc. | 10 | 08/02/24 | USD | 320.00 | USD | 312 | (5,300 )
Avantor, Inc. | 70 | 08/02/24 | USD | 23.00 | USD | 148 | (16,450 )
Baxter International, Inc. | 56 | 08/02/24 | USD | 35.00 | USD | 187 | (4,200 )
Biogen, Inc. | 71 | 08/02/24 | USD | 245.00 | USD | 1,646 | (37,807 )
Bridgebio Pharma, Inc. | 30 | 08/02/24 | USD | 30.00 | USD | 76 | (14,400 )
Cigna Group | 39 | 08/02/24 | USD | 345.00 | USD | 1,289 | (18,135 )
Danaher Corp. | 111 | 08/02/24 | USD | 260.00 | USD | 2,773 | (41,070 )
Eli Lilly & Co. | 141 | 08/02/24 | USD | 935.00 | USD | 12,766 | (225,600 )
Humana, Inc. | 3 | 08/02/24 | USD | 365.00 | USD | 112 | (6,150 )
Intuitive Surgical, Inc. | 54 | 08/02/24 | USD | 440.00 | USD | 2,402 | (103,950 )
McKesson Corp. | 43 | 08/02/24 | USD | 600.00 | USD | 2,511 | (37,195 )
Moderna, Inc. | 38 | 08/02/24 | USD | 136.00 | USD | 451 | (10,279 )
Pfizer, Inc. | 407 | 08/02/24 | USD | 28.00 | USD | 1,139 | (31,746 )
Thermo Fisher Scientific, Inc. | 47 | 08/02/24 | USD | 580.00 | USD | 2,599 | (35,955 )
Align Technology, Inc. | 11 | 08/09/24 | USD | 260.00 | USD | 266 | (10,835 )
Centene Corp. | 62 | 08/09/24 | USD | 69.00 | USD | 411 | (14,260 )
Humana, Inc. | 31 | 08/09/24 | USD | 390.00 | USD | 1,158 | (32,240 )
Intuitive Surgical, Inc. | 54 | 08/09/24 | USD | 460.00 | USD | 2,402 | (62,370 )
Regeneron Pharmaceuticals, Inc. | 25 | 08/09/24 | USD | 1,060.00 | USD | 2,628 | (79,625 )
AbbVie, Inc. | 73 | 08/16/24 | USD | 175.00 | USD | 1,252 | (23,396 )
Agilent Technologies, Inc. | 44 | 08/16/24 | USD | 140.00 | USD | 570 | (6,270 )
Alnylam Pharmaceuticals, Inc. | 67 | 08/16/24 | USD | 200.00 | USD | 1,628 | (306,525 )
Argenx SE, ADR | 48 | 08/16/24 | USD | 420.00 | USD | 2,064 | (121,200 )
Avantor, Inc. | 70 | 08/16/24 | USD | 23.00 | USD | 148 | (2,800 )
Beam Therapeutics, Inc. | 78 | 08/16/24 | USD | 27.00 | USD | 183 | (8,190 )
Becton Dickinson & Co. | 64 | 08/16/24 | USD | 240.00 | USD | 1,496 | (30,720 )
BeiGene Ltd., ADR | 25 | 08/16/24 | USD | 170.00 | USD | 357 | (12,500 )
Biogen, Inc. | 67 | 08/16/24 | USD | 230.00 | USD | 1,553 | (80,065 )
BioMarin Pharmaceutical, Inc. | 130 | 08/16/24 | USD | 89.75 | USD | 1,070 | (14,451 )
Bio-Techne Corp. | 23 | 08/16/24 | USD | 75.00 | USD | 165 | (7,705 )
Blueprint Medicines Corp. | 51 | 08/16/24 | USD | 115.00 | USD | 550 | (21,930 )
Cencora, Inc. | 65 | 08/16/24 | USD | 240.00 | USD | 1,464 | (14,137 )
Cooper Cos., Inc. | 100 | 08/16/24 | USD | 92.50 | USD | 873 | (12,000 )
Denali Therapeutics, Inc. | 60 | 08/16/24 | USD | 22.50 | USD | 139 | (18,000 )
Dexcom, Inc. | 55 | 08/16/24 | USD | 125.00 | USD | 624 | (12,375 )
Edwards Lifesciences Corp. | 213 | 08/16/24 | USD | 95.00 | USD | 1,967 | (59,107 )
Elevance Health, Inc. | 37 | 08/16/24 | USD | 550.00 | USD | 2,005 | (52,725 )
Glaukos Corp. | 19 | 08/16/24 | USD | 120.00 | USD | 225 | (12,160 )
Guardant Health, Inc. | 46 | 08/16/24 | USD | 29.90 | USD | 133 | (9,394 )
HCA Healthcare, Inc. | 41 | 08/16/24 | USD | 350.00 | USD | 1,317 | (16,810 )
Incyte Corp. | 37 | 08/16/24 | USD | 63.88 | USD | 224 | (3,860 )
Inspire Medical Systems, Inc. | 11 | 08/16/24 | USD | 185.00 | USD | 147 | (2,283 )
Ionis Pharmaceuticals, Inc. | 71 | 08/16/24 | USD | 45.00 | USD | 338 | (28,400 )
IQVIA Holdings, Inc. | 25 | 08/16/24 | USD | 230.00 | USD | 529 | (7,750 )

Schedule of Investments
75

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Trust (BME)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Labcorp Holdings, Inc. | 12 | 08/16/24 | USD | 220.00 | USD | 244 | $(2,220 )
Legend Biotech Corp., ADR | 61 | 08/16/24 | USD | 45.00 | USD | 270 | (20,587 )
Medtronic PLC | 68 | 08/16/24 | USD | 82.50 | USD | 535 | (4,896 )
Merck & Co., Inc. | 278 | 08/16/24 | USD | 135.00 | USD | 3,442 | (47,538 )
Neurocrine Biosciences, Inc. | 15 | 08/16/24 | USD | 145.00 | USD | 207 | (8,175 )
Nuvalent, Inc., Class A | 21 | 08/16/24 | USD | 85.00 | USD | 159 | (9,870 )
Penumbra, Inc. | 22 | 08/16/24 | USD | 185.00 | USD | 396 | (20,240 )
PTC Therapeutics, Inc. | 37 | 08/16/24 | USD | 37.61 | USD | 113 | (3,980 )
QIAGEN NV | 65 | 08/16/24 | USD | 45.00 | USD | 267 | (4,875 )
Repligen Corp. | 15 | 08/16/24 | USD | 125.00 | USD | 189 | (13,725 )
REVOLUTION Medicines, Inc. | 37 | 08/16/24 | USD | 40.00 | USD | 144 | (10,730 )
Rhythm Pharmaceuticals, Inc. | 103 | 08/16/24 | USD | 45.00 | USD | 423 | (19,827 )
Rocket Pharmaceuticals, Inc. | 35 | 08/16/24 | USD | 25.00 | USD | 75 | (2,363 )
Soleno Therapeutics, Inc. | 23 | 08/16/24 | USD | 45.00 | USD | 94 | (5,692 )
STERIS PLC | 18 | 08/16/24 | USD | 220.00 | USD | 395 | (15,480 )
Structure Therapeutics, Inc., ADR | 60 | 08/16/24 | USD | 52.50 | USD | 236 | (6,900 )
Stryker Corp. | 59 | 08/16/24 | USD | 350.00 | USD | 2,007 | (39,530 )
Thermo Fisher Scientific, Inc. | 61 | 08/16/24 | USD | 580.00 | USD | 3,373 | (58,865 )
Ultragenyx Pharmaceutical, Inc. | 42 | 08/16/24 | USD | 40.00 | USD | 173 | (14,490 )
UnitedHealth Group, Inc. | 153 | 08/16/24 | USD | 510.00 | USD | 7,792 | (303,322 )
Viking Therapeutics, Inc. | 50 | 08/16/24 | USD | 75.00 | USD | 265 | (13,250 )
West Pharmaceutical Services, Inc. | 1 | 08/16/24 | USD | 350.00 | USD | 33 | (925 )
Xenon Pharmaceuticals, Inc. | 70 | 08/16/24 | USD | 40.00 | USD | 273 | (23,100 )
|  |  |  |  |  |  | $(6,509,975 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Daiichi Sankyo Co. Ltd. | BNP Paribas SA | 13,200 | 07/16/24 | JPY | 5,560.97 | JPY | 73,808 | $(10,453 )
AstraZeneca PLC | Citibank N.A. | 2,500 | 07/18/24 | GBP | 127.76 | GBP | 308 | (2,413 )
Cencora, Inc. | Citibank N.A. | 11,900 | 08/01/24 | USD | 242.71 | USD | 2,681 | (13,528 )
AstraZeneca PLC | Goldman Sachs International | 4,800 | 08/02/24 | GBP | 127.64 | GBP | 591 | (10,229 )
Genmab A/S | Bank of America N.A. | 1,100 | 08/02/24 | DKK | 1,902.68 | DKK | 1,920 | (3,594 )
Sanofi SA | Bank of America N.A. | 5,400 | 08/02/24 | EUR | 90.38 | EUR | 486 | (14,628 )
AstraZeneca PLC | UBS AG | 3,350 | 08/06/24 | GBP | 127.08 | GBP | 412 | (8,901 )
Genmab A/S, ADR | Morgan Stanley & Co. International PLC | 7,500 | 08/06/24 | USD | 26.42 | USD | 188 | (13,448 )
Zealand Pharma A/S | Bank of America N.A. | 1,600 | 08/06/24 | DKK | 711.70 | DKK | 1,424 | (42,581 )
Novo Nordisk A/S, Class B | Goldman Sachs International | 18,200 | 08/13/24 | DKK | 1,027.66 | DKK | 18,135 | (87,883 )
Sanofi SA | JPMorgan Chase Bank N.A. | 4,700 | 08/13/24 | EUR | 91.96 | EUR | 423 | (11,361 )
|  |  |  |  |  |  |  | $(219,019 )

Balances Reported in the Statements of Assets and Liabilities for Options Written

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $N/A | $1,259,275 | $(2,443,614 ) | $(6,728,994 )

76
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Trust (BME)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $6,728,994 | $— | $— | $— | $6,728,994

For the period ended June 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options written | $— | $— | $(9,689,871 ) | $— | $— | $— | $(9,689,871 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $1,295,068 | $— | $— | $— | $1,295,068

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $6,893,907

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $6,728,994
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 6,728,994
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (6,509,975 )
Total derivative assets and liabilities subject to an MNA | $— | $219,019

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged | Net Amount of Derivative Liabilities(b)
Bank of America N.A. | $60,803 | $— | $— | $— | $60,803
BNP Paribas SA | 10,453 | — | — | — | 10,453
Citibank N.A. | 15,941 | — | (15,941 ) | — | —
Goldman Sachs International | 98,112 | — | — | — | 98,112
JPMorgan Chase Bank N.A. | 11,361 | — | — | — | 11,361
Morgan Stanley & Co. International PLC | 13,448 | — | — | — | 13,448
UBS AG | 8,901 | — | — | — | 8,901
| $219,019 | $— | $(15,941 ) | $— | $203,078

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.

Schedule of Investments
77

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Health Sciences Trust (BME)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Biotechnology | $146,932,075 | $2,244,090 | $— | $149,176,165
Capital Markets | 628,837 | — | — | 628,837
Health Care Equipment & Supplies | 136,133,995 | — | 167,675 | 136,301,670
Health Care Providers & Services | 126,279,303 | — | — | 126,279,303
Life Sciences Tools & Services | 54,684,630 | — | — | 54,684,630
Pharmaceuticals | 115,593,455 | 15,001,320 | — | 130,594,775
Software | — | — | 69,402 | 69,402
Other Interests | — | — | 110,951 | 110,951
Preferred Securities |  |  |  |
Preferred Stocks | — | — | 3,885,643 | 3,885,643
Rights | — | — | 39,180 | 39,180
Warrants | 725 | — | 33,440 | 34,165
Short-Term Securities |  |  |  |
Money Market Funds | 19,941,363 | — | — | 19,941,363
| $600,194,383 | $17,245,410 | $4,306,291 | $621,746,084
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(5,551,766 ) | $(1,177,228 ) | $— | $(6,728,994 )

(a) | Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.
78
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Aerospace & Defense — 5.6% |
Axon Enterprise, Inc.(a)(b)(c) |  | 201,058 | $59,159,306
HEICO Corp. |  | 213,250 | 47,684,832
|  |  | 106,844,138
Air Freight & Logistics — 0.6% |
GXO Logistics, Inc.(c) |  | 234,810 | 11,857,905
Automobile Components — 0.9% |
Fox Factory Holding Corp.(c) |  | 363,790 | 17,531,040
Biotechnology — 0.8% |
Halozyme Therapeutics, Inc.(c)(d) |  | 302,304 | 15,828,638
Building Products — 1.6% |
AZEK Co., Inc., Class A(c) |  | 737,130 | 31,055,287
Capital Markets — 4.5% |
TPG, Inc., Class A |  | 911,268 | 37,772,059
Tradeweb Markets, Inc., Class A(b) |  | 457,115 | 48,454,190
|  |  | 86,226,249
Construction & Engineering — 2.2% |
Comfort Systems USA, Inc. |  | 135,724 | 41,276,383
Diversified Consumer Services(c) — 1.8% |
Duolingo, Inc., Class A |  | 97,443 | 20,333,431
Grammarly, Inc., (Acquired 11/17/21, Cost: $26,250,012)(e)(f) |  | 1,001,454 | 13,229,207
|  |  | 33,562,638
Electrical Equipment — 2.8% |
Vertiv Holdings Co., Class A |  | 604,148 | 52,301,092
Entertainment — 1.7% |
Liberty Media Corp.-Liberty Formula One, Class C(c) |  | 440,710 | 31,660,606
Food Products — 0.4% |
Freshpet, Inc.(c) |  | 62,788 | 8,124,139
Ground Transportation — 2.9% |
Saia, Inc.(a)(c)(d) |  | 114,286 | 54,204,707
Health Care Equipment & Supplies(c) — 4.9% |
Align Technology, Inc. |  | 187,295 | 45,218,631
IDEXX Laboratories, Inc. |  | 50,305 | 24,508,596
Inspire Medical Systems, Inc.(d) |  | 21,498 | 2,877,077
Masimo Corp. |  | 165,568 | 20,851,634
|  |  | 93,455,938
Health Care Providers & Services — 0.6% |
Surgery Partners, Inc.(c) |  | 508,736 | 12,102,829
Hotels, Restaurants & Leisure(c) — 3.9% |
DraftKings, Inc., Class A |  | 1,066,690 | 40,715,557
Planet Fitness, Inc., Class A(b) |  | 438,494 | 32,268,774
|  |  | 72,984,331
Industrial REITs — 0.1% |
Innovative Industrial Properties, Inc. |  | 13,416 | 1,465,295
Rexford Industrial Realty, Inc. |  | 13,893 | 619,489
|  |  | 2,084,784
Interactive Media & Services(c) — 3.2% |
Patreon, Inc., (Acquired 08/19/21, Cost: $11,732,736)(e)(f) |  | 208,333 | 5,095,825
Pinterest, Inc., Class A |  | 1,267,989 | 55,880,275
|  |  | 60,976,100

Security |  | Shares | Value
IT Services(c) — 3.4% |
DigitalOcean Holdings, Inc. |  | 249,292 | $8,662,897
Globant SA |  | 165,042 | 29,420,387
MongoDB, Inc., Class A |  | 107,082 | 26,766,217
|  |  | 64,849,501
Life Sciences Tools & Services — 5.3% |
Azenta, Inc.(c) |  | 22,421 | 1,179,793
Bio-Techne Corp. |  | 208,207 | 14,918,032
Charles River Laboratories International, Inc.(c) |  | 96,694 | 19,975,046
Repligen Corp.(c) |  | 183,528 | 23,135,540
West Pharmaceutical Services, Inc. |  | 126,243 | 41,583,182
|  |  | 100,791,593
Machinery — 0.9% |
AutoStore Holdings Ltd.(c)(d)(g) |  | 13,757,639 | 16,135,050
Professional Services — 0.1% |
Paylocity Holding Corp.(c) |  | 6,588 | 868,628
Real Estate Management & Development — 2.8% |
CoStar Group, Inc.(c) |  | 713,381 | 52,890,067
Semiconductors & Semiconductor Equipment — 9.8% |
ASM International NV |  | 67,211 | 51,374,476
Astera Labs, Inc.(c)(d) |  | 50,327 | 3,045,287
Entegris, Inc.(b) |  | 406,756 | 55,074,762
Lattice Semiconductor Corp.(c) |  | 220,550 | 12,789,695
Monolithic Power Systems, Inc.(a) |  | 77,411 | 63,607,070
|  |  | 185,891,290
Software — 12.6% |
ANSYS, Inc.(c) |  | 63,530 | 20,424,895
Aspen Technology, Inc.(c) |  | 69,405 | 13,785,915
Bentley Systems, Inc., Class B(d) |  | 839,640 | 41,444,630
Confluent, Inc., Class A(c)(d) |  | 1,341,338 | 39,609,711
CyberArk Software Ltd.(c) |  | 76,942 | 21,037,482
JFrog Ltd.(c) |  | 513,844 | 19,294,842
Monday.com Ltd.(c) |  | 13,759 | 3,312,617
PTC, Inc.(c) |  | 244,712 | 44,456,829
SiteMinder Ltd.(c) |  | 4,279,606 | 14,412,958
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $2,999,997)(c)(e)(f) |  | 199,738 | 1,362,213
Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost: $25,961,537)(c)(e)(f) |  | 1,809,860 | 14,225,500
Teya Services Ltd., (Acquired 11/16/21, Cost: $49,999,974)(c)(e)(f) |  | 25,742 | 6,637,575
|  |  | 240,005,167
Specialty Retail — 1.4% |
Floor & Decor Holdings, Inc., Class A(c) |  | 264,173 | 26,261,438
Textiles, Apparel & Luxury Goods — 2.7% |
Brunello Cucinelli SpA |  | 198,440 | 19,805,509
On Holding AG, Class A(c)(d) |  | 793,857 | 30,801,651
|  |  | 50,607,160
Trading Companies & Distributors — 1.5% |
Core & Main, Inc., Class A(c)(d) |  | 587,102 | 28,732,772
Total Common Stocks — 79.0% (Cost: $1,385,464,458) | 1,499,109,470

Schedule of Investments
79

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Preferred Securities
Preferred Stocks — 21.6%(e)(f)
Aerospace & Defense — 0.1% |
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: $4,999,999)(c) |  | 909,438 | $1,082,231
Automobile Components — 2.6% |
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $50,000,009)(c) |  | 2,189,612 | 48,587,490
Capital Markets(c) — 2.4% |
Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost: $9,999,995) |  | 428,785 | 2,718,497
The Production Board LLC, Series A3, (Acquired 06/04/21, Cost: $50,000,001) |  | 16,666,667 | 28,166,667
Varo Money, Inc., Series E, (Acquired 08/27/21, Cost: $40,000,001) |  | 4,316,904 | 13,555,079
|  |  | 44,440,243
Diversified Consumer Services — 0.2% |
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $8,750,004)(c) |  | 333,818 | 4,409,736
Diversified Telecommunication Services — 0.5% |
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $17,999,912)(c) |  | 32,690 | 9,985,814
Entertainment — 1.0% |
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: $49,999,983)(c) |  | 2,172,486 | 18,683,380
Food Products — 0.6% |
Motif Food Works, Inc., Series B, (Acquired 06/08/21, Cost: $39,999,986)(c) |  | 1,972,240 | 11,813,718
Hotels, Restaurants & Leisure(c) — 1.4% |
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: $29,999,946) |  | 191,067 | 3,758,288
Underdog Sports, Inc., Series B, (Acquired 01/11/22, Cost: $14,999,974) |  | 291,061 | 23,162,634
|  |  | 26,920,922
Interactive Media & Services — 0.5% |
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $23,333,352)(c) |  | 416,667 | 10,191,675
IT Services(c) — 2.0% |
Via Transportation, Inc., Series G, (Acquired 11/05/21, Cost: $24,999,974) |  | 549,357 | 29,247,767
Wagestream Holdings Ltd., Series C Private, (Acquired 02/11/22, Cost: $10,024,684) |  | 762,746 | 8,176,304
|  |  | 37,424,071
Semiconductors & Semiconductor Equipment(c) — 2.9% |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $39,999,990) |  | 1,525,192 | 48,424,846
Rivos, Inc., Series A1, (Acquired 12/03/21, Cost: $7,996,292) |  | 2,997,684 | 7,284,372
|  |  | 55,709,218
Software — 5.9% |
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: $14,999,995)(c) |  | 2,745,894 | 8,896,697
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $44,999,983)(c) |  | 898,024 | 10,722,407
Deepgram, Inc., Series B, (Acquired 10/22/21, Cost: $11,999,997)(c) |  | 2,165,400 | 13,642,020
Dragos, Inc., Series D, (Acquired 09/28/21, Cost: $39,999,959)(c) |  | 900,760 | 26,275,169

Security |  | Shares | Value
Software (continued) |
Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: $30,000,101) |  | 4,651,163 | $13,813,954
Open Space Labs, Inc., Series D, (Acquired 01/31/22, Cost: $15,000,003)(c) |  | 1,687,916 | 12,591,853
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,993)(c) |  | 732,373 | 4,994,784
Snyk Ltd., Series F, (Acquired 09/02/21, Cost: $24,038,470)(c) |  | 1,685,092 | 13,244,823
Validere Technologies, Inc., Series B, (Acquired 10/21/21, Cost: $10,000,000)(c) |  | 4,684,060 | 8,571,830
|  |  | 112,753,537
Specialty Retail — 0.3% |
Super73, Inc., Series C-1, (Acquired 10/25/22, Cost: $12,000,000)(c) |  | 1,400,669 | 5,140,455
Wireless Telecommunication Services — 1.2% |
Loft Orbital Solutions, Inc., Series B, (Acquired 10/14/21, Cost: $24,999,992)(c) |  | 1,365,305 | 23,237,491
| 410,379,981
Total Preferred Securities — 21.6% (Cost: $662,142,595) | 410,379,981
Total Long-Term Investments — 100.6% (Cost: $2,047,607,053) | 1,909,489,451
Short-Term Securities
Money Market Funds — 1.4% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.48%(h)(i)(j) |  | 26,008,894 | 26,016,697
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19%(h)(i) |  | 340,153 | 340,153
Total Short-Term Securities — 1.4% (Cost: $26,357,620) | 26,356,850
Total Investments Before Options Written — 102.0% (Cost: $2,073,964,673) | 1,935,846,301
Options Written — (0.4)% (Premiums Received: $(8,046,400)) | (6,545,188 )
Total Investments, Net of Options Written — 101.6% (Cost: $2,065,918,273) | 1,929,301,113
Liabilities in Excess of Other Assets — (1.6)% | (31,020,003 )
Net Assets — 100.0% | $1,898,281,110

(a) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(b) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(c) | Non-income producing security.
(d) | All or a portion of this security is on loan.
(e) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(f) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $450,930,301, representing 23.8% of its net assets as of period end, and an original cost of $779,086,851.
(g) | 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.
(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.

80
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $26,018,994 (a) | $— | $(1,527 ) | $(770 ) | $26,016,697 | 26,008,894 | $16,519 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 326,227 | 13,926 (a) | — | — | — | 340,153 | 340,153 | 108,749 | —
SL Liquidity Series, LLC, Money Market Series(c) | 20,505,005 | — | (20,506,863 )(a) | 3,019 | (1,161 ) | — | — | 14,373 (b) | —
|  |  |  | $1,492 | $(1,931 ) | $26,356,850 |  | $139,641 | $—

(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.
(c) | As of period end, the entity is no longer held.

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 |  |  |  |  |  |  |
Confluent, Inc., Class A | 362 | 07/01/24 | USD | 31.50 | USD | 1,069 | $(726 )
HEICO Corp. | 144 | 07/02/24 | USD | 215.00 | USD | 3,220 | (131,597 )
Align Technology, Inc. | 86 | 07/12/24 | USD | 280.00 | USD | 2,076 | (5,805 )
On Holding AG, Class A | 252 | 07/12/24 | USD | 44.00 | USD | 978 | (3,906 )
Pinterest, Inc., Class A | 184 | 07/12/24 | USD | 43.00 | USD | 811 | (27,784 )
ANSYS, Inc. | 73 | 07/19/24 | USD | 340.00 | USD | 2,347 | (12,045 )
Aspen Technology, Inc. | 74 | 07/19/24 | USD | 220.00 | USD | 1,470 | (34,780 )
Axon Enterprise, Inc. | 191 | 07/19/24 | USD | 330.00 | USD | 5,620 | (6,685 )
AZEK Co., Inc., Class A | 610 | 07/19/24 | USD | 50.00 | USD | 2,570 | (4,575 )
Azenta, Inc. | 18 | 07/19/24 | USD | 55.00 | USD | 95 | (4,815 )
Bentley Systems, Inc., Class B | 503 | 07/19/24 | USD | 55.00 | USD | 2,483 | (7,545 )
Bio-Techne Corp. | 447 | 07/19/24 | USD | 90.00 | USD | 3,203 | (214,560 )
Charles River Laboratories International, Inc. | 69 | 07/19/24 | USD | 250.00 | USD | 1,425 | (33,120 )
Comfort Systems USA, Inc. | 120 | 07/19/24 | USD | 350.00 | USD | 3,649 | (27,000 )
Confluent, Inc., Class A | 814 | 07/19/24 | USD | 33.00 | USD | 2,404 | (18,314 )
Core & Main, Inc., Class A | 434 | 07/19/24 | USD | 62.50 | USD | 2,124 | (6,510 )
CyberArk Software Ltd. | 123 | 07/19/24 | USD | 270.00 | USD | 3,363 | (120,540 )
DigitalOcean Holdings, Inc. | 267 | 07/19/24 | USD | 37.50 | USD | 928 | (12,682 )
DraftKings, Inc., Class A | 363 | 07/19/24 | USD | 48.00 | USD | 1,386 | (2,904 )
Duolingo, Inc., Class A | 89 | 07/19/24 | USD | 203.00 | USD | 1,857 | (109,368 )
Entegris, Inc. | 240 | 07/19/24 | USD | 145.00 | USD | 3,250 | (32,400 )
Floor & Decor Holdings, Inc., Class A | 225 | 07/19/24 | USD | 125.00 | USD | 2,237 | (6,188 )
Fox Factory Holding Corp. | 270 | 07/19/24 | USD | 50.00 | USD | 1,301 | (40,500 )
Freshpet, Inc. | 72 | 07/19/24 | USD | 130.00 | USD | 932 | (28,800 )
Globant SA | 154 | 07/19/24 | USD | 191.00 | USD | 2,745 | (17,504 )
GXO Logistics, Inc. | 188 | 07/19/24 | USD | 55.00 | USD | 949 | (2,820 )
Halozyme Therapeutics, Inc. | 242 | 07/19/24 | USD | 52.88 | USD | 1,267 | (31,755 )
HEICO Corp. | 197 | 07/19/24 | USD | 230.00 | USD | 4,405 | (40,877 )
IDEXX Laboratories, Inc. | 82 | 07/19/24 | USD | 530.00 | USD | 3,995 | (27,470 )
Innovative Industrial Properties, Inc. | 21 | 07/19/24 | USD | 110.00 | USD | 229 | (4,410 )
Inspire Medical Systems, Inc. | 17 | 07/19/24 | USD | 190.00 | USD | 228 | (1,573 )
JFrog Ltd. | 400 | 07/19/24 | USD | 36.50 | USD | 1,502 | (82,250 )
Lattice Semiconductor Corp. | 352 | 07/19/24 | USD | 65.00 | USD | 2,041 | (10,560 )
Liberty Media Corp.-Liberty Formula One, Class C | 143 | 07/19/24 | USD | 75.00 | USD | 1,027 | (11,797 )

Schedule of Investments
81

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
MongoDB, Inc., Class A | 18 | 07/19/24 | USD | 270.00 | USD | 450 | $(6,345 )
Monolithic Power Systems, Inc. | 42 | 07/19/24 | USD | 750.00 | USD | 3,451 | (328,020 )
On Holding AG, Class A | 174 | 07/19/24 | USD | 45.00 | USD | 675 | (1,827 )
Pinterest, Inc., Class A | 141 | 07/19/24 | USD | 41.00 | USD | 621 | (47,940 )
Pinterest, Inc., Class A | 535 | 07/19/24 | USD | 43.00 | USD | 2,358 | (97,905 )
Planet Fitness, Inc., Class A | 350 | 07/19/24 | USD | 77.50 | USD | 2,576 | (20,125 )
PTC, Inc. | 104 | 07/19/24 | USD | 190.00 | USD | 1,889 | (11,440 )
PTC, Inc. | 52 | 07/19/24 | USD | 185.00 | USD | 945 | (11,570 )
Repligen Corp. | 13 | 07/19/24 | USD | 185.00 | USD | 164 | (520 )
Rexford Industrial Realty, Inc. | 22 | 07/19/24 | USD | 46.50 | USD | 98 | (1,392 )
Saia, Inc. | 85 | 07/19/24 | USD | 490.00 | USD | 4,031 | (81,175 )
Tradeweb Markets, Inc., Class A | 365 | 07/19/24 | USD | 111.26 | USD | 3,869 | (31,740 )
Vertiv Holdings Co., Class A | 637 | 07/19/24 | USD | 105.00 | USD | 5,515 | (28,665 )
West Pharmaceutical Services, Inc. | 108 | 07/19/24 | USD | 376.00 | USD | 3,557 | (6,251 )
Align Technology, Inc. | 37 | 07/26/24 | USD | 275.00 | USD | 893 | (24,235 )
DraftKings, Inc., Class A | 512 | 07/26/24 | USD | 41.00 | USD | 1,954 | (31,488 )
MongoDB, Inc., Class A | 50 | 07/26/24 | USD | 245.00 | USD | 1,250 | (74,500 )
On Holding AG, Class A | 274 | 07/26/24 | USD | 43.00 | USD | 1,063 | (9,727 )
Vertiv Holdings Co., Class A | 187 | 07/26/24 | USD | 95.00 | USD | 1,619 | (55,632 )
Axon Enterprise, Inc. | 130 | 08/02/24 | USD | 291.00 | USD | 3,825 | (189,356 )
DraftKings, Inc., Class A | 400 | 08/02/24 | USD | 41.00 | USD | 1,527 | (52,000 )
Monday.com Ltd. | 22 | 08/02/24 | USD | 225.00 | USD | 530 | (49,390 )
On Holding AG, Class A | 285 | 08/02/24 | USD | 45.00 | USD | 1,106 | (10,118 )
Pinterest, Inc., Class A | 384 | 08/02/24 | USD | 50.00 | USD | 1,692 | (33,792 )
Align Technology, Inc. | 176 | 08/09/24 | USD | 260.00 | USD | 4,249 | (173,360 )
Vertiv Holdings Co., Class A | 142 | 08/09/24 | USD | 100.00 | USD | 1,229 | (52,895 )
ANSYS, Inc. | 48 | 08/16/24 | USD | 340.00 | USD | 1,543 | (16,560 )
Aspen Technology, Inc. | 38 | 08/16/24 | USD | 210.00 | USD | 755 | (27,740 )
AZEK Co., Inc., Class A | 570 | 08/16/24 | USD | 50.00 | USD | 2,401 | (22,800 )
Azenta, Inc. | 17 | 08/16/24 | USD | 60.00 | USD | 89 | (4,930 )
Charles River Laboratories International, Inc. | 85 | 08/16/24 | USD | 230.00 | USD | 1,756 | (25,500 )
Confluent, Inc., Class A | 970 | 08/16/24 | USD | 32.00 | USD | 2,864 | (177,025 )
Core & Main, Inc., Class A | 505 | 08/16/24 | USD | 53.76 | USD | 2,471 | (48,276 )
CoStar Group, Inc. | 570 | 08/16/24 | USD | 76.50 | USD | 4,226 | (110,077 )
DigitalOcean Holdings, Inc. | 266 | 08/16/24 | USD | 37.50 | USD | 924 | (49,210 )
DraftKings, Inc., Class A | 400 | 08/16/24 | USD | 42.00 | USD | 1,527 | (65,000 )
Duolingo, Inc., Class A | 67 | 08/16/24 | USD | 230.00 | USD | 1,398 | (81,405 )
Entegris, Inc. | 410 | 08/16/24 | USD | 145.00 | USD | 5,551 | (190,650 )
Floor & Decor Holdings, Inc., Class A | 197 | 08/16/24 | USD | 125.00 | USD | 1,958 | (34,475 )
Fox Factory Holding Corp. | 312 | 08/16/24 | USD | 50.00 | USD | 1,504 | (112,320 )
Freshpet, Inc. | 28 | 08/16/24 | USD | 130.00 | USD | 362 | (23,800 )
Globant SA | 110 | 08/16/24 | USD | 170.00 | USD | 1,961 | (169,950 )
GXO Logistics, Inc. | 187 | 08/16/24 | USD | 50.00 | USD | 944 | (50,957 )
Halozyme Therapeutics, Inc. | 242 | 08/16/24 | USD | 53.39 | USD | 1,267 | (53,815 )
Inspire Medical Systems, Inc. | 17 | 08/16/24 | USD | 185.00 | USD | 228 | (3,528 )
Liberty Media Corp.-Liberty Formula One, Class C | 281 | 08/16/24 | USD | 75.00 | USD | 2,019 | (57,605 )
MongoDB, Inc., Class A | 102 | 08/16/24 | USD | 250.00 | USD | 2,550 | (170,850 )
Monolithic Power Systems, Inc. | 93 | 08/16/24 | USD | 860.00 | USD | 7,642 | (377,115 )
On Holding AG, Class A | 285 | 08/16/24 | USD | 42.50 | USD | 1,106 | (41,040 )
Paylocity Holding Corp. | 10 | 08/16/24 | USD | 150.00 | USD | 132 | (2,600 )
Pinterest, Inc., Class A | 392 | 08/16/24 | USD | 43.00 | USD | 1,728 | (143,080 )
Pinterest, Inc., Class A | 392 | 08/16/24 | USD | 42.00 | USD | 1,728 | (166,600 )
Planet Fitness, Inc., Class A | 350 | 08/16/24 | USD | 80.00 | USD | 2,576 | (60,375 )
PTC, Inc. | 235 | 08/16/24 | USD | 180.00 | USD | 4,269 | (203,275 )
Repligen Corp. | 13 | 08/16/24 | USD | 125.00 | USD | 164 | (11,895 )
Repligen Corp. | 267 | 08/16/24 | USD | 140.00 | USD | 3,366 | (87,442 )
Saia, Inc. | 97 | 08/16/24 | USD | 480.00 | USD | 4,601 | (288,090 )
TPG, Inc., Class A | 529 | 08/16/24 | USD | 45.00 | USD | 2,193 | (119,025 )
Tradeweb Markets, Inc., Class A | 366 | 08/16/24 | USD | 106.50 | USD | 3,880 | (141,275 )
West Pharmaceutical Services, Inc. | 93 | 08/16/24 | USD | 350.00 | USD | 3,063 | (86,025 )
|  |  |  |  |  |  | $(5,779,883 )

