N-CSR 1 d917124dncsr.htm BLACKROCK ENHANCED LARGE CAP CORE 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 Large Cap Core Fund, Inc. (formerly 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 Large Cap Core Fund, Inc. (formerly BlackRock Enhanced Capital and Income Fund), 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: 12/31/2024

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

December 31, 2024

2024 Annual Report

BlackRock Energy and Resources Trust (BGR)
BlackRock Enhanced Equity Dividend Trust (BDJ)
BlackRock Enhanced Global Dividend Trust (BOE)
BlackRock Enhanced International Dividend Trust (BGY)
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
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 Equity Dividend Trust’s (BDJ), BlackRock Enhanced Global Dividend Trust’s (BOE), BlackRock Enhanced International Dividend Trust’s (BGY), BlackRock Enhanced Large Cap Core Fund, Inc.’s (CII), 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 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.
December 31, 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 |  | $0.347383 | $— | $— | $0.492017 | $0.839400 | 41 % | — % | — % | 59 % | 100 %
BDJ |  | 0.360710 | — | 0.319390 | — | 0.680100 | 53 | — | 47 | — | 100
BOE |  | 0.194338 | — | — | 0.581362 | 0.775700 | 25 | — | — | 75 | 100
BGY |  | 0.089746 | 0.061249 | 0.263405 | — | 0.414400 | 22 | 14 | 64 | — | 100
CII |  | 0.064773 | — | 1.170727 | — | 1.235500 | 5 | — | 95 | — | 100
BMEZ |  | 0.025970 | — | — | 1.665080 | 1.691050 | 2 | — | — | 98 | 100
BME |  | 0.077993 | — | 1.902998 | 0.624109 | 2.605100 | 3 | — | 73 | 24 | 100
BIGZ |  | — | — | — | 0.833900 | 0.833900 | — | — | — | 100 | 100
BCX |  | 0.228555 | — | — | 0.410945 | 0.639500 | 36 | — | — | 64 | 100
BSTZ |  | — | — | 1.117905 | 0.901105 | 2.019010 | — | — | 55 | 45 | 100
BST |  | — | — | 2.981387 | 0.018613 | 3.000000 | — | — | 99 | 1 | 100
BUI |  | 0.295618 | — | 0.889886 | 0.281496 | 1.467000 | 20 | — | 61 | 19 | 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
Each Trust, 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”), 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 | $0.097300
BDJ | 0.061900
BOE | 0.082700
BGY | 0.042600
CII | 0.141000
BMEZ | 0.178090
BME | 0.262100
BIGZ | 0.086760
BCX | 0.069700
BSTZ | 0.218000
BST | 0.250000
BUI | 0.136000

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 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
Annual Report: |
Trust Summary | 6
Financial Statements: |
Schedules of Investments | 43
Statements of Assets and Liabilities | 127
Statements of Operations | 130
Statements of Changes in Net Assets | 133
Statements of Cash Flows | 139
Financial Highlights | 143
Notes to Financial Statements | 155
Report of Independent Registered Public Accounting Firm | 173
Important Tax Information | 174
Investment Objectives, Policies and Risks | 176
Shareholder Update | 203
Automatic Dividend Reinvestment Plan | 213
Trustee and Officer Information | 214
Additional Information | 217
Glossary of Terms Used in this Report | 220

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 December 31, 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 December 31, 2024 ($12.61)(a) | 9.26%
Current Monthly Distribution per Common Share(b) | $0.097300
Current Annualized Distribution per Common Share(b) | $1.167600

(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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $12.61 | $12.45 | 1.29 % | $13.79 | $11.87
Net Asset Value | 13.77 | 14.13 | (2.55 ) | 15.68 | 13.35

GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
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.
6
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 2024(continued)
BlackRock Energy and Resources Trust (BGR)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 3.93 % | 8.37 % | 2.62 %
Trust at Market Price(a)(b) | 8.02 | 7.69 | 2.32
MSCI World Energy Call Overwrite Index(c) | 3.79 | 6.37 | N/A
MSCI World Energy Index | 2.70 | 8.10 | 3.57

(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.

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?
The Trust outperformed in the oilfield services subsector thanks to positions in TechnipFMC PLC, which reported better-than-expected earnings driven by strong demand, and Saipem SpA , which benefited from continued contract wins. The Trust was also helped by its underweight position in the underperforming refining subsector.
At the stock level, overweights in the pipeline operators Williams Companies, Targa Resources Corp. and TC Energy Corp. were notable contributors. The stocks rose strongly based on higher natural gas prices and expectations for increased power demand in the United States.
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 negatively to relative performance for the 12-month period.
An overweight position in the exploration and production company Kosmos Energy Ltd., which reported lower production growth expectations for a key asset, was a notable detractor. An overweight in France-based TotalEnergies SE also detracted, as European integrated companies lagged their U.S. peers. In addition, zero weightings in the U.S. midstream companies Kinder Morgan, Inc. and Oneok Inc. hurt results given the sector’s relative strength.
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. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
The Trust reduced its allocation to refining companies given lower margins in the sector. It also closed positions in Canadian integrated oil company Cenovus Energy INC, European integrated oil company BP PLC, and U.S. oilfield service company Schlumberger NV. On the other hand, added a position in Gaztransport & Technigaz SA, a specialist manufacturer of lining for LNG ships. It also added exposure to U.S. shale producers and pipeline distribution companies.
Describe portfolio positioning at period end.
The investment adviser continued to look for opportunities across the global energy sector. Key themes included a bias towards select North American energy companies and those poised to capitalize on higher natural gas volumes and growth in U.S. energy infrastructure and. The investment adviser maintained a cautious view toward the refining sub-sector, and it retained select holdings in oilfield services and integrated energy companies.
As of December 31, 2024, the Trust had in place an option overwriting program whereby 31.6% 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 58 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
7

Trust Summary as of December 31, 2024(continued)
BlackRock Energy and Resources Trust (BGR)
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Exxon Mobil Corp. | 20.0 %
Shell PLC | 10.5
TotalEnergies SE | 6.7
ConocoPhillips | 5.4
Williams Cos., Inc. | 4.9
EOG Resources, Inc. | 4.2
Cheniere Energy, Inc. | 4.1
Chevron Corp. | 3.9
Targa Resources Corp. | 3.9
Canadian Natural Resources Ltd. | 3.6

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Oil, Gas & Consumable Fuels | 95.5 %
Energy Equipment & Services | 4.5

(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 by the Trust for compliance purposes.

8
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 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 December 31, 2024 ($8.28)(a) | 8.97%
Current Monthly Distribution per Common Share(b) | $0.061900
Current Annualized Distribution per Common Share(b) | $0.742800

(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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $8.28 | $7.69 | 7.67 % | $9.04 | $7.69
Net Asset Value | 9.02 | 8.82 | 2.27 | 9.58 | 8.68

GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
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.
Trust Summary
9

Trust Summary as of December 31, 2024(continued)
BlackRock Enhanced Equity Dividend Trust (BDJ)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 10.89 % | 7.22 % | 8.12 %
Trust at Market Price(a)(b) | 16.76 | 5.63 | 8.60
MSCI USA Value Call Overwrite Index(c) | 13.48 | 6.00 | N/A
Russell 1000® Value Index | 14.37 | 8.68 | 8.49

(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.

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 industrials sector contributed to relative performance, led by an overweight in SS&C Technologies Holdings, Inc. Selection in consumer discretionary also aided results, with the largest contribution coming from an overweight in General Motors Co. Selection in materials was a further positive, thanks in part to the lack of a position in Dow, Inc.
Security selection in the consumer staples sector, particularly an overweight in Dollar General Corp., detracted. Selection in healthcare was an additional detractor, due in part to an overweight in the equipment and services company Baxter International, Inc. Positioning in information technology also detracted, with the largest adverse impact coming from a zero weighting in Oracle Corp.
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.
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’s allocations to the industrials and materials sectors increased due to a combination of portfolio trading activity and market price changes. The Trust’s weighting in the healthcare sector decreased. The Trust did not add any new private companies during the period.
Describe portfolio positioning at period end.
In the public portion of the portfolio, the largest sector overweights were in the communication services and materials sectors. The largest underweights were in consumer staples and real estate.
As of December 31, 2024, the Trust had in place an option overwriting program whereby 50.8% 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 5.0% out of the money) and for maturities averaging approximately 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.
10
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 2024(continued)
BlackRock Enhanced Equity Dividend Trust (BDJ)
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Wells Fargo & Co. | 4.1 %
Citigroup, Inc. | 3.3
First Citizens BancShares, Inc. | 2.9
SS&C Technologies Holdings, Inc. | 2.8
Cardinal Health, Inc. | 2.6
Microsoft Corp. | 2.4
L3Harris Technologies, Inc. | 2.2
Willis Towers Watson PLC | 2.1
Medtronic PLC | 2.1
CVS Health Corp. | 2.0

SECTOR ALLOCATION
Sector(b) | Percent of Total Investments(a)
Financials | 23.6 %
Health Care | 16.0
Industrials | 13.3
Information Technology | 10.4
Communication Services | 6.8
Energy | 6.5
Consumer Discretionary | 6.0
Consumer Staples | 5.5
Materials | 5.3
Utilities | 4.8
Real Estate | 1.8

(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 by the Trust for compliance purposes.

Trust Summary
11

Trust Summary as of December 31, 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 December 31, 2024 ($10.77)(a) | 9.21%
Current Monthly Distribution per Common Share(b) | $0.082700
Current Annualized Distribution per Common Share(b) | $0.992400

(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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $10.77 | $9.92 | 8.57 % | $11.42 | $9.81
Net Asset Value | 12.05 | 11.81 | 2.03 | 12.83 | 11.53

GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
An index that captures large- and mid-cap representation across certain developed and emerging markets.
12
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 2024(continued)
BlackRock Enhanced Global Dividend Trust (BOE)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 9.67 % | 7.03 % | 6.44 %
Trust at Market Price(a)(b) | 16.70 | 7.07 | 6.80
MSCI ACWI Call Overwrite Index(c) | 17.30 | 7.82 | N/A
MSCI ACWI | 17.49 | 10.06 | 9.23

(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 ACWI Index with a 45% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns.

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?
In sector terms, positive contributions to relative performance were led by stock selection within energy. An underweight to materials and a lack of exposure to real estate also contributed.
In terms of individual positions, Taiwan Semiconductor Manufacturing Company Limited (“TSMC”) was the top contributor to relative performance. TSMC’s strong position has been made even clearer by the weakness of fellow chipmakers Samsung and Intel. TSMC Management struck a confident tone to the effect that, while the company is seeing strong growth driven by artificial intelligence (“AI”), it expects 2025 to see a broader recovery in end markets. TSMC’s dominant industry position makes it one of the strategy’s highest conviction holdings entering the new year. Williams Companies Inc., a leading U.S.-based energy infrastructure firm, saw its stock price buoyed as it posted strong second-quarter results and provided an optimistic outlook for the remainder of 2024. Additionally, the stock was boosted by the results of the U.S. presidential election which led to an outlook for a more “pro-energy” operating environment. Markets are anticipating President Trump to advocate for deregulation which may enable companies like Williams to expand their existing gas pipeline networks with fewer environmental controls. Software company Oracle Corp. also contributed as the company’s cloud business, a crucial segment, continued to report strong revenue growth driven by rising demand related to supporting AI efforts. In addition, the announcement of new partnerships aimed at enhancing Oracle’s cloud offerings further fueled investor enthusiasm.
Stock selection weighed most heavily on relative performance within consumer staples. Stock selection in consumer discretionary and an underweight to and selection in communication services also detracted.
In terms of individual companies, a lack of exposure to semiconductor company Nvidia Corp. detracted the most. While Nvidia has so far been the market winner from AI, the current stock valuation appears overly reliant on pricing and volume trends which will be challenging to sustain. The focus of end markets is likely to shift from training models (which benefits GPU manufacturers like Nvidia) to deploying models where greater efficiency and application-specific chips are more relevant. Multinational confectioner Mondelez International Inc. reported a decline in revenue, largely attributed to soaring cocoa costs driven by supply tightness from poor harvests in major producing countries such as Ivory Coast and Ghana. This situation has resulted in a global cocoa deficit, pushing prices to record highs and impacting Mondelez’s earnings per share. Additionally, ongoing geopolitical uncertainties and inflationary pressures have compounded operational challenges for the company, raising concerns about future profitability and market share. The Trust exited the position late in the period. Shares of Danish pharmaceutical company Novo Nordisk experienced a pullback after recent strong performance as clinical trial results for weight loss drug CagriSema failed to represent an advance over Eli Lilly’s existing entry. While this outcome has hurt the optics around Novo Nordisk’s competitive position versus Eli-Lilly, the two companies are expected to dominate the obesity treatment market for the foreseeable future, and additional CagriSema data is expected early in 2025.
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.
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. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
During the reporting period, the Trust added exposure to the industrials, healthcare and consumer staples sectors. The Trust reduced exposure to information technology, communication services and consumer discretionary.
Trust Summary
13

Trust Summary as of December 31, 2024(continued)
BlackRock Enhanced Global Dividend Trust (BOE)
Describe portfolio positioning at period end.
At the end of the period, the Trust’s largest sector overweights were to industrials, healthcare and consumer staples. Regionally, the majority of the portfolio was listed in the United States, with significant exposure in Europe.
As of December 31, 2024, the Trust had in place an option overwriting program whereby 43.6% 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 3.0% 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)
Microsoft Corp. | 4.8 %
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.5
Accenture PLC | 3.2
Broadcom, Inc. | 3.1
AstraZeneca PLC | 3.1
Texas Instruments, Inc. | 3.0
AbbVie, Inc. | 2.6
RELX PLC | 2.6
UnitedHealth Group, Inc. | 2.6
Apple, Inc. | 2.6

GEOGRAPHIC ALLOCATION
Country/Geographic Region | Percent of Total Investments
United States | 73.1 %
United Kingdom | 10.6
France | 3.9
Taiwan | 3.5
Denmark | 2.4
Spain | 2.0
Switzerland | 1.6
Netherlands | 1.5
Canada | 1.4
India | — (b)

(a) | Excludes short-term securities, short investments and options, if any.
(b) | Rounds to less than 0.1%.

14
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 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 December 31, 2024 ($5.31)(a) | 9.63%
Current Monthly Distribution per Common Share(b) | $0.042600
Current Annualized Distribution per Common Share(b) | $0.511200

(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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $5.31 | $5.27 | 0.76 % | $5.82 | $5.13
Net Asset Value | 5.91 | 6.21 | (4.83 ) | 6.60 | 5.89

GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
An index that captures large- and mid-cap representation across certain developed markets countries (excluding the United States) and certain emerging markets countries.
Trust Summary
15

Trust Summary as of December 31, 2024(continued)
BlackRock Enhanced International Dividend Trust (BGY)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 2.55 % | 5.70 % | 5.27 %
Trust at Market Price(a)(b) | 8.58 | 5.43 | 5.42
MSCI ACWI ex USA Call Overwrite Index(c) | 5.65 | 2.02 | N/A
MSCI ACWI ex USA Index | 5.53 | 4.10 | 4.80

(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.

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?
In sector terms, positive contributions to relative performance were led by stock selection within information technology. An underweight to and stock selection in materials along with selection within energy also contributed during the period.
In terms of individual positions, Taiwan Semiconductor Manufacturing Company Limited (“TSMC”) was the top contributor to relative performance. TSMC’s strong position has been made even clearer by the weakness of fellow chipmakers Samsung and Intel. Management had struck a confident tone to the effect that, while the company is seeing strong growth driven by artificial intelligence (“AI”), it expected 2025 to see a broader recovery in end markets. TSMC’s dominant industry position makes it one of the strategy’s highest conviction holdings entering the new year. Exposure to ASICS Corp. also contributed meaningfully as strong results for the high-quality sportswear franchise were driven throughout the year by sales of its high-performance footwear. The Trust exited the position late in the period as the valuation target for the stock had been achieved. A lack of exposure to Samsung Electronics Co., Ltd. contributed as the shares lagged due to disappointing execution in its semiconductor foundry business, lagging efforts to further penetrate the high bandwidth memory market, and geopolitical concerns around selling into China. Within semiconductors, the Trust was overweight in Texas Instruments Inc., a less-AI focused chipmaker which performed well throughout the year.
Security selection within and an overweight to financials weighed most heavily on relative performance, while selection in consumer staples and communication services also detracted.
Shares of Danish pharmaceutical company Novo Nordisk experienced a pullback after recent strong performance as clinical trial results for weight loss drug CagriSema failed to represent an advance over Eli Lilly’s existing entry. While this outcome has hurt the optics around Novo Nordisk’s competitive position versus Eli-Lilly, the two companies are expected to dominate the obesity treatment market for the foreseeable future, and additional CagriSema data is expected early in 2025. LVMH Moët Hennessy Louis Vuitton SE, the luxury brand company, faced a difficult year due to macroeconomic headwinds, shifts in consumer behavior, and indirect exposure to China. The global luxury consumer market remains weak, and given LVMH’s dependence on China the weakness of that economy has impacted the company’s performance. Despite uncertainty around when consumer confidence will improve, LVMH is a fundamentally strong business poised for long-term growth. Walmart de Mexico y Centroamérica (“Walmex”) encountered operational challenges during the period, including rising costs, sales performance issues and unfavorable market conditions. The company’s transition to an omni-channel player has progressed more slowly than anticipated, diminishing the valuation upside that had been part of the investment thesis. In addition, Walmex faces regulatory risks under Mexico’s antitrust laws. Due to the stock’s poor performance and a subsequent reevaluation of the position, the Trust exited the position.
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 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 energy, healthcare, financials and materials sectors, while adding to communication services, information technology and consumer discretionary.
Describe portfolio positioning at period end.
At the end of the period, the Trust’s largest sector overweights were in industrials, information technology and communication services. Regionally, the majority of portfolio assets comprised securities listed in Europe, with particularly significant exposure in Europe excluding the United Kingdom.
16
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 2024(continued)
BlackRock Enhanced International Dividend Trust (BGY)
As of December 31, 2024, the Trust had in place an option overwriting program whereby 42% 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% out of the money) and for maturities averaging 57 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. | 6.2 %
Novo Nordisk A/S | 4.2
RELX PLC | 3.7
LVMH Moet Hennessy Louis Vuitton SE | 3.5
Air Liquide SA | 3.4
HDFC Bank Ltd. | 3.3
Tencent Holdings Ltd. | 3.2
Shell PLC | 3.1
Sony Group Corp. | 3.1
Texas Instruments, Inc. | 3.1

GEOGRAPHIC ALLOCATION
Country/Geographic Region | Percent of Total Investments
United States | 19.8 %
United Kingdom | 10.7
Germany | 9.2
France | 8.8
Japan | 7.6
Taiwan | 6.1
Canada | 6.0
Sweden | 5.2
Netherlands | 5.1
Denmark | 4.1
India | 3.3
China | 3.2
Italy | 3.0
Spain | 2.7
Singapore | 2.5
Switzerland | 1.5
Indonesia | 1.2

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

Trust Summary
17

Trust Summary as of December 31, 2024
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
Investment Objective
BlackRock Enhanced Large Cap Core Fund, Inc.’s (CII) (the “Trust”) (formerly known as BlackRock Enhanced Capital and Income Fund, Inc.) 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.
On November 22, 2024, the Board of Directors (the "Board") of the Trust approved a proposal to change the name of the Trust to BlackRock Enhanced Large Cap Core Fund, Inc. In connection with the name change, the Board approved the adoption of a non-fundamental investment policy to invest at least 80% of the Trust’s net assets plus the amount of any borrowings for investment purposes, in large cap equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective at the close of business on December 31, 2024.
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 December 31, 2024 ($20.10)(a) | 8.42%
Current Monthly Distribution per Common Share(b) | $0.141000
Current Annualized Distribution per Common Share(b) | $1.692000

(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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $20.10 | $19.00 | 5.79 % | $20.44 | $18.29
Net Asset Value | 21.43 | 19.81 | 8.18 | 22.15 | 19.57

GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
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 Russell 3000® Index.
18
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 2024(continued)
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 15.21 % | 11.41 % | 10.89 %
Trust at Market Price(a)(b) | 12.66 | 10.90 | 11.45
MSCI USA Call Overwrite Index(c) | 23.86 | 11.25 | N/A
Russell 1000® Index | 24.51 | 14.28 | 12.87

(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.

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?
Positive contributions to the Trust’s performance over the period were led by security selection within the financials sector, followed by selection within materials and an underweight allocation to real estate. Within financials, an overweight position in Berkshire Hathaway Inc. within the financial services industry highlighted individual contributions, while within materials an overweight in Corteva Inc. in the chemicals industry proved most beneficial. Within real estate, a lack of exposure to Prologis Inc. in the industrial REITs industry was most additive.
The largest detractor from performance over the reporting period was security selection in the healthcare sector, followed by selection in consumer staples and an underweight allocation in information technology. Within healthcare, an overweight position in Icon PLC within the life sciences tools and services industry weighed most heavily on relative results. In consumer staples, an overweight position in Dollar Tree Inc. within the distribution and retail industry proved detrimental. With respect to information technology, underweight exposure to Nvidia Corp. in the semiconductors and semiconductor equipment industry was the biggest constraint on return.
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.
The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on its investment strategy.
Describe recent portfolio activity.
Due to a combination of market changes and portfolio activity, the Trust’s exposure to the information technology and industrials sectors increased while exposure to healthcare and consumer staples decreased. The Trust did not add any new private companies during the period.
Describe portfolio positioning at period end.
As of December 31, 2024, the Trust had an options overwriting program in place whereby 56.3% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 4.7% out of the money) with an average time until expiration of approximately 50.6 days. In the public portion of the portfolio, the largest sector overweights were in communication services and financials while the largest underweights were in consumer staples and utilities.
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
19

Trust Summary as of December 31, 2024(continued)
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Microsoft Corp. | 8.5 %
Amazon.com, Inc. | 7.5
Meta Platforms, Inc. | 5.6
NVIDIA Corp. | 4.6
Ciena Corp. | 4.4
Visa, Inc. | 4.1
Alphabet, Inc. | 3.6
Cardinal Health, Inc. | 3.4
Apple, Inc. | 3.4
S&P Global, Inc. | 3.1

SECTOR ALLOCATION
Sector(b) | Percent of Total Investments(a)
Information Technology | 33.8 %
Financials | 16.1
Communication Services | 13.0
Industrials | 11.1
Consumer Discretionary | 10.4
Health Care | 10.1
Materials | 3.1
Energy | 2.4

(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 by the Trust for compliance purposes.

20
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 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 December 31, 2024 ($14.40)(a) | 14.84%
Current Monthly Distribution per Common Share(b) | $0.178090
Current Annualized Distribution per Common Share(b) | $2.137080

(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 February 3, 2025, was decreased to $0.177300 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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $14.40 | $14.65 | (1.71 )% | $16.54 | $14.40
Net Asset Value | 16.43 | 17.91 | (8.26 ) | 18.94 | 16.43

GROWTH OF $10,000 INVESTMENT
BMEZ commenced operations on January 30, 2020.
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
An index that captures large- and mid-cap representation across certain developed and emerging markets.
Trust Summary
21

Trust Summary as of December 31, 2024(continued)
BlackRock Health Sciences Term Trust (BMEZ)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | Since Inception(a)
Trust at NAV(b)(c) | 2.11 % | 4.41 %
Trust at Market Price(b)(c) | 9.40 | 1.64
MSCI Custom ACWI SMID Growth HC Call Overwrite Index(d) | 1.32 | (3.97 )
MSCI ACWI | 17.49 | 10.22

(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.

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 sector level, an underweight allocation to healthcare providers and services and security selection in pharmaceuticals contributed to relative performance.
An out-of-benchmark position in Intuitive Surgical, Inc. was the leading contributor among the Trust’s individual holdings. The company experienced strong growth in the installations and procedural volumes for its da Vinci surgical robotic system, and it received U.S. Food and Drug Administration (“FDA”) approval for its latest-generation model in March 2024. An out-of-benchmark position in Argenx SE contributed, as well. The biotechnology company—which specializes in chronic autoimmune disorders—secured an FDA label expansion for its flagship drug, VYVGART, for its use in additional therapeutic indications. An out-of-benchmark position in Boston Scientific Corp. was a further contributor. The company benefited from strong adoption of recently FDA-approved devices that target high-growth cardiovascular end markets, and it leveraged a robust pipeline of future commercial opportunities.
At the sector level, security selection in the biotechnology and medical devices and supplies sub-sectors detracted from relative performance.
An out-of-benchmark position in Immunocore Holdings PLC, whose experimental melanoma treatment proved less effective than anticipated, was the largest detractor. An out-of-benchmark holding in the private company Carbon Health also detracted from relative performance. The operator of primary care and urgent care clinics faced execution challenges and was pressured by elevated costs. An overweight in Cabaletta Bio, Inc. weighed on results, as well. The biotechnology firm was negatively impacted by broader industry concerns regarding the safety, scalability, and high costs associated with CAR-T therapies for autoimmune diseases.
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. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
The Trust’s allocations to the biotechnology and medical devices and supplies increased, while its weightings in the pharmaceuticals and healthcare providers and services subsectors decreased.
Describe portfolio positioning at period end.
At the end of the period, the Trust held 44% of net asset value in the biotechnology industry, 39% in medical devices and supplies, 7% in health care providers and services, and 6% in pharmaceuticals. These industry weightings were the result of bottom-up stock selection.
As of December 31, 2024, the Trust had in place an option overwriting program whereby 24.0% 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 3.9% out of the money) and for maturities averaging 57 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.
22
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 2024(continued)
BlackRock Health Sciences Term Trust (BMEZ)
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Intuitive Surgical, Inc. | 4.9 %
Argenx SE | 4.0
Alnylam Pharmaceuticals, Inc. | 3.8
West Pharmaceutical Services, Inc. | 3.3
Waters Corp. | 2.9
Boston Scientific Corp. | 2.7
Mettler-Toledo International, Inc. | 2.5
Rhythm Pharmaceuticals, Inc. | 2.2
Roche Holding AG | 2.2
Bio-Techne Corp. | 2.0

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Biotechnology | 46.0 %
Health Care Equipment & Supplies | 22.5
Life Sciences Tools & Services | 17.3
Pharmaceuticals | 5.5
Health Care Providers & Services | 4.9
Health Care Technology | 2.0
Semiconductors & Semiconductor Equipment | 1.3
Other* | 0.5

(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 by the Trust 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
23

Trust Summary as of December 31, 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 December 31, 2024 ($37.93)(a) | 8.29%
Current Monthly Distribution per Common Share(b) | $0.262100
Current Annualized Distribution per Common Share(b) | $3.145200

(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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $37.93 | $40.46 | (6.25 )% | $42.71 | $36.92
Net Asset Value | 41.20 | 42.18 | (2.32 ) | 46.00 | 40.83

GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
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.
24
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 2024(continued)
BlackRock Health Sciences Trust (BME)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 4.09 % | 6.12 % | 8.50 %
Trust at Market Price(a)(b) | (0.09 ) | 3.74 | 6.53
MSCI USA Investable Market Index Health Care Call Overwrite Index(c) | 1.32 | 5.14 | N/A
Russell 3000® Health Care Index | 3.48 | 7.18 | 8.81

(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.

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 sector level, security selection in medical devices and supplies, coupled with an underweight in healthcare providers and services, made positive contributions to relative performance.
An overweight position in Boston Scientific Corp. was the leading contributor among the Trust’s individual holdings. The company benefited from strong adoption of recently Federal Drug Administration (“FDA”)-approved devices that target high-growth cardiovascular end markets, and it leveraged a robust pipeline of future commercial opportunities. A zero weighting in CVS Health Corp. contributed, as well. The company faced higher than expected costs in its Medicare Advantage business, and it was hurt by broader concerns regarding potential policy changes affecting pharmacy benefit managers. An out-of-benchmark position in Argenx SE was a further contributor. The biotechnology company—which specializes in chronic autoimmune disorders—secured an FDA label expansion for its flagship drug, VYVGART, for its use in additional therapeutic indications.
With respect to allocation, an overweight position in biotechnology and an underweight in pharmaceuticals detracted from relative performance.
At the individual position level, an overweight in Biogen, Inc. was the largest detractor. Although the company achieved the first-ever approval for an Alzheimer’s treatment, sales were slower than expected due to requirements for specialized screening and the limited availability of infusion centers. An underweight in AbbVie, Inc. also detracted from relative performance. The company reported robust sales growth, and it secured label expansions for its immunology drugs, including treatments for plaque psoriasis and inflammatory bowel disease. An underweight in Eli Lilly & Co. weighed on results, as well. The pharmaceutical company experienced strong demand for its GLP-1 drugs, which are widely used for weight loss and diabetes management.
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. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
The Trust’s allocations to the medical devices and supplies, biotechnology, and pharmaceutical sub-sectors increased, while its weighting in the healthcare providers and services sub-sector decreased.
Describe portfolio positioning at period end.
The Trust held 39% of net asset value in the medical devices and supplies industry, 26% in biotechnology, 20% in pharmaceuticals, and 10% in healthcare providers and services. These industry weightings were a result of bottom-up stock selection.
As of December 31, 2024, the Trust had in place an option overwriting program whereby 36.0% 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 3.1% out of the money) and for maturities averaging 54 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 December 31, 2024(continued)
BlackRock Health Sciences Trust (BME)
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Eli Lilly & Co. | 9.1 %
Boston Scientific Corp. | 7.6
Intuitive Surgical, Inc. | 5.3
AbbVie, Inc. | 4.8
UnitedHealth Group, Inc. | 4.6
Abbott Laboratories | 4.2
Stryker Corp. | 3.4
Danaher Corp. | 3.2
Thermo Fisher Scientific, Inc. | 3.0
Gilead Sciences, Inc. | 2.6

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Health Care Equipment & Supplies | 31.1 %
Biotechnology | 27.3
Pharmaceuticals | 21.0
Health Care Providers & Services | 10.4
Life Sciences Tools & Services | 10.1
Other* | 0.1

(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 by the Trust 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.

26
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 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 December 31, 2024 ($7.44)(a) | 13.99%
Current Monthly Distribution per Common Share(b) | $0.086760
Current Annualized Distribution per Common Share(b) | $1.041120

(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 February 3, 2025, was decreased to $0.086570 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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $7.44 | $7.33 | 1.50 % | $8.20 | $6.75
Net Asset Value | 8.37 | 9.03 | (7.31 ) | 9.36 | 7.84

GROWTH OF $10,000 INVESTMENT
BIGZ commenced operations on March 29, 2021.
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
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.
Trust Summary
27

Trust Summary as of December 31, 2024(continued)
BlackRock Innovation and Growth Term Trust (BIGZ)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | Since Inception(a)
Trust at NAV(b)(c) | 3.39 % | (12.73 )%
Trust at Market Price(b)(c) | 13.22 | (15.42 )
MSCI USA SMID Growth Call Overwrite Index(d) | 14.67 | 4.21
Russell 2500™ Growth Index | 13.90 | 1.56

(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.

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 industrials sector contributed to relative performance, led by an overweight in Axon Enterprise, Inc. Allocation in materials also aided results, with the largest contribution coming from the lack of a position in the chemical producer Celanese Corp. Positioning in utilities was a further positive, thanks in part to a zero weighting in the independent power and renewable energy producer Sunnova Energy International, Inc.
Security selection in the information technology sector, particularly a zero weighting in the software provider AppLovin Corp., detracted. Selection in consumer discretionary was an additional detractor, due in part to an overweight in the private automobile components company Relativity Space, Inc. Positioning in healthcare also detracted, with the largest adverse impact coming from an overweight in Align Technology, Inc.
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. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
Due to a combination of market movements and portfolio activity, the Trust’s allocations to industrials and communication services increased, while its weightings in healthcare and information technology decreased. The Trust did not add any new private companies during the period.
Describe portfolio positioning at period end.
The portfolio’s largest sector overweights were in the information technology and financials sectors. Its largest underweights were in industrials and healthcare.
As of December 31, 2024, the Trust had in place an option overwriting program whereby 12.0% 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 6.7% out of the money) and for maturities averaging approximately 58 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.
28
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 2024(continued)
BlackRock Innovation and Growth Term Trust (BIGZ)
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Axon Enterprise, Inc. | 3.9 %
Vertiv Holdings Co. | 3.4
PsiQuantum Corp. | 3.2
Comfort Systems USA, Inc. | 2.6
Liberty Media Corp.-Liberty Formula One | 2.6
Tradeweb Markets, Inc. | 2.5
TPG, Inc. | 2.3
Saia, Inc. | 2.3
CoStar Group, Inc. | 2.2
DraftKings, Inc. | 2.2

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Software | 17.2 %
Semiconductors & Semiconductor Equipment | 12.7
Capital Markets | 7.4
Hotels, Restaurants & Leisure | 6.4
Aerospace & Defense | 5.8
IT Services | 5.0
Health Care Equipment & Supplies | 3.7
Electrical Equipment | 3.4
Entertainment | 3.0
Life Sciences Tools & Services | 3.0
Interactive Media & Services | 2.9
Construction & Engineering | 2.6
Textiles, Apparel & Luxury Goods | 2.6
Diversified Consumer Services | 2.3
Ground Transportation | 2.3
Real Estate Management & Development | 2.2
Specialty Retail | 2.2
Building Products | 1.7
Wireless Telecommunication Services | 1.7
Biotechnology | 1.6
Technology Hardware, Storage & Peripherals | 1.5
Pharmaceuticals | 1.5
Food Products | 1.4
Electronic Equipment, Instruments & Components | 1.3
Financial Services | 1.3
Other* | 3.3

(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 by the Trust 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
29

Trust Summary as of December 31, 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 December 31, 2024 ($8.54)(a) | 9.79%
Current Monthly Distribution per Common Share(b) | $0.069700
Current Annualized Distribution per Common Share(b) | $0.836400

(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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $8.54 | $8.88 | (3.83 )% | $9.68 | $8.30
Net Asset Value | 9.58 | 10.57 | (9.37 ) | 11.01 | 9.43

GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
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.
30
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 2024(continued)
BlackRock Resources & Commodities Strategy Trust (BCX)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | (2.80 )% | 7.99 % | 5.32 %
Trust at Market Price(a)(b) | 3.14 | 7.96 | 6.04
MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index(c) | (9.71 ) | 3.48 | N/A
S&P Global Natural Resources Net Index | (8.86 ) | 5.13 | 4.63

(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.

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?
The Trust’s out-of-benchmark positions in the packaging stocks Smurfit Westrock PLC and Packaging Corp. of America were top contributors to relative performance. The broader packaging sector performed well throughout the reporting period due to rising demand from e-commerce growth, the increased usage of eco-friendly packaging solutions, and significant technological advancements in the space. An overweight position in the mining company Wheaton Precious Metals Corp., which benefited from rising gold and silver prices, also contributed.
The lack of a position in the U.S. agriculture equipment company Deere & Co. detracted from relative performance. The stock outpaced the broader natural resources sector due in part to better-than-expected earnings and investor optimism about the company’s technological innovations. A zero weighting in the Canadian gold producer Agnico Eagle Mines Ltd. also weighed on results. The company benefitted from the rally in gold prices, and it demonstrated strong production and cost controls relative to its peers. Among stocks the Trust held, Marathon Petroleum Corp. and Glencore PLC were notable detractors.
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 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. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
The Trust reduced its allocation to the energy sector from overweight to neutral, based on the view that the supply growth of oil was likely to match or exceed demand growth. The Trust moved to an overweight in the mining sector, partly on the view that sentiment toward China had likely bottomed.
Describe portfolio positioning at period end.
The portfolio had weightings of 37.5% in the mining sector, 33.5% in energy, and 25.1% in agriculture. The remaining 3.9% was held in cash.
As of December 31, 2024, the Trust had in place an option overwriting program whereby 29.3% 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 4.8% 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.
Trust Summary
31

Trust Summary as of December 31, 2024(continued)
BlackRock Resources & Commodities Strategy Trust (BCX)
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
Shell PLC | 8.9 %
Exxon Mobil Corp. | 7.7
Smurfit WestRock PLC | 4.9
Wheaton Precious Metals Corp. | 4.8
TotalEnergies SE | 4.6
Glencore PLC | 4.0
Anglo American PLC | 4.0
Nutrien Ltd. | 4.0
Corteva, Inc. | 3.7
Norsk Hydro ASA | 3.6

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Oil, Gas & Consumable Fuels | 35.4 %
Metals & Mining | 35.2
Containers & Packaging | 12.5
Chemicals | 10.3
Food Products | 2.1
Construction Materials | 1.9
Energy Equipment & Services | 1.5
Paper & Forest Products | 1.1

(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 by the Trust for compliance purposes.

32
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 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 December 31, 2024 ($20.71)(a) | 12.63%
Current Monthly Distribution per Common Share(b) | $0.218000
Current Annualized Distribution per Common Share(b) | $2.616000

(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 February 3, 2025, was increased to $0.221780 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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $20.71 | $16.71 | 23.94 % | $22.13 | $16.36
Net Asset Value | 23.14 | 21.43 | 7.98 | 24.33 | 19.82

GROWTH OF $10,000 INVESTMENT
BSTZ commenced operations on June 27, 2019.
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
An index that captures large- and mid-cap representation across certain developed and emerging markets.
Trust Summary
33

Trust Summary as of December 31, 2024(continued)
BlackRock Science and Technology Term Trust (BSTZ)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | Since Inception(a)
Trust at NAV(b)(c) | 19.60 % | 11.47 % | 11.79 %
Trust at Market Price(b)(c) | 37.27 | 9.50 | 9.56
MSCI Custom ACWI SMID Growth IT Call Overwrite Index(d) | 10.93 | N/A | 5.38
MSCI ACWI | 17.49 | 10.06 | 10.90

(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.

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 sector level, security selection in the semiconductors and hardware sub-sectors contributed to relative performance.
At the individual holding level, an out-of-benchmark position in the semiconductor giant NVIDIA Corp., one of the top performing stocks in the global markets during 2024, was the top contributor. The shares rose due to a series of earnings beats and expectations the company will be a top beneficiary of the growth in AI. An overweight position in Astera Labs, Inc., a manufacturer of AI connectivity solutions, was also among the largest contributors. The company released several stronger-than-anticipated earnings reports following its initial public offering, boosting its shares. AI data centers require Astera Labs’ high-speed connectivity solutions and optical fiber to handle complex computations and vast amounts of data with low latency. An out-of-benchmark position in Reddit, Inc. was a further contributor. The social forum company benefited from licensing deals for its proprietary data, which is used in training AI models.
At the sector level, security selection in the software and internet sub-sectors were the largest detractors from relative performance.
An underweight position in AppLovin Corp. was the largest individual detractor. The gaming and advertising company exceeded earnings expectations in the second half of 2024 and issued optimistic fiscal guidance on the strength of AI advancements in ad targeting. The lack of a position in the data analytics software company Palantir Technologies, Inc. also detracted. The stock soared as strong commercial sales appeared to offset slowing demand from its government customers. Not holding a position in MicroStrategy, Inc. further detracted from relative performance. Shares of the largest corporate holder of Bitcoin rallied as the cryptocurrency soared to over $100,000 after the U.S. election on anticipated regulatory leniency by the incoming administration.
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. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
The Trust added to companies that are critical in the AI supply chain, including those in the semiconductors and software sub-sectors. It trimmed positions in select internet stocks in response to slowing demand. From a geographic perspective, the Trust further reduced its allocation to Asia due to the slow pace of the region’s economic recovery. On the other hand, it added to U.S. and European equities where it identified both attractive fundamentals and near-term catalysts.
Describe portfolio positioning at period end.
As of December 31, 2024, the Trust held 22 private investments, comprising 31.3% of total assets for a total commitment of approximately $527 million.
The investment adviser continued to seek opportunities to harvest the illiquidity premium by taking advantage of the Trust’s closed-end structure to add holdings in private investments as capacity increased.
34
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 2024(continued)
BlackRock Science and Technology Term Trust (BSTZ)
The Trust held 32% of net asset value in semiconductors, 30% in software, 13% in hardware, 12% in services, 9% in internet, 3% in content & infrastructure, and 2% in new industries. These industry weightings were the result of bottom-up stock selection.
As of December 31, 2024, the Trust had in place an option overwriting program whereby 19.1% 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 7.0% 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.
Trust Summary
35

Trust Summary as of December 31, 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. | 9.0 %
Databricks, Inc. | 5.0
Astera Labs, Inc. | 4.2
PsiQuantum Corp. | 4.0
Credo Technology Group Holding Ltd. | 3.2
Reddit, Inc. | 3.1
Klarna Holdings AB | 2.6
Tesla, Inc. | 2.5
SambaNova Systems, Inc. | 2.1
Spotify Technology SA | 2.0

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Semiconductors & Semiconductor Equipment | 31.8 %
Software | 28.0
IT Services | 6.8
Interactive Media & Services | 4.7
Electronic Equipment, Instruments & Components | 4.4
Entertainment | 4.2
Professional Services | 3.5
Technology Hardware, Storage & Peripherals | 3.0
Automobiles | 2.5
Financial Services | 2.5
Consumer Staples Distribution & Retail | 1.9
Communications Equipment | 1.5
Industrial Conglomerates | 1.2
Broadline Retail | 1.1
Other* | 2.9

(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 by the Trust 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.

36
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 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 December 31, 2024 ($36.56)(a) | 8.21%
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. 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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $36.56 | $33.66 | 8.62 % | $38.95 | $32.92
Net Asset Value | 39.60 | 34.74 | 13.99 | 40.78 | 33.76

GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
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.
Trust Summary
37

Trust Summary as of December 31, 2024(continued)
BlackRock Science and Technology Trust (BST)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 23.84 % | 12.58 % | 15.76 %
Trust at Market Price(a)(b) | 18.01 | 10.24 | 15.99
MSCI ACWI Information Technology Call Overwrite Index(c) | 31.00 | 16.62 | N/A
MSCI ACWI Information Technology Index | 31.59 | 20.50 | 19.16

(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 ACWI IT Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 10-year returns.

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 sector level, an underweight in the hardware sub-sector and security selection in the semiconductors sub-sector made positive contributions to relative performance.
An out-of-benchmark position in the connectivity solutions company Credo Technology Group Holding Ltd. was the largest contributor among the Trust’s individual holdings. Toward the end of the period, the company announced better-than-expected earnings and delivered robust revenue guidance on the strength of resilient AI data center demand. A zero weighting in Samsung Electronics Co., Ltd. was also among the largest contributors, as investors questioned the semiconductor company’s ability to keep up with its competitors in the AI data center market. An underweight position in Microsoft Corp., which came under pressure due to questions about the pace and scale of the firm’s capital expenditures on generative AI, was an additional contributor.
At the sector level, security selection in the software sub-sector and an out-of-benchmark allocation to the internet sub-sector were the largest detractors from relative performance.
An out-of-benchmark position in the private data processing company Voltron Data, whose valuation declined at a time of underperformance for comparable publicly traded companies, was the largest individual detractor. An underweight in the semiconductor giant NVIDIA Corp., one of the top performing stocks in the global markets during 2024, was an additional detractor. The shares rose due to a series of earnings beats and expectations that the company will be a top beneficiary of the growth in AI. An overweight position in MongoDB, Inc. was an additional detractor of note. The infrastructure software company reported weak earnings and lowered its guidance due to a lack of momentum in enterprise IT spending.
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. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
The Trust rotated its position in the semiconductors sub-sector throughout the course of the year. It added to companies that stood to benefit from increased AI-related capital expenditures, and it reduced holdings in those vulnerable to weakness in their end markets, including autos. The Trust also added to the software sub-sector to position the portfolio for a broadening of the AI rally beyond companies benefiting from demand from AI data centers. It trimmed select holdings in the internet sector, as advertising demand remained muted. From a regional perspective, the Trust further reduced its allocation to China based on caution about the pace of the country’s economic recovery. The Trust added to Japanese stocks where it identified both attractive fundamentals and near-term catalysts. The Trust also added two new investments in private technology companies.
Describe portfolio positioning at period end.
The Trust held 33% of net asset value in semiconductors, 29% in software, 15% in hardware, 14% in internet, 6% in services, 2% in content & infrastructure, and 1% in new industries. These industry weightings were the result of bottom-up stock selection.
As of December 31, 2024, the Trust had in place an option overwriting program whereby 26.9% 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 5.9% out of the money) and for maturities averaging 50 days.
38
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 2024(continued)
BlackRock Science and Technology Trust (BST)
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. | 13.3 %
Microsoft Corp. | 8.5
Apple, Inc. | 8.2
Broadcom, Inc. | 6.1
Meta Platforms, Inc. | 3.2
Cadence Design Systems, Inc. | 2.7
Amazon.com, Inc. | 2.7
Tesla, Inc. | 2.4
Oracle Corp. | 2.0
Credo Technology Group Holding Ltd. | 2.0

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Semiconductors & Semiconductor Equipment | 33.3 %
Software | 26.7
Technology Hardware, Storage & Peripherals | 8.2
IT Services | 5.8
Interactive Media & Services | 5.1
Broadline Retail | 3.6
Entertainment | 2.9
Financial Services | 2.4
Automobiles | 2.4
Aerospace & Defense | 1.5
Communications Equipment | 1.4
Professional Services | 1.3
Diversified Consumer Services | 1.1
Consumer Staples Distribution & Retail | 1.0
Other* | 3.3

(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 by the Trust 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.

Trust Summary
39

Trust Summary as of December 31, 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 December 31, 2024 ($23.43)(a) | 6.97%
Current Monthly Distribution per Common Share(b) | $0.136000
Current Annualized Distribution per Common Share(b) | $1.632000

(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

| 12/31/24 | 12/31/23 | Change | High | Low
Closing Market Price | $23.43 | $21.82 | 7.38 % | $24.83 | $20.20
Net Asset Value | 22.65 | 22.53 | 0.53 | 24.49 | 21.12

GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
An index that captures large- and mid-cap representation across certain developed and emerging markets.
40
2024 BlackRock Annual Report to Shareholders

Trust Summary as of December 31, 2024(continued)
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
Performance
Returns for the period ended December 31, 2024 were as follows:

| Average Annual Total Returns
| 1 Year | 5 Years | 10 Years
Trust at NAV(a)(b) | 7.28 % | 7.29 % | 7.24 %
Trust at Market Price(a)(b) | 14.58 | 7.73 | 8.47
MSCI World Select Energy, Utilities and Industry Call Overwrite Index(c) | 12.93 | 4.20 | N/A
MSCI ACWI | 17.49 | 10.06 | 9.23

(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.
(b) | The Trust moved from a discount to NAV to a premium 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.

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 energy equipment manufacturer GE Vernova, Inc. was the top contributor to the Trust’s relative performance in 2024. The company reported record financial results behind improved profitability, strategic capital allocation initiatives, and strong demand for its energy transition technologies. The American midstream energy firm Williams Companies also contributed. The company’s status as a leading natural gas infrastructure operator in North America positioned it to capitalize on growing energy demand. In addition, Williams’ fee-based business model insulated it from commodity price fluctuations during the reporting period. Another midstream energy infrastructure provider, Targa Resources Corp., also performed well due to rising natural gas demand. Trane Technologies PLC, a manufacturer of heating and ventilation products, was another top contributor. The company benefitted from increasing global demand for energy-efficient HVAC systems, as well as decarbonization efforts supported by government policies in the United States and Europe.
On the negative side, the multinational energy company RWE AG was the largest detractor from relative performance. A significant drop in European wholesale electricity prices, driven by lower natural gas costs and increased renewable energy output, negatively impacted RWE’s revenue. A position in the European wind turbine manufacturer Vestas Wind Systems A/S also hindered performance. The wind energy sector faced challenges from geopolitical uncertainty, trade volatility, and competition from Chinese manufacturers offering lower-cost turbines. These factors created headwinds for Vestas as it navigated an increasingly competitive market. EDP Renováveis SA, a European renewable energy company, was another detractor of note. Weak financial performance, valuation concerns, and broader challenges in the renewable energy sector overshadowed the company’s long-term growth prospects and led to a sharp decrease in investor confidence.
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 12-month 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. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
The Trust initiated positions in companies 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 that specializes in grid infrastructure. The Trust took profits in select companies in the building products and machinery industries, and it scaled back its investments in clean power utilities.
Describe portfolio positioning at period end.
At the end of the period, 44.2% of the portfolio was invested in the utilities sector, with 37.8% in industrials and 11.5% in energy. The remainder was invested in other infrastructure- and power-related sectors.
As of December 31, 2024, the Trust had in place an option overwriting program whereby 33.8% 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 3.6% out of the money) and for maturities averaging 59 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
41

Trust Summary as of December 31, 2024(continued)
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS
Security | Percent of Total Investments(a)
NextEra Energy, Inc. | 5.6 %
GE Vernova, Inc. | 4.2
National Grid PLC | 3.5
Trane Technologies PLC | 3.4
Sempra | 3.2
Williams Cos., Inc. | 3.2
Enel SpA | 3.1
Vinci SA | 2.9
Cheniere Energy, Inc. | 2.9
Cie de Saint-Gobain SA | 2.8

INDUSTRY ALLOCATION
Industry(b) | Percent of Total Investments(a)
Electric Utilities | 26.6 %
Electrical Equipment | 14.8
Multi-Utilities | 13.5
Oil, Gas & Consumable Fuels | 11.8
Building Products | 9.3
Construction & Engineering | 5.6
Independent Power and Renewable Electricity Producers | 5.1
Commercial Services & Supplies | 4.5
Chemicals | 2.8
Ground Transportation | 2.6
Machinery | 1.9
Semiconductors & Semiconductor Equipment | 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 by the Trust for compliance purposes.

42
2024 BlackRock Annual Report to Shareholders

Schedule of Investments
December 31, 2024
BlackRock Energy and Resources Trust (BGR)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Energy Equipment & Services — 4.4% |
Saipem SpA(a) |  | 2,413,799 | $6,313,861
TechnipFMC PLC |  | 206,352 | 5,971,827
Tenaris SA |  | 187,428 | 3,538,348
|  |  | 15,824,036
Oil, Gas & Consumable Fuels — 94.0% |
ARC Resources Ltd. |  | 497,638 | 9,025,304
Cameco Corp. |  | 111,150 | 5,715,048
Canadian Natural Resources Ltd. |  | 409,511 | 12,643,291
Cheniere Energy, Inc. |  | 67,354 | 14,472,354
Chevron Corp.(b) |  | 95,822 | 13,878,858
ConocoPhillips(c) |  | 193,788 | 19,217,918
Diamondback Energy, Inc. |  | 53,467 | 8,759,499
Eni SpA |  | 577,386 | 7,897,680
EOG Resources, Inc. |  | 121,900 | 14,942,502
Exxon Mobil Corp.(b)(c) |  | 659,194 | 70,909,499
Gazprom PJSC(a)(d) |  | 879,200 | 77
Gaztransport Et Technigaz SA |  | 26,800 | 3,589,089
Hess Corp. |  | 78,573 | 10,450,995
Keyera Corp. |  | 185,700 | 5,679,065
Kosmos Energy Ltd.(a) |  | 883,380 | 3,021,160
Marathon Petroleum Corp. |  | 72,097 | 10,057,531
Pembina Pipeline Corp. |  | 299,691 | 11,072,795
Permian Resources Corp., Class A |  | 513,102 | 7,378,407
Shell PLC, ADR |  | 595,551 | 37,311,270
South Bow Corp. |  | 29,425 | 694,352
Targa Resources Corp. |  | 77,020 | 13,748,070
TC Energy Corp. |  | 143,879 | 6,705,245
TotalEnergies SE |  | 425,978 | 23,733,296
Tourmaline Oil Corp. |  | 214,959 | 9,947,527
Williams Cos., Inc. |  | 316,839 | 17,147,327
|  |  | 337,998,159
Total Long-Term Investments — 98.4% (Cost: $241,326,966) | 353,822,195

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 2.1% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(e)(f) |  | 7,583,996 | $7,583,996
Total Short-Term Securities — 2.1% (Cost: $7,583,996) | 7,583,996
Total Investments Before Options Written — 100.5% (Cost: $248,910,962) | 361,406,191
Options Written — (0.4)% (Premiums Received: $(2,551,928)) | (1,632,661 )
Total Investments, Net of Options Written — 100.1% (Cost: $246,359,034) | 359,773,530
Liabilities in Excess of Other Assets — (0.1)% | (203,755 )
Net Assets — 100.0% | $359,569,775

(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 year ended December 31, 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 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $3,612,320 | $3,971,676 (a) | $— | $— | $— | $7,583,996 | 7,583,996 | $368,659 | $—

(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 |  |  |  |  |  |  |
Chevron Corp. | 169 | 01/10/25 | USD | 165.00 | USD | 2,448 | $(676 )
ConocoPhillips | 163 | 01/10/25 | USD | 109.00 | USD | 1,616 | (1,467 )
Diamondback Energy, Inc. | 45 | 01/10/25 | USD | 185.00 | USD | 737 | (675 )

Schedule of Investments
43

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Exxon Mobil Corp. | 737 | 01/10/25 | USD | 120.00 | USD | 7,928 | $(1,474 )
Shell PLC, ADR | 380 | 01/10/25 | USD | 67.00 | USD | 2,381 | (1,900 )
ARC Resources Ltd. | 1,074 | 01/17/25 | CAD | 26.00 | CAD | 2,800 | (46,697 )
Canadian Natural Resources Ltd. | 685 | 01/17/25 | CAD | 49.00 | CAD | 3,040 | (2,859 )
Cheniere Energy, Inc. | 80 | 01/17/25 | USD | 200.00 | USD | 1,719 | (129,200 )
Cheniere Energy, Inc. | 62 | 01/17/25 | USD | 210.00 | USD | 1,332 | (48,980 )
Chevron Corp. | 135 | 01/17/25 | USD | 165.00 | USD | 1,955 | (338 )
EOG Resources, Inc. | 125 | 01/17/25 | USD | 136.00 | USD | 1,532 | (3,125 )
Exxon Mobil Corp. | 447 | 01/17/25 | USD | 125.00 | USD | 4,808 | (1,341 )
Hess Corp. | 71 | 01/17/25 | USD | 150.00 | USD | 944 | (1,775 )
Keyera Corp. | 323 | 01/17/25 | CAD | 46.00 | CAD | 1,420 | (1,685 )
Keyera Corp. | 144 | 01/17/25 | CAD | 43.00 | CAD | 633 | (13,524 )
Marathon Petroleum Corp. | 140 | 01/17/25 | USD | 165.00 | USD | 1,953 | (2,590 )
Permian Resources Corp., Class A | 987 | 01/17/25 | USD | 15.20 | USD | 1,419 | (48,628 )
Shell PLC, ADR | 199 | 01/17/25 | USD | 70.00 | USD | 1,247 | (995 )
Shell PLC, ADR | 162 | 01/17/25 | USD | 67.50 | USD | 1,015 | (1,620 )
Targa Resources Corp. | 150 | 01/17/25 | USD | 195.00 | USD | 2,678 | (9,375 )
TC Energy Corp. | 357 | 01/17/25 | CAD | 68.00 | CAD | 2,392 | (12,790 )
TechnipFMC PLC | 330 | 01/17/25 | USD | 29.00 | USD | 955 | (26,400 )
Tourmaline Oil Corp. | 99 | 01/17/25 | CAD | 65.50 | CAD | 659 | (13,706 )
Williams Cos., Inc. | 569 | 01/17/25 | USD | 60.00 | USD | 3,079 | (4,267 )
ARC Resources Ltd. | 568 | 01/24/25 | CAD | 25.00 | CAD | 1,481 | (57,098 )
Canadian Natural Resources Ltd. | 333 | 01/24/25 | CAD | 45.50 | CAD | 1,478 | (15,174 )
ConocoPhillips | 220 | 01/24/25 | USD | 108.00 | USD | 2,182 | (7,040 )
Diamondback Energy, Inc. | 131 | 01/24/25 | USD | 175.00 | USD | 2,146 | (16,375 )
EOG Resources, Inc. | 186 | 01/24/25 | USD | 131.00 | USD | 2,280 | (42,780 )
Exxon Mobil Corp. | 233 | 01/24/25 | USD | 118.00 | USD | 2,506 | (3,029 )
Hess Corp. | 188 | 01/24/25 | USD | 130.00 | USD | 2,501 | (82,720 )
Marathon Petroleum Corp. | 102 | 01/24/25 | USD | 145.00 | USD | 1,423 | (21,318 )
Shell PLC, ADR | 500 | 01/24/25 | USD | 64.00 | USD | 3,133 | (37,500 )
Tourmaline Oil Corp. | 517 | 01/24/25 | CAD | 62.00 | CAD | 3,439 | (175,338 )
Williams Cos., Inc. | 476 | 01/24/25 | USD | 54.00 | USD | 2,576 | (145,180 )
Canadian Natural Resources Ltd. | 333 | 01/31/25 | CAD | 45.50 | CAD | 1,478 | (18,764 )
ConocoPhillips | 256 | 01/31/25 | USD | 101.00 | USD | 2,539 | (50,432 )
EOG Resources, Inc. | 91 | 01/31/25 | USD | 128.00 | USD | 1,115 | (11,375 )
Exxon Mobil Corp. | 332 | 01/31/25 | USD | 112.00 | USD | 3,571 | (45,484 )
Shell PLC, ADR | 297 | 01/31/25 | USD | 66.00 | USD | 1,861 | (13,365 )
Shell PLC, ADR | 427 | 02/07/25 | USD | 64.00 | USD | 2,675 | (71,522 )
Cheniere Energy, Inc. | 80 | 02/21/25 | USD | 220.00 | USD | 1,719 | (47,600 )
Exxon Mobil Corp. | 426 | 02/21/25 | USD | 120.00 | USD | 4,582 | (21,726 )
Keyera Corp. | 144 | 02/21/25 | CAD | 43.00 | CAD | 633 | (18,984 )
Permian Resources Corp., Class A | 706 | 02/21/25 | USD | 15.00 | USD | 1,015 | (35,300 )
TechnipFMC PLC | 350 | 02/21/25 | USD | 32.86 | USD | 1,013 | (20,641 )
Tourmaline Oil Corp. | 99 | 02/21/25 | CAD | 65.50 | CAD | 659 | (20,972 )
|  |  |  |  |  |  | $(1,355,804 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Eni SpA | Goldman Sachs International | 92,800 | 01/09/25 | EUR | 14.43 | EUR | 1,225 | $(62 )
Saipem SpA | Bank of America N.A. | 239,400 | 01/14/25 | EUR | 2.43 | EUR | 605 | (27,402 )
Tenaris SA | Goldman Sachs International | 67,000 | 01/14/25 | EUR | 17.98 | EUR | 1,221 | (26,737 )
TotalEnergies SE | Bank of America N.A. | 82,600 | 01/14/25 | EUR | 58.71 | EUR | 4,443 | (2,671 )
Gaztransport Et Technigaz SA | Goldman Sachs International | 9,000 | 01/15/25 | EUR | 144.13 | EUR | 1,164 | (21 )
Saipem SpA | UBS AG | 586,200 | 01/16/25 | EUR | 2.46 | EUR | 1,480 | (59,355 )
TotalEnergies SE | Goldman Sachs International | 13,700 | 01/22/25 | EUR | 54.70 | EUR | 737 | (5,069 )
Eni SpA | UBS AG | 97,700 | 01/24/25 | EUR | 13.91 | EUR | 1,290 | (3,881 )
TotalEnergies SE | Goldman Sachs International | 46,400 | 01/28/25 | EUR | 54.27 | EUR | 2,476 | (27,126 )
Targa Resources Corp. | Morgan Stanley & Co. International PLC | 10,400 | 02/07/25 | USD | 184.62 | USD | 1,856 | (51,634 )

44
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Energy and Resources Trust (BGR)
OTC Options Written (continued)

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |  |
TC Energy Corp. | Morgan Stanley & Co. International PLC | 11,700 | 02/10/25 | CAD | 68.76 | CAD | 784 | $(9,241 )
Pembina Pipeline Corp. | Royal Bank of Canada | 102,600 | 02/27/25 | CAD | 54.25 | CAD | 5,449 | (63,658 )
|  |  |  |  |  |  |  | $(276,857 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(2,551,928 ) | $1,397,520 | $(478,253 ) | $(1,632,661 )

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 | $— | $— | $1,632,661 | $— | $— | $— | $1,632,661

For the period ended December 31, 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) | $— | $— | $(104,176 ) | $— | $— | $— | $(104,176 )
Options written | — | — | (2,739,126 ) | — | — | — | (2,739,126 )
| $— | $— | $(2,843,302 ) | $— | $— | $— | $(2,843,302 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $206,038 | $— | $— | $— | $206,038

(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 | 3,495,273

(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 | $— | $1,632,661
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 1,632,661
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (1,355,804 )
Total derivative assets and liabilities subject to an MNA | $— | $276,857

Schedule of Investments
45

Schedule of Investments (continued)
December 31, 2024
BlackRock Energy and Resources Trust (BGR)
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(b) | Net Amount of Derivative Liabilities(c)
Bank of America N.A. | $30,073 | $— | $— | $— | $30,073
Goldman Sachs International | 59,015 | — | (59,015 ) | — | —
Morgan Stanley & Co. International PLC | 60,875 | — | (60,875 ) | — | —
Royal Bank of Canada | 63,658 | — | — | — | 63,658
UBS AG | 63,236 | — | — | — | 63,236
| $276,857 | $— | $(119,890 ) | $— | $156,967

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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 at the measurement date. 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 | $5,971,827 | $9,852,209 | $— | $15,824,036
Oil, Gas & Consumable Fuels | 302,778,017 | 35,220,065 | 77 | 337,998,159
Short-Term Securities |  |  |  |
Money Market Funds | 7,583,996 | — | — | 7,583,996
| $316,333,840 | $45,072,274 | $77 | $361,406,191
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(1,286,535 ) | $(346,126 ) | $— | $(1,632,661 )

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

See notes to financial statements.
46
2024 BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments
December 31, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Aerospace & Defense — 4.4% |
Airbus SE |  | 45,674 | $7,313,815
Boeing Co.(a) |  | 62,141 | 10,998,957
L3Harris Technologies, Inc.(b)(c) |  | 162,139 | 34,094,589
RTX Corp.(c) |  | 154,868 | 17,921,325
|  |  | 70,328,686
Automobile Components — 0.4% |
Lear Corp. |  | 74,548 | 7,059,696
Automobiles — 1.2% |
General Motors Co.(b)(c) |  | 358,669 | 19,106,298
Banks — 12.6% |
Bank of America Corp. |  | 298,162 | 13,104,220
Citigroup, Inc.(c) |  | 734,441 | 51,697,302
First Citizens BancShares, Inc., Class A |  | 21,149 | 44,688,260
JPMorgan Chase & Co.(c) |  | 109,917 | 26,348,204
Wells Fargo & Co.(c) |  | 922,423 | 64,790,992
|  |  | 200,628,978
Beverages — 0.6% |
Constellation Brands, Inc., Class A |  | 21,695 | 4,794,595
Keurig Dr. Pepper, Inc. |  | 168,263 | 5,404,608
|  |  | 10,199,203
Broadline Retail — 1.6% |
Alibaba Group Holding Ltd. |  | 637,400 | 6,745,830
Amazon.com, Inc.(a) |  | 82,514 | 18,102,747
|  |  | 24,848,577
Building Products — 1.1% |
Johnson Controls International PLC |  | 227,539 | 17,959,653
Capital Markets — 1.9% |
Carlyle Group, Inc. |  | 102,817 | 5,191,230
Intercontinental Exchange, Inc. |  | 172,693 | 25,732,984
|  |  | 30,924,214
Chemicals — 3.3% |
Air Products and Chemicals, Inc. |  | 67,451 | 19,563,488
Albemarle Corp. |  | 67,793 | 5,835,622
Corteva, Inc. |  | 62,106 | 3,537,558
International Flavors & Fragrances, Inc. |  | 124,117 | 10,494,092
PPG Industries, Inc. |  | 113,347 | 13,539,299
|  |  | 52,970,059
Commercial Services & Supplies — 0.3% |
Rentokil Initial PLC |  | 914,208 | 4,563,244
Communications Equipment — 1.7% |
Cisco Systems, Inc.(c) |  | 462,777 | 27,396,398
Consumer Staples Distribution & Retail — 0.7% |
Dollar General Corp. |  | 153,639 | 11,648,909
Containers & Packaging — 1.4% |
Crown Holdings, Inc. |  | 47,729 | 3,946,711
Sealed Air Corp.(b) |  | 536,195 | 18,139,477
|  |  | 22,086,188
Diversified Telecommunication Services — 1.5% |
AT&T, Inc. |  | 185,831 | 4,231,372
Verizon Communications, Inc.(b) |  | 502,160 | 20,081,378
|  |  | 24,312,750
Electric Utilities — 3.1% |
American Electric Power Co., Inc. |  | 97,655 | 9,006,721