82
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
AutoStore Holdings Ltd. | UBS AG | 280,000 | 07/02/24 | NOK | 17.16 | NOK | 3,506 | $—
Bentley Systems, Inc., Class B | UBS AG | 84,000 | 07/02/24 | USD | 57.18 | USD | 4,146 | (6 )
Liberty Media Corp.-Liberty Formula One, Class C | Barclays Bank PLC | 28,100 | 07/02/24 | USD | 72.61 | USD | 2,019 | (22,017 )
AutoStore Holdings Ltd. | UBS AG | 359,500 | 07/03/24 | NOK | 17.30 | NOK | 4,502 | —
SiteMinder Ltd. | Bank of America N.A. | 67,000 | 07/03/24 | AUD | 5.70 | AUD | 338 | —
AutoStore Holdings Ltd. | UBS AG | 267,000 | 07/09/24 | NOK | 16.15 | NOK | 3,343 | (36 )
SiteMinder Ltd. | UBS AG | 55,800 | 07/09/24 | AUD | 5.53 | AUD | 282 | (152 )
AutoStore Holdings Ltd. | Goldman Sachs International | 260,000 | 07/16/24 | NOK | 15.42 | NOK | 3,256 | (644 )
Brunello Cucinelli SpA | Citibank N.A. | 8,350 | 07/16/24 | EUR | 98.48 | EUR | 778 | (5,766 )
SiteMinder Ltd. | UBS AG | 104,000 | 07/16/24 | AUD | 5.37 | AUD | 525 | (2,378 )
Surgery Partners, Inc. | Goldman Sachs International | 44,000 | 07/22/24 | USD | 28.05 | USD | 1,047 | (34,199 )
TPG, Inc., Class A | Citibank N.A. | 40,000 | 07/22/24 | USD | 42.10 | USD | 1,658 | (48,290 )
SiteMinder Ltd. | JPMorgan Chase Bank N.A. | 58,300 | 07/23/24 | AUD | 5.03 | AUD | 294 | (7,083 )
AutoStore Holdings Ltd. | Goldman Sachs International | 260,000 | 07/25/24 | NOK | 16.85 | NOK | 3,256 | (646 )
SiteMinder Ltd. | Bank of America N.A. | 106,500 | 07/25/24 | AUD | 5.08 | AUD | 538 | (11,414 )
AutoStore Holdings Ltd. | UBS AG | 260,000 | 07/30/24 | NOK | 15.82 | NOK | 3,256 | (1,912 )
SiteMinder Ltd. | UBS AG | 35,500 | 07/30/24 | AUD | 4.91 | AUD | 179 | (6,635 )
ASM International NV | Goldman Sachs International | 5,700 | 08/02/24 | EUR | 727.02 | EUR | 4,068 | (173,636 )
AutoStore Holdings Ltd. | Goldman Sachs International | 260,000 | 08/02/24 | NOK | 16.80 | NOK | 3,256 | (1,323 )
ASM International NV | Bank of America N.A. | 5,100 | 08/06/24 | EUR | 773.16 | EUR | 3,640 | (90,494 )
AutoStore Holdings Ltd. | Goldman Sachs International | 254,700 | 08/06/24 | NOK | 16.32 | NOK | 3,189 | (2,123 )
Brunello Cucinelli SpA | Citibank N.A. | 23,400 | 08/06/24 | EUR | 94.79 | EUR | 2,181 | (67,039 )
Comfort Systems USA, Inc. | Barclays Bank PLC | 8,200 | 08/07/24 | USD | 343.15 | USD | 2,494 | (53,407 )
SiteMinder Ltd. | JPMorgan Chase Bank N.A. | 58,300 | 08/07/24 | AUD | 4.91 | AUD | 294 | (11,561 )
TPG, Inc., Class A | JPMorgan Chase Bank N.A. | 52,900 | 08/07/24 | USD | 42.77 | USD | 2,193 | (139,676 )
SiteMinder Ltd. | Bank of America N.A. | 37,350 | 08/13/24 | AUD | 5.17 | AUD | 189 | (4,278 )
SiteMinder Ltd. | Bank of America N.A. | 37,350 | 08/20/24 | AUD | 5.17 | AUD | 189 | (4,684 )
Surgery Partners, Inc. | Morgan Stanley & Co. International PLC | 37,300 | 08/22/24 | USD | 26.09 | USD | 887 | (70,555 )
SiteMinder Ltd. | UBS AG | 49,750 | 08/28/24 | AUD | 5.28 | AUD | 251 | (5,351 )
|  |  |  |  |  |  |  | $(765,305 )

Balances Reported in the Statements of Assets and Liabilities for Options Written

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $N/A | $3,049,463 | $(1,548,251 ) | $(6,545,188 )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $6,545,188 | $— | $— | $— | $6,545,188

Schedule of Investments
83

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
For the period ended June 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options purchased(a) | $— | $— | $(703 ) | $— | $— | $— | $(703 )
Options written | — | — | (3,973,690 ) | — | — | — | (3,973,690 )
| $— | $— | $(3,974,393 ) | $— | $— | $— | $(3,974,393 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $10,142,282 | $— | $— | $— | $10,142,282

(a) | Options purchased are included in net realized gain (loss) from investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased | $— (a)
Average value of option contracts written | $9,751,405

(a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $6,545,188
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 6,545,188
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (5,779,883 )
Total derivative assets and liabilities subject to an MNA | $— | $765,305

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged | Net Amount of Derivative Liabilities(b)
Bank of America N.A. | $110,870 | $— | $(110,870 ) | $— | $—
Barclays Bank PLC | 75,424 | — | (75,424 ) | — | —
Citibank N.A. | 121,095 | — | — | — | 121,095
Goldman Sachs International | 212,571 | — | (212,571 ) | — | —
JPMorgan Chase Bank N.A. | 158,320 | — | (158,320 ) | — | —
Morgan Stanley & Co. International PLC | 70,555 | — | — | — | 70,555
UBS AG | 16,470 | — | (16,470 ) | — | —
| $765,305 | $— | $(573,655 ) | $— | $191,650

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.

84
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Aerospace & Defense | $106,844,138 | $— | $— | $106,844,138
Air Freight & Logistics | 11,857,905 | — | — | 11,857,905
Automobile Components | 17,531,040 | — | — | 17,531,040
Biotechnology | 15,828,638 | — | — | 15,828,638
Building Products | 31,055,287 | — | — | 31,055,287
Capital Markets | 86,226,249 | — | — | 86,226,249
Construction & Engineering | 41,276,383 | — | — | 41,276,383
Diversified Consumer Services | 20,333,431 | — | 13,229,207 | 33,562,638
Electrical Equipment | 52,301,092 | — | — | 52,301,092
Entertainment | 31,660,606 | — | — | 31,660,606
Food Products | 8,124,139 | — | — | 8,124,139
Ground Transportation | 54,204,707 | — | — | 54,204,707
Health Care Equipment & Supplies | 93,455,938 | — | — | 93,455,938
Health Care Providers & Services | 12,102,829 | — | — | 12,102,829
Hotels, Restaurants & Leisure | 72,984,331 | — | — | 72,984,331
Industrial REITs | 2,084,784 | — | — | 2,084,784
Interactive Media & Services | 55,880,275 | — | 5,095,825 | 60,976,100
IT Services | 64,849,501 | — | — | 64,849,501
Life Sciences Tools & Services | 100,791,593 | — | — | 100,791,593
Machinery | — | 16,135,050 | — | 16,135,050
Professional Services | 868,628 | — | — | 868,628
Real Estate Management & Development | 52,890,067 | — | — | 52,890,067
Semiconductors & Semiconductor Equipment | 134,516,814 | 51,374,476 | — | 185,891,290
Software | 203,366,921 | 14,412,958 | 22,225,288 | 240,005,167
Specialty Retail | 26,261,438 | — | — | 26,261,438
Textiles, Apparel & Luxury Goods | 30,801,651 | 19,805,509 | — | 50,607,160
Trading Companies & Distributors | 28,732,772 | — | — | 28,732,772
Preferred Securities |  |  |  |
Preferred Stocks | — | — | 410,379,981 | 410,379,981
Short-Term Securities |  |  |  |
Money Market Funds | 26,356,850 | — | — | 26,356,850
| $1,383,188,007 | $101,727,993 | $450,930,301 | $1,935,846,301
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(4,824,501 ) | $(1,720,687 ) | $— | $(6,545,188 )

(a) | 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 and derivative financial instruments 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 | Total
Assets |  |  |
Opening balance, as of December 31, 2023 | $71,905,711 | $441,207,138 | $513,112,849
Transfers into Level 3 | — | — | —
Transfers out of Level 3 | — | — | —
Accrued discounts/premiums | — | — | —
Net realized gain (loss) | (50,000,000 ) | — | (50,000,000 )
Net change in unrealized appreciation (depreciation)(a)(b) | 18,644,609 | (30,827,157 ) | (12,182,548 )

Schedule of Investments
85

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)

| Common Stocks | Preferred Stocks | Total
Purchases | $— | $— | $—
Sales | — | — | —
Closing balance, as of June 30, 2024 | $40,550,320 | $410,379,981 | $450,930,301
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024(b) | $(15,116,137 ) | $(30,827,157 ) | $(45,943,294 )

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the 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 | $40,550,320 | Market | Revenue Multiple | 8.00x - 17.50x | 12.97x
|  |  | Gross Profit Multiple | 7.75x | —
Preferred Stocks | 410,379,981 | Market | Revenue Multiple | 0.95x - 18.00x | 8.55x
|  |  | Time to Exit | 0.5 - 5.0 years | 3.1 years
|  |  | Volatility | 40% - 95% | 71%
|  |  | Market Adjustment Multiple | 0.50x - 1.40x | 1.08x
| $450,930,301 |  |  |  |

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

See notes to financial statements.
86
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Chemicals — 6.8% |
CF Industries Holdings, Inc.(a) |  | 156,976 | $11,635,061
Corteva, Inc. |  | 348,177 | 18,780,667
Nutrien Ltd. |  | 586,381 | 29,852,657
|  |  | 60,268,385
Construction Materials — 0.7% |
CRH PLC |  | 79,558 | 5,965,259
Containers & Packaging — 9.8% |
Avery Dennison Corp. |  | 82,563 | 18,052,400
DS Smith PLC |  | 952,563 | 5,048,550
Graphic Packaging Holding Co. |  | 466,343 | 12,222,850
Packaging Corp. of America(a) |  | 101,564 | 18,541,524
Smurfit Kappa Group PLC |  | 731,014 | 32,605,154
|  |  | 86,470,478
Energy Equipment & Services — 1.7% |
Saipem SpA(b) |  | 5,943,496 | 15,240,849
Food Products — 3.3% |
Bunge Global SA |  | 166,995 | 17,830,056
Hofseth International, (Acquired 05/26/21, Cost: $10,198,056)(b)(c)(d) |  | 18,993,283 | 11,651,775
|  |  | 29,481,831
Metals & Mining — 35.6% |
Anglo American PLC |  | 878,122 | 27,749,070
ArcelorMittal SA, Registered Shares |  | 235,389 | 5,397,470
Barrick Gold Corp. |  | 1,616,211 | 26,958,408
BHP Group Ltd., ADR(a) |  | 525,643 | 30,008,959
Filo Corp.(b) |  | 107,121 | 1,963,813
Filo Corp. Legend(b) |  | 175,560 | 3,218,482
First Quantum Minerals Ltd. |  | 516,083 | 6,779,000
Freeport-McMoRan, Inc.(e) |  | 462,073 | 22,456,748
Glencore PLC |  | 5,385,049 | 30,642,378
Newmont Corp. |  | 485,442 | 20,325,457
Norsk Hydro ASA |  | 3,719,824 | 23,191,177
Nucor Corp. |  | 59,857 | 9,462,195
Polyus PJSC(b)(c) |  | 104,732 | 12
Rio Tinto PLC |  | 476,055 | 31,237,903
Stelco Holdings, Inc. |  | 466,870 | 12,684,886
Teck Resources Ltd., Class B |  | 628,712 | 30,115,305
Wheaton Precious Metals Corp. |  | 605,947 | 31,763,742
|  |  | 313,955,005
Oil, Gas & Consumable Fuels — 38.4% |
BP PLC |  | 7,559,876 | 45,516,259
Canadian Natural Resources Ltd. |  | 704,846 | 25,106,645
Cheniere Energy, Inc.(e) |  | 58,002 | 10,140,490
Chevron Corp.(a)(e) |  | 107,048 | 16,744,448
ConocoPhillips(a) |  | 159,205 | 18,209,868
Diamondback Energy, Inc. |  | 48,909 | 9,791,093
Exxon Mobil Corp.(a) |  | 501,805 | 57,767,792
Gazprom PJSC(b)(c) |  | 5,430,000 | 633
Hess Corp.(e) |  | 144,470 | 21,312,214
Marathon Petroleum Corp. |  | 107,231 | 18,602,434
Permian Resources Corp., Class A |  | 430,550 | 6,953,382
Shell PLC, ADR(a) |  | 1,052,446 | 75,965,552
TotalEnergies SE |  | 484,196 | 32,418,730
|  |  | 338,529,540

Security |  | Shares | Value
Paper & Forest Products — 1.5% |
Precious Woods Holding AG, Registered Shares(b) |  | 20,000 | $133,563
UPM-Kymmene OYJ |  | 361,305 | 12,689,957
|  |  | 12,823,520
Total Common Stocks — 97.8% (Cost: $727,786,530) | 862,734,867

|  | Par (000) |
Corporate Bonds
Metals & Mining — 0.8%
Allied Gold Corp., 8.75%, 09/07/28(f)(g) | $ | 7,200 | 7,092,000
Total Corporate Bonds — 0.8% (Cost: $7,200,000) | 7,092,000
Total Long-Term Investments — 98.6% (Cost: $734,986,530) | 869,826,867

|  | Shares |
Short-Term Securities
Money Market Funds — 2.0% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19%(h)(i) |  | 17,533,182 | 17,533,182
Total Short-Term Securities — 2.0% (Cost: $17,533,182) | 17,533,182
Total Investments Before Options Written — 100.6% (Cost: $752,519,712) | 887,360,049
Options Written — (0.6)% (Premiums Received: $(6,005,423)) | (5,219,248 )
Total Investments, Net of Options Written — 100.0% (Cost: $746,514,289) | 882,140,801
Other Assets Less Liabilities — 0.0% | 380,058
Net Assets — 100.0% | $882,520,859

(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 $11,651,775, representing 1.3% of its net assets as of period end, and an original cost of $10,198,056.
(e) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(f) | Convertible security.
(g) | 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.
(h) | Affiliate of the Trust.
(i) | Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
87

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $— | $— | $(693 )(b) | $693 | $— | $— | — | $3,927 | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 14,160,077 | 3,373,105 (b) | — | — | — | 17,533,182 | 17,533,182 | 364,441 | —
SL Liquidity Series, LLC, Money Market Series(a) | 6,150,469 | — | (6,150,168 )(b) | (800 ) | 499 | — | — | 6,856 (c) | —
|  |  |  | $(107 ) | $499 | $17,533,182 |  | $375,224 | $—

(a) | As of period end, the entity is no longer held.
(b) | Represents net amount purchased (sold).
(c) | 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 |  |  |  |  |  |  |
Exxon Mobil Corp. | 315 | 07/05/24 | USD | 117.00 | USD | 3,626 | $(13,388 )
Shell PLC, ADR | 480 | 07/05/24 | USD | 72.00 | USD | 3,465 | (36,000 )
Shell PLC, ADR | 480 | 07/05/24 | USD | 73.00 | USD | 3,465 | (15,600 )
ArcelorMittal SA, Registered Shares | 438 | 07/12/24 | USD | 27.00 | USD | 1,004 | (87,600 )
Barrick Gold Corp. | 1,710 | 07/12/24 | USD | 18.00 | USD | 2,852 | (9,405 )
Cheniere Energy, Inc. | 104 | 07/12/24 | USD | 165.00 | USD | 1,818 | (109,200 )
Chevron Corp. | 38 | 07/12/24 | USD | 165.00 | USD | 594 | (665 )
Exxon Mobil Corp. | 442 | 07/12/24 | USD | 117.00 | USD | 5,088 | (35,360 )
Hess Corp. | 308 | 07/12/24 | USD | 150.00 | USD | 4,544 | (58,520 )
Newmont Corp. | 150 | 07/12/24 | USD | 43.00 | USD | 628 | (8,625 )
Nucor Corp. | 64 | 07/12/24 | USD | 175.00 | USD | 1,012 | (1,120 )
Shell PLC, ADR | 526 | 07/12/24 | USD | 70.00 | USD | 3,797 | (177,525 )
Avery Dennison Corp. | 176 | 07/19/24 | USD | 230.00 | USD | 3,848 | (44,000 )
Barrick Gold Corp. | 1,463 | 07/19/24 | USD | 18.00 | USD | 2,440 | (16,825 )
BHP Group Ltd., ADR | 570 | 07/19/24 | USD | 60.00 | USD | 3,254 | (21,375 )
BHP Group Ltd., ADR | 361 | 07/19/24 | USD | 62.50 | USD | 2,061 | (2,708 )
Bunge Global SA | 325 | 07/19/24 | USD | 110.00 | USD | 3,470 | (28,437 )
Canadian Natural Resources Ltd. | 2,118 | 07/19/24 | CAD | 52.50 | CAD | 10,321 | (17,030 )
Canadian Natural Resources Ltd. | 489 | 07/19/24 | CAD | 49.00 | CAD | 2,383 | (31,634 )
Cheniere Energy, Inc. | 62 | 07/19/24 | USD | 165.00 | USD | 1,084 | (67,270 )
Chevron Corp. | 70 | 07/19/24 | USD | 160.00 | USD | 1,095 | (9,765 )
ConocoPhillips | 167 | 07/19/24 | USD | 130.00 | USD | 1,910 | (2,505 )
Corteva, Inc. | 507 | 07/19/24 | USD | 60.00 | USD | 2,735 | (5,070 )
CRH PLC | 146 | 07/19/24 | USD | 85.00 | USD | 1,095 | (1,825 )
Diamondback Energy, Inc. | 88 | 07/19/24 | USD | 206.75 | USD | 1,762 | (14,960 )
Exxon Mobil Corp. | 442 | 07/19/24 | USD | 115.00 | USD | 5,088 | (100,555 )
Filo Corp. | 194 | 07/19/24 | CAD | 28.00 | CAD | 487 | (1,560 )
Freeport-McMoRan, Inc. | 120 | 07/19/24 | USD | 50.00 | USD | 583 | (11,160 )
Hess Corp. | 226 | 07/19/24 | USD | 150.00 | USD | 3,334 | (40,680 )
Marathon Petroleum Corp. | 138 | 07/19/24 | USD | 180.00 | USD | 2,394 | (29,394 )
Newmont Corp. | 155 | 07/19/24 | USD | 45.00 | USD | 649 | (4,728 )
Newmont Corp. | 440 | 07/19/24 | USD | 42.50 | USD | 1,842 | (42,680 )
Nucor Corp. | 64 | 07/19/24 | USD | 167.50 | USD | 1,012 | (5,280 )
Packaging Corp. of America | 193 | 07/19/24 | USD | 185.00 | USD | 3,523 | (46,320 )
Shell PLC, ADR | 960 | 07/19/24 | USD | 72.50 | USD | 6,929 | (98,400 )
Stelco Holdings, Inc. | 547 | 07/19/24 | CAD | 43.00 | CAD | 2,033 | (4,198 )
Barrick Gold Corp. | 900 | 07/26/24 | USD | 17.00 | USD | 1,501 | (37,350 )

88
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
CF Industries Holdings, Inc. | 480 | 07/26/24 | USD | 76.00 | USD | 3,558 | $(62,400 )
Cheniere Energy, Inc. | 48 | 07/26/24 | USD | 170.00 | USD | 839 | (34,800 )
Chevron Corp. | 180 | 07/26/24 | USD | 155.00 | USD | 2,816 | (84,600 )
ConocoPhillips | 422 | 07/26/24 | USD | 112.00 | USD | 4,827 | (162,470 )
Exxon Mobil Corp. | 329 | 07/26/24 | USD | 115.00 | USD | 3,787 | (87,185 )
Freeport-McMoRan, Inc. | 619 | 07/26/24 | USD | 50.00 | USD | 3,008 | (87,898 )
Newmont Corp. | 207 | 07/26/24 | USD | 43.00 | USD | 867 | (37,777 )
Nucor Corp. | 93 | 07/26/24 | USD | 160.00 | USD | 1,470 | (40,455 )
Nutrien Ltd. | 1,343 | 07/26/24 | USD | 52.00 | USD | 6,837 | (124,227 )
Shell PLC, ADR | 526 | 07/26/24 | USD | 71.00 | USD | 3,797 | (117,035 )
Barrick Gold Corp. | 1,906 | 08/02/24 | USD | 17.50 | USD | 3,179 | (61,945 )
Diamondback Energy, Inc. | 92 | 08/02/24 | USD | 205.00 | USD | 1,842 | (34,040 )
Shell PLC, ADR | 312 | 08/02/24 | USD | 71.00 | USD | 2,252 | (95,940 )
CRH PLC | 148 | 08/07/24 | USD | 80.72 | USD | 1,110 | (22,162 )
ArcelorMittal SA, Registered Shares | 432 | 08/09/24 | USD | 24.00 | USD | 991 | (24,840 )
Freeport-McMoRan, Inc. | 900 | 08/09/24 | USD | 52.00 | USD | 4,374 | (111,600 )
Marathon Petroleum Corp. | 258 | 08/09/24 | USD | 185.00 | USD | 4,476 | (73,272 )
Avery Dennison Corp. | 129 | 08/16/24 | USD | 228.77 | USD | 2,821 | (82,850 )
BHP Group Ltd., ADR | 956 | 08/16/24 | USD | 60.00 | USD | 5,458 | (90,820 )
Bunge Global SA | 292 | 08/16/24 | USD | 104.62 | USD | 3,118 | (157,877 )
Corteva, Inc. | 781 | 08/16/24 | USD | 55.00 | USD | 4,213 | (144,485 )
Exxon Mobil Corp. | 313 | 08/16/24 | USD | 115.00 | USD | 3,603 | (117,375 )
Filo Corp. | 202 | 08/16/24 | CAD | 26.00 | CAD | 507 | (15,873 )
Packaging Corp. of America | 182 | 08/16/24 | USD | 190.00 | USD | 3,323 | (56,420 )
Permian Resources Corp., Class A | 800 | 08/16/24 | USD | 16.00 | USD | 1,292 | (70,000 )
Shell PLC, ADR | 610 | 08/16/24 | USD | 72.50 | USD | 4,403 | (109,800 )
Stelco Holdings, Inc. | 590 | 08/16/24 | CAD | 46.00 | CAD | 2,193 | (10,997 )
Stelco Holdings, Inc. | 590 | 09/20/24 | CAD | 40.00 | CAD | 2,193 | (55,203 )
|  |  |  |  |  |  | $(3,413,063 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Chevron Corp. | Bank of America N.A. | 10,800 | 07/02/24 | USD | 164.33 | USD | 1,689 | $(42 )
BP PLC | Bank of America N.A. | 1,035,200 | 07/03/24 | GBP | 5.14 | GBP | 4,931 | (131 )
Glencore PLC | Bank of America N.A. | 461,400 | 07/03/24 | GBP | 5.07 | GBP | 2,077 | (1 )
Smurfit Kappa Group PLC | Bank of America N.A. | 119,900 | 07/03/24 | EUR | 44.85 | EUR | 4,994 | (35 )
TotalEnergies SE | Goldman Sachs International | 175,000 | 07/03/24 | EUR | 69.69 | EUR | 10,941 | (17 )
BP PLC | Morgan Stanley & Co. International PLC | 699,200 | 07/09/24 | GBP | 5.00 | GBP | 3,330 | (6,558 )
Graphic Packaging Holding Co. | Barclays Bank PLC | 104,000 | 07/10/24 | USD | 28.28 | USD | 2,726 | (2,946 )
UPM-Kymmene OYJ | Morgan Stanley & Co. International PLC | 52,400 | 07/16/24 | EUR | 35.80 | EUR | 1,718 | (917 )
Rio Tinto PLC | Citibank N.A. | 124,400 | 07/18/24 | GBP | 56.20 | GBP | 6,457 | (19,014 )
Glencore PLC | Bank of America N.A. | 547,000 | 07/25/24 | GBP | 4.88 | GBP | 2,462 | (10,994 )
BP PLC | Bank of America N.A. | 1,062,800 | 08/02/24 | GBP | 4.74 | GBP | 5,062 | (166,176 )
Glencore PLC | Bank of America N.A. | 955,400 | 08/02/24 | GBP | 4.71 | GBP | 4,301 | (66,980 )
Saipem SpA | Bank of America N.A. | 1,332,800 | 08/02/24 | EUR | 2.14 | EUR | 3,191 | (416,547 )
Smurfit Kappa Group PLC | Bank of America N.A. | 150,600 | 08/02/24 | EUR | 43.59 | EUR | 6,272 | (66,754 )
UPM-Kymmene OYJ | Citibank N.A. | 53,400 | 08/02/24 | EUR | 34.26 | EUR | 1,751 | (22,485 )
Saipem SpA | Goldman Sachs International | 866,200 | 08/06/24 | EUR | 2.20 | EUR | 2,074 | (226,692 )
UPM-Kymmene OYJ | Morgan Stanley & Co. International PLC | 27,900 | 08/06/24 | EUR | 35.95 | EUR | 915 | (4,844 )
Rio Tinto PLC | Bank of America N.A. | 51,800 | 08/07/24 | GBP | 53.55 | GBP | 2,689 | (74,174 )
DS Smith PLC | Citibank N.A. | 176,200 | 08/08/24 | GBP | 3.82 | GBP | 739 | (98,956 )
Graphic Packaging Holding Co. | Morgan Stanley & Co. International PLC | 68,500 | 08/12/24 | USD | 27.30 | USD | 1,795 | (104,278 )
Anglo American PLC | Bank of America N.A. | 159,850 | 08/13/24 | GBP | 26.56 | GBP | 3,996 | (141,194 )
Norsk Hydro ASA | Citibank N.A. | 458,800 | 08/13/24 | NOK | 67.26 | NOK | 30,540 | (111,528 )
Anglo American PLC | Bank of America N.A. | 159,850 | 08/20/24 | GBP | 26.07 | GBP | 3,996 | (161,647 )
DS Smith PLC | Citibank N.A. | 176,200 | 08/20/24 | GBP | 3.82 | GBP | 739 | (103,275 )
|  |  |  |  |  |  |  | $(1,806,185 )

Schedule of Investments
89

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
Balances Reported in the Statements of Assets and Liabilities for Options Written

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $N/A | $2,470,981 | $(1,684,806 ) | $(5,219,248 )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $5,219,248 | $— | $— | $— | $5,219,248

For the period ended June 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options purchased(a) | $— | $— | $(62,903 ) | $— | $— | $— | $(62,903 )
Options written | — | — | (2,260,101 ) | — | — | — | (2,260,101 )
| $— | $— | $(2,323,004 ) | $— | $— | $— | $(2,323,004 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $4,029,904 | $— | $— | $— | $4,029,904

(a) | Options purchased are included in net realized gain (loss) from investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased | $— (a)
Average value of option contracts written | $9,698,273

(a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $5,219,248
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 5,219,248
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (3,413,063 )
Total derivative assets and liabilities subject to an MNA | $— | $1,806,185

90
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged | Net Amount of Derivative Liabilities(b)
Bank of America N.A. | $1,104,675 | $— | $(1,104,675 ) | $— | $—
Barclays Bank PLC | 2,946 | — | — | — | 2,946
Citibank N.A. | 355,258 | — | (355,258 ) | — | —
Goldman Sachs International | 226,709 | — | (226,709 ) | — | —
Morgan Stanley & Co. International PLC | 116,597 | — | (116,597 ) | — | —
| $1,806,185 | $— | $(1,803,239 ) | $— | $2,946

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Chemicals | $60,268,385 | $— | $— | $60,268,385
Construction Materials | 5,965,259 | — | — | 5,965,259
Containers & Packaging | 48,816,774 | 37,653,704 | — | 86,470,478
Energy Equipment & Services | — | 15,240,849 | — | 15,240,849
Food Products | 17,830,056 | — | 11,651,775 | 29,481,831
Metals & Mining | 197,915,983 | 116,039,010 | 12 | 313,955,005
Oil, Gas & Consumable Fuels | 260,593,918 | 77,934,989 | 633 | 338,529,540
Paper & Forest Products | — | 12,823,520 | — | 12,823,520
Corporate Bonds | — | 7,092,000 | — | 7,092,000
Short-Term Securities |  |  |  |
Money Market Funds | 17,533,182 | — | — | 17,533,182
| $608,923,557 | $266,784,072 | $11,652,420 | $887,360,049
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(3,150,174 ) | $(2,069,074 ) | $— | $(5,219,248 )

(a) | 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 and derivative financial instruments 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
Assets |
Opening balance, as of December 31, 2023 | $7,777,474
Transfers into Level 3 | —
Transfers out of Level 3 | —
Accrued discounts/premiums | —
Net realized gain (loss) | —
Net change in unrealized appreciation (depreciation)(a)(b) | 3,874,946

Schedule of Investments
91

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)

| Common Stocks
Purchases | $—
Sales | —
Closing balance, as of June 30, 2024 | $11,652,420
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024(b) | $3,874,947

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $645. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

| Value | Valuation Approach | Unobservable Inputs | Range of Unobservable Inputs Utilized(a) | Weighted Average of Unobservable Inputs Based on Fair Value
Assets |  |  |  |  |
Common Stocks | $11,651,775 | Market | EBITDA Multiple | 10.85x | —
| $11,651,775 |  |  |  |

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

See notes to financial statements.
92
2024 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)
June 30, 2024
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Automobiles — 1.1% |
Tesla, Inc.(a)(b) |  | 98,847 | $19,559,844
Broadline Retail — 1.6% |
MercadoLibre, Inc.(b)(c) |  | 16,525 | 27,157,185
Communications Equipment — 1.0% |
Accton Technology Corp. |  | 1,001,000 | 17,036,478
Consumer Finance — 1.3% |
Kaspi.KZ JSC, ADR |  | 176,677 | 22,793,100
Diversified Consumer Services — 0.0% |
Think & Learn Private Ltd., Class J-B, (Acquired 09/30/20, Cost: $7,113,729)(b)(d)(e) |  | 4,651 | —
Electrical Equipment — 0.7% |
Vertiv Holdings Co., Class A |  | 136,729 | 11,836,630
Electronic Equipment, Instruments & Components — 3.2% |
Coherent Corp.(b) |  | 231,409 | 16,767,896
E Ink Holdings, Inc. |  | 953,000 | 7,378,970
Fabrinet(b) |  | 30,857 | 7,553,485
Lotes Co. Ltd. |  | 233,000 | 11,679,197
Yageo Corp. |  | 541,000 | 12,152,021
|  |  | 55,531,569
Entertainment — 3.9% |
Nintendo Co. Ltd. |  | 204,100 | 10,899,253
Spotify Technology SA(b) |  | 82,372 | 25,847,510
Take-Two Interactive Software, Inc.(b) |  | 113,820 | 17,697,872
Webtoon Entertainment, Inc.(b) |  | 563,652 | 12,868,175
|  |  | 67,312,810
Industrial Conglomerates — 1.0% |
Hitachi Ltd. |  | 798,000 | 17,968,016
Interactive Media & Services(b)(c) — 2.2% |
Pinterest, Inc., Class A |  | 341,069 | 15,030,911
Reddit, Inc., Class A |  | 371,397 | 23,728,554
|  |  | 38,759,465
IT Services — 5.4% |
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $34,000,000)(b)(d)(e) |  | 400,000 | 16,668,000
Cloudflare, Inc., Class A(b)(c) |  | 111,426 | 9,229,416
CNEX Labs, Inc., (Acquired 12/14/21, Cost: $5,699,998)(b)(d)(e) |  | 1,161,804 | 12
Farmer’s Business Network, Inc.(b)(d) |  | 361,834 | 875,638
Klarna Holdings AB, (Acquired 08/07/19, Cost: $23,354,996)(b)(d)(e) |  | 86,839 | 39,605,105
MongoDB, Inc., Class A(b)(c)(f) |  | 70,837 | 17,706,416
NEC Corp. |  | 121,800 | 10,043,205
|  |  | 94,127,792
Machinery — 0.9% |
DMG Mori Co. Ltd. |  | 241,500 | 6,316,895
Harmonic Drive Systems, Inc. |  | 304,100 | 8,603,532
|  |  | 14,920,427
Media — 1.6% |
Informa PLC |  | 2,531,376 | 27,318,456