Security |  | Shares | Value
Electric Utilities (continued) |
Entergy Corp. |  | 152,704 | $11,578,017
Exelon Corp. |  | 282,006 | 10,614,706
PG&E Corp. |  | 911,803 | 18,400,184
|  |  | 49,599,628
Electrical Equipment — 0.3% |
Acuity Brands, Inc. |  | 14,356 | 4,193,818
Entertainment — 2.5% |
Electronic Arts, Inc. |  | 179,070 | 26,197,941
Walt Disney Co. |  | 126,644 | 14,101,809
|  |  | 40,299,750
Financial Services — 3.9% |
AP Arsenal Co. Invest LP(a)(d) |  | 15,830,106 | 16,305,009
Fidelity National Information Services, Inc.(b) |  | 369,590 | 29,851,785
Visa, Inc., Class A |  | 50,677 | 16,015,959
|  |  | 62,172,753
Food Products — 2.3% |
Kraft Heinz Co.(b)(c) |  | 957,335 | 29,399,758
Lamb Weston Holdings, Inc. |  | 116,326 | 7,774,066
|  |  | 37,173,824
Ground Transportation — 0.2% |
Norfolk Southern Corp. |  | 13,776 | 3,233,227
Health Care Equipment & Supplies — 4.6% |
Baxter International, Inc.(c) |  | 943,659 | 27,517,096
Becton Dickinson & Co. |  | 20,929 | 4,748,162
Koninklijke Philips NV(a) |  | 332,980 | 8,434,807
Medtronic PLC |  | 415,585 | 33,196,930
|  |  | 73,896,995
Health Care Providers & Services — 8.6% |
Cardinal Health, Inc. |  | 338,263 | 40,006,365
Cigna Group |  | 46,101 | 12,730,330
CVS Health Corp.(b)(c) |  | 696,142 | 31,249,814
Elevance Health, Inc.(c) |  | 41,393 | 15,269,878
Humana, Inc. |  | 55,789 | 14,154,227
Labcorp Holdings, Inc. |  | 101,702 | 23,322,303
|  |  | 136,732,917
Household Durables — 1.8% |
Sony Group Corp. |  | 1,334,000 | 28,114,765
Household Products — 0.5% |
Kimberly-Clark Corp. |  | 59,807 | 7,837,109
Industrial Conglomerates — 0.5% |
Honeywell International, Inc. |  | 38,091 | 8,604,376
Insurance — 4.7% |
American International Group, Inc.(c) |  | 338,408 | 24,636,102
Fidelity National Financial, Inc., Class A |  | 313,242 | 17,585,406
Willis Towers Watson PLC |  | 106,544 | 33,373,843
|  |  | 75,595,351
IT Services — 1.6% |
Cognizant Technology Solutions Corp., Class A(c) |  | 336,328 | 25,863,623
Leisure Products — 0.9% |
Hasbro, Inc. |  | 269,066 | 15,043,480
Life Sciences Tools & Services — 0.3% |
Fortrea Holdings, Inc.(a) |  | 261,935 | 4,885,088
Machinery — 2.4% |
CNH Industrial NV |  | 1,152,798 | 13,061,201

Schedule of Investments
47

Consolidated Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Machinery (continued) |
Fortive Corp. |  | 110,747 | $8,306,025
Komatsu Ltd. |  | 155,800 | 4,244,357
Westinghouse Air Brake Technologies Corp. |  | 65,084 | 12,339,276
|  |  | 37,950,859
Media — 2.6% |
Comcast Corp., Class A(c) |  | 744,506 | 27,941,310
WPP PLC |  | 1,357,685 | 13,994,794
|  |  | 41,936,104
Metals & Mining — 0.5% |
Teck Resources Ltd., Class B |  | 208,585 | 8,453,950
Multi-Utilities — 1.6% |
Dominion Energy, Inc. |  | 128,068 | 6,897,743
Sempra |  | 213,652 | 18,741,553
|  |  | 25,639,296
Oil, Gas & Consumable Fuels — 6.4% |
BP PLC |  | 4,911,365 | 24,276,710
Enterprise Products Partners LP(c) |  | 557,347 | 17,478,402
Formentera Partners Fund II LP(a)(d)(e) |  | — (f) | 14,785,475
Hess Corp. |  | 126,542 | 16,831,351
Shell PLC |  | 806,146 | 25,128,372
Suncor Energy, Inc. |  | 83,663 | 2,985,096
|  |  | 101,485,406
Pharmaceuticals — 2.2% |
AstraZeneca PLC |  | 68,790 | 8,968,813
Eli Lilly & Co. |  | 12,149 | 9,379,028
Sanofi SA |  | 167,683 | 16,300,592
|  |  | 34,648,433
Professional Services — 3.8% |
Leidos Holdings, Inc.(c) |  | 111,537 | 16,068,020
SS&C Technologies Holdings, Inc. |  | 585,000 | 44,331,300
|  |  | 60,399,320
Residential REITs — 0.7% |
Mid-America Apartment Communities, Inc. |  | 66,441 | 10,269,785
Semiconductors & Semiconductor Equipment — 1.7% |
Applied Materials, Inc. |  | 26,435 | 4,299,124
Intel Corp. |  | 340,257 | 6,822,153
Micron Technology, Inc.(b) |  | 44,325 | 3,730,392
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | 59,196 | 11,690,618
|  |  | 26,542,287
Software — 2.4% |
Microsoft Corp. |  | 89,334 | 37,654,281
Specialized REITs — 1.1% |
Crown Castle, Inc.(b)(c) |  | 190,018 | 17,246,034
Technology Hardware, Storage & Peripherals — 2.9% |
HP, Inc.(b) |  | 787,720 | 25,703,304
Samsung Electronics Co. Ltd., GDR(g) |  | 22,170 | 20,021,150
|  |  | 45,724,454

Security |  | Shares | Value
Tobacco — 1.0% |
British American Tobacco PLC, ADR |  | 420,387 | $15,268,456
Total Common Stocks — 97.8% (Cost: $1,273,037,563) | 1,560,498,222
Preferred Securities
Preferred Stocks — 0.2%
Household Products — 0.2% |
Henkel AG & Co. KGaA |  | 39,028 | 3,424,179
| 3,424,179
Total Preferred Securities — 0.2% (Cost: $3,075,151) | 3,424,179
Total Long-Term Investments — 98.0% (Cost: $1,276,112,714) | 1,563,922,401
Short-Term Securities
Money Market Funds — 2.9% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(h)(i) |  | 46,597,729 | 46,597,729
Total Short-Term Securities — 2.9% (Cost: $46,597,729) | 46,597,729
Total Investments Before Options Written — 100.9% (Cost: $1,322,710,443) | 1,610,520,130
Options Written — (0.7)% (Premiums Received: $(20,123,825)) | (10,489,212 )
Total Investments, Net of Options Written — 100.2% (Cost: $1,302,586,618) | 1,600,030,918
Liabilities in Excess of Other Assets — (0.2)% | (3,422,473 )
Net Assets — 100.0% | $1,596,608,445

(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) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary.
(f) | Investment does not issue shares.
(g) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(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.
48
2024 BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 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 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $— | $896 (b) | $— | $(896 ) | $— | $— | — | $464 (c) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 5,204,534 | 41,393,195 (b) | — | — | — | 46,597,729 | 46,597,729 | 1,687,407 | —
|  |  |  | $(896 ) | $— | $46,597,729 |  | $1,687,871 | $—

(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 collateral investment fees, 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 |  |  |  |  |  |  |
Boeing Co. | 173 | 01/03/25 | USD | 180.00 | USD | 3,062 | $(17,473 )
Electronic Arts, Inc. | 526 | 01/03/25 | USD | 165.00 | USD | 7,695 | (52,600 )
Honeywell International, Inc. | 106 | 01/03/25 | USD | 230.00 | USD | 2,394 | (4,240 )
HP, Inc. | 296 | 01/03/25 | USD | 37.00 | USD | 966 | (6,216 )
Humana, Inc. | 182 | 01/03/25 | USD | 315.00 | USD | 4,618 | (27,300 )
JPMorgan Chase & Co. | 164 | 01/03/25 | USD | 245.00 | USD | 3,931 | (3,608 )
PG&E Corp. | 1,175 | 01/03/25 | USD | 21.50 | USD | 2,371 | (17,625 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 61 | 01/03/25 | USD | 200.00 | USD | 1,205 | (8,296 )
Teck Resources Ltd., Class B | 281 | 01/03/25 | USD | 48.00 | USD | 1,139 | (18,265 )
Cognizant Technology Solutions Corp., Class A | 1,074 | 01/08/25 | USD | 78.50 | USD | 8,259 | (50,068 )
Amazon.com, Inc. | 56 | 01/10/25 | USD | 230.00 | USD | 1,229 | (3,556 )
American International Group, Inc. | 100 | 01/10/25 | USD | 77.00 | USD | 728 | (1,500 )
Bank of America Corp. | 526 | 01/10/25 | USD | 47.00 | USD | 2,312 | (1,315 )
Baxter International, Inc. | 1,479 | 01/10/25 | USD | 35.00 | USD | 4,313 | (199,665 )
Boeing Co. | 173 | 01/10/25 | USD | 170.00 | USD | 3,062 | (150,510 )
Cardinal Health, Inc. | 449 | 01/10/25 | USD | 122.91 | USD | 5,310 | (7,184 )
Cisco Systems, Inc. | 1,583 | 01/10/25 | USD | 60.00 | USD | 9,371 | (34,826 )
Citigroup, Inc. | 530 | 01/10/25 | USD | 74.00 | USD | 3,731 | (6,095 )
Enterprise Products Partners LP | 1,050 | 01/10/25 | USD | 33.00 | USD | 3,293 | (13,650 )
HP, Inc. | 859 | 01/10/25 | USD | 40.71 | USD | 2,803 | —
JPMorgan Chase & Co. | 154 | 01/10/25 | USD | 255.00 | USD | 3,692 | (847 )
Kimberly-Clark Corp. | 208 | 01/10/25 | USD | 138.48 | USD | 2,726 | (3,087 )
Kraft Heinz Co. | 886 | 01/10/25 | USD | 31.63 | USD | 2,721 | (9,668 )
Medtronic PLC | 427 | 01/10/25 | USD | 86.00 | USD | 3,411 | (49,105 )
Microsoft Corp. | 250 | 01/10/25 | USD | 445.00 | USD | 10,538 | (6,500 )
PG&E Corp. | 625 | 01/10/25 | USD | 21.32 | USD | 1,261 | (1,219 )
PPG Industries, Inc. | 195 | 01/10/25 | USD | 131.00 | USD | 2,329 | (9,750 )
Verizon Communications, Inc. | 537 | 01/10/25 | USD | 44.00 | USD | 2,147 | (1,074 )
Visa, Inc., Class A | 35 | 01/10/25 | USD | 320.00 | USD | 1,106 | (6,405 )
Wells Fargo & Co. | 1,775 | 01/10/25 | USD | 73.00 | USD | 12,468 | (48,812 )
Acuity Brands, Inc. | 79 | 01/17/25 | USD | 340.00 | USD | 2,308 | (14,615 )
Air Products and Chemicals, Inc. | 131 | 01/17/25 | USD | 310.00 | USD | 3,800 | (4,585 )
Albemarle Corp. | 129 | 01/17/25 | USD | 110.00 | USD | 1,110 | (1,484 )
Amazon.com, Inc. | 64 | 01/17/25 | USD | 215.00 | USD | 1,404 | (51,520 )
Amazon.com, Inc. | 214 | 01/17/25 | USD | 230.00 | USD | 4,695 | (30,816 )
American Electric Power Co., Inc. | 280 | 01/17/25 | USD | 97.50 | USD | 2,582 | (3,500 )
American International Group, Inc. | 1,089 | 01/17/25 | USD | 77.50 | USD | 7,928 | (13,613 )
AT&T, Inc. | 895 | 01/17/25 | USD | 23.00 | USD | 2,038 | (18,348 )
Bank of America Corp. | 1,134 | 01/17/25 | USD | 47.00 | USD | 4,984 | (30,051 )

Schedule of Investments
49

Consolidated Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Baxter International, Inc. | 1,242 | 01/17/25 | USD | 35.00 | USD | 3,622 | $(12,420 )
Becton Dickinson & Co. | 58 | 01/17/25 | USD | 235.00 | USD | 1,316 | (7,250 )
Cardinal Health, Inc. | 295 | 01/17/25 | USD | 120.00 | USD | 3,489 | (38,350 )
Carlyle Group, Inc. | 282 | 01/17/25 | USD | 52.50 | USD | 1,424 | (16,920 )
Cigna Group | 78 | 01/17/25 | USD | 360.00 | USD | 2,154 | (1,950 )
Cisco Systems, Inc. | 497 | 01/17/25 | USD | 60.00 | USD | 2,942 | (21,371 )
Citigroup, Inc. | 748 | 01/17/25 | USD | 70.00 | USD | 5,265 | (157,828 )
CNH Industrial NV | 3,122 | 01/17/25 | USD | 10.85 | USD | 3,537 | (222,105 )
Cognizant Technology Solutions Corp., Class A | 775 | 01/17/25 | USD | 82.50 | USD | 5,960 | (11,625 )
Comcast Corp., Class A | 1,314 | 01/17/25 | USD | 45.00 | USD | 4,931 | (2,628 )
Corteva, Inc. | 170 | 01/17/25 | USD | 60.00 | USD | 968 | (5,100 )
Crown Holdings, Inc. | 137 | 01/17/25 | USD | 97.50 | USD | 1,133 | (11,645 )
Crown Holdings, Inc. | 62 | 01/17/25 | USD | 85.00 | USD | 513 | (3,720 )
CVS Health Corp. | 528 | 01/17/25 | USD | 60.00 | USD | 2,370 | (792 )
CVS Health Corp. | 1,259 | 01/17/25 | USD | 57.50 | USD | 5,652 | (3,777 )
Dollar General Corp. | 393 | 01/17/25 | USD | 85.00 | USD | 2,980 | (6,681 )
Dominion Energy, Inc. | 282 | 01/17/25 | USD | 57.50 | USD | 1,519 | (2,115 )
Electronic Arts, Inc. | 181 | 01/17/25 | USD | 165.00 | USD | 2,648 | (905 )
Elevance Health, Inc. | 118 | 01/17/25 | USD | 440.00 | USD | 4,353 | (6,490 )
Eli Lilly & Co. | 51 | 01/17/25 | USD | 780.00 | USD | 3,937 | (79,432 )
Entergy Corp. | 560 | 01/17/25 | USD | 75.18 | USD | 4,246 | (97,339 )
Enterprise Products Partners LP | 1,110 | 01/17/25 | USD | 31.00 | USD | 3,481 | (77,700 )
Exelon Corp. | 493 | 01/17/25 | USD | 40.00 | USD | 1,856 | (2,465 )
Exelon Corp. | 529 | 01/17/25 | USD | 37.00 | USD | 1,991 | (55,545 )
Fidelity National Financial, Inc., Class A | 901 | 01/17/25 | USD | 62.00 | USD | 5,058 | (254 )
Fidelity National Information Services, Inc. | 361 | 01/17/25 | USD | 90.00 | USD | 2,916 | (1,805 )
First Citizens BancShares, Inc., Class A | 56 | 01/17/25 | USD | 2,250.00 | USD | 11,833 | (60,760 )
Fortive Corp. | 308 | 01/17/25 | USD | 80.00 | USD | 2,310 | (13,860 )
Fortrea Holdings, Inc. | 931 | 01/17/25 | USD | 22.50 | USD | 1,736 | (32,585 )
General Motors Co. | 1,000 | 01/17/25 | USD | 57.50 | USD | 5,327 | (33,500 )
General Motors Co. | 125 | 01/17/25 | USD | 55.00 | USD | 666 | (10,063 )
Hasbro, Inc. | 625 | 01/17/25 | USD | 67.50 | USD | 3,494 | (18,750 )
Honeywell International, Inc. | 106 | 01/17/25 | USD | 240.00 | USD | 2,394 | (5,035 )
Intercontinental Exchange, Inc. | 277 | 01/17/25 | USD | 165.00 | USD | 4,128 | (4,155 )
International Flavors & Fragrances, Inc. | 335 | 01/17/25 | USD | 95.00 | USD | 2,832 | (16,750 )
Johnson Controls International PLC | 764 | 01/17/25 | USD | 85.00 | USD | 6,030 | (34,380 )
JPMorgan Chase & Co. | 159 | 01/17/25 | USD | 240.00 | USD | 3,811 | (83,077 )
Keurig Dr. Pepper, Inc. | 797 | 01/17/25 | USD | 33.00 | USD | 2,560 | (9,963 )
Keurig Dr. Pepper, Inc. | 140 | 01/17/25 | USD | 34.00 | USD | 450 | (1,400 )
Kraft Heinz Co. | 1,342 | 01/17/25 | USD | 33.29 | USD | 4,121 | (2,315 )
L3Harris Technologies, Inc. | 404 | 01/17/25 | USD | 250.00 | USD | 8,495 | (2,020 )
Labcorp Holdings, Inc. | 289 | 01/17/25 | USD | 240.00 | USD | 6,627 | (22,397 )
Lamb Weston Holdings, Inc. | 260 | 01/17/25 | USD | 82.50 | USD | 1,738 | (7,800 )
Lear Corp. | 205 | 01/17/25 | USD | 100.00 | USD | 1,941 | (20,500 )
Leidos Holdings, Inc. | 178 | 01/17/25 | USD | 202.50 | USD | 2,564 | (430 )
Medtronic PLC | 424 | 01/17/25 | USD | 90.00 | USD | 3,387 | (848 )
Medtronic PLC | 458 | 01/17/25 | USD | 87.50 | USD | 3,659 | (2,977 )
Mid-America Apartment Communities, Inc. | 170 | 01/17/25 | USD | 165.00 | USD | 2,628 | (22,950 )
Mid-America Apartment Communities, Inc. | 97 | 01/17/25 | USD | 152.75 | USD | 1,499 | (26,792 )
PG&E Corp. | 1,143 | 01/17/25 | USD | 22.00 | USD | 2,307 | (4,572 )
RTX Corp. | 425 | 01/17/25 | USD | 120.00 | USD | 4,918 | (31,025 )
Sealed Air Corp. | 1,132 | 01/17/25 | USD | 37.50 | USD | 3,830 | (33,960 )
Sempra | 159 | 01/17/25 | USD | 91.25 | USD | 1,395 | (4,533 )
SS&C Technologies Holdings, Inc. | 1,450 | 01/17/25 | USD | 75.00 | USD | 10,988 | (246,500 )
Suncor Energy, Inc. | 431 | 01/17/25 | USD | 42.00 | USD | 1,538 | (20,257 )
Teck Resources Ltd., Class B | 343 | 01/17/25 | USD | 49.00 | USD | 1,390 | (6,346 )
Verizon Communications, Inc. | 658 | 01/17/25 | USD | 42.00 | USD | 2,631 | (2,961 )
Visa, Inc., Class A | 162 | 01/17/25 | USD | 315.00 | USD | 5,120 | (93,150 )
Walt Disney Co. | 459 | 01/17/25 | USD | 120.00 | USD | 5,111 | (7,344 )
Wells Fargo & Co. | 1,961 | 01/17/25 | USD | 77.50 | USD | 13,774 | (52,947 )
Westinghouse Air Brake Technologies Corp. | 84 | 01/17/25 | USD | 202.34 | USD | 1,593 | (2,038 )
Willis Towers Watson PLC | 317 | 01/17/25 | USD | 320.00 | USD | 9,930 | (74,495 )

50
2024 BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Amazon.com, Inc. | 63 | 01/24/25 | USD | 235.00 | USD | 1,382 | $(7,403 )
American International Group, Inc. | 672 | 01/24/25 | USD | 75.00 | USD | 4,892 | (35,280 )
AT&T, Inc. | 127 | 01/24/25 | USD | 23.00 | USD | 289 | (3,556 )
Baxter International, Inc. | 1,053 | 01/24/25 | USD | 30.00 | USD | 3,071 | (52,650 )
Cardinal Health, Inc. | 339 | 01/24/25 | USD | 124.00 | USD | 4,009 | (15,255 )
Cardinal Health, Inc. | 292 | 01/24/25 | USD | 120.00 | USD | 3,453 | (44,530 )
Citigroup, Inc. | 1,115 | 01/24/25 | USD | 75.00 | USD | 7,848 | (57,422 )
Comcast Corp., Class A | 487 | 01/24/25 | USD | 44.00 | USD | 1,828 | (1,461 )
Comcast Corp., Class A | 568 | 01/24/25 | USD | 40.00 | USD | 2,132 | (5,396 )
Electronic Arts, Inc. | 277 | 01/24/25 | USD | 157.50 | USD | 4,053 | (65,095 )
Enterprise Products Partners LP | 944 | 01/24/25 | USD | 33.00 | USD | 2,960 | (6,136 )
Fidelity National Information Services, Inc. | 562 | 01/24/25 | USD | 87.00 | USD | 4,539 | (7,025 )
General Motors Co. | 309 | 01/24/25 | USD | 53.00 | USD | 1,646 | (63,654 )
HP, Inc. | 1,106 | 01/24/25 | USD | 37.00 | USD | 3,609 | (8,295 )
Intel Corp. | 1,198 | 01/24/25 | USD | 22.50 | USD | 2,402 | (33,544 )
JPMorgan Chase & Co. | 135 | 01/24/25 | USD | 250.00 | USD | 3,236 | (29,025 )
Kimberly-Clark Corp. | 125 | 01/24/25 | USD | 138.00 | USD | 1,638 | (60,000 )
Kraft Heinz Co. | 1,047 | 01/24/25 | USD | 33.00 | USD | 3,215 | (8,376 )
Micron Technology, Inc. | 443 | 01/24/25 | USD | 112.00 | USD | 3,728 | (3,323 )
Microsoft Corp. | 57 | 01/24/25 | USD | 465.00 | USD | 2,403 | (1,824 )
PG&E Corp. | 993 | 01/24/25 | USD | 21.00 | USD | 2,004 | (17,378 )
PPG Industries, Inc. | 428 | 01/24/25 | USD | 126.00 | USD | 5,112 | (87,740 )
Suncor Energy, Inc. | 29 | 01/24/25 | USD | 37.00 | USD | 103 | (1,204 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 200 | 01/24/25 | USD | 210.00 | USD | 3,950 | (83,500 )
Verizon Communications, Inc. | 595 | 01/24/25 | USD | 43.00 | USD | 2,379 | (18,445 )
Verizon Communications, Inc. | 80 | 01/24/25 | USD | 42.00 | USD | 320 | (1,520 )
Visa, Inc., Class A | 81 | 01/24/25 | USD | 325.00 | USD | 2,560 | (21,465 )
Applied Materials, Inc. | 73 | 01/31/25 | USD | 175.00 | USD | 1,187 | (19,455 )
Citigroup, Inc. | 919 | 01/31/25 | USD | 75.00 | USD | 6,469 | (63,870 )
Comcast Corp., Class A | 692 | 01/31/25 | USD | 42.00 | USD | 2,597 | (10,726 )
Comcast Corp., Class A | 207 | 01/31/25 | USD | 41.00 | USD | 777 | (6,003 )
Constellation Brands, Inc., Class A | 119 | 01/31/25 | USD | 245.00 | USD | 2,630 | (10,115 )
Dollar General Corp. | 462 | 01/31/25 | USD | 80.00 | USD | 3,503 | (63,063 )
Humana, Inc. | 128 | 01/31/25 | USD | 295.00 | USD | 3,247 | (53,120 )
Kraft Heinz Co. | 1,454 | 01/31/25 | USD | 33.00 | USD | 4,465 | (13,086 )
Medtronic PLC | 267 | 01/31/25 | USD | 84.00 | USD | 2,133 | (8,544 )
Microsoft Corp. | 53 | 01/31/25 | USD | 470.00 | USD | 2,234 | (6,440 )
PG&E Corp. | 1,078 | 01/31/25 | USD | 20.50 | USD | 2,175 | (38,269 )
RTX Corp. | 425 | 01/31/25 | USD | 119.00 | USD | 4,918 | (87,125 )
Verizon Communications, Inc. | 616 | 01/31/25 | USD | 43.00 | USD | 2,463 | (8,316 )
Verizon Communications, Inc. | 80 | 01/31/25 | USD | 42.00 | USD | 320 | (2,000 )
Wells Fargo & Co. | 668 | 01/31/25 | USD | 75.00 | USD | 4,692 | (61,790 )
Becton Dickinson & Co. | 58 | 02/05/25 | USD | 233.94 | USD | 1,316 | (14,632 )
Albemarle Corp. | 243 | 02/21/25 | USD | 100.00 | USD | 2,092 | (59,656 )
Amazon.com, Inc. | 56 | 02/21/25 | USD | 230.00 | USD | 1,229 | (39,480 )
American Electric Power Co., Inc. | 257 | 02/21/25 | USD | 95.00 | USD | 2,370 | (32,767 )
Applied Materials, Inc. | 73 | 02/21/25 | USD | 180.00 | USD | 1,187 | (27,010 )
British American Tobacco PLC, ADR | 840 | 02/21/25 | USD | 37.00 | USD | 3,051 | (69,300 )
Cardinal Health, Inc. | 485 | 02/21/25 | USD | 120.00 | USD | 5,736 | (177,025 )
Carlyle Group, Inc. | 283 | 02/21/25 | USD | 55.00 | USD | 1,429 | (30,422 )
Cisco Systems, Inc. | 497 | 02/21/25 | USD | 60.00 | USD | 2,942 | (87,969 )
CNH Industrial NV | 2,144 | 02/21/25 | USD | 11.55 | USD | 2,429 | (96,489 )
Corteva, Inc. | 170 | 02/21/25 | USD | 60.00 | USD | 968 | (22,950 )
Crown Holdings, Inc. | 62 | 02/21/25 | USD | 85.00 | USD | 513 | (15,035 )
CVS Health Corp. | 470 | 02/21/25 | USD | 50.00 | USD | 2,110 | (60,160 )
Dominion Energy, Inc. | 422 | 02/21/25 | USD | 55.25 | USD | 2,273 | (49,862 )
Elevance Health, Inc. | 109 | 02/21/25 | USD | 389.00 | USD | 4,021 | (128,085 )
Eli Lilly & Co. | 16 | 02/21/25 | USD | 870.00 | USD | 1,235 | (20,400 )
Exelon Corp. | 529 | 02/21/25 | USD | 37.04 | USD | 1,991 | (80,926 )
First Citizens BancShares, Inc., Class A | 60 | 02/21/25 | USD | 2,200.00 | USD | 12,678 | (449,100 )
Fortive Corp. | 301 | 02/21/25 | USD | 75.00 | USD | 2,258 | (81,270 )
Fortrea Holdings, Inc. | 510 | 02/21/25 | USD | 22.50 | USD | 951 | (33,150 )

Schedule of Investments
51

Consolidated Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Hasbro, Inc. | 854 | 02/21/25 | USD | 62.75 | USD | 4,775 | $(53,670 )
Intercontinental Exchange, Inc. | 260 | 02/21/25 | USD | 157.00 | USD | 3,874 | (42,563 )
International Flavors & Fragrances, Inc. | 347 | 02/21/25 | USD | 87.50 | USD | 2,934 | (96,292 )
Johnson Controls International PLC | 487 | 02/21/25 | USD | 80.00 | USD | 3,844 | (176,537 )
Kraft Heinz Co. | 536 | 02/21/25 | USD | 32.50 | USD | 1,646 | (24,120 )
L3Harris Technologies, Inc. | 499 | 02/21/25 | USD | 240.00 | USD | 10,493 | (39,920 )
Labcorp Holdings, Inc. | 270 | 02/21/25 | USD | 240.00 | USD | 6,192 | (113,400 )
Lamb Weston Holdings, Inc. | 379 | 02/21/25 | USD | 70.00 | USD | 2,533 | (79,590 )
Lear Corp. | 205 | 02/21/25 | USD | 100.00 | USD | 1,941 | (58,937 )
Leidos Holdings, Inc. | 435 | 02/21/25 | USD | 160.00 | USD | 6,267 | (90,262 )
Medtronic PLC | 738 | 02/21/25 | USD | 85.00 | USD | 5,895 | (54,243 )
Microsoft Corp. | 131 | 02/21/25 | USD | 460.00 | USD | 5,522 | (51,417 )
Mid-America Apartment Communities, Inc. | 97 | 02/21/25 | USD | 152.75 | USD | 1,499 | (50,607 )
Sealed Air Corp. | 1,012 | 02/21/25 | USD | 36.00 | USD | 3,424 | (72,537 )
Sempra | 1,016 | 02/21/25 | USD | 86.50 | USD | 8,912 | (369,558 )
SS&C Technologies Holdings, Inc. | 1,770 | 02/21/25 | USD | 80.00 | USD | 13,413 | (203,550 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 64 | 02/21/25 | USD | 220.00 | USD | 1,264 | (29,760 )
Teck Resources Ltd., Class B | 268 | 02/21/25 | USD | 49.00 | USD | 1,086 | (11,658 )
Teck Resources Ltd., Class B | 270 | 02/21/25 | USD | 47.00 | USD | 1,094 | (14,985 )
Walt Disney Co. | 250 | 02/21/25 | USD | 120.00 | USD | 2,784 | (47,500 )
Wells Fargo & Co. | 668 | 02/21/25 | USD | 75.00 | USD | 4,692 | (91,850 )
Westinghouse Air Brake Technologies Corp. | 273 | 02/21/25 | USD | 195.00 | USD | 5,176 | (143,325 )
Willis Towers Watson PLC | 268 | 02/21/25 | USD | 330.00 | USD | 8,395 | (113,230 )
British American Tobacco PLC, ADR | 840 | 03/21/25 | USD | 38.00 | USD | 3,051 | (58,800 )
|  |  |  |  |  |  | $(7,647,061 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Comcast Corp., Class A | Bank of America N.A. | 41,300 | 01/08/25 | USD | 43.30 | USD | 1,550 | $(12 )
Comcast Corp., Class A | Bank of America N.A. | 41,300 | 01/08/25 | USD | 44.46 | USD | 1,550 | (36 )
CVS Health Corp. | Citibank N.A. | 52,700 | 01/08/25 | USD | 58.59 | USD | 2,366 | (22 )
Fidelity National Information Services, Inc. | JPMorgan Chase Bank N.A. | 30,100 | 01/08/25 | USD | 87.97 | USD | 2,431 | (583 )
Sony Group Corp. | JPMorgan Chase Bank N.A. | 426,500 | 01/08/25 | JPY | 2,993.85 | JPY | 1,414,330 | (1,033,638 )
Komatsu Ltd. | Nomura International, Inc. | 57,400 | 01/09/25 | JPY | 4,323.94 | JPY | 246,042 | (35,906 )
Alibaba Group Holding Ltd. | Bank of America N.A. | 128,000 | 01/14/25 | HKD | 95.86 | HKD | 10,521 | (1,296 )
AstraZeneca PLC | Bank of America N.A. | 5,900 | 01/14/25 | GBP | 107.15 | GBP | 614 | (6,942 )
BP PLC | Bank of America N.A. | 1,976,000 | 01/14/25 | GBP | 3.97 | GBP | 7,802 | (141,375 )
Henkel AG & Co. KGaA, Preference Shares | Bank of America N.A. | 31,300 | 01/14/25 | EUR | 81.29 | EUR | 2,651 | (122,181 )
Sanofi SA | BNP Paribas SA | 116,500 | 01/14/25 | EUR | 96.64 | EUR | 10,933 | (43,016 )
WPP PLC | BNP Paribas SA | 262,400 | 01/14/25 | GBP | 8.64 | GBP | 2,161 | (7,161 )
Crown Castle, Inc. | Barclays Bank PLC | 22,400 | 01/15/25 | USD | 106.35 | USD | 2,033 | (2,360 )
Shell PLC | Goldman Sachs International | 112,700 | 01/15/25 | GBP | 26.19 | GBP | 2,806 | (3,153 )
AstraZeneca PLC | Citibank N.A. | 32,400 | 01/16/25 | GBP | 103.59 | GBP | 3,374 | (112,409 )
Koninklijke Philips NV | Goldman Sachs International | 210,000 | 01/16/25 | EUR | 26.39 | EUR | 5,135 | (8,790 )
Sony Group Corp. | UBS AG | 316,500 | 01/16/25 | JPY | 3,083.64 | JPY | 1,049,555 | (625,054 )
Alibaba Group Holding Ltd. | Citibank N.A. | 130,200 | 01/22/25 | HKD | 85.88 | HKD | 10,702 | (22,857 )
BP PLC | Barclays Bank PLC | 79,800 | 01/22/25 | GBP | 3.86 | GBP | 315 | (12,960 )
Fidelity National Information Services, Inc. | Citibank N.A. | 41,700 | 01/23/25 | USD | 87.43 | USD | 3,368 | (15,311 )
Shell PLC | Goldman Sachs International | 245,700 | 01/23/25 | GBP | 25.33 | GBP | 6,084 | (70,531 )
WPP PLC | Goldman Sachs International | 308,000 | 01/23/25 | GBP | 8.95 | GBP | 2,548 | (4,014 )
Airbus SE | Bank of America N.A. | 8,500 | 01/28/25 | EUR | 162.62 | EUR | 1,316 | (11,358 )
BP PLC | Bank of America N.A. | 645,400 | 01/28/25 | GBP | 3.86 | GBP | 2,536 | (116,744 )
Shell PLC | Goldman Sachs International | 90,700 | 01/28/25 | GBP | 25.40 | GBP | 2,246 | (29,442 )
WPP PLC | Morgan Stanley & Co. International PLC | 185,900 | 01/28/25 | GBP | 9.03 | GBP | 1,538 | (2,732 )
Intercontinental Exchange, Inc. | BNP Paribas SA | 41,200 | 01/29/25 | USD | 159.14 | USD | 6,139 | (19,122 )
Rentokil Initial PLC | Goldman Sachs International | 251,000 | 01/29/25 | GBP | 4.08 | GBP | 1,006 | (41,425 )
Fidelity National Information Services, Inc. | Citibank N.A. | 41,700 | 01/30/25 | USD | 86.58 | USD | 3,368 | (7,396 )
Crown Castle, Inc. | UBS AG | 17,200 | 02/04/25 | USD | 104.10 | USD | 1,561 | (7,866 )

52
2024 BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |  |
Komatsu Ltd. | JPMorgan Chase Bank N.A. | 29,400 | 02/04/25 | JPY | 4,346.00 | JPY | 127,890 | $(30,358 )
Fidelity National Financial, Inc., Class A | Morgan Stanley & Co. International PLC | 82,100 | 02/05/25 | USD | 59.32 | USD | 4,609 | (49,148 )
Airbus SE | Bank of America N.A. | 17,000 | 02/06/25 | EUR | 159.65 | EUR | 2,631 | (46,670 )
Rentokil Initial PLC | Goldman Sachs International | 251,000 | 02/06/25 | GBP | 4.08 | GBP | 1,006 | (48,466 )
Entergy Corp. | Citibank N.A. | 27,900 | 02/19/25 | USD | 76.41 | USD | 2,115 | (62,243 )
Crown Castle, Inc. | Bank of America N.A. | 64,800 | 02/24/25 | USD | 96.93 | USD | 5,881 | (99,574 )
|  |  |  |  |  |  |  | $(2,842,151 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(20,123,825 ) | $11,735,024 | $(2,100,411 ) | $(10,489,212 )

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 | $— | $— | $10,489,212 | $— | $— | $— | $10,489,212

For the period ended December 31, 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 | $— | $— | $(53,221,661 ) | $— | $— | $— | $(53,221,661 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $25,508,715 | $— | $— | $— | $25,508,715

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $21,825,196

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 | $— | $10,489,212
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 10,489,212
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (7,647,061 )
Total derivative assets and liabilities subject to an MNA | $— | $2,842,151

Schedule of Investments
53

Consolidated Schedule of Investments (continued)
December 31, 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(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged(b) | Net Amount of Derivative Liabilities(c)
Bank of America N.A. | $546,188 | $— | $(546,188 ) | $— | $—
Barclays Bank PLC | 15,320 | — | (15,320 ) | — | —
BNP Paribas SA | 69,299 | — | (69,299 ) | — | —
Citibank N.A. | 220,238 | — | (220,238 ) | — | —
Goldman Sachs International | 205,821 | — | (205,821 ) | — | —
JPMorgan Chase Bank N.A. | 1,064,579 | — | (1,064,579 ) | — | —
Morgan Stanley & Co. International PLC | 51,880 | — | (51,880 ) | — | —
Nomura International, Inc. | 35,906 | — | — | — | 35,906
UBS AG | 632,920 | — | (632,920 ) | — | —
| $2,842,151 | $— | $(2,806,245 ) | $— | $35,906

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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 at the measurement date. 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 Consolidated Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Aerospace & Defense | $63,014,871 | $7,313,815 | $— | $70,328,686
Automobile Components | 7,059,696 | — | — | 7,059,696
Automobiles | 19,106,298 | — | — | 19,106,298
Banks | 200,628,978 | — | — | 200,628,978
Beverages | 10,199,203 | — | — | 10,199,203
Broadline Retail | 18,102,747 | 6,745,830 | — | 24,848,577
Building Products | 17,959,653 | — | — | 17,959,653
Capital Markets | 30,924,214 | — | — | 30,924,214
Chemicals | 52,970,059 | — | — | 52,970,059
Commercial Services & Supplies | — | 4,563,244 | — | 4,563,244
Communications Equipment | 27,396,398 | — | — | 27,396,398
Consumer Staples Distribution & Retail | 11,648,909 | — | — | 11,648,909
Containers & Packaging | 22,086,188 | — | — | 22,086,188
Diversified Telecommunication Services | 24,312,750 | — | — | 24,312,750
Electric Utilities | 49,599,628 | — | — | 49,599,628
Electrical Equipment | 4,193,818 | — | — | 4,193,818
Entertainment | 40,299,750 | — | — | 40,299,750
Financial Services | 45,867,744 | — | 16,305,009 | 62,172,753
Food Products | 37,173,824 | — | — | 37,173,824
Ground Transportation | 3,233,227 | — | — | 3,233,227
Health Care Equipment & Supplies | 65,462,188 | 8,434,807 | — | 73,896,995
Health Care Providers & Services | 136,732,917 | — | — | 136,732,917
Household Durables | — | 28,114,765 | — | 28,114,765
Household Products | 7,837,109 | — | — | 7,837,109
Industrial Conglomerates | 8,604,376 | — | — | 8,604,376
Insurance | 75,595,351 | — | — | 75,595,351
IT Services | 25,863,623 | — | — | 25,863,623
Leisure Products | 15,043,480 | — | — | 15,043,480

54
2024 BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments (continued)
December 31, 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) |  |  |  |
Life Sciences Tools & Services | $4,885,088 | $— | $— | $4,885,088
Machinery | 33,706,502 | 4,244,357 | — | 37,950,859
Media | 27,941,310 | 13,994,794 | — | 41,936,104
Metals & Mining | 8,453,950 | — | — | 8,453,950
Multi-Utilities | 25,639,296 | — | — | 25,639,296
Oil, Gas & Consumable Fuels | 37,294,849 | 49,405,082 | 14,785,475 | 101,485,406
Pharmaceuticals | 9,379,028 | 25,269,405 | — | 34,648,433
Professional Services | 60,399,320 | — | — | 60,399,320
Residential REITs | 10,269,785 | — | — | 10,269,785
Semiconductors & Semiconductor Equipment | 26,542,287 | — | — | 26,542,287
Software | 37,654,281 | — | — | 37,654,281
Specialized REITs | 17,246,034 | — | — | 17,246,034
Technology Hardware, Storage & Peripherals | 25,703,304 | 20,021,150 | — | 45,724,454
Tobacco | 15,268,456 | — | — | 15,268,456
Preferred Securities |  |  |  |
Preferred Stocks | 3,424,179 | — | — | 3,424,179
Short-Term Securities |  |  |  |
Money Market Funds | 46,597,729 | — | — | 46,597,729
| $1,411,322,397 | $168,107,249 | $31,090,484 | $1,610,520,130
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(6,261,100 ) | $(4,228,112 ) | $— | $(10,489,212 )

(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 year 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) | 3,991,985
Purchases | 4,400,506
Sales | (3,848,739 )
Closing balance, as of December 31, 2024 | $31,090,484
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024(b) | $3,991,985

(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 December 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

Schedule of Investments
55

Consolidated Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced Equity Dividend Trust (BDJ)
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 | $31,090,484 | Income | Discount Rate | 10% | —
|  | Market | EBITDA Multiple | 7.00x | —
| $31,090,484 |  |  |  |

(a) | A significant change in unobservable input could result in a correlated or inverse change in value.

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

Schedule of Investments
December 31, 2024
BlackRock Enhanced Global Dividend Trust (BOE)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Canada — 1.4% |
TELUS Corp. |  | 713,921 | $9,679,864
Denmark — 2.4% |
Novo Nordisk A/S, Class B |  | 196,600 | 16,963,008
France — 3.9% |
Air Liquide SA |  | 81,613 | 13,266,983
LVMH Moet Hennessy Louis Vuitton SE |  | 21,915 | 14,415,528
|  |  | 27,682,511
India — 0.0% |
AceVector Limited, Series I, (Acquired 08/31/18, Cost: $2,637,143)(a)(b)(c) |  | 566,400 | 217,196
Netherlands — 1.5% |
Koninklijke KPN NV |  | 2,900,038 | 10,574,805
Spain — 2.0% |
Banco Bilbao Vizcaya Argentaria SA |  | 1,453,111 | 14,217,860
Switzerland — 1.7% |
Zurich Insurance Group AG, Class N |  | 19,740 | 11,740,673
Taiwan — 3.5% |
Taiwan Semiconductor Manufacturing Co. Ltd. |  | 754,000 | 24,505,017
United Kingdom — 10.7% |
AstraZeneca PLC |  | 166,609 | 21,722,415
BAE Systems PLC |  | 698,996 | 10,027,287
Diageo PLC |  | 469,963 | 14,934,400
RELX PLC |  | 402,150 | 18,211,670
Taylor Wimpey PLC |  | 6,771,171 | 10,305,745
|  |  | 75,201,517
United States — 72.4% |
AbbVie, Inc.(d) |  | 102,937 | 18,291,905
Accenture PLC, Class A |  | 62,792 | 22,089,598
Allegion PLC |  | 103,069 | 13,469,057
Alphabet, Inc., Class A |  | 92,589 | 17,527,098
AMETEK, Inc. |  | 55,370 | 9,980,996
Apple, Inc.(d)(e) |  | 71,432 | 17,888,001
Applied Materials, Inc. |  | 65,297 | 10,619,251
Assurant, Inc.(d) |  | 39,472 | 8,416,220
Baker Hughes Co., Class A |  | 246,980 | 10,131,120
Broadcom, Inc. |  | 94,199 | 21,839,096
Charles Schwab Corp. |  | 145,813 | 10,791,620
Citizens Financial Group, Inc.(e) |  | 315,548 | 13,808,380
CMS Energy Corp. |  | 171,335 | 11,419,478
Coca-Cola Co. |  | 232,736 | 14,490,143
General Electric Co. |  | 85,712 | 14,295,904
Home Depot, Inc. |  | 34,647 | 13,477,336
Hubbell, Inc. |  | 31,622 | 13,246,140
Intercontinental Exchange, Inc.(d) |  | 96,885 | 14,436,834
M&T Bank Corp. |  | 53,051 | 9,974,118

Security |  | Shares | Value
United States (continued) |
Mastercard, Inc., Class A |  | 15,561 | $8,193,956
Meta Platforms, Inc., Class A(e) |  | 29,143 | 17,063,518
Microsoft Corp.(d) |  | 80,339 | 33,862,888
Moody’s Corp. |  | 23,730 | 11,233,070
Oracle Corp. |  | 85,803 | 14,298,212
Otis Worldwide Corp.(d) |  | 181,442 | 16,803,344
Philip Morris International, Inc.(d)(e) |  | 110,477 | 13,295,907
Republic Services, Inc.(e) |  | 36,967 | 7,437,021
Salesforce, Inc. |  | 38,999 | 13,038,536
Sanofi SA |  | 153,206 | 14,893,272
Shell PLC |  | 442,059 | 13,873,220
Texas Instruments, Inc.(d)(e) |  | 113,718 | 21,323,262
Union Pacific Corp. |  | 61,931 | 14,122,745
UnitedHealth Group, Inc.(e) |  | 35,502 | 17,959,042
Walmart, Inc.(d) |  | 116,140 | 10,493,249
Williams Cos., Inc.(d) |  | 183,217 | 9,915,704
Zoetis, Inc., Class A |  | 40,803 | 6,648,033
|  |  | 510,647,274
Total Long-Term Investments — 99.5% (Cost: $550,585,379) | 701,429,725
Short-Term Securities
Money Market Funds — 1.0% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(f)(g) |  | 7,033,278 | 7,033,278
Total Short-Term Securities — 1.0% (Cost: $7,033,278) | 7,033,278
Total Investments Before Options Written — 100.5% (Cost: $557,618,657) | 708,463,003
Options Written — (0.6)% (Premiums Received: $(7,687,194)) | (4,114,542 )
Total Investments, Net of Options Written — 99.9% (Cost: $549,931,463) | 704,348,461
Other Assets Less Liabilities — 0.1% | 360,738
Net Assets — 100.0% | $704,709,199

(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 $217,196, 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 and/or segregated as collateral in connection with outstanding exchange-traded options written.
(e) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(f) | Affiliate of the Trust.
(g) | Annualized 7-day yield as of period end.

Schedule of Investments
57

Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced Global Dividend Trust (BOE)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 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 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $— | $— | $(98 )(b) | $98 | $— | $— | — | $23 (c) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 2,668,223 | 4,365,055 (b) | — | — | — | 7,033,278 | 7,033,278 | 348,611 | —
|  |  |  | $98 | $— | $7,033,278 |  | $348,634 | $—

(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 collateral investment fees, 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 |  |  |  |  |  |  |
UnitedHealth Group, Inc. | 42 | 01/03/25 | USD | 615.00 | USD | 2,125 | $(7,140 )
Alphabet, Inc., Class A | 191 | 01/10/25 | USD | 180.00 | USD | 3,616 | (195,297 )
Coca-Cola Co. | 433 | 01/10/25 | USD | 65.00 | USD | 2,696 | (866 )
Microsoft Corp. | 97 | 01/10/25 | USD | 445.00 | USD | 4,089 | (2,522 )
Oracle Corp. | 107 | 01/10/25 | USD | 185.00 | USD | 1,783 | (1,124 )
Philip Morris International, Inc. | 197 | 01/10/25 | USD | 132.00 | USD | 2,371 | (14,775 )
Texas Instruments, Inc. | 87 | 01/10/25 | USD | 205.00 | USD | 1,631 | (914 )
Texas Instruments, Inc. | 97 | 01/10/25 | USD | 195.00 | USD | 1,819 | (5,772 )
Union Pacific Corp. | 45 | 01/10/25 | USD | 240.00 | USD | 1,026 | (1,575 )
UnitedHealth Group, Inc. | 54 | 01/10/25 | USD | 585.00 | USD | 2,732 | (594 )
AbbVie, Inc. | 114 | 01/17/25 | USD | 185.00 | USD | 2,026 | (8,721 )
AbbVie, Inc. | 114 | 01/17/25 | USD | 170.00 | USD | 2,026 | (103,455 )
Accenture PLC, Class A | 86 | 01/17/25 | USD | 370.00 | USD | 3,025 | (7,525 )
Allegion PLC | 253 | 01/17/25 | USD | 145.00 | USD | 3,306 | (7,590 )
Alphabet, Inc., Class A | 39 | 01/17/25 | USD | 180.00 | USD | 738 | (43,290 )
AMETEK, Inc. | 151 | 01/17/25 | USD | 200.00 | USD | 2,722 | (20,385 )
Apple, Inc. | 81 | 01/17/25 | USD | 235.00 | USD | 2,028 | (131,827 )
Applied Materials, Inc. | 159 | 01/17/25 | USD | 185.00 | USD | 2,586 | (4,134 )
Assurant, Inc. | 87 | 01/17/25 | USD | 220.00 | USD | 1,855 | (10,440 )
Baker Hughes Co., Class A | 257 | 01/17/25 | USD | 42.00 | USD | 1,054 | (14,135 )
Charles Schwab Corp. | 381 | 01/17/25 | USD | 82.50 | USD | 2,820 | (2,858 )
Citizens Financial Group, Inc. | 1,050 | 01/17/25 | USD | 47.50 | USD | 4,595 | (21,000 )
CMS Energy Corp. | 368 | 01/17/25 | USD | 70.00 | USD | 2,453 | (49,680 )
Coca-Cola Co. | 433 | 01/17/25 | USD | 65.00 | USD | 2,696 | (5,846 )
General Electric Co. | 180 | 01/17/25 | USD | 185.00 | USD | 3,002 | (2,700 )
Home Depot, Inc. | 90 | 01/17/25 | USD | 415.00 | USD | 3,501 | (4,725 )
Hubbell, Inc. | 74 | 01/17/25 | USD | 450.00 | USD | 3,100 | (21,090 )
M&T Bank Corp. | 145 | 01/17/25 | USD | 220.00 | USD | 2,726 | (4,350 )
Mastercard, Inc., Class A | 33 | 01/17/25 | USD | 525.00 | USD | 1,738 | (30,443 )
Meta Platforms, Inc., Class A | 26 | 01/17/25 | USD | 600.00 | USD | 1,522 | (24,765 )
Oracle Corp. | 108 | 01/17/25 | USD | 185.00 | USD | 1,800 | (1,188 )
Otis Worldwide Corp. | 223 | 01/17/25 | USD | 100.00 | USD | 2,065 | (3,345 )
Otis Worldwide Corp. | 50 | 01/17/25 | USD | 105.00 | USD | 463 | (250 )
Republic Services, Inc. | 117 | 01/17/25 | USD | 220.00 | USD | 2,354 | (1,463 )
Salesforce, Inc. | 95 | 01/17/25 | USD | 350.00 | USD | 3,176 | (22,515 )
Texas Instruments, Inc. | 87 | 01/17/25 | USD | 220.00 | USD | 1,631 | (1,131 )
Texas Instruments, Inc. | 32 | 01/17/25 | USD | 210.00 | USD | 600 | (464 )
Union Pacific Corp. | 130 | 01/17/25 | USD | 250.00 | USD | 2,965 | (3,900 )
Williams Cos., Inc. | 345 | 01/17/25 | USD | 60.00 | USD | 1,867 | (2,588 )
Zoetis, Inc., Class A | 46 | 01/17/25 | USD | 185.00 | USD | 749 | (1,150 )

58
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Accenture PLC, Class A | 86 | 01/24/25 | USD | 375.00 | USD | 3,025 | $(9,890 )
Alphabet, Inc., Class A | 95 | 01/24/25 | USD | 205.00 | USD | 1,798 | (7,030 )
Apple, Inc. | 72 | 01/24/25 | USD | 255.00 | USD | 1,803 | (21,492 )
Assurant, Inc. | 86 | 01/24/25 | USD | 224.72 | USD | 1,834 | (6,758 )
Broadcom, Inc. | 180 | 01/24/25 | USD | 235.00 | USD | 4,173 | (147,150 )
General Electric Co. | 197 | 01/24/25 | USD | 180.00 | USD | 3,286 | (39,104 )
Mastercard, Inc., Class A | 19 | 01/24/25 | USD | 540.00 | USD | 1,000 | (7,315 )
Meta Platforms, Inc., Class A | 41 | 01/24/25 | USD | 680.00 | USD | 2,401 | (2,747 )
Microsoft Corp. | 96 | 01/24/25 | USD | 465.00 | USD | 4,046 | (3,072 )
Philip Morris International, Inc. | 205 | 01/24/25 | USD | 129.00 | USD | 2,467 | (7,175 )
Salesforce, Inc. | 76 | 01/24/25 | USD | 370.00 | USD | 2,541 | (4,636 )
TELUS Corp. | 1,447 | 01/24/25 | CAD | 22.50 | CAD | 2,820 | (5,033 )
UnitedHealth Group, Inc. | 73 | 01/24/25 | USD | 525.00 | USD | 3,693 | (73,547 )
Williams Cos., Inc. | 662 | 01/24/25 | USD | 54.00 | USD | 3,583 | (201,910 )
Applied Materials, Inc. | 64 | 01/31/25 | USD | 175.00 | USD | 1,041 | (17,056 )
Broadcom, Inc. | 72 | 01/31/25 | USD | 240.00 | USD | 1,669 | (55,440 )
Broadcom, Inc. | 45 | 01/31/25 | USD | 230.00 | USD | 1,043 | (57,937 )
Meta Platforms, Inc., Class A | 61 | 01/31/25 | USD | 660.00 | USD | 3,572 | (38,888 )
Microsoft Corp. | 173 | 01/31/25 | USD | 470.00 | USD | 7,292 | (21,020 )
Oracle Corp. | 50 | 01/31/25 | USD | 180.00 | USD | 833 | (4,275 )
Texas Instruments, Inc. | 185 | 01/31/25 | USD | 200.00 | USD | 3,469 | (40,237 )
Accenture PLC, Class A | 47 | 02/07/25 | USD | 360.00 | USD | 1,653 | (25,145 )
Alphabet, Inc., Class A | 82 | 02/07/25 | USD | 205.00 | USD | 1,552 | (23,534 )
Coca-Cola Co. | 420 | 02/07/25 | USD | 64.00 | USD | 2,615 | (32,760 )
AbbVie, Inc. | 224 | 02/21/25 | USD | 185.00 | USD | 3,980 | (69,328 )
Allegion PLC | 200 | 02/21/25 | USD | 140.25 | USD | 2,614 | (24,452 )
AMETEK, Inc. | 95 | 02/21/25 | USD | 195.50 | USD | 1,712 | (8,906 )
Apple, Inc. | 205 | 02/21/25 | USD | 250.00 | USD | 5,134 | (195,262 )
Applied Materials, Inc. | 64 | 02/21/25 | USD | 180.00 | USD | 1,041 | (23,680 )
Baker Hughes Co., Class A | 1,101 | 02/21/25 | USD | 44.00 | USD | 4,516 | (77,070 )
Broadcom, Inc. | 72 | 02/21/25 | USD | 240.00 | USD | 1,669 | (85,320 )
Broadcom, Inc. | 45 | 02/21/25 | USD | 230.00 | USD | 1,043 | (68,962 )
Charles Schwab Corp. | 260 | 02/21/25 | USD | 82.50 | USD | 1,924 | (15,340 )
Citizens Financial Group, Inc. | 338 | 02/21/25 | USD | 45.00 | USD | 1,479 | (47,320 )
Home Depot, Inc. | 65 | 02/21/25 | USD | 415.00 | USD | 2,528 | (25,513 )
Hubbell, Inc. | 65 | 02/21/25 | USD | 460.00 | USD | 2,723 | (42,412 )
Intercontinental Exchange, Inc. | 67 | 02/21/25 | USD | 157.00 | USD | 998 | (10,968 )
M&T Bank Corp. | 88 | 02/21/25 | USD | 195.00 | USD | 1,654 | (47,960 )
Mastercard, Inc., Class A | 16 | 02/21/25 | USD | 530.00 | USD | 843 | (25,640 )
Microsoft Corp. | 21 | 02/21/25 | USD | 460.00 | USD | 885 | (8,243 )
Moody’s Corp. | 104 | 02/21/25 | USD | 490.00 | USD | 4,923 | (104,520 )
Otis Worldwide Corp. | 524 | 02/21/25 | USD | 99.00 | USD | 4,853 | (48,096 )
Republic Services, Inc. | 45 | 02/21/25 | USD | 210.00 | USD | 905 | (11,250 )
TELUS Corp. | 1,031 | 02/21/25 | CAD | 22.00 | CAD | 2,009 | (5,021 )
Union Pacific Corp. | 97 | 02/21/25 | USD | 245.00 | USD | 2,212 | (16,005 )
Zoetis, Inc., Class A | 133 | 02/21/25 | USD | 177.00 | USD | 2,167 | (26,507 )
TELUS Corp. | 1,448 | 03/21/25 | CAD | 23.00 | CAD | 2,822 | (5,540 )
|  |  |  |  |  |  | $(2,633,998 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Air Liquide SA | Bank of America N.A. | 13,800 | 01/07/25 | EUR | 170.59 | EUR | 2,166 | $(59 )
BAE Systems PLC | Morgan Stanley & Co. International PLC | 135,200 | 01/07/25 | GBP | 13.09 | GBP | 1,549 | (85 )
Novo Nordisk A/S, Class B | Bank of America N.A. | 12,300 | 01/07/25 | DKK | 803.84 | DKK | 7,640 | —
Taiwan Semiconductor Manufacturing Co. Ltd. | Bank of America N.A. | 227,000 | 01/08/25 | TWD | 1,102.40 | TWD | 241,868 | (48,412 )
Banco Bilbao Vizcaya Argentaria SA | Bank of America N.A. | 237,000 | 01/09/25 | EUR | 9.25 | EUR | 2,239 | (70,146 )
Koninklijke KPN NV | UBS AG | 342,000 | 01/09/25 | EUR | 3.60 | EUR | 1,204 | (3,355 )
LVMH Moet Hennessy Louis Vuitton SE | UBS AG | 5,650 | 01/09/25 | EUR | 593.34 | EUR | 3,588 | (253,909 )

Schedule of Investments
59

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |  |
Novo Nordisk A/S, Class B | BNP Paribas SA | 27,300 | 01/09/25 | DKK | 789.45 | DKK | 16,958 | $—
RELX PLC | BNP Paribas SA | 105,500 | 01/09/25 | EUR | 44.70 | EUR | 4,612 | (14,485 )
Shell PLC | BNP Paribas SA | 32,700 | 01/09/25 | EUR | 31.54 | EUR | 991 | (857 )
Air Liquide SA | Goldman Sachs International | 22,100 | 01/14/25 | EUR | 166.18 | EUR | 3,468 | (4,745 )
AstraZeneca PLC | Bank of America N.A. | 30,400 | 01/14/25 | GBP | 107.15 | GBP | 3,166 | (35,768 )
BAE Systems PLC | Goldman Sachs International | 76,800 | 01/14/25 | GBP | 13.68 | GBP | 880 | (308 )
Diageo PLC | BNP Paribas SA | 111,400 | 01/14/25 | GBP | 24.67 | GBP | 2,828 | (120,436 )
Koninklijke KPN NV | Morgan Stanley & Co. International PLC | 254,400 | 01/14/25 | EUR | 3.61 | EUR | 896 | (4,253 )
Sanofi SA | BNP Paribas SA | 19,000 | 01/14/25 | EUR | 96.64 | EUR | 1,783 | (7,016 )
Taiwan Semiconductor Manufacturing Co. Ltd. | Bank of America N.A. | 123,000 | 01/14/25 | TWD | 1,086.75 | TWD | 131,056 | (64,557 )
Taylor Wimpey PLC | Goldman Sachs International | 754,100 | 01/14/25 | GBP | 1.34 | GBP | 917 | (925 )
Banco Bilbao Vizcaya Argentaria SA | Goldman Sachs International | 239,550 | 01/15/25 | EUR | 9.70 | EUR | 2,264 | (21,930 )
Koninklijke KPN NV | Morgan Stanley & Co. International PLC | 254,000 | 01/15/25 | EUR | 3.64 | EUR | 894 | (4,446 )
Taylor Wimpey PLC | Morgan Stanley & Co. International PLC | 397,000 | 01/15/25 | GBP | 1.31 | GBP | 483 | (1,869 )
AstraZeneca PLC | Citibank N.A. | 27,600 | 01/16/25 | GBP | 103.59 | GBP | 2,874 | (95,755 )
AstraZeneca PLC | UBS AG | 15,300 | 01/16/25 | GBP | 108.06 | GBP | 1,593 | (15,193 )
Novo Nordisk A/S, Class B | Morgan Stanley & Co. International PLC | 17,700 | 01/16/25 | DKK | 780.34 | DKK | 10,995 | (10 )
RELX PLC | Citibank N.A. | 52,500 | 01/16/25 | EUR | 44.00 | EUR | 2,295 | (26,818 )
Diageo PLC | Goldman Sachs International | 65,500 | 01/22/25 | GBP | 24.28 | GBP | 1,663 | (105,750 )
Koninklijke KPN NV | Morgan Stanley & Co. International PLC | 394,500 | 01/22/25 | EUR | 3.71 | EUR | 1,389 | (9,587 )
LVMH Moet Hennessy Louis Vuitton SE | Bank of America N.A. | 5,650 | 01/22/25 | EUR | 617.72 | EUR | 3,588 | (160,763 )
Novo Nordisk A/S, Class B | Goldman Sachs International | 11,500 | 01/22/25 | DKK | 780.44 | DKK | 7,143 | (84 )
RELX PLC | Barclays Bank PLC | 19,000 | 01/22/25 | EUR | 46.12 | EUR | 831 | (2,663 )
Sanofi SA | Goldman Sachs International | 41,300 | 01/22/25 | EUR | 92.07 | EUR | 3,876 | (116,186 )
BAE Systems PLC | UBS AG | 172,400 | 01/23/25 | GBP | 12.02 | GBP | 1,980 | (24,883 )
Zurich Insurance Group AG, Class N | Morgan Stanley & Co. International PLC | 8,700 | 01/23/25 | CHF | 553.96 | CHF | 2,566 | (27,889 )
Shell PLC | Goldman Sachs International | 161,800 | 01/28/25 | EUR | 31.19 | EUR | 4,873 | (39,524 )
Intercontinental Exchange, Inc. | BNP Paribas SA | 35,900 | 01/29/25 | USD | 159.14 | USD | 5,349 | (16,662 )
Koninklijke KPN NV | Morgan Stanley & Co. International PLC | 160,600 | 01/29/25 | EUR | 3.58 | EUR | 565 | (5,764 )
Koninklijke KPN NV | Morgan Stanley & Co. International PLC | 189,500 | 02/04/25 | EUR | 3.66 | EUR | 666 | (6,537 )
Banco Bilbao Vizcaya Argentaria SA | BNP Paribas SA | 162,800 | 02/06/25 | EUR | 9.72 | EUR | 2,232 | (33,914 )
Taylor Wimpey PLC | Morgan Stanley & Co. International PLC | 1,828,200 | 02/06/25 | GBP | 1.24 | GBP | 1,539 | (81,891 )
CMS Energy Corp. | Barclays Bank PLC | 38,500 | 02/24/25 | USD | 67.99 | USD | 4,688 | (53,110 )
|  |  |  |  |  |  |  | $(1,480,544 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(7,687,194 ) | $4,439,945 | $(867,293 ) | $(4,114,542 )

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 | $— | $— | $4,114,542 | $— | $— | $— | $4,114,542

60
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced Global Dividend Trust (BOE)
For the period ended December 31, 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) | $— | $— | $(7,534 ) | $— | $— | $— | $(7,534 )
Options written | — | — | (15,973,502 ) | — | — | — | (15,973,502 )
| $— | $— | $(15,981,036 ) | $— | $— | $— | $(15,981,036 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $7,740,032 | $— | $— | $— | $7,740,032

(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 | 8,180,000

(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 | $— | $4,114,542
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 4,114,542
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (2,633,998 )
Total derivative assets and liabilities subject to an MNA | $— | $1,480,544

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(b) | Net Amount of Derivative Liabilities(c)
Bank of America N.A. | $379,705 | $— | $(379,705 ) | $— | $—
Barclays Bank PLC | 55,773 | — | — | — | 55,773
BNP Paribas SA | 193,370 | — | (193,370 ) | — | —
Citibank N.A. | 122,573 | — | (122,573 ) | — | —
Goldman Sachs International | 289,452 | — | — | — | 289,452
Morgan Stanley & Co. International PLC | 142,331 | — | (142,331 ) | — | —
UBS AG | 297,340 | — | (297,340 ) | — | —
| $1,480,544 | $— | $(1,135,319 ) | $— | $345,225

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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
61

Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced Global Dividend Trust (BOE)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 | $9,679,864 | $— | $— | $9,679,864
Denmark | — | 16,963,008 | — | 16,963,008
France | — | 27,682,511 | — | 27,682,511
India | — | — | 217,196 | 217,196
Netherlands | — | 10,574,805 | — | 10,574,805
Spain | — | 14,217,860 | — | 14,217,860
Switzerland | — | 11,740,673 | — | 11,740,673
Taiwan | — | 24,505,017 | — | 24,505,017
United Kingdom | — | 75,201,517 | — | 75,201,517
United States | 481,880,782 | 28,766,492 | — | 510,647,274
Short-Term Securities |  |  |  |
Money Market Funds | 7,033,278 | — | — | 7,033,278
| $498,593,924 | $209,651,883 | $217,196 | $708,463,003
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(2,508,311 ) | $(1,606,231 ) | $— | $(4,114,542 )

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

See notes to financial statements.
62
2024 BlackRock Annual Report to Shareholders

Schedule of Investments
December 31, 2024
BlackRock Enhanced International Dividend Trust (BGY)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Canada — 6.0% |
Canadian National Railway Co. |  | 134,092 | $13,616,759
Teck Resources Ltd., Class B |  | 244,652 | 9,919,175
TELUS Corp. |  | 764,482 | 10,365,407
|  |  | 33,901,341
China — 3.2% |
Tencent Holdings Ltd., ADR(a) |  | 341,471 | 18,159,428
Denmark — 4.2% |
Novo Nordisk A/S, Class B |  | 273,134 | 23,566,501
France — 8.9% |
Air Liquide SA |  | 116,518 | 18,941,129
Cie de Saint-Gobain SA |  | 127,745 | 11,351,628
LVMH Moet Hennessy Louis Vuitton SE |  | 30,111 | 19,806,797
|  |  | 50,099,554
Germany — 9.3% |
adidas AG, Class N |  | 48,445 | 11,915,738
Beiersdorf AG |  | 122,485 | 15,732,631
Deutsche Telekom AG, Class N, Registered Shares |  | 302,117 | 9,052,354
SAP SE |  | 64,445 | 15,851,801
|  |  | 52,552,524
India — 3.4% |
AceVector Limited, Series I, (Acquired 01/25/22, Cost: $3,948,600)(b)(c)(d) |  | 848,000 | 325,180
HDFC Bank Ltd. |  | 895,320 | 18,515,493
|  |  | 18,840,673
Indonesia — 1.3% |
Bank Rakyat Indonesia Persero Tbk PT |  | 27,670,000 | 6,985,248
Italy — 3.0% |
FinecoBank Banca Fineco SpA |  | 975,056 | 17,017,395
Japan — 7.6% |
Keyence Corp. |  | 41,200 | 16,746,619
SMC Corp. |  | 22,200 | 8,620,735
Sony Group Corp. |  | 832,500 | 17,545,384
|  |  | 42,912,738
Netherlands — 5.1% |
ASML Holding NV |  | 21,751 | 15,235,144
Koninklijke KPN NV |  | 3,748,439 | 13,668,445
|  |  | 28,903,589
Singapore — 2.5% |
United Overseas Bank Ltd. |  | 537,900 | 14,284,402
Spain — 2.7% |
Banco Bilbao Vizcaya Argentaria SA |  | 1,570,401 | 15,365,476
Sweden — 5.3% |
Assa Abloy AB, Class B |  | 575,076 | 16,985,605
Atlas Copco AB, Class A |  | 823,904 | 12,574,129
|  |  | 29,559,734
Switzerland — 1.5% |
Zurich Insurance Group AG, Class N |  | 13,867 | 8,247,615

Security |  | Shares | Value
Taiwan — 6.2% |
Taiwan Semiconductor Manufacturing Co. Ltd. |  | 1,068,000 | $34,710,024
United Kingdom — 10.9% |
AstraZeneca PLC |  | 129,940 | 16,941,525
Diageo PLC |  | 500,084 | 15,891,580
RELX PLC |  | 464,973 | 21,056,658
Taylor Wimpey PLC |  | 4,738,790 | 7,212,454
|  |  | 61,102,217
United States — 19.3% |
Baker Hughes Co., Class A(a)(e) |  | 206,682 | 8,478,096
General Electric Co.(e) |  | 68,405 | 11,409,270
Haleon PLC |  | 1,813,323 | 8,550,088
Mastercard, Inc., Class A(e) |  | 22,743 | 11,975,782
Nestle SA, Class N, Registered Shares |  | 89,894 | 7,375,188
Otis Worldwide Corp.(a)(e) |  | 120,604 | 11,169,137
Sanofi SA |  | 153,355 | 14,907,756
Shell PLC |  | 563,203 | 17,675,104
Texas Instruments, Inc.(a)(e) |  | 91,875 | 17,227,481
|  |  | 108,767,902
Total Long-Term Investments — 100.4% (Cost: $494,250,581) | 564,976,361
Short-Term Securities
Money Market Funds — 0.7% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(f)(g) |  | 3,742,337 | 3,742,337
Total Short-Term Securities — 0.7% (Cost: $3,742,337) | 3,742,337
Total Investments Before Options Written — 101.1% (Cost: $497,992,918) | 568,718,698
Options Written — (0.8)% (Premiums Received: $(5,915,885)) | (4,331,111 )
Total Investments, Net of Options Written — 100.3% (Cost: $492,077,033) | 564,387,587
Liabilities in Excess of Other Assets — (0.3)% | (1,428,556 )
Net Assets — 100.0% | $562,959,031

(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) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(c) | Non-income producing security.
(d) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $325,180, representing 0.1% of its net assets as of period end, and an original cost of $3,948,600.
(e) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(f) | Affiliate of the Trust.
(g) | Annualized 7-day yield as of period end.