Security |  | Shares | Value
Professional Services — 2.3% |
Thomson Reuters Corp. |  | 74,884 | $12,623,196
Wolters Kluwer NV, Class C |  | 167,561 | 27,670,728
|  |  | 40,293,924
Semiconductors & Semiconductor Equipment — 29.2% |
Amkor Technology, Inc. |  | 344,904 | 13,803,058
ARM Holdings PLC, ADR(b)(c) |  | 135,838 | 22,225,814
ASM International NV |  | 44,741 | 34,198,947
ASPEED Technology, Inc. |  | 88,000 | 13,058,387
Astera Labs, Inc.(b)(c) |  | 208,904 | 12,640,781
BE Semiconductor Industries NV |  | 161,821 | 27,032,411
Credo Technology Group Holding Ltd.(b) |  | 1,209,283 | 38,624,499
Disco Corp. |  | 39,100 | 14,893,175
eMemory Technology, Inc. |  | 113,000 | 8,876,404
Kokusai Electric Corp. |  | 307,300 | 9,035,604
Lasertec Corp. |  | 71,000 | 15,938,101
Marvell Technology, Inc.(f) |  | 321,014 | 22,438,879
Monolithic Power Systems, Inc. |  | 34,644 | 28,466,282
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $7,000,000)(b)(d)(e) |  | 10,189 | —
NVIDIA Corp.(a)(f) |  | 1,448,206 | 178,911,369
Rambus, Inc.(b) |  | 244,348 | 14,357,888
SK Hynix, Inc. |  | 306,379 | 51,995,136
|  |  | 506,496,735
Software(b) — 16.9% |
Confluent, Inc., Class A |  | 397,305 | 11,732,417
CyberArk Software Ltd. |  | 62,408 | 17,063,595
Databricks, Inc., (Acquired 07/24/20, Cost: $5,501,686)(d)(e) |  | 343,659 | 25,258,937
Datadog, Inc., Class A |  | 107,606 | 13,955,422
DataRobot, Inc., (Acquired 03/01/21, Cost: $1,384,813)(d)(e) |  | 92,093 | 140,902
Elastic NV |  | 67,975 | 7,743,032
Informatica, Inc., Class A(c) |  | 381,017 | 11,765,805
Klaviyo, Inc., Series A |  | 37,183 | 925,485
Manhattan Associates, Inc. |  | 58,005 | 14,308,673
Monday.com Ltd. |  | 46,520 | 11,200,155
Money Forward, Inc. |  | 262,300 | 8,805,037
nCino, Inc.(c) |  | 228,448 | 7,184,690
Nutanix, Inc., Class A |  | 156,876 | 8,918,401
Palo Alto Networks, Inc. |  | 32,865 | 11,141,564
PTC, Inc. |  | 53,526 | 9,724,068
Q2 Holdings, Inc. |  | 123,046 | 7,423,365
Samsara, Inc., Class A(c) |  | 448,548 | 15,116,068
SentinelOne, Inc., Class A(c) |  | 599,332 | 12,615,939
Silvaco Group, Inc.(c) |  | 276,895 | 4,978,572
SiteMinder Ltd. |  | 2,920,098 | 9,834,375
Snorkel AI, Inc., (Acquired 10/13/20, Cost: $2,017,593)(d)(e) |  | 500,250 | 3,411,705
Snyk Ltd., Ordinary Shares, (Acquired 11/02/20, Cost: $9,287,400)(d)(e) |  | 1,267,643 | 9,963,674
Synopsys, Inc.(f) |  | 89,410 | 53,204,315
Xero Ltd. |  | 187,480 | 16,955,026
|  |  | 293,371,222
Technology Hardware, Storage & Peripherals — 5.7% |
Asia Vital Components Co. Ltd. |  | 504,000 | 11,801,702
Pure Storage, Inc., Class A(a)(b) |  | 552,696 | 35,488,610
Super Micro Computer, Inc.(b) |  | 23,397 | 19,170,332

Consolidated Schedule of Investments
93

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Technology Hardware, Storage & Peripherals (continued) |
Western Digital Corp.(b) |  | 232,184 | $17,592,582
Wiwynn Corp. |  | 190,000 | 15,387,605
|  |  | 99,440,831
Total Common Stocks — 78.0% (Cost: $799,230,196) | 1,353,924,484
Preferred Securities
Preferred Stocks — 23.0%(d)
Communications Equipment — 0.6% |
Astranis Space Technologies Corp., Series C(b) |  | 775,515 | 9,933,463
Consumer Staples Distribution & Retail — 2.2% |
GrubMarket, Inc., Series D, (Acquired 07/23/20, Cost: $8,000,001)(b)(e) |  | 1,762,969 | 38,362,205
Diversified Consumer Services(b)(e) — 1.5% |
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $16,947,253) |  | 963,050 | 26,062,944
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $14,251,080) |  | 4,920 | —
|  |  | 26,062,944
Entertainment — 0.3% |
ResearchGate GmbH, Series D, (Acquired 09/24/20, Cost: $6,999,988)(b)(e) |  | 424,688 | 5,168,453
Financial Services(e)(g) — 1.4% |
Trumid Holdings LLC |  |  |
Class J-A, (Acquired 07/24/20, Cost: $9,999,857) |  | 20,154 | 12,120,414
Class J-B, (Acquired 07/24/20, Cost: $5,999,914) |  | 20,154 | 12,120,414
|  |  | 24,240,828
Interactive Media & Services — 1.5% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $16,961,509)(b)(e) |  | 150,113 | 25,370,598
IT Services(b)(e) — 1.2% |
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $12,000,008) |  | 1,974,374 | 8,726,733
TRAX Ltd. |  |  |
(Acquired 09/12/19, Cost: $10,999,988) |  | 293,333 | 7,482,925
(Acquired 02/18/21, Cost: $9,999,998) |  | 191,806 | 4,892,971
|  |  | 21,102,629
Professional Services — 0.5% |
Rapyd Financial Network Ltd., Series E, (Acquired 03/31/21, Cost: $13,999,978)(b)(e) |  | 190,705 | 9,176,725
Semiconductors & Semiconductor Equipment(b)(e) — 4.5% |
PsiQuantum Corp. |  |  |
Series C, (Acquired 09/09/19, Cost: $9,101,310) |  | 1,962,335 | 54,278,186
Series D, (Acquired 05/21/21, Cost: $19,999,969) |  | 762,595 | 24,212,391
|  |  | 78,490,577
Software(b)(e) — 9.3% |
Databricks, Inc. |  |  |
Series F, (Acquired 10/22/19, Cost: $13,200,019) |  | 922,038 | 67,769,793
Series G, (Acquired 02/01/21, Cost: $18,500,004) |  | 312,909 | 22,998,812
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $11,499,999) |  | 875,059 | 3,780,255

Security |  | Shares | Value
Software (continued) |
SambaNova Systems, Inc. |  |  |
Series C, (Acquired 02/20/20, Cost: $33,904,162) |  | 636,800 | $35,769,056
Series D, (Acquired 04/09/21, Cost: $6,999,979) |  | 73,670 | 4,138,044
Snorkel AI, Inc., Series B, (Acquired 10/13/20, Cost: $999,996) |  | 247,943 | 1,690,971
Snyk Ltd., Seed Preferred, (Acquired 11/02/20, Cost: $13,212,590) |  | 2,663,936 | 20,938,537
Unqork, Inc. |  |  |
Series B, (Acquired 09/19/19, Cost: $6,801,016) |  | 597,680 | 3,119,890
Series C, (Acquired 09/18/20, Cost: $7,994,787) |  | 292,000 | 1,947,640
|  |  | 162,152,998
| 400,061,420
Total Preferred Securities — 23.0% (Cost: $285,373,415) | 400,061,420
Total Long-Term Investments — 101.0% (Cost: $1,084,603,611) | 1,753,985,904
Short-Term Securities
Money Market Funds — 1.9% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.48%(h)(i)(j) |  | 30,718,554 | 30,727,769
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19%(h)(i) |  | 1,566,345 | 1,566,345
Total Short-Term Securities — 1.9% (Cost: $32,294,710) | 32,294,114
Total Investments Before Options Written — 102.9% (Cost: $1,116,898,321) | 1,786,280,018
Options Written — (1.1)% (Premiums Received: $(12,707,105)) | (19,072,940 )
Total Investments, Net of Options Written — 101.8% (Cost: $1,104,191,216) | 1,767,207,078
Liabilities in Excess of Other Assets — (1.8)% | (31,566,910 )
Net Assets — 100.0% | $1,735,640,168

(a) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(b) | Non-income producing security.
(c) | All or a portion of this security is on loan.
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(e) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $485,176,292, representing 28.0% of its net assets as of period end, and an original cost of $363,733,620.
(f) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(g) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the 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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
94
2024 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Science and Technology Term Trust (BSTZ)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $30,730,781 (a) | $— | $(2,416 ) | $(596 ) | $30,727,769 | 30,718,554 | $54,117 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 1,471,804 | 94,541 (a) | — | — | — | 1,566,345 | 1,566,345 | 296,711 | —
SL Liquidity Series, LLC, Money Market Series(c) | 2,878,719 | — | (2,879,043 )(a) | 886 | (562 ) | — | — | 19,866 (b) | —
|  |  |  | $(1,530 ) | $(1,158 ) | $32,294,114 |  | $370,694 | $—

(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.
(c) | As of period end, the entity is no longer held.

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 |  |  |  |  |  |  |
Confluent, Inc., Class A | 788 | 07/01/24 | USD | 31.50 | USD | 2,327 | $(1,580 )
NVIDIA Corp. | 900 | 07/05/24 | USD | 112.50 | USD | 11,119 | (1,012,500 )
Spotify Technology SA | 97 | 07/05/24 | USD | 315.00 | USD | 3,044 | (44,620 )
Tesla, Inc. | 134 | 07/05/24 | USD | 185.00 | USD | 2,652 | (183,915 )
ARM Holdings PLC, ADR | 278 | 07/12/24 | USD | 155.00 | USD | 4,549 | (342,635 )
Coherent Corp. | 190 | 07/12/24 | USD | 72.00 | USD | 1,377 | (47,500 )
NVIDIA Corp. | 650 | 07/12/24 | USD | 115.00 | USD | 8,030 | (645,125 )
NVIDIA Corp. | 360 | 07/12/24 | USD | 117.00 | USD | 4,447 | (306,000 )
Pinterest, Inc., Class A | 497 | 07/12/24 | USD | 43.00 | USD | 2,190 | (75,047 )
Samsara, Inc., Class A | 573 | 07/12/24 | USD | 33.00 | USD | 1,931 | (130,357 )
Spotify Technology SA | 125 | 07/12/24 | USD | 350.00 | USD | 3,922 | (7,188 )
Take-Two Interactive Software, Inc. | 132 | 07/12/24 | USD | 167.50 | USD | 2,052 | (2,838 )
Tesla, Inc. | 11 | 07/12/24 | USD | 200.00 | USD | 218 | (6,848 )
Amkor Technology, Inc. | 599 | 07/19/24 | USD | 35.28 | USD | 2,397 | (301,475 )
ARM Holdings PLC, ADR | 22 | 07/19/24 | USD | 125.00 | USD | 360 | (85,030 )
Confluent, Inc., Class A | 142 | 07/19/24 | USD | 32.00 | USD | 419 | (5,680 )
Credo Technology Group Holding Ltd. | 882 | 07/19/24 | USD | 22.50 | USD | 2,817 | (846,720 )
CyberArk Software Ltd. | 126 | 07/19/24 | USD | 270.00 | USD | 3,445 | (123,480 )
Datadog, Inc., Class A | 60 | 07/19/24 | USD | 130.00 | USD | 778 | (22,950 )
Elastic NV | 183 | 07/19/24 | USD | 115.00 | USD | 2,085 | (61,305 )
Fabrinet | 83 | 07/19/24 | USD | 260.00 | USD | 2,032 | (30,295 )
Informatica, Inc., Class A | 660 | 07/19/24 | USD | 30.00 | USD | 2,038 | (105,600 )
Manhattan Associates, Inc. | 156 | 07/19/24 | USD | 230.00 | USD | 3,848 | (283,140 )
Marvell Technology, Inc. | 430 | 07/19/24 | USD | 77.50 | USD | 3,006 | (22,145 )
Monday.com Ltd. | 103 | 07/19/24 | USD | 250.00 | USD | 2,480 | (54,590 )
MongoDB, Inc., Class A | 83 | 07/19/24 | USD | 270.00 | USD | 2,075 | (29,257 )
Monolithic Power Systems, Inc. | 68 | 07/19/24 | USD | 750.00 | USD | 5,587 | (531,080 )
nCino, Inc. | 467 | 07/19/24 | USD | 35.00 | USD | 1,469 | (7,005 )
Nutanix, Inc., Class A | 175 | 07/19/24 | USD | 60.00 | USD | 995 | (12,688 )
NVIDIA Corp. | 360 | 07/19/24 | USD | 117.00 | USD | 4,447 | (343,800 )
NVIDIA Corp. | 40 | 07/19/24 | USD | 105.00 | USD | 494 | (77,200 )
Pinterest, Inc., Class A | 129 | 07/19/24 | USD | 41.00 | USD | 569 | (43,860 )
Pinterest, Inc., Class A | 147 | 07/19/24 | USD | 43.00 | USD | 648 | (26,901 )
PTC, Inc. | 112 | 07/19/24 | USD | 185.00 | USD | 2,035 | (24,920 )
Pure Storage, Inc., Class A | 734 | 07/19/24 | USD | 60.00 | USD | 4,713 | (367,000 )
Q2 Holdings, Inc. | 166 | 07/19/24 | USD | 60.00 | USD | 1,001 | (34,445 )
Rambus, Inc. | 439 | 07/19/24 | USD | 61.00 | USD | 2,580 | (65,839 )

Consolidated Schedule of Investments
95

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Science and Technology Term Trust (BSTZ)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
SentinelOne, Inc., Class A | 765 | 07/19/24 | USD | 25.00 | USD | 1,610 | $(7,650 )
Synopsys, Inc. | 163 | 07/19/24 | USD | 590.00 | USD | 9,699 | (303,995 )
Take-Two Interactive Software, Inc. | 156 | 07/19/24 | USD | 165.00 | USD | 2,426 | (8,658 )
Thomson Reuters Corp. | 202 | 07/19/24 | USD | 167.83 | USD | 3,405 | (89,120 )
Vertiv Holdings Co., Class A | 173 | 07/19/24 | USD | 105.00 | USD | 1,498 | (7,785 )
Cloudflare, Inc., Class A | 300 | 07/26/24 | USD | 73.00 | USD | 2,485 | (316,500 )
Datadog, Inc., Class A | 230 | 07/26/24 | USD | 124.00 | USD | 2,983 | (191,475 )
Marvell Technology, Inc. | 430 | 07/26/24 | USD | 76.00 | USD | 3,006 | (44,720 )
MercadoLibre, Inc. | 23 | 07/26/24 | USD | 1,650.00 | USD | 3,780 | (116,150 )
MongoDB, Inc., Class A | 60 | 07/26/24 | USD | 245.00 | USD | 1,500 | (89,400 )
NVIDIA Corp. | 836 | 07/26/24 | USD | 123.00 | USD | 10,328 | (591,470 )
Reddit, Inc., Class A | 560 | 07/26/24 | USD | 67.00 | USD | 3,578 | (206,080 )
SentinelOne, Inc., Class A | 319 | 07/26/24 | USD | 19.50 | USD | 671 | (55,027 )
Super Micro Computer, Inc. | 63 | 07/26/24 | USD | 985.00 | USD | 5,162 | (150,885 )
Tesla, Inc. | 101 | 07/26/24 | USD | 185.00 | USD | 1,999 | (195,687 )
Vertiv Holdings Co., Class A | 68 | 07/26/24 | USD | 95.00 | USD | 589 | (20,230 )
Western Digital Corp. | 238 | 07/26/24 | USD | 80.00 | USD | 1,803 | (38,318 )
Coherent Corp. | 434 | 08/02/24 | USD | 76.00 | USD | 3,145 | (106,330 )
Monday.com Ltd. | 22 | 08/02/24 | USD | 225.00 | USD | 530 | (49,390 )
NVIDIA Corp. | 660 | 08/02/24 | USD | 142.00 | USD | 8,154 | (136,620 )
Pinterest, Inc., Class A | 147 | 08/02/24 | USD | 50.00 | USD | 648 | (12,936 )
Samsara, Inc., Class A | 638 | 08/02/24 | USD | 31.00 | USD | 2,150 | (232,870 )
SentinelOne, Inc., Class A | 534 | 08/02/24 | USD | 22.50 | USD | 1,124 | (26,700 )
Take-Two Interactive Software, Inc. | 246 | 08/02/24 | USD | 157.50 | USD | 3,825 | (102,090 )
Tesla, Inc. | 20 | 08/02/24 | USD | 205.00 | USD | 396 | (20,600 )
Palo Alto Networks, Inc. | 89 | 08/09/24 | USD | 345.00 | USD | 3,017 | (110,582 )
Vertiv Holdings Co., Class A | 128 | 08/09/24 | USD | 100.00 | USD | 1,108 | (47,680 )
ARM Holdings PLC, ADR | 338 | 08/16/24 | USD | 145.00 | USD | 5,530 | (949,780 )
Confluent, Inc., Class A | 142 | 08/16/24 | USD | 32.00 | USD | 419 | (25,915 )
Credo Technology Group Holding Ltd. | 750 | 08/16/24 | USD | 25.75 | USD | 2,396 | (508,577 )
Credo Technology Group Holding Ltd. | 1,200 | 08/16/24 | USD | 30.00 | USD | 3,833 | (438,000 )
CyberArk Software Ltd. | 42 | 08/16/24 | USD | 270.00 | USD | 1,148 | (74,970 )
Informatica, Inc., Class A | 368 | 08/16/24 | USD | 31.63 | USD | 1,136 | (78,644 )
Kaspi.KZ JSC, ADR | 117 | 08/16/24 | USD | 140.00 | USD | 1,509 | (60,840 )
Marvell Technology, Inc. | 6 | 08/16/24 | USD | 75.00 | USD | 42 | (1,428 )
MercadoLibre, Inc. | 21 | 08/16/24 | USD | 1,750.00 | USD | 3,451 | (111,825 )
MongoDB, Inc., Class A | 48 | 08/16/24 | USD | 250.00 | USD | 1,200 | (80,400 )
Monolithic Power Systems, Inc. | 25 | 08/16/24 | USD | 860.00 | USD | 2,054 | (101,375 )
nCino, Inc. | 150 | 08/16/24 | USD | 35.00 | USD | 472 | (4,500 )
Nutanix, Inc., Class A | 300 | 08/16/24 | USD | 57.25 | USD | 1,706 | (83,477 )
NVIDIA Corp. | 140 | 08/16/24 | USD | 138.00 | USD | 1,730 | (58,450 )
PTC, Inc. | 35 | 08/16/24 | USD | 180.00 | USD | 636 | (30,275 )
Q2 Holdings, Inc. | 166 | 08/16/24 | USD | 60.00 | USD | 1,001 | (69,720 )
Rambus, Inc. | 220 | 08/16/24 | USD | 60.00 | USD | 1,293 | (84,700 )
Reddit, Inc., Class A | 442 | 08/16/24 | USD | 70.00 | USD | 2,824 | (218,790 )
Synopsys, Inc. | 78 | 08/16/24 | USD | 640.00 | USD | 4,641 | (65,130 )
Western Digital Corp. | 388 | 08/16/24 | USD | 80.00 | USD | 2,940 | (117,952 )
|  |  |  |  |  |  | $(12,756,254 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Amkor Technology, Inc. | Bank of America N.A. | 16,300 | 07/02/24 | USD | 34.96 | USD | 652 | $(82,816 )
Disco Corp. | Bank of America N.A. | 5,800 | 07/02/24 | JPY | 53,884.23 | JPY | 355,441 | (258,162 )
Money Forward, Inc. | BNP Paribas SA | 26,900 | 07/02/24 | JPY | 6,367.15 | JPY | 145,283 | (10 )
Nintendo Co. Ltd. | Bank of America N.A. | 39,400 | 07/02/24 | JPY | 8,163.82 | JPY | 338,516 | (98,226 )
SiteMinder Ltd. | Goldman Sachs International | 143,000 | 07/02/24 | AUD | 5.75 | AUD | 722 | —
SiteMinder Ltd. | Bank of America N.A. | 67,000 | 07/03/24 | AUD | 5.70 | AUD | 338 | —
Kaspi.KZ JSC, ADR | Bank of America N.A. | 13,000 | 07/08/24 | USD | 121.74 | USD | 1,677 | (105,275 )

96
2024 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Science and Technology Term Trust (BSTZ)
OTC Options Written (continued)

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |  |
Kaspi.KZ JSC, ADR | Goldman Sachs International | 8,400 | 07/08/24 | USD | 123.17 | USD | 1,084 | $(58,206 )
ASPEED Technology, Inc. | Morgan Stanley & Co. International PLC | 8,600 | 07/09/24 | TWD | 3,397.25 | USD | 41,401 | (381,984 )
Money Forward, Inc. | Citibank N.A. | 44,000 | 07/09/24 | JPY | 6,248.89 | JPY | 237,637 | (2,749 )
SK Hynix, Inc. | Morgan Stanley & Co. International PLC | 35,900 | 07/11/24 | KRW | 208,273.99 | USD | 8,386,377 | (752,144 )
Yageo Corp. | Bank of America N.A. | 117,000 | 07/11/24 | TWD | 670.80 | USD | 85,259 | (216,258 )
Kaspi.KZ JSC, ADR | Citibank N.A. | 11,800 | 07/15/24 | USD | 122.24 | USD | 1,522 | (99,429 )
Kaspi.KZ JSC, ADR | Citibank N.A. | 2,800 | 07/15/24 | USD | 123.43 | USD | 361 | (21,245 )
Pure Storage, Inc., Class A | JPMorgan Chase Bank N.A. | 128,000 | 07/15/24 | USD | 54.00 | USD | 8,219 | (1,333,688 )
Accton Technology Corp. | Morgan Stanley & Co. International PLC | 270,000 | 07/16/24 | TWD | 546.00 | USD | 149,077 | (215,001 )
ASPEED Technology, Inc. | Bank of America N.A. | 8,700 | 07/16/24 | TWD | 3,397.00 | USD | 41,882 | (386,825 )
eMemory Technology, Inc. | Morgan Stanley & Co. International PLC | 30,600 | 07/16/24 | TWD | 2,427.40 | USD | 77,980 | (193,829 )
Lotes Co. Ltd. | Morgan Stanley & Co. International PLC | 34,000 | 07/16/24 | TWD | 1,690.00 | USD | 55,289 | (49,280 )
Wiwynn Corp. | Morgan Stanley & Co. International PLC | 51,000 | 07/16/24 | TWD | 2,777.25 | USD | 133,995 | (115,681 )
Yageo Corp. | Morgan Stanley & Co. International PLC | 29,000 | 07/16/24 | TWD | 676.71 | USD | 21,132 | (49,576 )
E Ink Holdings, Inc. | Morgan Stanley & Co. International PLC | 257,400 | 07/18/24 | TWD | 235.19 | USD | 64,657 | (156,069 )
Harmonic Drive Systems, Inc. | Societe Generale | 74,000 | 07/18/24 | JPY | 4,923.70 | JPY | 336,838 | (30,421 )
Informa PLC | Citibank N.A. | 70,600 | 07/23/24 | GBP | 8.58 | GBP | 603 | (15,591 )
SiteMinder Ltd. | JPMorgan Chase Bank N.A. | 51,300 | 07/23/24 | AUD | 5.03 | AUD | 259 | (6,233 )
Xero Ltd. | Morgan Stanley & Co. International PLC | 28,100 | 07/23/24 | AUD | 136.97 | AUD | 3,809 | (84,731 )
Hitachi Ltd. | BNP Paribas SA | 112,000 | 07/24/24 | JPY | 3,514.36 | JPY | 405,737 | (61,339 )
Kokusai Electric Corp. | Societe Generale | 2,000 | 07/24/24 | JPY | 5,241.50 | JPY | 9,461 | (1,050 )
Lasertec Corp. | Citibank N.A. | 19,200 | 07/24/24 | JPY | 39,571.03 | JPY | 693,439 | (104,052 )
Lotes Co. Ltd. | Morgan Stanley & Co. International PLC | 8,000 | 07/24/24 | TWD | 1,690.60 | USD | 13,009 | (15,189 )
NEC Corp. | Citibank N.A. | 6,200 | 07/25/24 | JPY | 12,255.65 | JPY | 82,252 | (45,001 )
SiteMinder Ltd. | Bank of America N.A. | 16,000 | 07/25/24 | AUD | 5.08 | AUD | 81 | (1,715 )
Informa PLC | Citibank N.A. | 335,200 | 07/30/24 | GBP | 8.38 | GBP | 2,862 | (137,491 )
SiteMinder Ltd. | UBS AG | 55,300 | 07/30/24 | AUD | 4.91 | AUD | 279 | (10,336 )
ASM International NV | Goldman Sachs International | 2,400 | 08/02/24 | EUR | 727.02 | EUR | 1,713 | (73,110 )
Wolters Kluwer NV, Class C | Goldman Sachs International | 45,300 | 08/02/24 | EUR | 156.87 | EUR | 6,985 | (127,961 )
ASM International NV | Bank of America N.A. | 9,700 | 08/06/24 | EUR | 773.16 | EUR | 6,923 | (172,117 )
BE Semiconductor Industries NV | Bank of America N.A. | 22,700 | 08/06/24 | EUR | 166.10 | EUR | 3,541 | (118,822 )
Kokusai Electric Corp. | JPMorgan Chase Bank N.A. | 81,000 | 08/06/24 | JPY | 5,182.95 | JPY | 383,185 | (73,742 )
Lotes Co. Ltd. | Bank of America N.A. | 21,000 | 08/06/24 | TWD | 1,872.50 | USD | 34,149 | (17,079 )
NEC Corp. | UBS AG | 26,700 | 08/07/24 | JPY | 13,330.13 | JPY | 354,214 | (79,943 )
Nintendo Co. Ltd. | UBS AG | 56,600 | 08/07/24 | JPY | 8,847.80 | JPY | 486,294 | (64,755 )
SiteMinder Ltd. | JPMorgan Chase Bank N.A. | 51,300 | 08/07/24 | AUD | 4.91 | AUD | 259 | (10,173 )
Xero Ltd. | Goldman Sachs International | 22,600 | 08/07/24 | AUD | 139.57 | AUD | 3,064 | (71,587 )
Pure Storage, Inc., Class A | Citibank N.A. | 59,000 | 08/08/24 | USD | 63.25 | USD | 3,788 | (229,342 )
Amkor Technology, Inc. | JPMorgan Chase Bank N.A. | 17,000 | 08/12/24 | USD | 38.60 | USD | 680 | (58,581 )
Informa PLC | Citibank N.A. | 277,600 | 08/13/24 | GBP | 8.73 | GBP | 2,370 | (56,255 )
SiteMinder Ltd. | Bank of America N.A. | 45,500 | 08/13/24 | AUD | 5.17 | AUD | 230 | (5,212 )
SiteMinder Ltd. | JPMorgan Chase Bank N.A. | 71,500 | 08/13/24 | AUD | 5.10 | AUD | 361 | (9,837 )
SK Hynix, Inc. | JPMorgan Chase Bank N.A. | 7,000 | 08/13/24 | KRW | 258,330.00 | USD | 1,635,227 | (33,690 )
SiteMinder Ltd. | Bank of America N.A. | 45,500 | 08/20/24 | AUD | 5.17 | AUD | 230 | (5,706 )
SiteMinder Ltd. | JPMorgan Chase Bank N.A. | 71,500 | 08/20/24 | AUD | 5.10 | AUD | 361 | (10,621 )
SiteMinder Ltd. | UBS AG | 79,500 | 08/28/24 | AUD | 5.28 | AUD | 401 | (8,551 )
|  |  |  |  |  |  |  | $(6,316,686 )

Balances Reported in the Consolidated Statements of Assets and Liabilities for Options Written

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $N/A | $1,970,103 | $(8,335,938 ) | $(19,072,940 )

Consolidated Schedule of Investments
97

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Science and Technology Term Trust (BSTZ)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $19,072,940 | $— | $— | $— | $19,072,940

For the period ended June 30, 2024, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options purchased(a) | $— | $— | $(1,193 ) | $— | $— | $— | $(1,193 )
Options written | — | — | (42,395,510 ) | — | — | — | (42,395,510 )
| $— | $— | $(42,396,703 ) | $— | $— | $— | $(42,396,703 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(2,094,647 ) | $— | $— | $— | $(2,094,647 )

(a) | Options purchased are included in net realized gain (loss) from investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased | $— (a)
Average value of option contracts written | $20,611,780

(a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $19,072,940
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities | — | 19,072,940
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (12,756,254 )
Total derivative assets and liabilities subject to an MNA | $— | $6,316,686

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities
Bank of America N.A. | $1,468,213 | $— | $— | $(1,468,213 ) | $—
BNP Paribas SA | 61,349 | — | (61,349 ) | — | —
Citibank N.A. | 711,155 | — | — | (711,155 ) | —
Goldman Sachs International | 330,864 | — | (330,864 ) | — | —
JPMorgan Chase Bank N.A. | 1,536,565 | — | (1,536,565 ) | — | —
Morgan Stanley & Co. International PLC | 2,013,484 | — | (2,013,484 ) | — | —

98
2024 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Science and Technology Term Trust (BSTZ)

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities
Societe Generale | $31,471 | $— | $(31,471 ) | $— | $—
UBS AG | 163,585 | — | (163,585 ) | — | —
| $6,316,686 | $— | $(4,137,318 ) | $(2,179,368 ) | $—

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
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 | $19,559,844 | $— | $— | $19,559,844
Broadline Retail | 27,157,185 | — | — | 27,157,185
Communications Equipment | — | 17,036,478 | — | 17,036,478
Consumer Finance | 22,793,100 | — | — | 22,793,100
Diversified Consumer Services | — | — | — | —
Electrical Equipment | 11,836,630 | — | — | 11,836,630
Electronic Equipment, Instruments & Components | 24,321,381 | 31,210,188 | — | 55,531,569
Entertainment | 56,413,557 | 10,899,253 | — | 67,312,810
Industrial Conglomerates | — | 17,968,016 | — | 17,968,016
Interactive Media & Services | 38,759,465 | — | — | 38,759,465
IT Services | 26,935,832 | 10,043,205 | 57,148,755 | 94,127,792
Machinery | — | 14,920,427 | — | 14,920,427
Media | — | 27,318,456 | — | 27,318,456
Professional Services | 12,623,196 | 27,670,728 | — | 40,293,924
Semiconductors & Semiconductor Equipment | 331,468,570 | 175,028,165 | — | 506,496,735
Software | 219,001,566 | 35,594,438 | 38,775,218 | 293,371,222
Technology Hardware, Storage & Peripherals | 72,251,524 | 27,189,307 | — | 99,440,831
Preferred Securities |  |  |  |
Preferred Stocks | — | — | 400,061,420 | 400,061,420
Short-Term Securities |  |  |  |
Money Market Funds | 32,294,114 | — | — | 32,294,114
| $895,415,964 | $394,878,661 | $495,985,393 | $1,786,280,018
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(11,627,542 ) | $(7,445,398 ) | $— | $(19,072,940 )

(a) | 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 and derivative financial instruments 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 | Total
Assets |  |  |
Opening balance, as of December 31, 2023 | $92,486,598 | $448,979,134 | $541,465,732
Transfers into Level 3 | — | — | —
Transfers out of Level 3 | — | — | —
Accrued discounts/premiums | — | — | —
Net realized gain (loss) | — | 3,814,548 | 3,814,548

Consolidated Schedule of Investments
99

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Science and Technology Term Trust (BSTZ)

| Common Stocks | Preferred Stocks | Total
Net change in unrealized appreciation (depreciation)(a)(b) | $3,437,375 | $(32,101,887 ) | $(28,664,512 )
Purchases | — | 513,000 | 513,000
Sales | — | (21,143,375 ) | (21,143,375 )
Closing balance, as of June 30, 2024 | $95,923,973 | $400,061,420 | $495,985,393
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024(b) | $3,437,375 | $(32,101,887 ) | $(28,664,512 )

(a) | Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $12. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

| Value | Valuation Approach | Unobservable Inputs | Range of Unobservable Inputs Utilized(a) | Weighted Average of Unobservable Inputs Based on Fair Value
Assets |  |  |  |  |
Common Stocks | $95,923,961 | Market | Revenue Multiple | 1.63x - 18.08x | 10.74x
|  |  | Volatility | 70% | —
|  |  | Time to Exit | 3.0 years | —
Preferred Stocks | 400,061,420 | Market | Revenue Multiple | 1.50x - 20.00x | 12.32x
|  |  | Time to Exit | 0.5 - 4.0 years | 3.6 years
|  |  | Volatility | 34% - 80% | 55%
|  |  | Market Adjustment Multiple | 1.40x - 1.40x | 1.40x
| $495,985,381 |  |  |  |

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

See notes to financial statements.
100
2024 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)
June 30, 2024
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Automobiles — 1.0% |
Tesla, Inc.(a) |  | 65,531 | $12,967,274
Broadline Retail(a) — 3.8% |
Amazon.com, Inc. |  | 172,497 | 33,335,044
MercadoLibre, Inc. |  | 11,344 | 18,642,730
|  |  | 51,977,774
Capital Markets — 0.4% |
S&P Global, Inc. |  | 12,642 | 5,638,332
Communications Equipment — 1.4% |
Arista Networks, Inc.(a) |  | 29,241 | 10,248,385
Astranis, Series D(a)(b) |  | 321,116 | 2,999,223
Motorola Solutions, Inc. |  | 15,039 | 5,805,806
|  |  | 19,053,414
Diversified Consumer Services(a)(b)(c) — 0.7% |
Grammarly, Inc., (Acquired 11/17/21, Cost: $18,749,975) |  | 715,323 | 9,449,417
Think & Learn Private Ltd., Class J-B, (Acquired 09/30/20, Cost: $1,524,948) |  | 997 | —
|  |  | 9,449,417
Electrical Equipment — 0.4% |
Vertiv Holdings Co., Class A |  | 69,002 | 5,973,503
Entertainment — 3.0% |
Nintendo Co. Ltd. |  | 146,000 | 7,796,624
Spotify Technology SA(a) |  | 49,372 | 15,492,440
Take-Two Interactive Software, Inc.(a) |  | 48,251 | 7,502,548
Webtoon Entertainment, Inc.(a) |  | 445,414 | 10,168,801
|  |  | 40,960,413
Financial Services — 1.8% |
Mastercard, Inc., Class A |  | 56,392 | 24,877,895
Ground Transportation — 0.6% |
Uber Technologies, Inc.(a) |  | 115,732 | 8,411,402
Industrial Conglomerates — 0.7% |
Hitachi Ltd. |  | 395,000 | 8,893,943
Interactive Media & Services — 4.0% |
Alphabet, Inc., Class A |  | 85,859 | 15,639,217
Meta Platforms, Inc., Class A |  | 72,463 | 36,537,294
Patreon, Inc., (Acquired 08/19/21, Cost: $3,352,226)(a)(b)(c) |  | 59,524 | 1,455,957
|  |  | 53,632,468
IT Services(a) — 2.0% |
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $7,999,945)(b)(c) |  | 94,117 | 3,921,855
Farmer’ s Business Network, Inc.(b) |  | 203,366 | 492,146
Klarna Holdings AB, (Acquired 08/07/19, Cost: $7,971,978)(b)(c) |  | 26,430 | 12,054,065
MongoDB, Inc., Class A |  | 42,951 | 10,736,032
|  |  | 27,204,098
Professional Services — 1.0% |
RELX PLC |  | 291,731 | 13,366,773
Semiconductors & Semiconductor Equipment — 33.6% |
Advanced Micro Devices, Inc.(a)(d) |  | 120,345 | 19,521,163
ARM Holdings PLC, ADR(a)(e) |  | 88,760 | 14,522,911
ASM International NV |  | 23,481 | 17,948,313

Security |  | Shares | Value
Semiconductors & Semiconductor Equipment (continued) |
ASML Holding NV |  | 36,870 | $37,576,645
Broadcom, Inc.(f) |  | 33,156 | 53,232,953
Credo Technology Group Holding Ltd.(a) |  | 450,281 | 14,381,975
Lam Research Corp. |  | 19,258 | 20,506,881
Marvell Technology, Inc. |  | 123,827 | 8,655,507
Micron Technology, Inc. |  | 228,413 | 30,043,162
Monolithic Power Systems, Inc. |  | 14,323 | 11,768,923
NVIDIA Corp.(d)(f) |  | 1,619,581 | 200,083,037
QUALCOMM, Inc. |  | 46,918 | 9,345,127
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | 89,698 | 15,590,409
|  |  | 453,177,006
Software — 22.8% |
Autodesk, Inc.(a) |  | 34,667 | 8,578,349
Cadence Design Systems, Inc.(a)(f) |  | 124,551 | 38,330,570
Constellation Software, Inc./Canada |  | 4,155 | 11,972,158
Crowdstrike Holdings, Inc., Class A(a) |  | 46,679 | 17,886,926
Databricks, Inc., (Acquired 07/24/20, Cost: $960,476)(a)(b)(c) |  | 59,997 | 4,409,780
Datadog, Inc., Class A(a) |  | 51,522 | 6,681,888
DataRobot, Inc., (Acquired 03/01/21, Cost: $583,275)(a)(b)(c) |  | 38,789 | 59,347
Informatica, Inc., Class A(a) |  | 184,157 | 5,686,768
Intuit, Inc. |  | 27,355 | 17,977,980
Microsoft Corp.(d)(f) |  | 292,234 | 130,613,986
Oracle Corp. |  | 159,908 | 22,579,010
Palo Alto Networks, Inc.(a) |  | 22,006 | 7,460,254
ServiceNow, Inc.(a) |  | 23,262 | 18,299,518
SiteMinder Ltd.(a) |  | 1,019,336 | 3,432,944
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $997,636)(a)(b)(c) |  | 66,422 | 452,998
Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost: $5,192,307)(a)(b)(c) |  | 361,972 | 2,845,100
Teya Services Ltd., (Acquired 12/17/21, Cost: $24,999,987)(a)(b)(c) |  | 12,871 | 3,318,787
Xero Ltd.(a) |  | 76,718 | 6,938,104
|  |  | 307,524,467
Specialty Retail — 0.0% |
AceVector Limited, Series I, (Acquired 08/31/18, Cost: $1,998,435)(a)(b)(c) |  | 168,640 | 77,982
Technology Hardware, Storage & Peripherals — 9.0% |
Apple, Inc.(f) |  | 472,328 | 99,481,723
Dell Technologies, Inc., Class C |  | 45,126 | 6,223,327
Quanta Computer, Inc. |  | 681,000 | 6,510,119
Western Digital Corp.(a)(e) |  | 114,999 | 8,713,474
|  |  | 120,928,643
Total Common Stocks — 86.2% (Cost: $496,001,533) | 1,164,114,804

Consolidated Schedule of Investments
101

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)

Security |  | Par (000) | Value
Convertible Notes
Financial Services — 0.0%
Wyre, Inc., (Acquired: 12/14/21, Cost: $8,000,000), 6.00%, 12/08/24(b)(c) | $ | 80 | $ 1
Total Convertible Notes — 0.0% (Cost: $8,000,000) | 1

|  | Shares |
Preferred Securities
Preferred Stocks — 15.2%(b)
Chemicals — 0.6% |
Solugen, Inc., Series C, (Acquired 09/02/21, Cost: $9,999,977)(a)(c) |  | 269,284 | 8,024,663
Consumer Staples Distribution & Retail — 1.2% |
Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost: $6,999,994)(a)(c) |  | 709,724 | 15,443,594
Diversified Consumer Services(a)(c) — 0.9% |
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $5,482,937) |  | 311,575 | 8,432,129
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $6,249,992) |  | 238,441 | 3,149,806
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $3,052,975) |  | 1,054 | —
|  |  | 11,581,935
Diversified Telecommunication Services — 0.3% |
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $7,000,088)(a)(c) |  | 12,713 | 3,883,440
Financial Services(c)(g) — 1.0% |
Trumid Holdings LLC |  |  |
Class J-A, (Acquired 07/24/20, Cost: $2,499,716) |  | 5,038 | 3,029,803
Class J-B, (Acquired 07/24/20, Cost: $1,499,830) |  | 5,038 | 3,029,803
Class L, (Acquired 09/15/21, Cost: $9,999,695) |  | 11,420 | 6,867,874
|  |  | 12,927,480
Interactive Media & Services(a)(c) — 0.5% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $2,857,834) |  | 24,110 | 4,074,831
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $6,666,632) |  | 119,047 | 2,911,890
|  |  | 6,986,721
IT Services(a)(c) — 2.8% |
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $2,999,391) |  | 493,493 | 2,181,239
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $24,999,980) |  | 1,088,598 | 14,097,344
TRAX Ltd. |  |  |
(Acquired 09/12/19, Cost: $4,000,013) |  | 106,667 | 2,721,075
(Acquired 02/18/21, Cost: $1,999,989) |  | 38,361 | 978,589

Security |  | Shares | Value
IT Services (continued) |
Voltron Data, Inc. |  |  |
Series A, (Acquired 01/18/22, Cost: $10,000,000) |  | 6,201,935 | $8,806,748
Series SEED, (Acquired 07/14/21, Cost: $5,000,000) |  | 9,090,909 | 9,454,545
|  |  | 38,239,540
Professional Services — 0.3% |
Ant Group Co., Ltd., Series C(a) |  | 1,703,548 | 4,344,047
Semiconductors & Semiconductor Equipment(a) — 2.9% |
PsiQuantum Corp.(c) |  |  |
Series C, (Acquired 09/09/19, Cost: $3,200,234) |  | 690,003 | 19,085,483
Series D, (Acquired 05/21/21, Cost: $5,000,025) |  | 190,650 | 6,053,138
Rivos, Inc. |  |  |
Series A1, (Acquired , Cost: $7,203,709)(c) |  | 2,700,558 | 6,562,356
Series A2 |  | 2,464,862 | 5,471,994
Series A3 |  | 1,027,026 | 2,279,998
|  |  | 39,452,969
Software(a) — 4.7% |
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $29,999,955)(c) |  | 598,682 | 7,148,263
Canva Common Stock |  | 9,375 | 9,386,531
Databricks, Inc.(c) |  |  |
Series F, (Acquired 10/22/19, Cost: $3,999,999) |  | 279,405 | 20,536,268
Series G, (Acquired 02/01/21, Cost: $4,500,001) |  | 76,113 | 5,594,306
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $2,999,996)(c) |  | 228,276 | 986,152
Prosimo, Inc., Series B, (Acquired 11/04/21, Cost: $4,999,998)(c) |  | 2,515,811 | 2,918,341
SambaNova Systems, Inc., Series C, (Acquired 02/20/20, Cost: $9,972,125)(c) |  | 187,300 | 10,520,641
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $4,999,985)(c) |  | 332,896 | 2,270,351
Snyk Ltd., Series F, (Acquired 09/02/21, Cost: $4,807,688)(c) |  | 337,018 | 2,648,961
Unqork, Inc.(c) |  |  |
Series B, (Acquired 09/19/19, Cost: $3,198,416) |  | 281,080 | 1,467,238
Series C, (Acquired 09/18/20, Cost: $1,303,260) |  | 47,600 | 317,492
|  |  | 63,794,544
| 204,678,933
Total Preferred Securities — 15.2% (Cost: $220,787,240) | 204,678,933
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 — 101.4% (Cost: $724,788,773) | 1,368,793,738

102
2024 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 0.7% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.48%(h)(i)(j) |  | 6,608,139 | $6,610,121
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19%(h)(i) |  | 2,408,847 | 2,408,847
Total Short-Term Securities — 0.7% (Cost: $9,019,493) | 9,018,968
Total Investments Before Options Written — 102.1% (Cost: $733,808,266) | 1,377,812,706
Options Written — (1.5)% (Premiums Received: $(13,405,948)) | (19,726,172 )
Total Investments, Net of Options Written — 100.6% (Cost: $720,402,318) | 1,358,086,534
Liabilities in Excess of Other Assets — (0.6)% | (7,688,161 )
Net Assets — 100.0% | $1,350,398,373

(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 $221,241,652, representing 16.4% of its net assets as of period end, and an original cost of $279,825,622.
(d) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(e) | All or a portion of this security is on loan.
(f) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.
(g) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the 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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $6,612,255 (a) | $— | $(1,609 ) | $(525 ) | $6,610,121 | 6,608,139 | $4,588 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 365,499 | 2,043,348 (a) | — | — | — | 2,408,847 | 2,408,847 | 161,245 | —
SL Liquidity Series, LLC, Money Market Series(c) | 5,860,878 | — | (5,861,604 )(a) | 231 | 495 | — | — | 10,431 (b) | —
|  |  |  | $(1,378 ) | $(30 ) | $9,018,968 |  | $176,264 | $—

(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.
(c) | As of period end, the entity is no longer held.

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 |  |  |  |  |  |  |
Alphabet, Inc., Class A | 5 | 07/05/24 | USD | 175.00 | USD | 91 | $(3,925 )
Amazon.com, Inc. | 249 | 07/05/24 | USD | 185.00 | USD | 4,812 | (219,742 )
Mastercard, Inc., Class A | 43 | 07/05/24 | USD | 455.00 | USD | 1,897 | (1,398 )
Meta Platforms, Inc., Class A | 44 | 07/05/24 | USD | 475.00 | USD | 2,219 | (129,250 )
Micron Technology, Inc. | 167 | 07/05/24 | USD | 131.00 | USD | 2,197 | (53,774 )
NVIDIA Corp. | 1,200 | 07/05/24 | USD | 112.50 | USD | 14,825 | (1,350,000 )
Spotify Technology SA | 53 | 07/05/24 | USD | 315.00 | USD | 1,663 | (24,380 )
Tesla, Inc. | 111 | 07/05/24 | USD | 185.00 | USD | 2,196 | (152,347 )
Alphabet, Inc., Class A | 5 | 07/12/24 | USD | 175.00 | USD | 91 | (4,075 )
Amazon.com, Inc. | 190 | 07/12/24 | USD | 195.00 | USD | 3,672 | (68,400 )
ARM Holdings PLC, ADR | 170 | 07/12/24 | USD | 155.00 | USD | 2,782 | (209,525 )
Lam Research Corp. | 39 | 07/12/24 | USD | 960.00 | USD | 4,153 | (424,807 )
Mastercard, Inc., Class A | 41 | 07/12/24 | USD | 455.00 | USD | 1,809 | (4,920 )
Meta Platforms, Inc., Class A | 87 | 07/12/24 | USD | 495.00 | USD | 4,387 | (144,855 )

Consolidated Schedule of Investments
103

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
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) |  |  |  |  |  |  |
Micron Technology, Inc. | 166 | 07/12/24 | USD | 131.00 | USD | 2,183 | $(71,795 )
NVIDIA Corp. | 770 | 07/12/24 | USD | 115.00 | USD | 9,513 | (764,225 )
NVIDIA Corp. | 530 | 07/12/24 | USD | 117.00 | USD | 6,548 | (450,500 )
S&P Global, Inc. | 20 | 07/12/24 | USD | 440.00 | USD | 892 | (21,500 )
Spotify Technology SA | 105 | 07/12/24 | USD | 350.00 | USD | 3,295 | (6,038 )
Take-Two Interactive Software, Inc. | 117 | 07/12/24 | USD | 167.50 | USD | 1,819 | (2,516 )
Uber Technologies, Inc. | 271 | 07/12/24 | USD | 75.00 | USD | 1,970 | (21,545 )
Advanced Micro Devices, Inc. | 460 | 07/19/24 | USD | 175.00 | USD | 7,462 | (95,220 )
Alphabet, Inc., Class A | 129 | 07/19/24 | USD | 170.00 | USD | 2,350 | (178,342 )
Amazon.com, Inc. | 141 | 07/19/24 | USD | 190.00 | USD | 2,725 | (102,225 )
Arista Networks, Inc. | 75 | 07/19/24 | USD | 320.00 | USD | 2,629 | (247,125 )
ARM Holdings PLC, ADR | 143 | 07/19/24 | USD | 125.00 | USD | 2,340 | (552,695 )
Broadcom, Inc. | 40 | 07/19/24 | USD | 1,800.00 | USD | 6,422 | (62,800 )
Cadence Design Systems, Inc. | 300 | 07/19/24 | USD | 305.00 | USD | 9,233 | (282,000 )
Credo Technology Group Holding Ltd. | 1,229 | 07/19/24 | USD | 22.50 | USD | 3,925 | (1,179,840 )
Crowdstrike Holdings, Inc., Class A | 81 | 07/19/24 | USD | 370.00 | USD | 3,104 | (159,570 )
Datadog, Inc., Class A | 211 | 07/19/24 | USD | 130.00 | USD | 2,736 | (80,707 )
Informatica, Inc., Class A | 414 | 07/19/24 | USD | 31.63 | USD | 1,278 | (34,187 )
Intuit, Inc. | 58 | 07/19/24 | USD | 620.00 | USD | 3,812 | (226,200 )
Marvell Technology, Inc. | 181 | 07/19/24 | USD | 77.50 | USD | 1,265 | (9,322 )
Mastercard, Inc., Class A | 80 | 07/19/24 | USD | 470.00 | USD | 3,529 | (3,600 )
MercadoLibre, Inc. | 15 | 07/19/24 | USD | 1,750.00 | USD | 2,465 | (16,650 )
Meta Platforms, Inc., Class A | 36 | 07/19/24 | USD | 505.00 | USD | 1,815 | (48,150 )
Meta Platforms, Inc., Class A | 87 | 07/19/24 | USD | 525.00 | USD | 4,387 | (51,330 )
Micron Technology, Inc. | 64 | 07/19/24 | USD | 140.00 | USD | 842 | (14,336 )
MongoDB, Inc., Class A | 43 | 07/19/24 | USD | 270.00 | USD | 1,075 | (15,158 )
Monolithic Power Systems, Inc. | 47 | 07/19/24 | USD | 750.00 | USD | 3,862 | (367,070 )
Motorola Solutions, Inc. | 68 | 07/19/24 | USD | 370.00 | USD | 2,625 | (123,420 )
NVIDIA Corp. | 530 | 07/19/24 | USD | 117.00 | USD | 6,548 | (506,150 )
NVIDIA Corp. | 1,340 | 07/19/24 | USD | 105.00 | USD | 16,554 | (2,586,200 )
Oracle Corp. | 252 | 07/19/24 | USD | 130.00 | USD | 3,558 | (291,690 )
QUALCOMM, Inc. | 112 | 07/19/24 | USD | 210.00 | USD | 2,231 | (27,048 )
ServiceNow, Inc. | 46 | 07/19/24 | USD | 770.00 | USD | 3,619 | (137,310 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 40 | 07/19/24 | USD | 160.00 | USD | 695 | (66,600 )
Take-Two Interactive Software, Inc. | 97 | 07/19/24 | USD | 165.00 | USD | 1,508 | (5,384 )
Uber Technologies, Inc. | 271 | 07/19/24 | USD | 75.00 | USD | 1,970 | (31,165 )
Advanced Micro Devices, Inc. | 81 | 07/26/24 | USD | 165.00 | USD | 1,314 | (50,625 )
Amazon.com, Inc. | 55 | 07/26/24 | USD | 190.00 | USD | 1,063 | (50,463 )
Autodesk, Inc. | 91 | 07/26/24 | USD | 245.00 | USD | 2,252 | (69,615 )
Broadcom, Inc. | 20 | 07/26/24 | USD | 1,900.00 | USD | 3,211 | (25,400 )
Datadog, Inc., Class A | 20 | 07/26/24 | USD | 124.00 | USD | 259 | (16,650 )
Intuit, Inc. | 65 | 07/26/24 | USD | 590.00 | USD | 4,272 | (456,300 )
Lam Research Corp. | 47 | 07/26/24 | USD | 1,070.00 | USD | 5,005 | (187,295 )
Marvell Technology, Inc. | 182 | 07/26/24 | USD | 76.00 | USD | 1,272 | (18,928 )
Mastercard, Inc., Class A | 89 | 07/26/24 | USD | 455.00 | USD | 3,926 | (31,373 )
MercadoLibre, Inc. | 16 | 07/26/24 | USD | 1,650.00 | USD | 2,629 | (80,800 )
Micron Technology, Inc. | 46 | 07/26/24 | USD | 170.00 | USD | 605 | (1,449 )
MongoDB, Inc., Class A | 90 | 07/26/24 | USD | 245.00 | USD | 2,250 | (134,100 )
NVIDIA Corp. | 951 | 07/26/24 | USD | 123.00 | USD | 11,749 | (672,832 )
Oracle Corp. | 467 | 07/26/24 | USD | 140.00 | USD | 6,594 | (162,049 )
Palo Alto Networks, Inc. | 40 | 07/26/24 | USD | 320.00 | USD | 1,356 | (95,300 )
S&P Global, Inc. | 36 | 07/26/24 | USD | 450.00 | USD | 1,606 | (31,320 )
ServiceNow, Inc. | 29 | 07/26/24 | USD | 770.00 | USD | 2,281 | (122,670 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 142 | 07/26/24 | USD | 180.00 | USD | 2,468 | (92,300 )
Tesla, Inc. | 94 | 07/26/24 | USD | 185.00 | USD | 1,860 | (182,125 )
Uber Technologies, Inc. | 272 | 07/26/24 | USD | 75.00 | USD | 1,977 | (40,256 )
Vertiv Holdings Co., Class A | 299 | 07/26/24 | USD | 95.00 | USD | 2,588 | (88,952 )
Western Digital Corp. | 129 | 07/26/24 | USD | 80.00 | USD | 977 | (20,769 )
Alphabet, Inc., Class A | 123 | 08/02/24 | USD | 195.00 | USD | 2,240 | (35,240 )
Amazon.com, Inc. | 141 | 08/02/24 | USD | 210.00 | USD | 2,725 | (56,752 )
Arista Networks, Inc. | 56 | 08/02/24 | USD | 350.00 | USD | 1,963 | (105,560 )
Autodesk, Inc. | 65 | 08/02/24 | USD | 260.00 | USD | 1,608 | (21,775 )

104
2024 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
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) |  |  |  |  |  |  |
Broadcom, Inc. | 22 | 08/02/24 | USD | 1,700.00 | USD | 3,532 | $(104,390 )
Crowdstrike Holdings, Inc., Class A | 129 | 08/02/24 | USD | 400.00 | USD | 4,943 | (123,840 )
Meta Platforms, Inc., Class A | 72 | 08/02/24 | USD | 555.00 | USD | 3,630 | (72,900 )
Micron Technology, Inc. | 128 | 08/02/24 | USD | 143.00 | USD | 1,684 | (39,360 )
NVIDIA Corp. | 770 | 08/02/24 | USD | 142.00 | USD | 9,513 | (159,390 )
QUALCOMM, Inc. | 99 | 08/02/24 | USD | 210.00 | USD | 1,972 | (64,597 )
Spotify Technology SA | 64 | 08/02/24 | USD | 325.00 | USD | 2,008 | (99,840 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 42 | 08/02/24 | USD | 197.50 | USD | 730 | (11,886 )
Take-Two Interactive Software, Inc. | 99 | 08/02/24 | USD | 157.50 | USD | 1,539 | (41,085 )
Tesla, Inc. | 93 | 08/02/24 | USD | 205.00 | USD | 1,840 | (95,790 )
Alphabet, Inc., Class A | 123 | 08/09/24 | USD | 195.00 | USD | 2,240 | (37,577 )
Palo Alto Networks, Inc. | 59 | 08/09/24 | USD | 345.00 | USD | 2,000 | (73,307 )
ServiceNow, Inc. | 29 | 08/09/24 | USD | 810.00 | USD | 2,281 | (82,505 )
Vertiv Holdings Co., Class A | 11 | 08/09/24 | USD | 100.00 | USD | 95 | (4,098 )
ARM Holdings PLC, ADR | 263 | 08/16/24 | USD | 145.00 | USD | 4,303 | (739,030 )
Cadence Design Systems, Inc. | 260 | 08/16/24 | USD | 330.00 | USD | 8,002 | (185,900 )
Credo Technology Group Holding Ltd. | 750 | 08/16/24 | USD | 25.75 | USD | 2,396 | (508,577 )
Credo Technology Group Holding Ltd. | 500 | 08/16/24 | USD | 30.00 | USD | 1,597 | (182,500 )
Informatica, Inc., Class A | 414 | 08/16/24 | USD | 31.63 | USD | 1,278 | (88,474 )
Marvell Technology, Inc. | 194 | 08/16/24 | USD | 75.00 | USD | 1,356 | (46,172 )
MercadoLibre, Inc. | 20 | 08/16/24 | USD | 1,750.00 | USD | 3,287 | (106,500 )
MongoDB, Inc., Class A | 60 | 08/16/24 | USD | 250.00 | USD | 1,500 | (100,500 )
Monolithic Power Systems, Inc. | 17 | 08/16/24 | USD | 860.00 | USD | 1,397 | (68,935 )
NVIDIA Corp. | 1,340 | 08/16/24 | USD | 138.00 | USD | 16,554 | (559,450 )
Western Digital Corp. | 388 | 08/16/24 | USD | 80.00 | USD | 2,940 | (117,952 )
|  |  |  |  |  |  | $(18,196,464 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Hitachi Ltd. | BNP Paribas SA | 65,500 | 07/02/24 | JPY | 3,000.55 | JPY | 237,284 | $(33,123 )
Nintendo Co. Ltd. | Bank of America N.A. | 27,600 | 07/02/24 | JPY | 8,163.82 | JPY | 237,133 | (68,808 )
SiteMinder Ltd. | Goldman Sachs International | 53,600 | 07/02/24 | AUD | 5.75 | AUD | 271 | —
SiteMinder Ltd. | Bank of America N.A. | 22,000 | 07/03/24 | AUD | 5.70 | AUD | 111 | —
SiteMinder Ltd. | UBS AG | 18,900 | 07/09/24 | AUD | 5.53 | AUD | 95 | (52 )
RELX PLC | Morgan Stanley & Co. International PLC | 118,300 | 07/11/24 | GBP | 35.59 | GBP | 4,288 | (158,922 )
Nintendo Co. Ltd. | BNP Paribas SA | 12,100 | 07/16/24 | JPY | 8,608.74 | JPY | 103,960 | (13,769 )
SiteMinder Ltd. | UBS AG | 44,000 | 07/16/24 | AUD | 5.37 | AUD | 222 | (1,006 )
SiteMinder Ltd. | JPMorgan Chase Bank N.A. | 25,700 | 07/23/24 | AUD | 5.03 | AUD | 130 | (3,122 )
Xero Ltd. | Morgan Stanley & Co. International PLC | 14,600 | 07/23/24 | AUD | 136.97 | AUD | 1,979 | (44,024 )
Quanta Computer, Inc. | Bank of America N.A. | 306,000 | 07/24/24 | TWD | 294.47 | USD | 94,900 | (246,232 )
SiteMinder Ltd. | Bank of America N.A. | 97,500 | 07/25/24 | AUD | 5.08 | AUD | 492 | (10,449 )
SiteMinder Ltd. | UBS AG | 32,600 | 07/30/24 | AUD | 4.91 | AUD | 165 | (6,094 )
ASM International NV | Goldman Sachs International | 5,000 | 08/02/24 | EUR | 727.02 | EUR | 3,569 | (152,313 )
ASM International NV | Bank of America N.A. | 5,600 | 08/06/24 | EUR | 773.16 | EUR | 3,997 | (99,366 )
ASML Holding NV | Bank of America N.A. | 8,250 | 08/07/24 | EUR | 1,007.21 | EUR | 7,851 | (265,132 )
Nintendo Co. Ltd. | UBS AG | 55,200 | 08/07/24 | JPY | 8,847.80 | JPY | 474,266 | (63,154 )
SiteMinder Ltd. | JPMorgan Chase Bank N.A. | 25,700 | 08/07/24 | AUD | 4.91 | AUD | 130 | (5,096 )
Xero Ltd. | Goldman Sachs International | 20,000 | 08/07/24 | AUD | 139.57 | AUD | 2,711 | (63,352 )
ASML Holding NV | Goldman Sachs International | 8,250 | 08/13/24 | EUR | 1,007.21 | EUR | 7,851 | (281,661 )
SiteMinder Ltd. | Bank of America N.A. | 14,650 | 08/13/24 | AUD | 5.17 | AUD | 74 | (1,678 )
SiteMinder Ltd. | JPMorgan Chase Bank N.A. | 26,800 | 08/13/24 | AUD | 5.10 | AUD | 135 | (3,687 )
SiteMinder Ltd. | Bank of America N.A. | 14,650 | 08/20/24 | AUD | 5.17 | AUD | 74 | (1,837 )
SiteMinder Ltd. | JPMorgan Chase Bank N.A. | 26,800 | 08/20/24 | AUD | 5.10 | AUD | 135 | (3,981 )
SiteMinder Ltd. | UBS AG | 26,500 | 08/28/24 | AUD | 5.28 | AUD | 134 | (2,850 )
|  |  |  |  |  |  |  | $(1,529,708 )

Consolidated Schedule of Investments
105

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Science and Technology Trust (BST)
Balances Reported in the Consolidated Statements of Assets and Liabilities for Options Written

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $N/A | $2,224,470 | $(8,544,694 ) | $(19,726,172 )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $19,726,172 | $— | $— | $— | $19,726,172

For the period ended June 30, 2024, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options purchased(a) | $— | $— | $(54 ) | $— | $— | $— | $(54 )
Options written | — | — | (50,335,609 ) | — | — | — | (50,335,609 )
| $— | $— | $(50,335,663 ) | $— | $— | $— | $(50,335,663 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $(1,351,523 ) | $— | $— | $— | $(1,351,523 )

(a) | Options purchased are included in net realized gain (loss) from investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased | $— (a)
Average value of option contracts written | $15,771,337

(a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $19,726,172
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities | — | 19,726,172
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (18,196,464 )
Total derivative assets and liabilities subject to an MNA | $— | $1,529,708

106
2024 BlackRock Semi-Annual Report to Shareholders

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Science and Technology Trust (BST)
The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged | Net Amount of Derivative Liabilities(b)
Bank of America N.A. | $693,502 | $— | $— | $(380,000 ) | $313,502
BNP Paribas SA | 46,892 | — | — | — | 46,892
Goldman Sachs International | 497,326 | — | (497,326 ) | — | —
JPMorgan Chase Bank N.A. | 15,886 | — | (15,886 ) | — | —
Morgan Stanley & Co. International PLC | 202,946 | — | (202,946 ) | — | —
UBS AG | 73,156 | — | (73,156 ) | — | —
| $1,529,708 | $— | $(789,314 ) | $(380,000 ) | $360,394

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statements of Assets and Liabilities.

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
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 | $12,967,274 | $— | $— | $12,967,274
Broadline Retail | 51,977,774 | — | — | 51,977,774
Capital Markets | 5,638,332 | — | — | 5,638,332
Communications Equipment | 16,054,191 | — | 2,999,223 | 19,053,414
Diversified Consumer Services | — | — | 9,449,417 | 9,449,417
Electrical Equipment | 5,973,503 | — | — | 5,973,503
Entertainment | 33,163,789 | 7,796,624 | — | 40,960,413
Financial Services | 24,877,895 | — | — | 24,877,895
Ground Transportation | 8,411,402 | — | — | 8,411,402
Industrial Conglomerates | — | 8,893,943 | — | 8,893,943
Interactive Media & Services | 52,176,511 | — | 1,455,957 | 53,632,468
IT Services | 10,736,032 | — | 16,468,066 | 27,204,098
Professional Services | — | 13,366,773 | — | 13,366,773
Semiconductors & Semiconductor Equipment | 397,652,048 | 55,524,958 | — | 453,177,006
Software | 286,067,407 | 10,371,048 | 11,086,012 | 307,524,467
Specialty Retail | — | — | 77,982 | 77,982
Technology Hardware, Storage & Peripherals | 114,418,524 | 6,510,119 | — | 120,928,643
Convertible Notes | — | — | 1 | 1
Preferred Securities |  |  |  |
Preferred Stocks | — | — | 204,678,933 | 204,678,933
Warrants | — | — | — | —
Short-Term Securities |  |  |  |
Money Market Funds | 9,018,968 | — | — | 9,018,968
| $1,029,133,650 | $102,463,465 | $246,215,591 | $1,377,812,706
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(17,565,226 ) | $(2,160,946 ) | $— | $(19,726,172 )

(a) | Derivative financial instruments are options written. Options written are shown at value.