Schedule of Investments
63

Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced International Dividend Trust (BGY)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 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 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $8,260,103 | $— | $(4,517,766 )(a) | $— | $— | $3,742,337 | 3,742,337 | $352,353 | $—

(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 |  |  |  |  |  |  |
Texas Instruments, Inc. | 78 | 01/10/25 | USD | 205.00 | USD | 1,463 | $(819 )
Baker Hughes Co., Class A | 568 | 01/17/25 | USD | 44.00 | USD | 2,330 | (8,520 )
Canadian National Railway Co. | 283 | 01/17/25 | CAD | 160.00 | CAD | 4,131 | (1,575 )
General Electric Co. | 140 | 01/17/25 | USD | 185.00 | USD | 2,335 | (2,100 )
Mastercard, Inc., Class A | 45 | 01/17/25 | USD | 525.00 | USD | 2,370 | (41,512 )
Otis Worldwide Corp. | 322 | 01/17/25 | USD | 100.00 | USD | 2,982 | (4,830 )
Otis Worldwide Corp. | 19 | 01/17/25 | USD | 105.00 | USD | 176 | (95 )
Teck Resources Ltd., Class B | 489 | 01/17/25 | CAD | 66.00 | CAD | 2,850 | (4,933 )
Texas Instruments, Inc. | 78 | 01/17/25 | USD | 220.00 | USD | 1,463 | (1,014 )
Texas Instruments, Inc. | 102 | 01/17/25 | USD | 210.00 | USD | 1,913 | (1,479 )
Canadian National Railway Co. | 320 | 01/24/25 | CAD | 150.00 | CAD | 4,671 | (21,705 )
General Electric Co. | 167 | 01/24/25 | USD | 180.00 | USD | 2,785 | (33,150 )
Mastercard, Inc., Class A | 57 | 01/24/25 | USD | 540.00 | USD | 3,001 | (21,945 )
TELUS Corp. | 1,475 | 01/24/25 | CAD | 22.50 | CAD | 2,875 | (5,131 )
Texas Instruments, Inc. | 155 | 01/31/25 | USD | 200.00 | USD | 2,906 | (33,712 )
Baker Hughes Co., Class A | 568 | 02/21/25 | USD | 44.00 | USD | 2,330 | (39,760 )
Otis Worldwide Corp. | 201 | 02/21/25 | USD | 99.00 | USD | 1,861 | (18,449 )
Teck Resources Ltd., Class B | 367 | 02/21/25 | CAD | 66.00 | CAD | 2,139 | (18,510 )
TELUS Corp. | 1,254 | 02/21/25 | CAD | 22.00 | CAD | 2,444 | (6,107 )
TELUS Corp. | 1,475 | 03/21/25 | CAD | 23.00 | CAD | 2,875 | (5,644 )
|  |  |  |  |  |  | $(270,990 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Air Liquide SA | Bank of America N.A. | 23,100 | 01/07/25 | EUR | 170.59 | EUR | 3,625 | $(99 )
ASML Holding NV | Goldman Sachs International | 6,600 | 01/07/25 | EUR | 691.14 | EUR | 4,463 | (49,110 )
Cie de Saint-Gobain SA | Bank of America N.A. | 35,300 | 01/07/25 | EUR | 87.65 | EUR | 3,028 | (17,713 )
FinecoBank Banca Fineco SpA | Bank of America N.A. | 147,800 | 01/07/25 | EUR | 15.44 | EUR | 2,490 | (209,477 )
Novo Nordisk A/S, Class B | Bank of America N.A. | 25,700 | 01/07/25 | DKK | 803.84 | DKK | 15,964 | —
Sony Group Corp. | JPMorgan Chase Bank N.A. | 67,000 | 01/08/25 | JPY | 2,993.85 | JPY | 222,181 | (162,377 )
Taiwan Semiconductor Manufacturing Co. Ltd. | Bank of America N.A. | 144,000 | 01/08/25 | TWD | 1,102.40 | TWD | 153,432 | (30,711 )
Banco Bilbao Vizcaya Argentaria SA | Bank of America N.A. | 440,200 | 01/09/25 | EUR | 9.26 | EUR | 4,158 | (130,287 )
Haleon PLC | BNP Paribas SA | 498,000 | 01/09/25 | GBP | 3.64 | GBP | 1,876 | (88,448 )
Keyence Corp. | JPMorgan Chase Bank N.A. | 12,000 | 01/09/25 | JPY | 69,344.17 | JPY | 767,475 | (13,442 )
Koninklijke KPN NV | UBS AG | 156,300 | 01/09/25 | EUR | 3.60 | EUR | 550 | (1,533 )
LVMH Moet Hennessy Louis Vuitton SE | UBS AG | 6,750 | 01/09/25 | EUR | 593.34 | EUR | 4,286 | (303,342 )
RELX PLC | BNP Paribas SA | 104,500 | 01/09/25 | EUR | 44.70 | EUR | 4,569 | (14,348 )
SAP SE | BNP Paribas SA | 14,500 | 01/09/25 | EUR | 228.04 | EUR | 3,443 | (137,843 )
Shell PLC | BNP Paribas SA | 114,700 | 01/09/25 | EUR | 31.54 | EUR | 3,475 | (3,005 )
Air Liquide SA | Goldman Sachs International | 29,400 | 01/14/25 | EUR | 166.18 | EUR | 4,614 | (6,312 )
AstraZeneca PLC | Bank of America N.A. | 28,700 | 01/14/25 | GBP | 107.15 | GBP | 2,989 | (33,768 )

64
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |  |
Atlas Copco AB, Class A | UBS AG | 69,100 | 01/14/25 | SEK | 186.16 | SEK | 11,668 | $(164 )
Beiersdorf AG | BNP Paribas SA | 28,000 | 01/14/25 | EUR | 127.67 | EUR | 3,472 | (12,969 )
Diageo PLC | BNP Paribas SA | 109,800 | 01/14/25 | GBP | 24.67 | GBP | 2,787 | (118,706 )
FinecoBank Banca Fineco SpA | Morgan Stanley & Co. International PLC | 210,400 | 01/14/25 | EUR | 15.68 | EUR | 3,545 | (259,206 )
Koninklijke KPN NV | Morgan Stanley & Co. International PLC | 359,000 | 01/14/25 | EUR | 3.61 | EUR | 1,264 | (6,002 )
Nestle SA, Class N, Registered Shares | Bank of America N.A. | 21,800 | 01/14/25 | CHF | 81.37 | CHF | 1,623 | (656 )
Taiwan Semiconductor Manufacturing Co. Ltd. | Bank of America N.A. | 229,000 | 01/14/25 | TWD | 1,086.75 | TWD | 243,999 | (120,191 )
Taylor Wimpey PLC | Goldman Sachs International | 795,500 | 01/14/25 | GBP | 1.34 | GBP | 967 | (976 )
Banco Bilbao Vizcaya Argentaria SA | Goldman Sachs International | 266,450 | 01/15/25 | EUR | 9.70 | EUR | 2,264 | (24,393 )
Deutsche Telekom AG, Class N, Registered Shares | BNP Paribas SA | 48,200 | 01/15/25 | EUR | 29.38 | EUR | 1,394 | (6,953 )
Koninklijke KPN NV | Morgan Stanley & Co. International PLC | 360,000 | 01/15/25 | EUR | 3.64 | EUR | 1,267 | (6,302 )
SAP SE | Morgan Stanley & Co. International PLC | 14,500 | 01/15/25 | EUR | 240.99 | EUR | 3,426 | (37,250 )
Taylor Wimpey PLC | Morgan Stanley & Co. International PLC | 375,900 | 01/15/25 | GBP | 1.31 | GBP | 457 | (1,769 )
Tencent Holdings Ltd., ADR | Barclays Bank PLC | 38,400 | 01/15/25 | USD | 53.59 | USD | 2,042 | (64,381 )
United Overseas Bank Ltd. | HSBC Bank PLC | 11,300 | 01/15/25 | SGD | 36.95 | SGD | 410 | (2,711 )
Assa Abloy AB, Class B | Bank of America N.A. | 165,000 | 01/16/25 | SEK | 332.59 | SEK | 53,920 | (38,238 )
AstraZeneca PLC | Citibank N.A. | 25,500 | 01/16/25 | GBP | 103.59 | GBP | 2,656 | (88,470 )
FinecoBank Banca Fineco SpA | UBS AG | 140,800 | 01/16/25 | EUR | 14.90 | EUR | 2,372 | (282,749 )
Novo Nordisk A/S, Class B | Morgan Stanley & Co. International PLC | 46,400 | 01/16/25 | DKK | 780.34 | DKK | 28,822 | (27 )
RELX PLC | Citibank N.A. | 76,700 | 01/16/25 | EUR | 44.00 | EUR | 3,353 | (39,180 )
Sony Group Corp. | UBS AG | 120,600 | 01/16/25 | JPY | 3,132.15 | JPY | 399,925 | (204,021 )
Taiwan Semiconductor Manufacturing Co. Ltd. | Morgan Stanley & Co. International PLC | 135,000 | 01/16/25 | TWD | 1,118.25 | TWD | 143,842 | (37,425 )
Assa Abloy AB, Class B | Goldman Sachs International | 93,800 | 01/22/25 | SEK | 348.45 | SEK | 30,652 | (4,037 )
Diageo PLC | Goldman Sachs International | 38,600 | 01/22/25 | GBP | 24.28 | GBP | 980 | (62,320 )
Koninklijke KPN NV | Morgan Stanley & Co. International PLC | 468,500 | 01/22/25 | EUR | 3.71 | EUR | 1,649 | (11,385 )
LVMH Moet Hennessy Louis Vuitton SE | Bank of America N.A. | 6,750 | 01/22/25 | EUR | 617.72 | EUR | 4,286 | (192,062 )
Nestle SA, Class N, Registered Shares | Goldman Sachs International | 18,700 | 01/22/25 | CHF | 76.33 | CHF | 1,392 | (10,848 )
Novo Nordisk A/S, Class B | Goldman Sachs International | 23,400 | 01/22/25 | DKK | 780.44 | DKK | 14,535 | (172 )
RELX PLC | Barclays Bank PLC | 28,000 | 01/22/25 | EUR | 46.12 | EUR | 1,224 | (3,925 )
Sanofi SA | Goldman Sachs International | 62,900 | 01/22/25 | EUR | 92.07 | EUR | 5,903 | (176,952 )
Sony Group Corp. | UBS AG | 187,000 | 01/22/25 | JPY | 3,246.17 | JPY | 620,116 | (214,021 )
Tencent Holdings Ltd., ADR | Morgan Stanley & Co. International PLC | 37,200 | 01/22/25 | USD | 55.61 | USD | 1,978 | (47,874 )
Atlas Copco AB, Class A | Goldman Sachs International | 103,100 | 01/23/25 | SEK | 179.49 | SEK | 17,408 | (4,275 )
Beiersdorf AG | BNP Paribas SA | 27,200 | 01/23/25 | EUR | 125.90 | EUR | 3,373 | (37,744 )
Cie de Saint-Gobain SA | Bank of America N.A. | 22,200 | 01/23/25 | EUR | 87.91 | EUR | 1,903 | (29,825 )
SMC Corp. | UBS AG | 5,000 | 01/23/25 | JPY | 64,008.69 | JPY | 310,900 | (35,788 )
United Overseas Bank Ltd. | Citibank N.A. | 74,200 | 01/23/25 | SGD | 37.84 | SGD | 2,696 | (11,734 )
Zurich Insurance Group AG, Class N | Morgan Stanley & Co. International PLC | 6,300 | 01/23/25 | CHF | 553.96 | CHF | 4,688 | (20,195 )
adidas AG, Class N | Bank of America N.A. | 10,600 | 01/28/25 | EUR | 243.60 | EUR | 2,510 | (40,331 )
Diageo PLC | Bank of America N.A. | 76,600 | 01/28/25 | GBP | 26.30 | GBP | 1,944 | (32,041 )
Shell PLC | Goldman Sachs International | 138,700 | 01/28/25 | EUR | 31.19 | EUR | 4,873 | (33,881 )
Koninklijke KPN NV | Morgan Stanley & Co. International PLC | 560,900 | 01/29/25 | EUR | 3.59 | EUR | 565 | (20,132 )
Tencent Holdings Ltd., ADR | Morgan Stanley & Co. International PLC | 39,000 | 01/29/25 | USD | 54.95 | USD | 2,074 | (72,489 )
Keyence Corp. | JPMorgan Chase Bank N.A. | 6,600 | 02/04/25 | JPY | 66,333.51 | JPY | 426,558 | (71,150 )
Koninklijke KPN NV | Morgan Stanley & Co. International PLC | 156,900 | 02/04/25 | EUR | 3.66 | EUR | 666 | (5,412 )
SMC Corp. | JPMorgan Chase Bank N.A. | 4,900 | 02/04/25 | JPY | 63,242.26 | JPY | 304,682 | (57,975 )
United Overseas Bank Ltd. | UBS AG | 156,600 | 02/04/25 | SGD | 38.10 | SGD | 5,689 | (33,497 )
adidas AG, Class N | BNP Paribas SA | 11,300 | 02/06/25 | EUR | 240.82 | EUR | 2,676 | (70,377 )
Atlas Copco AB, Class A | Goldman Sachs International | 198,600 | 02/06/25 | SEK | 177.89 | SEK | 33,534 | (29,962 )
Deutsche Telekom AG, Class N, Registered Shares | Bank of America N.A. | 87,700 | 02/06/25 | EUR | 29.82 | EUR | 2,534 | (19,786 )
Haleon PLC | Morgan Stanley & Co. International PLC | 498,000 | 02/06/25 | GBP | 3.88 | GBP | 1,879 | (32,918 )
Taylor Wimpey PLC | Morgan Stanley & Co. International PLC | 788,000 | 02/06/25 | GBP | 1.24 | GBP | 2,232 | (35,297 )
Tencent Holdings Ltd., ADR | Morgan Stanley & Co. International PLC | 39,000 | 02/12/25 | USD | 55.47 | USD | 2,074 | (87,162 )
|  |  |  |  |  |  |  | $(4,060,121 )

Schedule of Investments
65

Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced International Dividend Trust (BGY)
Balances Reported in the Statements of Assets and Liabilities for Options Written

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(5,915,885 ) | $2,989,566 | $(1,404,792 ) | $(4,331,111 )

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 | $— | $— | $4,331,111 | $— | $— | $— | $4,331,111

For the period ended December 31, 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) | $— | $— | $(6,308 ) | $— | $— | $— | $(6,308 )
Options written | — | — | (6,055,084 ) | — | — | — | (6,055,084 )
| $— | $— | $(6,061,392 ) | $— | $— | $— | $(6,061,392 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $6,032,978 | $— | $— | $— | $6,032,978

(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 | 6,962,585

(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 | $— | $4,331,111
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 4,331,111
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (270,990 )
Total derivative assets and liabilities subject to an MNA | $— | $4,060,121

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(b) | Net Amount of Derivative Liabilities(c)
Bank of America N.A. | $895,185 | $— | $(895,185 ) | $— | $—

66
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced International Dividend Trust (BGY)

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged(b) | Net Amount of Derivative Liabilities(c)
Barclays Bank PLC | $68,306 | $— | $— | $— | $68,306
BNP Paribas SA | 490,393 | — | (490,393 ) | — | —
Citibank N.A. | 139,384 | — | (139,384 ) | — | —
Goldman Sachs International | 403,238 | — | (403,238 ) | — | —
HSBC Bank PLC | 2,711 | — | — | — | 2,711
JPMorgan Chase Bank N.A. | 304,944 | — | (304,944 ) | — | —
Morgan Stanley & Co. International PLC | 680,845 | — | (680,845 ) | — | —
UBS AG | 1,075,115 | — | (1,075,115 ) | — | —
| $4,060,121 | $— | $(3,989,104 ) | $— | $71,017

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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 at the measurement date. 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 | $33,901,341 | $— | $— | $33,901,341
China | 18,159,428 | — | — | 18,159,428
Denmark | — | 23,566,501 | — | 23,566,501
France | — | 50,099,554 | — | 50,099,554
Germany | 15,732,631 | 36,819,893 | — | 52,552,524
India | — | 18,515,493 | 325,180 | 18,840,673
Indonesia | — | 6,985,248 | — | 6,985,248
Italy | — | 17,017,395 | — | 17,017,395
Japan | — | 42,912,738 | — | 42,912,738
Netherlands | — | 28,903,589 | — | 28,903,589
Singapore | — | 14,284,402 | — | 14,284,402
Spain | — | 15,365,476 | — | 15,365,476
Sweden | — | 29,559,734 | — | 29,559,734
Switzerland | — | 8,247,615 | — | 8,247,615
Taiwan | — | 34,710,024 | — | 34,710,024
United Kingdom | — | 61,102,217 | — | 61,102,217
United States | 60,259,766 | 48,508,136 | — | 108,767,902
Short-Term Securities |  |  |  |
Money Market Funds | 3,742,337 | — | — | 3,742,337
| $131,795,503 | $436,598,015 | $325,180 | $568,718,698
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(252,541 ) | $(4,078,570 ) | $— | $(4,331,111 )

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

See notes to financial statements.
Schedule of Investments
67

Schedule of Investments
December 31, 2024
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Aerospace & Defense — 1.5% |
Howmet Aerospace, Inc. |  | 120,992 | $13,232,895
Banks — 3.3% |
JPMorgan Chase & Co.(a) |  | 86,574 | 20,752,654
Wells Fargo & Co. |  | 129,551 | 9,099,662
|  |  | 29,852,316
Broadline Retail — 7.5% |
Amazon.com, Inc.(a)(b) |  | 307,740 | 67,515,079
Building Products — 1.5% |
Johnson Controls International PLC |  | 166,814 | 13,166,629
Capital Markets — 7.0% |
Intercontinental Exchange, Inc.(a) |  | 147,339 | 21,954,984
KKR & Co., Inc., Class A |  | 88,225 | 13,049,360
S&P Global, Inc. |  | 56,897 | 28,336,413
|  |  | 63,340,757
Chemicals — 3.1% |
Air Products and Chemicals, Inc. |  | 96,126 | 27,880,385
Communications Equipment — 4.4% |
Ciena Corp.(b) |  | 468,378 | 39,723,138
Electronic Equipment, Instruments & Components — 1.7% |
Zebra Technologies Corp., Class A(b) |  | 38,576 | 14,898,823
Entertainment — 1.2% |
TKO Group Holdings, Inc., Class A(b) |  | 79,102 | 11,241,185
Financial Services — 4.1% |
Visa, Inc., Class A |  | 117,753 | 37,214,658
Health Care Providers & Services — 8.9% |
Cardinal Health, Inc. |  | 261,873 | 30,971,720
Elevance Health, Inc. |  | 23,728 | 8,753,259
Humana, Inc. |  | 65,017 | 16,495,463
Tenet Healthcare Corp.(b) |  | 119,934 | 15,139,269
UnitedHealth Group, Inc. |  | 17,047 | 8,623,395
|  |  | 79,983,106
Household Durables — 0.7% |
Sony Group Corp., ADR(c) |  | 318,130 | 6,731,631
Industrial Conglomerates — 2.2% |
Honeywell International, Inc. |  | 85,744 | 19,368,712
Insurance — 1.7% |
Fidelity National Financial, Inc., Class A |  | 75,000 | 4,210,500
Reinsurance Group of America, Inc.(a) |  | 50,682 | 10,827,196
|  |  | 15,037,696
Interactive Media & Services — 11.8% |
Alphabet, Inc., Class A |  | 170,532 | 32,281,708
Meta Platforms, Inc., Class A(a) |  | 86,113 | 50,420,023
Reddit, Inc., Class A(b) |  | 145,599 | 23,796,700
|  |  | 106,498,431
IT Services — 1.1% |
Cognizant Technology Solutions Corp., Class A |  | 131,307 | 10,097,508

Security |  | Shares | Value
Machinery — 2.1% |
Otis Worldwide Corp.(a) |  | 67,390 | $6,240,988
Westinghouse Air Brake Technologies Corp. |  | 68,904 | 13,063,509
|  |  | 19,304,497
Oil, Gas & Consumable Fuels — 2.5% |
ConocoPhillips(a) |  | 90,304 | 8,955,448
Hess Corp. |  | 98,663 | 13,123,165
|  |  | 22,078,613
Pharmaceuticals — 1.3% |
Eli Lilly & Co. |  | 5,930 | 4,577,960
Novo Nordisk A/S, Class B, ADR |  | 79,305 | 6,821,816
|  |  | 11,399,776
Professional Services — 3.9% |
Dun & Bradstreet Holdings, Inc. |  | 926,496 | 11,544,140
SS&C Technologies Holdings, Inc. |  | 315,266 | 23,890,858
|  |  | 35,434,998
Semiconductors & Semiconductor Equipment — 13.5% |
Advanced Micro Devices, Inc.(b) |  | 117,679 | 14,214,446
Astera Labs, Inc.(b) |  | 93,944 | 12,442,883
Broadcom, Inc. |  | 108,378 | 25,126,356
Marvell Technology, Inc. |  | 248,842 | 27,484,599
NVIDIA Corp.(a) |  | 312,498 | 41,965,356
|  |  | 121,233,640
Software — 9.5% |
Intuit, Inc. |  | 13,800 | 8,673,300
Microsoft Corp.(a)(d) |  | 181,899 | 76,670,428
|  |  | 85,343,728
Specialty Retail — 0.8% |
Ross Stores, Inc. |  | 44,959 | 6,800,948
Technology Hardware, Storage & Peripherals — 3.9% |
Apple, Inc.(a) |  | 121,954 | 30,539,721
Western Digital Corp.(b) |  | 70,097 | 4,179,884
|  |  | 34,719,605
Textiles, Apparel & Luxury Goods — 1.5% |
LVMH Moet Hennessy Louis Vuitton SE |  | 20,654 | 13,586,051
Total Long-Term Investments — 100.7% (Cost: $599,221,066) | 905,684,805

68
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 0.8% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.63%(e)(f)(g) |  | 434,910 | $435,128
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(e)(f) |  | 6,320,794 | 6,320,794
Total Short-Term Securities — 0.8% (Cost: $6,755,963) | 6,755,922
Total Investments Before Options Written — 101.5% (Cost: $605,977,029) | 912,440,727
Options Written — (1.3)% (Premiums Received: $(14,633,458)) | (11,480,390 )
Total Investments, Net of Options Written — 100.2% (Cost: $591,343,571) | 900,960,337
Liabilities in Excess of Other Assets — (0.2)% | (1,409,029 )
Net Assets — 100.0% | $899,551,308

(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) | 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 year ended December 31, 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 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $435,466 (a) | $— | $(298 ) | $(40 ) | $435,128 | 434,910 | $2,660 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 12,932,953 | — | (6,612,159 )(a) | — | — | 6,320,794 | 6,320,794 | 550,353 | —
SL Liquidity Series, LLC, Money Market Series(c) | 397,512 | — | (397,856 )(a) | 305 | 39 | — | — | 215 (b) | —
|  |  |  | $7 | $(1 ) | $6,755,922 |  | $553,228 | $—

(a) | Represents net amount purchased (sold).
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.
(c) | As of period end, the entity is no longer held.

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 |  |  |  |  |  |  |
Honeywell International, Inc. | 217 | 01/03/25 | USD | 235.25 | USD | 4,902 | $(335 )
Honeywell International, Inc. | 300 | 01/03/25 | USD | 230.00 | USD | 6,777 | (12,000 )
Humana, Inc. | 42 | 01/03/25 | USD | 315.00 | USD | 1,066 | (6,300 )
JPMorgan Chase & Co. | 267 | 01/03/25 | USD | 245.00 | USD | 6,400 | (5,874 )
KKR & Co., Inc., Class A | 190 | 01/03/25 | USD | 165.00 | USD | 2,810 | (24,700 )
Novo Nordisk A/S, Class B, ADR | 300 | 01/03/25 | USD | 116.00 | USD | 2,581 | (15,000 )
Reddit, Inc., Class A | 227 | 01/03/25 | USD | 180.00 | USD | 3,710 | (7,605 )
Sony Group Corp., ADR | 983 | 01/03/25 | USD | 22.00 | USD | 2,080 | (4,915 )
UnitedHealth Group, Inc. | 50 | 01/03/25 | USD | 615.00 | USD | 2,529 | (8,500 )
Cognizant Technology Solutions Corp., Class A | 196 | 01/08/25 | USD | 78.50 | USD | 1,507 | (9,137 )
Advanced Micro Devices, Inc. | 59 | 01/10/25 | USD | 150.00 | USD | 713 | (207 )
Alphabet, Inc., Class A | 58 | 01/10/25 | USD | 180.00 | USD | 1,098 | (59,305 )
Amazon.com, Inc. | 384 | 01/10/25 | USD | 230.00 | USD | 8,425 | (24,384 )
Broadcom, Inc. | 251 | 01/10/25 | USD | 178.30 | USD | 5,819 | (1,350,388 )

Schedule of Investments
69

Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
Cardinal Health, Inc. | 3 | 01/10/25 | USD | 122.91 | USD | 35 | $(48 )
ConocoPhillips | 377 | 01/10/25 | USD | 109.00 | USD | 3,739 | (3,393 )
JPMorgan Chase & Co. | 156 | 01/10/25 | USD | 255.00 | USD | 3,739 | (858 )
Marvell Technology, Inc. | 571 | 01/10/25 | USD | 125.00 | USD | 6,307 | (8,851 )
Meta Platforms, Inc., Class A | 120 | 01/10/25 | USD | 635.00 | USD | 7,026 | (6,840 )
Microsoft Corp. | 127 | 01/10/25 | USD | 445.00 | USD | 5,353 | (3,302 )
NVIDIA Corp. | 132 | 01/10/25 | USD | 160.32 | USD | 1,773 | (327 )
NVIDIA Corp. | 233 | 01/10/25 | USD | 165.08 | USD | 3,129 | (191 )
Sony Group Corp., ADR | 1,099 | 01/10/25 | USD | 22.00 | USD | 2,325 | (8,243 )
UnitedHealth Group, Inc. | 16 | 01/10/25 | USD | 585.00 | USD | 809 | (176 )
Visa, Inc., Class A | 287 | 01/10/25 | USD | 320.00 | USD | 9,070 | (52,521 )
Advanced Micro Devices, Inc. | 58 | 01/17/25 | USD | 155.00 | USD | 701 | (435 )
Alphabet, Inc., Class A | 600 | 01/17/25 | USD | 180.00 | USD | 11,358 | (666,000 )
Amazon.com, Inc. | 388 | 01/17/25 | USD | 215.00 | USD | 8,512 | (312,340 )
Amazon.com, Inc. | 376 | 01/17/25 | USD | 230.00 | USD | 8,249 | (54,144 )
Apple, Inc. | 289 | 01/17/25 | USD | 235.00 | USD | 7,237 | (470,347 )
Astera Labs, Inc. | 490 | 01/17/25 | USD | 145.00 | USD | 6,490 | (154,350 )
Broadcom, Inc. | 272 | 01/17/25 | USD | 185.00 | USD | 6,306 | (1,319,880 )
Cardinal Health, Inc. | 159 | 01/17/25 | USD | 120.00 | USD | 1,880 | (20,670 )
Ciena Corp. | 660 | 01/17/25 | USD | 72.50 | USD | 5,597 | (778,800 )
Elevance Health, Inc. | 58 | 01/17/25 | USD | 440.00 | USD | 2,140 | (3,190 )
Fidelity National Financial, Inc., Class A | 403 | 01/17/25 | USD | 62.00 | USD | 2,262 | (114 )
Hess Corp. | 641 | 01/17/25 | USD | 150.00 | USD | 8,526 | (16,025 )
Honeywell International, Inc. | 217 | 01/17/25 | USD | 235.25 | USD | 4,902 | (21,159 )
Howmet Aerospace, Inc. | 260 | 01/17/25 | USD | 125.00 | USD | 2,844 | (9,100 )
Intercontinental Exchange, Inc. | 278 | 01/17/25 | USD | 165.00 | USD | 4,142 | (4,170 )
Johnson Controls International PLC | 542 | 01/17/25 | USD | 82.50 | USD | 4,278 | (17,615 )
JPMorgan Chase & Co. | 139 | 01/17/25 | USD | 240.00 | USD | 3,332 | (72,627 )
KKR & Co., Inc., Class A | 190 | 01/17/25 | USD | 165.00 | USD | 2,810 | (4,750 )
Marvell Technology, Inc. | 309 | 01/17/25 | USD | 92.50 | USD | 3,413 | (554,655 )
Meta Platforms, Inc., Class A | 93 | 01/17/25 | USD | 600.00 | USD | 5,445 | (88,582 )
Novo Nordisk A/S, Class B, ADR | 318 | 01/17/25 | USD | 115.00 | USD | 2,735 | (2,385 )
NVIDIA Corp. | 45 | 01/17/25 | USD | 140.00 | USD | 604 | (12,803 )
NVIDIA Corp. | 132 | 01/17/25 | USD | 158.00 | USD | 1,773 | (3,498 )
Otis Worldwide Corp. | 341 | 01/17/25 | USD | 100.00 | USD | 3,158 | (5,115 )
Otis Worldwide Corp. | 24 | 01/17/25 | USD | 105.00 | USD | 222 | (120 )
Reddit, Inc., Class A | 227 | 01/17/25 | USD | 175.00 | USD | 3,710 | (120,877 )
Reinsurance Group of America, Inc. | 174 | 01/17/25 | USD | 230.00 | USD | 3,717 | (55,680 )
S&P Global, Inc. | 145 | 01/17/25 | USD | 530.00 | USD | 7,221 | (8,700 )
Sony Group Corp., ADR | 1,099 | 01/17/25 | USD | 22.00 | USD | 2,325 | (13,738 )
SS&C Technologies Holdings, Inc. | 411 | 01/17/25 | USD | 75.00 | USD | 3,115 | (69,870 )
SS&C Technologies Holdings, Inc. | 822 | 01/17/25 | USD | 77.50 | USD | 6,229 | (60,664 )
Tenet Healthcare Corp. | 375 | 01/17/25 | USD | 175.00 | USD | 4,734 | (28,125 )
TKO Group Holdings, Inc., Class A | 257 | 01/17/25 | USD | 125.00 | USD | 3,652 | (453,605 )
Visa, Inc., Class A | 286 | 01/17/25 | USD | 320.00 | USD | 9,039 | (94,380 )
Westinghouse Air Brake Technologies Corp. | 232 | 01/17/25 | USD | 202.34 | USD | 4,398 | (5,628 )
Alphabet, Inc., Class A | 450 | 01/24/25 | USD | 205.00 | USD | 8,519 | (33,300 )
Amazon.com, Inc. | 348 | 01/24/25 | USD | 220.00 | USD | 7,635 | (205,320 )
Apple, Inc. | 217 | 01/24/25 | USD | 255.00 | USD | 5,434 | (64,774 )
Broadcom, Inc. | 117 | 01/24/25 | USD | 235.00 | USD | 2,713 | (95,647 )
Cardinal Health, Inc. | 276 | 01/24/25 | USD | 124.00 | USD | 3,264 | (12,420 )
Cardinal Health, Inc. | 78 | 01/24/25 | USD | 120.00 | USD | 923 | (11,895 )
ConocoPhillips | 115 | 01/24/25 | USD | 108.00 | USD | 1,140 | (3,680 )
Meta Platforms, Inc., Class A | 199 | 01/24/25 | USD | 680.00 | USD | 11,652 | (13,333 )
Microsoft Corp. | 494 | 01/24/25 | USD | 465.00 | USD | 20,822 | (15,808 )
NVIDIA Corp. | 223 | 01/24/25 | USD | 144.00 | USD | 2,995 | (54,523 )
NVIDIA Corp. | 38 | 01/24/25 | USD | 135.00 | USD | 510 | (21,945 )
Reddit, Inc., Class A | 185 | 01/24/25 | USD | 185.00 | USD | 3,024 | (74,925 )
UnitedHealth Group, Inc. | 44 | 01/24/25 | USD | 525.00 | USD | 2,226 | (44,330 )
Visa, Inc., Class A | 192 | 01/24/25 | USD | 325.00 | USD | 6,068 | (50,880 )
Amazon.com, Inc. | 120 | 01/31/25 | USD | 245.00 | USD | 2,633 | (13,680 )
Broadcom, Inc. | 32 | 01/31/25 | USD | 240.00 | USD | 742 | (24,640 )

70
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
Exchange-Traded Options Written (continued)

Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |
ConocoPhillips | 94 | 01/31/25 | USD | 101.00 | USD | 932 | $(18,518 )
Humana, Inc. | 88 | 01/31/25 | USD | 295.00 | USD | 2,233 | (36,520 )
Marvell Technology, Inc. | 62 | 01/31/25 | USD | 123.00 | USD | 685 | (11,315 )
Meta Platforms, Inc., Class A | 147 | 01/31/25 | USD | 660.00 | USD | 8,607 | (93,712 )
Microsoft Corp. | 259 | 01/31/25 | USD | 470.00 | USD | 10,917 | (31,469 )
NVIDIA Corp. | 130 | 01/31/25 | USD | 131.00 | USD | 1,746 | (120,900 )
NVIDIA Corp. | 112 | 01/31/25 | USD | 152.50 | USD | 1,504 | (18,256 )
Reddit, Inc., Class A | 186 | 01/31/25 | USD | 195.00 | USD | 3,040 | (71,889 )
Ross Stores, Inc. | 146 | 01/31/25 | USD | 155.00 | USD | 2,209 | (32,850 )
Wells Fargo & Co. | 421 | 01/31/25 | USD | 75.00 | USD | 2,957 | (38,943 )
Western Digital Corp. | 227 | 01/31/25 | USD | 66.00 | USD | 1,354 | (26,105 )
NVIDIA Corp. | 112 | 02/07/25 | USD | 152.50 | USD | 1,504 | (25,088 )
NVIDIA Corp. | 112 | 02/14/25 | USD | 152.51 | USD | 1,504 | (29,997 )
Advanced Micro Devices, Inc. | 353 | 02/21/25 | USD | 145.00 | USD | 4,264 | (79,425 )
Amazon.com, Inc. | 384 | 02/21/25 | USD | 230.00 | USD | 8,425 | (270,720 )
Apple, Inc. | 286 | 02/21/25 | USD | 250.00 | USD | 7,162 | (272,415 )
Broadcom, Inc. | 32 | 02/21/25 | USD | 240.00 | USD | 742 | (37,920 )
Cardinal Health, Inc. | 7 | 02/21/25 | USD | 120.00 | USD | 83 | (2,555 )
Ciena Corp. | 793 | 02/21/25 | USD | 92.50 | USD | 6,725 | (128,862 )
Elevance Health, Inc. | 55 | 02/21/25 | USD | 389.00 | USD | 2,029 | (64,630 )
Eli Lilly & Co. | 38 | 02/21/25 | USD | 870.00 | USD | 2,934 | (48,450 )
Intercontinental Exchange, Inc. | 353 | 02/21/25 | USD | 157.00 | USD | 5,260 | (57,787 )
Johnson Controls International PLC | 542 | 02/21/25 | USD | 80.00 | USD | 4,278 | (196,475 )
Marvell Technology, Inc. | 53 | 02/21/25 | USD | 120.00 | USD | 585 | (20,935 )
Microsoft Corp. | 302 | 02/21/25 | USD | 460.00 | USD | 12,729 | (118,535 )
NVIDIA Corp. | 166 | 02/21/25 | USD | 148.00 | USD | 2,229 | (70,965 )
Otis Worldwide Corp. | 235 | 02/21/25 | USD | 99.00 | USD | 2,176 | (21,570 )
Reddit, Inc., Class A | 121 | 02/21/25 | USD | 170.00 | USD | 1,978 | (221,430 )
Ross Stores, Inc. | 146 | 02/21/25 | USD | 160.00 | USD | 2,209 | (26,280 )
S&P Global, Inc. | 224 | 02/21/25 | USD | 510.00 | USD | 11,156 | (263,200 )
SS&C Technologies Holdings, Inc. | 817 | 02/21/25 | USD | 80.00 | USD | 6,191 | (93,955 )
Tenet Healthcare Corp. | 181 | 02/21/25 | USD | 155.00 | USD | 2,285 | (18,100 )
Wells Fargo & Co. | 421 | 02/21/25 | USD | 75.00 | USD | 2,957 | (57,887 )
Western Digital Corp. | 227 | 02/21/25 | USD | 67.50 | USD | 1,354 | (33,937 )
Zebra Technologies Corp., Class A | 130 | 02/21/25 | USD | 400.00 | USD | 5,021 | (183,300 )
|  |  |  |  |  |  | $(10,703,536 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Cognizant Technology Solutions Corp., Class A | Citibank N.A. | 30,000 | 01/06/25 | USD | 82.00 | USD | 2,307 | $(448 )
Dun & Bradstreet Holdings, Inc. | Goldman Sachs International | 92,600 | 01/06/25 | USD | 12.46 | USD | 1,154 | (16,361 )
Reinsurance Group of America, Inc. | Goldman Sachs International | 15,000 | 01/06/25 | USD | 212.55 | USD | 3,204 | (48,349 )
TKO Group Holdings, Inc., Class A | Morgan Stanley & Co. International PLC | 30,000 | 01/06/25 | USD | 145.96 | USD | 4,263 | (37,863 )
Westinghouse Air Brake Technologies Corp. | Citibank N.A. | 25,000 | 01/06/25 | USD | 195.28 | USD | 4,740 | (7,462 )
Ciena Corp. | Citibank N.A. | 42,000 | 01/08/25 | USD | 75.05 | USD | 3,562 | (413,326 )
NVIDIA Corp. | Barclays Bank PLC | 6,400 | 01/08/25 | USD | 149.60 | USD | 859 | (955 )
Dun & Bradstreet Holdings, Inc. | Goldman Sachs International | 92,600 | 01/10/25 | USD | 12.53 | USD | 1,154 | (17,124 )
Zebra Technologies Corp., Class A | Citibank N.A. | 12,000 | 01/10/25 | USD | 415.09 | USD | 4,635 | (2,353 )
LVMH Moet Hennessy Louis Vuitton SE | Morgan Stanley & Co. International PLC | 13,400 | 01/22/25 | EUR | 641.33 | EUR | 8,516 | (192,088 )
Howmet Aerospace, Inc. | Morgan Stanley & Co. International PLC | 26,000 | 01/29/25 | USD | 122.89 | USD | 2,844 | (4,622 )
Intercontinental Exchange, Inc. | BNP Paribas SA | 32,600 | 01/29/25 | USD | 159.14 | USD | 4,858 | (15,130 )
Fidelity National Financial, Inc., Class A | Morgan Stanley & Co. International PLC | 34,700 | 02/05/25 | USD | 59.32 | USD | 1,948 | (20,773 )
|  |  |  |  |  |  |  | $(776,854 )

Schedule of Investments
71

Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)
Balances Reported in the Statements of Assets and Liabilities for Options Written

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(14,633,458 ) | $7,831,390 | $(4,678,322 ) | $(11,480,390 )

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 | $— | $— | $11,480,390 | $— | $— | $— | $11,480,390

For the period ended December 31, 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 | $— | $— | $(35,047,640 ) | $— | $— | $— | $(35,047,640 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $11,435,274 | $— | $— | $— | $11,435,274

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $14,936,859

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 | $— | $11,480,390
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 11,480,390
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (10,703,536 )
Total derivative assets and liabilities subject to an MNA | $— | $776,854

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(b) | Net Amount of Derivative Liabilities(c)
Barclays Bank PLC | $955 | $— | $— | $— | $955
BNP Paribas SA | 15,130 | — | — | — | 15,130
Citibank N.A. | 423,589 | — | (423,589 ) | — | —

72
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Enhanced Large Cap Core Fund, Inc. (CII)

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged(b) | Net Amount of Derivative Liabilities(c)
Goldman Sachs International | $81,834 | $— | $— | $— | $81,834
Morgan Stanley & Co. International PLC | 255,346 | — | (255,346 ) | — | —
| $776,854 | $— | $(678,935 ) | $— | $97,919

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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 at the measurement date. 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 | $13,232,895 | $— | $— | $13,232,895
Banks | 29,852,316 | — | — | 29,852,316
Broadline Retail | 67,515,079 | — | — | 67,515,079
Building Products | 13,166,629 | — | — | 13,166,629
Capital Markets | 63,340,757 | — | — | 63,340,757
Chemicals | 27,880,385 | — | — | 27,880,385
Communications Equipment | 39,723,138 | — | — | 39,723,138
Electronic Equipment, Instruments & Components | 14,898,823 | — | — | 14,898,823
Entertainment | 11,241,185 | — | — | 11,241,185
Financial Services | 37,214,658 | — | — | 37,214,658
Health Care Providers & Services | 79,983,106 | — | — | 79,983,106
Household Durables | 6,731,631 | — | — | 6,731,631
Industrial Conglomerates | 19,368,712 | — | — | 19,368,712
Insurance | 15,037,696 | — | — | 15,037,696
Interactive Media & Services | 106,498,431 | — | — | 106,498,431
IT Services | 10,097,508 | — | — | 10,097,508
Machinery | 19,304,497 | — | — | 19,304,497
Oil, Gas & Consumable Fuels | 22,078,613 | — | — | 22,078,613
Pharmaceuticals | 11,399,776 | — | — | 11,399,776
Professional Services | 35,434,998 | — | — | 35,434,998
Semiconductors & Semiconductor Equipment | 121,233,640 | — | — | 121,233,640
Software | 85,343,728 | — | — | 85,343,728
Specialty Retail | 6,800,948 | — | — | 6,800,948
Technology Hardware, Storage & Peripherals | 34,719,605 | — | — | 34,719,605
Textiles, Apparel & Luxury Goods | — | 13,586,051 | — | 13,586,051
Short-Term Securities |  |  |  |
Money Market Funds | 6,755,922 | — | — | 6,755,922
| $898,854,676 | $13,586,051 | $— | $912,440,727
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(9,081,561 ) | $(2,398,829 ) | $— | $(11,480,390 )

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

See notes to financial statements.
Schedule of Investments
73

Schedule of Investments
December 31, 2024
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Biotechnology — 41.0% |
4D Molecular Therapeutics, Inc.(a) |  | 109,215 | $608,328
Abbisko Cayman Ltd.(a) |  | 10,378,250 | 6,108,843
AC Immune SA(a) |  | 628,829 | 1,697,838
Alkermes PLC(a) |  | 190,629 | 5,482,490
Allogene Therapeutics, Inc.(a) |  | 729,560 | 1,553,963
Alnylam Pharmaceuticals, Inc.(a)(b) |  | 262,673 | 61,809,584
Annexon, Inc.(a) |  | 247,095 | 1,267,597
Apellis Pharmaceuticals, Inc.(a) |  | 53,391 | 1,703,707
Arcellx, Inc.(a) |  | 20,900 | 1,602,820
Arcturus Therapeutics Holdings, Inc.(a) |  | 84,144 | 1,427,924
Arcus Biosciences, Inc.(a)(c) |  | 169,790 | 2,528,173
Argenx SE, ADR(a) |  | 104,599 | 64,328,385
Arrowhead Pharmaceuticals, Inc.(a) |  | 88,016 | 1,654,701
Ascendis Pharma A/S, ADR(a) |  | 48,265 | 6,644,643
Autolus Therapeutics PLC, ADR(a) |  | 795,718 | 1,869,937
Avidity Biosciences, Inc.(a) |  | 124,955 | 3,633,691
Beam Therapeutics, Inc.(a) |  | 290,752 | 7,210,650
BeiGene Ltd., ADR(a)(c) |  | 74,469 | 13,755,169
Bicycle Therapeutics PLC, ADR(a)(c) |  | 91,006 | 1,274,084
Biohaven Ltd.(a) |  | 151,959 | 5,675,669
BioMarin Pharmaceutical, Inc.(a) |  | 253,011 | 16,630,413
BioNTech SE, ADR(a) |  | 61,595 | 7,018,750
Black Diamond Therapeutics, Inc.(a) |  | 866,005 | 1,853,251
Blueprint Medicines Corp.(a) |  | 171,956 | 14,998,002
Bridgebio Pharma, Inc.(a) |  | 176,043 | 4,830,620
CG oncology, Inc.(a) |  | 43,008 | 1,233,469
Denali Therapeutics, Inc.(a) |  | 511,840 | 10,431,299
Disc Medicine, Inc.(a) |  | 48,054 | 3,046,624
Dyne Therapeutics, Inc.(a) |  | 200,089 | 4,714,097
Everest Medicines Ltd.(a)(c)(d) |  | 3,113,667 | 19,314,157
Exact Sciences Corp.(a) |  | 270,089 | 15,176,301
Exelixis, Inc.(a) |  | 344,845 | 11,483,338
Gilead Sciences, Inc. |  | 176,216 | 16,277,072
Halozyme Therapeutics, Inc.(a) |  | 171,850 | 8,216,148
Immatics NV(a) |  | 278,934 | 1,983,221
Immunocore Holdings PLC, Series C, ADR(a) |  | 321,900 | 9,496,050
Incyte Corp.(a) |  | 114,060 | 7,878,124
Insmed, Inc.(a) |  | 300,764 | 20,764,747
Ionis Pharmaceuticals, Inc.(a) |  | 173,321 | 6,059,302
Legend Biotech Corp., ADR(a) |  | 72,722 | 2,366,374
Lexeo Therapeutics, Inc.(a) |  | 28,330 | 186,411
Merus NV(a) |  | 401,993 | 16,903,806
Monte Rosa Therapeutics, Inc.(a)(c) |  | 266,168 | 1,847,206
MoonLake Immunotherapeutics(a) |  | 121,107 | 6,557,944
Natera, Inc.(a) |  | 115,865 | 18,341,429
Neurocrine Biosciences, Inc.(a) |  | 177,015 | 24,162,547
Neurogene, Inc.(a) |  | 234,672 | 5,364,602
Nurix Therapeutics, Inc.(a)(c) |  | 420,409 | 7,920,506
Nuvalent, Inc., Class A(a) |  | 230,634 | 18,054,029
Onkure Therapeutic, Inc., (Acquired 03/24/23, Cost: $7,022,594)(a)(e) |  | 367,976 | 3,164,594
ORIC Pharmaceuticals, Inc.(a) |  | 237,559 | 1,917,101
Protagonist Therapeutics, Inc.(a) |  | 158,867 | 6,132,266
PTC Therapeutics, Inc.(a) |  | 234,545 | 10,587,361
REGENXBIO, Inc.(a) |  | 111,333 | 860,604
Renagade Therapeutics, Series A-2(a)(f) |  | 3,584,906 | 8,818,869
REVOLUTION Medicines, Inc.(a)(c) |  | 66,825 | 2,922,925
Rhythm Pharmaceuticals, Inc.(a) |  | 630,459 | 35,293,095
Rocket Pharmaceuticals, Inc.(a) |  | 273,849 | 3,442,282
Roivant Sciences Ltd.(a) |  | 899,035 | 10,635,584

Security |  | Shares | Value
Biotechnology (continued) |
RPHM Onkure Pipe(a) |  | 95,610 | $796,431
Sagimet Biosciences, Inc., Series A(a) |  | 408,120 | 1,836,540
Sarepta Therapeutics, Inc.(a) |  | 228,161 | 27,742,096
Scholar Rock Holding Corp.(a) |  | 115,917 | 5,009,933
Spyre Therapeutics, Inc.(a) |  | 31,295 | 728,548
Stoke Therapeutics, Inc.(a) |  | 530,092 | 5,846,915
TScan Therapeutics, Inc.(a) |  | 1,045,767 | 3,179,132
Twist Bioscience Corp.(a) |  | 138,215 | 6,422,851
Ultragenyx Pharmaceutical, Inc.(a) |  | 120,654 | 5,075,914
United Therapeutics Corp.(a) |  | 60,511 | 21,350,701
Vaxcyte, Inc.(a) |  | 127,504 | 10,437,477
Vertex Pharmaceuticals, Inc.(a) |  | 9,507 | 3,828,469
Vigil Neuroscience, Inc.(a) |  | 225,247 | 382,920
Viking Therapeutics, Inc.(a)(c) |  | 42,180 | 1,697,323
Voyager Therapeutics, Inc.(a) |  | 363,321 | 2,060,030
Xenon Pharmaceuticals, Inc.(a) |  | 456,329 | 17,888,097
Zealand Pharma A/S(a) |  | 90,332 | 8,985,775
|  |  | 681,991,868
Capital Markets — 0.3% |
Helix Acquisition Corp. II, Class A(a) |  | 544,465 | 5,716,883
Health Care Equipment & Supplies — 21.6% |
Abbott Laboratories |  | 117,320 | 13,270,065
Alcon AG |  | 101,475 | 8,614,213
Align Technology, Inc.(a) |  | 116,423 | 24,275,360
Becton Dickinson & Co. |  | 42,593 | 9,663,074
Boston Scientific Corp.(a)(b)(g) |  | 495,160 | 44,227,691
Cooper Cos., Inc.(a) |  | 104,912 | 9,644,560
Dexcom, Inc.(a) |  | 119,854 | 9,321,045
Edwards Lifesciences Corp.(a) |  | 113,306 | 8,388,043
GE HealthCare Technologies, Inc.(a)(c) |  | 118,855 | 9,292,084
Glaukos Corp.(a) |  | 44,674 | 6,698,419
Inari Medical, Inc.(a) |  | 87,520 | 4,467,896
Inspire Medical Systems, Inc.(a) |  | 89,190 | 16,534,042
Insulet Corp.(a) |  | 97,595 | 25,479,127
Intuitive Surgical, Inc.(a)(b) |  | 152,850 | 79,781,586
Novocure Ltd.(a) |  | 231,742 | 6,905,912
Nucleix Ltd., (Acquired 04/10/24, Cost: $1,300,000)(a)(e)(f)(h) |  | 1,300 | 1,161,485
Nyxoah SA(a) |  | 648,041 | 5,184,328
Orchestra BioMed Holdings, Inc.(a) |  | 233,344 | 933,376
Penumbra, Inc.(a) |  | 62,727 | 14,896,408
Sonova Holding AG, Registered Shares |  | 98,780 | 32,302,016
STERIS PLC |  | 47,732 | 9,811,790
Stryker Corp. |  | 50,474 | 18,173,164
|  |  | 359,025,684
Health Care Providers & Services — 3.6% |
Chemed Corp. |  | 11,582 | 6,136,144
Encompass Health Corp. |  | 164,829 | 15,221,958
Guardant Health, Inc.(a) |  | 372,391 | 11,376,545
Molina Healthcare, Inc.(a)(c) |  | 77,120 | 22,445,776
RadNet, Inc.(a) |  | 66,127 | 4,618,310
|  |  | 59,798,733
Health Care Technology — 1.9% |
Veeva Systems, Inc., Class A(a) |  | 151,305 | 31,811,876
Life Sciences Tools & Services — 16.3% |
Bio-Techne Corp.(g) |  | 451,301 | 32,507,211
Danaher Corp. |  | 89,673 | 20,584,437
Gerresheimer AG |  | 50,949 | 3,750,793
Illumina, Inc.(a) |  | 90,520 | 12,096,188
Lonza Group AG, Registered Shares |  | 25,381 | 14,980,841

74
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Life Sciences Tools & Services (continued) |
Mettler-Toledo International, Inc.(a)(g) |  | 33,037 | $40,426,716
QIAGEN NV |  | 302,727 | 13,480,433
Rapid Micro Biosystems, Inc., Class A(a) |  | 571,184 | 514,066
Repligen Corp.(a) |  | 218,335 | 31,427,140
Waters Corp.(a)(b)(g) |  | 128,848 | 47,800,031
West Pharmaceutical Services, Inc.(b) |  | 161,486 | 52,896,354
|  |  | 270,464,210
Pharmaceuticals — 4.8% |
Antengene Corp. Ltd.(a)(d) |  | 5,019,274 | 414,852
Arvinas, Inc.(a) |  | 253,060 | 4,851,160
Axsome Therapeutics, Inc.(a) |  | 39,899 | 3,375,854
Daiichi Sankyo Co. Ltd. |  | 207,700 | 5,683,344
Edgewise Therapeutics, Inc.(a) |  | 136,782 | 3,652,080
Neumora Therapeutics, Inc.(a) |  | 112,071 | 1,187,953
Nuvation Bio, Inc., Class A(a) |  | 328,466 | 873,720
Roche Holding AG |  | 124,794 | 34,893,227
Sanofi SA, ADR |  | 272,403 | 13,137,997
Septerna, Inc.(a) |  | 19,466 | 445,771
Structure Therapeutics, Inc., ADR(a)(c) |  | 66,435 | 1,801,717
Tarsus Pharmaceuticals, Inc.(a) |  | 156,604 | 8,671,164
WaVe Life Sciences Ltd.(a) |  | 114,714 | 1,419,012
|  |  | 80,407,851
Total Common Stocks — 89.5% (Cost: $1,396,866,799) | 1,489,217,105

|  | Par (000) |
Corporate Bonds
Health Care Equipment & Supplies — 0.0%
Exo Imaging, Inc., (Acquired 07/24/24, Cost: $640,450), 8.00%, 08/14/25(e)(f) | $ | 641 | 885,422
Software — 0.1%
Carbon Health Technologies, Inc., Series D2, (Acquired 02/27/24, Cost: $1,226,000), 12.00%, 02/28/26(e)(f) |  | 1 | 1,300,222
Total Corporate Bonds — 0.1% (Cost: $1,866,450) | 2,185,644

|  | Benefical Interest (000) |
Other Interests
Biotechnology(e)(f)(i) — 0.2% |
Affinivax, Inc., (Acquired 08/18/22, Cost: $ —) | $ | 183 | 1,736,395
Amunix Pharmaceuticals, Inc., (Acquired 02/08/22, Cost: $ —) |  | 5,657 | 1,470,837
Total Other Interests — 0.2% (Cost: $ — ) | 3,207,232

Security |  | Shares | Value
Preferred Securities
Preferred Stocks — 7.8%
Biotechnology(a)(f) — 3.8% |
ABCURO, Series B |  | 1,092,954 | $6,514,006
Adarx Pharamaceuticals, Inc., Series C, (Acquired 08/02/23, Cost: $7,160,001)(e) |  | 860,577 | 7,667,741
Bright Peak Therapeutics, Inc., Series B, (Acquired 05/14/21, Cost: $8,000,004)(e) |  | 3,191,830 | 3,287,585
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998)(e) |  | 2,430,833 | 4,861,666
Genesis Therapeutics, Inc., Series B, (Acquired 08/10/23, Cost: $6,999,996)(e) |  | 1,370,506 | 7,976,345
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $4,543,847)(e) |  | 3,850,718 | 1,501,780
Kartos Therapeutics, Inc., Series C, (Acquired 08/22/23, Cost: $7,539,875)(e) |  | 1,333,783 | 7,829,306
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $13,498,156)(e) |  | 482,077 | 12,856,994
Mirvie, Inc., Series B, (Acquired 10/15/21, Cost: $6,250,000)(e) |  | 2,793,833 | 5,168,591
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996)(e) |  | 1,394,189 | 4,921,487
|  |  | 62,585,501
Health Care Equipment & Supplies(a)(e)(f) — 0.3% |
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $13,225,003) |  | 2,257,597 | 135,456
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998) |  | 2,379,480 | 5,044,497
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $6,441,930) |  | 2,078 | 4,634
|  |  | 5,184,587
Health Care Providers & Services(e)(f) — 1.1% |
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986)(a) |  | 382,775 | 3,487,080
Numab Therapeutics AG, Series C, (Acquired 05/07/21, Cost: $7,770,441) |  | 815,851 | 6,337,667
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $14,071,890)(a) |  | 115,766,240 | 9,275,375
|  |  | 19,100,122
Life Sciences Tools & Services — 0.7% |
Sartorius AG |  | 48,949 | 10,878,114
Pharmaceuticals(a)(e)(f) — 0.5% |
Insitro, Inc. |  |  |
Series B, (Acquired 05/21/20, Cost: $5,000,000) |  | 802,478 | 6,788,964
Series C, (Acquired 03/10/21, Cost: $3,600,018) |  | 196,818 | 1,665,080
|  |  | 8,454,044
Semiconductors & Semiconductor Equipment — 1.3% |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $14,999,996)(a)(e)(f) |  | 571,947 | 21,802,620
Software — 0.1% |
Carbon Health Technologies, Inc., Series D2, (Acquired 02/02/23, Cost: $17,100,000)(a)(e)(f) |  | 1,694,781 | 1,593,094
| 129,598,082
Total Preferred Securities — 7.8% (Cost: $199,337,033) | 129,598,082

Schedule of Investments
75

Schedule of Investments (continued)
December 31, 2024
BlackRock Health Sciences Term Trust (BMEZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Rights
Biotechnology(f) — 0.0% |
Korro Bio, Inc., CVR |  | 231,775 | $2
Mirati Therapeutics, Inc. CVR(c) |  | 180,175 | 133,330
|  |  | 133,332
Health Care Equipment & Supplies — 0.0% |
Abiomed, Inc., CVR(a)(f) |  | 98,636 | 213,054
Total Rights — 0.0% (Cost: $226,731) | 346,386
Warrants
Health Care Equipment & Supplies — 0.0% |
Nucleix Ltd., (Acquired 04/10/24, Cost: $—), (Issued 04/10/24, Expires 04/10/34, Strike Price USD 3.35)(a)(e)(f) |  | 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 | 290
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 | 15,842
Total Warrants — 0.0% (Cost: $227,724) | 233,491
Total Long-Term Investments — 97.6% (Cost: $1,598,524,737) | 1,624,787,940
Short-Term Securities
Money Market Funds — 3.7% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.63%(j)(k)(l) |  | 10,223,001 | 10,228,113
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(j)(k) |  | 51,121,570 | 51,121,570
Total Short-Term Securities — 3.7% (Cost: $61,350,462) | 61,349,683
Total Investments Before Options Written — 101.3% (Cost: $1,659,875,199) | 1,686,137,623
Options Written — (0.6)% (Premiums Received: $(15,891,589)) | (10,440,970 )
Total Investments, Net of Options Written — 100.7% (Cost: $1,643,983,610) | 1,675,696,653
Liabilities in Excess of Other Assets — (0.7)% | (11,814,398 )
Net Assets — 100.0% | $1,663,882,255

(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 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.
(e) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $122,142,276, representing 7.3% of its net assets as of period end, and an original cost of $185,905,179.
(f) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(g) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(h) | Convertible security.
(i) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(j) | Affiliate of the Trust.
(k) | Annualized 7-day yield as of period end.
(l) | 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.
76
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Health Sciences Term Trust (BMEZ)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 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 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $10,228,332 (a) | $— | $560 | $(779 ) | $10,228,113 | 10,223,001 | $59,935 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 40,473,813 | 10,647,757 (a) | — | — | — | 51,121,570 | 51,121,570 | 2,809,759 | —
SL Liquidity Series, LLC, Money Market Series(c) | 12,308,246 | — | (12,309,250 )(a) | 424 | 580 | — | — | 29,603 (b) | —
|  |  |  | $984 | $(199 ) | $61,349,683 |  | $2,899,297 | $—

(a) | Represents net amount purchased (sold).
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.
(c) | As of period end, the entity is no longer held.

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. | 113 | 01/03/25 | USD | 235.00 | USD | 2,594 | $(1,978 )
Intuitive Surgical, Inc. | 122 | 01/03/25 | USD | 564.03 | USD | 6,368 | (101 )
Abbott Laboratories | 188 | 01/10/25 | USD | 117.00 | USD | 2,126 | (3,948 )
Dexcom, Inc. | 245 | 01/10/25 | USD | 82.00 | USD | 1,905 | (9,800 )
GE HealthCare Technologies, Inc. | 181 | 01/10/25 | USD | 85.00 | USD | 1,415 | (6,335 )
Gilead Sciences, Inc. | 269 | 01/10/25 | USD | 95.00 | USD | 2,485 | (12,374 )
Align Technology, Inc. | 110 | 01/17/25 | USD | 250.00 | USD | 2,294 | (2,200 )
Align Technology, Inc. | 147 | 01/17/25 | USD | 260.00 | USD | 3,065 | (5,145 )
Alkermes PLC | 305 | 01/17/25 | USD | 30.00 | USD | 877 | (16,013 )
Alnylam Pharmaceuticals, Inc. | 361 | 01/17/25 | USD | 270.00 | USD | 8,495 | (79,420 )
Arcellx, Inc. | 66 | 01/17/25 | USD | 95.00 | USD | 506 | (32,340 )
Arcturus Therapeutics Holdings, Inc. | 269 | 01/17/25 | USD | 20.00 | USD | 456 | (12,105 )
Argenx SE, ADR | 160 | 01/17/25 | USD | 620.00 | USD | 9,840 | (332,000 )
Arvinas, Inc. | 374 | 01/17/25 | USD | 30.00 | USD | 717 | (28,050 )
Arvinas, Inc. | 435 | 01/17/25 | USD | 22.50 | USD | 834 | (26,100 )
Avidity Biosciences, Inc. | 399 | 01/17/25 | USD | 35.00 | USD | 1,160 | (13,965 )
Axsome Therapeutics, Inc. | 63 | 01/17/25 | USD | 105.00 | USD | 533 | (1,890 )
Beam Therapeutics, Inc. | 930 | 01/17/25 | USD | 29.00 | USD | 2,306 | (34,875 )
Becton Dickinson & Co. | 67 | 01/17/25 | USD | 240.00 | USD | 1,520 | (2,010 )
BeiGene Ltd., ADR | 238 | 01/17/25 | USD | 203.90 | USD | 4,396 | (23,042 )
Biohaven Ltd. | 328 | 01/17/25 | USD | 60.00 | USD | 1,225 | (3,280 )
BioMarin Pharmaceutical, Inc. | 250 | 01/17/25 | USD | 70.00 | USD | 1,643 | (10,625 )
BioNTech SE, ADR | 99 | 01/17/25 | USD | 120.00 | USD | 1,128 | (25,493 )
Bio-Techne Corp. | 857 | 01/17/25 | USD | 75.00 | USD | 6,173 | (244,245 )
Blueprint Medicines Corp. | 275 | 01/17/25 | USD | 100.00 | USD | 2,399 | (27,500 )
Boston Scientific Corp. | 528 | 01/17/25 | USD | 92.50 | USD | 4,716 | (33,000 )
Bridgebio Pharma, Inc. | 281 | 01/17/25 | USD | 30.00 | USD | 771 | (18,265 )
Cooper Cos., Inc. | 334 | 01/17/25 | USD | 105.00 | USD | 3,070 | (31,730 )
Danaher Corp. | 90 | 01/17/25 | USD | 240.00 | USD | 2,066 | (10,575 )
Disc Medicine, Inc. | 153 | 01/17/25 | USD | 70.00 | USD | 970 | (74,970 )
Edgewise Therapeutics, Inc. | 437 | 01/17/25 | USD | 35.00 | USD | 1,167 | (28,405 )
Edwards Lifesciences Corp. | 286 | 01/17/25 | USD | 70.00 | USD | 2,117 | (155,870 )
Encompass Health Corp. | 242 | 01/17/25 | USD | 100.00 | USD | 2,235 | (61,105 )
Exact Sciences Corp. | 466 | 01/17/25 | USD | 55.00 | USD | 2,618 | (172,420 )
Exelixis, Inc. | 547 | 01/17/25 | USD | 37.00 | USD | 1,822 | (27,350 )
GE HealthCare Technologies, Inc. | 199 | 01/17/25 | USD | 87.50 | USD | 1,556 | (1,493 )
Gilead Sciences, Inc. | 269 | 01/17/25 | USD | 97.50 | USD | 2,485 | (13,450 )

Schedule of Investments
77

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Glaukos Corp. | 71 | 01/17/25 | USD | 150.00 | USD | 1,065 | $(44,730 )
Guardant Health, Inc. | 595 | 01/17/25 | USD | 33.46 | USD | 1,818 | (42,769 )
Halozyme Therapeutics, Inc. | 288 | 01/17/25 | USD | 50.00 | USD | 1,377 | (24,480 )
Inari Medical, Inc. | 140 | 01/17/25 | USD | 65.00 | USD | 715 | (27,300 )
Incyte Corp. | 364 | 01/17/25 | USD | 77.50 | USD | 2,514 | (100,100 )
Insmed, Inc. | 481 | 01/17/25 | USD | 77.50 | USD | 3,321 | (51,707 )
Inspire Medical Systems, Inc. | 142 | 01/17/25 | USD | 200.00 | USD | 2,632 | (49,345 )
Insulet Corp. | 156 | 01/17/25 | USD | 280.00 | USD | 4,073 | (21,060 )
Intuitive Surgical, Inc. | 122 | 01/17/25 | USD | 540.00 | USD | 6,368 | (89,060 )
Ionis Pharmaceuticals, Inc. | 554 | 01/17/25 | USD | 40.00 | USD | 1,937 | (9,695 )
Merus NV | 625 | 01/17/25 | USD | 55.00 | USD | 2,628 | (25,000 )
Mettler-Toledo International, Inc. | 51 | 01/17/25 | USD | 1,320.00 | USD | 6,241 | (25,755 )
Molina Healthcare, Inc. | 118 | 01/17/25 | USD | 330.00 | USD | 3,434 | (17,405 )
Natera, Inc. | 370 | 01/17/25 | USD | 165.00 | USD | 5,857 | (244,200 )
Neurocrine Biosciences, Inc. | 221 | 01/17/25 | USD | 130.00 | USD | 3,017 | (176,800 )
Novocure Ltd. | 370 | 01/17/25 | USD | 35.00 | USD | 1,103 | (9,250 )
Nurix Therapeutics, Inc. | 448 | 01/17/25 | USD | 30.00 | USD | 844 | (147,840 )
Nuvalent, Inc., Class A | 412 | 01/17/25 | USD | 100.00 | USD | 3,225 | (201,880 )
Penumbra, Inc. | 96 | 01/17/25 | USD | 250.00 | USD | 2,280 | (30,480 )
PTC Therapeutics, Inc. | 377 | 01/17/25 | USD | 45.00 | USD | 1,702 | (115,927 )
QIAGEN NV | 484 | 01/17/25 | USD | 45.27 | USD | 2,155 | (41,563 )
RadNet, Inc. | 211 | 01/17/25 | USD | 80.00 | USD | 1,474 | (8,440 )
Repligen Corp. | 273 | 01/17/25 | USD | 140.00 | USD | 3,930 | (222,495 )
REVOLUTION Medicines, Inc. | 184 | 01/17/25 | USD | 65.00 | USD | 805 | (88,320 )
Rhythm Pharmaceuticals, Inc. | 917 | 01/17/25 | USD | 60.00 | USD | 5,133 | (105,455 )
Rocket Pharmaceuticals, Inc. | 435 | 01/17/25 | USD | 20.00 | USD | 547 | (8,700 )
Sanofi SA, ADR | 1,077 | 01/17/25 | USD | 52.50 | USD | 5,194 | (16,155 )
Scholar Rock Holding Corp. | 370 | 01/17/25 | USD | 45.00 | USD | 1,599 | (84,175 )
Structure Therapeutics, Inc., ADR | 106 | 01/17/25 | USD | 45.00 | USD | 287 | (3,180 )
Stryker Corp. | 78 | 01/17/25 | USD | 390.00 | USD | 2,808 | (975 )
Tarsus Pharmaceuticals, Inc. | 501 | 01/17/25 | USD | 55.00 | USD | 2,774 | (237,975 )
Twist Bioscience Corp. | 225 | 01/17/25 | USD | 57.50 | USD | 1,046 | (64,125 )
Ultragenyx Pharmaceutical, Inc. | 386 | 01/17/25 | USD | 55.00 | USD | 1,624 | (27,020 )
United Therapeutics Corp. | 91 | 01/17/25 | USD | 400.00 | USD | 3,211 | (21,840 )
Vaxcyte, Inc. | 204 | 01/17/25 | USD | 105.00 | USD | 1,670 | (15,300 )
Veeva Systems, Inc., Class A | 450 | 01/17/25 | USD | 260.00 | USD | 9,461 | (11,250 )
Vertex Pharmaceuticals, Inc. | 16 | 01/17/25 | USD | 490.00 | USD | 644 | (2,240 )
Viking Therapeutics, Inc. | 134 | 01/17/25 | USD | 55.00 | USD | 539 | (6,365 )
Waters Corp. | 155 | 01/17/25 | USD | 397.49 | USD | 5,750 | (24,988 )
WaVe Life Sciences Ltd. | 183 | 01/17/25 | USD | 17.50 | USD | 226 | (3,660 )
West Pharmaceutical Services, Inc. | 188 | 01/17/25 | USD | 340.00 | USD | 6,158 | (56,400 )
Xenon Pharmaceuticals, Inc. | 219 | 01/17/25 | USD | 42.50 | USD | 858 | (21,900 )
Abbott Laboratories | 187 | 01/24/25 | USD | 118.00 | USD | 2,115 | (14,493 )
Align Technology, Inc. | 115 | 01/24/25 | USD | 235.00 | USD | 2,398 | (14,088 )
Dexcom, Inc. | 138 | 01/24/25 | USD | 81.00 | USD | 1,073 | (37,260 )
Gilead Sciences, Inc. | 25 | 01/24/25 | USD | 93.00 | USD | 231 | (4,850 )
Sarepta Therapeutics, Inc. | 182 | 01/24/25 | USD | 130.00 | USD | 2,213 | (65,975 )
Boston Scientific Corp. | 528 | 01/31/25 | USD | 90.00 | USD | 4,716 | (175,560 )
Danaher Corp. | 83 | 01/31/25 | USD | 245.00 | USD | 1,905 | (18,260 )
Intuitive Surgical, Inc. | 79 | 01/31/25 | USD | 540.00 | USD | 4,123 | (124,425 )
Vertex Pharmaceuticals, Inc. | 14 | 01/31/25 | USD | 420.00 | USD | 564 | (7,560 )
Becton Dickinson & Co. | 69 | 02/05/25 | USD | 233.94 | USD | 1,565 | (17,407 )
Boston Scientific Corp. | 528 | 02/07/25 | USD | 93.00 | USD | 4,716 | (81,840 )
Penumbra, Inc. | 104 | 02/07/25 | USD | 248.00 | USD | 2,470 | (81,275 )
Halozyme Therapeutics, Inc. | 261 | 02/10/25 | USD | 50.25 | USD | 1,248 | (44,934 )
Alkermes PLC | 305 | 02/21/25 | USD | 32.00 | USD | 877 | (46,512 )
Alnylam Pharmaceuticals, Inc. | 479 | 02/21/25 | USD | 259.00 | USD | 11,271 | (230,947 )
Argenx SE, ADR | 174 | 02/21/25 | USD | 640.00 | USD | 10,701 | (339,300 )
Axsome Therapeutics, Inc. | 63 | 02/21/25 | USD | 105.00 | USD | 533 | (9,135 )
BioMarin Pharmaceutical, Inc. | 757 | 02/21/25 | USD | 71.25 | USD | 4,976 | (98,359 )
BioNTech SE, ADR | 98 | 02/21/25 | USD | 125.00 | USD | 1,117 | (38,220 )
Bio-Techne Corp. | 587 | 02/21/25 | USD | 75.00 | USD | 4,228 | (193,710 )

78
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Bridgebio Pharma, Inc. | 281 | 02/21/25 | USD | 30.00 | USD | 771 | $(40,043 )
Edwards Lifesciences Corp. | 76 | 02/21/25 | USD | 82.50 | USD | 563 | (8,550 )
Encompass Health Corp. | 285 | 02/21/25 | USD | 95.00 | USD | 2,632 | (90,487 )
Exact Sciences Corp. | 398 | 02/21/25 | USD | 70.00 | USD | 2,236 | (51,740 )
Exelixis, Inc. | 556 | 02/21/25 | USD | 37.00 | USD | 1,851 | (37,530 )
Glaukos Corp. | 71 | 02/21/25 | USD | 155.00 | USD | 1,065 | (54,315 )
Guardant Health, Inc. | 595 | 02/21/25 | USD | 34.00 | USD | 1,818 | (84,787 )
Inari Medical, Inc. | 140 | 02/21/25 | USD | 65.00 | USD | 715 | (19,600 )
Insmed, Inc. | 481 | 02/21/25 | USD | 77.50 | USD | 3,321 | (122,655 )
Inspire Medical Systems, Inc. | 143 | 02/21/25 | USD | 220.00 | USD | 2,651 | (88,660 )
Insulet Corp. | 156 | 02/21/25 | USD | 280.00 | USD | 4,073 | (83,460 )
Intuitive Surgical, Inc. | 166 | 02/21/25 | USD | 555.00 | USD | 8,665 | (206,670 )
Mettler-Toledo International, Inc. | 54 | 02/21/25 | USD | 1,330.00 | USD | 6,608 | (91,800 )
Neurocrine Biosciences, Inc. | 345 | 02/21/25 | USD | 145.00 | USD | 4,709 | (81,075 )
Nuvalent, Inc., Class A | 326 | 02/21/25 | USD | 90.00 | USD | 2,552 | (37,490 )
PTC Therapeutics, Inc. | 373 | 02/21/25 | USD | 45.00 | USD | 1,684 | (139,875 )
QIAGEN NV | 484 | 02/21/25 | USD | 45.27 | USD | 2,155 | (85,715 )
Repligen Corp. | 426 | 02/21/25 | USD | 165.00 | USD | 6,132 | (173,595 )
REVOLUTION Medicines, Inc. | 29 | 02/21/25 | USD | 44.00 | USD | 127 | (8,918 )
Rhythm Pharmaceuticals, Inc. | 1,097 | 02/21/25 | USD | 60.00 | USD | 6,141 | (315,387 )
STERIS PLC | 152 | 02/21/25 | USD | 220.00 | USD | 3,125 | (49,020 )
Structure Therapeutics, Inc., ADR | 106 | 02/21/25 | USD | 35.00 | USD | 287 | (6,625 )
Stryker Corp. | 83 | 02/21/25 | USD | 370.00 | USD | 2,988 | (71,380 )
Twist Bioscience Corp. | 217 | 02/21/25 | USD | 50.00 | USD | 1,008 | (81,375 )
Waters Corp. | 257 | 02/21/25 | USD | 380.00 | USD | 9,534 | (371,365 )
WaVe Life Sciences Ltd. | 184 | 02/21/25 | USD | 15.51 | USD | 228 | (8,778 )
West Pharmaceutical Services, Inc. | 328 | 02/21/25 | USD | 350.00 | USD | 10,744 | (309,960 )
Xenon Pharmaceuticals, Inc. | 645 | 02/21/25 | USD | 44.50 | USD | 2,528 | (215,099 )
|  |  |  |  |  |  | $(8,690,835 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Denali Therapeutics, Inc. | Citibank N.A. | 78,300 | 01/06/25 | USD | 29.80 | USD | 1,596 | $(46 )
Abbisko Cayman Ltd. | Morgan Stanley & Co. International PLC | 1,250,000 | 01/09/25 | HKD | 5.11 | HKD | 5,715 | (7,883 )
Everest Medicines Ltd. | Goldman Sachs International | 498,000 | 01/09/25 | HKD | 36.93 | HKD | 23,992 | (741,576 )
Zealand Pharma A/S | Bank of America N.A. | 25,300 | 01/09/25 | DKK | 874.12 | DKK | 18,118 | (19 )
Abbisko Cayman Ltd. | JPMorgan Chase Bank N.A. | 1,241,000 | 01/16/25 | HKD | 5.32 | HKD | 5,673 | (9,709 )
Everest Medicines Ltd. | Morgan Stanley & Co. International PLC | 498,000 | 01/16/25 | HKD | 50.94 | HKD | 23,992 | (168,817 )
Zealand Pharma A/S | Bank of America N.A. | 3,700 | 01/16/25 | DKK | 753.50 | DKK | 2,650 | (5,028 )
Sonova Holding AG, Registered Shares | UBS AG | 18,200 | 01/22/25 | CHF | 301.29 | CHF | 5,401 | (76,762 )
Lonza Group AG, Registered Shares | Bank of America N.A. | 8,100 | 01/28/25 | CHF | 549.23 | CHF | 4,340 | (81,904 )
Sonova Holding AG, Registered Shares | BNP Paribas SA | 13,400 | 01/28/25 | CHF | 299.70 | CHF | 3,970 | (77,694 )
Sartorius AG, Preference Shares | BNP Paribas SA | 15,600 | 02/05/25 | EUR | 225.45 | EUR | 3,357 | (135,716 )
United Therapeutics Corp. | Goldman Sachs International | 10,200 | 02/05/25 | USD | 369.88 | USD | 3,599 | (83,795 )
Abbisko Cayman Ltd. | JPMorgan Chase Bank N.A. | 830,000 | 02/06/25 | HKD | 4.59 | HKD | 3,818 | (44,936 )
Gerresheimer AG | Bank of America N.A. | 16,300 | 02/06/25 | EUR | 76.86 | EUR | 1,157 | (16,740 )
Roche Holding AG | BNP Paribas SA | 38,400 | 02/06/25 | CHF | 253.66 | CHF | 9,811 | (299,510 )
|  |  |  |  |  |  |  | $(1,750,135 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(15,891,589 ) | $7,178,894 | $(1,728,275 ) | $(10,440,970 )

Schedule of Investments
79

Schedule of Investments (continued)
December 31, 2024
BlackRock Health Sciences Term Trust (BMEZ)
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 | $— | $— | $10,440,970 | $— | $— | $— | $10,440,970

For the period ended December 31, 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 | — | — | (4,293,260 ) | — | — | — | (4,293,260 )
| $— | $— | $(4,293,260 ) | $(3,753,243 ) | $— | $— | $(8,046,503 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Forward foreign currency exchange contracts | $— | $— | $— | $(1,429,095 ) | $— | $— | $(1,429,095 )
Options written | — | — | 22,155,749 | — | — | — | 22,155,749
| $— | $— | $22,155,749 | $(1,429,095 ) | $— | $— | $20,726,654

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: |
Average amounts purchased — in USD | $— (a)
Average amounts sold — in USD | 6,835,182
Options: |
Average value of option contracts written | 16,850,477

(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 | $— | $10,440,970
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 10,440,970
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (8,690,835 )
Total derivative assets and liabilities subject to an MNA | $— | $1,750,135

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(b) | Net Amount of Derivative Liabilities(c)
Bank of America N.A. | $103,691 | $— | $— | $— | $103,691
BNP Paribas SA | 512,920 | — | (512,920 ) | — | —
Citibank N.A. | 46 | — | (46 ) | — | —
Goldman Sachs International | 825,371 | — | (825,371 ) | — | —
JPMorgan Chase Bank N.A. | 54,645 | — | — | — | 54,645

80
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Health Sciences Term Trust (BMEZ)

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged(b) | Net Amount of Derivative Liabilities(c)
Morgan Stanley & Co. International PLC | $176,700 | $— | $— | $— | $176,700
UBS AG | 76,762 | — | — | — | 76,762
| $1,750,135 | $— | $(1,338,337 ) | $— | $411,798

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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 at the measurement date. 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 | $625,307,149 | $47,865,850 | $8,818,869 | $681,991,868
Capital Markets | 5,716,883 | — | — | 5,716,883
Health Care Equipment & Supplies | 325,562,183 | 32,302,016 | 1,161,485 | 359,025,684
Health Care Providers & Services | 59,798,733 | — | — | 59,798,733
Health Care Technology | 31,811,876 | — | — | 31,811,876
Life Sciences Tools & Services | 251,732,576 | 18,731,634 | — | 270,464,210
Pharmaceuticals | 39,416,428 | 40,991,423 | — | 80,407,851
Corporate Bonds | — | — | 2,185,644 | 2,185,644
Other Interests | — | — | 3,207,232 | 3,207,232
Preferred Securities |  |  |  |
Preferred Stocks | — | 10,878,114 | 118,719,968 | 129,598,082
Rights | — | — | 346,386 | 346,386
Warrants | 16,132 | — | 217,359 | 233,491
Short-Term Securities |  |  |  |
Money Market Funds | 61,349,683 | — | — | 61,349,683
| $1,400,711,643 | $150,769,037 | $134,656,943 | $1,686,137,623
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(7,775,858 ) | $(2,665,112 ) | $— | $(10,440,970 )

(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 year 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 | Corporate Bonds | 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) | 680,354 | 319,194 | (1,457,086 ) | (17,801,121 ) | (51,179 ) | 217,359 | (18,092,479 )

Schedule of Investments
81

Schedule of Investments (continued)
December 31, 2024
BlackRock Health Sciences Term Trust (BMEZ)

| Common Stocks | Corporate Bonds | Other Interests | Preferred Stocks | Rights | Warrants | Total
Purchases | $9,300,000 | $1,866,450 | $— | $— | $126,123 | $— | $11,292,573
Sales | — | — | — | (7,022,595 ) | (4,394 ) | — | (7,026,989 )
Closing balance, as of December 31, 2024 | $9,980,354 | $2,185,644 | $3,207,232 | $118,719,968 | $346,386 | $217,359 | $134,656,943
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024(b) | $680,354 | $319,194 | $(1,457,086 ) | $(19,283,508 ) | $(51,179 ) | $217,359 | $(19,574,866 )

(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 December 31, 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 | $118,719,968 | Market | Revenue Multiple | 1.13x - 8.86x | 3.88x
|  |  | Volatility | 50% - 95% | 70%
|  |  | Time to Exit | 1.0 - 4.0 years | 2.9 years
|  |  | Market Adjustment Multiple | 0.50x - 1.80x | 0.94x
|  | Income | Discount Rate | 5% | —
Common Stocks | 9,980,354 | Market | Volatility | 60% - 80% | 78%
|  |  | Time to Exit | 1.5 - 3.0 years | 2.8 years
|  |  | Market Adjustment Multiple | 0.85x - 1.10x | 1.07x
Corporate Bonds | 2,185,644 | Market | Revenue Multiple | 1.13x - 1.65x | 1.44x
|  |  | Volatility | 80% - 95% | 86%
|  |  | Time to Exit | 1.0- 3.0 years | 2.2 years
Other Interests | 3,207,232 | Income | Discount Rate | 5% - 5% | 5%
Rights | 346,386 | Income | Discount Rate | 4% - 5% | 4%
Warrants | 217,359 | Market | Volatility | 60% | —
|  |  | Time to Exit | 1.5 years | —
|  |  | Market Adjustment Multiple | 0.85x | —
| $134,656,943 |  |  |  |

(a) | A significant change in unobservable input could result in a correlated or inverse change in value.

See notes to financial statements.
82
2024 BlackRock Annual Report to Shareholders

Schedule of Investments
December 31, 2024
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Biotechnology — 25.8% |
4D Molecular Therapeutics, Inc.(a) |  | 11,778 | $65,603
AbbVie, Inc.(b) |  | 141,396 | 25,126,069
AC Immune SA(a) |  | 62,903 | 169,838
Allogene Therapeutics, Inc.(a) |  | 108,101 | 230,255
Alnylam Pharmaceuticals, Inc.(a) |  | 35,881 | 8,443,158
Amgen, Inc.(b) |  | 52,296 | 13,630,429
Arcellx, Inc.(a) |  | 6,764 | 518,731
Argenx SE, ADR(a) |  | 16,263 | 10,001,745
Ascendis Pharma A/S, ADR(a) |  | 9,459 | 1,302,221
Autolus Therapeutics PLC, ADR(a) |  | 64,258 | 151,006
Avidity Biosciences, Inc.(a) |  | 17,918 | 521,055
Beam Therapeutics, Inc.(a) |  | 20,739 | 514,327
BeiGene Ltd., ADR(a) |  | 6,675 | 1,232,939
Biogen, Inc.(a) |  | 32,751 | 5,008,283
Biohaven Ltd.(a) |  | 24,215 | 904,430
BioMarin Pharmaceutical, Inc.(a) |  | 21,076 | 1,385,325
BioNTech SE, ADR(a) |  | 7,725 | 880,264
Blueprint Medicines Corp.(a) |  | 26,672 | 2,326,332
Bridgebio Pharma, Inc.(a) |  | 16,735 | 459,208
CG oncology, Inc.(a) |  | 5,223 | 149,796
Denali Therapeutics, Inc.(a) |  | 35,343 | 720,290
Disc Medicine, Inc.(a) |  | 7,440 | 471,696
Dyne Therapeutics, Inc.(a) |  | 24,506 | 577,361
Exact Sciences Corp.(a) |  | 31,331 | 1,760,489
Gilead Sciences, Inc. |  | 149,750 | 13,832,408
Immatics NV(a) |  | 21,538 | 153,135
Incyte Corp.(a) |  | 15,306 | 1,057,185
Insmed, Inc.(a) |  | 45,410 | 3,135,106
Ionis Pharmaceuticals, Inc.(a) |  | 18,725 | 654,626
Legend Biotech Corp., ADR(a) |  | 10,574 | 344,078
Merus NV(a) |  | 22,655 | 952,643
MoonLake Immunotherapeutics(a)(c) |  | 8,382 | 453,885
Natera, Inc.(a) |  | 27,665 | 4,379,370
Neurocrine Biosciences, Inc.(a) |  | 20,208 | 2,758,392
Neurogene, Inc.(a) |  | 19,342 | 442,158
Nurix Therapeutics, Inc.(a) |  | 45,062 | 848,968
Nuvalent, Inc., Class A(a) |  | 28,266 | 2,212,663
Protagonist Therapeutics, Inc.(a) |  | 19,831 | 765,477
PTC Therapeutics, Inc.(a) |  | 19,817 | 894,539
Regeneron Pharmaceuticals, Inc.(a) |  | 7,337 | 5,226,365
REGENXBIO, Inc.(a) |  | 18,875 | 145,904
REVOLUTION Medicines, Inc.(a) |  | 10,844 | 474,317
Rhythm Pharmaceuticals, Inc.(a) |  | 49,466 | 2,769,107
Rocket Pharmaceuticals, Inc.(a) |  | 18,343 | 230,572
Roivant Sciences Ltd.(a) |  | 57,525 | 680,521
Sagimet Biosciences, Inc., Series A(a) |  | 21,965 | 98,843
Sarepta Therapeutics, Inc.(a) |  | 34,288 | 4,169,078
Scholar Rock Holding Corp.(a) |  | 17,280 | 746,842
Stoke Therapeutics, Inc.(a) |  | 70,495 | 777,560
TScan Therapeutics, Inc.(a) |  | 49,480 | 150,419
Ultragenyx Pharmaceutical, Inc.(a) |  | 14,268 | 600,255
Vaxcyte, Inc.(a) |  | 15,795 | 1,292,979
Vertex Pharmaceuticals, Inc.(a) |  | 28,074 | 11,305,400
Viking Therapeutics, Inc.(a) |  | 9,142 | 367,874
Voyager Therapeutics, Inc.(a) |  | 32,205 | 182,602
Xenon Pharmaceuticals, Inc.(a) |  | 35,726 | 1,400,459
Zealand Pharma A/S(a) |  | 8,499 | 845,438
|  |  | 140,900,018

Security |  | Shares | Value
Capital Markets — 0.1% |
Helix Acquisition Corp. II, Class A(a) |  | 61,530 | $646,065
Health Care Equipment & Supplies — 29.6% |
Abbott Laboratories(b) |  | 191,997 | 21,716,781
Alcon AG |  | 32,610 | 2,768,263
Align Technology, Inc.(a) |  | 8,170 | 1,703,527
Becton Dickinson & Co. |  | 42,696 | 9,686,442
Boston Scientific Corp.(a) |  | 442,329 | 39,508,826
Cooper Cos., Inc.(a) |  | 46,363 | 4,262,151
Dexcom, Inc.(a) |  | 58,668 | 4,562,610
Edwards Lifesciences Corp.(a) |  | 101,760 | 7,533,293
GE HealthCare Technologies, Inc.(a) |  | 75,498 | 5,902,434
Glaukos Corp.(a) |  | 14,615 | 2,191,373
IDEXX Laboratories, Inc.(a) |  | 6,691 | 2,766,327
Inari Medical, Inc.(a) |  | 7,005 | 357,605
Inspire Medical Systems, Inc.(a) |  | 5,782 | 1,071,867
Intuitive Surgical, Inc.(a) |  | 53,465 | 27,906,591
Medtronic PLC |  | 71,671 | 5,725,079
Novocure Ltd.(a) |  | 43,718 | 1,302,796
Nucleix Ltd., (Acquired 04/10/24, Cost: $200,000)(a)(d)(e)(f) |  | 200 | 178,690
Nyxoah SA(a) |  | 29,870 | 238,960
Orchestra BioMed Holdings, Inc.(a)(c) |  | 18,076 | 72,304
Penumbra, Inc.(a) |  | 12,105 | 2,874,695
STERIS PLC |  | 9,642 | 1,982,010
Stryker Corp. |  | 48,820 | 17,577,641
|  |  | 161,890,265
Health Care Providers & Services — 9.9% |
Cencora, Inc. |  | 24,158 | 5,427,819
Cigna Group |  | 10,161 | 2,805,859
Elevance Health, Inc. |  | 14,908 | 5,499,561
Guardant Health, Inc.(a) |  | 24,415 | 745,878
HCA Healthcare, Inc. |  | 6,153 | 1,846,823
Humana, Inc. |  | 18,525 | 4,699,978
Labcorp Holdings, Inc. |  | 6,745 | 1,546,763
McKesson Corp. |  | 9,738 | 5,549,784
Quest Diagnostics, Inc. |  | 11,479 | 1,731,722
UnitedHealth Group, Inc.(b) |  | 47,333 | 23,943,871
|  |  | 53,798,058
Life Sciences Tools & Services — 9.7% |
Agilent Technologies, Inc. |  | 15,171 | 2,038,072
Bio-Techne Corp. |  | 16,718 | 1,204,198
Danaher Corp. |  | 72,831 | 16,718,356
Illumina, Inc.(a) |  | 12,070 | 1,612,914
IQVIA Holdings, Inc.(a) |  | 6,738 | 1,324,084
Mettler-Toledo International, Inc.(a) |  | 1,170 | 1,431,706
Repligen Corp.(a) |  | 13,935 | 2,005,804
Thermo Fisher Scientific, Inc. |  | 30,324 | 15,775,454
Waters Corp.(a) |  | 20,065 | 7,443,714
West Pharmaceutical Services, Inc. |  | 10,207 | 3,343,405
|  |  | 52,897,707
Pharmaceuticals — 20.0% |
AstraZeneca PLC |  | 31,854 | 4,153,112
Bristol-Myers Squibb Co. |  | 143,710 | 8,128,238
Daiichi Sankyo Co. Ltd. |  | 57,800 | 1,581,595
Edgewise Therapeutics, Inc.(a) |  | 8,490 | 226,683
Eli Lilly & Co.(b)(g) |  | 61,764 | 47,681,808
Johnson & Johnson |  | 83,583 | 12,087,773
Merck & Co., Inc.(b) |  | 83,142 | 8,270,966
Neumora Therapeutics, Inc.(a) |  | 24,235 | 256,891

Schedule of Investments
83

Schedule of Investments (continued)
December 31, 2024
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Pharmaceuticals (continued) |
Pfizer, Inc. |  | 219,920 | $5,834,478
Roche Holding AG |  | 14,080 | 3,936,861
Sanofi SA |  | 44,338 | 4,310,131
Septerna, Inc.(a) |  | 6,451 | 147,728
Structure Therapeutics, Inc., ADR(a)(c) |  | 14,399 | 390,501
Teva Pharmaceutical Industries Ltd., ADR(a) |  | 182,264 | 4,017,099
UCB SA |  | 8,455 | 1,683,083
WaVe Life Sciences Ltd.(a) |  | 19,104 | 236,316
Zoetis, Inc., Class A |  | 39,924 | 6,504,817
|  |  | 109,448,080
Total Common Stocks — 95.1% (Cost: $347,519,099) | 519,580,193

|  | Par (000) |
Corporate Bonds
Health Care Equipment & Supplies — 0.0%
Exo Imaging, Inc., (Acquired 07/24/24, Cost: $28,863), 8.00%, 08/14/25(e)(f) | $ | 29 | 39,903
Software — 0.0%
Carbon Health Technologies, Inc., Series D2, (Acquired 02/27/24, Cost: $65,000), 12.00%, 02/28/26(e)(f) |  | — (h) | 68,935
Total Corporate Bonds — 0.0% (Cost: $93,863) | 108,838

|  | Benefical Interest (000) |
Other Interests
Biotechnology — 0.0% |
Affinivax, Inc., (Acquired 08/18/22, Cost: $ —)(e)(f)(i) | $ | 6 | 60,018
Health Care Providers & Services — 0.0% |
Afferent Pharmaceuticals, Inc., (Acquired 09/30/15, Cost: $ —)(e)(f)(i) |  | 190 | 2
Total Other Interests — 0.0% (Cost: $ — ) | 60,020

|  | Shares |
Preferred Securities
Preferred Stocks — 0.7%(a)(e)(f)
Biotechnology — 0.4% |
Adarx Pharamaceuticals, Inc., Series C, (Acquired 08/02/23, Cost: $440,003) |  | 52,885 | 471,205
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $265,002) |  | 44,167 | 88,334
Genesis Therapeutics, Inc., Series B, (Acquired 08/10/23, Cost: $292,001) |  | 57,170 | 332,730
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $224,200) |  | 190,000 | 74,100

Security |  | Shares | Value
Biotechnology (continued) |
Kartos Therapeutics, Inc., Series C, (Acquired 08/22/23, Cost: $485,124) |  | 85,817 | $503,746
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $590,800) |  | 21,100 | 562,737
|  |  | 2,032,852
Health Care Equipment & Supplies — 0.1% |
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $595,999) |  | 101,741 | 6,105
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $1,070,001) |  | 367,395 | 778,877
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $286,998) |  | 93 | 206
|  |  | 785,188
Health Care Providers & Services — 0.1% |
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $515,759) |  | 4,243,029 | 339,958
Pharmaceuticals — 0.1% |
Insitro, Inc., Series C, (Acquired 03/10/21, Cost: $560,000) |  | 30,616 | 259,011
Software — 0.0% |
Carbon Health Technologies, Inc., Series D2, (Acquired 02/02/23, Cost: $907,000) |  | 89,892 | 84,499
| 3,501,508
Total Preferred Securities — 0.7% (Cost: $6,232,887) | 3,501,508
Rights
Biotechnology(e) — 0.0% |
Korro Bio, Inc., CVR |  | 28,060 | —
Mirati Therapeutics, Inc. CVR |  | 15,747 | 11,653
|  |  | 11,653
Health Care Equipment & Supplies — 0.0% |
Abiomed, Inc., CVR(a)(e) |  | 14,359 | 31,016
Total Rights — 0.0% (Cost: $25,669) | 42,669
Warrants
Health Care Equipment & Supplies — 0.0% |
Nucleix Ltd., (Acquired 04/10/24, Cost: $—), (Issued 04/10/24, Expires 04/10/34, Strike Price USD 3.35)(a)(e)(f) |  | 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 | 19

84
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Health Sciences Trust (BME)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
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 | $931
Total Warrants — 0.0% (Cost: $14,030) | 34,390
Total Long-Term Investments — 95.8% (Cost: $353,885,548) | 523,327,618
Short-Term Securities
Money Market Funds — 4.9% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.63%(j)(k)(l) |  | 277,571 | 277,709
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(j)(k) |  | 26,275,044 | 26,275,044
Total Short-Term Securities — 4.9% (Cost: $26,552,737) | 26,552,753
Total Investments Before Options Written — 100.7% (Cost: $380,438,285) | 549,880,371
Options Written — (0.5)% (Premiums Received: $(5,345,930)) | (2,822,101 )
Total Investments, Net of Options Written — 100.2% (Cost: $375,092,355) | 547,058,270
Liabilities in Excess of Other Assets — (0.2)% | (923,006 )
Net Assets — 100.0% | $546,135,264

(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) | Convertible security.
(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 $3,882,496, representing 0.7% of its net assets as of period end, and an original cost of $6,526,750.
(g) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(h) | Rounds to less than 1,000.
(i) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(j) | Affiliate of the Trust.
(k) | Annualized 7-day yield as of period end.
(l) | 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 year ended December 31, 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 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $277,965 (a) | $— | $(272 ) | $16 | $277,709 | 277,571 | $2,935 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 31,396,977 | — | (5,121,933 )(a) | — | — | 26,275,044 | 26,275,044 | 1,061,011 | —
SL Liquidity Series, LLC, Money Market Series(c) | — | 463 (a) | — | (463 ) | — | — | — | 690 (b) | —
|  |  |  | $(735 ) | $16 | $26,552,753 |  | $1,064,636 | $—

(a) | Represents net amount purchased (sold).
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.
(c) | As of period end, the entity is no longer held.

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 | 174 | 01/03/25 | USD | 117.00 | USD | 1,968 | $(1,914 )
Danaher Corp. | 107 | 01/03/25 | USD | 235.00 | USD | 2,456 | (1,873 )

Schedule of Investments
85

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Humana, Inc. | 4 | 01/03/25 | USD | 315.00 | USD | 101 | $(600 )
Intuitive Surgical, Inc. | 36 | 01/03/25 | USD | 564.03 | USD | 1,879 | (30 )
UnitedHealth Group, Inc. | 161 | 01/03/25 | USD | 615.00 | USD | 8,144 | (27,370 )
Abbott Laboratories | 192 | 01/10/25 | USD | 117.00 | USD | 2,172 | (4,032 )
Amgen, Inc. | 99 | 01/10/25 | USD | 285.00 | USD | 2,580 | (1,980 )
Dexcom, Inc. | 145 | 01/10/25 | USD | 82.00 | USD | 1,128 | (5,800 )
GE HealthCare Technologies, Inc. | 48 | 01/10/25 | USD | 85.00 | USD | 375 | (1,680 )
Gilead Sciences, Inc. | 136 | 01/10/25 | USD | 95.00 | USD | 1,256 | (6,256 )
Medtronic PLC | 68 | 01/10/25 | USD | 86.00 | USD | 543 | (7,820 )
UnitedHealth Group, Inc. | 131 | 01/10/25 | USD | 585.00 | USD | 6,627 | (1,441 )
Abbott Laboratories | 152 | 01/17/25 | USD | 120.00 | USD | 1,719 | (3,724 )
AbbVie, Inc. | 138 | 01/17/25 | USD | 185.00 | USD | 2,452 | (10,557 )
AbbVie, Inc. | 138 | 01/17/25 | USD | 170.00 | USD | 2,452 | (125,235 )
Agilent Technologies, Inc. | 57 | 01/17/25 | USD | 140.00 | USD | 766 | (4,418 )
Align Technology, Inc. | 11 | 01/17/25 | USD | 250.00 | USD | 229 | (220 )
Align Technology, Inc. | 9 | 01/17/25 | USD | 260.00 | USD | 188 | (315 )
Alnylam Pharmaceuticals, Inc. | 69 | 01/17/25 | USD | 270.00 | USD | 1,624 | (15,180 )
Arcellx, Inc. | 25 | 01/17/25 | USD | 95.00 | USD | 192 | (12,250 )
Argenx SE, ADR | 31 | 01/17/25 | USD | 620.00 | USD | 1,907 | (64,325 )
Avidity Biosciences, Inc. | 68 | 01/17/25 | USD | 35.00 | USD | 198 | (2,380 )
Beam Therapeutics, Inc. | 78 | 01/17/25 | USD | 29.00 | USD | 193 | (2,925 )
Becton Dickinson & Co. | 64 | 01/17/25 | USD | 240.00 | USD | 1,452 | (1,920 )
BeiGene Ltd., ADR | 25 | 01/17/25 | USD | 203.90 | USD | 462 | (2,420 )
Biogen, Inc. | 57 | 01/17/25 | USD | 170.00 | USD | 872 | (4,275 )
BioMarin Pharmaceutical, Inc. | 40 | 01/17/25 | USD | 70.00 | USD | 263 | (1,700 )
BioNTech SE, ADR | 14 | 01/17/25 | USD | 120.00 | USD | 160 | (3,605 )
Bio-Techne Corp. | 40 | 01/17/25 | USD | 75.00 | USD | 288 | (11,400 )
Blueprint Medicines Corp. | 51 | 01/17/25 | USD | 100.00 | USD | 445 | (5,100 )
Boston Scientific Corp. | 561 | 01/17/25 | USD | 92.50 | USD | 5,011 | (35,062 )
Bridgebio Pharma, Inc. | 32 | 01/17/25 | USD | 30.00 | USD | 88 | (2,080 )
Cencora, Inc. | 52 | 01/17/25 | USD | 250.00 | USD | 1,168 | (520 )
Cigna Group | 62 | 01/17/25 | USD | 360.00 | USD | 1,712 | (1,550 )
Cooper Cos., Inc. | 176 | 01/17/25 | USD | 105.00 | USD | 1,618 | (16,720 )
Danaher Corp. | 78 | 01/17/25 | USD | 240.00 | USD | 1,790 | (9,165 )
Disc Medicine, Inc. | 28 | 01/17/25 | USD | 70.00 | USD | 178 | (13,720 )
Edgewise Therapeutics, Inc. | 33 | 01/17/25 | USD | 35.00 | USD | 88 | (2,145 )
Edwards Lifesciences Corp. | 232 | 01/17/25 | USD | 70.00 | USD | 1,717 | (126,440 )
Elevance Health, Inc. | 44 | 01/17/25 | USD | 440.00 | USD | 1,623 | (2,420 )
Eli Lilly & Co. | 63 | 01/17/25 | USD | 780.00 | USD | 4,864 | (98,122 )
Exact Sciences Corp. | 36 | 01/17/25 | USD | 55.00 | USD | 202 | (13,320 )
GE HealthCare Technologies, Inc. | 238 | 01/17/25 | USD | 87.50 | USD | 1,861 | (1,785 )
Gilead Sciences, Inc. | 284 | 01/17/25 | USD | 97.50 | USD | 2,623 | (14,200 )
Glaukos Corp. | 42 | 01/17/25 | USD | 150.00 | USD | 630 | (26,460 )
Guardant Health, Inc. | 46 | 01/17/25 | USD | 33.46 | USD | 141 | (3,306 )
HCA Healthcare, Inc. | 24 | 01/17/25 | USD | 380.00 | USD | 720 | (120 )
IDEXX Laboratories, Inc. | 12 | 01/17/25 | USD | 450.00 | USD | 496 | (1,440 )
Inari Medical, Inc. | 13 | 01/17/25 | USD | 65.00 | USD | 66 | (2,535 )
Incyte Corp. | 58 | 01/17/25 | USD | 77.50 | USD | 401 | (15,950 )
Insmed, Inc. | 86 | 01/17/25 | USD | 77.50 | USD | 594 | (9,245 )
Inspire Medical Systems, Inc. | 11 | 01/17/25 | USD | 200.00 | USD | 204 | (3,823 )
Intuitive Surgical, Inc. | 41 | 01/17/25 | USD | 540.00 | USD | 2,140 | (29,930 )
Ionis Pharmaceuticals, Inc. | 71 | 01/17/25 | USD | 40.00 | USD | 248 | (1,243 )
IQVIA Holdings, Inc. | 25 | 01/17/25 | USD | 210.00 | USD | 491 | (2,313 )
Johnson & Johnson | 159 | 01/17/25 | USD | 160.00 | USD | 2,299 | (795 )
Labcorp Holdings, Inc. | 13 | 01/17/25 | USD | 240.00 | USD | 298 | (1,008 )
McKesson Corp. | 46 | 01/17/25 | USD | 620.00 | USD | 2,622 | (7,475 )
Medtronic PLC | 95 | 01/17/25 | USD | 90.00 | USD | 759 | (190 )
Merck & Co., Inc. | 158 | 01/17/25 | USD | 105.00 | USD | 1,572 | (6,557 )
Merus NV | 43 | 01/17/25 | USD | 55.00 | USD | 181 | (1,720 )
Mettler-Toledo International, Inc. | 4 | 01/17/25 | USD | 1,320.00 | USD | 489 | (2,020 )
Natera, Inc. | 105 | 01/17/25 | USD | 165.00 | USD | 1,662 | (69,300 )
Neurocrine Biosciences, Inc. | 22 | 01/17/25 | USD | 130.00 | USD | 300 | (17,600 )

86
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Novocure Ltd. | 55 | 01/17/25 | USD | 35.00 | USD | 164 | $(1,375 )
Nurix Therapeutics, Inc. | 57 | 01/17/25 | USD | 30.00 | USD | 107 | (18,810 )
Nuvalent, Inc., Class A | 53 | 01/17/25 | USD | 100.00 | USD | 415 | (25,970 )
Penumbra, Inc. | 23 | 01/17/25 | USD | 250.00 | USD | 546 | (7,303 )
Pfizer, Inc. | 428 | 01/17/25 | USD | 26.00 | USD | 1,135 | (37,236 )
PTC Therapeutics, Inc. | 38 | 01/17/25 | USD | 45.00 | USD | 172 | (11,685 )
Quest Diagnostics, Inc. | 43 | 01/17/25 | USD | 155.00 | USD | 649 | (3,763 )
Regeneron Pharmaceuticals, Inc. | 28 | 01/17/25 | USD | 840.00 | USD | 1,995 | (7,910 )
Repligen Corp. | 21 | 01/17/25 | USD | 140.00 | USD | 302 | (17,115 )
REVOLUTION Medicines, Inc. | 27 | 01/17/25 | USD | 65.00 | USD | 118 | (12,960 )
Rhythm Pharmaceuticals, Inc. | 84 | 01/17/25 | USD | 60.00 | USD | 470 | (9,660 )
Rocket Pharmaceuticals, Inc. | 34 | 01/17/25 | USD | 20.00 | USD | 43 | (680 )
Scholar Rock Holding Corp. | 65 | 01/17/25 | USD | 45.00 | USD | 281 | (14,787 )
Structure Therapeutics, Inc., ADR | 27 | 01/17/25 | USD | 45.00 | USD | 73 | (810 )
Stryker Corp. | 126 | 01/17/25 | USD | 390.00 | USD | 4,537 | (1,575 )
Thermo Fisher Scientific, Inc. | 46 | 01/17/25 | USD | 540.00 | USD | 2,393 | (14,145 )
Ultragenyx Pharmaceutical, Inc. | 54 | 01/17/25 | USD | 55.00 | USD | 227 | (3,780 )
Vaxcyte, Inc. | 60 | 01/17/25 | USD | 105.00 | USD | 491 | (4,500 )
Vertex Pharmaceuticals, Inc. | 34 | 01/17/25 | USD | 490.00 | USD | 1,369 | (4,760 )
Viking Therapeutics, Inc. | 34 | 01/17/25 | USD | 55.00 | USD | 137 | (1,615 )
WaVe Life Sciences Ltd. | 36 | 01/17/25 | USD | 17.50 | USD | 45 | (720 )
West Pharmaceutical Services, Inc. | 18 | 01/17/25 | USD | 340.00 | USD | 590 | (5,400 )
Xenon Pharmaceuticals, Inc. | 22 | 01/17/25 | USD | 42.50 | USD | 86 | (2,200 )
Zoetis, Inc., Class A | 151 | 01/17/25 | USD | 185.00 | USD | 2,460 | (3,775 )
Abbott Laboratories | 192 | 01/24/25 | USD | 118.00 | USD | 2,172 | (14,880 )
Align Technology, Inc. | 11 | 01/24/25 | USD | 235.00 | USD | 229 | (1,348 )
Biogen, Inc. | 67 | 01/24/25 | USD | 150.45 | USD | 1,025 | (46,277 )
Dexcom, Inc. | 77 | 01/24/25 | USD | 81.00 | USD | 599 | (20,790 )
Gilead Sciences, Inc. | 149 | 01/24/25 | USD | 93.00 | USD | 1,376 | (28,906 )
Johnson & Johnson | 158 | 01/24/25 | USD | 150.00 | USD | 2,285 | (17,696 )
Merck & Co., Inc. | 157 | 01/24/25 | USD | 103.00 | USD | 1,562 | (28,966 )
Pfizer, Inc. | 407 | 01/24/25 | USD | 27.00 | USD | 1,080 | (15,466 )
Sarepta Therapeutics, Inc. | 51 | 01/24/25 | USD | 130.00 | USD | 620 | (18,487 )
Thermo Fisher Scientific, Inc. | 69 | 01/24/25 | USD | 550.00 | USD | 3,590 | (29,152 )
Amgen, Inc. | 99 | 01/31/25 | USD | 285.00 | USD | 2,580 | (7,623 )
Boston Scientific Corp. | 557 | 01/31/25 | USD | 90.00 | USD | 4,975 | (185,202 )
Danaher Corp. | 91 | 01/31/25 | USD | 245.00 | USD | 2,089 | (20,020 )
Humana, Inc. | 23 | 01/31/25 | USD | 295.00 | USD | 584 | (9,545 )
Intuitive Surgical, Inc. | 61 | 01/31/25 | USD | 540.00 | USD | 3,184 | (96,075 )
Medtronic PLC | 68 | 01/31/25 | USD | 84.00 | USD | 543 | (2,176 )
Vertex Pharmaceuticals, Inc. | 73 | 01/31/25 | USD | 420.00 | USD | 2,940 | (39,420 )
Becton Dickinson & Co. | 91 | 02/05/25 | USD | 233.94 | USD | 2,065 | (22,957 )
Boston Scientific Corp. | 562 | 02/07/25 | USD | 93.00 | USD | 5,020 | (87,110 )
Penumbra, Inc. | 22 | 02/07/25 | USD | 248.00 | USD | 522 | (17,193 )
AbbVie, Inc. | 248 | 02/21/25 | USD | 185.00 | USD | 4,407 | (76,756 )
Alnylam Pharmaceuticals, Inc. | 67 | 02/21/25 | USD | 259.00 | USD | 1,577 | (32,304 )
Argenx SE, ADR | 30 | 02/21/25 | USD | 640.00 | USD | 1,845 | (58,500 )
BioMarin Pharmaceutical, Inc. | 40 | 02/21/25 | USD | 71.25 | USD | 263 | (5,197 )
BioNTech SE, ADR | 15 | 02/21/25 | USD | 125.00 | USD | 171 | (5,850 )
Bio-Techne Corp. | 23 | 02/21/25 | USD | 75.00 | USD | 166 | (7,590 )
Bridgebio Pharma, Inc. | 32 | 02/21/25 | USD | 30.00 | USD | 88 | (4,560 )
Cencora, Inc. | 39 | 02/21/25 | USD | 240.00 | USD | 876 | (9,653 )
Edwards Lifesciences Corp. | 154 | 02/21/25 | USD | 82.50 | USD | 1,140 | (17,325 )
Elevance Health, Inc. | 12 | 02/21/25 | USD | 389.00 | USD | 443 | (14,101 )
Eli Lilly & Co. | 179 | 02/21/25 | USD | 870.00 | USD | 13,819 | (228,225 )
Exact Sciences Corp. | 83 | 02/21/25 | USD | 70.00 | USD | 466 | (10,790 )
Glaukos Corp. | 13 | 02/21/25 | USD | 155.00 | USD | 195 | (9,945 )
Guardant Health, Inc. | 46 | 02/21/25 | USD | 34.00 | USD | 141 | (6,555 )
IDEXX Laboratories, Inc. | 13 | 02/21/25 | USD | 440.00 | USD | 537 | (15,470 )
Inari Medical, Inc. | 13 | 02/21/25 | USD | 65.00 | USD | 66 | (1,820 )
Insmed, Inc. | 86 | 02/21/25 | USD | 77.50 | USD | 594 | (21,930 )
Inspire Medical Systems, Inc. | 10 | 02/21/25 | USD | 220.00 | USD | 185 | (6,200 )

Schedule of Investments
87

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Intuitive Surgical, Inc. | 65 | 02/21/25 | USD | 555.00 | USD | 3,393 | $(80,925 )
Labcorp Holdings, Inc. | 12 | 02/21/25 | USD | 240.00 | USD | 275 | (5,040 )
Medtronic PLC | 41 | 02/21/25 | USD | 85.00 | USD | 328 | (3,014 )
Neurocrine Biosciences, Inc. | 41 | 02/21/25 | USD | 145.00 | USD | 560 | (9,635 )
Nuvalent, Inc., Class A | 54 | 02/21/25 | USD | 90.00 | USD | 423 | (6,210 )
PTC Therapeutics, Inc. | 37 | 02/21/25 | USD | 45.00 | USD | 167 | (13,875 )
Repligen Corp. | 31 | 02/21/25 | USD | 165.00 | USD | 446 | (12,632 )
REVOLUTION Medicines, Inc. | 14 | 02/21/25 | USD | 44.00 | USD | 61 | (4,305 )
Rhythm Pharmaceuticals, Inc. | 103 | 02/21/25 | USD | 60.00 | USD | 577 | (29,612 )
STERIS PLC | 36 | 02/21/25 | USD | 220.00 | USD | 740 | (11,610 )
Structure Therapeutics, Inc., ADR | 27 | 02/21/25 | USD | 35.00 | USD | 73 | (1,688 )
Stryker Corp. | 59 | 02/21/25 | USD | 370.00 | USD | 2,124 | (50,740 )
Waters Corp. | 55 | 02/21/25 | USD | 380.00 | USD | 2,040 | (79,475 )
WaVe Life Sciences Ltd. | 36 | 02/21/25 | USD | 15.51 | USD | 45 | (1,717 )
West Pharmaceutical Services, Inc. | 20 | 02/21/25 | USD | 350.00 | USD | 655 | (18,900 )
Xenon Pharmaceuticals, Inc. | 55 | 02/21/25 | USD | 44.50 | USD | 216 | (18,342 )
|  |  |  |  |  |  | $(2,675,338 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Denali Therapeutics, Inc. | Citibank N.A. | 6,700 | 01/06/25 | USD | 29.81 | USD | 137 | $(4 )
Zealand Pharma A/S | Bank of America N.A. | 3,000 | 01/09/25 | DKK | 874.12 | DKK | 2,148 | (2 )
AstraZeneca PLC | Bank of America N.A. | 6,400 | 01/14/25 | GBP | 107.15 | GBP | 667 | (7,530 )
Sanofi SA | BNP Paribas SA | 5,400 | 01/14/25 | EUR | 96.64 | EUR | 507 | (1,994 )
AstraZeneca PLC | Citibank N.A. | 3,300 | 01/16/25 | GBP | 103.59 | GBP | 344 | (11,449 )
Zealand Pharma A/S | Bank of America N.A. | 300 | 01/16/25 | DKK | 753.50 | DKK | 215 | (408 )
Sanofi SA | Goldman Sachs International | 11,500 | 01/22/25 | EUR | 92.07 | EUR | 1,079 | (32,352 )
Daiichi Sankyo Co. Ltd. | Citibank N.A. | 13,200 | 02/04/25 | JPY | 4,403.80 | JPY | 57,446 | (13,224 )
Roche Holding AG | BNP Paribas SA | 5,300 | 02/06/25 | CHF | 253.66 | CHF | 1,354 | (41,338 )
UCB SA | Citibank N.A. | 3,200 | 02/06/25 | EUR | 188.50 | EUR | 615 | (38,462 )
|  |  |  |  |  |  |  | $(146,763 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(5,345,930 ) | $2,859,538 | $(335,709 ) | $(2,822,101 )

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 | $— | $— | $2,822,101 | $— | $— | $— | $2,822,101

88
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Health Sciences Trust (BME)
For the period ended December 31, 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) | $— | $— | $(6,226 ) | $— | $— | $— | $(6,226 )
Options written | — | — | (7,907,613 ) | — | — | — | (7,907,613 )
| $— | $— | $(7,913,839 ) | $— | $— | $— | $(7,913,839 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $5,003,236 | $— | $— | $— | $5,003,236

(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 | 5,489,276

(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 | $— | $2,822,101
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 2,822,101
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (2,675,338 )
Total derivative assets and liabilities subject to an MNA | $— | $146,763

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(b) | Net Amount of Derivative Liabilities(c)
Bank of America N.A. | $7,940 | $— | $— | $— | $7,940
BNP Paribas SA | 43,332 | — | — | — | 43,332
Citibank N.A. | 63,139 | — | (39,372 ) | — | 23,767
Goldman Sachs International | 32,352 | — | — | — | 32,352
| $146,763 | $— | $(39,372 ) | $— | $107,391

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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
89

Schedule of Investments (continued)
December 31, 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 at the measurement date. 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 | $140,054,580 | $845,438 | $— | $140,900,018
Capital Markets | 646,065 | — | — | 646,065
Health Care Equipment & Supplies | 161,711,575 | — | 178,690 | 161,890,265
Health Care Providers & Services | 53,798,058 | — | — | 53,798,058
Life Sciences Tools & Services | 52,897,707 | — | — | 52,897,707
Pharmaceuticals | 93,783,298 | 15,664,782 | — | 109,448,080
Corporate Bonds | — | — | 108,838 | 108,838
Other Interests | — | — | 60,020 | 60,020
Preferred Securities |  |  |  |
Preferred Stocks | — | — | 3,501,508 | 3,501,508
Rights | — | — | 42,669 | 42,669
Warrants | 950 | — | 33,440 | 34,390
Short-Term Securities |  |  |  |
Money Market Funds | 26,552,753 | — | — | 26,552,753
| $529,444,986 | $16,510,220 | $3,925,165 | $549,880,371
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(2,511,494 ) | $(310,607 ) | $— | $(2,822,101 )

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

See notes to financial statements.
90
2024 BlackRock Annual Report to Shareholders

Schedule of Investments
December 31, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Aerospace & Defense — 5.7% |
Axon Enterprise, Inc.(a)(b)(c) |  | 117,375 | $69,758,310
HEICO Corp. |  | 136,452 | 32,440,098
|  |  | 102,198,408
Air Freight & Logistics — 0.4% |
GXO Logistics, Inc.(c)(d) |  | 171,952 | 7,479,912
Automobile Components — 0.5% |
Fox Factory Holding Corp.(c) |  | 313,368 | 9,485,649
Biotechnology(c) — 1.6% |
Halozyme Therapeutics, Inc. |  | 146,673 | 7,012,436
Natera, Inc. |  | 138,728 | 21,960,643
|  |  | 28,973,079
Building Products — 1.7% |
AZEK Co., Inc., Class A(c) |  | 634,963 | 30,141,694
Capital Markets — 4.9% |
TPG, Inc., Class A |  | 666,226 | 41,865,642
Tradeweb Markets, Inc., Class A(b) |  | 343,776 | 45,007,154
|  |  | 86,872,796
Construction & Engineering — 2.6% |
Comfort Systems USA, Inc. |  | 110,064 | 46,673,740
Diversified Consumer Services(c) — 2.1% |
Duolingo, Inc., Class A |  | 63,181 | 20,485,176
Grammarly, Inc., (Acquired 11/17/21, Cost: $26,250,012)(e)(f) |  | 1,001,454 | 16,153,453
|  |  | 36,638,629
Electrical Equipment — 3.4% |
Vertiv Holdings Co., Class A(a)(b) |  | 537,870 | 61,107,411
Electronic Equipment, Instruments & Components — 1.3% |
Coherent Corp.(c) |  | 253,650 | 24,028,265
Entertainment — 2.6% |
Liberty Media Corp.-Liberty Formula One, Class C(c) |  | 495,135 | 45,879,209
Financial Services — 1.3% |
Affirm Holdings, Inc., Class A(c) |  | 390,474 | 23,779,867
Food Products — 1.2% |
Freshpet, Inc.(c) |  | 140,042 | 20,741,621
Ground Transportation — 2.3% |
Saia, Inc.(c) |  | 89,902 | 40,971,038
Health Care Equipment & Supplies(c) — 3.7% |
Align Technology, Inc. |  | 153,354 | 31,975,843
Masimo Corp. |  | 202,454 | 33,465,646
|  |  | 65,441,489
Health Care Providers & Services — 0.5% |
Surgery Partners, Inc.(c)(d) |  | 438,226 | 9,277,244
Hotels, Restaurants & Leisure(c) — 4.3% |
DraftKings, Inc., Class A |  | 1,044,743 | 38,864,440
Planet Fitness, Inc., Class A(b) |  | 377,719 | 37,345,077
|  |  | 76,209,517
Industrial REITs — 0.1% |
Innovative Industrial Properties, Inc. |  | 11,558 | 770,225
Rexford Industrial Realty, Inc. |  | 11,967 | 462,644
|  |  | 1,232,869

Security |  | Shares | Value
Interactive Media & Services(c) — 2.3% |
Patreon, Inc., (Acquired 08/19/21, Cost: $11,732,736)(e)(f) |  | 208,333 | $5,754,157
Pinterest, Inc., Class A |  | 123,002 | 3,567,058
Reddit, Inc., Class A |  | 189,290 | 30,937,558
|  |  | 40,258,773
IT Services(c) — 2.6% |
Globant SA |  | 92,517 | 19,837,495
MongoDB, Inc., Class A |  | 80,348 | 18,705,818
Teya Services Ltd., Series C, (Acquired 11/16/21, Cost: $49,999,974)(e)(f) |  | 25,742 | 8,675,311
|  |  | 47,218,624
Life Sciences Tools & Services — 3.0% |
Bio-Techne Corp. |  | 16,316 | 1,175,241
Repligen Corp.(c) |  | 139,818 | 20,125,403
West Pharmaceutical Services, Inc. |  | 97,993 | 32,098,587
|  |  | 53,399,231
Machinery — 0.5% |
AutoStore Holdings Ltd.(c)(d)(g) |  | 8,612,661 | 8,438,564
Pharmaceuticals — 1.5% |
Galderma Group AG(c) |  | 234,159 | 25,966,351
Real Estate Management & Development — 2.2% |
CoStar Group, Inc.(c) |  | 558,897 | 40,011,436
Semiconductors & Semiconductor Equipment — 9.1% |
ASM International NV |  | 55,544 | 32,114,714
Astera Labs, Inc.(c) |  | 214,049 | 28,350,790
BE Semiconductor Industries NV |  | 192,304 | 26,358,750
Credo Technology Group Holding Ltd.(c) |  | 445,081 | 29,913,894
Entegris, Inc.(b) |  | 353,478 | 35,015,531
Monolithic Power Systems, Inc.(a) |  | 18,170 | 10,751,189
|  |  | 162,504,868
Software — 10.0% |
Aspen Technology, Inc.(c) |  | 32,704 | 8,163,900
Bentley Systems, Inc., Class B(d) |  | 521,406 | 24,349,660
Confluent, Inc., Class A(c) |  | 1,093,043 | 30,561,482
CyberArk Software Ltd.(c) |  | 54,242 | 18,070,722
Gitlab, Inc., Class A(c) |  | 319,546 | 18,006,417
Guidewire Software, Inc.(c) |  | 105,741 | 17,825,818
JFrog Ltd.(c) |  | 116,727 | 3,432,941
Manhattan Associates, Inc.(c) |  | 58,476 | 15,802,554
PTC, Inc.(c)(d) |  | 70,615 | 12,983,980
SiteMinder Ltd.(c) |  | 3,228,034 | 12,053,475
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $2,999,997)(c)(e)(f) |  | 199,738 | 2,011,362
Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost: $25,961,537)(e)(f) |  | 1,809,860 | 15,691,486
|  |  | 178,953,797
Specialty Retail(c) — 2.1% |
Carvana Co., Class A |  | 101,456 | 20,632,092
Floor & Decor Holdings, Inc., Class A(d) |  | 164,932 | 16,443,721
|  |  | 37,075,813
Technology Hardware, Storage & Peripherals — 1.5% |
Pure Storage, Inc., Class A(c) |  | 434,364 | 26,682,981

Schedule of Investments
91

Schedule of Investments (continued)
December 31, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Textiles, Apparel & Luxury Goods — 2.6% |
Brunello Cucinelli SpA |  | 237,493 | $25,943,561
On Holding AG, Class A(c) |  | 378,477 | 20,729,185
|  |  | 46,672,746
Trading Companies & Distributors — 0.7% |
Core & Main, Inc., Class A(c) |  | 258,028 | 13,136,205
Total Common Stocks — 78.3% (Cost: $1,214,338,592) | 1,397,451,826
Preferred Securities
Preferred Stocks — 22.1%(e)(f)
Aerospace & Defense — 0.1% |
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: $4,999,999)(c) |  | 909,438 | 1,136,797
Automobile Components — 0.1% |
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $50,000,009)(c) |  | 2,189,612 | 1,926,858
Capital Markets(c) — 2.6% |
Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost: $9,999,995) |  | 428,785 | 3,554,628
The Production Board LLC, Series A3, (Acquired 06/04/21, Cost: $50,000,001) |  | 16,666,667 | 25,833,334
Varo Money, Inc., Series E, (Acquired 08/27/21, Cost: $40,000,001) |  | 4,316,904 | 16,447,404
|  |  | 45,835,366
Diversified Consumer Services — 0.3% |
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $8,750,004)(c) |  | 333,818 | 5,384,484
Diversified Telecommunication Services — 0.5% |
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $17,999,912)(c) |  | 32,690 | 8,287,569
Entertainment — 0.4% |
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: $49,999,983)(c) |  | 2,172,486 | 7,734,050
Food Products — 0.3% |
Motif Food Works, Inc., Series B, (Acquired 06/08/21, Cost: $34,005,758)(c) |  | 1,972,240 | 5,212,039
Hotels, Restaurants & Leisure(c) — 2.1% |
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: $29,999,946) |  | 191,067 | 2,468,586
Underdog Sports, Inc., Series B, (Acquired 01/11/22, Cost: $14,999,974) |  | 291,061 | 35,177,632
|  |  | 37,646,218

Security |  | Shares | Value
Interactive Media & Services — 0.6% |
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $23,333,352)(c) |  | 416,667 | $11,508,342
IT Services(c) — 2.4% |
Via Transportation, Inc., Series G, (Acquired 11/05/21, Cost: $24,999,974) |  | 549,357 | 33,928,288
Wagestream Holdings Ltd., Series C, (Acquired 02/11/22, Cost: $10,024,684) |  | 762,746 | 8,517,543
|  |  | 42,445,831
Semiconductors & Semiconductor Equipment(c) — 3.7% |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $39,999,990) |  | 1,525,192 | 58,140,319
Rivos, Inc., Series A1, (Acquired 12/03/21, Cost: $7,996,292) |  | 2,997,684 | 7,823,955
|  |  | 65,964,274
Software — 7.2% |
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: $14,999,995)(c) |  | 2,745,894 | 8,567,189
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $44,999,983)(c) |  | 898,024 | 10,794,249
Deepgram, Inc., Series B, (Acquired 10/22/21, Cost: $11,999,997)(c) |  | 2,165,400 | 20,571,300
Dragos, Inc., Series D, (Acquired 09/28/21, Cost: $39,999,959)(c) |  | 900,760 | 29,842,179
Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: $30,000,101) |  | 4,651,163 | 16,465,117
Open Space Labs, Inc., Series D, (Acquired 01/31/22, Cost: $15,000,003)(c) |  | 1,687,916 | 12,794,403
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,993)(c) |  | 732,373 | 7,374,996
Snyk Ltd., Series F, (Acquired 09/02/21, Cost: $24,038,470)(c) |  | 1,685,092 | 14,609,748
Validere Technologies, Inc., Series B, (Acquired 10/21/21, Cost: $10,000,000)(c) |  | 4,684,060 | 8,431,308
|  |  | 129,450,489
Specialty Retail — 0.1% |
Super73, Inc., Series C-1, (Acquired 10/25/22, Cost: $12,000,000)(c) |  | 1,400,669 | 2,549,218

92
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Wireless Telecommunication Services — 1.7% |
Loft Orbital Solutions, Inc., Series B, (Acquired 10/14/21, Cost: $24,999,992)(c) |  | 1,365,305 | $29,681,731
| 394,763,266
Total Preferred Securities — 22.1% (Cost: $656,148,367) | 394,763,266
Total Long-Term Investments — 100.4% (Cost: $1,870,486,959) | 1,792,215,092
Short-Term Securities
Money Market Funds — 0.9% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.63%(h)(i)(j) |  | 14,260,840 | 14,267,970
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(h)(i) |  | 2,002,846 | 2,002,846
Total Short-Term Securities — 0.9% (Cost: $16,270,379) | 16,270,816
Total Investments Before Options Written — 101.3% (Cost: $1,886,757,338) | 1,808,485,908
Options Written — (0.3)% (Premiums Received: $(10,409,882)) | (6,220,791 )
Total Investments, Net of Options Written — 101.0% (Cost: $1,876,347,456) | 1,802,265,117
Liabilities in Excess of Other Assets — (1.0)% | (17,303,702 )
Net Assets — 100.0% | $1,784,961,415

(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 $443,049,035, representing 24.8% of its net assets as of period end, and an original cost of $773,092,623.
(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.