Consolidated Schedule of Investments
107

Consolidated Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Science and Technology Trust (BST)
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments 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, 2023 | $46,135,347 | $1 | $212,114,583 | $— (a) | $258,249,931
Transfers into Level 3 | — | — | — | — | —
Transfers out of Level 3 | — | — | — | — | —
Other(b) | (4,480,331 ) | — | 4,480,331 | — | —
Accrued discounts/premiums | — | — | — | — | —
Net realized gain (loss) | — | — | 1,473,842 | — | 1,473,842
Net change in unrealized appreciation (depreciation)(c)(d) | (3,118,353 ) | — | (15,123,020 ) | — | (18,241,373 )
Purchases | 2,999,994 | — | 10,215,951 | — | 13,215,945
Sales | — | — | (8,482,754 ) | — | (8,482,754 )
Closing balance, as of June 30, 2024 | $41,536,657 | $1 | $204,678,933 | $— (a) | $246,215,591
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024(d) | $(3,118,353 ) | $— | $(15,123,020 ) | $— (a) | $(18,241,373 )

(a) | Rounds to less than $1.
(b) | Certain Level 3 investments were re-classified between Common Stocks and Preferred Stocks.
(c) | Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.
(d) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $1. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

| Value | Valuation Approach | Unobservable Inputs | Range of Unobservable Inputs Utilized(a) | Weighted Average of Unobservable Inputs Based on Fair Value
Assets |  |  |  |  |
Common Stocks | $41,536,657 | Market | Revenue Multiple | 1.63x - 18.08x | 9.15x
|  |  | Volatility | 70% - 80% | 80%
|  |  | Time to Exit | 3.0 - 3.0 years | 3.0 years
|  |  | Gross Profit Multiple | 7.75x | —
Preferred Stocks | 204,678,933 | Market | Revenue Multiple | 1.50x - 21.00x | 11.73x
|  |  | Volatility | 50% - 80% | 65%
|  |  | Time to Exit | 0.5 - 5.0 years | 3.9 years
|  |  | Market Adjustment Multiple | 1.15x - 1.40x | 1.32x
|  |  | Terminal Growth Rate | 5% | —
|  | Income | Discount | 12% | —
| $246,215,590 |  |  |  |

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

See notes to financial statements.
108
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)
June 30, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Building Products — 9.2% |
Carlisle Cos., Inc. |  | 22,950 | $9,299,569
Cie de Saint-Gobain SA |  | 143,250 | 11,141,145
Kingspan Group PLC |  | 89,765 | 7,628,924
Trane Technologies PLC |  | 54,500 | 17,926,685
|  |  | 45,996,323
Chemicals — 2.6% |
Air Liquide SA |  | 35,439 | 6,116,328
Linde PLC |  | 15,978 | 7,011,306
|  |  | 13,127,634
Commercial Services & Supplies — 4.7% |
Republic Services, Inc. |  | 61,650 | 11,981,061
Waste Management, Inc. |  | 54,700 | 11,669,698
|  |  | 23,650,759
Construction & Engineering — 5.1% |
Quanta Services, Inc. |  | 43,810 | 11,131,683
Vinci SA |  | 137,050 | 14,445,667
|  |  | 25,577,350
Electric Utilities — 24.1% |
American Electric Power Co., Inc.(a) |  | 71,700 | 6,290,958
Duke Energy Corp.(a) |  | 104,918 | 10,515,931
EDP - Energias de Portugal SA |  | 1,937,350 | 7,263,700
Enel SpA |  | 2,557,175 | 17,743,703
Exelon Corp.(a) |  | 280,608 | 9,711,843
NextEra Energy, Inc.(a)(b) |  | 446,130 | 31,590,466
PG&E Corp. |  | 701,300 | 12,244,698
Southern Co. |  | 148,250 | 11,499,753
SSE PLC |  | 596,650 | 13,474,489
|  |  | 120,335,541
Electrical Equipment — 10.3% |
Eaton Corp. PLC |  | 19,940 | 6,252,187
GE Vernova, Inc.(c) |  | 87,300 | 14,972,823
Hubbell, Inc. |  | 18,400 | 6,724,832
Prysmian SpA |  | 123,750 | 7,639,949
Schneider Electric SE |  | 19,810 | 4,749,364
Vestas Wind Systems A/S(c) |  | 470,621 | 10,912,742
|  |  | 51,251,897
Electronic Equipment, Instruments & Components — 1.2% |
Rogers Corp.(c) |  | 27,250 | 3,286,623
Samsung SDI Co. Ltd. |  | 10,750 | 2,745,019
|  |  | 6,031,642
Ground Transportation — 2.6% |
Canadian Pacific Kansas City Ltd. |  | 79,300 | 6,245,226
Union Pacific Corp. |  | 29,750 | 6,731,235
|  |  | 12,976,461
Independent Power and Renewable Electricity Producers — 5.6% |
EDP Renovaveis SA |  | 484,799 | 6,774,210
Orron Energy AB(c) |  | 3,401,100 | 2,297,961
RWE AG |  | 429,045 | 14,718,539
Vistra Corp. |  | 47,550 | 4,088,349
|  |  | 27,879,059
Machinery — 3.4% |
Ingersoll Rand, Inc. |  | 124,050 | 11,268,702
Spirax Group PLC |  | 54,300 | 5,819,844
|  |  | 17,088,546

Security |  | Shares | Value
Multi-Utilities — 14.3% |
CenterPoint Energy, Inc. |  | 216,000 | $6,691,680
CMS Energy Corp.(a) |  | 165,960 | 9,879,599
Dominion Energy, Inc.(a) |  | 113,948 | 5,583,452
National Grid PLC |  | 1,483,465 | 16,564,569
NiSource, Inc. |  | 190,900 | 5,499,829
Public Service Enterprise Group, Inc.(b) |  | 171,342 | 12,627,906
Sempra(b) |  | 194,200 | 14,770,852
|  |  | 71,617,887
Oil, Gas & Consumable Fuels — 11.5% |
Cheniere Energy, Inc. |  | 70,350 | 12,299,290
Hess Midstream LP, Class A |  | 103,250 | 3,762,430
Pembina Pipeline Corp. |  | 191,600 | 7,109,109
Targa Resources Corp. |  | 77,800 | 10,019,084
TC Energy Corp. |  | 239,700 | 9,086,541
Williams Cos., Inc.(b) |  | 352,805 | 14,994,212
|  |  | 57,270,666
Semiconductors & Semiconductor Equipment — 4.6% |
Analog Devices, Inc. |  | 21,724 | 4,958,720
ASML Holding NV |  | 4,850 | 4,942,954
Canadian Solar, Inc.(c)(d) |  | 88,290 | 1,302,278
First Solar, Inc.(c) |  | 12,884 | 2,904,827
ON Semiconductor Corp.(c) |  | 67,600 | 4,633,980
STMicroelectronics NV |  | 110,850 | 4,341,766
|  |  | 23,084,525
Total Long-Term Investments — 99.2% (Cost: $354,795,924) | 495,888,290
Short-Term Securities
Money Market Funds — 1.2% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.48%(e)(f)(g) |  | 564,312 | 564,482
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.19%(e)(f) |  | 5,486,301 | 5,486,300
Total Short-Term Securities — 1.2% (Cost: $6,050,782) | 6,050,782
Total Investments Before Options Written — 100.4% (Cost: $360,846,706) | 501,939,072
Options Written — (0.5)% (Premiums Received: $(4,204,297)) | (2,764,459 )
Total Investments, Net of Options Written — 99.9% (Cost: $356,642,409) | 499,174,613
Other Assets Less Liabilities — 0.1% | 600,161
Net Assets — 100.0% | $499,774,774

(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) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(c) | Non-income producing security.
(d) | All or a portion of this security is on loan.
(e) | Affiliate of the Trust.
(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.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
109

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 06/30/24 | Shares Held at 06/30/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $564,111 (a) | $— | $371 | $— | $564,482 | 564,312 | $1,208 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 5,318,307 | 167,993 (a) | — | — | — | 5,486,300 | 5,486,301 | 186,815 | —
SL Liquidity Series, LLC, Money Market Series(c) | 1,297,977 | — | (1,298,025 )(a) | 52 | (4 ) | — | — | 1,406 (b) | —
|  |  |  | $423 | $(4 ) | $6,050,782 |  | $189,429 | $—

(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.
(c) | As of period end, the entity is no longer held.

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 |  |  |  |  |  |  |
American Electric Power Co., Inc. | 125 | 07/08/24 | USD | 90.05 | USD | 1,097 | $(2,995 )
Cheniere Energy, Inc. | 82 | 07/12/24 | USD | 165.00 | USD | 1,434 | (86,100 )
First Solar, Inc. | 27 | 07/12/24 | USD | 295.00 | USD | 609 | (1,161 )
NextEra Energy, Inc. | 499 | 07/12/24 | USD | 79.00 | USD | 3,533 | (2,745 )
PG&E Corp. | 639 | 07/12/24 | USD | 18.50 | USD | 1,116 | (5,112 )
Union Pacific Corp. | 22 | 07/12/24 | USD | 225.00 | USD | 498 | (8,690 )
Waste Management, Inc. | 143 | 07/12/24 | USD | 205.00 | USD | 3,051 | (130,130 )
Analog Devices, Inc. | 47 | 07/19/24 | USD | 230.00 | USD | 1,073 | (20,915 )
Canadian Pacific Kansas City Ltd. | 93 | 07/19/24 | CAD | 116.00 | CAD | 1,002 | (918 )
Carlisle Cos., Inc. | 19 | 07/19/24 | USD | 420.00 | USD | 770 | (5,083 )
CenterPoint Energy, Inc. | 446 | 07/19/24 | USD | 30.33 | USD | 1,382 | (41,158 )
Cheniere Energy, Inc. | 82 | 07/19/24 | USD | 165.00 | USD | 1,434 | (88,970 )
Dominion Energy, Inc. | 281 | 07/19/24 | USD | 55.00 | USD | 1,377 | (1,405 )
Duke Energy Corp. | 206 | 07/19/24 | USD | 105.00 | USD | 2,065 | (2,575 )
Eaton Corp. PLC | 35 | 07/19/24 | USD | 340.00 | USD | 1,097 | (3,325 )
Exelon Corp. | 556 | 07/19/24 | USD | 39.00 | USD | 1,924 | (5,560 )
GE Vernova, Inc. | 146 | 07/19/24 | USD | 170.00 | USD | 2,504 | (109,500 )
Hess Midstream LP, Class A | 187 | 07/19/24 | USD | 34.90 | USD | 681 | (36,258 )
Hubbell, Inc. | 42 | 07/19/24 | USD | 410.00 | USD | 1,535 | (21,000 )
Ingersoll Rand, Inc. | 328 | 07/19/24 | USD | 95.00 | USD | 2,980 | (20,500 )
Linde PLC | 32 | 07/19/24 | USD | 445.00 | USD | 1,404 | (10,240 )
ON Semiconductor Corp. | 87 | 07/19/24 | USD | 80.00 | USD | 596 | (1,436 )
PG&E Corp. | 803 | 07/19/24 | USD | 18.02 | USD | 1,402 | (7,078 )
Quanta Services, Inc. | 82 | 07/19/24 | USD | 270.00 | USD | 2,084 | (15,785 )
Republic Services, Inc. | 116 | 07/19/24 | USD | 190.00 | USD | 2,254 | (61,480 )
Rogers Corp. | 95 | 07/19/24 | USD | 125.00 | USD | 1,146 | (23,987 )
Sempra | 363 | 07/19/24 | USD | 78.00 | USD | 2,761 | (15,060 )
Southern Co. | 267 | 07/19/24 | USD | 80.00 | USD | 2,071 | (8,010 )
Targa Resources Corp. | 136 | 07/19/24 | USD | 125.00 | USD | 1,751 | (67,320 )
Trane Technologies PLC | 91 | 07/19/24 | USD | 330.00 | USD | 2,993 | (69,160 )
Union Pacific Corp. | 48 | 07/19/24 | USD | 240.00 | USD | 1,086 | (1,920 )
Vistra Corp. | 166 | 07/19/24 | USD | 97.50 | USD | 1,427 | (17,430 )
Williams Cos., Inc. | 28 | 07/19/24 | USD | 41.00 | USD | 119 | (5,180 )
American Electric Power Co., Inc. | 125 | 07/22/24 | USD | 90.05 | USD | 1,097 | (8,937 )
Cheniere Energy, Inc. | 82 | 07/26/24 | USD | 170.00 | USD | 1,434 | (59,450 )
First Solar, Inc. | 22 | 07/26/24 | USD | 285.00 | USD | 496 | (4,048 )
PG&E Corp. | 846 | 07/26/24 | USD | 18.74 | USD | 1,477 | (14,967 )
Williams Cos., Inc. | 603 | 07/26/24 | USD | 42.00 | USD | 2,563 | (82,912 )
Trane Technologies PLC | 99 | 07/31/24 | USD | 335.00 | USD | 3,256 | (84,336 )

110
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
ON Semiconductor Corp. | 149 | 08/02/24 | USD | 74.00 | USD | 1,021 | $(28,682 )
PG&E Corp. | 166 | 08/02/24 | USD | 18.49 | USD | 290 | (1,728 )
Southern Co. | 254 | 08/02/24 | USD | 79.00 | USD | 1,970 | (43,180 )
Union Pacific Corp. | 34 | 08/02/24 | USD | 230.00 | USD | 769 | (15,980 )
Waste Management, Inc. | 48 | 08/02/24 | USD | 220.00 | USD | 1,024 | (10,080 )
Analog Devices, Inc. | 30 | 08/09/24 | USD | 235.00 | USD | 685 | (15,000 )
Dominion Energy, Inc. | 117 | 08/15/24 | USD | 53.35 | USD | 573 | (5,621 )
Canadian Pacific Kansas City Ltd. | 184 | 08/16/24 | CAD | 110.00 | CAD | 1,982 | (30,060 )
Carlisle Cos., Inc. | 61 | 08/16/24 | USD | 440.00 | USD | 2,472 | (34,465 )
CenterPoint Energy, Inc. | 310 | 08/16/24 | USD | 31.00 | USD | 960 | (25,575 )
Eaton Corp. PLC | 34 | 08/16/24 | USD | 340.00 | USD | 1,066 | (17,510 )
Exelon Corp. | 426 | 08/16/24 | USD | 35.68 | USD | 1,474 | (21,625 )
GE Vernova, Inc. | 166 | 08/16/24 | USD | 190.00 | USD | 2,847 | (96,280 )
Hess Midstream LP, Class A | 199 | 08/16/24 | USD | 36.00 | USD | 725 | (33,830 )
Hubbell, Inc. | 22 | 08/16/24 | USD | 400.00 | USD | 804 | (13,750 )
Ingersoll Rand, Inc. | 106 | 08/16/24 | USD | 95.99 | USD | 963 | (15,957 )
Linde PLC | 24 | 08/16/24 | USD | 455.00 | USD | 1,053 | (15,480 )
NextEra Energy, Inc. | 427 | 08/16/24 | USD | 75.00 | USD | 3,024 | (50,813 )
NiSource, Inc. | 668 | 08/16/24 | USD | 30.00 | USD | 1,925 | (13,360 )
Pembina Pipeline Corp. | 267 | 08/16/24 | CAD | 50.00 | CAD | 1,355 | (31,325 )
Quanta Services, Inc. | 71 | 08/16/24 | USD | 290.00 | USD | 1,804 | (16,863 )
Republic Services, Inc. | 99 | 08/16/24 | USD | 195.00 | USD | 1,924 | (46,530 )
Sempra | 316 | 08/16/24 | USD | 77.49 | USD | 2,403 | (51,170 )
Williams Cos., Inc. | 603 | 08/16/24 | USD | 42.00 | USD | 2,563 | (96,480 )
Duke Energy Corp. | 295 | 08/21/24 | USD | 103.72 | USD | 2,957 | (31,143 )
Pembina Pipeline Corp. | 266 | 09/20/24 | CAD | 52.00 | CAD | 1,350 | (14,874 )
|  |  |  |  |  |  | $(1,930,197 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
EDP Renovaveis SA | Morgan Stanley & Co. International PLC | 20,000 | 07/02/24 | EUR | 15.30 | EUR | 261 | $—
National Grid PLC | Morgan Stanley & Co. International PLC | 53,346 | 07/02/24 | GBP | 10.57 | GBP | 471 | —
EDP Renovaveis SA | Bank of America N.A. | 60,900 | 07/03/24 | EUR | 15.07 | EUR | 795 | —
Enel SpA | Goldman Sachs International | 413,900 | 07/03/24 | EUR | 6.85 | EUR | 2,682 | (1,192 )
Schneider Electric SE | Citibank N.A. | 2,000 | 07/03/24 | EUR | 238.32 | EUR | 448 | (191 )
Vestas Wind Systems A/S | Bank of America N.A. | 93,100 | 07/03/24 | DKK | 202.80 | DKK | 15,034 | (21 )
TC Energy Corp. | Citibank N.A. | 29,400 | 07/08/24 | CAD | 52.85 | CAD | 1,525 | (8,646 )
EDP Renovaveis SA | Morgan Stanley & Co. International PLC | 90,400 | 07/09/24 | EUR | 15.09 | EUR | 1,179 | (74 )
Public Service Enterprise Group, Inc. | JPMorgan Chase Bank N.A. | 20,700 | 07/10/24 | USD | 75.17 | USD | 1,526 | (5,519 )
NextEra Energy, Inc. | JPMorgan Chase Bank N.A. | 38,700 | 07/15/24 | USD | 71.95 | USD | 2,740 | (33,001 )
Pembina Pipeline Corp. | Morgan Stanley & Co. International PLC | 13,700 | 07/15/24 | CAD | 50.25 | CAD | 695 | (8,787 )
EDP - Energias de Portugal SA | Morgan Stanley & Co. International PLC | 193,000 | 07/16/24 | EUR | 3.80 | EUR | 676 | (1,879 )
Kingspan Group PLC | Citibank N.A. | 14,400 | 07/16/24 | EUR | 91.49 | EUR | 1,143 | (3,666 )
Air Liquide SA | Morgan Stanley & Co. International PLC | 5,170 | 07/18/24 | EUR | 171.18 | EUR | 833 | (3,838 )
Cie de Saint-Gobain SA | Citibank N.A. | 21,800 | 07/18/24 | EUR | 82.77 | EUR | 1,583 | (1,778 )
National Grid PLC | Morgan Stanley & Co. International PLC | 230,099 | 07/18/24 | GBP | 9.24 | GBP | 2,033 | (6,827 )
Prysmian SpA | Citibank N.A. | 20,600 | 07/18/24 | EUR | 61.24 | EUR | 1,188 | (4,351 )
Vinci SA | Citibank N.A. | 51,800 | 07/18/24 | EUR | 116.95 | EUR | 5,098 | (2,917 )
TC Energy Corp. | Royal Bank of Canada | 27,800 | 07/19/24 | CAD | 52.41 | CAD | 1,442 | (17,470 )
Public Service Enterprise Group, Inc. | JPMorgan Chase Bank N.A. | 20,700 | 07/22/24 | USD | 75.40 | USD | 1,526 | (11,122 )
SSE PLC | Bank of America N.A. | 194,100 | 07/24/24 | GBP | 18.05 | GBP | 3,468 | (107,635 )
Vestas Wind Systems A/S | Bank of America N.A. | 82,100 | 07/24/24 | DKK | 189.31 | DKK | 13,257 | (13,665 )
EDP - Energias de Portugal SA | Morgan Stanley & Co. International PLC | 269,700 | 07/25/24 | EUR | 3.99 | EUR | 944 | (1,063 )
Kingspan Group PLC | UBS AG | 17,000 | 07/25/24 | EUR | 91.88 | EUR | 1,349 | (7,988 )
TC Energy Corp. | Morgan Stanley & Co. International PLC | 26,600 | 07/25/24 | CAD | 54.31 | CAD | 1,379 | (11,451 )
EDP - Energias de Portugal SA | Morgan Stanley & Co. International PLC | 46,200 | 07/30/24 | EUR | 3.79 | EUR | 162 | (1,261 )
Air Liquide SA | Morgan Stanley & Co. International PLC | 7,300 | 08/02/24 | EUR | 168.18 | EUR | 1,176 | (16,852 )
EDP - Energias de Portugal SA | Morgan Stanley & Co. International PLC | 84,200 | 08/02/24 | EUR | 3.85 | EUR | 295 | (1,848 )

Schedule of Investments
111

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
OTC Options Written (continued)

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |  |
Enel SpA | Morgan Stanley & Co. International PLC | 599,000 | 08/02/24 | EUR | 6.75 | EUR | 3,881 | $(31,260 )
National Grid PLC | Bank of America N.A. | 177,000 | 08/02/24 | GBP | 9.00 | GBP | 1,563 | (29,235 )
National Grid PLC | Morgan Stanley & Co. International PLC | 58,700 | 08/02/24 | GBP | 8.83 | GBP | 519 | (16,498 )
Public Service Enterprise Group, Inc. | Morgan Stanley & Co. International PLC | 18,500 | 08/02/24 | USD | 74.22 | USD | 1,363 | (24,974 )
Schneider Electric SE | Goldman Sachs International | 5,000 | 08/02/24 | EUR | 236.54 | EUR | 1,119 | (19,104 )
NextEra Energy, Inc. | Barclays Bank PLC | 24,800 | 08/05/24 | USD | 77.00 | USD | 1,756 | (10,455 )
RWE AG | Bank of America N.A. | 150,200 | 08/06/24 | EUR | 35.11 | EUR | 4,811 | (33,753 )
SSE PLC | Bank of America N.A. | 21,100 | 08/06/24 | GBP | 18.77 | GBP | 377 | (4,211 )
ASML Holding NV | Bank of America N.A. | 850 | 08/07/24 | EUR | 1,007.21 | EUR | 809 | (27,317 )
Cie de Saint-Gobain SA | Citibank N.A. | 28,300 | 08/07/24 | EUR | 75.00 | EUR | 2,055 | (59,062 )
CMS Energy Corp. | Bank of America N.A. | 28,400 | 08/07/24 | USD | 60.36 | USD | 1,691 | (35,119 )
Spirax Group PLC | Goldman Sachs International | 19,100 | 08/07/24 | GBP | 87.72 | GBP | 1,619 | (41,164 )
ASML Holding NV | Goldman Sachs International | 850 | 08/13/24 | EUR | 1,007.21 | EUR | 809 | (29,020 )
EDP - Energias de Portugal SA | Bank of America N.A. | 85,000 | 08/13/24 | EUR | 3.60 | EUR | 298 | (8,946 )
Prysmian SpA | JPMorgan Chase Bank N.A. | 22,700 | 08/13/24 | EUR | 59.36 | EUR | 1,309 | (32,800 )
STMicroelectronics NV | JPMorgan Chase Bank N.A. | 38,800 | 08/13/24 | EUR | 38.48 | EUR | 1,419 | (51,923 )
Targa Resources Corp. | JPMorgan Chase Bank N.A. | 13,600 | 08/20/24 | USD | 129.85 | USD | 1,751 | (55,537 )
CMS Energy Corp. | Barclays Bank PLC | 29,600 | 09/09/24 | USD | 60.32 | USD | 1,762 | (50,842 )
|  |  |  |  |  |  |  | $(834,262 )

Balances Reported in the Statements of Assets and Liabilities for Options Written

Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $N/A | $2,016,549 | $(576,711 ) | $(2,764,459 )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |
Options written Options written at value | $— | $— | $2,764,459 | $— | $— | $— | $2,764,459

For the period ended June 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

| Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total
Net Realized Gain (Loss) from: |  |  |  |  |  |  |
Options written | $— | $— | $(7,843,274 ) | $— | $— | $— | $(7,843,274 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $5,236,028 | $— | $— | $— | $5,236,028

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $4,543,198

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
112
2024 BlackRock Semi-Annual Report to Shareholders

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

| Assets | Liabilities
Derivative Financial Instruments |  |
Options | $— | $2,764,459
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 2,764,459
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (1,930,197 )
Total derivative assets and liabilities subject to an MNA | $— | $834,262

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Trust:

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Pledged(a) | Cash Collateral Pledged | Net Amount of Derivative Liabilities(b)
Bank of America N.A. | $259,902 | $— | $(259,902 ) | $— | $—
Barclays Bank PLC | 61,297 | — | (61,297 ) | — | —
Citibank N.A. | 80,611 | — | (80,611 ) | — | —
Goldman Sachs International | 90,480 | — | (90,480 ) | — | —
JPMorgan Chase Bank N.A. | 189,902 | — | (189,902 ) | — | —
Morgan Stanley & Co. International PLC | 126,612 | — | (126,612 ) | — | —
Royal Bank of Canada | 17,470 | — | — | — | 17,470
UBS AG | 7,988 | — | (7,988 ) | — | —
| $834,262 | $— | $(816,792 ) | $— | $17,470

(a) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Building Products | $27,226,254 | $18,770,069 | $— | $45,996,323
Chemicals | 7,011,306 | 6,116,328 | — | 13,127,634
Commercial Services & Supplies | 23,650,759 | — | — | 23,650,759
Construction & Engineering | 11,131,683 | 14,445,667 | — | 25,577,350
Electric Utilities | 81,853,649 | 38,481,892 | — | 120,335,541
Electrical Equipment | 27,949,842 | 23,302,055 | — | 51,251,897
Electronic Equipment, Instruments & Components | 3,286,623 | 2,745,019 | — | 6,031,642
Ground Transportation | 12,976,461 | — | — | 12,976,461
Independent Power and Renewable Electricity Producers | 4,088,349 | 23,790,710 | — | 27,879,059
Machinery | 11,268,702 | 5,819,844 | — | 17,088,546
Multi-Utilities | 55,053,318 | 16,564,569 | — | 71,617,887
Oil, Gas & Consumable Fuels | 57,270,666 | — | — | 57,270,666
Semiconductors & Semiconductor Equipment | 13,799,805 | 9,284,720 | — | 23,084,525
Short-Term Securities |  |  |  |
Money Market Funds | 6,050,782 | — | — | 6,050,782
| $342,618,199 | $159,320,873 | $— | $501,939,072

Schedule of Investments
113

Schedule of Investments (unaudited)(continued)
June 30, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(1,592,164 ) | $(1,172,295 ) | $— | $(2,764,459 )

(a) | Derivative financial instruments are options written. Options written are shown at value.

See notes to financial statements.
114
2024 BlackRock Semi-Annual Report to Shareholders

Statements of Assets and Liabilities (unaudited)
June 30, 2024

| BGR | CII | BDJ(a) | BOE
ASSETS |  |  |  |
Investments, at value — unaffiliated(b)(c) | $ 406,773,598 | $ 945,055,947 | $ 1,675,063,795 | $ 748,275,781
Investments, at value — affiliated(d) | 4,464,036 | 10,634,455 | 37,914,697 | 2,304,270
Foreign currency, at value(e) | 477,728 | — | 459,214 | 319,051
Receivables: |  |  |  |
Investments sold | — | — | 41,568,182 | 7,897,978
Options written | 85,357 | 89,726 | 591,474 | 266,799
Securities lending income — affiliated | — | 228 | — | —
Dividends — unaffiliated | 604,726 | 170,914 | 2,931,528 | 1,552,437
Dividends — affiliated | 23,803 | 41,699 | 148,150 | 20,564
Deferred offering costs | — | — | 210,889 | —
Prepaid expenses | 2,829 | 6,550 | 35,107 | 9,806
Total assets | 412,432,077 | 955,999,519 | 1,758,923,036 | 760,646,686
LIABILITIES |  |  |  |
Bank overdraft | 4,285 | — | 169,220 | —
Due to broker | — | — | — | 1,566,208
Collateral on securities loaned | — | 2,483,800 | — | —
Options written, at value(f) | 2,894,166 | 12,761,723 | 15,880,803 | 7,723,197
Payables: |  |  |  |
Investments purchased | — | — | 39,992,343 | 2,794,069
Accounting services fees | 11,267 | 12,329 | 23,807 | 14,891
Custodian fees | 7,189 | 20,373 | 23,047 | 24,643
Deferred capital gain tax | — | — | 311,838 | —
Income dividend distributions | 102,410 | 254,758 | 259,619 | 129,121
Investment advisory fees | 322,819 | 652,038 | 1,116,960 | 504,268
Trustees’ and Officer’s fees | 342,548 | 243,322 | 888,058 | 585,248
Options written | — | 1,428 | 140,957 | 139,365
Other accrued expenses | 6,323 | 6,376 | 21,254 | 10,905
Professional fees | 45,788 | 66,781 | 138,030 | 98,297
Transfer agent fees | 22,128 | 32,157 | 72,483 | 36,362
Total liabilities | 3,758,923 | 16,535,085 | 59,038,419 | 13,626,574
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 408,673,154 | $ 939,464,434 | $ 1,699,884,617 | $ 747,020,112
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital(g)(h)(i) | $ 507,480,248 | $ 561,832,951 | $ 1,310,873,538 | $ 650,889,396
Accumulated earnings (loss) | (98,807,094) | 377,631,483 | 389,011,079 | 96,130,716
NET ASSETS | $ 408,673,154 | $ 939,464,434 | $ 1,699,884,617 | $ 747,020,112
Net asset value | $ 14.88 | $ 21.28 | $ 9.13 | $ 12.14
(a) Consolidated Statement of Assets and Liabilities.
(b) Investments, at cost—unaffiliated | $260,547,552 | $556,934,358 | $1,383,235,510 | $592,710,902
(c) Securities loaned, at value | $— | $2,421,004 | $— | $—
(d) Investments, at cost—affiliated | $4,464,036 | $10,634,587 | $37,914,697 | $2,304,270
(e) Foreign currency, at cost | $477,470 | $— | $459,253 | $319,294
(f) Premiums received | $2,444,720 | $11,273,204 | $17,968,047 | $7,078,012
(g) Shares outstanding | 27,464,975 | 44,146,919 | 186,135,109 | 61,525,804
(h) Shares authorized | Unlimited | 200 million | Unlimited | Unlimited
(i) Par value | $0.001 | $0.10 | $0.001 | $0.001

See notes to financial statements.
Financial Statements
115

Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2024

| BGY | BMEZ | BME | BIGZ
ASSETS |  |  |  |
Investments, at value — unaffiliated(a)(b) | $ 632,201,828 | $ 1,815,277,429 | $ 601,804,721 | $ 1,909,489,451
Investments, at value — affiliated(c) | 4,885,161 | 105,228,663 | 19,941,363 | 26,356,850
Cash | — | — | — | 55,726
Cash pledged as collateral for OTC derivatives | — | 16,000 | — | —
Foreign currency, at value(d) | 81,771 | 141 | 1,139 | 182
Receivables: |  |  |  |
Investments sold | — | 914,453 | 2,679,964 | 918,354
Options written | 674,384 | 139,581 | 280,107 | 56,451
Securities lending income — affiliated | — | 6,853 | 583 | 6,323
Dividends — unaffiliated | 1,370,965 | 1,014,492 | 400,916 | 128,054
Dividends — affiliated | 40,492 | 258,543 | 80,680 | 15,421
Deferred offering costs | — | — | 84,599 | —
Prepaid expenses | 16,156 | 20,500 | 2,930 | 41,255
Total assets | 639,270,757 | 1,922,876,655 | 625,277,002 | 1,937,068,067
LIABILITIES |  |  |  |
Bank overdraft | — | 18,903 | — | —
Collateral on securities loaned | — | 29,177,557 | 1,028,844 | 26,018,994
Options written, at value(e) | 5,539,625 | 17,847,348 | 6,728,994 | 6,545,188
Payables: |  |  |  |
Investments purchased | 719,035 | — | — | —
Accounting services fees | 12,328 | 72,074 | 7,242 | 74,084
Custodian fees | 31,489 | 63,934 | 12,844 | 24,071
Income dividend distributions | 160,861 | 2,271,952 | 172,784 | 2,293,595
Investment advisory fees | 519,594 | 1,918,194 | 503,063 | 1,962,349
IRS compliance fee for foreign withholding tax claims | 1,305,801 | — | — | —
Trustees’ and Officer’s fees | 485,659 | 231,509 | 23,716 | 205,053
Options written | 317,849 | 66,329 | 447,601 | —
Other accrued expenses | 11,714 | 103,718 | 10,578 | 174,344
Professional fees | 353,849 | 175,474 | 52,024 | 304,379
Proxy fees | — | 928,157 | — | 1,173,369
Transfer agent fees | 31,593 | 14,212 | 27,537 | 11,531
Total liabilities | 9,489,397 | 52,889,361 | 9,015,227 | 38,786,957
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 629,781,360 | $ 1,869,987,294 | $ 616,261,775 | $ 1,898,281,110
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital(f)(g)(h) | $ 540,011,552 | $ 1,951,060,860 | $ 417,617,800 | $ 4,022,207,780
Accumulated earnings (loss) | 89,769,808 | (81,073,566) | 198,643,975 | (2,123,926,670)
NET ASSETS | $ 629,781,360 | $ 1,869,987,294 | $ 616,261,775 | $ 1,898,281,110
Net asset value | $ 6.28 | $ 17.56 | $ 44.20 | $ 8.46
(a) Investments, at cost—unaffiliated | $502,037,248 | $1,738,695,703 | $372,890,993 | $2,047,607,053
(b) Securities loaned, at value | $— | $28,629,577 | $1,000,706 | $25,312,372
(c) Investments, at cost—affiliated | $4,885,161 | $105,231,352 | $19,941,463 | $26,357,620
(d) Foreign currency, at cost | $81,777 | $142 | $1,142 | $183
(e) Premiums received | $5,843,174 | $14,613,820 | $5,544,655 | $8,046,400
(f) Shares outstanding | 100,271,847 | 106,514,258 | 13,943,973 | 224,418,826
(g) Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited
(h) Par value | $0.001 | $0.001 | $0.001 | $0.001

See notes to financial statements.
116
2024 BlackRock Semi-Annual Report to Shareholders

Statements of Assets and Liabilities (unaudited) (continued)
June 30, 2024

| BCX | BSTZ(a) | BST(a) | BUI
ASSETS |  |  |  |
Investments, at value — unaffiliated(b)(c) | $ 869,826,867 | $ 1,753,985,904 | $ 1,368,793,738 | $ 495,888,290
Investments, at value — affiliated(d) | 17,533,182 | 32,294,114 | 9,018,968 | 6,050,782
Cash | 31,904 | — | — | 27,564
Cash pledged as collateral for OTC derivatives | — | 3,030,000 | 380,000 | —
Foreign currency, at value(e) | 543,075 | 173,356 | 103,527 | 82,141
Receivables: |  |  |  |
Investments sold | — | 2,389,709 | — | 521,215
Options written | 574,470 | 428,729 | 389,068 | 117,906
Securities lending income — affiliated | 187 | 17,382 | 1,169 | 338
Dividends — unaffiliated | 1,262,723 | 1,154,486 | 151,118 | 1,086,575
Dividends — affiliated | 61,384 | 85,899 | 25,472 | 23,911
Interest — unaffiliated | 154,000 | — | — | —
Deferred offering costs | — | — | 71,340 | 106,426
Prepaid expenses | — | 14,621 | 7,309 | —
Total assets | 889,987,792 | 1,793,574,200 | 1,378,941,709 | 503,905,148
LIABILITIES |  |  |  |
Bank overdraft | — | 26,592 | 25,823 | —
Collateral on securities loaned | — | 30,730,781 | 6,610,764 | 564,110
Options written, at value(f) | 5,219,248 | 19,072,940 | 19,726,172 | 2,764,459
Payables: |  |  |  |
Investments purchased | 892,904 | — | — | —
Accounting services fees | 15,171 | 61,787 | 12,539 | 12,538
Custodian fees | 15,128 | 54,243 | 17,156 | 13,437
Deferred capital gain tax | — | 2,225,086 | — | —
Income dividend distributions | 201,970 | 2,175,588 | 420,521 | 162,092
Investment advisory fees | 722,251 | 1,752,822 | 1,092,755 | 417,649
Trustees’ and Officer’s fees | 222,255 | 216,374 | 20,647 | —
Options written | 6,534 | 233,433 | 317,716 | 109,596
Other accrued expenses | 24,726 | 96,223 | 62,364 | 26,412
Professional fees | 95,912 | 392,093 | 175,816 | 33,785
Proxy fees | — | 870,816 | — | —
Transfer agent fees | 50,834 | 25,254 | 61,063 | 26,296
Total liabilities | 7,466,933 | 57,934,032 | 28,543,336 | 4,130,374
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 882,520,859 | $ 1,735,640,168 | $ 1,350,398,373 | $ 499,774,774
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital(g)(h)(i) | $ 1,017,257,473 | $ 1,204,491,153 | $ 788,774,981 | $ 376,946,999
Accumulated earnings (loss) | (134,736,614) | 531,149,015 | 561,623,392 | 122,827,775
NET ASSETS | $ 882,520,859 | $ 1,735,640,168 | $ 1,350,398,373 | $ 499,774,774
Net asset value | $ 10.46 | $ 22.82 | $ 38.89 | $ 22.24
(a) Consolidated Statement of Assets and Liabilities.
(b) Investments, at cost—unaffiliated | $734,986,530 | $1,084,603,611 | $724,788,773 | $354,795,924
(c) Securities loaned, at value | $— | $30,397,966 | $6,331,977 | $520,675
(d) Investments, at cost—affiliated | $17,533,182 | $32,294,710 | $9,019,493 | $6,050,782
(e) Foreign currency, at cost | $543,050 | $173,439 | $103,708 | $82,057
(f) Premiums received | $6,005,423 | $12,707,105 | $13,405,948 | $4,204,297
(g) Shares outstanding | 84,363,295 | 76,070,675 | 34,720,019 | 22,475,424
(h) Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited
(i) Par value | $0.001 | $0.001 | $0.001 | $0.001

See notes to financial statements.
Financial Statements
117

Statements of Operations (unaudited)
Six Months Ended June 30, 2024

| BGR | CII | BDJ(a) | BOE
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $7,055,359 | $5,264,331 | $24,066,812 | $11,277,349
Dividends — affiliated | 149,148 | 280,280 | 755,375 | 174,795
Securities lending income — affiliated — net | — | 1,148 | 395 | —
Foreign taxes withheld | (320,000 ) | (142,542 ) | (381,762 ) | (788,189 )
Total investment income | 6,884,507 | 5,403,217 | 24,440,820 | 10,663,955
EXPENSES |  |  |  |
Investment advisory | 2,400,832 | 3,853,156 | 6,699,027 | 3,657,549
Professional | 39,664 | 43,253 | 74,039 | 54,766
Trustees and Officer | 38,645 | 43,317 | 109,172 | 64,926
Transfer agent | 27,901 | 39,615 | 76,223 | 44,478
Accounting services | 21,895 | 24,611 | 47,009 | 29,610
Custodian | 13,621 | 40,292 | 41,345 | 43,368
Printing and postage | 5,700 | 18,429 | 18,310 | 5,778
Registration | 4,770 | 7,586 | 32,003 | 10,677
Miscellaneous | 20,707 | 23,902 | 89,209 | 45,021
Total expenses excluding interest expense | 2,573,735 | 4,094,161 | 7,186,337 | 3,956,173
Interest expense — unaffiliated | 133 | 72 | 879 | 4,109
Total expenses | 2,573,868 | 4,094,233 | 7,187,216 | 3,960,282
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (442,279 ) | (3,996 ) | (10,807 ) | (642,583 )
Total expenses after fees waived and/or reimbursed | 2,131,589 | 4,090,237 | 7,176,409 | 3,317,699
Net investment income | 4,752,918 | 1,312,980 | 17,264,411 | 7,346,256
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | 10,377,235 | 46,218,392 | 81,828,228 | 15,924,325
Investments — affiliated | — | 511 | (896 ) | —
Foreign currency transactions | 31,414 | (3,331 ) | (5,896 ) | (35,111 )
Options written | (4,231,774 ) | (24,940,592 ) | (35,448,018 ) | (10,474,118 )
Payment by affiliate | — | — | 3,800 | —
| 6,176,875 | 21,274,980 | 46,377,218 | 5,415,096
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | 21,748,298 | 61,987,809 | 39,451,138 | 27,545,161
Investments — affiliated | — | (92 ) | — | —
Foreign currency translations | 2,574 | — | (5,860 ) | (41,029 )
Options written | (1,162,675 ) | 6,793,687 | 17,961,346 | 3,522,195
| 20,588,197 | 68,781,404 | 57,406,624 | 31,026,327
Net realized and unrealized gain | 26,765,072 | 90,056,384 | 103,783,842 | 36,441,423
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $31,517,990 | $91,369,364 | $121,048,253 | $43,787,679
(a) Consolidated Statement of Operations.

See notes to financial statements.
118
2024 BlackRock Semi-Annual Report to Shareholders

Statements of Operations (unaudited) (continued)
Six Months Ended June 30, 2024

| BGY | BMEZ | BME | BIGZ
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $11,472,493 | $4,970,196 | $3,592,291 | $4,011,500
Dividends — affiliated | 191,460 | 910,501 | 484,886 | 108,749
Securities lending income — affiliated — net | — | 53,232 | 1,970 | 30,892
Foreign taxes withheld | (1,136,588 ) | (183,293 ) | (24,032 ) | (62,600 )
Foreign withholding tax claims | 1,895,283 | — | — | —
IRS compliance fee for foreign withholding tax claims | (1,305,801 ) | — | — | —
Total investment income | 11,116,847 | 5,750,636 | 4,055,115 | 4,088,541
EXPENSES |  |  |  |
Investment advisory | 3,098,687 | 11,899,316 | 3,022,401 | 12,415,521
Professional | 334,282 | 93,006 | 49,255 | 138,647
Custodian | 63,506 | 96,453 | 21,108 | 36,718
Trustees and Officer | 53,575 | 68,386 | 20,985 | 70,109
Transfer agent | 36,811 | 51,188 | 34,977 | 50,574
Accounting services | 24,611 | 98,169 | 14,678 | 98,845
Registration | 17,438 | 19,627 | 4,185 | 40,075
Printing and postage | 5,666 | 5,042 | 6,134 | 8,448
Proxy | — | 1,456,160 | — | 1,976,445
Miscellaneous | 51,557 | 241,017 | 29,989 | 584,795
Total expenses excluding interest expense | 3,686,133 | 14,028,364 | 3,203,712 | 15,420,177
Interest expense — unaffiliated | 14,870 | 622 | 25 | 11,576
Total expenses | 3,701,003 | 14,028,986 | 3,203,737 | 15,431,753
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (2,734 ) | (12,883 ) | (6,880 ) | (1,566 )
Total expenses after fees waived and/or reimbursed | 3,698,269 | 14,016,103 | 3,196,857 | 15,430,187
Net investment income (loss) | 7,418,578 | (8,265,467 ) | 858,258 | (11,341,646 )
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | 7,414,306 (a) | 8,256,926 | 5,251,242 | 11,249,020
Investments — affiliated | — | (2,878 ) | (344 ) | 1,492
Forward foreign currency exchange contracts | — | (3,753,243 ) | — | —
Foreign currency transactions | (100,436 ) | (84,010 ) | (862 ) | 11,007
Options written | (13,738,375 ) | (10,771,650 ) | (9,689,871 ) | (3,973,690 )
| (6,424,505 ) | (6,354,855 ) | (4,439,835 ) | 7,287,829
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | 21,920,652 (b) | 32,351,859 | 48,238,092 | (64,339,615 )
Investments — affiliated | — | (2,109 ) | (100 ) | (1,931 )
Forward foreign currency exchange contracts | — | (1,429,095 ) | — | —
Foreign currency translations | (31,837 ) | (27,092 ) | (4,740 ) | (8 )
Options written | 4,751,753 | 13,471,602 | 1,295,068 | 10,142,282
| 26,640,568 | 44,365,165 | 49,528,320 | (54,199,272 )
Net realized and unrealized gain (loss) | 20,216,063 | 38,010,310 | 45,088,485 | (46,911,443 )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $27,634,641 | $29,744,843 | $45,946,743 | $(58,253,089 )
(a) Net of capital gain tax and capital gain tax refund, if applicable of | $— | $— | $— | $—
(b) Net of reduction in deferred foreign capital gain tax of | $4,475 | $— | $— | $—

See notes to financial statements.
Financial Statements
119

Statements of Operations (unaudited) (continued)
Six Months Ended June 30, 2024

| BCX | BSTZ(a) | BST(a) | BUI
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $15,789,153 | $3,497,033 | $2,500,902 | $6,937,286
Dividends — affiliated | 364,441 | 296,711 | 161,245 | 186,815
Securities lending income — affiliated — net | 10,783 | 73,983 | 15,019 | 2,614
Foreign taxes withheld | (634,346 ) | (2,456,324 ) | (951,232 ) | (354,047 )
Foreign withholding tax claims | — | — | — | 100,738
Total investment income | 15,530,031 | 1,411,403 | 1,725,934 | 6,873,406
EXPENSES |  |  |  |
Investment advisory | 4,357,823 | 10,366,651 | 6,278,368 | 2,471,752
Transfer agent | 56,034 | 71,483 | 68,810 | 32,399
Professional | 53,716 | 124,182 | 95,366 | 49,902
Trustees and Officer | 39,691 | 60,678 | 35,549 | 15,556
Custodian | 30,211 | 64,053 | 25,944 | 24,077
Accounting services | 29,364 | 86,842 | 24,402 | 24,402
Registration | 14,776 | 13,247 | 7,069 | 2,045
Printing and postage | 5,778 | 6,732 | 9,046 | 5,583
Proxy | — | 1,563,623 | — | —
Miscellaneous | 48,951 | 292,110 | 184,518 | 41,860
Total expenses excluding interest expense | 4,636,344 | 12,649,601 | 6,729,072 | 2,667,576
Interest expense — unaffiliated | 1,558 | 14,401 | 2,314 | 782
Total expenses | 4,637,902 | 12,664,002 | 6,731,386 | 2,668,358
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (5,172 ) | (4,274 ) | (2,319 ) | (2,672 )
Total expenses after fees waived and/or reimbursed | 4,632,730 | 12,659,728 | 6,729,067 | 2,665,686
Net investment income (loss) | 10,897,301 | (11,248,325 ) | (5,003,133 ) | 4,207,720
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | (7,172,264 ) | 77,055,056 | 48,531,641 | 21,289,750
Investments — affiliated | (107 ) | (1,530 ) | (1,378 ) | 423
Foreign currency transactions | (27,017 ) | (134,003 ) | (20,506 ) | 4,619
Options written | (2,260,101 ) | (42,395,510 ) | (50,335,609 ) | (7,843,274 )
| (9,459,489 ) | 34,524,013 | (1,825,852 ) | 13,451,518
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | 11,925,236 | 140,228,834 (b) | 203,916,299 | (13,260,646 )
Investments — affiliated | 499 | (1,158 ) | (30 ) | (4 )
Foreign currency translations | 9,028 | (4,946 ) | (755 ) | (13,331 )
Options written | 4,029,904 | (2,094,647 ) | (1,351,523 ) | 5,236,028
| 15,964,667 | 138,128,083 | 202,563,991 | (8,037,953 )
Net realized and unrealized gain | 6,505,178 | 172,652,096 | 200,738,139 | 5,413,565
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $17,402,479 | $161,403,771 | $195,735,006 | $9,621,285
(a) Consolidated Statement of Operations.
(b) Net of increase in deferred capital gain tax of | $— | $(722,534 ) | $— | $—

See notes to financial statements.
120
2024 BlackRock Semi-Annual Report to Shareholders

Statements of Changes in Net Assets

| BGR | CII
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $4,752,918 | $10,408,652 | $1,312,980 | $2,873,748
Net realized gain | 6,176,875 | 23,169,588 | 21,274,980 | 27,313,271
Net change in unrealized appreciation (depreciation) | 20,588,197 | (15,169,570 ) | 68,781,404 | 122,020,412
Net increase in net assets resulting from operations | 31,517,990 | 18,408,670 | 91,369,364 | 152,207,431
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |
From net investment income and net realized gain | (10,826,693 )(b) | (10,396,825 ) | (26,355,711 )(b) | (52,698,168 )
Return of capital | — | (11,108,880 ) | — | —
Decrease in net assets resulting from distributions to shareholders | (10,826,693 ) | (21,505,705 ) | (26,355,711 ) | (52,698,168 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Reinvestment of distributions | — | — | — | 274,446
Redemption of shares resulting from share repurchase program (including transaction costs) | — | (7,413,692 ) | — | —
Net increase (decrease) in net assets derived from capital share transactions | — | (7,413,692 ) | — | 274,446
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | 20,691,297 | (10,510,727 ) | 65,013,653 | 99,783,709
Beginning of period | 387,981,857 | 398,492,584 | 874,450,781 | 774,667,072
End of period | $408,673,154 | $387,981,857 | $939,464,434 | $874,450,781

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.
Financial Statements
121

Statements of Changes in Net Assets(continued)

| BDJ(a) | BOE
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $17,264,411 | $34,246,184 | $7,346,256 | $13,670,798
Net realized gain (loss) | 46,377,218 | 102,886,094 | 5,415,096 | (3,531,179 )
Net change in unrealized appreciation (depreciation) | 57,406,624 | 12,843,150 | 31,026,327 | 86,840,574
Net increase in net assets resulting from operations | 121,048,253 | 149,975,428 | 43,787,679 | 96,980,193
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |
From net investment income and net realized gain | (62,764,759 )(c) | (135,982,780 ) | (23,256,754 )(c) | (13,739,848 )
Return of capital | — | — | — | (33,325,380 )
Decrease in net assets resulting from distributions to shareholders | (62,764,759 ) | (135,982,780 ) | (23,256,754 ) | (47,065,228 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Reinvestment of distributions | — | 702,786 | — | —
Redemption of shares resulting from share repurchase program (including transaction costs) | — | (2,735,878 ) | — | (11,889,663 )
Net decrease in net assets derived from capital share transactions | — | (2,033,092 ) | — | (11,889,663 )
NET ASSETS |  |  |  |
Total increase in net assets | 58,283,494 | 11,959,556 | 20,530,925 | 38,025,302
Beginning of period | 1,641,601,123 | 1,629,641,567 | 726,489,187 | 688,463,885
End of period | $1,699,884,617 | $1,641,601,123 | $747,020,112 | $726,489,187

(a) | Consolidated Statement of Changes in Net Assets.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.
122
2024 BlackRock Semi-Annual Report to Shareholders

Statements of Changes in Net Assets(continued)

| BGY | BMEZ
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income (loss) | $7,418,578 | $8,622,266 | $(8,265,467 ) | $(12,827,913 )
Net realized gain (loss) | (6,424,505 ) | 25,103,078 | (6,354,855 ) | (125,606 )
Net change in unrealized appreciation (depreciation) | 26,640,568 | 49,586,269 | 44,365,165 | 82,812,081
Net increase in net assets resulting from operations | 27,634,641 | 83,311,613 | 29,744,843 | 69,858,562
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |
From net investment income and net realized gain | (20,335,131 )(b) | (17,300,662 ) | (67,128,481 )(b) | —
Return of capital | — | (23,857,237 ) | — | (170,987,587 )
Decrease in net assets resulting from distributions to shareholders | (20,335,131 ) | (41,157,899 ) | (67,128,481 ) | (170,987,587 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) | — | (13,143,239 ) | — | (47,918,763 )
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | 7,299,510 | 29,010,475 | (37,383,638 ) | (149,047,788 )
Beginning of period | 622,481,850 | 593,471,375 | 1,907,370,932 | 2,056,418,720
End of period | $629,781,360 | $622,481,850 | $1,869,987,294 | $1,907,370,932

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.
Financial Statements
123

Statements of Changes in Net Assets(continued)

| BME | BIGZ
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income (loss) | $858,258 | $2,005,523 | $(11,341,646 ) | $(24,835,889 )
Net realized gain (loss) | (4,439,835 ) | 26,685,806 | 7,287,829 | (395,036,508 )
Net change in unrealized appreciation (depreciation) | 49,528,320 | (8,674,311 ) | (54,199,272 ) | 631,441,416
Net increase (decrease) in net assets resulting from operations | 45,946,743 | 20,017,018 | (58,253,089 ) | 211,569,019
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |
From net investment income and net realized gain | (17,820,398 )(b) | (25,396,234 ) | (69,935,639 )(b) | —
Return of capital | — | (10,214,453 ) | — | (173,714,456 )
Decrease in net assets resulting from distributions to shareholders | (17,820,398 ) | (35,610,687 ) | (69,935,639 ) | (173,714,456 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | — | 3,020,683 | — | —
Reinvestment of distributions | — | 511,503 | — | —
Redemption of shares resulting from share repurchase program (including transaction costs) | — | — | — | (37,872,639 )
Net increase (decrease) in net assets derived from capital share transactions | — | 3,532,186 | — | (37,872,639 )
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | 28,126,345 | (12,061,483 ) | (128,188,728 ) | (18,076 )
Beginning of period | 588,135,430 | 600,196,913 | 2,026,469,838 | 2,026,487,914
End of period | $616,261,775 | $588,135,430 | $1,898,281,110 | $2,026,469,838

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.
124
2024 BlackRock Semi-Annual Report to Shareholders

Statements of Changes in Net Assets(continued)

| BCX | BSTZ(a)
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income (loss) | $10,897,301 | $24,403,314 | $(11,248,325 ) | $(15,155,748 )
Net realized gain (loss) | (9,459,489 ) | 33,949,389 | 34,524,013 | (40,897,514 )
Net change in unrealized appreciation (depreciation) | 15,964,667 | (66,990,639 ) | 138,128,083 | 336,014,543
Net increase (decrease) in net assets resulting from operations | 17,402,479 | (8,637,936 ) | 161,403,771 | 279,961,281
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |
From net investment income | (26,220,112 )(c) | (24,357,046 ) | (55,560,500 )(c) | —
Return of capital | — | (29,035,558 ) | — | (140,469,092 )
Decrease in net assets resulting from distributions to shareholders | (26,220,112 ) | (53,392,604 ) | (55,560,500 ) | (140,469,092 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) | — | (29,812,008 ) | (27,332 ) | (34,325,597 )
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (8,817,633 ) | (91,842,548 ) | 105,815,939 | 105,166,592
Beginning of period | 891,338,492 | 983,181,040 | 1,629,824,229 | 1,524,657,637
End of period | $882,520,859 | $891,338,492 | $1,735,640,168 | $1,629,824,229

(a) | Consolidated Statement of Changes in Net Assets.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.
Financial Statements
125

Statements of Changes in Net Assets(continued)

| BST(a) | BUI
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income (loss) | $(5,003,133 ) | $(7,655,006 ) | $4,207,720 | $7,841,668
Net realized gain (loss) | (1,825,852 ) | 50,365,846 | 13,451,518 | 19,192,335
Net change in unrealized appreciation (depreciation) | 202,563,991 | 247,434,391 | (8,037,953 ) | 9,049,746
Net increase in net assets resulting from operations | 195,735,006 | 290,145,231 | 9,621,285 | 36,083,749
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |
From net investment income and net realized gain | (51,950,916 )(c) | (50,091,649 ) | (16,317,110 )(c) | (21,447,319 )
Return of capital | — | (51,595,440 ) | — | (11,077,670 )
Decrease in net assets resulting from distributions to shareholders | (51,950,916 ) | (101,687,089 ) | (16,317,110 ) | (32,524,989 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | 8,621,917 | 41,619,188 | — | 3,779,817
Reinvestment of distributions | 1,567,740 | 5,644,095 | 8,669 | 730,387
Net increase in net assets derived from capital share transactions | 10,189,657 | 47,263,283 | 8,669 | 4,510,204
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | 153,973,747 | 235,721,425 | (6,687,156 ) | 8,068,964
Beginning of period | 1,196,424,626 | 960,703,201 | 506,461,930 | 498,392,966
End of period | $1,350,398,373 | $1,196,424,626 | $499,774,774 | $506,461,930

(a) | Consolidated Statement of Changes in Net Assets.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.
126
2024 BlackRock Semi-Annual Report to Shareholders

Statements of Cash Flows (unaudited)
Six Months Ended June 30, 2024

| BGR | CII | BDJ(a) | BOE
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase in net assets resulting from operations | $31,517,990 | $91,369,364 | $121,048,253 | $43,787,679
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |  |  |
Proceeds from sales of long-term investments and principal paydowns/payups | 79,473,578 | 216,298,418 | 445,918,612 | 224,555,562
Purchases of long-term investments | (68,529,670 ) | (173,316,313 ) | (331,842,757 ) | (200,404,219 )
Net proceeds from sales (purchases) of short-term securities | (851,716 ) | 2,696,429 | (32,711,059 ) | 363,953
Premiums paid on closing options written | (16,366,805 ) | (78,871,414 ) | (120,173,637 ) | (37,521,379 )
Premiums received from options written | 12,203,847 | 54,935,186 | 81,692,732 | 27,395,608
Net realized gain on investments and options written | (5,751,240 ) | (20,704,776 ) | (42,989,026 ) | (5,416,383 )
Net unrealized appreciation on investments, options written and foreign currency translations | (20,585,623 ) | (68,781,404 ) | (57,724,322 ) | (31,067,118 )
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | (2,130 ) | (1,927 ) | (59,066 ) | (4,157 )
Dividends — unaffiliated | (3,683 ) | 342,713 | (871,273 ) | 274,306
Securities lending income — affiliated | — | 87 | — | —
Prepaid expenses | 986 | (508 ) | (20,476 ) | (3,392 )
Deferred offering costs. | — | — | (2,000 ) | —
Increase (Decrease) in Liabilities |  |  |  |
Due to broker | — | — | — | 1,036,208
Collateral on securities loaned | — | 2,086,215 | — | —
Payables |  |  |  |
Accounting services fees | 284 | 555 | 828 | 636
Custodian fees | (1,246 ) | 12,487 | (9,198 ) | (1,949 )
Deferred capital gain tax | — | — | 311,838 | —
Investment advisory fees | 1,382 | 33,531 | 16,999 | 3,538
Trustees’ and Officer’s fees | (78,495 ) | (11,484 ) | (131,467 ) | (90,942 )
Other accrued expenses | (2,760 ) | 3,330 | 12,886 | (3,307 )
Professional fees | (881 ) | (5,092 ) | 18,201 | (6,117 )
Transfer agent fees | 9,182 | 15,556 | 35,713 | 18,371
Net cash provided by operating activities | 11,033,000 | 26,100,953 | 62,521,781 | 22,916,898
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (10,724,283 ) | (26,100,953 ) | (62,505,140 ) | (23,127,633 )
Increase in bank overdraft | 4,285 | — | 169,220 | —
Net cash used for financing activities | (10,719,998 ) | (26,100,953 ) | (62,335,920 ) | (23,127,633 )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | 1,059 | — | 94 | (238 )
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | 314,061 | — | 185,955 | (210,973 )
Restricted and unrestricted cash and foreign currency at beginning of period | 163,667 | — | 273,259 | 530,024
Restricted and unrestricted cash and foreign currency at end of period | $477,728 | $— | $459,214 | $319,051
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the period for interest expense | $133 | $72 | $879 | $4,109
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Foreign currency at value | 477,728 | — | 459,214 | 319,051
| $477,728 | $— | $459,214 | $319,051

(a) | Consolidated Statement of Cash Flows.

See notes to financial statements.
Financial Statements
127

Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2024

| BGY | BMEZ | BME | BIGZ
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase (decrease) in net assets resulting from operations | $27,634,641 | $29,744,843 | $45,946,743 | $(58,253,089 )
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: |  |  |  |
Proceeds from sales of long-term investments | 170,167,966 | 382,330,269 | 65,779,539 | 439,761,339
Purchases of long-term investments | (147,475,241 ) | (260,283,027 ) | (52,831,601 ) | (357,358,222 )
Net proceeds from sales (purchases) of short-term securities | 3,374,942 | (52,451,591 ) | 11,455,170 | (5,526,057 )
Premiums paid on closing options written | (35,770,406 ) | (72,610,855 ) | (32,065,475 ) | (37,683,749 )
Premiums received from options written | 21,470,697 | 61,992,215 | 23,344,138 | 33,457,491
Net realized (gain) loss on investments and options written | 6,326,774 | 2,581,578 | 4,445,713 | (7,290,197 )
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations | (26,668,128 ) | (44,392,239 ) | (49,533,060 ) | 54,199,267
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | (8,314 ) | 51,675 | 64,734 | (8,336 )
Dividends — unaffiliated | (364,609 ) | 18,401 | 72,140 | 193,370
Securities lending income — affiliated | — | 3,944 | (437 ) | (1,956 )
Prepaid expenses | (10,661 ) | (4,340 ) | 2,362 | (24,635 )
Deferred offering costs. | — | — | (1,999 ) | —
Increase (Decrease) in Liabilities |  |  |  |
Collateral on securities loaned | — | 16,876,890 | 1,028,844 | 5,514,535
Payables |  |  |  |
Accounting services fees | 554 | (1,646 ) | 456 | (3,088 )
Custodian fees | 1,305 | (7,048 ) | (2,151 ) | (1,247 )
Deferred capital gain tax | (4,475 ) | — | — | —
Investment advisory fees | 3,686 | (36,530 ) | 13,956 | (139,298 )
IRS compliance fee for foreign withholding tax claims | 1,305,801 | — | — | —
Trustees’ and Officer’s fees | (81,314 ) | 11,142 | (12,259 ) | 14,616
Other accrued expenses | (3,967 ) | 34,608 | (3,117 ) | (51,110 )
Professional fees | 270,871 | 4,912 | (8,243 ) | 62,695
Proxy fees | — | 839,424 | — | 863,851
Transfer agent fees | 13,891 | (14,128 ) | 13,458 | (28,592 )
Net cash provided by operating activities | 20,184,013 | 64,688,497 | 17,708,911 | 67,697,588
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (20,174,270 ) | (64,856,529 ) | (17,647,614 ) | (67,642,044 )
Decrease in bank overdraft | — | (272,978 ) | (60,686 ) | —
Net cash used for financing activities | (20,174,270 ) | (65,129,507 ) | (17,708,300 ) | (67,642,044 )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | 198 | (17 ) | (6 ) | (3 )
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | 9,941 | (441,027 ) | 605 | 55,541
Restricted and unrestricted cash and foreign currency at beginning of period | 71,830 | 457,168 | 534 | 367
Restricted and unrestricted cash and foreign currency at end of period | $81,771 | $16,141 | $1,139 | $55,908
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the period for interest expense | $14,870 | $622 | $25 | $11,576
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Cash | $— | $— | $— | $55,726
Cash pledged |  |  |  |
Collateral — OTC derivatives | — | 16,000 | — | —
Foreign currency at value | 81,771 | 141 | 1,139 | 182
| $81,771 | $16,141 | $1,139 | $55,908

See notes to financial statements.
128
2024 BlackRock Semi-Annual Report to Shareholders

Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2024

| BCX | BSTZ(a) | BST(a) | BUI
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase in net assets resulting from operations | $17,402,479 | $161,403,771 | $195,735,006 | $9,621,285
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |  |  |
Proceeds from sales of long-term investments | 322,418,370 | 490,076,177 | 195,943,988 | 111,518,874
Purchases of long-term investments | (299,971,377 ) | (379,348,778 ) | (99,581,512 ) | (92,719,311 )
Net proceeds from sales (purchases) of short-term securities | 2,777,757 | (27,946,279 ) | (2,793,999 ) | 565,921
Premiums paid on closing options written | (30,331,574 ) | (115,470,580 ) | (110,714,771 ) | (22,957,711 )
Premiums received from options written | 26,876,252 | 71,084,000 | 63,284,217 | 15,323,253
Net realized (gain) loss on investments and options written | 9,520,054 | (34,627,151 ) | 1,686,894 | (12,514,339 )
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations | (15,955,661 ) | (138,855,479 ) | (202,564,746 ) | 8,037,953
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | (2,243 ) | (69,730 ) | (19,610 ) | 15,314
Dividends — unaffiliated | 40,993 | (905,244 ) | 14,107 | (320,073 )
Interest — unaffiliated | 5,250 | — | — | —
Securities lending income — affiliated | 958 | (14,833 ) | 2,106 | 52
Prepaid expenses | — | (2,030 ) | 2,804 | —
Deferred offering costs. | — | — | 118,886 | (2,000 )
Increase (Decrease) in Liabilities |  |  |  |
Due to broker | — | (680,000 ) | — | —
Collateral on securities loaned | (6,147,790 ) | 27,865,254 | 749,575 | (732,440 )
Payables |  |  |  |
Accounting services fees | 463 | (2,125 ) | 334 | 333
Custodian fees | (1,793 ) | (15,729 ) | (5,803 ) | (3,297 )
Deferred capital gain tax | — | 722,534 | — | —
Investment advisory fees | (21,878 ) | 46,798 | 91,939 | (4,191 )
Trustees’ and Officer’s fees | (48,278 ) | 8,849 | 2,144 | (8,241 )
Other accrued expenses | (6,734 ) | (19,069 ) | (19,434 ) | (2,096 )
Professional fees | 475 | 10,097 | (20,375 ) | (5,931 )
Proxy fees | — | 870,816 | — | —
Transfer agent fees | 26,130 | (4,817 ) | 32,618 | 12,432
Net cash provided by operating activities | 26,581,853 | 54,126,452 | 41,944,368 | 15,825,787
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (26,018,142 ) | (53,384,912 ) | (49,962,655 ) | (16,146,349 )
Payments for offering costs | — | — | (122,160 ) | —
Net payments on redemption of capital shares | — | (27,332 ) | — | —
Decrease in bank overdraft | — | (320,769 ) | (480,961 ) | —
Proceeds from issuance of capital shares | — | — | 8,621,917 | —
Net cash used for financing activities | (26,018,142 ) | (53,733,013 ) | (41,943,859 ) | (16,146,349 )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | 24 | (83 ) | (88 ) | (101 )
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | 563,735 | 393,356 | 421 | (320,663 )
Restricted and unrestricted cash and foreign currency at beginning of period | 11,244 | 2,810,000 | 483,106 | 430,368
Restricted and unrestricted cash and foreign currency at end of period | $574,979 | $3,203,356 | $483,527 | $109,705
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the period for interest expense | $1,558 | $14,401 | $2,314 | $782
NON-CASH FINANCING ACTIVITIES |  |  |  |
Reinvestment of distributions | $— | $— | $1,567,740 | $8,669

Financial Statements
129

Statements of Cash Flows (unaudited) (continued)
Six Months Ended June 30, 2024

| BCX | BSTZ(a) | BST(a) | BUI
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Cash | $31,904 | $— | $— | $27,564
Cash pledged |  |  |  |
Collateral — OTC derivatives | — | 3,030,000 | 380,000 | —
Foreign currency at value | 543,075 | 173,356 | 103,527 | 82,141
| $574,979 | $3,203,356 | $483,527 | $109,705

(a) | Consolidated Statement of Cash Flows.

See notes to financial statements.
130
2024 BlackRock Semi-Annual Report to Shareholders

Financial Highlights
(For a share outstanding throughout each period)

| BGR
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Year Ended 12/31/19
Net asset value, beginning of period | $14.13 | $14.21 | $10.77 | $8.17 | $12.57 | $11.98
Net investment income(a) | 0.17 | 0.37 | 0.42 | 0.28 | 0.32 | 0.34
Net realized and unrealized gain (loss) | 0.97 | 0.32 | 3.60 | 2.77 | (4.06 ) | 1.18
Net increase (decrease) from investment operations | 1.14 | 0.69 | 4.02 | 3.05 | (3.74 ) | 1.52
Distributions(b) |  |  |  |  |  |
From net investment income | (0.39 )(c) | (0.37 ) | (0.42 ) | (0.28 ) | (0.32 ) | (0.34 )
Return of capital | — | (0.40 ) | (0.16 ) | (0.17 ) | (0.34 ) | (0.59 )
Total distributions | (0.39 ) | (0.77 ) | (0.58 ) | (0.45 ) | (0.66 ) | (0.93 )
Net asset value, end of period | $14.88 | $14.13 | $14.21 | $10.77 | $8.17 | $12.57
Market price, end of period | $13.22 | $12.45 | $12.53 | $9.48 | $7.10 | $11.88
Total Return(d) |  |  |  |  |  |
Based on net asset value | 8.56 %(e) | 5.75 % | 38.51 % | 38.36 %(f) | (29.03 )% | 13.74 %
Based on market price | 9.46 %(e) | 5.66 % | 38.76 % | 40.14 % | (34.74 )% | 23.23 %
Ratios to Average Net Assets(g) |  |  |  |  |  |
Total expenses | 1.29 %(h) | 1.29 % | 1.26 % | 1.33 % | 1.37 % | 1.35 %
Total expenses after fees waived and/or reimbursed | 1.07 %(h) | 1.07 % | 1.04 % | 1.11 % | 1.15 % | 1.16 %
Net investment income | 2.38 %(h) | 2.66 % | 3.21 % | 2.88 % | 3.77 % | 2.67 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $408,673 | $387,982 | $398,493 | $313,503 | $237,868 | $374,896
Portfolio turnover rate | 17 % | 38 % | 76 % | 61 % | 62 % | 24 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e) | Not annualized.
(f) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) | Annualized.

See notes to financial statements.
Financial Highlights
131

Financial Highlights(continued)
(For a share outstanding throughout each period)

| CII
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Year Ended 12/31/19
Net asset value, beginning of period | $19.81 | $17.55 | $22.10 | $19.12 | $17.96 | $15.28
Net investment income(a) | 0.03 | 0.07 | 0.06 | 0.04 | 0.13 | 0.18
Net realized and unrealized gain (loss) | 2.04 | 3.38 | (2.51 ) | 4.04 | 2.08 | 3.50
Net increase (decrease) from investment operations | 2.07 | 3.45 | (2.45 ) | 4.08 | 2.21 | 3.68
Distributions(b) |  |  |  |  |  |
From net investment income | (0.60 )(c) | (0.07 ) | (0.04 ) | (0.04 ) | (0.13 ) | (0.19 )
From net realized gain | — | (1.12 ) | (2.06 ) | (1.06 ) | (0.92 ) | (0.44 )
Return of capital | — | — | — | — | — | (0.37 )
Total distributions | (0.60 ) | (1.19 ) | (2.10 ) | (1.10 ) | (1.05 ) | (1.00 )
Net asset value, end of period | $21.28 | $19.81 | $17.55 | $22.10 | $19.12 | $17.96
Market price, end of period | $19.99 | $19.00 | $17.12 | $22.12 | $17.40 | $17.25
Total Return(d) |  |  |  |  |  |
Based on net asset value | 10.77 %(e) | 20.45 % | (10.95 )% | 21.97 % | 13.94 % | 25.08 %
Based on market price | 8.49 %(e) | 18.43 % | (13.21 )% | 34.15 % | 7.97 % | 30.38 %
Ratios to Average Net Assets(f) |  |  |  |  |  |
Total expenses | 0.90 %(g) | 0.89 % | 0.89 % | 0.90 % | 0.91 % | 0.91 %
Total expenses after fees waived and/or reimbursed | 0.90 %(g) | 0.89 % | 0.89 % | 0.90 % | 0.91 % | 0.91 %
Net investment income | 0.29 %(g) | 0.35 % | 0.31 % | 0.21 % | 0.78 % | 1.08 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $939,464 | $874,451 | $774,667 | $975,479 | $843,673 | $792,638
Portfolio turnover rate | 19 % | 28 % | 32 % | 27 % | 46 % | 32 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e) | Not annualized.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) | Annualized.