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 year ended December 31, 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 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $14,260,657 (a) | $— | $6,876 | $437 | $14,267,970 | 14,260,840 | $38,936 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 326,227 | 1,676,619 (a) | — | — | — | 2,002,846 | 2,002,846 | 274,103 | —
SL Liquidity Series, LLC, Money Market Series(c) | 20,505,005 | — | (20,506,863 )(a) | 3,019 | (1,161 ) | — | — | 14,373 (b) | —
|  |  |  | $9,895 | $(724 ) | $16,270,816 |  | $327,412 | $—

(a) | Represents net amount purchased (sold).
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.
(c) | As of period end, the entity is no longer held.

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 |  |  |  |  |  |  |
Coherent Corp. | 45 | 01/03/25 | USD | 108.00 | USD | 426 | $(1,125 )
On Holding AG, Class A | 120 | 01/10/25 | USD | 59.00 | USD | 657 | (3,120 )

Schedule of Investments
93

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Vertiv Holdings Co., Class A | 657 | 01/10/25 | USD | 150.00 | USD | 7,464 | $(42,705 )
Affirm Holdings, Inc., Class A | 111 | 01/17/25 | USD | 70.00 | USD | 676 | (9,491 )
Align Technology, Inc. | 63 | 01/17/25 | USD | 250.00 | USD | 1,314 | (1,260 )
Align Technology, Inc. | 10 | 01/17/25 | USD | 260.00 | USD | 209 | (350 )
Aspen Technology, Inc. | 21 | 01/17/25 | USD | 250.00 | USD | 524 | (9,398 )
Astera Labs, Inc. | 189 | 01/17/25 | USD | 125.00 | USD | 2,503 | (228,690 )
Axon Enterprise, Inc. | 55 | 01/17/25 | USD | 610.00 | USD | 3,269 | (67,650 )
Axon Enterprise, Inc. | 150 | 01/17/25 | USD | 640.00 | USD | 8,915 | (68,250 )
AZEK Co., Inc., Class A | 505 | 01/17/25 | USD | 60.00 | USD | 2,397 | (25,250 )
AZEK Co., Inc., Class A | 528 | 01/17/25 | USD | 55.00 | USD | 2,506 | (7,920 )
Bentley Systems, Inc., Class B | 848 | 01/17/25 | USD | 50.00 | USD | 3,960 | (19,080 )
Carvana Co., Class A | 78 | 01/17/25 | USD | 260.00 | USD | 1,586 | (6,903 )
Comfort Systems USA, Inc. | 110 | 01/17/25 | USD | 470.00 | USD | 4,665 | (29,150 )
Confluent, Inc., Class A | 748 | 01/17/25 | USD | 29.00 | USD | 2,091 | (44,880 )
Core & Main, Inc., Class A | 420 | 01/17/25 | USD | 52.50 | USD | 2,138 | (68,250 )
CoStar Group, Inc. | 400 | 01/17/25 | USD | 80.00 | USD | 2,864 | (6,000 )
Credo Technology Group Holding Ltd. | 325 | 01/17/25 | USD | 55.00 | USD | 2,184 | (414,375 )
CyberArk Software Ltd. | 38 | 01/17/25 | USD | 310.00 | USD | 1,266 | (100,700 )
DraftKings, Inc., Class A | 400 | 01/17/25 | USD | 42.00 | USD | 1,488 | (5,200 )
Duolingo, Inc., Class A | 51 | 01/17/25 | USD | 350.00 | USD | 1,654 | (20,145 )
Entegris, Inc. | 170 | 01/17/25 | USD | 115.00 | USD | 1,684 | (2,550 )
Floor & Decor Holdings, Inc., Class A | 100 | 01/17/25 | USD | 115.00 | USD | 997 | (2,750 )
Fox Factory Holding Corp. | 235 | 01/17/25 | USD | 35.50 | USD | 711 | (3,064 )
Fox Factory Holding Corp. | 275 | 01/17/25 | USD | 32.00 | USD | 832 | (17,505 )
Freshpet, Inc. | 114 | 01/17/25 | USD | 160.00 | USD | 1,688 | (12,540 )
Gitlab, Inc., Class A | 170 | 01/17/25 | USD | 64.00 | USD | 958 | (5,950 )
Globant SA | 44 | 01/17/25 | USD | 240.00 | USD | 943 | (5,940 )
Guidewire Software, Inc. | 80 | 01/17/25 | USD | 180.00 | USD | 1,349 | (8,600 )
GXO Logistics, Inc. | 167 | 01/17/25 | USD | 65.00 | USD | 726 | (1,670 )
Halozyme Therapeutics, Inc. | 64 | 01/17/25 | USD | 50.00 | USD | 306 | (5,440 )
HEICO Corp. | 109 | 01/17/25 | USD | 280.00 | USD | 2,591 | (1,090 )
Innovative Industrial Properties, Inc. | 20 | 01/17/25 | USD | 115.00 | USD | 133 | (100 )
JFrog Ltd. | 198 | 01/17/25 | USD | 35.00 | USD | 582 | (2,970 )
Liberty Media Corp.-Liberty Formula One, Class C | 360 | 01/17/25 | USD | 85.00 | USD | 3,336 | (293,400 )
Manhattan Associates, Inc. | 136 | 01/17/25 | USD | 290.00 | USD | 3,675 | (16,660 )
Masimo Corp. | 127 | 01/17/25 | USD | 190.00 | USD | 2,099 | (16,510 )
MongoDB, Inc., Class A | 94 | 01/17/25 | USD | 340.00 | USD | 2,188 | (11,750 )
Monolithic Power Systems, Inc. | 18 | 01/17/25 | USD | 702.00 | USD | 1,065 | (1,122 )
Natera, Inc. | 50 | 01/17/25 | USD | 175.00 | USD | 792 | (16,000 )
On Holding AG, Class A | 341 | 01/17/25 | USD | 55.00 | USD | 1,868 | (61,891 )
Pinterest, Inc., Class A | 784 | 01/17/25 | USD | 31.00 | USD | 2,274 | (19,600 )
Planet Fitness, Inc., Class A | 310 | 01/17/25 | USD | 97.50 | USD | 3,065 | (106,950 )
PTC, Inc. | 122 | 01/17/25 | USD | 190.00 | USD | 2,243 | (24,095 )
Pure Storage, Inc., Class A | 40 | 01/17/25 | USD | 55.00 | USD | 246 | (23,400 )
Pure Storage, Inc., Class A | 40 | 01/17/25 | USD | 60.00 | USD | 246 | (10,700 )
Saia, Inc. | 56 | 01/17/25 | USD | 570.00 | USD | 2,552 | (24,640 )
Surgery Partners, Inc. | 410 | 01/17/25 | USD | 22.50 | USD | 868 | (65,600 )
TPG, Inc., Class A | 232 | 01/17/25 | USD | 71.21 | USD | 1,458 | (13,929 )
TPG, Inc., Class A | 463 | 01/17/25 | USD | 65.00 | USD | 2,909 | (38,197 )
Tradeweb Markets, Inc., Class A | 294 | 01/17/25 | USD | 130.00 | USD | 3,849 | (99,960 )
Vertiv Holdings Co., Class A | 117 | 01/17/25 | USD | 160.00 | USD | 1,329 | (585 )
West Pharmaceutical Services, Inc. | 58 | 01/17/25 | USD | 340.00 | USD | 1,900 | (17,400 )
Affirm Holdings, Inc., Class A | 290 | 01/24/25 | USD | 75.00 | USD | 1,766 | (17,110 )
Align Technology, Inc. | 176 | 01/24/25 | USD | 235.00 | USD | 3,670 | (21,560 )
Coherent Corp. | 150 | 01/24/25 | USD | 113.00 | USD | 1,421 | (9,375 )
Gitlab, Inc., Class A | 170 | 01/24/25 | USD | 65.00 | USD | 958 | (5,525 )
MongoDB, Inc., Class A | 36 | 01/24/25 | USD | 320.00 | USD | 838 | (2,700 )
On Holding AG, Class A | 87 | 01/24/25 | USD | 61.00 | USD | 476 | (3,437 )
Reddit, Inc., Class A | 65 | 01/24/25 | USD | 185.00 | USD | 1,062 | (26,325 )
Vertiv Holdings Co., Class A | 101 | 01/24/25 | USD | 129.00 | USD | 1,147 | (12,120 )
Affirm Holdings, Inc., Class A | 111 | 01/31/25 | USD | 69.00 | USD | 676 | (23,199 )
DraftKings, Inc., Class A | 431 | 01/31/25 | USD | 42.00 | USD | 1,603 | (18,102 )

94
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
On Holding AG, Class A | 120 | 01/31/25 | USD | 59.00 | USD | 657 | $(12,600 )
Reddit, Inc., Class A | 64 | 01/31/25 | USD | 195.00 | USD | 1,046 | (24,736 )
Comfort Systems USA, Inc. | 69 | 02/05/25 | USD | 440.00 | USD | 2,926 | (99,822 )
Halozyme Therapeutics, Inc. | 174 | 02/10/25 | USD | 50.25 | USD | 832 | (29,956 )
Astera Labs, Inc. | 159 | 02/21/25 | USD | 152.58 | USD | 2,106 | (99,784 )
Bio-Techne Corp. | 26 | 02/21/25 | USD | 75.00 | USD | 187 | (8,580 )
Carvana Co., Class A | 87 | 02/21/25 | USD | 260.00 | USD | 1,769 | (68,295 )
Coherent Corp. | 150 | 02/21/25 | USD | 120.00 | USD | 1,421 | (28,500 )
Confluent, Inc., Class A | 1,132 | 02/21/25 | USD | 34.00 | USD | 3,165 | (110,370 )
Credo Technology Group Holding Ltd. | 399 | 02/21/25 | USD | 80.00 | USD | 2,682 | (105,735 )
CyberArk Software Ltd. | 38 | 02/21/25 | USD | 320.00 | USD | 1,266 | (109,250 )
DraftKings, Inc., Class A | 370 | 02/21/25 | USD | 45.00 | USD | 1,376 | (22,570 )
Duolingo, Inc., Class A | 51 | 02/21/25 | USD | 360.00 | USD | 1,654 | (52,275 )
Entegris, Inc. | 405 | 02/21/25 | USD | 115.00 | USD | 4,012 | (69,862 )
Floor & Decor Holdings, Inc., Class A | 170 | 02/21/25 | USD | 114.00 | USD | 1,695 | (35,007 )
Freshpet, Inc. | 114 | 02/21/25 | USD | 150.00 | USD | 1,688 | (66,690 )
Gitlab, Inc., Class A | 171 | 02/21/25 | USD | 67.50 | USD | 964 | (11,543 )
Guidewire Software, Inc. | 80 | 02/21/25 | USD | 185.00 | USD | 1,349 | (16,800 )
GXO Logistics, Inc. | 115 | 02/21/25 | USD | 50.00 | USD | 500 | (6,325 )
HEICO Corp. | 113 | 02/21/25 | USD | 260.00 | USD | 2,686 | (16,667 )
Liberty Media Corp.-Liberty Formula One, Class C | 446 | 02/21/25 | USD | 100.00 | USD | 4,133 | (111,500 )
Monolithic Power Systems, Inc. | 50 | 02/21/25 | USD | 670.00 | USD | 2,959 | (117,000 )
Natera, Inc. | 171 | 02/21/25 | USD | 185.00 | USD | 2,707 | (97,470 )
Pinterest, Inc., Class A | 260 | 02/21/25 | USD | 33.00 | USD | 754 | (26,780 )
Planet Fitness, Inc., Class A | 304 | 02/21/25 | USD | 110.00 | USD | 3,006 | (35,720 )
Pure Storage, Inc., Class A | 173 | 02/21/25 | USD | 70.00 | USD | 1,063 | (17,732 )
Pure Storage, Inc., Class A | 268 | 02/21/25 | USD | 75.00 | USD | 1,646 | (13,400 )
Reddit, Inc., Class A | 179 | 02/21/25 | USD | 170.00 | USD | 2,926 | (327,570 )
Repligen Corp. | 223 | 02/21/25 | USD | 165.00 | USD | 3,210 | (90,872 )
Saia, Inc. | 90 | 02/21/25 | USD | 590.00 | USD | 4,102 | (34,875 )
TPG, Inc., Class A | 370 | 02/21/25 | USD | 72.50 | USD | 2,325 | (48,100 )
Tradeweb Markets, Inc., Class A | 257 | 02/21/25 | USD | 140.00 | USD | 3,365 | (60,395 )
West Pharmaceutical Services, Inc. | 101 | 02/21/25 | USD | 350.00 | USD | 3,308 | (95,445 )
Globant SA | 106 | 12/19/25 | USD | 230.00 | USD | 2,273 | (292,560 )
|  |  |  |  |  |  | $(4,616,689 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
SiteMinder Ltd. | UBS AG | 115,400 | 01/07/25 | AUD | 6.98 | AUD | 696 | $(9 )
AutoStore Holdings Ltd. | UBS AG | 321,500 | 01/09/25 | NOK | 12.92 | NOK | 3,586 | (149 )
SiteMinder Ltd. | UBS AG | 185,500 | 01/09/25 | AUD | 6.94 | AUD | 1,119 | (75 )
Surgery Partners, Inc. | Goldman Sachs International | 30,900 | 01/09/25 | USD | 25.77 | USD | 654 | (711 )
Masimo Corp. | Citibank N.A. | 20,200 | 01/10/25 | USD | 166.24 | USD | 3,339 | (80,096 )
Rexford Industrial Realty, Inc. | Citibank N.A. | 1,000 | 01/13/25 | USD | 43.52 | USD | 39 | (3 )
Rexford Industrial Realty, Inc. | Goldman Sachs International | 900 | 01/13/25 | USD | 41.30 | USD | 35 | (65 )
ASM International NV | Goldman Sachs International | 5,600 | 01/14/25 | EUR | 554.95 | EUR | 3,126 | (103,360 )
AutoStore Holdings Ltd. | UBS AG | 237,900 | 01/14/25 | NOK | 13.06 | NOK | 2,653 | (313 )
AutoStore Holdings Ltd. | Citibank N.A. | 280,000 | 01/15/25 | NOK | 12.47 | NOK | 3,123 | (1,260 )
ASM International NV | Goldman Sachs International | 3,900 | 01/16/25 | EUR | 524.74 | EUR | 2,177 | (160,510 )
Brunello Cucinelli SpA | Citibank N.A. | 30,000 | 01/16/25 | EUR | 90.23 | EUR | 3,164 | (475,209 )
BE Semiconductor Industries NV | Goldman Sachs International | 31,400 | 01/24/25 | EUR | 121.47 | EUR | 4,155 | (424,033 )
Galderma Group AG | Citibank N.A. | 15,000 | 01/24/25 | CHF | 92.73 | CHF | 1,510 | (137,881 )
SiteMinder Ltd. | UBS AG | 29,200 | 01/24/25 | AUD | 6.65 | AUD | 176 | (759 )
AutoStore Holdings Ltd. | Goldman Sachs International | 562,800 | 01/28/25 | NOK | 12.54 | NOK | 6,253 | (6,604 )
Brunello Cucinelli SpA | Citibank N.A. | 8,600 | 01/28/25 | EUR | 106.18 | EUR | 906 | (22,368 )
Galderma Group AG | Morgan Stanley & Co. International PLC | 9,400 | 01/28/25 | CHF | 96.36 | CHF | 946 | (53,966 )
SiteMinder Ltd. | UBS AG | 89,000 | 01/28/25 | AUD | 5.98 | AUD | 538 | (15,082 )
CoStar Group, Inc. | Barclays Bank PLC | 50,900 | 01/29/25 | USD | 79.72 | USD | 3,644 | (22,560 )

Schedule of Investments
95

Schedule of Investments (continued)
December 31, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
OTC Options Written (continued)

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call (continued) |  |  |  |  |  |  |  |
Pure Storage, Inc., Class A | UBS AG | 17,300 | 01/29/25 | USD | 66.25 | USD | 1,063 | $(17,452 )
Aspen Technology, Inc. | Morgan Stanley & Co. International PLC | 3,200 | 02/04/25 | USD | 252.93 | USD | 799 | (13,394 )
Galderma Group AG | Morgan Stanley & Co. International PLC | 13,800 | 02/06/25 | CHF | 98.12 | CHF | 1,389 | (62,999 )
SiteMinder Ltd. | Goldman Sachs International | 106,500 | 02/06/25 | AUD | 6.65 | AUD | 643 | (5,244 )
|  |  |  |  |  |  |  | $(1,604,102 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(10,409,882 ) | $5,923,420 | $(1,734,329 ) | $(6,220,791 )

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 | $— | $— | $6,220,791 | $— | $— | $— | $6,220,791

For the period ended December 31, 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 | — | — | (13,094,737 ) | — | — | — | (13,094,737 )
| $— | $— | $(13,095,440 ) | $— | $— | $— | $(13,095,440 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $12,830,161 | $— | $— | $— | $12,830,161

(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 | 9,265,650

(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.
96
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
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 | $— | $6,220,791
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 6,220,791
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (4,616,689 )
Total derivative assets and liabilities subject to an MNA | $— | $1,604,102

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(b) | Net Amount of Derivative Liabilities(c)
Barclays Bank PLC | $22,560 | $— | $— | $— | $22,560
Citibank N.A. | 716,817 | — | (716,817 ) | — | —
Goldman Sachs International | 700,527 | — | (700,527 ) | — | —
Morgan Stanley & Co. International PLC | 130,359 | — | — | — | 130,359
UBS AG | 33,839 | — | (33,839 ) | — | —
| $1,604,102 | $— | $(1,451,183 ) | $— | $152,919

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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 at the measurement date. 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 | $102,198,408 | $— | $— | $102,198,408
Air Freight & Logistics | 7,479,912 | — | — | 7,479,912
Automobile Components | 9,485,649 | — | — | 9,485,649
Biotechnology | 28,973,079 | — | — | 28,973,079
Building Products | 30,141,694 | — | — | 30,141,694
Capital Markets | 86,872,796 | — | — | 86,872,796
Construction & Engineering | 46,673,740 | — | — | 46,673,740
Diversified Consumer Services | 20,485,176 | — | 16,153,453 | 36,638,629
Electrical Equipment | 61,107,411 | — | — | 61,107,411
Electronic Equipment, Instruments & Components | 24,028,265 | — | — | 24,028,265
Entertainment | 45,879,209 | — | — | 45,879,209
Financial Services | 23,779,867 | — | — | 23,779,867
Food Products | 20,741,621 | — | — | 20,741,621
Ground Transportation | 40,971,038 | — | — | 40,971,038
Health Care Equipment & Supplies | 65,441,489 | — | — | 65,441,489
Health Care Providers & Services | 9,277,244 | — | — | 9,277,244
Hotels, Restaurants & Leisure | 76,209,517 | — | — | 76,209,517
Industrial REITs | 1,232,869 | — | — | 1,232,869
Interactive Media & Services | 34,504,616 | — | 5,754,157 | 40,258,773
IT Services | 38,543,313 | — | 8,675,311 | 47,218,624

Schedule of Investments
97

Schedule of Investments (continued)
December 31, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)
Fair Value Hierarchy as of Period End (continued)

| Level 1 | Level 2 | Level 3 | Total
Common Stocks (continued) |  |  |  |
Life Sciences Tools & Services | $53,399,231 | $— | $— | $53,399,231
Machinery | — | 8,438,564 | — | 8,438,564
Pharmaceuticals | 25,966,351 | — | — | 25,966,351
Real Estate Management & Development | 40,011,436 | — | — | 40,011,436
Semiconductors & Semiconductor Equipment | 104,031,404 | 58,473,464 | — | 162,504,868
Software | 149,197,474 | 12,053,475 | 17,702,848 | 178,953,797
Specialty Retail | 37,075,813 | — | — | 37,075,813
Technology Hardware, Storage & Peripherals | 26,682,981 | — | — | 26,682,981
Textiles, Apparel & Luxury Goods | 20,729,185 | 25,943,561 | — | 46,672,746
Trading Companies & Distributors | 13,136,205 | — | — | 13,136,205
Preferred Securities |  |  |  |
Preferred Stocks | — | — | 394,763,266 | 394,763,266
Short-Term Securities |  |  |  |
Money Market Funds | 16,270,816 | — | — | 16,270,816
| $1,260,527,809 | $104,909,064 | $443,049,035 | $1,808,485,908
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(4,316,500 ) | $(1,904,291 ) | $— | $(6,220,791 )

(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 year 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) | 26,380,058 | (40,449,642 ) | (14,069,584 )
Purchases | — | — | —
Sales | — | (5,994,230 ) | (5,994,230 )
Closing balance, as of December 31, 2024 | $48,285,769 | $394,763,266 | $443,049,035
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024(b) | $(7,380,687 ) | $(40,449,642 ) | $(47,830,329 )

(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 December 31, 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 | $48,285,769 | Market | Revenue Multiple | 7.50x - 21.00x | 14.36x
|  |  | Gross Profit Multiple | 10.00x | —
Preferred Stocks | 394,763,266 | Market | Revenue Multiple | 0.95x - 21.00x | 9.54x
|  |  | Time to Exit | 0.5 - 5.0 years | 2.7 years

98
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Innovation and Growth Term Trust (BIGZ)

| Value | Valuation Approach | Unobservable Inputs | Range of Unobservable Inputs Utilized(a) | Weighted Average of Unobservable Inputs Based on Fair Value
|  |  | Volatility | 40% - 95% | 67%
|  |  | Market Adjustment Multiple | 0.45x - 1.80x | 1.37x
| $443,049,035 |  |  |  |

(a) | A significant change in unobservable input could result in a correlated or inverse change in value.

See notes to financial statements.
Schedule of Investments
99

Schedule of Investments
December 31, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Chemicals — 10.0% |
CF Industries Holdings, Inc.(a)(b) |  | 228,992 | $19,537,597
Corteva, Inc. |  | 481,571 | 27,430,284
Nutrien Ltd. |  | 662,393 | 29,642,087
|  |  | 76,609,968
Construction Materials — 1.8% |
CRH PLC |  | 151,377 | 14,005,400
Containers & Packaging — 12.1% |
Avery Dennison Corp. |  | 81,741 | 15,296,193
DS Smith PLC |  | 943,072 | 6,378,283
Graphic Packaging Holding Co. |  | 461,697 | 12,539,691
Packaging Corp. of America(b) |  | 100,552 | 22,637,272
Smurfit WestRock PLC |  | 670,121 | 36,092,717
|  |  | 92,944,156
Energy Equipment & Services — 1.4% |
Saipem SpA(c) |  | 4,175,579 | 10,922,212
Food Products — 2.0% |
Bunge Global SA |  | 92,787 | 7,215,117
Hofseth International, (Acquired 05/26/21, Cost: $10,198,056)(c)(d)(e) |  | 18,993,283 | 8,642,867
|  |  | 15,857,984
Metals & Mining — 33.1% |
Anglo American Platinum Ltd. |  | 116,507 | 3,514,288
Anglo American PLC |  | 1,010,207 | 29,868,941
ArcelorMittal SA, ADR(f) |  | 233,043 | 5,390,285
Barrick Gold Corp. |  | 1,013,037 | 15,702,074
BHP Group Ltd., ADR |  | 326,983 | 15,966,580
Cleveland-Cliffs, Inc.(c) |  | 24,515 | 230,441
First Quantum Minerals Ltd.(c) |  | 468,464 | 6,038,915
Freeport-McMoRan, Inc.(a) |  | 434,063 | 16,529,119
Glencore PLC |  | 6,786,410 | 29,888,543
Kinross Gold Corp. |  | 650,270 | 6,028,003
Newmont Corp.(a) |  | 245,647 | 9,142,981
Norsk Hydro ASA |  | 4,859,786 | 26,732,120
Nucor Corp. |  | 32,671 | 3,813,032
Polyus PJSC(c)(d) |  | 104,732 | 9
Rio Tinto PLC |  | 417,639 | 24,653,238
Teck Resources Ltd., Class B |  | 358,340 | 14,523,520
U.S. Steel Corp. |  | 125,324 | 4,259,763
Vale SA, ADR |  | 793,951 | 7,042,345
Wheaton Precious Metals Corp. |  | 627,429 | 35,286,607
|  |  | 254,610,804
Oil, Gas & Consumable Fuels — 34.2% |
Cameco Corp. |  | 272,234 | 13,997,576
Canadian Natural Resources Ltd. |  | 536,262 | 16,556,616
Cheniere Energy, Inc.(a) |  | 57,424 | 12,338,695
ConocoPhillips(b) |  | 155,494 | 15,420,340
Diamondback Energy, Inc. |  | 39,974 | 6,548,940
Eni SpA |  | 1,139,481 | 15,586,205
Exxon Mobil Corp.(b) |  | 531,109 | 57,131,395
Gazprom PJSC(c)(d) |  | 5,430,000 | 478
Hess Corp.(a) |  | 102,564 | 13,642,038
Permian Resources Corp., Class A |  | 325,298 | 4,677,785
Shell PLC, ADR(b) |  | 1,053,693 | 66,013,866
TotalEnergies SE |  | 614,992 | 34,264,190
Tourmaline Oil Corp. |  | 139,607 | 6,460,508
|  |  | 262,638,632

Security |  | Shares | Value
Paper & Forest Products — 1.1% |
Mondi PLC |  | 553,396 | $8,238,758
Precious Woods Holding AG, Registered Shares(c) |  | 20,000 | 110,187
|  |  | 8,348,945
Total Common Stocks — 95.7% (Cost: $686,390,037) | 735,938,101

|  | Par (000) |
Corporate Bonds
Metals & Mining — 0.9%
Allied Gold Corp., 8.75%, 09/07/28(g)(h) | $ | 7,200 | 6,624,000
Total Corporate Bonds — 0.9% (Cost: $7,200,000) | 6,624,000
Total Long-Term Investments — 96.6% (Cost: $693,590,037) | 742,562,101

|  | Shares |
Short-Term Securities
Money Market Funds — 4.0% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.63%(i)(j)(k) |  | 1,846,362 | 1,847,286
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(i)(j) |  | 28,918,529 | 28,918,529
Total Short-Term Securities — 4.0% (Cost: $30,765,955) | 30,765,815
Total Investments Before Options Written — 100.6% (Cost: $724,355,992) | 773,327,916
Options Written — (0.4)% (Premiums Received: $(5,939,779)) | (2,922,240 )
Total Investments, Net of Options Written — 100.2% (Cost: $718,416,213) | 770,405,676
Liabilities in Excess of Other Assets — (0.2)% | (1,838,661 )
Net Assets — 100.0% | $768,567,015

(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) | 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 $8,642,867, representing 1.1% of its net assets as of period end, and an original cost of $10,198,056.
(f) | All or a portion of this security is on loan.
(g) | Convertible security.
(h) | 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.
(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.
100
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 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 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $1,846,881 (a) | $— | $545 | $(140 ) | $1,847,286 | 1,846,362 | $6,907 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 14,160,077 | 14,758,452 (a) | — | — | — | 28,918,529 | 28,918,529 | 997,798 | —
SL Liquidity Series, LLC, Money Market Series(c) | 6,150,469 | — | (6,150,168 )(a) | (800 ) | 499 | — | — | 6,856 (b) | —
|  |  |  | $(255 ) | $359 | $30,765,815 |  | $1,011,561 | $—

(a) | Represents net amount purchased (sold).
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.
(c) | As of period end, the entity is no longer held.

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 |  |  |  |  |  |  |
Nucor Corp. | 61 | 01/03/25 | USD | 150.00 | USD | 712 | $(305 )
Teck Resources Ltd., Class B | 309 | 01/03/25 | USD | 48.00 | USD | 1,252 | (20,085 )
ConocoPhillips | 166 | 01/10/25 | USD | 109.00 | USD | 1,646 | (1,494 )
Diamondback Energy, Inc. | 57 | 01/10/25 | USD | 185.00 | USD | 934 | (855 )
Exxon Mobil Corp. | 288 | 01/10/25 | USD | 120.00 | USD | 3,098 | (576 )
Freeport-McMoRan, Inc. | 930 | 01/10/25 | USD | 47.00 | USD | 3,541 | (46,500 )
Kinross Gold Corp. | 1,180 | 01/10/25 | USD | 10.45 | USD | 1,094 | (1,054 )
Shell PLC, ADR | 798 | 01/10/25 | USD | 67.00 | USD | 4,999 | (3,990 )
ArcelorMittal SA, ADR | 105 | 01/17/25 | USD | 24.00 | USD | 243 | (2,100 )
Avery Dennison Corp. | 180 | 01/17/25 | USD | 210.00 | USD | 3,368 | (9,000 )
Avery Dennison Corp. | 122 | 01/17/25 | USD | 200.00 | USD | 2,283 | (8,845 )
BHP Group Ltd., ADR | 1,012 | 01/17/25 | USD | 57.50 | USD | 4,942 | (10,120 )
Bunge Global SA | 175 | 01/17/25 | USD | 92.50 | USD | 1,361 | (3,500 )
Canadian Natural Resources Ltd. | 132 | 01/17/25 | CAD | 49.00 | CAD | 586 | (551 )
Cheniere Energy, Inc. | 54 | 01/17/25 | USD | 200.00 | USD | 1,160 | (87,210 )
Cheniere Energy, Inc. | 104 | 01/17/25 | USD | 210.00 | USD | 2,235 | (82,160 )
Corteva, Inc. | 890 | 01/17/25 | USD | 60.00 | USD | 5,069 | (26,700 )
CRH PLC | 205 | 01/17/25 | USD | 105.00 | USD | 1,897 | (15,375 )
Exxon Mobil Corp. | 483 | 01/17/25 | USD | 125.00 | USD | 5,196 | (1,449 )
First Quantum Minerals Ltd. | 725 | 01/17/25 | CAD | 21.00 | CAD | 1,343 | (6,809 )
Graphic Packaging Holding Co. | 648 | 01/17/25 | USD | 30.00 | USD | 1,760 | (16,200 )
Hess Corp. | 72 | 01/17/25 | USD | 150.00 | USD | 958 | (1,800 )
Nucor Corp. | 88 | 01/17/25 | USD | 160.00 | USD | 1,027 | (440 )
Packaging Corp. of America | 194 | 01/17/25 | USD | 240.00 | USD | 4,368 | (36,860 )
Permian Resources Corp., Class A | 433 | 01/17/25 | USD | 15.20 | USD | 623 | (21,333 )
Shell PLC, ADR | 511 | 01/17/25 | USD | 70.00 | USD | 3,201 | (2,555 )
Shell PLC, ADR | 338 | 01/17/25 | USD | 67.50 | USD | 2,118 | (3,380 )
Smurfit WestRock PLC | 700 | 01/17/25 | USD | 55.00 | USD | 3,770 | (80,500 )
Teck Resources Ltd., Class B | 609 | 01/17/25 | USD | 49.00 | USD | 2,468 | (11,266 )
Tourmaline Oil Corp. | 136 | 01/17/25 | CAD | 65.50 | CAD | 905 | (18,828 )
U.S. Steel Corp. | 230 | 01/17/25 | USD | 40.00 | USD | 782 | (60,030 )
Vale SA, ADR | 665 | 01/17/25 | USD | 10.00 | USD | 590 | (1,663 )
ArcelorMittal SA, ADR | 192 | 01/24/25 | USD | 27.00 | USD | 444 | (1,920 )
Canadian Natural Resources Ltd. | 926 | 01/24/25 | CAD | 45.50 | CAD | 4,110 | (42,195 )
ConocoPhillips | 212 | 01/24/25 | USD | 108.00 | USD | 2,102 | (6,784 )
Diamondback Energy, Inc. | 90 | 01/24/25 | USD | 175.00 | USD | 1,474 | (11,250 )
Exxon Mobil Corp. | 400 | 01/24/25 | USD | 118.00 | USD | 4,303 | (5,200 )

Schedule of Investments
101

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
First Quantum Minerals Ltd. | 504 | 01/24/25 | CAD | 19.50 | CAD | 934 | $(19,109 )
Hess Corp. | 307 | 01/24/25 | USD | 130.00 | USD | 4,083 | (135,080 )
Shell PLC, ADR | 929 | 01/24/25 | USD | 64.00 | USD | 5,820 | (69,675 )
Tourmaline Oil Corp. | 244 | 01/24/25 | CAD | 62.00 | CAD | 1,623 | (82,751 )
U.S. Steel Corp. | 230 | 01/24/25 | USD | 40.00 | USD | 782 | (64,170 )
Canadian Natural Resources Ltd. | 926 | 01/31/25 | CAD | 45.50 | CAD | 4,110 | (52,180 )
ConocoPhillips | 197 | 01/31/25 | USD | 101.00 | USD | 1,954 | (38,809 )
CRH PLC | 355 | 01/31/25 | USD | 101.00 | USD | 3,284 | (47,925 )
Exxon Mobil Corp. | 442 | 01/31/25 | USD | 112.00 | USD | 4,755 | (60,554 )
First Quantum Minerals Ltd. | 504 | 01/31/25 | CAD | 19.50 | CAD | 934 | (23,667 )
Freeport-McMoRan, Inc. | 676 | 01/31/25 | USD | 41.00 | USD | 2,574 | (43,264 )
Kinross Gold Corp. | 1,225 | 01/31/25 | USD | 10.10 | USD | 1,136 | (18,460 )
Nucor Corp. | 70 | 01/31/25 | USD | 135.00 | USD | 817 | (4,375 )
Shell PLC, ADR | 528 | 01/31/25 | USD | 66.00 | USD | 3,308 | (23,760 )
Vale SA, ADR | 1,136 | 01/31/25 | USD | 10.00 | USD | 1,008 | (6,248 )
Shell PLC, ADR | 794 | 02/07/25 | USD | 64.00 | USD | 4,974 | (132,995 )
ArcelorMittal SA, ADR | 565 | 02/21/25 | USD | 24.00 | USD | 1,307 | (39,550 )
BHP Group Ltd., ADR | 197 | 02/21/25 | USD | 55.00 | USD | 962 | (6,895 )
Bunge Global SA | 168 | 02/21/25 | USD | 85.25 | USD | 1,306 | (13,454 )
Cheniere Energy, Inc. | 54 | 02/21/25 | USD | 220.00 | USD | 1,160 | (32,130 )
Corteva, Inc. | 891 | 02/21/25 | USD | 60.00 | USD | 5,075 | (120,285 )
Exxon Mobil Corp. | 352 | 02/21/25 | USD | 120.00 | USD | 3,786 | (17,952 )
Packaging Corp. of America | 178 | 02/21/25 | USD | 239.81 | USD | 4,007 | (45,347 )
Permian Resources Corp., Class A | 770 | 02/21/25 | USD | 15.00 | USD | 1,107 | (38,500 )
Teck Resources Ltd., Class B | 582 | 02/21/25 | USD | 49.00 | USD | 2,359 | (25,317 )
Tourmaline Oil Corp. | 136 | 02/21/25 | CAD | 65.50 | CAD | 905 | (28,809 )
Vale SA, ADR | 1,136 | 02/21/25 | USD | 9.25 | USD | 1,008 | (30,984 )
|  |  |  |  |  |  | $(1,873,127 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Rio Tinto PLC | Citibank N.A. | 128,000 | 01/07/25 | GBP | 52.55 | GBP | 6,036 | $(336 )
Anglo American PLC | Bank of America N.A. | 228,600 | 01/09/25 | GBP | 23.44 | GBP | 5,399 | (200,037 )
DS Smith PLC | Goldman Sachs International | 180,000 | 01/09/25 | GBP | 5.82 | GBP | 972 | (394 )
Eni SpA | Goldman Sachs International | 217,500 | 01/09/25 | EUR | 14.43 | EUR | 2,872 | (144 )
Graphic Packaging Holding Co. | Barclays Bank PLC | 106,000 | 01/09/25 | USD | 29.75 | USD | 2,879 | (648 )
Norsk Hydro ASA | UBS AG | 458,800 | 01/09/25 | NOK | 67.95 | NOK | 28,728 | (2,369 )
Rio Tinto PLC | Bank of America N.A. | 51,800 | 01/09/25 | GBP | 48.53 | GBP | 2,442 | (12,125 )
Glencore PLC | BNP Paribas SA | 1,133,600 | 01/14/25 | GBP | 3.93 | GBP | 3,988 | (3,562 )
Saipem SpA | Bank of America N.A. | 711,100 | 01/14/25 | EUR | 2.43 | EUR | 1,796 | (81,393 )
Mondi PLC | Bank of America N.A. | 50,000 | 01/15/25 | GBP | 12.31 | GBP | 595 | (4,869 )
Saipem SpA | UBS AG | 866,200 | 01/16/25 | EUR | 2.46 | EUR | 2,187 | (87,706 )
Smurfit WestRock PLC | Citibank N.A. | 88,000 | 01/21/25 | USD | 53.25 | USD | 4,740 | (179,088 )
Glencore PLC | Citibank N.A. | 817,400 | 01/22/25 | GBP | 3.84 | GBP | 2,876 | (14,572 )
TotalEnergies SE | Goldman Sachs International | 151,500 | 01/22/25 | EUR | 54.70 | EUR | 8,149 | (56,053 )
Anglo American PLC | Morgan Stanley & Co. International PLC | 145,000 | 01/24/25 | GBP | 27.32 | GBP | 3,425 | (13,442 )
DS Smith PLC | Goldman Sachs International | 169,000 | 01/24/25 | GBP | 6.03 | GBP | 913 | (1,126 )
Eni SpA | UBS AG | 204,300 | 01/24/25 | EUR | 13.91 | EUR | 2,698 | (8,116 )
Norsk Hydro ASA | Morgan Stanley & Co. International PLC | 616,000 | 01/24/25 | NOK | 71.75 | NOK | 38,572 | (16,161 )
Glencore PLC | Bank of America N.A. | 560,000 | 01/28/25 | GBP | 3.68 | GBP | 1,979 | (39,189 )
Mondi PLC | Goldman Sachs International | 154,700 | 01/28/25 | GBP | 12.14 | GBP | 1,844 | (38,040 )
Norsk Hydro ASA | Morgan Stanley & Co. International PLC | 723,300 | 01/28/25 | NOK | 66.57 | NOK | 45,235 | (43,918 )
TotalEnergies SE | Goldman Sachs International | 76,000 | 01/28/25 | EUR | 54.27 | EUR | 4,056 | (44,430 )
Smurfit WestRock PLC | Citibank N.A. | 90,000 | 02/14/25 | USD | 54.10 | USD | 4,847 | (201,395 )
|  |  |  |  |  |  |  | $(1,049,113 )

102
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
Balances Reported in the Statements of Assets and Liabilities for Options Written

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(5,939,779 ) | $3,390,355 | $(372,816 ) | $(2,922,240 )

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 | $— | $— | $2,922,240 | $— | $— | $— | $2,922,240

For the period ended December 31, 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) | $— | $— | $(134,442 ) | $— | $— | $— | $(134,442 )
Options written | — | — | 2,811,864 | — | — | — | 2,811,864
| $— | $— | $2,677,422 | $— | $— | $— | $2,677,422
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $6,261,268 | $— | $— | $— | $6,261,268

(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 | 8,357,934

(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 | $— | $2,922,240
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 2,922,240
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (1,873,127 )
Total derivative assets and liabilities subject to an MNA | $— | $1,049,113

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(b) | Net Amount of Derivative Liabilities(c)
Bank of America N.A. | $337,613 | $— | $(337,613 ) | $— | $—

Schedule of Investments
103

Schedule of Investments (continued)
December 31, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged(b) | Net Amount of Derivative Liabilities(c)
Barclays Bank PLC | $648 | $— | $(648 ) | $— | $—
BNP Paribas SA | 3,562 | — | — | — | 3,562
Citibank N.A. | 395,391 | — | (395,391 ) | — | —
Goldman Sachs International | 140,187 | — | (140,187 ) | — | —
Morgan Stanley & Co. International PLC | 73,521 | — | (73,521 ) | — | —
UBS AG | 98,191 | — | — | — | 98,191
| $1,049,113 | $— | $(947,360 ) | $— | $101,753

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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 at the measurement date. 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 | $76,609,968 | $— | $— | $76,609,968
Construction Materials | 14,005,400 | — | — | 14,005,400
Containers & Packaging | 86,565,873 | 6,378,283 | — | 92,944,156
Energy Equipment & Services | — | 10,922,212 | — | 10,922,212
Food Products | 7,215,117 | — | 8,642,867 | 15,857,984
Metals & Mining | 139,953,665 | 114,657,130 | 9 | 254,610,804
Oil, Gas & Consumable Fuels | 212,787,759 | 49,850,395 | 478 | 262,638,632
Paper & Forest Products | — | 8,348,945 | — | 8,348,945
Corporate Bonds | — | 6,624,000 | — | 6,624,000
Short-Term Securities |  |  |  |
Money Market Funds | 30,765,815 | — | — | 30,765,815
| $567,903,597 | $196,780,965 | $8,643,354 | $773,327,916
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(1,742,495 ) | $(1,179,745 ) | $— | $(2,922,240 )

(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 year 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) | 865,880

104
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)

| Common Stocks
Purchases | $—
Sales | —
Closing balance, as of December 31, 2024 | $8,643,354
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024(b) | $865,880

(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 December 31, 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 $487. 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 | $8,642,867 | Market | EBITDA Multiple | 11.50x | —
| $8,642,867 |  |  |  |

(a) | A significant change in unobservable input could result in a correlated or inverse change in value.

See notes to financial statements.
Schedule of Investments
105

Consolidated Schedule of Investments
December 31, 2024
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Automobiles — 2.5% |
Tesla, Inc.(a)(b) |  | 105,627 | $42,656,408
Broadline Retail — 1.1% |
MercadoLibre, Inc.(b) |  | 10,574 | 17,980,452
Communications Equipment — 0.9% |
Accton Technology Corp. |  | 638,000 | 14,995,411
Construction & Engineering — 0.4% |
Quanta Services, Inc. |  | 22,780 | 7,199,619
Consumer Finance — 0.9% |
Kaspi.KZ JSC, ADR |  | 161,162 | 15,263,653
Diversified Consumer Services — 0.0% |
Think & Learn Private Ltd., Class J-B, (Acquired 09/30/20, Cost: $7,113,729)(b)(c)(d) |  | 4,651 | —
Electrical Equipment — 0.9% |
Vertiv Holdings Co., Class A |  | 128,842 | 14,637,740
Electronic Equipment, Instruments & Components — 4.4% |
Celestica, Inc.(b) |  | 108,993 | 10,060,054
Coherent Corp.(b) |  | 304,524 | 28,847,558
E Ink Holdings, Inc. |  | 1,059,000 | 8,818,026
Fabrinet(b)(e) |  | 64,395 | 14,159,172
Lotes Co. Ltd. |  | 207,000 | 12,299,526
|  |  | 74,184,336
Entertainment — 4.0% |
Nintendo Co. Ltd. |  | 204,000 | 11,881,320
Spotify Technology SA(b) |  | 77,108 | 34,496,577
Take-Two Interactive Software, Inc.(b) |  | 108,634 | 19,997,347
|  |  | 66,375,244
Financial Services — 0.8% |
Adyen NV(b)(f) |  | 8,718 | 12,955,627
Industrial Conglomerates — 1.2% |
Hitachi Ltd. |  | 805,900 | 19,736,527
Interactive Media & Services — 3.1% |
Reddit, Inc., Class A(b)(e) |  | 317,633 | 51,913,937
IT Services — 5.7% |
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $34,000,000)(b)(c)(d) |  | 400,000 | 15,004,000
Cloudflare, Inc., Class A(b) |  | 122,629 | 13,204,691
CNEX Labs, Inc., (Acquired 12/14/21, Cost: $5,699,998)(b)(c)(d) |  | 1,161,804 | 12
Farmer’ s Business Network, Inc.(b)(c) |  | 361,834 | 958,860
Klarna Holdings AB, (Acquired 08/07/19, Cost: $23,354,996)(b)(c)(d) |  | 86,839 | 43,443,557
MongoDB, Inc., Class A(b) |  | 61,778 | 14,382,536
NEC Corp. |  | 103,100 | 8,822,995
|  |  | 95,816,651
Media — 0.8% |
Informa PLC |  | 1,276,984 | 12,736,124
Professional Services — 3.0% |
Thomson Reuters Corp. |  | 86,670 | 13,900,135
TransUnion |  | 103,833 | 9,626,357
Wolters Kluwer NV, Class C |  | 160,019 | 26,586,247
|  |  | 50,112,739

Security |  | Shares | Value
Semiconductors & Semiconductor Equipment — 23.9% |
ARM Holdings PLC, ADR(b) |  | 115,482 | $14,245,860
ASM International NV |  | 27,327 | 15,800,065
Astera Labs, Inc.(b)(g) |  | 539,061 | 71,398,629
Credo Technology Group Holding Ltd.(b) |  | 806,482 | 54,203,655
Disco Corp. |  | 44,200 | 11,725,262
eMemory Technology, Inc. |  | 106,000 | 10,829,725
Marvell Technology, Inc. |  | 279,976 | 30,923,349
Monolithic Power Systems, Inc. |  | 18,081 | 10,698,528
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $7,000,000)(b)(c)(d) |  | 10,189 | —
NVIDIA Corp.(a)(g) |  | 1,134,200 | 152,311,718
SK Hynix, Inc. |  | 237,976 | 27,269,744
|  |  | 399,406,535
Software(b) — 19.2% |
AppLovin Corp., Class A |  | 42,513 | 13,766,985
Atlassian Corp., Class A |  | 59,175 | 14,402,011
Confluent, Inc., Class A |  | 501,639 | 14,025,826
CyberArk Software Ltd. |  | 66,898 | 22,287,069
Databricks, Inc., (Acquired 07/24/20, Cost: $5,501,686)(c)(d) |  | 343,659 | 31,541,023
Datadog, Inc., Class A |  | 83,198 | 11,888,162
DataRobot, Inc., (Acquired 03/01/21, Cost: $1,384,813)(c)(d) |  | 92,093 | 186,028
Descartes Systems Group, Inc. |  | 105,869 | 12,026,718
Elastic NV |  | 119,727 | 11,862,551
Gitlab, Inc., Class A |  | 301,279 | 16,977,072
Guidewire Software, Inc. |  | 75,799 | 12,778,195
Manhattan Associates, Inc. |  | 45,258 | 12,230,522
nCino, Inc.(e) |  | 306,178 | 10,281,457
Palo Alto Networks, Inc. |  | 62,085 | 11,296,987
Pony AI, Inc., ADR(e) |  | 560,508 | 8,043,290
Q2 Holdings, Inc. |  | 133,346 | 13,421,275
Samsara, Inc., Class A |  | 375,536 | 16,407,168
SentinelOne, Inc., Class A |  | 593,231 | 13,169,728
ServiceTitan, Inc. |  | 40,362 | 4,152,039
Silvaco Group, Inc.(e) |  | 287,994 | 2,326,992
SiteMinder Ltd. |  | 2,707,952 | 10,111,489
Snorkel AI, Inc., (Acquired 10/13/20, Cost: $2,017,593)(c)(d) |  | 500,250 | 5,037,518
Snyk Ltd., Ordinary Shares, (Acquired 11/02/20, Cost: $9,287,400)(c)(d) |  | 1,267,643 | 10,990,465
Synopsys, Inc.(a) |  | 50,159 | 24,345,172
Xero Ltd. |  | 180,548 | 18,788,375
|  |  | 322,344,117
Technology Hardware, Storage & Peripherals — 3.0% |
Asia Vital Components Co. Ltd. |  | 1,018,000 | 19,204,316
Pure Storage, Inc., Class A(b) |  | 510,733 | 31,374,328
|  |  | 50,578,644
Total Common Stocks — 75.8% (Cost: $726,242,008) | 1,268,893,764
Preferred Securities
Preferred Stocks — 25.1%(b)(c)
Communications Equipment — 0.6% |
Astranis Space Technologies Corp., Series C |  | 775,515 | 9,934,347

106
2024 BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments (continued)
December 31, 2024
BlackRock Science and Technology Term Trust (BSTZ)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Consumer Staples Distribution & Retail — 2.0% |
GrubMarket, Inc., Series D, (Acquired 07/23/20, Cost: $8,000,001)(d) |  | 1,762,969 | $32,844,113
Diversified Consumer Services — 0.0% |
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $14,251,080)(d) |  | 4,920 | —
Entertainment — 0.3% |
ResearchGate GmbH, Series D, (Acquired 09/24/20, Cost: $6,999,988)(d) |  | 424,688 | 4,548,409
Financial Services(d)(h) — 1.7% |
Trumid Holdings LLC |  |  |
Class J-A, (Acquired 07/24/20, Cost: $9,999,857) |  | 20,154 | 14,589,884
Class J-B, (Acquired 07/24/20, Cost: $5,999,914) |  | 20,154 | 14,589,883
|  |  | 29,179,767
Interactive Media & Services — 1.6% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $16,961,509)(d) |  | 150,113 | 27,125,419
IT Services(d) — 1.2% |
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $12,000,008) |  | 1,974,374 | 8,529,296
TRAX Ltd. |  |  |
(Acquired 09/12/19, Cost: $10,999,988) |  | 293,333 | 6,916,792
(Acquired 02/18/21, Cost: $9,999,998) |  | 191,806 | 4,522,785
|  |  | 19,968,873
Professional Services — 0.5% |
Rapyd Financial Network Ltd., Series E, (Acquired 03/31/21, Cost: $13,999,978)(d) |  | 190,705 | 9,167,189
Semiconductors & Semiconductor Equipment(d) — 8.2% |
PsiQuantum Corp. |  |  |
Series C, (Acquired 09/09/19, Cost: $9,101,310) |  | 1,962,335 | 67,739,804
Series D, (Acquired 05/21/21, Cost: $19,999,969) |  | 762,595 | 29,070,122
SambaNova Systems, Inc. |  |  |
Series C, (Acquired 02/20/20, Cost: $33,904,162) |  | 636,800 | 35,501,600
Series D, (Acquired 04/09/21, Cost: $6,999,979) |  | 73,670 | 4,712,670
|  |  | 137,024,196
Software(d) — 9.0% |
Databricks, Inc. |  |  |
Series F, (Acquired 10/22/19, Cost: $13,200,019) |  | 922,038 | 84,624,648
Series G, (Acquired 02/01/21, Cost: $18,500,004) |  | 312,909 | 28,718,788
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $11,499,999) |  | 875,059 | 4,419,048
Snorkel AI, Inc., Series B, (Acquired 10/13/20, Cost: $999,996) |  | 247,943 | 2,496,786
Snyk Ltd., Seed Preferred, (Acquired 11/02/20, Cost: $13,212,590) |  | 2,663,936 | 23,096,325
Unqork, Inc. |  |  |
Series B, (Acquired 09/19/19, Cost: $6,801,016) |  | 597,680 | 4,118,015
Series C, (Acquired 09/18/20, Cost: $7,994,787) |  | 292,000 | 2,502,440
|  |  | 149,976,050
| 419,768,363
Total Preferred Securities — 25.1% (Cost: $268,426,162) | 419,768,363
Total Long-Term Investments — 100.9% (Cost: $994,668,170) | 1,688,662,127

Security |  | Shares | Value
Short-Term Securities
Money Market Funds — 0.6% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.63%(i)(j)(k) |  | 7,487,405 | $7,491,149
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(i)(j) |  | 2,010,552 | 2,010,552
Total Short-Term Securities — 0.6% (Cost: $9,500,263) | 9,501,701
Total Investments Before Options Written — 101.5% (Cost: $1,004,168,433) | 1,698,163,828
Options Written — (0.7)% (Premiums Received: $(14,389,743)) | (11,477,631 )
Total Investments, Net of Options Written — 100.8% (Cost: $989,778,690) | 1,686,686,197
Liabilities in Excess of Other Assets — (0.8)% | (13,094,747 )
Net Assets — 100.0% | $1,673,591,450

(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 $516,036,619, representing 30.8% of its net assets as of period end, and an original cost of $346,786,367.
(e) | All or a portion of this security is on loan.
(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) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
(h) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Financial Statements for details on the wholly-owned subsidiary.
(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.
Consolidated Schedule of Investments
107

Consolidated Schedule of Investments (continued)
December 31, 2024
BlackRock Science and Technology Term Trust (BSTZ)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 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 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $7,485,829 (a) | $— | $3,882 | $1,438 | $7,491,149 | 7,487,405 | $188,515 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 1,471,804 | 538,748 (a) | — | — | — | 2,010,552 | 2,010,552 | 681,264 | —
SL Liquidity Series, LLC, Money Market Series(c) | 2,878,719 | — | (2,879,043 )(a) | 886 | (562 ) | — | — | 19,866 (b) | —
|  |  |  | $4,768 | $876 | $9,501,701 |  | $889,645 | $—

(a) | Represents net amount purchased (sold).
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.
(c) | As of period end, the entity is no longer held.

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 |  |  |  |  |  |  |
AppLovin Corp., Class A | 38 | 01/03/25 | USD | 380.00 | USD | 1,231 | $(665 )
ARM Holdings PLC, ADR | 195 | 01/03/25 | USD | 139.00 | USD | 2,406 | (1,170 )
Coherent Corp. | 234 | 01/03/25 | USD | 108.00 | USD | 2,217 | (5,850 )
Datadog, Inc., Class A | 17 | 01/03/25 | USD | 165.00 | USD | 243 | (2,890 )
MongoDB, Inc., Class A | 33 | 01/03/25 | USD | 380.00 | USD | 768 | (6,501 )
SentinelOne, Inc., Class A | 665 | 01/03/25 | USD | 33.00 | USD | 1,476 | (33,250 )
Datadog, Inc., Class A | 27 | 01/10/25 | USD | 165.00 | USD | 386 | (540 )
Marvell Technology, Inc. | 413 | 01/10/25 | USD | 125.00 | USD | 4,562 | (6,402 )
NVIDIA Corp. | 161 | 01/10/25 | USD | 160.32 | USD | 2,162 | (399 )
NVIDIA Corp. | 409 | 01/10/25 | USD | 165.08 | USD | 5,492 | (335 )
Palo Alto Networks, Inc. | 84 | 01/10/25 | USD | 215.00 | USD | 1,528 | (1,008 )
SentinelOne, Inc., Class A | 465 | 01/10/25 | USD | 29.19 | USD | 1,032 | (1 )
Take-Two Interactive Software, Inc. | 141 | 01/10/25 | USD | 200.00 | USD | 2,596 | (1,551 )
Tesla, Inc. | 23 | 01/10/25 | USD | 420.00 | USD | 929 | (24,840 )
Vertiv Holdings Co., Class A | 162 | 01/10/25 | USD | 150.00 | USD | 1,840 | (10,530 )
AppLovin Corp., Class A | 38 | 01/17/25 | USD | 380.00 | USD | 1,231 | (8,740 )
ARM Holdings PLC, ADR | 347 | 01/17/25 | USD | 145.00 | USD | 4,281 | (14,574 )
Astera Labs, Inc. | 775 | 01/17/25 | USD | 95.00 | USD | 10,265 | (2,983,750 )
Astera Labs, Inc. | 690 | 01/17/25 | USD | 120.00 | USD | 9,139 | (1,076,400 )
Atlassian Corp., Class A | 53 | 01/17/25 | USD | 280.00 | USD | 1,290 | (2,120 )
Celestica, Inc. | 147 | 01/17/25 | USD | 95.00 | USD | 1,357 | (44,467 )
Cloudflare, Inc., Class A | 156 | 01/17/25 | USD | 105.00 | USD | 1,680 | (86,970 )
Coherent Corp. | 23 | 01/17/25 | USD | 120.00 | USD | 218 | (518 )
Coherent Corp. | 36 | 01/17/25 | USD | 115.00 | USD | 341 | (810 )
Confluent, Inc., Class A | 916 | 01/17/25 | USD | 29.00 | USD | 2,561 | (54,960 )
Credo Technology Group Holding Ltd. | 473 | 01/17/25 | USD | 50.00 | USD | 3,179 | (825,385 )
CyberArk Software Ltd. | 93 | 01/17/25 | USD | 310.00 | USD | 3,098 | (246,450 )
Datadog, Inc., Class A | 180 | 01/17/25 | USD | 150.00 | USD | 2,572 | (30,150 )
Descartes Systems Group, Inc. | 112 | 01/17/25 | USD | 115.00 | USD | 1,272 | (16,800 )
Elastic NV | 150 | 01/17/25 | USD | 105.00 | USD | 1,486 | (13,875 )
Fabrinet | 122 | 01/17/25 | USD | 260.00 | USD | 2,683 | (13,725 )
Gitlab, Inc., Class A | 271 | 01/17/25 | USD | 64.00 | USD | 1,527 | (9,485 )
Guidewire Software, Inc. | 135 | 01/17/25 | USD | 200.00 | USD | 2,276 | (1,350 )
Guidewire Software, Inc. | 56 | 01/17/25 | USD | 175.00 | USD | 944 | (9,100 )
Kaspi.KZ JSC, ADR | 353 | 01/17/25 | USD | 115.00 | USD | 3,343 | (35,300 )
Manhattan Associates, Inc. | 125 | 01/17/25 | USD | 290.00 | USD | 3,378 | (15,313 )
Marvell Technology, Inc. | 86 | 01/17/25 | USD | 92.50 | USD | 950 | (154,370 )
MercadoLibre, Inc. | 21 | 01/17/25 | USD | 1,960.00 | USD | 3,571 | (2,468 )
MongoDB, Inc., Class A | 46 | 01/17/25 | USD | 340.00 | USD | 1,071 | (5,750 )

108
2024 BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Monolithic Power Systems, Inc. | 69 | 01/17/25 | USD | 702.00 | USD | 4,083 | $(4,302 )
NVIDIA Corp. | 295 | 01/17/25 | USD | 140.00 | USD | 3,962 | (83,927 )
NVIDIA Corp. | 161 | 01/17/25 | USD | 158.00 | USD | 2,162 | (4,267 )
Palo Alto Networks, Inc. | 88 | 01/17/25 | USD | 200.00 | USD | 1,601 | (4,224 )
Pure Storage, Inc., Class A | 205 | 01/17/25 | USD | 55.00 | USD | 1,259 | (119,925 )
Pure Storage, Inc., Class A | 205 | 01/17/25 | USD | 60.00 | USD | 1,259 | (54,837 )
Q2 Holdings, Inc. | 166 | 01/17/25 | USD | 110.00 | USD | 1,671 | (8,300 )
Quanta Services, Inc. | 57 | 01/17/25 | USD | 350.00 | USD | 1,801 | (7,553 )
Reddit, Inc., Class A | 475 | 01/17/25 | USD | 150.00 | USD | 7,763 | (839,562 )
Spotify Technology SA | 97 | 01/17/25 | USD | 470.00 | USD | 4,340 | (42,922 )
Synopsys, Inc. | 153 | 01/17/25 | USD | 550.00 | USD | 7,426 | (8,798 )
Take-Two Interactive Software, Inc. | 237 | 01/17/25 | USD | 175.00 | USD | 4,363 | (247,072 )
Tesla, Inc. | 74 | 01/17/25 | USD | 360.00 | USD | 2,988 | (374,070 )
Tesla, Inc. | 18 | 01/17/25 | USD | 405.00 | USD | 727 | (38,205 )
Thomson Reuters Corp. | 113 | 01/17/25 | USD | 170.00 | USD | 1,812 | (16,668 )
TransUnion | 280 | 01/17/25 | USD | 100.00 | USD | 2,596 | (13,300 )
Vertiv Holdings Co., Class A | 117 | 01/17/25 | USD | 160.00 | USD | 1,329 | (585 )
Atlassian Corp., Class A | 82 | 01/24/25 | USD | 275.00 | USD | 1,996 | (8,610 )
Celestica, Inc. | 147 | 01/24/25 | USD | 98.00 | USD | 1,357 | (44,100 )
Cloudflare, Inc., Class A | 175 | 01/24/25 | USD | 122.00 | USD | 1,884 | (10,150 )
Coherent Corp. | 272 | 01/24/25 | USD | 113.00 | USD | 2,577 | (17,000 )
Coherent Corp. | 257 | 01/24/25 | USD | 107.00 | USD | 2,435 | (30,197 )
Gitlab, Inc., Class A | 271 | 01/24/25 | USD | 65.00 | USD | 1,527 | (8,808 )
MercadoLibre, Inc. | 8 | 01/24/25 | USD | 1,900.00 | USD | 1,360 | (5,600 )
MongoDB, Inc., Class A | 24 | 01/24/25 | USD | 320.00 | USD | 559 | (1,800 )
NVIDIA Corp. | 174 | 01/24/25 | USD | 144.00 | USD | 2,337 | (42,543 )
Reddit, Inc., Class A | 191 | 01/24/25 | USD | 185.00 | USD | 3,122 | (77,355 )
Samsara, Inc., Class A | 572 | 01/24/25 | USD | 48.00 | USD | 2,499 | (30,030 )
Spotify Technology SA | 111 | 01/24/25 | USD | 485.00 | USD | 4,966 | (39,127 )
Take-Two Interactive Software, Inc. | 132 | 01/24/25 | USD | 190.00 | USD | 2,430 | (18,150 )
Tesla, Inc. | 77 | 01/24/25 | USD | 570.00 | USD | 3,110 | (12,859 )
Vertiv Holdings Co., Class A | 68 | 01/24/25 | USD | 129.00 | USD | 773 | (8,160 )
Marvell Technology, Inc. | 146 | 01/31/25 | USD | 123.00 | USD | 1,613 | (26,645 )
NVIDIA Corp. | 194 | 01/31/25 | USD | 131.00 | USD | 2,605 | (180,420 )
NVIDIA Corp. | 241 | 01/31/25 | USD | 152.50 | USD | 3,236 | (39,283 )
Reddit, Inc., Class A | 191 | 01/31/25 | USD | 195.00 | USD | 3,122 | (73,821 )
SentinelOne, Inc., Class A | 471 | 01/31/25 | USD | 25.50 | USD | 1,046 | (9,420 )
Tesla, Inc. | 18 | 01/31/25 | USD | 550.00 | USD | 727 | (8,235 )
Atlassian Corp., Class A | 24 | 02/07/25 | USD | 270.00 | USD | 584 | (21,960 )
NVIDIA Corp. | 241 | 02/07/25 | USD | 152.50 | USD | 3,236 | (53,984 )
Tesla, Inc. | 75 | 02/07/25 | USD | 515.00 | USD | 3,029 | (66,375 )
NVIDIA Corp. | 241 | 02/14/25 | USD | 152.51 | USD | 3,236 | (64,548 )
Confluent, Inc., Class A | 348 | 02/21/25 | USD | 34.00 | USD | 973 | (33,930 )
Credo Technology Group Holding Ltd. | 1,704 | 02/21/25 | USD | 80.00 | USD | 11,453 | (451,560 )
CyberArk Software Ltd. | 92 | 02/21/25 | USD | 320.00 | USD | 3,065 | (264,500 )
Elastic NV | 173 | 02/21/25 | USD | 110.00 | USD | 1,714 | (33,302 )
Gitlab, Inc., Class A | 271 | 02/21/25 | USD | 67.50 | USD | 1,527 | (18,293 )
Kaspi.KZ JSC, ADR | 82 | 02/21/25 | USD | 115.00 | USD | 777 | (8,610 )
Marvell Technology, Inc. | 106 | 02/21/25 | USD | 120.00 | USD | 1,171 | (41,870 )
MongoDB, Inc., Class A | 63 | 02/21/25 | USD | 300.00 | USD | 1,467 | (10,458 )
nCino, Inc. | 233 | 02/21/25 | USD | 40.00 | USD | 782 | (2,913 )
NVIDIA Corp. | 741 | 02/21/25 | USD | 148.00 | USD | 9,951 | (316,777 )
Pure Storage, Inc., Class A | 596 | 02/21/25 | USD | 70.00 | USD | 3,661 | (61,090 )
Pure Storage, Inc., Class A | 798 | 02/21/25 | USD | 75.00 | USD | 4,902 | (39,900 )
Quanta Services, Inc. | 4 | 02/21/25 | USD | 340.00 | USD | 126 | (3,060 )
Thomson Reuters Corp. | 121 | 02/21/25 | USD | 170.00 | USD | 1,941 | (58,080 )
Descartes Systems Group, Inc. | 170 | 03/21/25 | USD | 125.00 | USD | 1,931 | (27,200 )
|  |  |  |  |  |  | $(9,888,002 )

Consolidated Schedule of Investments
109

Consolidated Schedule of Investments (continued)
December 31, 2024
BlackRock Science and Technology Term Trust (BSTZ)
OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
E Ink Holdings, Inc. | Morgan Stanley & Co. International PLC | 294,000 | 01/07/25 | TWD | 329.28 | TWD | 80,259 | $—
NVIDIA Corp. | Barclays Bank PLC | 20,400 | 01/08/25 | USD | 149.60 | USD | 2,740 | (3,045 )
SK Hynix, Inc. | JPMorgan Chase Bank N.A. | 6,900 | 01/08/25 | KRW | 208,000.80 | KRW | 1,163,989 | (37 )
Informa PLC | BNP Paribas SA | 194,600 | 01/09/25 | GBP | 8.74 | GBP | 1,550 | (2 )
Nintendo Co. Ltd. | BNP Paribas SA | 53,900 | 01/09/25 | JPY | 8,848.44 | JPY | 493,942 | (150,771 )
SiteMinder Ltd. | UBS AG | 130,300 | 01/09/25 | AUD | 6.94 | AUD | 786 | (52 )
Xero Ltd. | UBS AG | 27,600 | 01/09/25 | AUD | 167.59 | AUD | 4,640 | (51,872 )
Q2 Holdings, Inc. | Citibank N.A. | 19,400 | 01/10/25 | USD | 107.87 | USD | 1,953 | (5,692 )
ASM International NV | Goldman Sachs International | 500 | 01/14/25 | EUR | 554.95 | EUR | 279 | (9,229 )
Wolters Kluwer NV, Class C | BNP Paribas SA | 44,500 | 01/14/25 | EUR | 163.67 | EUR | 7,138 | (48,208 )
Disco Corp. | JPMorgan Chase Bank N.A. | 4,900 | 01/15/25 | JPY | 44,149.25 | JPY | 204,526 | (19,054 )
Nintendo Co. Ltd. | JPMorgan Chase Bank N.A. | 39,400 | 01/15/25 | JPY | 8,555.04 | JPY | 361,064 | (185,902 )
SiteMinder Ltd. | UBS AG | 234,000 | 01/15/25 | AUD | 6.91 | AUD | 1,412 | (742 )
SK Hynix, Inc. | Morgan Stanley & Co. International PLC | 29,200 | 01/15/25 | KRW | 187,036.00 | KRW | 4,925,869 | (33,175 )
Adyen NV | Bank of America N.A. | 2,200 | 01/16/25 | EUR | 1,488.24 | EUR | 3,156 | (39,802 )
ASM International NV | Goldman Sachs International | 8,300 | 01/16/25 | EUR | 524.74 | EUR | 4,633 | (341,598 )
Lotes Co. Ltd. | JPMorgan Chase Bank N.A. | 17,000 | 01/16/25 | TWD | 1,851.18 | TWD | 33,116 | (72,875 )
Informa PLC | Goldman Sachs International | 260,000 | 01/22/25 | GBP | 8.55 | GBP | 2,071 | (2,578 )
Lotes Co. Ltd. | JPMorgan Chase Bank N.A. | 9,000 | 01/22/25 | TWD | 2,084.50 | TWD | 17,595 | (12,406 )
NEC Corp. | Bank of America N.A. | 30,000 | 01/22/25 | JPY | 13,340.64 | JPY | 403,954 | (134,655 )
SiteMinder Ltd. | JPMorgan Chase Bank N.A. | 95,000 | 01/22/25 | AUD | 7.08 | AUD | 573 | (427 )
Hitachi Ltd. | Societe Generale | 112,900 | 01/23/25 | JPY | 4,398.84 | JPY | 444,487 | (33,776 )
SiteMinder Ltd. | UBS AG | 42,100 | 01/24/25 | AUD | 6.65 | AUD | 254 | (1,095 )
Xero Ltd. | Goldman Sachs International | 21,200 | 01/24/25 | AUD | 184.27 | AUD | 3,564 | (3,279 )
SiteMinder Ltd. | UBS AG | 42,000 | 01/28/25 | AUD | 5.98 | AUD | 254 | (7,117 )
Pure Storage, Inc., Class A | UBS AG | 59,600 | 01/29/25 | USD | 66.25 | USD | 3,661 | (60,125 )
Accton Technology Corp. | JPMorgan Chase Bank N.A. | 172,000 | 02/04/25 | TWD | 798.22 | TWD | 132,956 | (168,574 )
Asia Vital Components Co. Ltd. | Bank of America N.A. | 277,000 | 02/04/25 | TWD | 748.19 | TWD | 172,571 | (25,933 )
eMemory Technology, Inc. | JPMorgan Chase Bank N.A. | 28,000 | 02/04/25 | TWD | 3,604.64 | TWD | 93,940 | (113,877 )
Lotes Co. Ltd. | JPMorgan Chase Bank N.A. | 30,000 | 02/04/25 | TWD | 2,123.00 | TWD | 58,650 | (52,001 )
SiteMinder Ltd. | JPMorgan Chase Bank N.A. | 104,600 | 02/05/25 | AUD | 6.46 | AUD | 632 | (7,633 )
SiteMinder Ltd. | Goldman Sachs International | 83,200 | 02/06/25 | AUD | 6.65 | AUD | 503 | (4,097 )
|  |  |  |  |  |  |  | $(1,589,629 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(14,389,743 ) | $7,783,757 | $(4,871,645 ) | $(11,477,631 )

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 | $— | $— | $11,477,631 | $— | $— | $— | $11,477,631

110
2024 BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments (continued)
December 31, 2024
BlackRock Science and Technology Term Trust (BSTZ)
For the period ended December 31, 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) | $— | $— | $(1,193 ) | $— | $— | $— | $(1,193 )
Options written | — | — | (70,130,517 ) | — | — | — | (70,130,517 )
| $— | $— | $(70,131,710 ) | $— | $— | $— | $(70,131,710 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $7,183,300 | $— | $— | $— | $7,183,300

(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 | 16,436,858

(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 | $— | $11,477,631
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 11,477,631
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (9,888,002 )
Total derivative assets and liabilities subject to an MNA | $— | $1,589,629

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(b) | Net Amount of Derivative Liabilities(c)
Bank of America N.A. | $200,390 | $— | $— | $(200,390 ) | $—
Barclays Bank PLC | 3,045 | — | — | — | 3,045
BNP Paribas SA | 198,981 | — | (198,981 ) | — | —
Citibank N.A. | 5,692 | — | — | — | 5,692
Goldman Sachs International | 360,781 | — | (360,781 ) | — | —
JPMorgan Chase Bank N.A. | 632,786 | — | (632,786 ) | — | —
Morgan Stanley & Co. International PLC | 33,175 | — | (33,175 ) | — | —
Societe Generale | 33,776 | — | — | — | 33,776
UBS AG | 121,003 | — | (121,003 ) | — | —
| $1,589,629 | $— | $(1,346,726 ) | $(200,390 ) | $42,513

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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.

Consolidated Schedule of Investments
111

Consolidated Schedule of Investments (continued)
December 31, 2024
BlackRock Science and Technology Term Trust (BSTZ)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 Consolidated Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Automobiles | $42,656,408 | $— | $— | $42,656,408
Broadline Retail | 17,980,452 | — | — | 17,980,452
Communications Equipment | — | 14,995,411 | — | 14,995,411
Construction & Engineering | 7,199,619 | — | — | 7,199,619
Consumer Finance | 15,263,653 | — | — | 15,263,653
Diversified Consumer Services | — | — | — | —
Electrical Equipment | 14,637,740 | — | — | 14,637,740
Electronic Equipment, Instruments & Components | 53,066,784 | 21,117,552 | — | 74,184,336
Entertainment | 54,493,924 | 11,881,320 | — | 66,375,244
Financial Services | — | 12,955,627 | — | 12,955,627
Industrial Conglomerates | — | 19,736,527 | — | 19,736,527
Interactive Media & Services | 51,913,937 | — | — | 51,913,937
IT Services | 27,587,227 | 8,822,995 | 59,406,429 | 95,816,651
Media | — | 12,736,124 | — | 12,736,124
Professional Services | 23,526,492 | 26,586,247 | — | 50,112,739
Semiconductors & Semiconductor Equipment | 333,781,739 | 65,624,796 | — | 399,406,535
Software | 245,689,219 | 28,899,864 | 47,755,034 | 322,344,117
Technology Hardware, Storage & Peripherals | 31,374,328 | 19,204,316 | — | 50,578,644
Preferred Securities |  |  |  |
Preferred Stocks | — | — | 419,768,363 | 419,768,363
Short-Term Securities |  |  |  |
Money Market Funds | 9,501,701 | — | — | 9,501,701
| $928,673,223 | $242,560,779 | $526,929,826 | $1,698,163,828
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(9,818,417 ) | $(1,659,214 ) | $— | $(11,477,631 )

(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 year 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) | — | 2,829,296 | 2,829,296
Net change in unrealized appreciation (depreciation)(a)(b) | 14,674,865 | 4,552,310 | 19,227,175
Purchases | — | 513,000 | 513,000
Sales | — | (37,105,377 ) | (37,105,377 )
Closing balance, as of December 31, 2024 | $107,161,463 | $419,768,363 | $526,929,826
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024(b) | $14,674,865 | $13,018,596 | $27,693,461

(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 December 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

112
2024 BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments (continued)
December 31, 2024
BlackRock Science and Technology Term Trust (BSTZ)
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 | $107,161,451 | Market | Revenue Multiple | 2.10x - 24.00x | 13.53x
|  |  | Volatility | 70% | —
|  |  | Time to Exit | 3.0 years | —
Preferred Stocks(b) | 419,768,363 | Market | Revenue Multiple | 1.26x - 24.00x | 17.42x
|  |  | Time to Exit | 0.5 - 4.0 years | 3.5 years
|  |  | Volatility | 35% - 90% | 63%
|  |  | Market Adjustment Multiple | 1.80x | —
|  |  | Gross Profit Multiple | 8.00x | —
| $526,929,814 |  |  |  |

(a) | A significant change in unobservable input could result in a correlated or inverse change in value.
(b) | The trust valued certain of its Level 3 Preferred Stocks using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable, is $27,125,419 as of December 31, 2024.

See notes to financial statements.
Consolidated Schedule of Investments
113

Consolidated Schedule of Investments
December 31, 2024
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Automobiles — 2.4% |
Tesla, Inc.(a) |  | 80,979 | $32,702,559
Broadline Retail(a) — 3.6% |
Amazon.com, Inc. |  | 171,202 | 37,560,007
MercadoLibre, Inc. |  | 7,324 | 12,454,022
|  |  | 50,014,029
Capital Markets — 0.5% |
S&P Global, Inc. |  | 12,819 | 6,384,247
Communications Equipment — 0.9% |
Arista Networks, Inc.(a) |  | 108,048 | 11,942,545
Diversified Consumer Services(a)(b)(c) — 0.8% |
Grammarly, Inc., (Acquired 11/17/21, Cost: $18,749,975) |  | 715,323 | 11,538,160
Think & Learn Private Ltd., Class J-B, (Acquired 09/30/20, Cost: $1,524,948) |  | 997 | —
|  |  | 11,538,160
Electrical Equipment — 0.7% |
Vertiv Holdings Co., Class A |  | 82,102 | 9,327,608
Electronic Equipment, Instruments & Components — 0.8% |
Coherent Corp.(a) |  | 113,835 | 10,783,590
Entertainment — 2.9% |
Nintendo Co. Ltd. |  | 152,900 | 8,905,166
Spotify Technology SA(a) |  | 48,098 | 21,518,083
Take-Two Interactive Software, Inc.(a) |  | 53,514 | 9,850,857
|  |  | 40,274,106
Financial Services — 1.3% |
Mastercard, Inc., Class A |  | 33,698 | 17,744,356
Industrial Conglomerates — 0.8% |
Hitachi Ltd. |  | 443,100 | 10,851,539
Interactive Media & Services — 4.6% |
Alphabet, Inc., Class A |  | 92,635 | 17,535,805
Meta Platforms, Inc., Class A |  | 75,331 | 44,107,054
Patreon, Inc., (Acquired 08/19/21, Cost: $3,352,226)(a)(b)(c) |  | 59,524 | 1,644,053
|  |  | 63,286,912
IT Services(a) — 3.6% |
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $7,999,945)(b)(c) |  | 94,117 | 3,530,328
Farmer’ s Business Network, Inc.(b) |  | 203,366 | 538,920
Klarna Holdings AB, (Acquired 08/07/19, Cost: $7,971,978)(b)(c) |  | 26,430 | 13,222,322
MongoDB, Inc., Class A |  | 40,976 | 9,539,622
Shopify, Inc., Class A |  | 70,460 | 7,492,012
Snowflake, Inc., Class A |  | 68,800 | 10,623,408
Teya Services Ltd., Series C, (Acquired 12/17/21, Cost: $24,999,987)(b)(c) |  | 12,871 | 4,337,656
|  |  | 49,284,268
Professional Services — 1.0% |
RELX PLC |  | 303,547 | 13,753,399
Semiconductors & Semiconductor Equipment — 29.4% |
ARM Holdings PLC, ADR(a)(d) |  | 90,562 | 11,171,728
ASM International NV |  | 17,001 | 9,829,725
ASML Holding NV |  | 22,835 | 15,994,415
Broadcom, Inc. |  | 363,804 | 84,344,319
Credo Technology Group Holding Ltd.(a) |  | 417,809 | 28,080,943

Security |  | Shares | Value
Semiconductors & Semiconductor Equipment (continued) |
Lam Research Corp. |  | 100,454 | $7,255,793
Marvell Technology, Inc. |  | 151,556 | 16,739,360
Micron Technology, Inc. |  | 189,533 | 15,951,097
Monolithic Power Systems, Inc. |  | 11,615 | 6,872,596
NVIDIA Corp.(e)(f) |  | 1,368,128 | 183,725,909
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | 121,314 | 23,958,302
|  |  | 403,924,187
Software — 23.2% |
AppLovin Corp., Class A(a) |  | 30,479 | 9,870,015
Atlassian Corp., Class A(a) |  | 39,816 | 9,690,418
Autodesk, Inc.(a) |  | 31,261 | 9,239,814
Cadence Design Systems, Inc.(a) |  | 125,090 | 37,584,541
Canva(a)(b) |  | 9,375 | 11,397,562
Constellation Software, Inc./Canada |  | 4,113 | 12,718,296
Crowdstrike Holdings, Inc., Class A(a) |  | 28,614 | 9,790,566
CyberArk Software Ltd.(a) |  | 26,002 | 8,662,566
Databricks, Inc., (Acquired 07/24/20, Cost: $960,476)(a)(b)(c) |  | 59,997 | 5,506,525
Datadog, Inc., Class A(a) |  | 58,545 | 8,365,495
DataRobot, Inc., (Acquired 03/01/21, Cost: $583,275)(a)(b)(c) |  | 38,789 | 78,354
Guidewire Software, Inc.(a) |  | 41,836 | 7,052,713
Microsoft Corp.(f) |  | 279,041 | 117,615,781
Oracle Corp. |  | 168,526 | 28,083,173
Palo Alto Networks, Inc.(a) |  | 44,673 | 8,128,699
ServiceNow, Inc.(a) |  | 21,589 | 22,886,931
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $997,636)(a)(b)(c) |  | 66,422 | 668,870
Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost: $5,192,307)(b)(c) |  | 361,972 | 3,138,297
Xero Ltd.(a) |  | 80,625 | 8,390,083
|  |  | 318,868,699
Specialty Retail — 0.0% |
AceVector Limited, Series I, (Acquired 08/31/18, Cost: $1,998,435)(a)(b)(c) |  | 168,640 | 64,668
Technology Hardware, Storage & Peripherals — 8.2% |
Apple, Inc.(f) |  | 452,078 | 113,209,373
Total Common Stocks — 84.7% (Cost: $478,787,794) | 1,163,954,245

|  | Par (000) |
Convertible Notes
Financial Services — 0.0%
Wyre, Inc., 0.00%, 12/08/24(b) | $ | 80 | 1
IT Services — 0.1%
Voltron Capital, 0.00%(b) |  | 1,663 | 1,695,786
Total Convertible Notes — 0.1% (Cost: $9,662,535) | 1,695,787

114
2024 BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments (continued)
December 31, 2024
BlackRock Science and Technology Trust (BST)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Preferred Securities
Preferred Stocks — 16.0%(b)
Aerospace & Defense — 1.5% |
Anduril Industries, Inc., Series F(a) |  | 920,107 | $21,309,678
Chemicals — 0.4% |
Solugen, Inc., Series C, (Acquired 09/02/21, Cost: $9,999,977)(a)(c) |  | 269,284 | 4,887,505
Communications Equipment — 0.6% |
Astranis, Series D(a) |  | 856,310 | 7,997,936
Consumer Staples Distribution & Retail — 1.0% |
Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost: $6,999,994)(a)(c) |  | 709,724 | 13,222,158
Diversified Consumer Services(a)(c) — 0.3% |
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $6,249,992) |  | 238,441 | 3,846,053
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $3,052,975) |  | 1,054 | —
|  |  | 3,846,053
Diversified Telecommunication Services — 0.2% |
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $7,000,088)(a)(c) |  | 12,713 | 3,223,000
Financial Services(a)(c)(g) — 1.1% |
Trumid Holdings LLC |  |  |
Class J-A, (Acquired 07/24/20, Cost: $2,499,716) |  | 5,038 | 3,647,109
Class J-B, (Acquired 07/24/20, Cost: $1,499,830) |  | 5,038 | 3,647,109
Class L, (Acquired 09/15/21, Cost: $9,999,695) |  | 11,420 | 8,267,166
|  |  | 15,561,384
Interactive Media & Services(a)(c) — 0.6% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $2,857,834) |  | 24,110 | 4,356,677
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $6,666,632) |  | 119,047 | 3,288,078
|  |  | 7,644,755
IT Services(a)(c) — 2.2% |
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $2,999,391) |  | 493,493 | 2,131,890
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $24,999,980) |  | 1,088,598 | 17,319,594
TRAX Ltd. |  |  |
(Acquired 09/12/19, Cost: $4,000,013) |  | 106,667 | 2,515,208
(Acquired 02/18/21, Cost: $1,999,989) |  | 38,361 | 904,552
Voltron Data, Inc. |  |  |
Series A, (Acquired 01/18/22, Cost: $10,000,000) |  | 6,201,935 | 4,713,471
Series SEED, (Acquired 07/14/21, Cost: $5,000,000) |  | 9,090,909 | 2,363,636
|  |  | 29,948,351
Professional Services — 0.3% |
ANT Group Co. Ltd., Series C |  | 1,703,548 | 4,599,580
Semiconductors & Semiconductor Equipment(a) — 4.1% |
PsiQuantum Corp.(c) |  |  |
Series C, (Acquired 09/09/19, Cost: $3,200,234) |  | 690,003 | 23,818,904
Series D, (Acquired 05/21/21, Cost: $5,000,025) |  | 190,650 | 7,267,578
Rivos, Inc. |  |  |
Series A1, (Acquired 12/03/21, Cost: $7,203,709)(c) |  | 2,700,558 | 7,048,456
Series A2 |  | 2,464,862 | 5,891,020

Security |  | Shares | Value
Semiconductors & Semiconductor Equipment (continued) |
Rivos, Inc. (continued) |  |  |
Series A3 |  | 1,027,026 | $2,454,592
SambaNova Systems, Inc., Series C, (Acquired 02/20/20, Cost: $9,972,125)(c) |  | 187,300 | 10,441,975
|  |  | 56,922,525
Software(a)(c) — 3.7% |
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $29,999,955) |  | 598,682 | 7,196,157
Databricks, Inc. |  |  |
Series F, (Acquired 10/22/19, Cost: $3,999,999) |  | 279,405 | 25,643,791
Series G, (Acquired 02/01/21, Cost: $4,500,001) |  | 76,113 | 6,985,651
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $2,999,996) |  | 228,276 | 1,152,794
Prosimo, Inc., Series B, (Acquired 11/04/21, Cost: $4,999,998) |  | 2,515,811 | 1,308,222
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $4,999,985) |  | 332,896 | 3,352,263
Snyk Ltd., Series F, (Acquired 09/02/21, Cost: $4,807,688) |  | 337,018 | 2,921,946
Unqork, Inc. |  |  |
Series B, (Acquired 09/19/19, Cost: $3,198,416) |  | 281,080 | 1,936,640
Series C, (Acquired 09/18/20, Cost: $1,303,260) |  | 47,600 | 407,932
|  |  | 50,905,396
| 220,068,321
Total Preferred Securities — 16.0% (Cost: $233,257,016) | 220,068,321
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 — 100.8% (Cost: $721,707,345) | 1,385,718,353
Short-Term Securities
Money Market Funds — 0.2% |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.63%(h)(i)(j) |  | 565,117 | 565,400
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(h)(i) |  | 1,644,863 | 1,644,863
Total Short-Term Securities — 0.2% (Cost: $2,210,263) | 2,210,263
Total Investments Before Options Written — 101.0% (Cost: $723,917,608) | 1,387,928,616
Options Written — (0.8)% (Premiums Received: $(15,302,365)) | (10,929,305 )
Total Investments, Net of Options Written — 100.2% (Cost: $708,615,243) | 1,376,999,311
Liabilities in Excess of Other Assets — (0.2)% | (2,122,951 )
Net Assets — 100.0% | $1,374,876,360

Schedule of Investments
115

Consolidated Schedule of Investments (continued)
December 31, 2024
BlackRock Science and Technology Trust (BST)

(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 $221,544,748, representing 16.1% of its net assets as of period end, and an original cost of $266,342,685.
(d) | All or a portion of this security is on loan.
(e) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

(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 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 year ended December 31, 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 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $565,119 (a) | $— | $281 | $— | $565,400 | 565,117 | $31,077 (b) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 365,499 | 1,279,364 (a) | — | — | — | 1,644,863 | 1,644,863 | 323,911 | —
SL Liquidity Series, LLC, Money Market Series(c) | 5,860,878 | — | (5,861,604 )(a) | 231 | 495 | — | — | 10,431 (b) | —
|  |  |  | $512 | $495 | $2,210,263 |  | $365,419 | $—

(a) | Represents net amount purchased (sold).
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.
(c) | As of period end, the entity is no longer held.

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 |  |  |  |  |  |  |
AppLovin Corp., Class A | 47 | 01/03/25 | USD | 380.00 | USD | 1,522 | $(823 )
ARM Holdings PLC, ADR | 265 | 01/03/25 | USD | 139.00 | USD | 3,269 | (1,590 )
Coherent Corp. | 73 | 01/03/25 | USD | 108.00 | USD | 692 | (1,825 )
Datadog, Inc., Class A | 23 | 01/03/25 | USD | 165.00 | USD | 329 | (3,910 )
MongoDB, Inc., Class A | 35 | 01/03/25 | USD | 380.00 | USD | 815 | (6,895 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 190 | 01/03/25 | USD | 200.00 | USD | 3,752 | (25,840 )
Alphabet, Inc., Class A | 260 | 01/10/25 | USD | 180.00 | USD | 4,922 | (265,850 )
Amazon.com, Inc. | 147 | 01/10/25 | USD | 230.00 | USD | 3,225 | (9,335 )
Autodesk, Inc. | 48 | 01/10/25 | USD | 315.00 | USD | 1,419 | (1,560 )
Broadcom, Inc. | 221 | 01/10/25 | USD | 178.30 | USD | 5,124 | (1,188,987 )
Datadog, Inc., Class A | 187 | 01/10/25 | USD | 165.00 | USD | 2,672 | (3,740 )
Marvell Technology, Inc. | 182 | 01/10/25 | USD | 125.00 | USD | 2,010 | (2,821 )
Meta Platforms, Inc., Class A | 44 | 01/10/25 | USD | 635.00 | USD | 2,576 | (2,508 )
Micron Technology, Inc. | 46 | 01/10/25 | USD | 107.00 | USD | 387 | (598 )
NVIDIA Corp. | 633 | 01/10/25 | USD | 160.32 | USD | 8,501 | (1,569 )
NVIDIA Corp. | 571 | 01/10/25 | USD | 165.08 | USD | 7,668 | (468 )
Oracle Corp. | 247 | 01/10/25 | USD | 185.00 | USD | 4,116 | (2,594 )
Palo Alto Networks, Inc. | 62 | 01/10/25 | USD | 215.00 | USD | 1,128 | (744 )
ServiceNow, Inc. | 36 | 01/10/25 | USD | 1,160.00 | USD | 3,816 | (2,700 )
Take-Two Interactive Software, Inc. | 102 | 01/10/25 | USD | 200.00 | USD | 1,878 | (1,122 )
Tesla, Inc. | 93 | 01/10/25 | USD | 420.00 | USD | 3,756 | (100,440 )
Vertiv Holdings Co., Class A | 11 | 01/10/25 | USD | 150.00 | USD | 125 | (715 )
Amazon.com, Inc. | 105 | 01/17/25 | USD | 215.00 | USD | 2,304 | (84,525 )
Amazon.com, Inc. | 122 | 01/17/25 | USD | 230.00 | USD | 2,677 | (17,568 )
AppLovin Corp., Class A | 47 | 01/17/25 | USD | 380.00 | USD | 1,522 | (10,810 )

116
2024 BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Arista Networks, Inc. | 184 | 01/17/25 | USD | 100.00 | USD | 2,034 | $(197,800 )
ARM Holdings PLC, ADR | 323 | 01/17/25 | USD | 145.00 | USD | 3,985 | (13,566 )
Atlassian Corp., Class A | 61 | 01/17/25 | USD | 280.00 | USD | 1,485 | (2,440 )
Cadence Design Systems, Inc. | 306 | 01/17/25 | USD | 305.00 | USD | 9,194 | (200,430 )
Coherent Corp. | 305 | 01/17/25 | USD | 120.00 | USD | 2,889 | (6,863 )
Coherent Corp. | 61 | 01/17/25 | USD | 115.00 | USD | 578 | (1,373 )
Credo Technology Group Holding Ltd. | 1,417 | 01/17/25 | USD | 50.00 | USD | 9,524 | (2,472,664 )
Crowdstrike Holdings, Inc., Class A | 79 | 01/17/25 | USD | 350.00 | USD | 2,703 | (62,015 )
CyberArk Software Ltd. | 56 | 01/17/25 | USD | 310.00 | USD | 1,866 | (148,400 )
CyberArk Software Ltd. | 4 | 01/17/25 | USD | 340.00 | USD | 133 | (3,240 )
Datadog, Inc., Class A | 53 | 01/17/25 | USD | 150.00 | USD | 757 | (8,878 )
Guidewire Software, Inc. | 92 | 01/17/25 | USD | 200.00 | USD | 1,551 | (920 )
Guidewire Software, Inc. | 85 | 01/17/25 | USD | 175.00 | USD | 1,433 | (13,812 )
Lam Research Corp. | 80 | 01/17/25 | USD | 80.00 | USD | 578 | (2,760 )
Lam Research Corp. | 191 | 01/17/25 | USD | 78.00 | USD | 1,380 | (11,651 )
Marvell Technology, Inc. | 194 | 01/17/25 | USD | 92.50 | USD | 2,143 | (348,232 )
Mastercard, Inc., Class A | 42 | 01/17/25 | USD | 525.00 | USD | 2,212 | (38,745 )
MercadoLibre, Inc. | 20 | 01/17/25 | USD | 1,960.00 | USD | 3,401 | (2,350 )
Meta Platforms, Inc., Class A | 87 | 01/17/25 | USD | 600.00 | USD | 5,094 | (82,867 )
Micron Technology, Inc. | 64 | 01/17/25 | USD | 105.00 | USD | 539 | (416 )
MongoDB, Inc., Class A | 69 | 01/17/25 | USD | 340.00 | USD | 1,606 | (8,625 )
Monolithic Power Systems, Inc. | 70 | 01/17/25 | USD | 702.00 | USD | 4,142 | (4,365 )
NVIDIA Corp. | 301 | 01/17/25 | USD | 140.00 | USD | 4,042 | (85,635 )
NVIDIA Corp. | 633 | 01/17/25 | USD | 158.00 | USD | 8,501 | (16,774 )
Oracle Corp. | 247 | 01/17/25 | USD | 185.00 | USD | 4,116 | (2,717 )
Palo Alto Networks, Inc. | 62 | 01/17/25 | USD | 200.00 | USD | 1,128 | (2,976 )
S&P Global, Inc. | 37 | 01/17/25 | USD | 530.00 | USD | 1,843 | (2,220 )
ServiceNow, Inc. | 33 | 01/17/25 | USD | 1,080.00 | USD | 3,498 | (59,400 )
Shopify, Inc., Class A | 136 | 01/17/25 | USD | 120.00 | USD | 1,446 | (4,148 )
Snowflake, Inc., Class A | 132 | 01/17/25 | USD | 175.00 | USD | 2,038 | (6,006 )
Spotify Technology SA | 114 | 01/17/25 | USD | 470.00 | USD | 5,100 | (50,445 )
Take-Two Interactive Software, Inc. | 104 | 01/17/25 | USD | 175.00 | USD | 1,914 | (108,420 )
Tesla, Inc. | 59 | 01/17/25 | USD | 360.00 | USD | 2,383 | (298,245 )
Tesla, Inc. | 30 | 01/17/25 | USD | 405.00 | USD | 1,212 | (63,675 )
Vertiv Holdings Co., Class A | 11 | 01/17/25 | USD | 160.00 | USD | 125 | (55 )
Alphabet, Inc., Class A | 155 | 01/24/25 | USD | 205.00 | USD | 2,934 | (11,470 )
Amazon.com, Inc. | 249 | 01/24/25 | USD | 220.00 | USD | 5,463 | (146,910 )
Arista Networks, Inc. | 302 | 01/24/25 | USD | 110.00 | USD | 3,338 | (147,980 )
Atlassian Corp., Class A | 72 | 01/24/25 | USD | 275.00 | USD | 1,752 | (7,560 )
Autodesk, Inc. | 90 | 01/24/25 | USD | 320.00 | USD | 2,660 | (21,600 )
Broadcom, Inc. | 227 | 01/24/25 | USD | 235.00 | USD | 5,263 | (185,572 )
Coherent Corp. | 73 | 01/24/25 | USD | 107.00 | USD | 692 | (8,578 )
Crowdstrike Holdings, Inc., Class A | 49 | 01/24/25 | USD | 415.00 | USD | 1,677 | (5,415 )
Mastercard, Inc., Class A | 80 | 01/24/25 | USD | 540.00 | USD | 4,213 | (30,800 )
MercadoLibre, Inc. | 5 | 01/24/25 | USD | 1,900.00 | USD | 850 | (3,500 )
MercadoLibre, Inc. | 8 | 01/24/25 | USD | 1,790.00 | USD | 1,360 | (16,080 )
Meta Platforms, Inc., Class A | 129 | 01/24/25 | USD | 680.00 | USD | 7,553 | (8,643 )
Micron Technology, Inc. | 237 | 01/24/25 | USD | 112.00 | USD | 1,995 | (1,778 )
MongoDB, Inc., Class A | 61 | 01/24/25 | USD | 320.00 | USD | 1,420 | (4,575 )
NVIDIA Corp. | 754 | 01/24/25 | USD | 144.00 | USD | 10,125 | (184,353 )
NVIDIA Corp. | 96 | 01/24/25 | USD | 135.00 | USD | 1,289 | (55,440 )
Palo Alto Networks, Inc. | 77 | 01/24/25 | USD | 217.50 | USD | 1,401 | (3,812 )
Spotify Technology SA | 102 | 01/24/25 | USD | 485.00 | USD | 4,563 | (35,955 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 40 | 01/24/25 | USD | 210.00 | USD | 790 | (16,700 )
Take-Two Interactive Software, Inc. | 141 | 01/24/25 | USD | 190.00 | USD | 2,596 | (19,387 )
Tesla, Inc. | 58 | 01/24/25 | USD | 570.00 | USD | 2,342 | (9,686 )
Vertiv Holdings Co., Class A | 347 | 01/24/25 | USD | 129.00 | USD | 3,942 | (41,640 )
Broadcom, Inc. | 175 | 01/31/25 | USD | 240.00 | USD | 4,057 | (134,750 )
Broadcom, Inc. | 55 | 01/31/25 | USD | 230.00 | USD | 1,275 | (70,812 )
Lam Research Corp. | 181 | 01/31/25 | USD | 78.00 | USD | 1,307 | (31,675 )
Marvell Technology, Inc. | 106 | 01/31/25 | USD | 123.00 | USD | 1,171 | (19,345 )
Meta Platforms, Inc., Class A | 78 | 01/31/25 | USD | 660.00 | USD | 4,567 | (49,725 )

Schedule of Investments
117

Consolidated Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
NVIDIA Corp. | 669 | 01/31/25 | USD | 131.00 | USD | 8,984 | $(622,170 )
NVIDIA Corp. | 331 | 01/31/25 | USD | 152.50 | USD | 4,445 | (53,953 )
Oracle Corp. | 256 | 01/31/25 | USD | 180.00 | USD | 4,266 | (21,888 )
ServiceNow, Inc. | 29 | 01/31/25 | USD | 1,120.00 | USD | 3,074 | (66,555 )
Tesla, Inc. | 30 | 01/31/25 | USD | 550.00 | USD | 1,212 | (13,725 )
Alphabet, Inc., Class A | 1 | 02/07/25 | USD | 205.00 | USD | 19 | (287 )
Atlassian Corp., Class A | 46 | 02/07/25 | USD | 270.00 | USD | 1,120 | (42,090 )
Marvell Technology, Inc. | 56 | 02/07/25 | USD | 125.00 | USD | 619 | (10,668 )
NVIDIA Corp. | 331 | 02/07/25 | USD | 152.50 | USD | 4,445 | (74,144 )
Shopify, Inc., Class A | 181 | 02/07/25 | USD | 111.00 | USD | 1,925 | (59,911 )
Tesla, Inc. | 94 | 02/07/25 | USD | 515.00 | USD | 3,796 | (83,190 )
NVIDIA Corp. | 331 | 02/14/25 | USD | 152.51 | USD | 4,445 | (88,652 )
Amazon.com, Inc. | 147 | 02/21/25 | USD | 230.00 | USD | 3,225 | (103,635 )
Broadcom, Inc. | 175 | 02/21/25 | USD | 240.00 | USD | 4,057 | (207,375 )
Broadcom, Inc. | 55 | 02/21/25 | USD | 230.00 | USD | 1,275 | (84,287 )
Credo Technology Group Holding Ltd. | 1,298 | 02/21/25 | USD | 80.00 | USD | 8,724 | (343,970 )
CyberArk Software Ltd. | 57 | 02/21/25 | USD | 320.00 | USD | 1,899 | (163,875 )
Marvell Technology, Inc. | 144 | 02/21/25 | USD | 120.00 | USD | 1,590 | (56,880 )
Mastercard, Inc., Class A | 29 | 02/21/25 | USD | 530.00 | USD | 1,527 | (46,472 )
Micron Technology, Inc. | 128 | 02/21/25 | USD | 95.00 | USD | 1,077 | (21,504 )
MongoDB, Inc., Class A | 19 | 02/21/25 | USD | 300.00 | USD | 442 | (3,154 )
NVIDIA Corp. | 920 | 02/21/25 | USD | 148.00 | USD | 12,355 | (393,300 )
S&P Global, Inc. | 20 | 02/21/25 | USD | 510.00 | USD | 996 | (23,500 )
Snowflake, Inc., Class A | 177 | 02/21/25 | USD | 175.00 | USD | 2,733 | (51,949 )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 73 | 02/21/25 | USD | 220.00 | USD | 1,442 | (33,945 )
|  |  |  |  |  |  | $(10,017,485 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
ASML Holding NV | Goldman Sachs International | 3,300 | 01/07/25 | EUR | 691.14 | EUR | 2,231 | $(24,555 )
NVIDIA Corp. | Barclays Bank PLC | 58,600 | 01/08/25 | USD | 149.60 | USD | 7,869 | (8,748 )
Nintendo Co. Ltd. | BNP Paribas SA | 53,700 | 01/09/25 | JPY | 8,848.44 | JPY | 492,110 | (150,211 )
Xero Ltd. | UBS AG | 14,600 | 01/09/25 | AUD | 167.59 | AUD | 2,455 | (27,439 )
ASM International NV | Goldman Sachs International | 4,100 | 01/14/25 | EUR | 554.95 | EUR | 2,289 | (75,675 )
Hitachi Ltd. | JPMorgan Chase Bank N.A. | 98,700 | 01/15/25 | JPY | 4,005.08 | JPY | 380,329 | (58,397 )
Nintendo Co. Ltd. | JPMorgan Chase Bank N.A. | 27,600 | 01/15/25 | JPY | 8,555.04 | JPY | 252,928 | (130,225 )
ASM International NV | Goldman Sachs International | 3,900 | 01/16/25 | EUR | 524.74 | EUR | 2,177 | (160,510 )
RELX PLC | Goldman Sachs International | 136,500 | 01/22/25 | GBP | 38.22 | GBP | 4,940 | (16,031 )
Xero Ltd. | Goldman Sachs International | 20,500 | 01/24/25 | AUD | 184.27 | AUD | 3,447 | (3,169 )
Nintendo Co. Ltd. | JPMorgan Chase Bank N.A. | 13,500 | 02/04/25 | JPY | 9,397.72 | JPY | 125,064 | (24,377 )
Cadence Design Systems, Inc. | Morgan Stanley & Co. International PLC | 25,600 | 02/05/25 | USD | 307.02 | USD | 7,692 | (232,483 )
|  |  |  |  |  |  |  | $(911,820 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(15,302,365 ) | $8,565,901 | $(4,192,841 ) | $(10,929,305 )

118
2024 BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments (continued)
December 31, 2024
BlackRock Science and Technology Trust (BST)
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 | $— | $— | $10,929,305 | $— | $— | $— | $10,929,305

For the period ended December 31, 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) | $— | $— | $(54 ) | $— | $— | $— | $(54 )
Options written | — | — | (68,799,557 ) | — | — | — | (68,799,557 )
| $— | $— | $(68,799,611 ) | $— | $— | $— | $(68,799,611 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $9,341,761 | $— | $— | $— | $9,341,761

(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 | 14,433,904

(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 | $— | $10,929,305
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 10,929,305
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (10,017,485 )
Total derivative assets and liabilities subject to an MNA | $— | $911,820

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(b) | Net Amount of Derivative Liabilities(c)
Barclays Bank PLC | $8,748 | $— | $— | $— | $8,748
BNP Paribas SA | 150,211 | — | — | — | 150,211
Goldman Sachs International | 279,940 | — | (279,940 ) | — | —
JPMorgan Chase Bank N.A. | 212,999 | — | (212,999 ) | — | —

Schedule of Investments
119

Consolidated Schedule of Investments (continued)
December 31, 2024
BlackRock Science and Technology Trust (BST)

Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | Cash Collateral Pledged(b) | Net Amount of Derivative Liabilities(c)
Morgan Stanley & Co. International PLC | $232,483 | $— | $— | $— | $232,483
UBS AG | 27,439 | — | — | — | 27,439
| $911,820 | $— | $(492,939 ) | $— | $418,881

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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 at the measurement date. 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 Consolidated Schedule of Investments above.

| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |
Investments |  |  |  |
Long-Term Investments |  |  |  |
Common Stocks |  |  |  |
Automobiles | $32,702,559 | $— | $— | $32,702,559
Broadline Retail | 50,014,029 | — | — | 50,014,029
Capital Markets | 6,384,247 | — | — | 6,384,247
Communications Equipment | 11,942,545 | — | — | 11,942,545
Diversified Consumer Services | — | — | 11,538,160 | 11,538,160
Electrical Equipment | 9,327,608 | — | — | 9,327,608
Electronic Equipment, Instruments & Components | 10,783,590 | — | — | 10,783,590
Entertainment | 31,368,940 | 8,905,166 | — | 40,274,106
Financial Services | 17,744,356 | — | — | 17,744,356
Industrial Conglomerates | — | 10,851,539 | — | 10,851,539
Interactive Media & Services | 61,642,859 | — | 1,644,053 | 63,286,912
IT Services | 27,655,042 | — | 21,629,226 | 49,284,268
Professional Services | — | 13,753,399 | — | 13,753,399
Semiconductors & Semiconductor Equipment | 378,100,047 | 25,824,140 | — | 403,924,187
Software | 289,689,008 | 8,390,083 | 20,789,608 | 318,868,699
Specialty Retail | — | — | 64,668 | 64,668
Technology Hardware, Storage & Peripherals | 113,209,373 | — | — | 113,209,373
Convertible Notes | — | — | 1,695,787 | 1,695,787
Preferred Securities |  |  |  |
Preferred Stocks | — | — | 220,068,321 | 220,068,321
Warrants | — | — | — | —
Short-Term Securities |  |  |  |
Money Market Funds | 2,210,263 | — | — | 2,210,263
| $1,042,774,466 | $67,724,327 | $277,429,823 | $1,387,928,616
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(8,733,444 ) | $(2,195,861 ) | $— | $(10,929,305 )

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

120
2024 BlackRock Annual Report to Shareholders

Consolidated Schedule of Investments (continued)
December 31, 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 year 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) | — | — | 1,155,081 | — | 1,155,081
Net change in unrealized appreciation (depreciation)(c)(d) | 4,010,750 | 33,251 | (12,203,406 ) | — | (8,159,405 )
Purchases | 9,999,949 | 1,662,535 | 28,215,988 | — | 39,878,472
Sales | — | — | (13,694,256 ) | — | (13,694,256 )
Closing balance, as of December 31, 2024 | $55,665,715 | $1,695,787 | $220,068,321 | $— (a) | $277,429,823
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024(d) | $4,010,750 | $33,251 | $(9,464,315 ) | $— (a) | $(5,420,314 )

(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 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 December 31, 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 | $55,665,715 | Market | Revenue Multiple | 2.10x - 24.00x | 11.03x
|  |  | Volatility | 70% | —
|  |  | Time to Exit | 3.0 years | —
|  |  | Gross Profit Multiple | 10.00x | —
Preferred Stocks(b) | 220,068,321 | Market | Revenue Multiple | 1.26x - 24.00x | 13.85x
|  |  | Volatility | 50% - 90% | 68%
|  |  | Time to Exit | 0.5 - 5.0 years | 3.3 years
|  |  | Market Adjustment Multiple | 1.25x-1.80x | 1.62x
|  |  | Terminal Growth Rate | 5% | —
|  |  | Gross Profit Multiple | 8.00x | —
|  | Income | Discount Rate | 12% | —
Convertible Notes | 1,695,787 | Market | Revenue Multiple | 27.54x | —
|  |  | Volatility | 75% | —
|  |  | Time to Exit | 4.0 years | —
| $277,429,823 |  |  |  |

(a) | A significant change in unobservable input could result in a correlated or inverse change in value.
(b) | The trust valued certain of its Level 3 Preferred Stocks using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable, is $4,356,677 as of December 31, 2024.

See notes to financial statements.
Schedule of Investments
121

Schedule of Investments
December 31, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
(Percentages shown are based on Net Assets)

Security |  | Shares | Value
Common Stocks
Building Products — 9.0% |
Cie de Saint-Gobain SA |  | 156,650 | $13,920,174
Kingspan Group PLC |  | 106,465 | 7,739,739
Owens Corning |  | 45,600 | 7,766,592
Trane Technologies PLC |  | 45,500 | 16,805,425
|  |  | 46,231,930
Chemicals — 2.7% |
Air Liquide SA |  | 39,589 | 6,435,575
Linde PLC |  | 17,928 | 7,505,916
|  |  | 13,941,491
Commercial Services & Supplies — 4.4% |
Republic Services, Inc. |  | 60,300 | 12,131,154
Waste Management, Inc. |  | 51,550 | 10,402,274
|  |  | 22,533,428
Construction & Engineering — 5.5% |
Quanta Services, Inc.(a) |  | 43,310 | 13,688,126
Vinci SA |  | 139,750 | 14,388,174
|  |  | 28,076,300
Electric Utilities — 26.0% |
American Electric Power Co., Inc.(a) |  | 109,550 | 10,103,796
Constellation Energy Corp. |  | 58,100 | 12,997,551
Duke Energy Corp.(a) |  | 99,168 | 10,684,360
EDP SA |  | 3,229,150 | 10,330,102
Enel SpA |  | 2,181,575 | 15,568,092
Entergy Corp. |  | 106,100 | 8,044,502
NextEra Energy, Inc.(a)(b) |  | 387,030 | 27,746,181
PG&E Corp. |  | 642,650 | 12,968,677
Southern Co. |  | 140,400 | 11,557,728
SSE PLC |  | 641,700 | 12,862,547
|  |  | 132,863,536
Electrical Equipment — 14.4% |
Eaton Corp. PLC |  | 14,990 | 4,974,731
GE Vernova, Inc.(a) |  | 64,050 | 21,067,966
Hubbell, Inc. |  | 21,100 | 8,838,579
NEXTracker, Inc., Class A(c) |  | 107,500 | 3,926,975
nVent Electric PLC |  | 109,650 | 7,473,744
Prysmian SpA |  | 144,950 | 9,276,266
Regal Rexnord Corp. |  | 38,900 | 6,034,557
Schneider Electric SE |  | 26,460 | 6,587,370
Vestas Wind Systems A/S(c) |  | 410,821 | 5,635,189
|  |  | 73,815,377
Ground Transportation — 2.6% |
Canadian Pacific Kansas City Ltd. |  | 109,000 | 7,892,254
Union Pacific Corp. |  | 22,900 | 5,222,116
|  |  | 13,114,370
Independent Power and Renewable Electricity Producers — 5.0% |
Orron Energy AB(c) |  | 3,401,100 | 2,186,275
RWE AG |  | 319,545 | 9,542,747
Vistra Corp. |  | 99,550 | 13,724,959
|  |  | 25,453,981

Security |  | Shares | Value
Machinery — 1.9% |
Ingersoll Rand, Inc. |  | 104,500 | $9,453,070
Multi-Utilities — 13.2% |
CenterPoint Energy, Inc. |  | 211,850 | 6,722,001
CMS Energy Corp.(a) |  | 115,110 | 7,672,081
National Grid PLC |  | 1,487,988 | 17,677,671
NiSource, Inc. |  | 240,500 | 8,840,780
Public Service Enterprise Group, Inc.(b) |  | 124,192 | 10,492,982
Sempra(a)(b) |  | 182,900 | 16,043,988
|  |  | 67,449,503
Oil, Gas & Consumable Fuels — 11.5% |
Cheniere Energy, Inc. |  | 66,950 | 14,385,546
Hess Midstream LP, Class A |  | 103,250 | 3,823,348
Pembina Pipeline Corp. |  | 171,100 | 6,321,695
Targa Resources Corp. |  | 67,400 | 12,030,900
TC Energy Corp. |  | 133,000 | 6,198,247
Williams Cos., Inc.(a)(b) |  | 295,805 | 16,008,967
|  |  | 58,768,703
Semiconductors & Semiconductor Equipment(c) — 1.5% |
First Solar, Inc. |  | 20,584 | 3,627,724
ON Semiconductor Corp. |  | 60,550 | 3,817,678
|  |  | 7,445,402
Total Long-Term Investments — 97.7% (Cost: $346,826,799) | 499,147,091
Short-Term Securities
Money Market Funds — 2.6% |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(d)(e) |  | 13,062,505 | 13,062,505
Total Short-Term Securities — 2.6% (Cost: $13,062,505) | 13,062,505
Total Investments Before Options Written — 100.3% (Cost: $359,889,304) | 512,209,596
Options Written — (0.5)% (Premiums Received: $(4,545,706)) | (2,376,764 )
Total Investments, Net of Options Written — 99.8% (Cost: $355,343,598) | 509,832,832
Other Assets Less Liabilities — 0.2% | 1,021,142
Net Assets — 100.0% | $510,853,974

(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) | Affiliate of the Trust.
(e) | 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.
122
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 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 12/31/24 | Shares Held at 12/31/24 | Income | Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $— | $— | $(707 )(b) | $707 | $— | $— | — | $1,208 (c) | $—
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 5,318,307 | 7,744,198 (b) | — | — | — | 13,062,505 | 13,062,505 | 377,953 | —
SL Liquidity Series, LLC, Money Market Series(a) | 1,297,977 | — | (1,298,025 )(b) | 52 | (4 ) | — | — | 3,797 (c) | —
|  |  |  | $759 | $(4 ) | $13,062,505 |  | $382,958 | $—

(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 collateral investment fees, 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 |  |  |  |  |  |  |
PG&E Corp. | 435 | 01/03/25 | USD | 21.50 | USD | 878 | $(6,525 )
Constellation Energy Corp. | 72 | 01/10/25 | USD | 265.00 | USD | 1,611 | (2,520 )
NextEra Energy, Inc. | 357 | 01/10/25 | USD | 79.89 | USD | 2,559 | (374 )
PG&E Corp. | 166 | 01/10/25 | USD | 21.32 | USD | 335 | (324 )
Union Pacific Corp. | 24 | 01/10/25 | USD | 240.00 | USD | 547 | (840 )
American Electric Power Co., Inc. | 124 | 01/17/25 | USD | 97.50 | USD | 1,144 | (1,550 )
Canadian Pacific Kansas City Ltd. | 381 | 01/17/25 | CAD | 110.00 | CAD | 3,965 | (7,952 )
CenterPoint Energy, Inc. | 446 | 01/17/25 | USD | 30.20 | USD | 1,415 | (73,462 )
Cheniere Energy, Inc. | 82 | 01/17/25 | USD | 200.00 | USD | 1,762 | (132,430 )
Cheniere Energy, Inc. | 70 | 01/17/25 | USD | 210.00 | USD | 1,504 | (55,300 )
CMS Energy Corp. | 284 | 01/17/25 | USD | 70.00 | USD | 1,893 | (38,340 )
Duke Energy Corp. | 175 | 01/17/25 | USD | 115.00 | USD | 1,885 | (2,188 )
Eaton Corp. PLC | 35 | 01/17/25 | USD | 370.00 | USD | 1,162 | (1,400 )
First Solar, Inc. | 22 | 01/17/25 | USD | 220.00 | USD | 388 | (506 )
GE Vernova, Inc. | 74 | 01/17/25 | USD | 350.00 | USD | 2,434 | (34,040 )
Hess Midstream LP, Class A | 180 | 01/17/25 | USD | 36.04 | USD | 667 | (23,836 )
Hubbell, Inc. | 42 | 01/17/25 | USD | 450.00 | USD | 1,759 | (11,970 )
Ingersoll Rand, Inc. | 270 | 01/17/25 | USD | 105.00 | USD | 2,442 | (36,450 )
Linde PLC | 31 | 01/17/25 | USD | 475.00 | USD | 1,298 | (7,750 )
NextEra Energy, Inc. | 387 | 01/17/25 | USD | 77.50 | USD | 2,774 | (5,225 )
NEXTracker, Inc., Class A | 188 | 01/17/25 | USD | 40.00 | USD | 687 | (9,400 )
NiSource, Inc. | 387 | 01/17/25 | USD | 36.68 | USD | 1,423 | (29,248 )
nVent Electric PLC | 181 | 01/17/25 | USD | 80.00 | USD | 1,234 | (38,915 )
ON Semiconductor Corp. | 120 | 01/17/25 | USD | 75.00 | USD | 757 | (1,440 )
Owens Corning | 80 | 01/17/25 | USD | 210.00 | USD | 1,363 | (6,000 )
PG&E Corp. | 846 | 01/17/25 | USD | 22.00 | USD | 1,707 | (3,384 )
Public Service Enterprise Group, Inc. | 207 | 01/17/25 | USD | 88.10 | USD | 1,749 | (9,368 )
Quanta Services, Inc. | 82 | 01/17/25 | USD | 350.00 | USD | 2,592 | (10,865 )
Regal Rexnord Corp. | 115 | 01/17/25 | USD | 180.00 | USD | 1,784 | (8,625 )
Republic Services, Inc. | 116 | 01/17/25 | USD | 220.00 | USD | 2,334 | (1,450 )
Sempra | 325 | 01/17/25 | USD | 91.25 | USD | 2,851 | (9,266 )
Targa Resources Corp. | 136 | 01/17/25 | USD | 195.00 | USD | 2,428 | (8,500 )
TC Energy Corp. | 278 | 01/17/25 | CAD | 68.00 | CAD | 1,862 | (9,960 )
Trane Technologies PLC | 91 | 01/17/25 | USD | 420.00 | USD | 3,361 | (11,830 )
Trane Technologies PLC | 68 | 01/17/25 | USD | 410.00 | USD | 2,512 | (8,500 )
Union Pacific Corp. | 34 | 01/17/25 | USD | 250.00 | USD | 775 | (1,020 )
Waste Management, Inc. | 180 | 01/17/25 | USD | 220.00 | USD | 3,632 | (2,250 )
Williams Cos., Inc. | 432 | 01/17/25 | USD | 60.00 | USD | 2,338 | (3,240 )

Schedule of Investments
123

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |
Constellation Energy Corp. | 131 | 01/24/25 | USD | 265.00 | USD | 2,931 | $(9,498 )
GE Vernova, Inc. | 150 | 01/24/25 | USD | 345.00 | USD | 4,934 | (156,750 )
Southern Co. | 255 | 01/24/25 | USD | 85.00 | USD | 2,099 | (14,025 )
Vistra Corp. | 166 | 01/24/25 | USD | 162.50 | USD | 2,289 | (23,655 )
Williams Cos., Inc. | 603 | 01/24/25 | USD | 54.00 | USD | 3,263 | (183,915 )
NextEra Energy, Inc. | 248 | 01/31/25 | USD | 76.00 | USD | 1,778 | (21,576 )
ON Semiconductor Corp. | 91 | 01/31/25 | USD | 69.00 | USD | 574 | (11,875 )
PG&E Corp. | 802 | 01/31/25 | USD | 20.50 | USD | 1,618 | (28,471 )
NextEra Energy, Inc. | 362 | 02/07/25 | USD | 74.00 | USD | 2,595 | (72,400 )
Vistra Corp. | 182 | 02/07/25 | USD | 150.00 | USD | 2,509 | (111,020 )
American Electric Power Co., Inc. | 259 | 02/21/25 | USD | 95.00 | USD | 2,389 | (33,022 )
CenterPoint Energy, Inc. | 295 | 02/21/25 | USD | 33.00 | USD | 936 | (14,750 )
Cheniere Energy, Inc. | 82 | 02/21/25 | USD | 220.00 | USD | 1,762 | (48,790 )
Duke Energy Corp. | 172 | 02/21/25 | USD | 110.00 | USD | 1,853 | (47,300 )
Eaton Corp. PLC | 17 | 02/21/25 | USD | 350.00 | USD | 564 | (14,110 )
Hess Midstream LP, Class A | 181 | 02/21/25 | USD | 38.00 | USD | 670 | (9,502 )
Hubbell, Inc. | 31 | 02/21/25 | USD | 460.00 | USD | 1,299 | (20,227 )
Ingersoll Rand, Inc. | 95 | 02/21/25 | USD | 97.00 | USD | 859 | (13,072 )
Linde PLC | 31 | 02/21/25 | USD | 465.00 | USD | 1,298 | (2,558 )
NiSource, Inc. | 454 | 02/21/25 | USD | 36.47 | USD | 1,669 | (61,928 )
nVent Electric PLC | 202 | 02/21/25 | USD | 75.00 | USD | 1,377 | (30,300 )
Owens Corning | 80 | 02/21/25 | USD | 190.00 | USD | 1,363 | (15,200 )
Public Service Enterprise Group, Inc. | 227 | 02/21/25 | USD | 86.01 | USD | 1,918 | (50,833 )
Quanta Services, Inc. | 69 | 02/21/25 | USD | 340.00 | USD | 2,181 | (52,785 )
Republic Services, Inc. | 96 | 02/21/25 | USD | 210.00 | USD | 1,931 | (24,000 )
Sempra | 316 | 02/21/25 | USD | 86.50 | USD | 2,772 | (114,941 )
Southern Co. | 236 | 02/21/25 | USD | 85.00 | USD | 1,943 | (29,500 )
Union Pacific Corp. | 22 | 02/21/25 | USD | 245.00 | USD | 502 | (3,630 )
|  |  |  |  |  |  | $(1,835,876 )

OTC Options Written

Description | Counterparty | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value
Call |  |  |  |  |  |  |  |
Air Liquide SA | Bank of America N.A. | 5,100 | 01/07/25 | EUR | 170.59 | EUR | 800 | $(22 )
Cie de Saint-Gobain SA | Bank of America N.A. | 23,700 | 01/07/25 | EUR | 87.65 | EUR | 2,033 | (11,892 )
EDP SA | Goldman Sachs International | 269,700 | 01/07/25 | EUR | 3.70 | EUR | 833 | —
Kingspan Group PLC | Bank of America N.A. | 17,000 | 01/07/25 | EUR | 83.22 | EUR | 1,193 | (1 )
Prysmian SpA | Citibank N.A. | 18,000 | 01/07/25 | EUR | 68.63 | EUR | 1,112 | —
Vinci SA | Bank of America N.A. | 48,000 | 01/07/25 | EUR | 105.00 | EUR | 4,771 | (471 )
Cie de Saint-Gobain SA | BNP Paribas SA | 28,300 | 01/09/25 | EUR | 88.56 | EUR | 2,428 | (11,913 )
EDP SA | Morgan Stanley & Co. International PLC | 46,200 | 01/09/25 | EUR | 3.48 | EUR | 143 | (4 )
Prysmian SpA | Bank of America N.A. | 22,700 | 01/09/25 | EUR | 63.45 | EUR | 1,402 | (4,205 )
Air Liquide SA | Goldman Sachs International | 7,300 | 01/14/25 | EUR | 166.18 | EUR | 1,146 | (1,567 )
EDP SA | Morgan Stanley & Co. International PLC | 84,200 | 01/14/25 | EUR | 3.52 | EUR | 260 | (27 )
Enel SpA | UBS AG | 559,500 | 01/14/25 | EUR | 6.97 | EUR | 3,855 | (28,955 )
National Grid PLC | Goldman Sachs International | 235,800 | 01/14/25 | GBP | 9.88 | GBP | 2,238 | (14,355 )
Schneider Electric SE | BNP Paribas SA | 5,300 | 01/14/25 | EUR | 256.79 | EUR | 1,274 | (1,481 )
National Grid PLC | Goldman Sachs International | 69,100 | 01/15/25 | GBP | 10.03 | GBP | 656 | (3,318 )
Enel SpA | Goldman Sachs International | 204,100 | 01/16/25 | EUR | 7.09 | EUR | 1,406 | (6,114 )
RWE AG | UBS AG | 139,700 | 01/16/25 | EUR | 33.03 | EUR | 4,028 | (1,858 )
SSE PLC | UBS AG | 36,800 | 01/16/25 | GBP | 17.28 | GBP | 589 | (2,079 )
EDP SA | Goldman Sachs International | 537,100 | 01/22/25 | EUR | 3.33 | EUR | 1,659 | (5,068 )
Schneider Electric SE | Barclays Bank PLC | 3,900 | 01/22/25 | EUR | 252.38 | EUR | 937 | (5,790 )
SSE PLC | UBS AG | 187,800 | 01/23/25 | GBP | 16.40 | GBP | 3,012 | (65,480 )
Vestas Wind Systems A/S | Goldman Sachs International | 61,700 | 01/24/25 | DKK | 113.43 | DKK | 6,093 | (6,265 )
EDP SA | Bank of America N.A. | 96,500 | 01/28/25 | EUR | 3.22 | EUR | 298 | (2,751 )
Kingspan Group PLC | Bank of America N.A. | 20,200 | 01/28/25 | EUR | 70.67 | EUR | 1,423 | (45,194 )
National Grid PLC | Goldman Sachs International | 215,900 | 01/28/25 | GBP | 9.51 | GBP | 2,051 | (49,078 )
Vestas Wind Systems A/S | Morgan Stanley & Co. International PLC | 82,100 | 01/28/25 | DKK | 100.05 | DKK | 8,052 | (48,291 )