See notes to financial statements.
132
2024 BlackRock Semi-Annual Report to Shareholders

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BDJ
| Six Months Ended 06/30/24 (unaudited)(a) | Year Ended 12/31/23(a) | Year Ended 12/31/22(a) | Year Ended 12/31/21 | Year Ended 12/31/20 | Year Ended 12/31/19
Net asset value, beginning of period | $8.82 | $8.74 | $10.23 | $9.35 | $10.03 | $8.74
Net investment income(b) | 0.09 | 0.18 | 0.16 | 0.15 | 0.18 | 0.18
Net realized and unrealized gain (loss) | 0.56 | 0.63 | (0.56 ) | 1.60 | (0.26 ) | 1.86
Net increase (decrease) from investment operations | 0.65 | 0.81 | (0.40 ) | 1.75 | (0.08 ) | 2.04
Distributions(c) |  |  |  |  |  |
From net investment income | (0.34 )(d) | (0.13 ) | (0.04 ) | (0.28 ) | (0.15 ) | (0.08 )
From net realized gain | — | (0.60 ) | (1.05 ) | (0.59 ) | (0.45 ) | (0.67 )
Total distributions | (0.34 ) | (0.73 ) | (1.09 ) | (0.87 ) | (0.60 ) | (0.75 )
Net asset value, end of period | $9.13 | $8.82 | $8.74 | $10.23 | $9.35 | $10.03
Market price, end of period | $8.17 | $7.69 | $9.01 | $10.08 | $8.47 | $9.92
Total Return(e) |  |  |  |  |  |
Based on net asset value | 7.88 %(f)(g) | 10.37 % | (3.71 )%(f) | 19.33 % | 0.77 % | 24.52 %
Based on market price | 10.72 %(g) | (6.65 )% | 0.74 % | 29.80 % | (7.70 )% | 38.53 %
Ratios to Average Net Assets(h) |  |  |  |  |  |
Total expenses | 0.86 %(i) | 0.86 % | 0.84 % | 0.85 % | 0.86 % | 0.87 %
Total expenses after fees waived and/or reimbursed | 0.86 %(i) | 0.86 % | 0.84 % | 0.85 % | 0.86 % | 0.87 %
Net investment income | 2.06 %(i) | 2.12 % | 1.69 % | 1.44 % | 2.15 % | 1.99 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $1,699,885 | $1,641,601 | $1,629,642 | $1,902,838 | $1,739,122 | $1,881,675
Portfolio turnover rate | 22 % | 43 % | 81 % | 40 % | 48 % | 40 %

(a) | Consolidated Financial Highlights.
(b) | Based on average shares outstanding.
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(f) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(g) | Not annualized.
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) | Annualized.

See notes to financial statements.
Financial Highlights
133

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BOE
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Year Ended 12/31/19
Net asset value, beginning of period | $11.81 | $10.97 | $13.40 | $12.28 | $12.32 | $11.07
Net investment income(a) | 0.12 | 0.22 | 0.20 | 0.19 | 0.26 | 0.30
Net realized and unrealized gain (loss) | 0.59 | 1.38 | (1.87 ) | 1.69 | 0.46 | 1.71
Net increase (decrease) from investment operations | 0.71 | 1.60 | (1.67 ) | 1.88 | 0.72 | 2.01
Distributions(b) |  |  |  |  |  |
From net investment income | (0.38 )(c) | (0.22 ) | (0.19 ) | (0.19 ) | (0.26 ) | (0.31 )
From net realized gain | — | — | (0.41 ) | (0.57 ) | — | —
Return of capital | — | (0.54 ) | (0.16 ) | — | (0.50 ) | (0.45 )
Total distributions | (0.38 ) | (0.76 ) | (0.76 ) | (0.76 ) | (0.76 ) | (0.76 )
Net asset value, end of period | $12.14 | $11.81 | $10.97 | $13.40 | $12.28 | $12.32
Market price, end of period | $10.61 | $9.92 | $9.56 | $12.18 | $10.91 | $10.99
Total Return(d) |  |  |  |  |  |
Based on net asset value | 6.62 %(e) | 16.16 % | (11.87 )% | 16.21 % | 7.65 % | 19.54 %
Based on market price | 10.94 %(e) | 11.95 % | (15.51 )% | 18.89 % | 7.22 % | 25.98 %
Ratios to Average Net Assets(f) |  |  |  |  |  |
Total expenses | 1.08 %(g) | 1.09 % | 1.06 % | 1.07 % | 1.09 % | 1.12 %
Total expenses after fees waived and/or reimbursed | 0.91 %(g) | 0.91 % | 0.89 % | 0.90 % | 0.92 % | 0.94 %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 0.91 %(g) | 0.91 % | 0.88 % | 0.90 % | 0.92 % | 0.94 %
Net investment income | 2.01 %(g) | 1.93 % | 1.72 % | 1.46 % | 2.33 % | 2.62 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $747,020 | $726,489 | $688,464 | $857,721 | $786,230 | $807,712
Portfolio turnover rate | 28 % | 46 % | 44 % | 65 % | 61 % | 26 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e) | Not annualized.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) | Annualized.

See notes to financial statements.
134
2024 BlackRock Semi-Annual Report to Shareholders

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BGY
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Year Ended 12/31/19
Net asset value, beginning of period | $6.21 | $5.78 | $6.81 | $6.49 | $6.47 | $5.79
Net investment income(a) | 0.07 | 0.09 | 0.10 | 0.09 | 0.12 | 0.16
Net realized and unrealized gain (loss) | 0.20 | 0.75 | (0.72 ) | 0.64 | 0.31 | 0.93
Net increase (decrease) from investment operations | 0.27 | 0.84 | (0.62 ) | 0.73 | 0.43 | 1.09
Distributions(b) |  |  |  |  |  |
From net investment income | (0.20 )(c) | (0.08 ) | (0.10 ) | (0.14 ) | (0.13 ) | (0.16 )
From net realized gain | — | (0.09 ) | (0.10 ) | (0.15 ) | — | (0.19 )
Return of capital | — | (0.24 ) | (0.21 ) | (0.12 ) | (0.28 ) | (0.06 )
Total distributions | (0.20 ) | (0.41 ) | (0.41 ) | (0.41 ) | (0.41 ) | (0.41 )
Net asset value, end of period | $6.28 | $6.21 | $5.78 | $6.81 | $6.49 | $6.47
Market price, end of period | $5.58 | $5.27 | $5.02 | $6.28 | $5.87 | $5.89
Total Return(d) |  |  |  |  |  |
Based on net asset value | 4.95 %(e) | 15.94 % | (8.33 )% | 11.92 % | 8.18 % | 20.20 %
Based on market price | 9.89 %(e) | 13.29 % | (13.67 )% | 14.11 % | 7.49 % | 27.22 %
Ratios to Average Net Assets(f) |  |  |  |  |  |
Total expenses | 1.15 %(g)(h) | 1.10 % | 1.08 % | 1.09 % | 1.10 % | 1.13 %
Total expenses after fees waived and/or reimbursed | 1.15 %(g)(h) | 1.10 % | 1.03 % | 0.99 % | 1.00 % | 1.03 %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 1.10 %(g) | 1.10 % | 1.02 % | 0.99 % | 1.00 % | 1.03 %
Net investment income | 2.39 %(g) | 1.40 % | 1.71 % | 1.34 % | 1.99 % | 2.57 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $629,781 | $622,482 | $593,471 | $709,510 | $676,949 | $683,247
Portfolio turnover rate | 24 % | 55 % | 41 % | 71 % | 60 % | 28 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e) | Not annualized.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) | Annualized.
(h) | Professional fees were not annualized in the calculation of the expense ratios. If this expenses was annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.19% and 1.19%, respectively.

See notes to financial statements.
Financial Highlights
135

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BMEZ
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Period from 01/30/20(a) to 12/31/20
Net asset value, beginning of period | $17.91 | $18.76 | $26.47 | $30.73 | $20.00
Net investment loss(b) | (0.08 ) | (0.12 ) | (0.18 ) | (0.32 ) | (0.22 )
Net realized and unrealized gain (loss) | 0.36 | 0.85 | (5.79 ) | (2.23 ) | 11.85
Net increase (decrease) from investment operations | 0.28 | 0.73 | (5.97 ) | (2.55 ) | 11.63
Distributions(c) |  |  |  |  |
From net investment income | (0.63 )(d) | — | — | — | —
From net realized gain | — | — | (1.63 ) | (1.71 ) | (0.90 )
Return of capital | — | (1.58 ) | (0.11 ) | — | —
Total distributions | (0.63 ) | (1.58 ) | (1.74 ) | (1.71 ) | (0.90 )
Net asset value, end of period | $17.56 | $17.91 | $18.76 | $26.47 | $30.73
Market price, end of period | $15.36 | $14.65 | $15.43 | $25.36 | $28.65
Total Return(e) |  |  |  |  |
Based on net asset value | 2.07 %(f) | 5.60 % | (21.66 )% | (8.31 )% | 59.62 %(f)(g)
Based on market price | 9.14 %(f) | 5.02 % | (32.75 )% | (5.76 )% | 48.82 %(f)
Ratios to Average Net Assets(h) |  |  |  |  |
Total expenses | 1.40 %(i)(j)(k) | 1.33 %(l) | 1.32 % | 1.30 % | 1.29 %(i)
Total expenses after fees waived and/or reimbursed | 1.40 %(i)(j)(k) | 1.32 %(l) | 1.32 % | 1.30 % | 1.28 %(i)
Net investment loss | (0.87 )%(i) | (0.65 )% | (0.91 )% | (1.10 )% | (1.00 )%(i)
Supplemental Data |  |  |  |  |
Net assets, end of period (000) | $1,869,987 | $1,907,371 | $2,056,419 | $2,981,886 | $3,462,638
Portfolio turnover rate | 14 % | 63 % | 63 % | 44 % | 43 %

(a) | Commencement of operations.
(b) | Based on average shares outstanding.
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(f) | Not annualized.
(g) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) | Annualized.
(j) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.32% and 1.32%, respectively.
(k) | The Proxy costs was not annualized in the calculation of the expense ratios. If these expense was annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.47% and 1.47%, respectively.
(l) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.31% and 1.30%, respectively.

See notes to financial statements.
136
2024 BlackRock Semi-Annual Report to Shareholders

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BME
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Year Ended 12/31/19
Net asset value, beginning of period | $42.18 | $43.30 | $47.96 | $45.66 | $41.19 | $35.87
Net investment income(a) | 0.06 | 0.14 | 0.11 | — | 0.01 | 0.06
Net realized and unrealized gain (loss) | 3.24 | 1.30 | (2.21 ) | 4.74 | 6.86 | 7.66
Net increase (decrease) from investment operations | 3.30 | 1.44 | (2.10 ) | 4.74 | 6.87 | 7.72
Distributions(b) |  |  |  |  |  |
From net investment income | (1.28 )(c) | (0.17 ) | (0.12 ) | (0.00 )(d) | (0.05 ) | (0.12 )
From net realized gain | — | (1.66 ) | (2.34 ) | (2.44 ) | (2.35 ) | (2.28 )
Return of capital | — | (0.73 ) | (0.10 ) | — | — | —
Total distributions | (1.28 ) | (2.56 ) | (2.56 ) | (2.44 ) | (2.40 ) | (2.40 )
Net asset value, end of period | $44.20 | $42.18 | $43.30 | $47.96 | $45.66 | $41.19
Market price, end of period | $40.85 | $40.46 | $43.58 | $48.50 | $47.59 | $42.50
Total Return(e) |  |  |  |  |  |
Based on net asset value | 8.09 %(f) | 3.80 % | (4.19 )% | 10.66 %(g) | 17.50 % | 22.26 %
Based on market price | 4.15 %(f) | (1.08 )% | (4.64 )% | 7.37 % | 18.69 % | 24.15 %
Ratios to Average Net Assets(h) |  |  |  |  |  |
Total expenses | 1.06 %(i) | 1.06 % | 1.08 % | 1.08 % | 1.10 % | 1.09 %
Total expenses after fees waived and/or reimbursed | 1.06 %(i) | 1.06 % | 1.07 % | 1.08 % | 1.10 % | 1.09 %
Net investment income | 0.28 %(i) | 0.34 % | 0.27 % | 0.01 % | 0.01 % | 0.16 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $616,262 | $588,135 | $600,197 | $625,775 | $545,936 | $446,773
Portfolio turnover rate | 9 % | 43 % | 41 % | 49 % | 28 % | 47 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Amount is greater than $(0.005) per share.
(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(f) | Not annualized.
(g) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) | Annualized.

See notes to financial statements.
Financial Highlights
137

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BIGZ
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Period from 03/29/21(a) to 12/31/21
Net asset value, beginning of period | $9.03 | $8.82 | $16.72 | $20.00
Net investment loss(b) | (0.05 ) | (0.11 ) | (0.13 ) | (0.15 )
Net realized and unrealized gain (loss) | (0.21 ) | 1.09 | (6.78 ) | (2.43 )
Net increase (decrease) from investment operations | (0.26 ) | 0.98 | (6.91 ) | (2.58 )
Distributions(c) |  |  |  |
From net investment income | (0.31 )(d) | — | — | —
Return of capital | — | (0.77 ) | (0.99 ) | (0.70 )
Total distributions | (0.31 ) | (0.77 ) | (0.99 ) | (0.70 )
Net asset value, end of period | $8.46 | $9.03 | $8.82 | $16.72
Market price, end of period | $7.23 | $7.33 | $6.81 | $14.54
Total Return(e) |  |  |  |
Based on net asset value | (2.40 )%(f) | 13.28 % | (41.14 )%(g) | (13.03 )%(f)
Based on market price | 2.76 %(f) | 19.09 % | (47.74 )% | (24.37 )%(f)
Ratios to Average Net Assets(h) |  |  |  |
Total expenses | 1.45 %(i)(j)(k) | 1.44 %(l) | 1.36 % | 1.29 %(i)
Total expenses after fees waived and/or reimbursed | 1.45 %(i)(j)(k) | 1.44 %(l) | 1.36 % | 1.28 %(i)
Net investment loss | (1.14 )%(i) | (1.22 )% | (1.22 )% | (1.02 )%(i)
Supplemental Data |  |  |  |
Net assets, end of period (000) | $1,898,281 | $2,026,470 | $2,026,488 | $3,981,653
Portfolio turnover rate | 18 % | 37 % | 41 % | 55 %

(a) | Commencement of operations.
(b) | Based on average shares outstanding.
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(f) | Not annualized.
(g) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) | Annualized.
(j) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.35% and 1.35%, respectively.
(k) | The Proxy costs was not annualized in the calculation of the expense ratios. If these expense was annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.55% and 1.55%, respectively.
(l) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.33% and 1.33%, respectively.

See notes to financial statements.
138
2024 BlackRock Semi-Annual Report to Shareholders

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BCX
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Year Ended 12/31/19
Net asset value, beginning of period | $10.57 | $11.23 | $10.21 | $8.45 | $9.04 | $8.44
Net investment income(a) | 0.13 | 0.29 | 0.30 | 0.29 | 0.20 | 0.23
Net realized and unrealized gain (loss) | 0.07 | (0.33 ) | 1.27 | 1.95 | (0.26 ) | 0.99
Net increase (decrease) from investment operations | 0.20 | (0.04 ) | 1.57 | 2.24 | (0.06 ) | 1.22
Distributions(b) |  |  |  |  |  |
From net investment income | (0.31 )(c) | (0.28 ) | (0.29 ) | (0.38 ) | (0.23 ) | (0.23 )
Return of capital | — | (0.34 ) | (0.26 ) | (0.10 ) | (0.30 ) | (0.39 )
Total distributions | (0.31 ) | (0.62 ) | (0.55 ) | (0.48 ) | (0.53 ) | (0.62 )
Net asset value, end of period | $10.46 | $10.57 | $11.23 | $10.21 | $8.45 | $9.04
Market price, end of period | $9.19 | $8.88 | $9.97 | $9.35 | $7.41 | $8.07
Total Return(d) |  |  |  |  |  |
Based on net asset value | 2.43 %(e) | 0.56 % | 16.31 % | 27.20 % | 1.56 % | 15.88 %
Based on market price | 7.12 %(e) | (4.84 )% | 12.76 % | 32.83 % | (0.23 )% | 23.67 %
Ratios to Average Net Assets(f) |  |  |  |  |  |
Total expenses | 1.06 %(g) | 1.06 % | 1.05 % | 1.07 % | 1.09 % | 1.11 %
Total expenses after fees waived and/or reimbursed | 1.06 %(g) | 1.06 % | 1.05 % | 1.07 % | 1.09 % | 1.11 %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 1.06 %(g) | 1.06 % | 1.05 % | 1.07 % | 1.09 % | 1.11 %
Net investment income | 2.50 %(g) | 2.63 % | 2.73 % | 3.05 % | 2.62 % | 2.56 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $882,521 | $891,338 | $983,181 | $901,782 | $746,615 | $822,754
Portfolio turnover rate | 34 % | 46 % | 92 % | 66 % | 78 % | 69 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e) | Not annualized.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) | Annualized.

See notes to financial statements.
Financial Highlights
139

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BSTZ
| Six Months Ended 06/30/24 (unaudited)(a) | Year Ended 12/31/23(a) | Year Ended 12/31/22(a) | Year Ended 12/31/21(a) | Year Ended 12/31/20(a) | Period from 06/27/19(b) to 12/31/19
Net asset value, beginning of period | $21.43 | $19.53 | $38.82 | $38.72 | $20.95 | $20.00
Net investment loss(c) | (0.15 ) | (0.20 ) | (0.30 ) | (0.51 ) | (0.30 ) | (0.05 )
Net realized and unrealized gain (loss) | 2.27 | 3.92 | (16.69 ) | 3.69 | 19.32 | 1.50
Net increase (decrease) from investment operations | 2.12 | 3.72 | (16.99 ) | 3.18 | 19.02 | 1.45
Distributions(d) |  |  |  |  |  |
From net investment income | (0.73 )(e) | — | — | — | — | —
From net realized gain | — | — | (0.89 ) | (3.08 ) | (1.10 ) | —
Return of capital | — | (1.82 ) | (1.41 ) | — | (0.15 ) | (0.50 )
Total distributions | (0.73 ) | (1.82 ) | (2.30 ) | (3.08 ) | (1.25 ) | (0.50 )
Net asset value, end of period | $22.82 | $21.43 | $19.53 | $38.82 | $38.72 | $20.95
Market price, end of period | $19.91 | $16.71 | $15.64 | $38.94 | $36.38 | $20.50
Total Return(f) |  |  |  |  |  |
Based on net asset value | 10.66 %(g) | 21.74 %(h) | (43.98 )% | 8.41 % | 94.60 %(i) | 7.40 %(g)
Based on market price | 23.82 %(g) | 18.54 % | (55.27 )% | 15.75 % | 86.85 % | 5.10 %(g)
Ratios to Average Net Assets(j) |  |  |  |  |  |
Total expenses | 1.43 %(k)(l)(m) | 1.35 % | 1.33 % | 1.31 % | 1.33 % | 1.32 %(m)
Total expenses after fees waived and/or reimbursed | 1.43 %(k)(l)(m) | 1.34 % | 1.33 % | 1.31 % | 1.33 % | 1.30 %(m)
Net investment loss | (1.36 )%(m) | (0.96 )% | (1.16 )% | (1.25 )% | (1.16 )% | (0.48 )%(m)
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $1,735,640 | $1,629,824 | $1,524,658 | $3,048,962 | $3,023,744 | $1,635,966
Portfolio turnover rate | 22 % | 38 % | 47 % | 18 % | 45 % | 16 %

(a) | Consolidated Financial Highlights.
(b) | Commencement of operations.
(c) | Based on average shares outstanding.
(d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(f) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(g) | Not annualized.
(h) | Includes payment from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 21.68%.
(i) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(j) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(k) | The Proxy costs was not annualized in the calculation of the expense ratios. If these expense was annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.53% and 1.53%, respectively.
(l) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.34% and 1.34%, respectively.
(m) | Annualized.

See notes to financial statements.
140
2024 BlackRock Semi-Annual Report to Shareholders

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BST
| Six Months Ended 06/30/24 (unaudited)(a) | Year Ended 12/31/23(a) | Year Ended 12/31/22(a) | Year Ended 12/31/21(a) | Year Ended 12/31/20(a) | Year Ended 12/31/19
Net asset value, beginning of period | $34.74 | $29.11 | $52.40 | $51.94 | $32.45 | $26.21
Net investment loss(b) | (0.14 ) | (0.23 ) | (0.29 ) | (0.43 ) | (0.28 ) | (0.17 )
Net realized and unrealized gain (loss) | 5.79 | 8.86 | (20.00 ) | 5.84 | 21.82 | 9.92
Net increase (decrease) from investment operations | 5.65 | 8.63 | (20.29 ) | 5.41 | 21.54 | 9.75
Distributions(c) |  |  |  |  |  |
From net investment income | (1.50 )(d) | — | — | — | — | —
From net realized gain | — | (1.48 ) | (2.16 ) | (4.27 ) | (2.05 ) | (3.51 )
Return of capital | — | (1.52 ) | (0.84 ) | — | — | —
Total distributions | (1.50 ) | (3.00 ) | (3.00 ) | (4.27 ) | (2.05 ) | (3.51 )
Dilutive effect of rights offer (Note 10) | — | — | — | (0.68 ) | — | —
Net asset value, end of period | $38.89 | $34.74 | $29.11 | $52.40 | $51.94 | $32.45
Market price, end of period | $37.66 | $33.66 | $28.37 | $49.97 | $53.30 | $33.27
Total Return(e) |  |  |  |  |  |
Based on net asset value | 16.65 %(f) | 30.78 % | (39.56 )%(g) | 9.44 % | 68.76 %(h) | 37.82 %
Based on market price | 16.60 %(f) | 30.03 % | (38.23 )% | 1.70 % | 68.92 % | 34.77 %
Ratios to Average Net Assets(i) |  |  |  |  |  |
Total expenses | 1.07 %(j) | 1.09 % | 1.11 % | 1.05 % | 1.09 % | 1.08 %
Total expenses after fees waived and/or reimbursed | 1.07 %(j) | 1.09 % | 1.11 % | 1.00 % | 0.99 % | 0.92 %
Total expenses after fees waived and/or reimbursed and excluding dividend expense | 1.07 %(j) | 1.09 % | 1.10 % | 1.00 % | 0.99 % | 0.92 %
Net investment loss | (0.80 )%(j) | (0.70 )% | (0.77 )% | (0.78 )% | (0.73 )% | (0.52 )%
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $1,350,398 | $1,196,425 | $960,703 | $1,681,166 | $1,297,344 | $742,672
Portfolio turnover rate | 8 % | 32 % | 38 % | 31 % | 20 % | 32 %

(a) | Consolidated Financial Highlights.
(b) | Based on average shares outstanding.
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(f) | Not annualized.
(g) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(h) | For financial reporting purposes, the market value of a certain investment was adjusted as of the report date. Accordingly, the net asset value (NAV) per share and total return performance based on NAV presented herein are different than the information previously published as of December 31, 2020.
(i) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(j) | Annualized.

See notes to financial statements.
Financial Highlights
141

Financial Highlights(continued)
(For a share outstanding throughout each period)

| BUI
| Six Months Ended 06/30/24 (unaudited) | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20 | Year Ended 12/31/19
Net asset value, beginning of period | $22.53 | $22.37 | $25.86 | $23.80 | $22.02 | $18.77
Net investment income(a) | 0.19 | 0.35 | 0.33 | 0.24 | 0.33 | 0.37
Net realized and unrealized gain (loss) | 0.25 | 1.26 | (2.37 ) | 3.27 | 2.90 | 4.33
Net increase (decrease) from investment operations | 0.44 | 1.61 | (2.04 ) | 3.51 | 3.23 | 4.70
Distributions(b) |  |  |  |  |  |
From net investment income | (0.73 )(c) | (0.37 ) | (0.30 ) | (0.24 ) | (0.20 ) | (0.24 )
From net realized gain | — | (0.59 ) | (0.56 ) | (0.76 ) | (1.08 ) | (1.06 )
Return of capital | — | (0.49 ) | (0.59 ) | (0.45 ) | (0.17 ) | (0.15 )
Total distributions | (0.73 ) | (1.45 ) | (1.45 ) | (1.45 ) | (1.45 ) | (1.45 )
Net asset value, end of period | $22.24 | $22.53 | $22.37 | $25.86 | $23.80 | $22.02
Market price, end of period | $22.15 | $21.82 | $20.77 | $26.62 | $25.04 | $22.31
Total Return(d) |  |  |  |  |  |
Based on net asset value | 2.07 %(e) | 7.66 % | (7.73 )% | 15.13 % | 15.87 % | 25.63 %
Based on market price | 4.96 %(e) | 12.30 % | (16.78 )% | 12.65 % | 20.32 % | 20.91 %
Ratios to Average Net Assets(f) |  |  |  |  |  |
Total expenses | 1.08 %(g) | 1.08 % | 1.08 % | 1.08 % | 1.13 % | 1.12 %
Total expenses after fees waived and/or reimbursed | 1.08 %(g) | 1.08 % | 1.08 % | 1.07 % | 1.10 % | 1.10 %
Net investment income | 1.70 %(g) | 1.58 % | 1.44 % | 0.97 % | 1.58 % | 1.78 %
Supplemental Data |  |  |  |  |  |
Net assets, end of period (000) | $499,775 | $506,462 | $498,393 | $559,805 | $444,526 | $383,337
Portfolio turnover rate | 19 % | 31 % | 36 % | 20 % | 39 % | 39 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e) | Not annualized.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) | Annualized.

See notes to financial statements.
142
2024 BlackRock Semi-Annual Report to Shareholders

Notes to Financial Statements (unaudited)
1.
ORGANIZATION
The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:

Trust Name | Herein Referred To As | Organized | Diversification Classification
BlackRock Energy and Resources Trust | BGR | Delaware | Non-diversified
BlackRock Enhanced Capital and Income Fund, Inc. | CII | Maryland | Diversified
BlackRock Enhanced Equity Dividend Trust | BDJ | Delaware | Diversified
BlackRock Enhanced Global Dividend Trust | BOE | Delaware | Diversified
BlackRock Enhanced International Dividend Trust | BGY | Delaware | Diversified
BlackRock Health Sciences Term Trust | BMEZ | Maryland | Diversified*
BlackRock Health Sciences Trust | BME | Delaware | Diversified
BlackRock Innovation and Growth Term Trust | BIGZ | Maryland | Diversified*
BlackRock Resources & Commodities Strategy Trust | BCX | Delaware | Non-diversified
BlackRock Science and Technology Term Trust | BSTZ | Delaware | Diversified
BlackRock Science and Technology Trust | BST | Delaware | Diversified
BlackRock Utilities, Infrastructure & Power Opportunities Trust | BUI | Delaware | Diversified

* | The Trust’s classification changed from non-diversified to diversified during the reporting period.

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.
The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.
Basis of Consolidation: The accompanying consolidated financial statements of BDJ include the accounts of BDJ Subsidiary, LLC (the “BDJ Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BDJ. The BDJ Taxable Subsidiary enables BDJ to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the BDJ Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BDJ. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BDJ. Taxes payable or deferred as of June 30, 2024, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BDJ may invest up to 25% of its total assets in the BDJ Taxable Subsidiary. The net assets of the BDJ Taxable Subsidiary as of period end were $14,661,488, which is 0.9% of BDJ’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BDJ Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BDJ.
The accompanying consolidated financial statements of BSTZ include the accounts of BSTZ Subsidiary, LLC (the “BSTZ Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BSTZ. The BSTZ Taxable Subsidiary enables BSTZ to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the BSTZ Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BSTZ. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BSTZ. Taxes payable or deferred as of June 30, 2024, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BSTZ may invest up to 25% of its total assets in the BSTZ Taxable Subsidiary. The net assets of the BSTZ Taxable Subsidiary as of period end were $24,240,828, which is 1.4% of BSTZ’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BSTZ Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BSTZ.
The accompanying consolidated financial statements of BST include the accounts of BST Subsidiary, LLC (the “BST Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BST. The BST Taxable Subsidiary enables BST to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the BST Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BST. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BST. Taxes payable or deferred as of June 30, 2024, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BST may invest up to 25% of its total assets in the BST Taxable Subsidiary. The net assets of the BST Taxable Subsidiary as of period end were $12,927,479, which is 1.0% of BST’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BST Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BST.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are
Notes to Financial Statements
143

Notes to Financial Statements (unaudited) (continued)
recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trusts are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Trust does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Trust invests. These foreign taxes, if any, are paid by each Trust and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
The Trusts file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trusts may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Bank Overdraft: The Trusts had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Trusts are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions paid by the Trusts are recorded on the ex-dividend dates. Subject to the Trusts’ managed distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.
The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital.
Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.
Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.
Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies: Each Trust’ s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Trust’s Manager as the valuation designee for each Trust. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies.
144
2024 BlackRock Semi-Annual Report to Shareholders

Notes to Financial Statements (unaudited) (continued)
If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:
•Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.
•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.
•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.
•Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.

| Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
Market approach | (i) | recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;
| (ii) | recapitalizations and other transactions across the capital structure; and
| (iii) | market multiples of comparable issuers.
Income approach | (i) | future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;
| (ii) | quoted prices for similar investments or assets in active markets; and
| (iii) | other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach | (i) | audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;
| (ii) | changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;
| (iii) | relevant news and other public sources; and
| (iv) | known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an
Notes to Financial Statements
145

Notes to Financial Statements (unaudited) (continued)
option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.
Fair Value Hierarchy: 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 each 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 Private Companies 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.
4.
SECURITIES AND OTHER INVESTMENTS
Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Commitments: Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate a fund to make future cash payments. As of June 30, 2024, BDJ had outstanding commitments of $7,443,073. These commitments are not included in the net assets of BDJ as of June 30, 2024.
Securities Lending: Certain Trusts may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Trusts collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Trust is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Trust and any additional required collateral is delivered to the Trust, or excess collateral returned by the Trust, on the next business day. During the term of the loan, the Trusts are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Trust, except in the event of borrower default. The securities on loan, if any, are disclosed in the Trusts’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Trusts under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.
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Notes to Financial Statements (unaudited) (continued)
In the event that a borrower defaults, the Trusts, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Trusts can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Trusts’ securities on loan by counterparty which are subject to offset under an MSLA:

Trust Name/Counterparty | Securities Loaned at Value | Cash Collateral Received(a) | Non-Cash Collateral Received, at Fair Value(a) | Net Amount(b)
CII |  |  |  |
SG Americas Securities LLC | $1,050,700 | $(1,050,700 ) | $— | $—
Toronto-Dominion Bank | 1,370,304 | (1,370,304 ) | — | —
| $2,421,004 | $(2,421,004 ) | $— | $—
BMEZ |  |  |  |
BofA Securities, Inc. | $990,073 | $(990,073 ) | $— | $—
Citigroup Global Markets, Inc. | 166,828 | (163,079 ) | — | 3,749
Goldman Sachs & Co. LLC | 13,303,430 | (13,303,430 ) | — | —
Jefferies LLC | 1,233,720 | (1,224,249 ) | — | 9,471
Morgan Stanley | 2,181,466 | (2,181,466 ) | — | —
National Financial Services LLC | 1,767,691 | (1,762,312 ) | — | 5,379
State Street Bank & Trust Co. | 4,876,411 | (4,876,411 ) | — | —
Toronto-Dominion Bank | 4,109,958 | (4,109,958 ) | — | —
| $28,629,577 | $(28,610,978 ) | $— | $18,599
BME |  |  |  |
Citigroup Global Markets, Inc. | $40,596 | $(40,596 ) | $— | $—
Morgan Stanley | 467,313 | (467,313 ) | — | —
National Financial Services LLC | 54,990 | (54,990 ) | — | —
State Street Bank & Trust Co. | 56,878 | (56,878 ) | — | —
Toronto-Dominion Bank | 380,929 | (380,929 ) | — | —
| $1,000,706 | $(1,000,706 ) | $— | $—
BIGZ |  |  |  |
Barclays Capital, Inc. | $4,908,942 | $(4,908,942 ) | $— | $—
Citigroup Global Markets, Inc. | 612,966 | (598,124 ) | — | 14,842
Morgan Stanley | 17,597,745 | (17,597,745 ) | — | —
National Financial Services LLC | 616,577 | (608,346 ) | — | 8,231
State Street Bank & Trust Co. | 1,576,142 | (1,576,142 ) | — | —
| $25,312,372 | $(25,289,299 ) | $— | $23,073
BSTZ |  |  |  |
Barclays Capital, Inc. | $777,693 | $(777,693 ) | $— | $—
BofA Securities, Inc. | 17,850 | (17,477 ) | — | 373
Citigroup Global Markets, Inc. | 3,651,066 | (3,651,066 ) | — | —
Goldman Sachs & Co. LLC | 10,744,890 | (10,560,285 ) | — | 184,605
J.P. Morgan Securities LLC | 8,726,674 | (8,726,674 ) | — | —
Jefferies LLC | 4,039,051 | (4,039,051 ) | — | —
State Street Bank & Trust Co. | 2,440,742 | (2,440,742 ) | — | —
| $30,397,966 | $(30,212,988 ) | $— | $184,978
BST |  |  |  |
Goldman Sachs International | $522,813 | $(522,813 ) | $— | $—
Jefferies LLC | 5,809,164 | (5,809,164 ) | — | —
| $6,331,977 | $(6,331,977 ) | $— | $—
BUI |  |  |  |
Barclays Capital, Inc. | $418,900 | $(418,900 ) | $— | $—
Goldman Sachs & Co. LLC | 101,775 | (101,775 ) | — | —
| $520,675 | $(520,675 ) | $— | $—

(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Trust is disclosed in the Trust’s Statements of Assets and Liabilities.
(b) | The market value of the loaned securities is determined as of June 30, 2024. Additional collateral is delivered to each Trust on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

Notes to Financial Statements
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Notes to Financial Statements (unaudited) (continued)
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Trusts benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Trust could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Trusts.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trusts are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. The Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.
Options: The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.
Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.
In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trusts and the counterparty.
Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from the counterparties are not fully collateralized, each Trust bears the risk of loss
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Notes to Financial Statements (unaudited) (continued)
from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.
For such services, each Trust, except BCX, pays the Manager a monthly fee at the following annual rates:
Average weekly value of each Trust’s net assets:

| BGR | BDJ | BOE | BME
Investment advisory fees | 1.20 % | 0.80 % | 1.00 % | 1.00 %