124
2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)
December 31, 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) |  |  |  |  |  |  |  |
EDP SA | Bank of America N.A. | 96,500 | 02/06/25 | EUR | 3.17 | EUR | 298 | $(4,833 )
Targa Resources Corp. | Morgan Stanley & Co. International PLC | 9,900 | 02/07/25 | USD | 184.62 | USD | 1,767 | (49,152 )
TC Energy Corp. | Morgan Stanley & Co. International PLC | 18,800 | 02/10/25 | CAD | 68.76 | CAD | 1,259 | (14,849 )
Entergy Corp. | Citibank N.A. | 37,100 | 02/19/25 | USD | 76.41 | USD | 2,813 | (82,768 )
CMS Energy Corp. | Barclays Bank PLC | 26,100 | 02/24/25 | USD | 67.99 | USD | 1,740 | (36,004 )
Pembina Pipeline Corp. | Royal Bank of Canada | 59,800 | 02/27/25 | CAD | 54.25 | CAD | 3,176 | (37,103 )
|  |  |  |  |  |  |  | $(540,888 )

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

Description | Premiums Paid | Premiums Received | Unrealized Appreciation | Unrealized Depreciation | Value
Options Written | $N/A | $(4,545,706 ) | $2,494,490 | $(325,548 ) | $(2,376,764 )

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 | $— | $— | $2,376,764 | $— | $— | $— | $2,376,764

For the period ended December 31, 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 | $— | $— | $(14,328,396 ) | $— | $— | $— | $(14,328,396 )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |
Options written | $— | $— | $5,965,132 | $— | $— | $— | $5,965,132

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written | $4,798,363

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 | $— | $2,376,764
Total derivative assets and liabilities in the Statements of Assets and Liabilities | — | 2,376,764
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (1,835,876 )
Total derivative assets and liabilities subject to an MNA | $— | $540,888

Schedule of Investments
125

Schedule of Investments (continued)
December 31, 2024
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
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(b) | Net Amount of Derivative Liabilities(c)
Bank of America N.A. | $69,369 | $— | $(69,369 ) | $— | $—
Barclays Bank PLC | 41,794 | — | (41,794 ) | — | —
BNP Paribas SA | 13,394 | — | — | — | 13,394
Citibank N.A. | 82,768 | — | (45,523 ) | — | 37,245
Goldman Sachs International | 85,765 | — | (85,765 ) | — | —
Morgan Stanley & Co. International PLC | 112,323 | — | (112,323 ) | — | —
Royal Bank of Canada | 37,103 | — | — | — | 37,103
UBS AG | 98,372 | — | (40,702 ) | — | 57,670
| $540,888 | $— | $(395,476 ) | $— | $145,412

(a) | The amount of derivatives available for offset is limited to the amount of derivative assets 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 the 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 at the measurement date. 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 | $24,572,017 | $21,659,913 | $— | $46,231,930
Chemicals | 7,505,916 | 6,435,575 | — | 13,941,491
Commercial Services & Supplies | 22,533,428 | — | — | 22,533,428
Construction & Engineering | 13,688,126 | 14,388,174 | — | 28,076,300
Electric Utilities | 94,102,795 | 38,760,741 | — | 132,863,536
Electrical Equipment | 52,316,552 | 21,498,825 | — | 73,815,377
Ground Transportation | 13,114,370 | — | — | 13,114,370
Independent Power and Renewable Electricity Producers | 25,453,981 | — | — | 25,453,981
Machinery | 9,453,070 | — | — | 9,453,070
Multi-Utilities | 49,771,832 | 17,677,671 | — | 67,449,503
Oil, Gas & Consumable Fuels | 58,768,703 | — | — | 58,768,703
Semiconductors & Semiconductor Equipment | 7,445,402 | — | — | 7,445,402
Short-Term Securities |  |  |  |
Money Market Funds | 13,062,505 | — | — | 13,062,505
| $391,788,697 | $120,420,899 | $— | $512,209,596
Derivative Financial Instruments(a) |  |  |  |
Liabilities |  |  |  |
Equity Contracts | $(1,449,224 ) | $(927,540 ) | $— | $(2,376,764 )

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

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

Statements of Assets and Liabilities
December 31, 2024

| BGR | BDJ(a) | BOE | BGY
ASSETS |  |  |  |
Investments, at value — unaffiliated(b) | $ 353,822,195 | $ 1,563,922,401 | $ 701,429,725 | $ 564,976,361
Investments, at value — affiliated(c) | 7,583,996 | 46,597,729 | 7,033,278 | 3,742,337
Cash | — | 15,980 | — | —
Foreign currency, at value(d) | 228,832 | 31,968 | 262,325 | 90,323
Receivables: |  |  |  |
Dividends — unaffiliated | 325,935 | 1,899,848 | 1,406,936 | 1,376,170
Dividends — affiliated | 30,929 | 108,656 | 23,254 | 17,106
Deferred offering costs | — | 210,889 | — | —
Prepaid expenses | — | 7,440 | — | —
Total assets | 361,991,887 | 1,612,794,911 | 710,155,518 | 570,202,297
LIABILITIES |  |  |  |
Options written, at value(e) | 1,632,661 | 10,489,212 | 4,114,542 | 4,331,111
Payables: |  |  |  |
Investments purchased | — | 3,452,040 | — | —
Accounting services fees | 18,334 | 39,168 | 24,604 | 20,420
Custodian fees | 8,458 | 33,867 | 31,709 | 50,454
Deferred capital gain tax | — | — | — | 9,770
Investment advisory fees | 308,781 | 1,108,223 | 504,661 | 489,031
IRS compliance fee for foreign withholding tax claims | — | — | — | 1,650,132
Trustees’ and Officer’s fees | 358,035 | 942,751 | 617,771 | 515,644
Other accrued expenses | 15,134 | 29,592 | 15,593 | 18,108
Professional fees | 68,254 | 56,711 | 120,176 | 143,702
Transfer agent fees | 12,455 | 34,902 | 17,263 | 14,894
Total liabilities | 2,422,112 | 16,186,466 | 5,446,319 | 7,243,266
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 359,569,775 | $ 1,596,608,445 | $ 704,709,199 | $ 562,959,031
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital(f)(g)(h) | $ 473,802,245 | $ 1,226,341,998 | $ 577,667,232 | $ 509,795,862
Accumulated earnings (loss) | (114,232,470) | 370,266,447 | 127,041,967 | 53,163,169
NET ASSETS | $ 359,569,775 | $ 1,596,608,445 | $ 704,709,199 | $ 562,959,031
Net asset value | $ 13.77 | $ 9.02 | $ 12.05 | $ 5.91
(a) Consolidated Statements of Assets and Liabilities.
(b) Investments, at cost—unaffiliated | $241,326,966 | $1,276,112,714 | $550,585,379 | $494,250,581
(c) Investments, at cost—affiliated | $7,583,996 | $46,597,729 | $7,033,278 | $3,742,337
(d) Foreign currency, at cost | $229,183 | $32,119 | $262,916 | $90,262
(e) Premiums received | $2,551,928 | $20,123,825 | $7,687,194 | $5,915,885
(f) Shares outstanding | 26,108,893 | 176,944,689 | 58,487,968 | 95,320,925
(g) Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited
(h) Par value | $0.001 | $0.001 | $0.001 | $0.001

See notes to financial statements.
Financial Statements
127

Statements of Assets and Liabilities (continued)
December 31, 2024

| CII | BMEZ | BME | BIGZ
ASSETS |  |  |  |
Investments, at value — unaffiliated(a)(b) | $ 905,684,805 | $ 1,624,787,940 | $ 523,327,618 | $ 1,792,215,092
Investments, at value — affiliated(c) | 6,755,922 | 61,349,683 | 26,552,753 | 16,270,816
Cash | — | 127,446 | 5,813 | —
Foreign currency, at value(d) | 617 | 701 | 235 | —
Receivables: |  |  |  |
Investments sold | — | 17,105 | 1,713 | —
Securities lending income — affiliated | 456 | 7,807 | 158 | 2,842
Dividends — unaffiliated | 214,914 | 773,117 | 299,577 | 49,669
Dividends — affiliated | 39,432 | 226,282 | 100,806 | 14,178
Interest — unaffiliated | — | 22,060 | 2,168 | —
Deferred offering costs | — | — | 84,599 | —
Prepaid expenses | 703 | 8,652 | — | 8,742
Total assets | 912,696,849 | 1,687,320,793 | 550,375,440 | 1,808,561,339
LIABILITIES |  |  |  |
Bank overdraft | 181,324 | — | — | —
Collateral on securities loaned | 435,165 | 10,228,332 | 278,058 | 14,260,657
Options written, at value(e) | 11,480,390 | 10,440,970 | 2,822,101 | 6,220,791
Payables: |  |  |  |
Investments purchased | — | — | 493,107 | —
Accounting services fees | 20,419 | 84,331 | 12,106 | 84,484
Custodian fees | 12,280 | 98,311 | 21,115 | 34,068
Investment advisory fees | 659,437 | 1,826,937 | 473,572 | 1,973,979
Trustees’ and Officer’s fees | 265,082 | 265,414 | 25,730 | 237,229
Other accrued expenses | 7,284 | 121,644 | 15,739 | 555,658
Professional fees | 67,014 | 143,488 | 83,654 | 182,353
Proxy fees | — | 167,274 | — | —
Transfer agent fees | 17,146 | 61,837 | 14,994 | 50,705
Total liabilities | 13,145,541 | 23,438,538 | 4,240,176 | 23,599,924
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 899,551,308 | $ 1,663,882,255 | $ 546,135,264 | $ 1,784,961,415
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital(f)(g)(h) | $ 516,182,985 | $ 1,685,240,974 | $ 381,133,280 | $ 3,723,540,676
Accumulated earnings (loss) | 383,368,323 | (21,358,719) | 165,001,984 | (1,938,579,261)
NET ASSETS | $ 899,551,308 | $ 1,663,882,255 | $ 546,135,264 | $ 1,784,961,415
Net asset value | $ 21.43 | $ 16.43 | $ 41.20 | $ 8.37
(a) Investments, at cost—unaffiliated | $599,221,066 | $1,598,524,737 | $353,885,548 | $1,870,486,959
(b) Securities loaned, at value | $425,316 | $9,958,080 | $276,299 | $13,912,671
(c) Investments, at cost—affiliated | $6,755,963 | $61,350,462 | $26,552,737 | $16,270,379
(d) Foreign currency, at cost | $620 | $732 | $239 | $—
(e) Premiums received | $14,633,458 | $15,891,589 | $5,345,930 | $10,409,882
(f) Shares outstanding | 41,967,166 | 101,255,117 | 13,255,490 | 213,338,148
(g) Shares authorized | 200 million | Unlimited | Unlimited | Unlimited
(h) Par value | $0.10 | $0.001 | $0.001 | $0.001

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

Statements of Assets and Liabilities (continued)
December 31, 2024

| BCX | BSTZ(a) | BST(a) | BUI
ASSETS |  |  |  |
Investments, at value — unaffiliated(b)(c) | $ 742,562,101 | $ 1,688,662,127 | $ 1,385,718,353 | $ 499,147,091
Investments, at value — affiliated(d) | 30,765,815 | 9,501,701 | 2,210,263 | 13,062,505
Cash | — | 11,578 | 134,293 | 155,364
Cash pledged as collateral for OTC derivatives | — | 380,000 | — | —
Foreign currency, at value(e) | 71,339 | 1,164 | 2,100 | 69,811
Receivables: |  |  |  |
Investments sold | — | — | 456 | 707
Securities lending income — affiliated | 505 | 15,132 | 773 | 397
Capital shares sold | — | — | — | 574,300
Dividends — unaffiliated | 961,398 | 74,883 | 142,252 | 681,135
Dividends — affiliated | 74,327 | 43,476 | 14,475 | 35,211
Interest — unaffiliated | 159,250 | — | — | —
Deferred offering costs | — | — | 71,340 | 106,065
Prepaid expenses | — | 6,466 | 4,122 | —
Total assets | 774,594,735 | 1,698,696,527 | 1,388,298,427 | 513,832,586
LIABILITIES |  |  |  |
Bank overdraft | 152,061 | — | — | —
Collateral on securities loaned | 1,847,500 | 7,485,830 | 565,400 | —
Options written, at value(f) | 2,922,240 | 11,477,631 | 10,929,305 | 2,376,764
Payables: |  |  |  |
Accounting services fees | 24,582 | 79,933 | 20,425 | 20,425
Custodian fees | 22,956 | 67,069 | 17,543 | 18,735
Deferred capital gain tax | — | 3,558,599 | 421,779 | —
Investment advisory fees | 670,918 | 1,814,551 | 1,183,708 | 444,445
Trustees’ and Officer’s fees | 241,888 | 246,792 | 36,003 | 246
Other accrued expenses | 36,065 | 107,336 | 84,358 | 36,829
Professional fees | 86,029 | 173,377 | 133,508 | 67,054
Transfer agent fees | 23,481 | 93,959 | 30,038 | 14,114
Total liabilities | 6,027,720 | 25,105,077 | 13,422,067 | 2,978,612
Commitments and contingent liabilities |  |  |  |
NET ASSETS | $ 768,567,015 | $ 1,673,591,450 | $ 1,374,876,360 | $ 510,853,974
NET ASSETS CONSIST OF |  |  |  |
Paid-in capital(g)(h)(i) | $ 942,097,295 | $ 1,029,251,385 | $ 729,562,726 | $ 370,865,705
Accumulated earnings (loss) | (173,530,280) | 644,340,065 | 645,313,634 | 139,988,269
NET ASSETS | $ 768,567,015 | $ 1,673,591,450 | $ 1,374,876,360 | $ 510,853,974
Net asset value | $ 9.58 | $ 23.14 | $ 39.60 | $ 22.65
(a) Consolidated Statements of Assets and Liabilities.
(b) Investments, at cost—unaffiliated | $693,590,037 | $994,668,170 | $721,707,345 | $346,826,799
(c) Securities loaned, at value | $1,818,411 | $7,194,950 | $542,784 | $—
(d) Investments, at cost—affiliated | $30,765,955 | $9,500,263 | $2,210,263 | $13,062,505
(e) Foreign currency, at cost | $71,616 | $1,188 | $2,313 | $69,918
(f) Premiums received | $5,939,779 | $14,389,743 | $15,302,365 | $4,545,706
(g) Shares outstanding | 80,197,858 | 72,314,687 | 34,720,019 | 22,551,850
(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
129

Statements of Operations
Year Ended December 31, 2024

| BGR | BDJ(a) | BOE | BGY
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $13,636,673 | $45,639,398 | $18,323,631 | $16,618,755
Dividends — affiliated | 368,659 | 1,687,407 | 348,611 | 352,353
Securities lending income — affiliated — net | — | 464 | 23 | —
Other income — unaffiliated | — | — | 60,158 | —
Foreign taxes withheld | (660,284 ) | (521,780 ) | (1,015,017 ) | (1,524,537 )
Foreign withholding tax claims | — | — | 206,782 | 2,442,978
IRS compliance fee for foreign withholding tax claims | — | — | — | (1,650,133 )
Total investment income | 13,345,048 | 46,805,489 | 17,924,188 | 16,239,416
EXPENSES |  |  |  |
Investment advisory | 4,360,775 | 13,517,101 | 7,420,543 | 6,196,036
Transfer agent | 196,674 | 582,621 | 286,448 | 239,086
Professional | 108,815 | 87,308 | 138,602 | 441,749
Trustees and Officer | 66,404 | 191,850 | 110,146 | 94,132
Accounting services | 44,039 | 94,542 | 59,537 | 49,500
Printing and postage | 26,082 | 68,199 | 27,099 | 28,331
Custodian | 21,255 | 79,329 | 75,259 | 122,535
Registration | 9,555 | 64,758 | 21,405 | 34,885
Miscellaneous | 53,763 | 176,326 | 88,686 | 122,466
Total expenses excluding interest expense | 4,887,362 | 14,862,034 | 8,227,725 | 7,328,720
Interest expense — unaffiliated | 680 | 4,073 | 4,783 | 23,113
Total expenses | 4,888,042 | 14,866,107 | 8,232,508 | 7,351,833
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (445,644 ) | (25,016 ) | (1,303,769 ) | (5,220 )
Total expenses after fees waived and/or reimbursed | 4,442,398 | 14,841,091 | 6,928,739 | 7,346,613
Net investment income | 8,902,650 | 31,964,398 | 10,995,449 | 8,892,803
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | 19,721,209 | 124,738,978 | 36,871,450 | 40,623,999
Investments — affiliated | — | (896 ) | 98 | —
Foreign currency transactions | 31,675 | 36,494 | (3,347 ) | (136,984 )
Options written | (2,739,126 ) | (53,221,661 ) | (15,973,502 ) | (6,055,084 )
Payment by affiliate | 4,285 | 3,800 | — | —
| 17,018,043 | 71,556,715 | 20,894,699 | 34,431,931
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | (11,982,519 ) | 35,744,378 | 22,824,628 | (37,527,918 )(b)
Foreign currency translations | (1,304 ) | (4,483 ) | (57,001 ) | (49,368 )
Options written | 206,038 | 25,508,715 | 7,740,032 | 6,032,978
| (11,777,785 ) | 61,248,610 | 30,507,659 | (31,544,308 )
Net realized and unrealized gain | 5,240,258 | 132,805,325 | 51,402,358 | 2,887,623
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $14,142,908 | $164,769,723 | $62,397,807 | $11,780,426
(a) Consolidated Statements of Operations.
(b) Net of increase in deferred capital gain tax of | $— | $— | $— | $(5,295 )

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

Statements of Operations (continued)
Year Ended December 31, 2024

| CII | BMEZ | BME | BIGZ
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $9,956,254 | $28,192,494 | $6,529,959 | $5,228,417
Dividends — affiliated | 550,353 | 2,809,760 | 1,061,011 | 274,104
Securities lending income — affiliated — net | 2,875 | 89,537 | 3,625 | 53,308
Foreign taxes withheld | (197,142 ) | (183,293 ) | (27,568 ) | (62,600 )
Total investment income | 10,312,340 | 30,908,498 | 7,567,027 | 5,493,229
EXPENSES |  |  |  |
Investment advisory | 7,793,092 | 23,420,085 | 6,050,327 | 24,065,312
Transfer agent | 309,522 | 394,121 | 249,680 | 517,805
Professional | 103,418 | 178,014 | 128,947 | 120,754
Trustees and Officer | 80,516 | 132,355 | 41,486 | 132,620
Printing and postage | 63,964 | 32,738 | 27,440 | 34,101
Accounting services | 49,500 | 193,581 | 29,507 | 192,505
Custodian | 41,975 | 202,461 | 46,494 | 80,865
Registration | 15,373 | 37,332 | 8,486 | 78,352
Proxy | — | 1,973,287 | — | 2,696,205
Miscellaneous | 58,314 | 502,628 | 73,166 | 1,074,124
Total expenses excluding interest expense | 8,515,674 | 27,066,602 | 6,655,533 | 28,992,643
Interest expense — unaffiliated | 72 | 1,713 | 78 | 15,435
Total expenses | 8,515,746 | 27,068,315 | 6,655,611 | 29,008,078
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (8,174 ) | (42,160 ) | (15,682 ) | (4,111 )
Total expenses after fees waived and/or reimbursed | 8,507,572 | 27,026,155 | 6,639,929 | 29,003,967
Net investment income (loss) | 1,804,768 | 3,882,343 | 927,098 | (23,510,738 )
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | 166,095,625 | 25,274,742 | 36,669,600 | 63,941,483
Investments — affiliated | 7 | 984 | (735 ) | 9,895
Forward foreign currency exchange contracts | — | (3,753,243 ) | — | —
Foreign currency transactions | 39,231 | (78,838 ) | 2,524 | 23,765
Options written | (35,047,640 ) | (4,293,260 ) | (7,907,613 ) | (13,094,737 )
| 131,087,223 | 17,150,385 | 28,763,776 | 50,880,406
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | (19,670,041 ) | (17,966,664 ) | (11,233,566 ) | (4,493,880 )
Investments — affiliated | (1 ) | (199 ) | 16 | (724 )
Forward foreign currency exchange contracts | — | (1,429,095 ) | — | —
Foreign currency translations | (3 ) | (42,997 ) | (5,773 ) | (2 )
Options written | 11,435,274 | 22,155,749 | 5,003,236 | 12,830,161
| (8,234,771 ) | 2,716,794 | (6,236,087 ) | 8,335,555
Net realized and unrealized gain | 122,852,452 | 19,867,179 | 22,527,689 | 59,215,961
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $124,657,220 | $23,749,522 | $23,454,787 | $35,705,223

See notes to financial statements.
Financial Statements
131

Statements of Operations (continued)
Year Ended December 31, 2024

| BCX | BSTZ(a) | BST(a) | BUI
INVESTMENT INCOME |  |  |  |
Dividends — unaffiliated | $28,083,269 | $5,760,807 | $4,836,227 | $11,435,023
Dividends — affiliated | 997,798 | 681,264 | 323,911 | 377,953
Securities lending income — affiliated — net | 13,763 | 208,381 | 41,508 | 5,005
Non-cash dividends — unaffiliated | — | — | — | 605,556
Foreign taxes withheld | (1,182,907 ) | (2,674,798 ) | (1,005,839 ) | (505,472 )
Foreign withholding tax claims | — | — | — | 100,738
Total investment income | 27,911,923 | 3,975,654 | 4,195,807 | 12,018,803
EXPENSES |  |  |  |
Investment advisory | 8,660,001 | 20,704,192 | 12,950,170 | 5,139,069
Transfer agent | 388,892 | 482,845 | 145,372 | 68,569
Professional | 106,982 | 176,069 | 169,035 | 110,430
Trustees and Officer | 73,736 | 117,773 | 72,757 | 32,990
Accounting services | 59,061 | 180,165 | 49,074 | 49,074
Custodian | 56,098 | 139,701 | 40,495 | 43,795
Registration | 29,351 | 26,466 | 13,813 | 4,202
Printing and postage | 29,340 | 33,436 | 14,495 | 11,337
Proxy | — | 2,335,932 | — | —
Miscellaneous | 103,212 | 374,032 | 389,236 | 86,099
Total expenses excluding interest expense | 9,506,673 | 24,570,611 | 13,844,447 | 5,545,565
Interest expense — unaffiliated | 2,071 | 16,198 | 3,501 | 957
Total expenses | 9,508,744 | 24,586,809 | 13,847,948 | 5,546,522
Less: |  |  |  |
Fees waived and/or reimbursed by the Manager | (14,944 ) | (10,202 ) | (4,806 ) | (5,615 )
Total expenses after fees waived and/or reimbursed | 9,493,800 | 24,576,607 | 13,843,142 | 5,540,907
Net investment income (loss) | 18,418,123 | (20,600,953 ) | (9,647,335 ) | 6,477,896
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |
Net realized gain (loss) from: |  |  |  |
Investments — unaffiliated | 19,396,946 | 197,832,704 | 117,923,679 | 39,576,285
Investments — affiliated | (255 ) | 4,768 | 512 | 759
Foreign currency transactions | 193,297 | (254,867 ) | (39,933 ) | (40,162 )
Options written | 2,811,864 | (70,130,517 ) | (68,799,557 ) | (14,328,396 )
Payment by affiliate | 2,350 | — | — | —
| 22,404,202 | 127,452,088 | 49,084,701 | 25,208,486
Net change in unrealized appreciation (depreciation) on: |  |  |  |
Investments — unaffiliated | (73,943,037 ) | 163,506,985 (b) | 223,500,563 (b) | (2,032,720 )
Investments — affiliated | 359 | 876 | 495 | (4 )
Foreign currency translations | 2,135 | (2,374 ) | (730 ) | (3,584 )
Options written | 6,261,268 | 7,183,300 | 9,341,761 | 5,965,132
| (67,679,275 ) | 170,688,787 | 232,842,089 | 3,928,824
Net realized and unrealized gain (loss) | (45,275,073 ) | 298,140,875 | 281,926,790 | 29,137,310
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(26,856,950 ) | $277,539,922 | $272,279,455 | $35,615,206
(a) Consolidated Statements of Operations.
(b) Net of increase in deferred capital gain tax of | $— | $(2,056,047 ) | $(421,779 ) | $—

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

Statements of Changes in Net Assets

| BGR | BDJ(a)
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/24 | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $8,902,650 | $10,408,652 | $31,964,398 | $34,246,184
Net realized gain | 17,018,043 | 23,169,588 | 71,556,715 | 102,886,094
Net change in unrealized appreciation (depreciation) | (11,777,785 ) | (15,169,570 ) | 61,248,610 | 12,843,150
Net increase in net assets resulting from operations | 14,142,908 | 18,408,670 | 164,769,723 | 149,975,428
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |
From net investment income and net realized gain | (8,876,987 ) | (10,396,825 ) | (125,237,041 ) | (135,982,780 )
Return of capital | (13,896,512 ) | (11,108,880 ) | — | —
Decrease in net assets resulting from distributions to shareholders | (22,773,499 ) | (21,505,705 ) | (125,237,041 ) | (135,982,780 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Reinvestment of distributions | — | — | — | 702,786
Redemption of shares resulting from share repurchase program (including transaction costs) | (19,781,491 ) | (7,413,692 ) | (84,525,360 ) | (2,735,878 )
Net decrease in net assets derived from capital share transactions | (19,781,491 ) | (7,413,692 ) | (84,525,360 ) | (2,033,092 )
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (28,412,082 ) | (10,510,727 ) | (44,992,678 ) | 11,959,556
Beginning of year | 387,981,857 | 398,492,584 | 1,641,601,123 | 1,629,641,567
End of year | $359,569,775 | $387,981,857 | $1,596,608,445 | $1,641,601,123

(a) | Consolidated Statements of Changes in Net Assets.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.
Financial Statements
133

Statements of Changes in Net Assets(continued)

| BOE | BGY
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/24 | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income | $10,995,449 | $13,670,798 | $8,892,803 | $8,622,266
Net realized gain (loss) | 20,894,699 | (3,531,179 ) | 34,431,931 | 25,103,078
Net change in unrealized appreciation (depreciation) | 30,507,659 | 86,840,574 | (31,544,308 ) | 49,586,269
Net increase in net assets resulting from operations | 62,397,807 | 96,980,193 | 11,780,426 | 83,311,613
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |
From net investment income and net realized gain | (10,955,631 ) | (13,739,848 ) | (41,087,555 ) | (17,300,662 )
Return of capital | (36,227,997 ) | (33,325,380 ) | — | (23,857,237 )
Decrease in net assets resulting from distributions to shareholders | (47,183,628 ) | (47,065,228 ) | (41,087,555 ) | (41,157,899 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) | (36,994,167 ) | (11,889,663 ) | (30,215,690 ) | (13,143,239 )
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (21,779,988 ) | 38,025,302 | (59,522,819 ) | 29,010,475
Beginning of year | 726,489,187 | 688,463,885 | 622,481,850 | 593,471,375
End of year | $704,709,199 | $726,489,187 | $562,959,031 | $622,481,850

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

Statements of Changes in Net Assets(continued)

| CII | BMEZ
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/24 | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income (loss) | $1,804,768 | $2,873,748 | $3,882,343 | $(12,827,913 )
Net realized gain (loss) | 131,087,223 | 27,313,271 | 17,150,385 | (125,606 )
Net change in unrealized appreciation (depreciation) | (8,234,771 ) | 122,020,412 | 2,716,794 | 82,812,081
Net increase in net assets resulting from operations | 124,657,220 | 152,207,431 | 23,749,522 | 69,858,562
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |
From net investment income and net realized gain | (53,906,727 ) | (52,698,168 ) | — | —
Return of capital | — | — | (177,775,924 ) | (170,987,587 )
Decrease in net assets resulting from distributions to shareholders | (53,906,727 ) | (52,698,168 ) | (177,775,924 ) | (170,987,587 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Reinvestment of distributions | — | 274,446 | — | —
Redemption of shares resulting from share repurchase program (including transaction costs) | (45,649,966 ) | — | (89,462,275 ) | (47,918,763 )
Net increase (decrease) in net assets derived from capital share transactions | (45,649,966 ) | 274,446 | (89,462,275 ) | (47,918,763 )
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | 25,100,527 | 99,783,709 | (243,488,677 ) | (149,047,788 )
Beginning of year | 874,450,781 | 774,667,072 | 1,907,370,932 | 2,056,418,720
End of year | $899,551,308 | $874,450,781 | $1,663,882,255 | $1,907,370,932

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.
Financial Statements
135

Statements of Changes in Net Assets(continued)

| BME | BIGZ
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/24 | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income (loss) | $927,098 | $2,005,523 | $(23,510,738 ) | $(24,835,889 )
Net realized gain (loss) | 28,763,776 | 26,685,806 | 50,880,406 | (395,036,508 )
Net change in unrealized appreciation (depreciation) | (6,236,087 ) | (8,674,311 ) | 8,335,555 | 631,441,416
Net increase in net assets resulting from operations | 23,454,787 | 20,017,018 | 35,705,223 | 211,569,019
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |
From net investment income and net realized gain | (28,577,659 ) | (25,396,234 ) | — | —
Return of capital | (7,344,579 ) | (10,214,453 ) | (184,726,032 ) | (173,714,456 )
Decrease in net assets resulting from distributions to shareholders | (35,922,238 ) | (35,610,687 ) | (184,726,032 ) | (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) | (29,532,715 ) | — | (92,487,614 ) | (37,872,639 )
Net increase (decrease) in net assets derived from capital share transactions | (29,532,715 ) | 3,532,186 | (92,487,614 ) | (37,872,639 )
NET ASSETS |  |  |  |
Total decrease in net assets | (42,000,166 ) | (12,061,483 ) | (241,508,423 ) | (18,076 )
Beginning of year | 588,135,430 | 600,196,913 | 2,026,469,838 | 2,026,487,914
End of year | $546,135,264 | $588,135,430 | $1,784,961,415 | $2,026,469,838

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

Statements of Changes in Net Assets(continued)

| BCX | BSTZ(a)
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/24 | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income (loss) | $18,418,123 | $24,403,314 | $(20,600,953 ) | $(15,155,748 )
Net realized gain (loss) | 22,404,202 | 33,949,389 | 127,452,088 | (40,897,514 )
Net change in unrealized appreciation (depreciation) | (67,679,275 ) | (66,990,639 ) | 170,688,787 | 336,014,543
Net increase (decrease) in net assets resulting from operations | (26,856,950 ) | (8,637,936 ) | 277,539,922 | 279,961,281
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |
From net investment income and net realized gain | (20,754,349 ) | (24,357,046 ) | (76,763,205 ) | —
Return of capital | (32,577,896 ) | (29,035,558 ) | (74,781,695 ) | (140,469,092 )
Decrease in net assets resulting from distributions to shareholders | (53,332,245 ) | (53,392,604 ) | (151,544,900 ) | (140,469,092 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) | (42,582,282 ) | (29,812,008 ) | (82,227,801 ) | (34,325,597 )
NET ASSETS |  |  |  |
Total increase (decrease) in net assets | (122,771,477 ) | (91,842,548 ) | 43,767,221 | 105,166,592
Beginning of year | 891,338,492 | 983,181,040 | 1,629,824,229 | 1,524,657,637
End of year | $768,567,015 | $891,338,492 | $1,673,591,450 | $1,629,824,229

(a) | Consolidated Statements of Changes in Net Assets.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.
Financial Statements
137

Statements of Changes in Net Assets(continued)

| BST(a) | BUI
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/24 | Year Ended 12/31/23
INCREASE (DECREASE) IN NET ASSETS |  |  |  |
OPERATIONS |  |  |  |
Net investment income (loss) | $(9,647,335 ) | $(7,655,006 ) | $6,477,896 | $7,841,668
Net realized gain | 49,084,701 | 50,365,846 | 25,208,486 | 19,192,335
Net change in unrealized appreciation (depreciation) | 232,842,089 | 247,434,391 | 3,928,824 | 9,049,746
Net increase in net assets resulting from operations | 272,279,455 | 290,145,231 | 35,615,206 | 36,083,749
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |
From net investment income and net realized gain | (54,438,359 ) | (50,091,649 ) | (25,151,530 ) | (21,447,319 )
Return of capital | (49,592,586 ) | (51,595,440 ) | (7,834,340 ) | (11,077,670 )
Decrease in net assets resulting from distributions to shareholders | (104,030,945 ) | (101,687,089 ) | (32,985,870 ) | (32,524,989 )
CAPITAL SHARE TRANSACTIONS |  |  |  |
Net proceeds from the issuance of shares | 8,635,484 | 41,619,188 | 1,263,628 | 3,779,817
Reinvestment of distributions | 1,567,740 | 5,644,095 | 499,080 | 730,387
Net increase in net assets derived from capital share transactions | 10,203,224 | 47,263,283 | 1,762,708 | 4,510,204
NET ASSETS |  |  |  |
Total increase in net assets | 178,451,734 | 235,721,425 | 4,392,044 | 8,068,964
Beginning of year | 1,196,424,626 | 960,703,201 | 506,461,930 | 498,392,966
End of year | $1,374,876,360 | $1,196,424,626 | $510,853,974 | $506,461,930

(a) | Consolidated Statements of Changes in Net Assets.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

Statements of Cash Flows
Year Ended December 31, 2024

| BGR | BDJ(a) | BOE | BGY
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase in net assets resulting from operations | $14,142,908 | $164,769,723 | $62,397,807 | $11,780,426
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 | 203,256,591 | 1,115,371,847 | 469,806,899 | 347,730,427
Purchases of long-term investments | (163,748,127 ) | (843,739,396 ) | (377,488,003 ) | (284,754,516 )
Net proceeds from sales (purchases) of short-term securities | (3,971,676 ) | (41,394,091 ) | (4,364,957 ) | 4,517,766
Premiums paid on closing options written | (26,335,898 ) | (217,449,684 ) | (73,375,425 ) | (50,868,012 )
Premiums received from options written | 23,858,154 | 163,928,358 | 58,486,887 | 44,680,839
Net realized gain on investments and options written | (16,586,800 ) | (70,748,137 ) | (20,855,218 ) | (34,572,070 )
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations | 11,776,031 | (61,253,075 ) | (30,564,075 ) | 31,489,380
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | (9,256 ) | (19,572 ) | (6,847 ) | 15,072
Dividends — unaffiliated | 275,108 | 160,407 | 419,807 | (369,814 )
Prepaid expenses | 3,815 | 7,191 | 6,414 | 5,495
Deferred offering costs. | — | (2,000 ) | — | —
Increase (Decrease) in Liabilities |  |  |  |
Due to broker | — | — | (530,000 ) | —
Payables |  |  |  |
Accounting services fees | 7,351 | 16,189 | 10,349 | 8,646
Custodian fees | 23 | 1,622 | 5,117 | 20,270
Deferred capital gain tax | — | — | — | 5,295
Investment advisory fees | (12,656 ) | 8,262 | 3,931 | (26,877 )
IRS compliance fee for foreign withholding tax claims | — | — | — | 1,650,132
Trustees’ and Officer’s fees | (63,008 ) | (76,774 ) | (58,419 ) | (51,329 )
Other accrued expenses | 6,051 | 21,224 | 1,381 | 2,427
Professional fees | 21,585 | (63,118 ) | 15,762 | 60,724
Transfer agent fees | (491 ) | (1,868 ) | (728 ) | (2,808 )
Net cash provided by operating activities | 42,619,705 | 209,537,108 | 83,910,682 | 71,321,473
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (22,773,499 ) | (125,237,041 ) | (47,183,628 ) | (41,087,555 )
Net payments on redemption of capital shares | (19,781,491 ) | (84,525,360 ) | (36,994,167 ) | (30,215,690 )
Net cash used for financing activities | (42,554,990 ) | (209,762,401 ) | (84,177,795 ) | (71,303,245 )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | 450 | (18 ) | (586 ) | 265
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | 65,165 | (225,311 ) | (267,699 ) | 18,493
Restricted and unrestricted cash and foreign currency at beginning of year | 163,667 | 273,259 | 530,024 | 71,830
Restricted and unrestricted cash and foreign currency at end of year | $228,832 | $47,948 | $262,325 | $90,323
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the year for interest expense | $680 | $4,073 | $4,783 | $23,113
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Cash | $— | $15,980 | $— | $—
Foreign currency at value | 228,832 | 31,968 | 262,325 | 90,323
| $228,832 | $47,948 | $262,325 | $90,323

(a) | Consolidated Statements of Cash Flows.

See notes to financial statements.
Financial Statements
139

Statements of Cash Flows (continued)
Year Ended December 31, 2024

| CII | BMEZ | BME | BIGZ
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase in net assets resulting from operations | $124,657,220 | $23,749,522 | $23,454,787 | $35,705,223
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 | 700,914,329 | 1,066,705,136 | 236,385,392 | 1,071,283,597
Purchases of long-term investments | (580,344,779 ) | (786,866,228 ) | (169,972,875 ) | (758,164,326 )
Net proceeds from sales (purchases) of short-term securities | 6,574,549 | (8,566,839 ) | 4,843,505 | 4,569,587
Premiums paid on closing options written | (142,820,784 ) | (125,536,961 ) | (54,577,918 ) | (78,332,496 )
Premiums received from options written | 112,228,696 | 122,748,096 | 47,273,379 | 67,420,574
Net realized gain on investments and options written | (130,474,013 ) | (20,624,389 ) | (28,624,695 ) | (50,870,709 )
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations | 8,234,771 | (2,759,744 ) | 6,230,321 | (8,335,555 )
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | 340 | 83,936 | 44,608 | (7,093 )
Dividends — unaffiliated | 298,713 | 259,776 | 173,479 | 271,755
Interest — unaffiliated | — | (22,060 ) | (2,168 ) | —
Securities lending income — affiliated | (141 ) | 2,990 | (12 ) | 1,525
Prepaid expenses | 5,339 | 7,508 | 5,292 | 7,878
Deferred offering costs. | — | — | (1,999 ) | —
Increase (Decrease) in Liabilities |  |  |  |
Collateral on securities loaned | 37,580 | (2,072,335 ) | 278,058 | (6,243,802 )
Payables |  |  |  |
Accounting services fees | 8,645 | 10,611 | 5,320 | 7,312
Custodian fees | 4,394 | 27,329 | 6,120 | 8,750
Investment advisory fees | 40,930 | (127,787 ) | (15,535 ) | (127,668 )
Trustees’ and Officer’s fees | 10,276 | 45,047 | (10,245 ) | 46,792
Other accrued expenses | 4,238 | 52,534 | 2,044 | 330,204
Professional fees | (4,859 ) | (27,074 ) | 23,387 | (59,331 )
Proxy fees | — | 78,541 | — | (309,518 )
Transfer agent fees | 545 | 33,497 | 915 | 10,582
Net cash provided by operating activities | 99,375,989 | 267,201,106 | 65,521,160 | 277,213,281
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (53,906,727 ) | (177,775,924 ) | (35,922,238 ) | (184,726,032 )
Net payments on redemption of capital shares | (45,649,966 ) | (89,462,275 ) | (29,532,715 ) | (92,487,614 )
Increase (decrease) in bank overdraft | 181,324 | (291,881 ) | (60,686 ) | —
Net cash used for financing activities | (99,375,369 ) | (267,530,080 ) | (65,515,639 ) | (277,213,646 )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | (3 ) | (47 ) | (7 ) | (2 )
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | 617 | (329,021 ) | 5,514 | (367 )
Restricted and unrestricted cash and foreign currency at beginning of year | — | 457,168 | 534 | 367
Restricted and unrestricted cash and foreign currency at end of year | $617 | $128,147 | $6,048 | $—
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the year for interest expense | $72 | $1,713 | $78 | $15,435
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Cash | $— | $127,446 | $5,813 | $—
Foreign currency at value | 617 | 701 | 235 | —
| $617 | $128,147 | $6,048 | $—

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

Statements of Cash Flows (continued)
Year Ended December 31, 2024

| BCX | BSTZ(a) | BST(a) | BUI
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |
Net increase (decrease) in net assets resulting from operations | $(26,856,950 ) | $277,539,922 | $272,279,455 | $35,615,206
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 | 660,629,481 | 937,664,056 | 421,072,421 | 228,640,108
Purchases of long-term investments | (571,105,925 ) | (614,120,813 ) | (252,275,442 ) | (183,065,954 )
Net proceeds from sales (purchases) of short-term securities | (10,455,165 ) | (5,145,534 ) | 4,017,121 | (6,445,466 )
Premiums paid on closing options written | (50,215,675 ) | (195,731,851 ) | (188,574,880 ) | (46,650,211 )
Premiums received from options written | 52,334,610 | 125,489,655 | 124,649,063 | 32,881,901
Net realized gain on investments and options written | (22,124,734 ) | (127,390,592 ) | (49,205,583 ) | (24,302,832 )
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations | 67,681,688 | (172,747,184 ) | (233,264,478 ) | (3,932,116 )
(Increase) Decrease in Assets |  |  |  |
Receivables |  |  |  |
Dividends — affiliated | (15,186 ) | (27,307 ) | (8,613 ) | 4,014
Dividends — unaffiliated | 342,318 | 174,359 | 22,973 | 85,367
Securities lending income — affiliated | 640 | (12,583 ) | 2,502 | (7 )
Prepaid expenses | — | 6,125 | 5,991 | —
Deferred offering costs. | — | — | 118,886 | (1,639 )
Increase (Decrease) in Liabilities |  |  |  |
Due to broker | — | (680,000 ) | — | —
Collateral on securities loaned | (4,300,290 ) | 4,620,303 | (5,295,789 ) | (1,296,550 )
Payables |  |  |  |
Accounting services fees | 9,874 | 16,021 | 8,220 | 8,220
Custodian fees | 6,035 | (2,903 ) | (5,416 ) | 2,001
Deferred capital gain tax | — | 2,056,047 | 421,779 | —
Investment advisory fees | (73,211 ) | 108,527 | 182,892 | 22,605
Trustees’ and Officer’s fees | (28,645 ) | 39,267 | 17,500 | (7,995 )
Other accrued expenses | 4,605 | (7,956 ) | 2,560 | 8,321
Professional fees | (9,408 ) | (208,619 ) | (62,683 ) | 27,338
Transfer agent fees | (1,223 ) | 63,888 | 1,593 | 250
Net cash provided by operating activities | 95,822,839 | 231,702,828 | 94,110,072 | 31,592,561
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |
Cash dividends paid to shareholders | (53,332,245 ) | (151,544,900 ) | (102,463,205 ) | (32,486,790 )
Payments for offering costs | — | — | (122,160 ) | —
Net payments on redemption of capital shares | (42,582,282 ) | (82,227,801 ) | — | —
Increase (decrease) in bank overdraft | 152,061 | (347,361 ) | (506,784 ) | —
Proceeds from issuance of capital shares | — | — | 8,635,484 | 689,328
Net cash used for financing activities | (95,762,466 ) | (234,120,062 ) | (94,456,665 ) | (31,797,462 )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |
Cash impact from foreign exchange fluctuations | (278 ) | (24 ) | (120 ) | (292 )
CASH AND FOREIGN CURRENCY |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | 60,095 | (2,417,258 ) | (346,713 ) | (205,193 )
Restricted and unrestricted cash and foreign currency at beginning of year | 11,244 | 2,810,000 | 483,106 | 430,368
Restricted and unrestricted cash and foreign currency at end of year | $71,339 | $392,742 | $136,393 | $225,175
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |
Cash paid during the year for interest expense | $2,071 | $16,198 | $3,501 | $957
NON-CASH FINANCING ACTIVITIES |  |  |  |
Reinvestment of distributions | $— | $— | $1,567,740 | $499,080

Financial Statements
141

Statements of Cash Flows (continued)
Year Ended December 31, 2024

| BCX | BSTZ(a) | BST(a) | BUI
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |
Cash | $— | $11,578 | $134,293 | $155,364
Cash pledged |  |  |  |
Collateral — OTC derivatives | — | 380,000 | — | —
Foreign currency at value | 71,339 | 1,164 | 2,100 | 69,811
| $71,339 | $392,742 | $136,393 | $225,175

(a) | Consolidated Statements of Cash Flows.

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

Financial Highlights
(For a share outstanding throughout each period)

| BGR
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of year | $14.13 | $14.21 | $10.77 | $8.17 | $12.57
Net investment income(a) | 0.33 | 0.37 | 0.42 | 0.28 | 0.32
Net realized and unrealized gain (loss) | 0.15 | 0.32 | 3.60 | 2.77 | (4.06 )
Net increase (decrease) from investment operations | 0.48 | 0.69 | 4.02 | 3.05 | (3.74 )
Distributions(b) |  |  |  |  |
From net investment income | (0.33 ) | (0.37 ) | (0.42 ) | (0.28 ) | (0.32 )
Return of capital | (0.51 ) | (0.40 ) | (0.16 ) | (0.17 ) | (0.34 )
Total distributions | (0.84 ) | (0.77 ) | (0.58 ) | (0.45 ) | (0.66 )
Net asset value, end of year | $13.77 | $14.13 | $14.21 | $10.77 | $8.17
Market price, end of year | $12.61 | $12.45 | $12.53 | $9.48 | $7.10
Total Return(c) |  |  |  |  |
Based on net asset value | 3.93 %(d) | 5.75 % | 38.51 % | 38.36 %(d) | (29.03 )%
Based on market price | 8.02 % | 5.66 % | 38.76 % | 40.14 % | (34.74 )%
Ratios to Average Net Assets(e) |  |  |  |  |
Total expenses | 1.23 % | 1.29 % | 1.26 % | 1.33 % | 1.37 %
Total expenses after fees waived and/or reimbursed | 1.12 % | 1.07 % | 1.04 % | 1.11 % | 1.15 %
Net investment income | 2.25 % | 2.66 % | 3.21 % | 2.88 % | 3.77 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $359,570 | $387,982 | $398,493 | $313,503 | $237,868
Portfolio turnover rate | 42 % | 38 % | 76 % | 61 % | 62 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | 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.
(d) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.
Financial Highlights
143

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

| BDJ
| Year Ended 12/31/24(a) | Year Ended 12/31/23(a) | Year Ended 12/31/22(a) | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of year | $8.82 | $8.74 | $10.23 | $9.35 | $10.03
Net investment income(b) | 0.17 | 0.18 | 0.16 | 0.15 | 0.18
Net realized and unrealized gain (loss) | 0.71 | 0.63 | (0.56 ) | 1.60 | (0.26 )
Net increase (decrease) from investment operations | 0.88 | 0.81 | (0.40 ) | 1.75 | (0.08 )
Distributions(c) |  |  |  |  |
From net investment income | (0.20 ) | (0.13 ) | (0.04 ) | (0.28 ) | (0.15 )
From net realized gain | (0.48 ) | (0.60 ) | (1.05 ) | (0.59 ) | (0.45 )
Total distributions | (0.68 ) | (0.73 ) | (1.09 ) | (0.87 ) | (0.60 )
Net asset value, end of year | $9.02 | $8.82 | $8.74 | $10.23 | $9.35
Market price, end of year | $8.28 | $7.69 | $9.01 | $10.08 | $8.47
Total Return(d) |  |  |  |  |
Based on net asset value | 10.89 %(e) | 10.37 % | (3.71 )%(e) | 19.33 % | 0.77 %
Based on market price | 16.76 % | (6.65 )% | 0.74 % | 29.80 % | (7.70 )%
Ratios to Average Net Assets(f) |  |  |  |  |
Total expenses | 0.88 % | 0.86 % | 0.84 % | 0.85 % | 0.86 %
Total expenses after fees waived and/or reimbursed | 0.88 % | 0.86 % | 0.84 % | 0.85 % | 0.86 %
Net investment income | 1.89 % | 2.12 % | 1.69 % | 1.44 % | 2.15 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $1,596,608 | $1,641,601 | $1,629,642 | $1,902,838 | $1,739,122
Portfolio turnover rate | 50 % | 43 % | 81 % | 40 % | 48 %

(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) | 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) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.
144
2024 BlackRock Annual Report to Shareholders

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

| BOE
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of year | $11.81 | $10.97 | $13.40 | $12.28 | $12.32
Net investment income(a) | 0.18 | 0.22 | 0.20 | 0.19 | 0.26
Net realized and unrealized gain (loss) | 0.84 | 1.38 | (1.87 ) | 1.69 | 0.46
Net increase (decrease) from investment operations | 1.02 | 1.60 | (1.67 ) | 1.88 | 0.72
Distributions(b) |  |  |  |  |
From net investment income | (0.18 ) | (0.22 ) | (0.19 ) | (0.19 ) | (0.26 )
From net realized gain | — | — | (0.41 ) | (0.57 ) | —
Return of capital | (0.60 ) | (0.54 ) | (0.16 ) | — | (0.50 )
Total distributions | (0.78 ) | (0.76 ) | (0.76 ) | (0.76 ) | (0.76 )
Net asset value, end of year | $12.05 | $11.81 | $10.97 | $13.40 | $12.28
Market price, end of year | $10.77 | $9.92 | $9.56 | $12.18 | $10.91
Total Return(c) |  |  |  |  |
Based on net asset value | 9.67 % | 16.16 % | (11.87 )% | 16.21 % | 7.65 %
Based on market price | 16.70 % | 11.95 % | (15.51 )% | 18.89 % | 7.22 %
Ratios to Average Net Assets(d) |  |  |  |  |
Total expenses | 1.11 % | 1.09 % | 1.06 % | 1.07 % | 1.09 %
Total expenses after fees waived and/or reimbursed | 0.93 % | 0.91 % | 0.89 % | 0.90 % | 0.92 %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 0.93 % | 0.91 % | 0.88 % | 0.90 % | 0.92 %
Net investment income | 1.48 % | 1.93 % | 1.72 % | 1.46 % | 2.33 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $704,709 | $726,489 | $688,464 | $857,721 | $786,230
Portfolio turnover rate | 51 % | 46 % | 44 % | 65 % | 61 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | 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.
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.
Financial Highlights
145

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

| BGY
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of year | $6.21 | $5.78 | $6.81 | $6.49 | $6.47
Net investment income(a) | 0.09 | 0.09 | 0.10 | 0.09 | 0.12
Net realized and unrealized gain (loss) | 0.02 | 0.75 | (0.72 ) | 0.64 | 0.31
Net increase (decrease) from investment operations | 0.11 | 0.84 | (0.62 ) | 0.73 | 0.43
Distributions(b) |  |  |  |  |
From net investment income | (0.08 ) | (0.08 ) | (0.10 ) | (0.14 ) | (0.13 )
From net realized gain | (0.33 ) | (0.09 ) | (0.10 ) | (0.15 ) | —
Return of capital | — | (0.24 ) | (0.21 ) | (0.12 ) | (0.28 )
Total distributions | (0.41 ) | (0.41 ) | (0.41 ) | (0.41 ) | (0.41 )
Net asset value, end of year | $5.91 | $6.21 | $5.78 | $6.81 | $6.49
Market price, end of year | $5.31 | $5.27 | $5.02 | $6.28 | $5.87
Total Return(c) |  |  |  |  |
Based on net asset value | 2.55 % | 15.94 % | (8.33 )% | 11.92 % | 8.18 %
Based on market price | 8.58 % | 13.29 % | (13.67 )% | 14.11 % | 7.49 %
Ratios to Average Net Assets(d) |  |  |  |  |
Total expenses | 1.19 % | 1.10 % | 1.08 % | 1.09 % | 1.10 %
Total expenses after fees waived and/or reimbursed | 1.19 % | 1.10 % | 1.03 % | 0.99 % | 1.00 %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 1.13 % | 1.10 % | 1.02 % | 0.99 % | 1.00 %
Net investment income | 1.44 % | 1.40 % | 1.71 % | 1.34 % | 1.99 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $562,959 | $622,482 | $593,471 | $709,510 | $676,949
Portfolio turnover rate | 46 % | 55 % | 41 % | 71 % | 60 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | 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.
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.
146
2024 BlackRock Annual Report to Shareholders

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

| CII
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of year | $19.81 | $17.55 | $22.10 | $19.12 | $17.96
Net investment income(a) | 0.04 | 0.07 | 0.06 | 0.04 | 0.13
Net realized and unrealized gain (loss) | 2.82 | 3.38 | (2.51 ) | 4.04 | 2.08
Net increase (decrease) from investment operations | 2.86 | 3.45 | (2.45 ) | 4.08 | 2.21
Distributions(b) |  |  |  |  |
From net investment income | (0.03 ) | (0.07 ) | (0.04 ) | (0.04 ) | (0.13 )
From net realized gain | (1.21 ) | (1.12 ) | (2.06 ) | (1.06 ) | (0.92 )
Total distributions | (1.24 ) | (1.19 ) | (2.10 ) | (1.10 ) | (1.05 )
Net asset value, end of year | $21.43 | $19.81 | $17.55 | $22.10 | $19.12
Market price, end of year | $20.10 | $19.00 | $17.12 | $22.12 | $17.40
Total Return(c) |  |  |  |  |
Based on net asset value | 15.21 % | 20.45 % | (10.95 )% | 21.97 % | 13.94 %
Based on market price | 12.66 % | 18.43 % | (13.21 )% | 34.15 % | 7.97 %
Ratios to Average Net Assets(d) |  |  |  |  |
Total expenses | 0.93 % | 0.89 % | 0.89 % | 0.90 % | 0.91 %
Total expenses after fees waived and/or reimbursed | 0.93 % | 0.89 % | 0.89 % | 0.90 % | 0.91 %
Net investment income | 0.20 % | 0.35 % | 0.31 % | 0.21 % | 0.78 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $899,551 | $874,451 | $774,667 | $975,479 | $843,673
Portfolio turnover rate | 63 % | 28 % | 32 % | 27 % | 46 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | 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.
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.
Financial Highlights
147

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

| BMEZ
| Year Ended 12/31/24 | 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 income (loss)(b) | 0.04 | (0.12 ) | (0.18 ) | (0.32 ) | (0.22 )
Net realized and unrealized gain (loss) | 0.17 | 0.85 | (5.79 ) | (2.23 ) | 11.85
Net increase (decrease) from investment operations | 0.21 | 0.73 | (5.97 ) | (2.55 ) | 11.63
Distributions(c) |  |  |  |  |
From net realized gain | — | — | (1.63 ) | (1.71 ) | (0.90 )
Return of capital | (1.69 ) | (1.58 ) | (0.11 ) | — | —
Total distributions | (1.69 ) | (1.58 ) | (1.74 ) | (1.71 ) | (0.90 )
Net asset value, end of period | $16.43 | $17.91 | $18.76 | $26.47 | $30.73
Market price, end of period | $14.40 | $14.65 | $15.43 | $25.36 | $28.65
Total Return(d) |  |  |  |  |
Based on net asset value | 2.11 % | 5.60 % | (21.66 )% | (8.31 )% | 59.62 %(e)(f)
Based on market price | 9.40 % | 5.02 % | (32.75 )% | (5.76 )% | 48.82 %(f)
Ratios to Average Net Assets(g) |  |  |  |  |
Total expenses | 1.44 %(h) | 1.33 %(i) | 1.32 % | 1.30 % | 1.29 %(j)
Total expenses after fees waived and/or reimbursed | 1.44 %(h) | 1.32 %(i) | 1.32 % | 1.30 % | 1.28 %(j)
Net investment income (loss) | 0.21 % | (0.65 )% | (0.91 )% | (1.10 )% | (1.00 )%(j)
Supplemental Data |  |  |  |  |
Net assets, end of period (000) | $1,663,882 | $1,907,371 | $2,056,419 | $2,981,886 | $3,462,638
Portfolio turnover rate | 43 % | 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) | 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) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(f) | Not annualized.
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) | 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.
(i) | 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.
(j) | Annualized.

See notes to financial statements.
148
2024 BlackRock Annual Report to Shareholders

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

| BME
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of year | $42.18 | $43.30 | $47.96 | $45.66 | $41.19
Net investment income(a) | 0.07 | 0.14 | 0.11 | — | 0.01
Net realized and unrealized gain (loss) | 1.56 | 1.30 | (2.21 ) | 4.74 | 6.86
Net increase (decrease) from investment operations | 1.63 | 1.44 | (2.10 ) | 4.74 | 6.87
Distributions(b) |  |  |  |  |
From net investment income | (0.07 ) | (0.17 ) | (0.12 ) | (0.00 )(c) | (0.05 )
From net realized gain | (2.01 ) | (1.66 ) | (2.34 ) | (2.44 ) | (2.35 )
Return of capital | (0.53 ) | (0.73 ) | (0.10 ) | — | —
Total distributions | (2.61 ) | (2.56 ) | (2.56 ) | (2.44 ) | (2.40 )
Net asset value, end of year | $41.20 | $42.18 | $43.30 | $47.96 | $45.66
Market price, end of year | $37.93 | $40.46 | $43.58 | $48.50 | $47.59
Total Return(d) |  |  |  |  |
Based on net asset value | 4.09 % | 3.80 % | (4.19 )% | 10.66 %(e) | 17.50 %
Based on market price | (0.09 )% | (1.08 )% | (4.64 )% | 7.37 % | 18.69 %
Ratios to Average Net Assets(f) |  |  |  |  |
Total expenses | 1.10 % | 1.06 % | 1.08 % | 1.08 % | 1.10 %
Total expenses after fees waived and/or reimbursed | 1.10 % | 1.06 % | 1.07 % | 1.08 % | 1.10 %
Net investment income | 0.15 % | 0.34 % | 0.27 % | 0.01 % | 0.01 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $546,135 | $588,135 | $600,197 | $625,775 | $545,936
Portfolio turnover rate | 29 % | 43 % | 41 % | 49 % | 28 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | Amount is greater than $(0.005) per share.
(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) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.
Financial Highlights
149

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

| BIGZ
| Year Ended 12/31/24 | 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) | (0.11 ) | (0.11 ) | (0.13 ) | (0.15 )
Net realized and unrealized gain (loss) | 0.28 | 1.09 | (6.78 ) | (2.43 )
Net increase (decrease) from investment operations | 0.17 | 0.98 | (6.91 ) | (2.58 )
Distribution from return of capital(c) | (0.83 ) | (0.77 ) | (0.99 ) | (0.70 )
Net asset value, end of period | $8.37 | $9.03 | $8.82 | $16.72
Market price, end of period | $7.44 | $7.33 | $6.81 | $14.54
Total Return(d) |  |  |  |
Based on net asset value | 3.39 % | 13.28 % | (41.14 )%(e) | (13.03 )%(f)
Based on market price | 13.22 % | 19.09 % | (47.74 )% | (24.37 )%(f)
Ratios to Average Net Assets(g) |  |  |  |
Total expenses | 1.51 %(h) | 1.44 %(i) | 1.36 % | 1.29 %(j)
Total expenses after fees waived and/or reimbursed | 1.51 %(h) | 1.44 %(i) | 1.36 % | 1.28 %(j)
Net investment loss | (1.22 )% | (1.22 )% | (1.22 )% | (1.02 )%(j)
Supplemental Data |  |  |  |
Net assets, end of period (000) | $1,784,961 | $2,026,470 | $2,026,488 | $3,981,653
Portfolio turnover rate | 39 % | 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) | 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) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(f) | Not annualized.
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.37% and 1.37%, respectively.
(i) | 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.
(j) | Annualized.

See notes to financial statements.
150
2024 BlackRock Annual Report to Shareholders

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

| BCX
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of year | $10.57 | $11.23 | $10.21 | $8.45 | $9.04
Net investment income(a) | 0.22 | 0.29 | 0.30 | 0.29 | 0.20
Net realized and unrealized gain (loss) | (0.57 ) | (0.33 ) | 1.27 | 1.95 | (0.26 )
Net increase (decrease) from investment operations | (0.35 ) | (0.04 ) | 1.57 | 2.24 | (0.06 )
Distributions(b) |  |  |  |  |
From net investment income | (0.25 ) | (0.28 ) | (0.29 ) | (0.38 ) | (0.23 )
Return of capital | (0.39 ) | (0.34 ) | (0.26 ) | (0.10 ) | (0.30 )
Total distributions | (0.64 ) | (0.62 ) | (0.55 ) | (0.48 ) | (0.53 )
Net asset value, end of year | $9.58 | $10.57 | $11.23 | $10.21 | $8.45
Market price, end of year | $8.54 | $8.88 | $9.97 | $9.35 | $7.41
Total Return(c) |  |  |  |  |
Based on net asset value | (2.80 )%(d) | 0.56 % | 16.31 % | 27.20 % | 1.56 %
Based on market price | 3.14 % | (4.84 )% | 12.76 % | 32.83 % | (0.23 )%
Ratios to Average Net Assets(e) |  |  |  |  |
Total expenses | 1.10 % | 1.06 % | 1.05 % | 1.07 % | 1.09 %
Total expenses after fees waived and/or reimbursed | 1.10 % | 1.06 % | 1.05 % | 1.07 % | 1.09 %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes | 1.10 % | 1.06 % | 1.05 % | 1.07 % | 1.09 %
Net investment income | 2.13 % | 2.63 % | 2.73 % | 3.05 % | 2.62 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $768,567 | $891,338 | $983,181 | $901,782 | $746,615
Portfolio turnover rate | 67 % | 46 % | 92 % | 66 % | 78 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | 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.
(d) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.
Financial Highlights
151

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

| BSTZ
| Year Ended 12/31/24(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)
Net asset value, beginning of year | $21.43 | $19.53 | $38.82 | $38.72 | $20.95
Net investment loss(b) | (0.27 ) | (0.20 ) | (0.30 ) | (0.51 ) | (0.30 )
Net realized and unrealized gain (loss) | 4.00 | 3.92 | (16.69 ) | 3.69 | 19.32
Net increase (decrease) from investment operations | 3.73 | 3.72 | (16.99 ) | 3.18 | 19.02
Distributions(c) |  |  |  |  |
From net realized gain | (1.02 ) | — | (0.89 ) | (3.08 ) | (1.10 )
Return of capital | (1.00 ) | (1.82 ) | (1.41 ) | — | (0.15 )
Total distributions | (2.02 ) | (1.82 ) | (2.30 ) | (3.08 ) | (1.25 )
Net asset value, end of year | $23.14 | $21.43 | $19.53 | $38.82 | $38.72
Market price, end of year | $20.71 | $16.71 | $15.64 | $38.94 | $36.38
Total Return(d) |  |  |  |  |
Based on net asset value | 19.60 % | 21.74 %(e) | (43.98 )% | 8.41 % | 94.60 %(f)
Based on market price | 37.27 % | 18.54 % | (55.27 )% | 15.75 % | 86.85 %
Ratios to Average Net Assets(g) |  |  |  |  |
Total expenses | 1.48 %(h) | 1.35 % | 1.33 % | 1.31 % | 1.33 %
Total expenses after fees waived and/or reimbursed | 1.48 %(h) | 1.34 % | 1.33 % | 1.31 % | 1.33 %
Net investment loss | (1.24 )% | (0.96 )% | (1.16 )% | (1.25 )% | (1.16 )%
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $1,673,591 | $1,629,824 | $1,524,658 | $3,048,962 | $3,023,744
Portfolio turnover rate | 37 % | 38 % | 47 % | 18 % | 45 %

(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) | 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) | 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%.
(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) | 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.