Average daily value of each Trust’s net assets, plus the proceeds of any outstanding debt securities or borrowings for leverage:

| CII
Investment advisory fees | 0.85 %

Average daily value of each Trust’s net assets:

| BGY | BUI
Investment advisory fees | 1.00 % | 1.00 %

Average daily value of each Trust’s managed assets:

| BMEZ | BIGZ | BSTZ | BST
Investment advisory fees | 1.25 % | 1.25 % | 1.25 % | 1.00 %

For such services, BCX pays the Manager a monthly fee at an annual rate equal to 1.00% of the sum of the average daily value of the net assets of the Trust (excluding the value of the Trust’s interest in the BCX Subsidiary, LLC (the "BCX Taxable Subsidiary"), which is a wholly-owned taxable subsidiary of BCX) and the average daily value of the net assets of its subsidiary, which fee is allocated pro rata between the Trust and the BCX Taxable Subsidiary based on the average daily value of their respective net assets (excluding, in the case of the Trust, the value of the Trust’s interest in the BCX Taxable Subsidiary). The BCX Taxable Subsidiary had no net assets or activity during the period ended June 30, 2024.
For purposes of calculating these fees, “net assets” mean the total assets of BGR, CII, BDJ, BOE, BGY, BME, BCX and BUI minus the sum of its accrued liabilities.
For purposes of calculating these fees, “managed assets” are determined as total assets of BMEZ, BIGZ, BSTZ and BST (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).
The Manager provides investment management and other services to BDJ Taxable Subsidiary, BSTZ Taxable Subsidiary and BST Taxable Subsidiary. The Manager does not receive separate compensation from the BDJ Taxable Subsidiary, BSTZ Taxable Subsidiary or BST Taxable Subsidiary for providing investment management or administrative services. However, BDJ pays the Manager based on the Trust’s net assets, which includes the assets of the BDJ Taxable Subsidiary, and BSTZ and BST pay the Manager based on the Trust’s managed assets, which includes the assets of the BSTZ Taxable Subsidiary and BST Taxable Subsidiary, respectively.
With respect to BGR, BOE, BGY, BCX and BUI, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of each Trust for which BIL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.
Distribution Fees: BDJ, BME, BST and BUI have each entered into Distribution Agreements with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BDJ’s, BME’s, BST’s and BUI’s common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BDJ’s, BME’s, BST’s and BUI’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the six months ended June 30, 2024 amounted to $0, $0, $17,451 and $0 for each of BDJ, BME, BST and BUI, respectively.
Expense Limitations, Waivers and Reimbursements: The Manager voluntarily agreed to waive a portion of the investment advisory fees on the following Trusts as a percentage of their average weekly net assets, as follows:

| BGR | BOE
| 0.220 % | 0.175 %

Notes to Financial Statements
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Notes to Financial Statements (unaudited) (continued)
These voluntary waivers may be reduced or discontinued at any time without notice.
For the six months ended June 30, 2024, the investment advisory fees waived, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations, were as follows:

Trust Name | Fees Waived and/or Reimbursed by the Manager
BGR | $440,152
BOE | 640,071

With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver") through June 30, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2024, the amounts waived were as follows:

Trust Name | Fees Waived and/or Reimbursed by the Manager
BGR | $2,127
CII | 3,996
BDJ | 10,807
BOE | 2,512
BGY | 2,734
BMEZ | 12,883
BME | 6,880
BIGZ | 1,566
BCX | 5,172
BSTZ | 4,274
BST | 2,319
BUI | 2,672

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2025. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the six months ended June 30, 2024, there were no fees waived by the Manager pursuant to this arrangement.
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Trusts, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Trusts are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Trusts bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee, is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Trust retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each of CII, BDJ, BMEZ, BME, BIGZ and BST retains 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, each of CII, BDJ, BMEZ, BME, BIGZ and BST, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.
Pursuant to the current securities lending agreement, each of BGR, BOE, BGY, BCX, BSTZ and BUI retains 82% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, each of BGR, BOE, BGY, BCX, BSTZ and BUI, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.
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Notes to Financial Statements (unaudited) (continued)
The share of securities lending income earned by each Trust is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended June 30, 2024, each Trust paid BIM the following amounts for securities lending agent services:

Trust Name | Amounts
CII | $234
BDJ | 92
BMEZ | 11,399
BME | 355
BIGZ | 6,542
BCX | 2,260
BSTZ | 15,133
BST | 2,897
BUI | 464

Trustees and Officers: Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.
Other Transactions: During the period ended June 30, 2024, BDJ received a reimbursement of $3,800, from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.
7.
PURCHASES AND SALES
For the six months ended June 30, 2024, purchases and sales of investments, excluding short-term securities, were as follows:

Trust Name | Purchases | Sales
BGR | $68,239,768 | $78,772,784
CII | 173,316,313 | 216,298,418
BDJ | 371,835,100 | 487,486,794
BOE | 203,198,171 | 232,146,647
BGY | 148,194,276 | 170,053,411
BMEZ | 260,278,302 | 383,175,723
BME | 52,831,016 | 67,475,048
BIGZ | 357,357,519 | 440,679,693
BCX | 300,543,582 | 322,160,574
BSTZ | 377,849,671 | 487,457,290
BST | 98,020,705 | 194,451,366
BUI | 92,719,311 | 112,031,906

8.
INCOME TAX INFORMATION
It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Trusts as of June 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.
As of December 31, 2023, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

Trust Name | Non-Expiring Capital Loss Carryforwards | Qualified Late-Year Capital Losses | Qualified Late-Year Ordinary Losses
BGR | $(216,932,775 ) | $— | $—
BOE | (25,380,164 ) | — | (8,053 )
BGY | — | — | (50,826 )
BMEZ | (42,780,406 ) | — | —
BIGZ | (1,900,736,865 ) | — | —
BCX | (226,104,461 ) | — | —
BSTZ | (42,767,288 ) | — | —
BST | — | — | (4,992 )
BUI | — | (1,112,144 ) | (3,224 )

Notes to Financial Statements
151

Notes to Financial Statements (unaudited) (continued)
As of June 30, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Trust Name | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation)
BGR | $281,619,882 | $153,090,931 | $(23,922,625 ) | $129,168,306
CII | 570,235,076 | 403,987,839 | (20,021,032 ) | 383,966,807
BDJ | 1,416,094,746 | 373,821,185 | (74,850,195 ) | 298,970,990
BOE | 598,337,591 | 176,244,988 | (24,647,713 ) | 151,597,275
BGY | 508,920,626 | 148,685,796 | (20,215,884 ) | 128,469,912
BMEZ | 1,865,740,919 | 373,252,635 | (321,720,990 ) | 51,531,645
BME | 394,133,522 | 247,836,915 | (21,408,692 ) | 226,428,223
BIGZ | 2,082,249,979 | 307,516,181 | (452,418,647 ) | (144,902,466 )
BCX | 764,156,470 | 184,040,551 | (60,050,797 ) | 123,989,754
BSTZ | 1,142,427,688 | 785,893,583 | (148,407,088 ) | 637,486,495
BST | 735,777,984 | 781,956,190 | (146,241,692 ) | 635,714,498
BUI | 359,612,495 | 155,436,203 | (11,669,788 ) | 143,766,415

9.
PRINCIPAL RISKS
In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments. BDJ’s, BME’s, BST’s and BUI’s prospectuses provide details of the risks to which each Trust is subject.
The Trusts may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to discretionary liquidity fees under certain circumstances.
Illiquidity Risk: Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.
The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
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Notes to Financial Statements (unaudited) (continued)
For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each Trust deposits collateral with its counterparty to a written option.
With exchange-traded options purchased, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency).
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Trust’s portfolio are disclosed in its Schedule of Investments.
As of period end, the Trusts listed below invested a significant portion of their assets in securities in the following sectors:

Sectors | Trust Name
Energy | BGR, BCX
Financials | BDJ
Health Care | BMEZ, BME
Information Technology | CII, BSTZ, BST
Materials | BCX
Utilities | BUI

Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.
Certain Trusts invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.
Certain Trusts invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Trust’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.
Certain Trusts invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.
Certain Trusts invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Trusts’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Notes to Financial Statements
153

Notes to Financial Statements (unaudited) (continued)
10.
CAPITAL SHARE TRANSACTIONS
Each Trust is authorized to issue an unlimited number of shares, with the exception of CII, all of which were initially classified as Common Shares. CII is authorized to issue 200 million Common Shares. The par value for each Trust’s Common Shares is $0.001, except for CII, which is $0.10. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.
BDJ, BME, BST and BUI have each filed a prospectus with the SEC allowing them to issue an additional 40,000,000, 4,000,000, 18,000,000 and 8,000,000 Common Shares, respectively, through an equity Shelf Offering. Under the Shelf Offerings, BDJ, BME, BST and BUI, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Trust’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 40,000,000, 3,332,695, 15,661,664 and 7,658,406 Common Shares, respectively, remain available for issuance under the Shelf Offerings. During the period ended June 30, 2024, BDJ, BME, BST and BUI issued 0, 0, 236,917 and 0 shares, respectively, under the Trust’s respective current Shelf Offering and the Trust’s prior Shelf Offering. See Additional Information — Shelf Offering Program for additional information.
Initial costs incurred by each of BDJ, BME, BST and BUI in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.
For the periods shown, shares issued and outstanding increased by the following amounts as a result of shares issued through the Shelf Offering:

| Six Months Ended | Year Ended
Trust Name | 06/30/24 | 12/31/23
BME | — | 71,333
BST | 236,917 | 1,266,090
BUI | — | 167,658

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

| Six Months Ended | Year Ended
Trust Name | 06/30/24 | 12/31/23
CII | — | 14,818
BDJ | — | 78,103
BME | — | 12,112
BST | 43,442 | 173,563
BUI | 398 | 31,913

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2022 through November 30, 2023, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. From December 1, 2023 through November 30, 2024, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Trust’s NAV. There is no assurance that the Trusts will purchase shares in any particular amounts. For the six months ended June 30, 2024, the Trusts did not repurchase any shares.
The total cost of the shares repurchased is reflected in the Trusts’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:

| BGR
| Shares | Amounts
Six Months Ended June 30, 2024 | — | $—
Year Ended December 31, 2023 | 587,768 | 7,413,692

| BDJ
| Shares | Amounts
Six Months Ended June 30, 2024 | — | $—
Year Ended December 31, 2023 | 359,086 | 2,735,878

| BOE
| Shares | Amounts
Six Months Ended June 30, 2024 | — | $—
Year Ended December 31, 2023 | 1,214,010 | 11,889,663

| BGY
| Shares | Amounts
Six Months Ended June 30, 2024 | — | $—
Year Ended December 31, 2023 | 2,473,793 | 13,143,239

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Notes to Financial Statements (unaudited) (continued)

| BMEZ
| Shares | Amounts
Six Months Ended June 30, 2024 | — | $—
Year Ended December 31, 2023 | 3,082,831 | 47,918,763

| BIGZ
| Shares | Amounts
Six Months Ended June 30, 2024 | — | $—
Year Ended December 31, 2023 | 5,247,265 | 37,872,639

| BCX
| Shares | Amounts
Six Months Ended June 30, 2024 | — | $—
Year Ended December 31, 2023 | 3,155,189 | 29,812,008

| BSTZ
| Shares | Amounts
Six Months Ended June 30, 2024 | — | $27,332
Year Ended December 31, 2023 | 2,006,073 | 34,325,597

On May 3, 2024, the Board approved each Trust’s adoption of a one-year discount management program (the “Program”) that is comprised of four 3-month measurement periods, expiring with the measurement period ending March 31, 2025, unless continued by the Board. Under the Program, each Trust intends to offer to repurchase a portion of its common shares via tender offer if the Trust’s common shares trade at an average daily discount to NAV of more than 7.5% during a 3-month measurement period. The Board approved each Trust (excluding BST and BUI) offering to repurchase 2.5% of its outstanding common shares for the first measurement period, which began on April 1, 2024 and ended on June 30, 2024, as the discount trigger was met for each Trust other than BST and BUI. The results of the second, third and fourth measurement periods, and any action approved by the Board as a result, will be announced promptly after the end of each applicable measurement period. There is no guarantee that shareholders will be able to sell all of the shares that they desire to sell in any particular tender offer that is executed and there can be no assurances as to the effect that the Program will have on the market for a Trust’s shares or the discount at which a Trust’s shares may trade relative to its NAV.
As of June 30, 2024, BlackRock Financial Management, Inc., an affiliate of the Trust, owned 5,000 Shares of BIGZ.
11.
FOREIGN WITHHOLDINGS TAX CLAIMS
BGY is seeking a closing agreement with the IRS to address any prior years’ U.S. income tax liabilities attributable to Trust shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Trust paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Trust shareholders on their tax returns in prior years. The Trust has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.
12.
SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:
The Trusts declared and paid or will pay distributions to Common Shareholders as follows:

Trust Name | Declaration Date | Record Date | Payable/ Paid Date |  | Dividend Per Common Share
BGR | 07/01/24 | 07/15/24 | 07/31/24 |  | $0.065700
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.065700
CII | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.099500
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.099500
BDJ | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.056200
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.056200
BOE | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.063000
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.063000
BGY | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.033800
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.033800
BMEZ | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.177410
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.176410
BME | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.213000
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.213000
BIGZ | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.088460

Notes to Financial Statements
155

Notes to Financial Statements (unaudited) (continued)

Trust Name | Declaration Date | Record Date | Payable/ Paid Date |  | Dividend Per Common Share
| 08/01/24 | 08/15/24 | 08/30/24 |  | $0.087630
BCX | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.051800
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.051800
BSTZ | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.213100
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.214050
BST | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.250000
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.250000
BUI | 07/01/24 | 07/15/24 | 07/31/24 |  | 0.121000
| 08/01/24 | 08/15/24 | 08/30/24 |  | 0.121000

As a result of the discount trigger being met during the first measurement period under the discount management program, BGR, CII and BDJ each conducted a tender offer for 2.5% of its outstanding common shares, at a price equal to 98% of the NAV per share, determined on the business day after the tender offer expired. The tender offers expired on August 16, 2024 and the results of the tender offers were as follows:
BGR

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares to be Purchased | Tendered Shares to be Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/17/24 | 08/19/24 | 7,466,508 | 27.2 % | 686,624 | 2.5 % | $14.5824 | $10,012,626

CII

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares to be Purchased | Tendered Shares to be Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/17/24 | 08/19/24 | 5,850,437 | 13.3 % | 1,103,672 | 2.5 % | $20.9524 | $23,124,577

BDJ

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares to be Purchased | Tendered Shares to be Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/17/24 | 08/19/24 | 22,908,137 | 12.3 % | 4,653,377 | 2.5 % | $9.1826 | $42,730,100

(a) | Date the tender offer period began.

As a result of the discount trigger being met during the first measurement period under the discount management program, BGY, BMEZ and BME each conducted a tender offer for 2.5% of its outstanding common shares, at a price equal to 98% of the NAV per share, determined on the business day after the tender offer expired. The tender offers expired on August 19, 2024 and the results of the tender offers were as follows:
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Notes to Financial Statements (unaudited) (continued)
BGY

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares to be Purchased | Tendered Shares to be Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/18/24 | 08/20/24 | 33,752,225 | 33.7 % | 2,506,796 | 2.5 % | $6.3014 | $15,796,324

BMEZ

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares to be Purchased | Tendered Shares to be Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/18/24 | 08/20/24 | 24,040,558 | 22.6 % | 2,662,856 | 2.5 % | $17.6204 | $46,920,588

BME

Commencement Date of Tender Offer Period(a) | Valuation Date | Number of Shares Tendered | Tendered Shares as a Percentage of Outstanding Shares | Number of Tendered Shares to be Purchased | Tendered Shares to be Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/18/24 | 08/20/24 | 1,279,599 | 9.2 % | 348,599 | 2.5 % | $44.4822 | $15,506,450

(a) | Date the tender offer period began.

On July 19, 2024, BOE, BCX and BSTZ each commenced a tender offer for 2.5% of its outstanding common shares as a result of the discount trigger being met during the first measurement period under the discount management program. The tender offers expired on August 20, 2024 and the results are pending at the time of release of this report.
On July 22, 2024, BIGZ commenced a tender offer for 2.5% of its outstanding common shares as a result of the discount trigger being met during the first measurement period under the discount management program. The tender offer expired on August 21, 2024 and the results are pending at the time of release of this report.
Notes to Financial Statements
157

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Energy and Resources Trust (“BGR”), BlackRock Enhanced Capital and Income Fund, Inc. (“CII”), BlackRock Enhanced Equity Dividend Trust (“BDJ”), BlackRock Enhanced Global Dividend Trust (“BOE”), BlackRock Enhanced International Dividend Trust (“BGY”), BlackRock Health Sciences Trust (“BME”), BlackRock Health Sciences Term Trust (“BMEZ”), BlackRock Innovation and Growth Term Trust (“BIGZ”), BlackRock Resources & Commodities Strategy Trust (“BCX”), BlackRock Science and Technology Trust (“BST”), BlackRock Science and Technology Term Trust (“BSTZ”) and BlackRock Utilities, Infrastructure & Power Opportunities Trust (“BUI”) (collectively, the “Funds” and each, a “Fund”) met on May 3, 2024 (the “May Meeting”) and June 6-7, 2024 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between the Manager, BlackRock International Limited (the “Sub-Advisor”) and each of BGR, BOE, BGY, BCX and BUI. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each of which extended over a two-day period, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) the use of brokerage commissions and execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s market discount/premium compared to peer funds.
Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.
At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.
At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements(continued)
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, registration statements in connection with BDJ’s, BME’s, BST’s and BUI’s equity shelf program, and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans.
The Board noted that the engagement of the Sub-Advisor with respect to BGR, BOE, BGY, BCX, and BUI facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each Fund and its shareholders.
B. The Investment Performance of each Fund
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2023, as compared to its Performance Peers. The performance information is based on net asset value (“NAV”), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.
In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board reviewed and considered BGR’s performance relative to BGR’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGR generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGR, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered CII’s performance relative to CII’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, CII generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for CII, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BDJ’s performance relative to BDJ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BDJ generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BDJ, and that BlackRock has explained its rationale for this belief to the Board.
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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements(continued)
The Board reviewed and considered BOE’s performance relative to BOE’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BOE generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BOE, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BGY’s performance relative to BGY’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGY generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGY, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BME’s performance relative to BME’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BME generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BME, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BMEZ’s performance relative to BMEZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BMEZ generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BMEZ, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BIGZ’s performance relative to BIGZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BIGZ generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BIGZ, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BIGZ’s underperformance relative to the Performance Metrics.
The Board reviewed and considered BCX’s performance relative to BCX’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BCX generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BCX, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BST’s performance relative to BST’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BST generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BST, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BST’s underperformance relative to the Performance Metrics.
The Board reviewed and considered BSTZ’s performance relative to BSTZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BSTZ generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BSTZ, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BSTZ’s underperformance relative to the Performance Metrics.
The Board reviewed and considered BUI’s performance relative to BUI’s Performance Metrics. Based on an overall rating relative to the Performance metrics, BUI generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BUI, and that BlackRock has explained its rationale for this belief to the Board.
C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund
The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2023 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.
The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to
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BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that BGR’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers. The Board and BlackRock agreed to a lower contractual advisory fee rate, and in connection determined to eliminate a voluntary advisory fee waiver. These changes were effective July 1, 2024.
The Board noted that CII’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers.
The Board noted that BDJ’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BOE’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers. In addition, the Board noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BOE. After discussion between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 17.5 basis points voluntary advisory fee waiver.
The Board noted that BGY’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Expense Peers.
The Board noted that BME’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BMEZ’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Expense Peers.
The Board noted that BIGZ’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio ranked in the fourth and second quartiles, respectively, relative to the Expense Peers.
The Board noted that BCX’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers.
The Board noted that BST’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.
The Board noted that BSTZ’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Expense Peers.
The Board noted that BUI’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the third and first quartiles, respectively, relative to the Expense Peers.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, and fee waivers, as applicable. The Board considered each Fund’s asset levels and whether the current fee was appropriate.
Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception. The Board noted that although each of BDJ, BME, BST and BUI may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of each BDJ’s, BME’s, BST’s and BUI’s assets will occur primarily through the appreciation of its investment portfolio.
E. Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.
In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.
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The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and efforts to reduce fund discounts, including continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.
Conclusion
At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2025, and the Sub-Advisory Agreements among the Manager, the Sub-Advisor and each of BGR, BOE, BGY, BCX and BUI for a one-year term ending June 30, 2025. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.
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Additional Information
Proxy Results
The Annual Meeting of Shareholders of BMEZ (the “Meeting”) was held on June 25, 2024 for shareholders of record on April 3, 2024 to consider and vote on the election of three Class II Trustees and to consider and vote on a shareholder proposal submitted by an activist hedge fund to terminate the investment management agreement between BMEZ and BlackRock Advisors, LLC. There were no broker non-votes.
The vote results in the election of Class II Trustees were as follows:

| R. Glenn Hubbard | W. Carl Kester | John M. Perlowski
Trust Name | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain
BMEZ | 31,055,035 | 1,596,445 | 331,408 | 31,036,130 | 1,610,948 | 335,812 | 31,038,465 | 1,600,161 | 344,264

| Ilya Gurevich | Shavar Jeffries | David Locala
Trust Name | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain
BMEZ | 25,739,407 | 1,801,719 | 164,768 | 25,736,809 | 1,804,261 | 164,825 | 27,046,353 | 494,717 | 164,825

No nominee received the required number of votes to be re-elected or elected to the Board of BMEZ. The vote standard to elect Board members is described in BMEZ’s most recent proxy statement. R. Glenn Hubbard, W. Carl Kester and John M. Perlowski, incumbent Class II Trustees, will continue to serve as Class II Trustees until their successors have been duly elected and qualified.
The Trustees of BMEZ whose term of office continued after the Meeting because they were not up for election are Cynthia L. Egan, Robert Fairbairn, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, Catherine A. Lynch and Arthur P. Steinmetz.
The shareholder proposal to terminate the investment management agreement between BMEZ and BlackRock Advisors, LLC was not approved by shareholders:

| Votes For | Votes Against | Votes Abstain
BMEZ | 27,539,204 | 32,510,095 | 639,480

The vote standard to approve the shareholder proposal is described in BMEZ’s most recent proxy statement.
The Annual Meeting of Shareholders of BIGZ (the “Meeting”) was held on June 25, 2024 for shareholders of record on April 3, 2024 to consider and vote on the election of four Class I Trustees and three Class II Trustees and to consider and vote on a shareholder proposal submitted by an activist hedge fund to terminate the investment management agreement between BIGZ and BlackRock Advisors, LLC. There were no broker non-votes.
The vote results in the election of Class I Trustees were as follows:

| Cynthia L. Egan | Lorenzo A. Flores | Stayce D. Harris
Trust Name | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain
BIGZ | 38,341,904 | 3,833,235 | 823,249 | 38,038,290 | 3,905,798 | 1,054,298 | 38,243,188 | 3,891,512 | 863,685

| Catherine A. Lynch | David Littlewood | David Locala
Trust Name | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain
BIGZ | 38,311,498 | 3,795,618 | 891,275 | 58,615,477 | 16,786,631 | 194,485 | 74,580,130 | 824,566 | 191,797

| Athanassios Diplas | Alexander Vindman
Trust Name | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain
BIGZ | 74,538,013 | 865,992 | 192,488 | 58,560,232 | 16,845,061 | 191,198

The vote results in the election of Class II Trustees were as follows:

| R. Glenn Hubbard | W. Carl Kester | John M. Perlowski
Trust Name | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain
BIGZ | 38,086,316 | 3,858,382 | 1,047,546 | 38,000,063 | 3,891,148 | 1,101,033 | 38,065,240 | 3,841,507 | 1,085,496

| Ilya Gurevich | Shavar Jeffries | Jennifer Raab
Trust Name | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain
BIGZ | 74,549,774 | 851,922 | 194,797 | 74,564,072 | 838,648 | 193,773 | 58,605,587 | 16,795,979 | 194,925

Additional Information
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Additional Information(continued)
No nominee received the required number of votes to be re-elected or elected to the Board of BIGZ. The vote standard to elect Board members is described in BIGZ’s most recent proxy statement. Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, and Catherine A. Lynch, incumbent Class I Trustees, will continue to serve as Class I Trustees and R. Glenn Hubbard, W. Carl Kester and John M. Perlowski, incumbent Class II Trustees, will continue to serve as Class II Trustees until their successors have been duly elected and qualified.
The Trustees of BIGZ whose term of office continued after the Meeting because they were not up for election are Robert Fairbairn, J. Phillip Holloman and Arthur P. Steinmetz.
The shareholder proposal to terminate the investment management agreement between BIGZ and BlackRock Advisors, LLC was not approved by shareholders:

| Votes For | Votes Against | Votes Abstain
BIGZ | 63,225,678 | 54,161,642 | 1,201,413

The vote standard to approve the shareholder proposal is described in BIGZ’s most recent proxy statement.
The Annual Meeting of Shareholders of BSTZ (the “Meeting”) was held on June 18, 2024 and adjourned to July 16, 2024 for shareholders of record on April 22, 2024 to consider and vote on the election of three Class II Trustees and to consider and vote on a shareholder proposal submitted by an activist hedge fund to terminate the investment management agreement between BSTZ and BlackRock Advisors, LLC. The Meeting was initially called for June 18, 2024, but adjourned to July 16, 2024 to seek additional shareholder participation. There were no broker non-votes.
The vote results in the election of Class II Trustees were as follows:

| R. Glenn Hubbard | W. Carl Kester | John M. Perlowski
Trust Name | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain
BSTZ | 18,457,583 | 1,507,750 | 531,118 | 18,452,319 | 1,518,372 | 526,766 | 18,484,093 | 1,479,747 | 533,620

| David Locala | Athanassios Diplas | Alexander Vindman
Trust Name | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain | Votes For | Votes Against | Votes Abstain
BSTZ | 17,758,098 | 581,706 | 76,087 | 17,738,852 | 589,659 | 87,380 | 16,985,835 | 1,342,504 | 75,527

No nominee received the required number of votes to be re-elected or elected to the Board of BSTZ. The vote standard to elect Board members is described in BSTZ’s most recent proxy statement. R. Glenn Hubbard, W. Carl Kester and John M. Perlowski, incumbent Class II Trustees, will continue to serve as Class II Trustees until their successors have been duly elected and qualified.
The Trustees of BSTZ whose term of office continued after the Meeting because they were not up for election are Cynthia L. Egan, Robert Fairbairn, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, Catherine A. Lynch and Arthur P. Steinmetz.
The shareholder proposal to terminate the investment management agreement between BSTZ and BlackRock Advisors, LLC was not approved by shareholders:

| Votes For | Votes Against | Votes Abstain
BSTZ | 12,150,260 | 26,050,196 | 715,440

The vote standard to approve the shareholder proposal is described in BSTZ’s most recent proxy statement.
Trust Certification
The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.
Environmental, Social and Governance (“ESG”) Integration
Although the Trusts do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Trust management will consider ESG factors as part of the investment process for the Trusts. Trust management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Trusts’ particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Trusts’ investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Trusts’ exposure to certain companies or industries. While Trust management views ESG considerations as having the potential to contribute to the Trusts’ long-term performance, there is no guarantee that such results will be achieved.
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Additional Information(continued)
Dividend Policy
Each Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the "Plan"), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust.
The distributions paid by each Trust for any particular month may be more or less than the amount of net investment income earned by each Trust during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of each Trust and is reported in each Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.
A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.
Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.
General Information
The Trusts, other than BDJ, BME, BST and BUI, do not make available copies of their Statements of Additional Information because the Trusts’ shares, other than BDJ, BME, BST and BUI, are not continuously offered, which means that the Statement of Additional Information of each Trust, other than BDJ, BME, BST and BUI, has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.
BDJ’s, BME’s, BST’s and BUI’s Statements of Additional Information include additional information about the Board and are available, without charge upon request by calling (800)882-0052.
The following information is a summary of certain changes since December 31, 2023. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.
Except if noted otherwise herein, there were no changes to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for BDJ, BME, BST and BUI only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BDJ, BME, BST and BUI only, prospectuses, are available on BlackRock’s website.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.
Householding
The Trusts will mail only one copy of shareholder documents, including for BDJ, BME, BST and BUI only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.
Additional Information
165

Additional Information(continued)
Availability of Quarterly Schedule of Investments
The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.
Availability of Trust Updates
BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.
Shelf Offering Program
From time to time, BDJ, BME, BST and BUI may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BDJ, BME, BST and BUI may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BDJ’s, BME’s, BST’s and BUI’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BDJ, BME, BST and BUI to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.
BDJ, BME, BST and BUI filed final prospectuses with the SEC in connection with its Shelf Offering on June 2, 2023, April 26, 2022, May 10, 2022 and March 10, 2022, respectively. This report and the prospectuses of BDJ, BME, BST and BUI are not offers to sell BDJ, BME, BST and BUI Common Shares or solicitations of an offer to buy BDJ, BME, BST and BUI Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of BDJ, BME, BST and BUI contains important information about BDJ, BME, BST and BUI, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of BDJ, BME, BST and BUI carefully and in their entirety before investing. Copies of the final prospectuses for BDJ, BME, BST and BUI can be obtained from BlackRock at blackrock.com.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
Trust and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited(a)
Edinburgh, EH3 8BL
United Kingdom
166
2024 BlackRock Semi-Annual Report to Shareholders

Additional Information(continued)
Trust and Service Providers (continued)
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
Distributor
BlackRock Investments, LLC(b)
New York, NY 10001
(a) For BGR, BOE, BGY, BCX and BUI.
(b) For BDJ, BME, BST and BUI.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Trusts
100 Bellevue Parkway
Wilmington, DE 19809
Additional Information
167

Glossary of Terms Used in this Report

Currency Abbreviation
AUD | Australian Dollar
BRL | Brazilian Real
CAD | Canadian Dollar
CHF | Swiss Franc
DKK | Danish Krone
EUR | Euro
GBP | British Pound
HKD | Hong Kong Dollar
JPY | Japanese Yen
KRW | South Korean Won
MXN | Mexican Peso
NOK | Norwegian Krone
SEK | Swedish Krona
SGD | Singapore Dollar
TWD | New Taiwan Dollar
USD | United States Dollar

Portfolio Abbreviation
ADR | American Depositary Receipt
CVR | Contingent Value Right
JSC | Joint Stock Company
LP | Limited Partnership
PIPE | Private Investment in Public Equity
PJSC | Public Joint Stock Company
REIT | Real Estate Investment Trust
S&P | Standard & Poor’s
SAB | Special Assessment Bonds

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2024 BlackRock Semi-Annual Report to Shareholders

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Want to know more?
blackrock.com | 800-882-0052
This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.
CEF-BK9-06/24-SAR

(b) Not Applicable

Item 2 – | Code of Ethics – Not Applicable to this semi-annual report

Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – | Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

Item 6 – | Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – | Financial Statements and Financial Highlights for Open-End Management Investment Companies – Not Applicable

Item 8 – | Changes in and Disagreements with Accountants for Open-End Management Investment Companies – Not Applicable

Item 9 – | Proxy Disclosures for Open-End Management Investment Companies – Not Applicable

Item 10 – | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Not Applicable

Item 11 – | Statement Regarding Basis for Approval of Investment Advisory Contract – The registrant’s statement regarding the basis for approval of the investment advisory contract is included as part of the Report to Stockholders filed under Item 1(a) of this Form

Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 13 – | Portfolio Managers of Closed-End Management Investment Companies

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of Kyle G. McClements, CFA, Managing Director at BlackRock, Christopher Accettella, Director at BlackRock, Todd Burnside, Managing Director at BlackRock and Ibrahim Kanan, Managing Director at BlackRock. Messrs. McClements, Accettella, Burnside and Kanan are the Fund’s portfolio managers and responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Messrs. McClements, Accettella, Burnside and Kanan have been members of the Fund’s portfolio management team since 2009, 2012, 2017 and 2024 respectively.

Information below is with respect to Mr. Kanan who became a portfolio manager to the Fund on March 14, 2024.

Portfolio Manager |  | Biography
Ibrahim Kanan |  | Managing Director of BlackRock since 2024; Director of BlackRock from 2019 to 2023. Ibrahim joined BlackRock in 2014.

(a)(2) As of June 30, 2024:

|  | (ii) Number of Other Accounts Managed and Assets by Account Type |  | (iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts
Ibrahim Kanan |  | 1 |  | 3 |  | 3 |  | 0 |  | 0 |  | 1
|  | $7.19 Million |  | $512.4 Million |  | $272.4 Million |  | $0 |  | $0 |  | $131.4 Million

(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Such portfolio manager may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio manager of this Fund is not entitled to receive a portion of incentive fees of other accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

(a)(3) As of June 30, 2024:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of June 30, 2024.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the funds and other accounts managed by each portfolio manager. Performance of multi-asset class funds is generally measured on a pre-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: Russell 1000 Index, Russell 1000 Value Index, S&P 500 Index.

Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods.

In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio manager of this Fund has deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($345,000 for 2024). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of June 30, 2024.

Portfolio Manager |  | Dollar Range of Equity Securities of the Fund Beneficially Owned
Ibrahim Kanan |  | None

(b) Not Applicable

Item 14 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – | Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 18 – | Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – | Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 20091

1 |  | The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Enhanced Capital and Income Fund, Inc.

|  | By: |  | /s/ John M. Perlowski
|  |  |  | John M. Perlowski
|  |  |  | Chief Executive Officer (principal executive officer) of
|  |  |  | BlackRock Enhanced Capital and Income Fund, Inc.

Date: August 23, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

|  | By: |  | /s/ John M. Perlowski
|  |  |  | John M. Perlowski
|  |  |  | Chief Executive Officer (principal executive officer) of
|  |  |  | BlackRock Enhanced Capital and Income Fund, Inc.

Date: August 23, 2024

|  | By: |  | /s/ Trent Walker
|  |  |  | Trent Walker
|  |  |  | Chief Financial Officer (principal financial officer) of
|  |  |  | BlackRock Enhanced Capital and Income Fund, Inc.

Date: August 23, 2024