See notes to financial statements.
152
2024 BlackRock Annual Report to Shareholders

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

| BST
| Year Ended 12/31/24(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)
Net asset value, beginning of year | $34.74 | $29.11 | $52.40 | $51.94 | $32.45
Net investment loss(b) | (0.28 ) | (0.23 ) | (0.29 ) | (0.43 ) | (0.28 )
Net realized and unrealized gain (loss) | 8.14 | 8.86 | (20.00 ) | 5.84 | 21.82
Net increase (decrease) from investment operations | 7.86 | 8.63 | (20.29 ) | 5.41 | 21.54
Distributions(c) |  |  |  |  |
From net realized gain | (1.57 ) | (1.48 ) | (2.16 ) | (4.27 ) | (2.05 )
Return of capital | (1.43 ) | (1.52 ) | (0.84 ) | — | —
Total distributions | (3.00 ) | (3.00 ) | (3.00 ) | (4.27 ) | (2.05 )
Dilutive effect of rights offer (Note 10) | — | — | — | (0.68 ) | —
Net asset value, end of year | $39.60 | $34.74 | $29.11 | $52.40 | $51.94
Market price, end of year | $36.56 | $33.66 | $28.37 | $49.97 | $53.30
Total Return(d) |  |  |  |  |
Based on net asset value | 23.84 % | 30.78 % | (39.56 )%(e) | 9.44 % | 68.76 %(f)
Based on market price | 18.01 % | 30.03 % | (38.23 )% | 1.70 % | 68.92 %
Ratios to Average Net Assets(g) |  |  |  |  |
Total expenses | 1.07 % | 1.09 % | 1.11 % | 1.05 % | 1.09 %
Total expenses after fees waived and/or reimbursed | 1.07 % | 1.09 % | 1.11 % | 1.00 % | 0.99 %
Total expenses after fees waived and/or reimbursed and excluding dividend expense | 1.07 % | 1.09 % | 1.10 % | 1.00 % | 0.99 %
Net investment loss | (0.75 )% | (0.70 )% | (0.77 )% | (0.78 )% | (0.73 )%
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $1,374,876 | $1,196,425 | $960,703 | $1,681,166 | $1,297,344
Portfolio turnover rate | 19 % | 32 % | 38 % | 31 % | 20 %

(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) | 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) | Includes payment from an affiliate, which had no impact on the Trust’s total return.
(f) | 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.
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.
Financial Highlights
153

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

| BUI
| Year Ended 12/31/24 | Year Ended 12/31/23 | Year Ended 12/31/22 | Year Ended 12/31/21 | Year Ended 12/31/20
Net asset value, beginning of year | $22.53 | $22.37 | $25.86 | $23.80 | $22.02
Net investment income(a) | 0.29 | 0.35 | 0.33 | 0.24 | 0.33
Net realized and unrealized gain (loss) | 1.30 | 1.26 | (2.37 ) | 3.27 | 2.90
Net increase (decrease) from investment operations | 1.59 | 1.61 | (2.04 ) | 3.51 | 3.23
Distributions(b) |  |  |  |  |
From net investment income | (0.25 ) | (0.37 ) | (0.30 ) | (0.24 ) | (0.20 )
From net realized gain | (0.87 ) | (0.59 ) | (0.56 ) | (0.76 ) | (1.08 )
Return of capital | (0.35 ) | (0.49 ) | (0.59 ) | (0.45 ) | (0.17 )
Total distributions | (1.47 ) | (1.45 ) | (1.45 ) | (1.45 ) | (1.45 )
Net asset value, end of year | $22.65 | $22.53 | $22.37 | $25.86 | $23.80
Market price, end of year | $23.43 | $21.82 | $20.77 | $26.62 | $25.04
Total Return(c) |  |  |  |  |
Based on net asset value | 7.28 % | 7.66 % | (7.73 )% | 15.13 % | 15.87 %
Based on market price | 14.58 % | 12.30 % | (16.78 )% | 12.65 % | 20.32 %
Ratios to Average Net Assets(d) |  |  |  |  |
Total expenses | 1.08 % | 1.08 % | 1.08 % | 1.08 % | 1.13 %
Total expenses after fees waived and/or reimbursed | 1.08 % | 1.08 % | 1.08 % | 1.07 % | 1.10 %
Net investment income | 1.26 % | 1.58 % | 1.44 % | 0.97 % | 1.58 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $510,854 | $506,462 | $498,393 | $559,805 | $444,526
Portfolio turnover rate | 36 % | 31 % | 36 % | 20 % | 39 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | 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.
(d) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.
154
2024 BlackRock Annual Report to Shareholders

Notes to Financial Statements
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 Equity Dividend Trust | BDJ | Delaware | Diversified
BlackRock Enhanced Global Dividend Trust | BOE | Delaware | Diversified
BlackRock Enhanced International Dividend Trust | BGY | Delaware | Diversified
BlackRock Enhanced Large Cap Core Fund, Inc. | CII | Maryland | 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.
On November 22, 2024, the Board approved a proposal to change the name of BlackRock Enhanced Capital and Income Fund, Inc. to BlackRock Enhanced Large Cap Core Fund, Inc. In connection with the name change, the Board approved the adoption of a non-fundamental investment policy to invest at least 80% of the Trust’s net assets plus the amount of any borrowings for investment purposes, in large cap equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. These changes were effective at the close of business on December 31, 2024.
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 December 31, 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 $13,959,675, 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 December 31, 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 $29,179,167, which is 1.7% 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 December 31, 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 $15,561,384, which is 1.1% 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
Notes to Financial Statements
155

Notes to Financial Statements (continued)
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 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 December 31, 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. See Income Tax Information note for the tax character of each Trust’s distributions paid during the year.
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.
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Notes to Financial Statements (continued)
Segment Reporting: The Trusts adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Trusts’ adoption of the new standard impacted financial statement disclosures only and did not affect each Trust’ s financial position or results of operations.
The Chief Financial Officer acts as the Trusts’ Chief Operating Decision Maker (“CODM’) and is responsible for assessing performance and allocating resources with respect to each Trust. The CODM has concluded that each Trust operates as a single operating segment since the Trusts have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Trusts’ financial statements.
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. 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 trade or 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 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 occurs after 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 as of the measurement date.
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Notes to Financial Statements (continued)
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:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine 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 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.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Certain information made available 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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•Level 1 – Unadjusted price quotations in active markets/exchanges that each Trust has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by 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.
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Notes to Financial Statements (continued)
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 December 31, 2024, BDJ had outstanding commitments of $5,271,114. These commitments are not included in the net assets of BDJ as of December 31, 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. 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
CII |  |  |  |
Citigroup Global Markets, Inc. | $425,316 | $(425,316 ) | $— | $—
BMEZ |  |  |  |
Barclays Capital, Inc. | $18,471 | $(18,471 ) | $— | $—
Citigroup Global Markets, Inc. | 6,780,092 | (6,780,092 ) | — | —
Goldman Sachs & Co. LLC | 1,105,584 | (1,105,584 ) | — | —
Jefferies LLC | 620,303 | (620,303 ) | — | —
Morgan Stanley | 745,404 | (745,404 ) | — | —
National Financial Services LLC | 688,226 | (688,226 ) | — | —
| $9,958,080 | $(9,958,080 ) | $— | $—
BME |  |  |  |
Morgan Stanley | $162,584 | $(162,584 ) | $— | $—
Toronto-Dominion Bank | 113,715 | (113,715 ) | — | —
| $276,299 | $(276,299 ) | $— | $—
BIGZ |  |  |  |
J.P. Morgan Securities LLC | $7,862,045 | $(7,862,045 ) | $— | $—
Morgan Stanley | 6,050,626 | (6,050,626 ) | — | —
| $13,912,671 | $(13,912,671 ) | $— | $—
BCX |  |  |  |
J.P. Morgan Securities LLC | $1,758,273 | $(1,758,273 ) | $— | $—
Morgan Stanley | 60,138 | (60,138 ) | — | —
| $1,818,411 | $(1,818,411 ) | $— | $—
BSTZ |  |  |  |
Barclays Capital, Inc. | $1,076,250 | $(1,076,250 ) | $— | $—
BofA Securities, Inc. | 66,256 | (66,256 ) | — | —
Goldman Sachs & Co. LLC | 1,984,578 | (1,984,578 ) | — | —
J.P. Morgan Securities LLC | 649,390 | (649,390 ) | — | —
Jefferies LLC | 1,297,292 | (1,297,292 ) | — | —

Notes to Financial Statements
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Notes to Financial Statements (continued)

Trust Name/Counterparty | Securities Loaned at Value | Cash Collateral Received(a) | Non-Cash Collateral Received, at Fair Value(a) | Net Amount
BSTZ (continued) |  |  |  |
Morgan Stanley | $808 | $(808 ) | $— | $—
Toronto-Dominion Bank | 2,120,376 | (2,120,376 ) | — | —
| $7,194,950 | $(7,194,950 ) | $— | $—
BST |  |  |  |
J.P. Morgan Securities LLC | $542,784 | $(542,784 ) | $— | $—

(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.

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, each Trust benefits 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 the 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 each Trust.
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
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Notes to Financial Statements (continued)
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 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 | 1.00 % | 0.80 % | 1.00 % | 1.00 %

Prior to July 1, 2024, the annual rates as a percentage of average weekly net assets, for BGR was 1.20%
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 December 31, 2024.
For purposes of calculating these fees, “net assets” mean the total assets of BGR, BDJ, BOE, BGY, CII, 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.
Notes to Financial Statements
161

Notes to Financial Statements (continued)
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 year ended December 31, 2024 amounted to $0, $0, $17,451 and $5,823 for each of BDJ, BME, BST and BUI, respectively.
Expense Limitations, Waivers and Reimbursements: The Manager voluntarily agreed to waive investment advisory fees on the following Trusts as a percentage of their average weekly net assets, as follows:

| BGR | BOE
| 0.220 % | 0.175 %

These voluntary waivers may be reduced or discontinued at any time without notice. Effective July 1, 2024, the voluntary waiver agreement between the Manager and BGR was terminated.
For the year ended December 31, 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 | $440,153
BOE | 1,298,595

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, 2026. 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 year ended December 31, 2024, the amounts waived were as follows:

Trust Name | Fees Waived and/or Reimbursed by the Manager
BGR | $5,491
BDJ | 25,016
BOE | 5,174
BGY | 5,220
CII | 8,174
BMEZ | 42,160
BME | 15,682
BIGZ | 4,111
BCX | 14,944
BSTZ | 10,202
BST | 4,806
BUI | 5,615

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, 2026. 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 year ended December 31, 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, 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% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
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Notes to Financial Statements (continued)
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 BDJ, CII, BMEZ, BME, BIGZ and BST retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
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 BDJ, CII, 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 fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
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 fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
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 fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
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 year ended December 31, 2024, each Trust paid BIM the following amounts for securities lending agent services:

Trust Name | Amounts
BDJ | $109
BOE | 5
CII | 589
BMEZ | 19,878
BME | 714
BIGZ | 11,532
BSTZ | 44,038
BST | 9,111
BUI | 971

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 year ended December 31, 2024, BGR, BDJ and BCX received a reimbursement of $4,285, $3,800 and $2,350, respectively, 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 year ended December 31, 2024, purchases and sales of investments, excluding short-term securities, were as follows:

Trust Name | Purchases | Sales
BGR | $163,427,180 | $202,555,797
BDJ | 847,191,436 | 1,111,523,109
BOE | 377,480,352 | 469,500,006
BGY | 284,754,516 | 347,615,872
CII | 580,344,779 | 700,914,329
BMEZ | 786,861,504 | 1,066,653,242
BME | 170,459,756 | 235,402,650
BIGZ | 758,164,326 | 1,065,289,369
BCX | 570,713,687 | 660,371,685
BSTZ | 612,621,706 | 932,655,460
BST | 250,714,635 | 419,580,255
BUI | 183,065,954 | 228,632,632

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.
Notes to Financial Statements
163

Notes to Financial Statements (continued)
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 December 31, 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. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Trusts’ NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to non-deductible expenses and net operating losses were reclassified to the following accounts:

Trust Name | Paid-in Capital | Accumulated Earnings (Loss)
BDJ | $(6,180 ) | $6,180
BMEZ | 1,418,313 | (1,418,313 )
BME | 392,774 | (392,774 )
BIGZ | (21,453,458 ) | 21,453,458
BSTZ | (18,257,604 ) | 18,257,604
BST | (9,633,236 ) | 9,633,236
BUI | (993 ) | 993

The tax character of distributions paid was as follows:

Trust Name | Year Ended 12/31/24 | Year Ended 12/31/23
BGR |  |
Ordinary income | $8,876,987 | $10,396,825
Return of capital | 13,896,512 | 11,108,880
| $22,773,499 | $21,505,705
BDJ |  |
Ordinary income | $53,926,860 | $33,363,489
Long-term capital gains | 71,310,181 | 102,619,291
| $125,237,041 | $135,982,780
BOE |  |
Ordinary income | $10,955,631 | $13,739,848
Return of capital | 36,227,997 | 33,325,380
| $47,183,628 | $47,065,228
BGY |  |
Ordinary income | $26,539,165 | $9,930,219
Long-term capital gains | 14,548,390 | 7,370,443
Return of capital | — | 23,857,237
| $41,087,555 | $41,157,899
CII |  |
Ordinary income | $1,420,313 | $11,634,813
Long-term capital gains | 52,486,414 | 41,063,355
| $53,906,727 | $52,698,168
BMEZ |  |
Return of capital | $177,775,924 | $170,987,587
BME |  |
Ordinary income | $932,858 | $2,244,293
Long-term capital gains | 27,644,801 | 23,151,941
Return of capital | 7,344,579 | 10,214,453
| $35,922,238 | $35,610,687
BIGZ |  |
Return of capital | $184,726,032 | $173,714,456
BCX |  |
Ordinary income | $20,754,349 | $24,357,046
Return of capital | 32,577,896 | 29,035,558
| $53,332,245 | $53,392,604

164
2024 BlackRock Annual Report to Shareholders

Notes to Financial Statements (continued)

Trust Name | Year Ended 12/31/24 | Year Ended 12/31/23
BSTZ |  |
Long-term capital gains | $76,763,205 | $—
Return of capital | 74,781,695 | 140,469,092
| $151,544,900 | $140,469,092
BST |  |
Long-term capital gains | $54,438,359 | $50,091,649
Return of capital | 49,592,586 | 51,595,440
| $104,030,945 | $101,687,089
BUI |  |
Ordinary income | $5,606,511 | $19,423,039
Long-term capital gains | 19,545,019 | 2,024,280
Return of capital | 7,834,340 | 11,077,670
| $32,985,870 | $32,524,989

As of December 31, 2024, the tax components of accumulated earnings (loss) were as follows:

Trust Name | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Non-Expiring Capital Loss Carryforwards(a) | Net Unrealized Gains (Losses)(b) | Qualified Late-Year Ordinary Losses(c) | Total
BGR | $— | $— | $(203,787,893 ) | $89,555,423 | $— | $(114,232,470 )
BDJ | 30,908,455 | 62,402,387 | — | 276,955,605 | — | 370,266,447
BOE | — | — | (5,383,743 ) | 132,448,997 | (23,287 ) | 127,041,967
BGY | 1,331,198 | 729,744 | — | 51,102,227 | — | 53,163,169
CII | 1,202,600 | 83,236,805 | — | 298,928,918 | — | 383,368,323
BMEZ | — | — | (26,094,837 ) | 4,736,118 | — | (21,358,719 )
BME | — | — | — | 165,011,194 | (9,210 ) | 165,001,984
BIGZ | — | — | (1,849,884,782 ) | (88,694,479 ) | — | (1,938,579,261 )
BCX | — | — | (210,243,025 ) | 36,712,745 | — | (173,530,280 )
BSTZ | — | — | — | 644,340,065 | — | 644,340,065
BST | — | — | — | 645,319,822 | (6,188 ) | 645,313,634
BUI | — | — | — | 140,031,936 | (43,667 ) | 139,988,269

(a) | Amounts available to offset future realized capital gains.
(b) | The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of partnership income, the characterization of corporate actions and the deferral of compensation to Trustees.
(c) | The Trust has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

During the year ended December 31, 2024, the Trusts listed below utilized the following amounts of their respective capital loss carryforward:

Trust Name | Utilized
BGR | $13,144,882
BOE | 19,996,421
BMEZ | 16,685,568
BIGZ | 50,852,083
BCX | 15,861,436
BSTZ | 42,767,288

As of December 31, 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 | $264,036,299 | $106,677,003 | $(8,387,844 ) | $98,289,159
BDJ | 1,321,911,186 | 369,940,178 | (71,805,382 ) | 298,134,796
BOE | 558,141,555 | 167,758,668 | (13,864,568 ) | 153,894,100
BGY | 497,992,918 | 100,960,858 | (28,650,284 ) | 72,310,574
CII | 608,169,798 | 324,217,320 | (16,793,323 ) | 307,423,997
BMEZ | 1,682,044,422 | 285,256,958 | (275,713,138 ) | 9,543,820
BME | 382,089,953 | 191,404,688 | (21,090,441 ) | 170,314,247
BIGZ | 1,898,004,755 | 378,726,881 | (464,056,637 ) | (85,329,756 )
BCX | 734,793,135 | 114,588,132 | (73,036,031 ) | 41,552,101
BSTZ | 1,031,508,484 | 796,312,045 | (126,744,589 ) | 669,567,456

Notes to Financial Statements
165

Notes to Financial Statements (continued)

Trust Name | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation)
BST | $725,704,368 | $804,079,132 | $(137,481,824 ) | $666,597,308
BUI | 356,282,824 | 171,435,831 | (13,340,117 ) | 158,095,714

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 mandatory and 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. 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.
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.
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.
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.
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2024 BlackRock Annual Report to Shareholders

Notes to Financial Statements (continued)
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.
The Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Trusts may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Trusts’ performance.
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.
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, 15,661,634 and 7,532,153 Common Shares, respectively, remain available for issuance under the Shelf Offerings. During the year ended
Notes to Financial Statements
167

Notes to Financial Statements (continued)
December 31, 2024, BDJ, BME, BST and BUI issued 0, 0, 236,917 and 126,253 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:

| Year Ended
Trust Name | 12/31/24 | 12/31/23
BME | — | 71,333
BST | 236,917 | 1,266,090
BUI | 55,243 | 167,658

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

| Year Ended
Trust Name | 12/31/24 | 12/31/23
BDJ | — | 78,103
CII | — | 14,818
BME | — | 12,112
BST | 43,442 | 173,563
BUI | 21,581 | 31,913

The Trusts participated in an open market share repurchase program (the “Repurchase Program”) through November 30, 2024. From December 1, 2023 through November 30, 2024, each Trust could 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 had an accretive effect as shares were purchased at a discount to the Trust’s NAV. The Repurchase Program expired on November 30, 2024 and was not renewed.

| BGR
| Shares | Amounts
Year Ended December 31, 2024 | 1,356,082 | $19,781,491
Year Ended December 31, 2023 | 587,768 | 7,413,692

| BDJ
| Shares | Amounts
Year Ended December 31, 2024 | 9,190,420 | $84,525,360
Year Ended December 31, 2023 | 359,086 | 2,735,878

| BOE
| Shares | Amounts
Year Ended December 31, 2024 | 3,037,836 | $36,994,167
Year Ended December 31, 2023 | 1,214,010 | 11,889,663

| BGY
| Shares | Amounts
Year Ended December 31, 2024 | 4,950,922 | $30,215,690
Year Ended December 31, 2023 | 2,473,793 | 13,143,239

| CII
| Shares | Amounts
Year Ended December 31, 2024 | 2,179,753 | $45,649,966

| BMEZ
| Shares | Amounts
Year Ended December 31, 2024 | 5,259,141 | $89,462,275
Year Ended December 31, 2023 | 3,082,831 | 47,918,763

| BME
| Shares | Amounts
Year Ended December 31, 2024 | 688,483 | $29,532,715

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2024 BlackRock Annual Report to Shareholders

Notes to Financial Statements (continued)

| BIGZ
| Shares | Amounts
Year Ended December 31, 2024 | 11,080,678 | $92,487,614
Year Ended December 31, 2023 | 5,247,265 | 37,872,639

| BCX
| Shares | Amounts
Year Ended December 31, 2024 | 4,165,437 | $42,582,282
Year Ended December 31, 2023 | 3,155,189 | 29,812,008

| BSTZ
| Shares | Amounts
Year Ended December 31, 2024 | 3,755,988 | $82,227,801
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, each Trust (excluding BST and BUI) for the second measurement period, which began on July 1, 2024 and ended on September 30, 2024 and each Trust (excluding BDJ, BST and BUI) for the third measurement period which began on October 1, 2024 and ended on December 31, 2024 as the discount trigger was met. The results of the fourth measurement period, and any action approved by the Board as a result, will be announced promptly after the end of the 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 assurance 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 a result of the discount trigger being met during the first and second measurement periods, each Trust (excluding BST and BUI) 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 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 Purchased | Tendered Shares 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
10/15/24 | 11/18/24 | 6,002,507 | 22.4 | 669,458 | 2.5 | 14.5922 | 9,768,865

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 Purchased | Tendered Shares 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
10/15/24 | 11/18/24 | 18,268,902 | 10.1 | 4,537,043 | 2.5 | 9.2120 | 41,795,240

BOE

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 Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/19/24 | 08/21/24 | 14,942,512 | 24.3 % | 1,538,145 | 2.5 % | $12.2794 | $18,887,498
10/17/24 | 11/20/24 | 14,941,364 | 24.9 | 1,499,691 | 2.5 | 12.0736 | 18,106,669

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 Purchased | Tendered Shares 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

Notes to Financial Statements
169

Notes to Financial Statements (continued)

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 Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
10/16/24 | 11/19/24 | 33,315,326 | 34.1 % | 2,444,126 | 2.5 % | 5.8996 | 14,419,366

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 Purchased | Tendered Shares 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
10/15/24 | 11/18/24 | 5,713,692 | 13.3 | 1,076,081 | 2.5 | 20.9328 | 22,525,388

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 Purchased | Tendered Shares 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
10/16/24 | 11/19/24 | 21,043,412 | 20.3 | 2,596,285 | 2.5 | 16.3856 | 42,541,687

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 Purchased | Tendered Shares 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
10/16/24 | 11/19/24 | 1,360,222 | 10.0 | 339,884 | 2.5 | 41.2678 | 14,026,265

BIGZ

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 Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/22/24 | 08/22/24 | 42,424,300 | 18.9 % | 5,610,470 | 2.5 % | $8.1242 | $45,580,580
10/18/24 | 11/21/24 | 35,904,019 | 16.4 | 5,470,208 | 2.5 | 8.5750 | 46,907,034

BCX

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 Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/19/24 | 08/21/24 | 22,521,822 | 26.7 % | 2,109,082 | 2.5 % | $10.3292 | $21,785,130
10/17/24 | 11/20/24 | 20,587,371 | 25.0 | 2,056,355 | 2.5 | 10.1136 | 20,797,152

BSTZ

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 Purchased | Tendered Shares Purchased as a Percentage of Outstanding Shares | Purchase Price | Total Amount of Purchases
07/19/24 | 08/21/24 | 23,251,771 | 30.6 % | 1,901,766 | 2.5 % | $21.4522 | $40,797,065
10/17/24 | 11/20/24 | 19,714,994 | 26.6 | 1,854,222 | 2.5 | 22.3440 | 41,430,736

(a) | Date the tender offer period began.

As of December 31, 2024, BlackRock Financial Management, Inc., an affiliate of the Trust, owned 5,000, 5,000 and 5,000 Shares of BIGZ, BME and BSTZ, respectively.
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
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2024 BlackRock Annual Report to Shareholders

Notes to Financial Statements (continued)
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:
On January 20, 2025, the Board approved certain strategy changes to BIGZ. The Trust will adopt a new non-fundamental investment policy to invest, under normal market conditions, at least 80% of its total assets in a combination of equity securities issued by U.S. and non-U.S. technology and privately held companies. In connection with the 80% policy change, the Board approved changing the Trust’s name to BlackRock Technology and Private Equity Term Trust. In addition, the Trust will change its ticker symbol to BTX. These changes become effective on February 20, 2025. Additionally, a special meeting of shareholders will be held in the second quarter of 2025 to seek shareholder approval to amend the Trust’s fundamental investment restriction with respect to industry concentration to allow the Trust to concentrate its investments in one or more industries and to change its diversification status from diversified to non-diversified.
On January 20, 2025, the Board also approved a tender offer to repurchase 50% of BIGZ’s outstanding shares and 40% of BMEZ’s outstanding shares, at a price per share equal to 99.5% of the applicable Trust’s net asset value per common share determined following the expiration of the tender offer. In connection with the approval of these tender offers, the discount management program has been terminated for each of BIGZ and BMEZ and the respective tender offers for the quarterly measurement period ended December 31, 2024 have been cancelled.
BIGZ has capital loss carryforwards (and unrealized built-in losses) for U.S. federal income tax purposes. Applicable federal tax law contains rules that impose limitations on the use of capital loss carryforwards and unrealized built-in losses by regulated investment companies (“RICs”) such as BIGZ that undergo an ownership change. The upcoming tender offer and other shareholder transactions could result in an ownership change and a material limitation on the use of the capital loss carryforwards and unrealized built-in losses in future years by BIGZ. Such a limitation would have the effect of increasing the amount of BIGZ’s net capital gains for a given year and, in turn, the amount of capital gains dividends BIGZ would need to distribute under applicable federal tax law to avoid U.S. income and excise tax liability.
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 | 01/02/25 | 01/15/25 | 01/31/25 |  | $0.097300
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.097300
BDJ | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.061900
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.061900
BOE | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.082700
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.082700
BGY | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.042600
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.042600
CII | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.141000
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.141000
BMEZ | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.178190
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.177300
BME | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.262100
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.262100
BIGZ | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.086810
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.086570
BCX | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.069700
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.069700
BSTZ | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.219880
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.221780
BST | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.250000
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.250000
BUI | 01/02/25 | 01/15/25 | 01/31/25 |  | 0.136000
| 02/03/25 | 02/14/25 | 02/28/25 |  | 0.136000

On January 22, 2025, BGR, CII and BME each commenced a tender offer for 2.5% of its outstanding common shares as a result of the discount trigger being met during the third measurement period under the discount management program. The tender offers expired on February 21, 2025 and the results of the tender offers were as follows:
Notes to Financial Statements
171

Notes to Financial Statements (continued)
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
01/22/25 | 02/24/25 | 3,894,759 | 14.9 % | 652,722 | 2.5 % | $13.8376 | $9,032,106

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
01/22/25 | 02/24/25 | 4,275,883 | 10.2 % | 1,049,179 | 2.5 % | $21.1974 | $22,239,867

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
01/22/25 | 02/24/25 | 1,188,063 | 9.0 % | 331,387 | 2.5 % | $42.1792 | $13,977,639

(a) | Date the tender offer period began.

On January 23, 2025, BOE, BGY, 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 third measurement period under the discount management program. The tender offers expired on February 24, 2025 and the results are pending at the time of release of this report.
172
2024 BlackRock Annual Report to Shareholders

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees/Directors of BlackRock Energy and Resources Trust, BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Enhanced Large Cap Core Fund, Inc., BlackRock Health Sciences Term Trust, BlackRock Health Sciences Trust, BlackRock Innovation and Growth Term Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Term Trust, BlackRock Science and Technology Trust and BlackRock Utilities, Infrastructure & Power Opportunities Trust:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of BlackRock Energy and Resources Trust, BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Enhanced Large Cap Core Fund, Inc. (formerly BlackRock Enhanced Capital and Income Fund, Inc.), BlackRock Health Sciences Term Trust, BlackRock Health Sciences Trust, BlackRock Innovation and Growth Term Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Term Trust, BlackRock Science and Technology Trust and BlackRock Utilities, Infrastructure & Power Opportunities Trust (the “Funds”), including the schedules of investments, as of December 31, 2024, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated in the table below, and the related notes. Such financial statements and financial highlights of BlackRock Science and Technology Trust and BlackRock Science and Technology Term Trust are consolidated for all periods presented. Such financial statements and financial highlights of BlackRock Enhanced Equity Dividend Trust are consolidated as of and for the three years in the period ended December 31, 2024. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2024, and the results of their operations and their cash flows for the year then ended, the statements of changes in their net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Fund | Financial Highlights
BlackRock Energy and Resources Trust, BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Enhanced Large Cap Core Fund, Inc., BlackRock Health Sciences Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Term Trust, BlackRock Science and Technology Trust and BlackRock Utilities, Infrastructure & Power Opportunities Trust | For each of the five years in the period ended December 31, 2024.
BlackRock Health Sciences Term Trust | For each of the four years in the period ended December 31, 2024, and for the period from January 30, 2020 (commencement of operations) through December 31, 2020.
BlackRock Innovation and Growth Term Trust | For each of the three years in the period ended December 31, 2024, and for the period from March 29, 2021 (commencement of operations) through December 31, 2021.

Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Boston, Massachusetts
February 25, 2025
We have served as the auditor of one or more BlackRock investment companies since 1992.
Report of Independent Registered Public Accounting Firm
173

Important Tax Information(unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2024:

Trust Name | Qualified Dividend Income
BGR | $8,876,987
BDJ | 37,667,714
BOE | 10,955,631
BGY | 9,933,846
CII | 8,711,972
BME | 932,858
BCX | 21,906,083
BUI | 5,606,513

The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended December 31, 2024:

Trust Name | 20% Rate Long-Term Capital Gain Dividends
BDJ | $71,310,181
BGY | 14,548,390
CII | 52,486,414
BME | 27,644,801
BSTZ | 76,763,205
BST | 54,438,359
BUI | 19,545,019

The Trusts intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended December 31, 2024:

Trust Name | Foreign Source Income Earned | Foreign Taxes Paid
BOE | $— | $—
BGY | 7,090,627 | —
BCX | 14,328,277 | 1,151,734
BUI | — | —

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2024:

Trust Name | Federal Obligation Interest
BGR | $116,131
BDJ | 599,318
BOE | 106,006
BGY | 85,754
CII | 48,115
BME | 64,832
BCX | 345,272
BUI | 90,213

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2024 qualified for the dividends-received deduction for corporate shareholders:

Trust Name | Dividends-Received Deduction
BGR | 78.51 %
BDJ | 48.72
BOE | 72.75
BGY | 4.76
CII | 100.00
BME | 100.00
BCX | 30.80
BUI | 100.00

174
2024 BlackRock Annual Report to Shareholders

Important Tax Information(unaudited) (continued)
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2024:

Trust Name | Interest Dividends
BGR | $236,542
BDJ | 1,208,058
BOE | 213,721
BGY | 172,891
CII | 97,845
BME | 130,983
BCX | 696,112
BUI | 181,858

The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2024:

Trust Name | Interest- Related Dividends | Qualified Short-Term Capital Gains
BGR | $236,542 | $—
BDJ | 1,208,058 | 17,993,020
BOE | 213,721 | —
BGY | 172,891 | 18,293,621
CII | 97,815 | —
BME | 130,977 | —
BCX | 696,112 | —
BUI | 181,858 | —

Important Tax Information
175

Investment Objectives, Policies and Risks
Recent Changes
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.
Effective March 26, 2024, BlackRock Innovation and Growth Term Trust (BIGZ) began operating as a diversified fund.
Effective April 16, 2024 BlackRock Health Sciences Term Trust (BMEZ) began operating as a diversified fund.
Effective December 31, 2024, BlackRock Enhanced Large Cap Core Fund, Inc. (CII) changed its name from “BlackRock Enhanced Capital and Income Fund, Inc.” and adopted a non-fundamental investment policy to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For purposes of the Trust’s 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Russell 1000® Index.
Except as noted above, during each Trust’s most recent fiscal year, there were no material changes in the Trust’s investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Trust.
Effective February 20, 2025, BlackRock Innovation and Growth Term Trust (BIGZ) will change its name and ticker symbol to “BlackRock Technology and Private Equity Term Trust” and “BTX”, respectively. In addition, effective February 20, 2025, the Trust will adopt a new non-fundamental investment policy to invest, under normal market conditions, at least 80% of its total assets in a combination of equity securities issued by U.S. and non-U.S. technology and privately held companies (the “80% Policy Change”) and implement certain other changes to the Trust’s investment policies. The Board of Trustees of the Trust has also approved (i) the amendment of the Trust’s fundamental investment restriction with respect to industry concentration to allow the Trust to concentrate its investments in one or more industries (the “Fundamental Restriction Change”) and (ii) a change in the Trust’s diversification status under the Investment Company Act of 1940, as amended, from diversified to non-diversified (the “Diversification Status Change”). Each of the Fundamental Restriction Change and the Diversification Status Change are subject to shareholder approval; however, shareholder approval is not required for the 80% Policy Change.
Investment Objectives and Policies
BlackRock Energy and Resources Trust (BGR)
The Trust’s investment objective is to provide total return through a combination of current income and capital appreciation. The Trust seeks to achieve this objective by investing primarily in equity securities of companies engaged in the energy and natural resources business and equity derivatives with exposure to the energy and natural resources industry.
Under normal market conditions, the Trust invests 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’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Trust will not invest, under normal market conditions, less than 25% of its total assets in securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry without shareholder approval. Companies in the energy and natural resources industry include those companies involved in the exploration, production or distribution of energy or natural resources, such as gas, oil, metals and minerals as well as related transportation companies and equipment manufacturers. These equity securities may include common stocks, preferred shares, convertible securities, warrants, depositary receipts, equity interests in Canadian Royalty Trusts and equity interests in master limited partnerships (“MLPs”). The Trust will not invest more than 25% of its total assets in MLPs. The Trust may invest in companies located anywhere in the world. The Trust expects to invest primarily in companies located in developed countries, but may invest in companies located in emerging markets. Under normal market conditions, the Trust will invest at least 30% of its total assets in at least two countries other than the United States. The Trust may invest in companies of any market capitalization, including small capitalization and mid-capitalization companies. The Trust does not intend to invest directly in commodities.
As part of its strategy, the Trust currently intends to employ an option strategy of writing (selling) covered call options on common stocks. The Trust seeks to produce current income and gains generated from option writing premiums. In addition to its covered call strategy the Trust may, to a lesser extent, pursue an option strategy that includes the sale (writing) of both put options and call options on certain of the common stocks in the Trust’s portfolio.
The Trust may invest up to 20% of its total assets in other U.S. and other non-U.S. investments. These investments may include equity and debt securities of companies not engaged in the energy and natural resources industry. The Trust reserves the right to invest up to 10% of its total assets in non-investment grade debt securities, commonly known as “junk bonds.”
In addition to the option strategies discussed above, the Trust may engage in transactions such as options, futures, swaps, foreign currency transactions including forward foreign currency contracts, currency swaps or options on currency and currency futures and other derivatives transactions for hedging purposes or to enhance total return. The Trust may also engage in short sales of securities.
The percentage limitations applicable to the Trust’s portfolio described herein apply only at the time of investment and the Trust will not be required to sell securities due to subsequent changes in the value of securities it owns.
Application of the Trust’s investment philosophy, from time to time, may cause the Trust to invest a significant portion of its assets in a particular country or region of the world. The Trust anticipates that its investment strategy will cause it to invest in a number of countries throughout the world, but the actual number of countries represented in the Trust’s portfolio will vary over time. The Trust anticipates that application of its investment philosophy currently would cause it to invest in issuers located in 10 countries globally, including the United States. Under normal market conditions, the Trust will invest in the equity securities of issuers in at least three different countries, including the
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United States, and will invest at least 30% of its total assets at the time of investment in the equity securities of non-United States issuers. However, the Trust may invest in the securities of non-United States issuers without limit.
Leverage: The Trust may, but does not currently intend to, incur indebtedness or issue preferred shares for investment purposes.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
BlackRock Enhanced Large Cap Core Fund, Inc. (CII) (formerly, BlackRock Enhanced Capital and Income Fund, Inc.)
The Trust’s investment objective is to provide current income and capital appreciation. The Trust’s investment objective is a fundamental policy and may not be changed without the approval of a majority of the outstanding voting securities of the Trust (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”)).
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. BlackRock Advisors, LLC (the “Manager”) from time to time may vary the percentage of the Trust’s assets invested in any particular type of equity security based on such factors as market and economic conditions, fiscal and monetary policy and the relative security valuation of the various equity asset classes.
Under normal circumstances, the Trust seeks to invest at least 80% of the its net assets plus the amount of any borrowings for investment purposes in large cap equity securities and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For purposes of the Trust’s 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Russell 1000® Index (the “Russell 1000 Index”). The Russell 1000 Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group representation. The 80% policy noted above is a non-fundamental policy of the Trust and may not be changed without 60 days’ prior notice to shareholders.
The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options on indices of securities and sectors of securities. In addition to its option strategy on indices, the Trust may pursue a strategy that includes the writing (selling) of both call and put options on individual common stocks. These option strategies are intended to generate current gains from option premiums as a means to enhance distributions payable to the Trust’s stockholders. As the Trust writes calls and puts over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.
To the extent the Trust invests in dividend-paying common stocks, the Manager currently intends to emphasize those securities that: (i) are eligible to pay “qualified dividend” income and/or (ii) make payments that are eligible for the dividends received deduction allowed to corporate taxpayers (“Dividends Received Deduction”) pursuant to Section 243 of the Internal Revenue Code of 1986, as amended (the “Code”). Long-term capital gains and qualified dividend income are currently eligible for reduced U.S. federal income tax rates for individuals. Long-term capital gains and qualified dividend income included in distributions of a regulated investment company (a “RIC”) to its individual stockholders are generally passed through to such stockholders and taxed at such reduced rates. Pursuant to Section 243 of the Code, corporations generally may deduct a portion of the dividend income they receive from domestic corporations. Corporate stockholders of a RIC generally are permitted to claim a deduction with respect to that portion of their dividend distributions attributable to amounts that the RIC designates as qualifying for the Dividends Received Deduction. Although the Trust has the ability to borrow money for investment purposes, it has no current intention to do so. If, however, the Trust did use leverage, the use of leverage through borrowings may reduce the amount of dividends it can designate as qualifying for the Dividends Received Deduction which will, in turn, limit the tax benefit to a corporate stockholder of investing in the Trust. Corporate stockholders should consider whether an investment in the Trust is appropriate in light of the Trust’s ability to borrow. No assurance can be given as to what percentage of the dividends paid on the Trust’s common stock will be eligible for: (i) the reduced U.S. federal income tax rate for qualified dividend income and long-term capital gains for individuals or (ii) the Dividends Received Deduction for corporate stockholders of the Trust.
Investment in the Trust’s common stock offers the individual investor several potential benefits. The Trust offers investors the opportunity to invest in a professionally managed portfolio which contains common stocks and preferred securities of U.S. and foreign issuers. The Manager provides professional management, which includes the extensive securities and credit analysis needed to invest in common stocks, preferred securities and foreign securities. The Trust also relieves the investor of the burdensome administrative details involved in managing a portfolio of such investments. These benefits are at least partially offset by the expenses involved in running an investment company. Such expenses primarily consist of advisory fees and operational costs. The use of leverage also involves certain expenses and risk considerations.
The Trust may engage in various portfolio strategies to seek to increase its return or to hedge its portfolio against movements in interest rates, in currency rates and in the securities markets through the use of derivatives, such as indexed and inverse securities, options, futures, options on futures, total return swaps, short selling and foreign exchange transactions. No assurance can be given that the Trust will employ these strategies or that, if employed, they will be effective.
The Trust may vary its investment objective and policies for temporary defensive purposes during periods in which the Manager believes that conditions in the securities markets or other economic, financial or political conditions warrant and in order to keep the Trust’s cash fully invested, including during the periods which the net proceeds of the offering are being invested. Under such conditions, the Trust may invest up to 100% of its total assets in securities issued or guaranteed by the United States government or its instrumentalities or agencies, certificates of deposit, bankers’ acceptances and other bank obligations, commercial paper rated in the highest category by an established rating service, or other debt securities deemed by the Manager to be consistent with a defensive posture, or may hold its assets in cash..
Leverage: The Trust does not currently intend to, but may, leverage its portfolio through borrowings, the issuance of debt securities, the issuance of preferred stock or a combination thereof.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
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BlackRock Enhanced Equity Dividend Trust (BDJ)
The Trust’s primary investment objective is to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust’s investment objectives are not fundamental and may be changed by the Board of Trustees without shareholder approval.
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 uses an option strategy that writes options on approximately 50-60% of its total assets.
Under normal market conditions, the Trust invests at least 80% of its total assets in dividend-paying equities. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. Under normal market conditions, the Trust 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.
To the extent the Trust invests in dividend-paying common stocks, BlackRock Advisors, LLC (the “Manager”) may emphasize those securities that: (i) are eligible to pay “qualified dividend” income, and/or (ii) make payments that are eligible for the dividends received deduction allowed to corporate taxpayers pursuant to Section 243 of the Internal Revenue Code of 1986, as amended (the “Code”). Long-term capital gains and qualified dividend income are currently eligible for reduced U.S. federal income tax rates for individuals. Long-term capital gains and qualified dividend income properly reported as being included in distributions of a regulated investment company (a “RIC”) to its individual shareholders are generally passed through to such shareholders and taxed at such reduced rates. Pursuant to Section 243 of the Code, corporations generally may deduct a portion of the dividend income they receive from domestic corporations. Corporate shareholders of a RIC generally are permitted to claim a deduction with respect to that portion of their dividend distributions attributable to amounts that the RIC reports as qualifying for the dividends received deduction. Although the Trust has the ability to borrow money for investment purposes, it has no current intention to do so. If, however, the Trust did use leverage, the use of leverage through borrowings may reduce the amount of dividends it can designate as qualifying for the dividends received deduction which will, in turn, limit the tax benefit to a corporate shareholder of investing in the Trust. Corporate shareholders should consider whether an investment in the Trust is appropriate in light of the Trust’s ability to borrow. No assurance can be given as to what percentage of the dividends paid on the Trust’s common stock will be eligible for: (i) the reduced U.S. federal income tax rate for qualified dividend income and long-term capital gains for individuals, or (ii) the dividends received deduction for corporate shareholders of the Trust.
The Trust may invest up to 20% of its total assets in preferred securities.
The Trust may invest up to 10% of its total assets in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies.
The Trust may invest in shares of real estate investment trusts.
The Trust may invest up to 20% of its total assets in non-U.S. securities, which may include securities denominated in U.S. dollars or in foreign currencies or multinational currency units. The Trust may invest in foreign securities of emerging market issuers, but investments in such securities will not comprise more than 10% of its total assets. The Trust will consider a company a U.S. company and not a foreign company if it meets one or more of the following tests: (i) such company was organized in the United States; (ii) such company’s primary business office is in the United States; (iii) the principal trading market for such company’s assets are located in the United States; (iv) 50% or more of such company’s assets are located in the United States; or (v) 50% or more of such issuer’s revenues are derived from the United States.
The Trust may enter into forward currency contracts to purchase or sell foreign currencies for a fixed amount of U.S. dollars or another foreign currency.
The Trust may enter into are interest rate swaps and the purchase or sale of interest rate caps and floors. The Trust expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio as a duration management technique or to protect against any increase in the price of securities the Trust anticipates purchasing at a later date. The Trust intends to use these transactions for hedging and risk management purposes and not as a speculative investment. The Trust will not sell interest rate caps or floors that it does not own. The Trust will only enter into interest rate swap, cap or floor transactions with counterparties the Investment Advisor believes to be creditworthy at the time they enter into such transactions.
The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of the Trust’s total assets or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may also make short sales “against the box” without respect to such limitations.
Leverage: The Trust may borrow funds for investment purposes and/or issue debt securities or preferred shares to purchase additional securities. These practices are known as “leverage.” The Trust may borrow from banks and other financial institutions and may also borrow additional funds using such investment techniques as the Manager may from time to time determine. The Trust may borrow in an amount up to 5% of its total assets for temporary or emergency purposes.
The Trust currently does not intend to incur indebtedness or issue preferred shares for investment purposes, except in connection with derivative instruments such as exchange listed and over-the-counter put and call options on securities, financial futures, equity indices, and other financial instruments, purchase and sell futures contracts and options thereon, swaps, forward foreign currency contracts and various interest rate transactions, short sales, repurchase agreements, reverse repurchase agreements, when issued or forward commitment transactions and similar investment strategies.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
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BlackRock Enhanced Global Dividend Trust (BOE)
The Trust’s investment objective is primarily to seek current income and current gains, with a secondary objective of long-term capital appreciation. The Trust’s investment objective is not a fundamental policy and may be changed without prior shareholder approval.
The Trust seeks to achieve its investment objective by investing primarily in equity securities issued by companies located in countries throughout the world and by utilizing an option writing strategy to enhance current gains. BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”), the Trust’s sub-advisor, from time to time may vary the percentage of the Trust’s assets invested in any particular type of equity security, based on factors such as market and economic conditions, fiscal and monetary policy and the relative security valuation of the various equity asset classes.
The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options on indices of securities and sectors of securities. The Trust intends to write covered put and call options with respect to approximately 30% to 45% of its total assets, although this percentage may vary from time to time with market conditions. In addition to its option strategy on indices, the Trust may pursue a strategy that includes the writing (selling) of both call and put options on individual common stocks. These option strategies are intended to generate current gains from option premiums as a means to enhance distributions payable to the Trust’s shareholders. As the Trust writes calls and puts over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.
Under normal market conditions, the Trust is required to invest at least 80% of its net assets in dividend-paying equity securities. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. Under normal market conditions, the Trust is required to invest 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 directly in such securities or synthetically through the use of derivatives. Equity securities in which the Trust invests include common stocks, preferred stocks, convertible securities, warrants, depositary receipts and equity interests in real estate investment trusts. The Trust may invest in companies located anywhere in the world. The Trust may invest in companies of any size market capitalization, but intends to invest primarily in the securities of large capitalization companies. The Trust may invest in companies conducting initial public offerings. The Trust may invest up to 25% of its total assets in equity securities of issuers in emerging countries. The Trust may invest up to 20% of its total assets in debt securities, including debt securities issued by companies located in emerging markets. The Trust may invest up to 10% of its total assets in non-investment grade debt securities, commonly known as “junk bonds.”
Application of the Trust’s investment philosophy, from time to time, may cause the Trust to invest a significant portion of its assets in a particular country or region of the world. The Trust’s investment strategy causes it to invest in issuers located in a number of countries throughout the world, but the actual number of countries represented in the Trust’s portfolio will vary over time. Under normal market conditions, the Trust invests in the equity securities of issuers in at least three different countries, including the United States. However, the Trust may invest in the securities of non-U.S. issuers without limit.
The Trust may engage in various portfolio strategies to seek to increase its return or to hedge its portfolio against movements in interest rates, in currency rates and in the securities markets through the use of derivatives, such as indexed and inverse securities, options, futures, options on futures, interest rate transactions, including interest rate swaps, total return swaps and credit default swaps and short selling and foreign exchange transactions. Each of these portfolio strategies is described below. No assurance can be given that the Trust will employ these strategies or that, if employed, they will be effective.
The percentage limitations applicable to the Trust’s portfolio described herein apply only at the time of investment, and the Trust will not be required to sell securities due to subsequent changes in the value of securities it owns.
To the extent the Trust invests in dividend-paying common stocks, the Advisors currently intend to emphasize those securities that: (i) are eligible to pay “qualified dividend” income and/or (ii) make payments that are eligible for the dividends received deduction allowed to corporate taxpayers pursuant to Section 243 of the Internal Revenue Code of 1986, as amended (the “Code”). Long-term capital gains and qualified dividend income are currently eligible for reduced U.S. federal income tax rates for individuals. Long-term capital gains and qualified dividend income included in distributions of a regulated investment company (a “RIC”) to its individual shareholders are generally passed through to such shareholders and taxed at such reduced rates. Pursuant to Section 243 of the Code, corporations generally may deduct a portion of the dividend income they receive from domestic corporations. Corporate shareholders of a RIC generally are permitted to claim a deduction with respect to that portion of their dividend distributions attributable to amounts that the RIC designates as qualifying for the Dividends Received Deduction. Although the Trust has the ability to borrow money for investment purposes, it has no current intention to do so. If, however, the Trust did use leverage, the use of leverage through borrowings may reduce the amount of dividends it can designate as qualifying for the Dividends Received Deduction which will, in turn, limit the tax benefit to a corporate shareholder of investing in the Trust. Corporate shareholders should consider whether an investment in the Trust is appropriate in light of the Trust’s ability to borrow. No assurance can be given as to what percentage of the dividends paid on the Trust’s common stock will be eligible for: (i) the reduced U.S. federal income tax rate for qualified dividend income and long-term capital gains for individuals or (ii) the Dividends Received Deduction for corporate shareholders of the Trust.
In selecting investments for the Trust, the Advisors combine fundamental research with a top-down strategy, analyzing 70 sub-industry groups on an ongoing basis. The Advisors seek to identify companies that it believes have the potential to outperform the market. The Advisors’ investment techniques for the Trust include assessing industry structure and dynamics, evaluating growth catalysts on an industry and individual company basis and assessing a company’s valuation relative to the broad market and its respective industry group. The Advisors seek to invest in companies that it believes have sizeable market opportunities, global, regional or local competitive advantages, sound business models and financial strength, proven management teams and compelling relative and absolute valuations.
Leverage: The Trust may, but does not currently intend to, incur indebtedness or issue preferred shares for investment purposes.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
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BlackRock Enhanced International Dividend Trust (BGY)
The Trust’s primary investment objective is to seek current income and current gains, with a secondary objective of long-term capital appreciation. “Current gains” means gains realized from the Trust’s option strategy (described below) pursuant to which the Trust seeks to enhance monthly distributions to investors. The Trust’s investment objectives may be changed without shareholder approval.
The Trust seeks to achieve its objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and utilizing an option writing (selling) strategy to enhance current gains. Under normal circumstances, the Trust invests 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’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Trust may invest up to 20% of its total assets in equity securities of issuers located in the United States. The Trust may invest up to 50% of its total assets in equity securities of issuers located in emerging market countries. Emerging market countries generally include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries in Western Europe. Equity securities in which the Trust anticipates investing include common stocks, preferred stocks, convertible securities, warrants, depositary receipts and equity interests in real estate investment trusts.
Under normal circumstances, the Trust anticipates it will allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed favorable by BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”), the Trust’s sub-advisor, in which case the Trust would invest at least 30%) — of its total assets in securities of (i) foreign government issuers, (ii) issuers organized or located outside the U.S., (iii) issuers which primarily trade in a market located outside the U.S., or (iv) issuers doing a substantial amount of business outside the U.S., which the Trust considers to be companies that derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The Trust will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). For temporary defensive purposes, the Trust may deviate very substantially from the allocation described above.
The Trust seeks to generate current dividends and income by investing in equity securities that pay dividends. The Trust will seek income a portion of which is classified as “qualified dividend income,” which is dividend income that is eligible to be taxed at a maximum U.S. federal income tax rate of generally 20%. The lower U.S. federal tax rates generally apply to dividend income from taxable domestic corporations and certain qualified foreign corporations, provided that holding period and other requirements are met by both the Trust and the shareholder.
As part of its investment strategy, the Trust intends to write (sell) covered call and put options on individual common stocks, stock indices and stock sectors. The Trust may utilize over-the-counter options to a significant extent in order to employ its option strategy. This option strategy is intended to generate current gains from option premiums as a means to enhance distributions payable to the Trust’s shareholders. As the Trust writes covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.
A call option written by the Trust on a security is “covered” if the Trust owns the security underlying the call or has an absolute and immediate right to acquire that security without additional cash consideration (or, if additional cash consideration is required, the Trust’s custodian segregates sufficient cash or other assets determined to be liquid by the Advisors (in accordance with procedures established by the Board of Trustees (the “Board”))) upon conversion or exchange of other securities held by the Trust. A call option is also covered if the Trust holds a call on the same security as the call written where the exercise price of the call held is (i) equal to or less than the exercise price of the call written or (ii) greater than the exercise price of the call written, provided the difference is maintained by the Trust in segregated assets determined to be liquid by the Advisors as described above.
A put option written by the Trust on a security is “covered” if the Trust segregates assets determined to be liquid by the Advisors (in accordance with procedures established by the Board) equal to the exercise price. A put option is also covered if the Trust holds a put on the same security as the put written where the exercise price of the put held is (i) equal to or greater than the exercise price of the put written or (ii) less than the exercise price of the put written, provided the difference is maintained by the Trust in segregated assets determined to be liquid by the Advisors as described above.
An index- or sector-oriented option is considered “covered” if the Trust maintains with its custodian assets determined to be liquid in an amount equal to the contract value of the applicable basket of securities. An index or sector call option also is covered if the Trust holds a call on the same basket of securities as the call written where the exercise price of the call held is (i) equal to or less than the exercise price of the call written or (ii) greater than the exercise price of the call written, provided the difference is maintained by the Trust in segregated assets determined to be liquid. An index or sector put option also is covered if the Trust holds a put on the same basket of securities as the put written where the exercise price of the put held is (i) equal to or more than the exercise price of the put written or (ii) less than the exercise price of the put written, provided the difference is maintained by the Trust in segregated assets determined to be liquid. Because index and sector options both refer to options on baskets of securities and generally have similar characteristics, we refer to these types of options collectively as “index options.”
The Trust generally intends to write covered put and call options with respect to approximately 30% to 45% of its total assets, although this percentage may vary from time to time with market conditions. As the Trust writes covered calls over more of its portfolio, its ability to benefit from capital appreciation becomes more limited.
The Trust may hold or have exposure to equity securities of issuers of any size, including small and medium capitalization companies, and to issuers in any industry or sector. The Trust will not invest 25% or more of its total assets in securities of issuers in any single industry.
The Trust may invest in the securities of smaller, less seasoned companies. The Trust also may engage in short sales of securities and may lend its portfolio securities to banks or dealers which meet the creditworthiness standards established by the Board.
Although not intended to be a significant element in the Trust’s investment strategy, from time to time the Trust may purchase and sell derivative instruments such as exchange-listed and over-the-counter put and call options on securities, financial futures, equity indices and other financial instruments, purchase and sell financial futures
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contracts and options thereon, engage in swaps and purchase derivative instruments that combine features of these instruments for hedging and risk management purposes or to enhance total return. The percentage limitations set herein apply at the time of investment, and the Trust will not be required to sell securities because of subsequent changes in market values.
Leverage: lthough the Agreement and Declaration of Trust of the Trust provides that the Board of the Trust may authorize the Trust to issue preferred shares or incur indebtedness, the Trust currently does not intend to issue preferred shares or incur indebtedness for investment purposes.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
BlackRock Health Sciences Term Trust (BMEZ)
The Trust’s investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust’s investment objectives may be changed by the Board of Trustees of the Trust (the “Board”) without prior shareholder approval.
BlackRock Advisors, LLC (the “Manager”) believes that the knowledge and experience of its Health Sciences Team enable it to evaluate the macro environment and assess its impact on health sciences companies and the various sub-industries within the health sciences group of industries. Within this framework, the Manager identifies stocks with attractive characteristics, evaluates the use of options and provides ongoing portfolio risk management.
The top-down or macro component of the investment process is designed to assess the various interrelated macro variables affecting the health sciences group of industries as a whole. The Manager evaluates health sciences sub-industries (i.e., pharmaceuticals, biotechnology, medical devices, healthcare services, etc.). Selection of sub-industries within the health sciences group of industries is a result of both the Manager’s sub-industry analysis, as well as the Manager’s bottom-up fundamental company analysis. Risk/reward analysis is a key component of both top-down and bottom-up analysis.
Bottom-up security selection is focused on identifying companies with the most attractive characteristics within each sub-industry of the health sciences group of industries. The Manager seeks to identify companies with strong product potential, solid earnings growth and/or earnings power which are under appreciated by investors, a quality management team and compelling relative and absolute valuation. The Manager believes that the knowledge and experience of its Health Sciences Team enables it to identify attractive health sciences securities.
The Manager intends to utilize option strategies that consist of writing (selling) call options on a portion of the common stocks in the Trust’s portfolio, as well as other option strategies such as writing other calls and puts or using options to manage risk. The portfolio management team will work closely to determine which option strategies to pursue to seek to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.
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 as part of this non-fundamental investment policy include purchased and sold (written) call and put options on equity securities of companies in the health sciences group of industries. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.
The Trust will consider a company to be principally engaged in the health sciences group of industries if (i) it is classified in an industry within the health sciences group of industries by a third-party industry classification system or (ii) it is not classified in any industry by such third-party industry classification system and the Manager determines that the company is principally engaged in the health sciences group of industries.
Companies in the health sciences group of industries include health care providers as well as businesses involved in researching, developing, producing, distributing or delivering medical, dental, optical, pharmaceutical or biotechnology products, supplies, equipment or services or that provide support services to these companies. These companies also include those that own or operate health facilities and hospitals or provide related administrative, management or financial support. Other companies in the health sciences group of industries in which the Trust may invest include: clinical testing laboratories; diagnostics; hospital, laboratory or physician ancillary products and support services; rehabilitation services; employer health insurance management services; and vendors of goods and services specifically to companies engaged in the health sciences. The Trust will concentrate its investments in the health sciences group of industries.
While the Trust will invest primarily in companies providing products and services for human health, it may also invest in companies whose products or services relate to the growth or survival of animals and plants. Non-human health sciences companies include those engaged in the development, production or distribution of products or services that: increase crop, animal and animal product yields by enhancing growth or increasing disease resistance; improve agricultural product characteristics, such as taste, appearance, nutritional content and shelf life; reduce the cost of producing agricultural products; or improve pet health.
The Trust may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. The Trust will focus its investments in mid- and small-capitalization companies. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated.
The Trust invests primarily in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts, of health sciences companies and limited partnership interests in REITs that own hospitals.
The Trust may invest in shares of companies through IPOs. The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Securities Exchange Act of 1934, as amended. The Trust intends to invest up to 25% of its total assets, measured at the time of investment, in illiquid privately placed or restricted securities. The Trust expects certain of such investments to be in “late-stage private securities,” which are securities of private companies that have demonstrated sustainable
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business operations and generally have a well-known product or service with a strong market presence. Late-stage private companies have generally had large cash flows from their core business operations and are expanding into new markets with their products or services. Late-stage private companies may also be referred to as “pre-IPO companies.”
The Trust may invest up to 20% of its total assets in other investments, including equity securities issued by companies that are not principally engaged in the health sciences group of industries and debt securities issued by any issuer, including non-investment grade debt securities. The Trust’s investments in non-investment grade securities and those deemed to be of similar quality are considered speculative with respect to the issuer’s capacity to pay interest and repay principal and are commonly referred to as “junk” or “high yield” securities. The Trust has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold, and such securities may be of any maturity.
As part of its investment strategy, the Trust intends to employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) other call and put options on individual common stocks, and, to a lesser extent, writing (selling) call and put index options. This options writing strategy is intended to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. A substantial portion of the options written by the Trust may be over-the-counter (“OTC”) options.
During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. The Manager’s determination that it is temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent.
The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and OTC put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust’s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust’s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.
The Trust may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds and business development companies, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust classifies its investments in such investment companies as “equity securities” for purposes of its investment policies based upon such investment companies’ stated investment objectives, policies and restrictions.
The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.
The Trust may also engage in short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its Managed Assets or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes).
Unless otherwise stated herein, the Trust’s investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust’s portfolio described herein apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust’s investment objectives may be changed by the Board without prior shareholder approval; however, the Trust will not change its policy of investing, under normal market conditions, 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 unless it provides shareholders at least 60 days’ written notice before implementation of the change in compliance with rules of the Securities and Exchange Commission.
Leverage: The Trust currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. Any such leveraging will not be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Trust’s investment objectives and policies.
The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to certain investment restrictions.
The Trust may enter into “dollar roll” transactions.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.
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BlackRock Health Sciences Trust (BME)
The Trust’s 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. Equity derivatives in which the Trust invests as part of this non-fundamental investment policy include purchased and sold (written) call and put options on equity securities of companies in the health sciences and related industries. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.
The Trust’s investment objective may be changed by the Board of Trustees without prior shareholder approval; however, the Trust will not change its policy of 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 unless it provides shareholders with notice at least 60 days prior to changing this non-fundamental policy, or unless such change was previously approved by shareholders.
Companies in the health sciences industry include health care providers as well as businesses involved in researching, developing, producing, distributing or delivering medical, dental, optical, pharmaceutical or biotechnology products, supplies, equipment or services or that provide support services to these companies. These companies also include those that own or operate health facilities and hospitals or provide related administrative, management or financial support. Other health sciences industries in which the Trust may invest include: clinical testing laboratories; diagnostics; hospital, laboratory or physician ancillary products and support services; rehabilitation services; employer health insurance management services; and vendors of goods and services specifically to companies engaged in the health sciences. BlackRock Advisors, LLC (the “Manager”) determines, in its discretion, whether a company is engaged in the health sciences and related industries.
While the Trust will invest primarily in companies providing products and services for human health, it may also invest in companies whose products or services relate to the growth or survival of animals and plants. Non-human health sciences industries include companies engaged in the development, production or distribution of products or services that: increase crop, animal and animal product yields by enhancing growth or increasing disease resistance, improve agricultural product characteristics, such as taste, appearance, nutritional content and shelf life; reduce the cost of producing agricultural products; or improve pet health.
The Trust will consider a company to be principally engaged in a health sciences or related industry if 50% or more of its revenues are derived from, or 50% or more of its assets are related to, its health sciences business. Although the Trust generally will invest in companies included in the Russell 3000® Index, the Trust may invest in equity securities of health sciences companies with any size market capitalization, including small and mid-cap health sciences companies and companies that are not included in the Russell 3000® Index.
As part of its investment strategy, the Trust employs an option strategy of writing (selling) covered call options on common stocks in its portfolio, writing other call and put options on individual common stocks and, to a lesser extent, writing call and put options on indices of health sciences securities. The Trust seeks to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. The Trust generally intends to write call and put options with respect to approximately 30% to 50% of its total assets, although this percentage may vary from time to time with market conditions.
The Trust invests primarily in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts, of issuers engaged in the health sciences or related industries and equity interests in real estate investment trusts (“REITs”) that own hospitals. The Trust may invest in companies of any size market capitalization.
The Trust may invest in preferred securities, including preferred securities that may be converted into common stock or other securities of the same or a different issuer. The types of preferred securities in which the Trust may invest include trust preferred securities.
The Trust may invest in convertible securities. A convertible security is a bond, debenture, note, preferred security or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula.
The Trust may purchase warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified number of shares of the corporation at a specified price during a specified period of time.
The Trust may invest in sponsored and unsponsored American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.
The Trust may invest in equity interests of REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific geographic areas or in specific property types (i.e., hotels, shopping malls, residential complexes and office buildings).
The Trust may invest without limitation in securities of U.S. issuers and non-U.S. issuers located in countries throughout the world, including in developed and emerging markets. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated. For purposes of the Trust, a company is deemed to be a non-U.S. company if it meets the following tests: (i) such company was not organized in the United States; (ii) such company’s primary business office is not in the United States; (iii) the principal trading market for such company’s securities is not located in the United States; (iv) less than 50% of such company’s assets are located in the United States; or (v) 50% or more of such issuer’s revenues are derived from outside the United States.
The Trust may invest up to 20% of its total assets in other investments. These investments may include equity and debt securities of companies not engaged in the health sciences industry. Fixed-income securities in which the Trust may invest include bonds or other debt securities issued by U.S. or foreign (non-U.S.) corporations or other
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business entities and U.S. Government and agency securities. The Trust has no set policy regarding portfolio maturity or duration of the fixed-income securities it may hold, and such securities may be of any maturity.
The Trust reserves the right to invest up to 10% of its total assets in securities rated, at the time of investment, below investment grade quality, such as those rated “Ba” or below by Moody’s Investors Service, Inc. and “BB” or below by S&P Global Ratings, or securities comparably rated by other rating agencies or in securities determined by the Manager to be of comparable quality. Such securities commonly are referred to as “high yield” or “junk” bonds.
The Trust may invest in registered investment companies in accordance with the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Investment Company Act generally prohibits the Trust from investing more than 5% of its assets in any one other investment company or more than 10% of its assets in all other investment companies.
In addition to the option strategies discussed above, the Trust may engage in strategic transactions to facilitate portfolio management, mitigate risks and generate total return. The Trust may use a variety of other investment management techniques and instruments. The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques. The Trust also may purchase derivative instruments that combine features of these instruments.
In connection with its hedging and other risk management strategies, the Trust may also enter into contracts for the purchase or sale for future delivery (“future contracts”) of securities, aggregates of securities, financial indices, and U.S. Government debt securities or options on the foregoing to hedge the value of its portfolio securities that might result from a change in interest rates or market movements. The Trust may engage in such transactions for bona fide hedging, risk management and other appropriate portfolio management purposes.
The Trust may enter into such transactions without limit for bona fide strategic purposes, including risk management and duration management and other portfolio strategies. The Trust may also engage in transactions in futures contracts or related options for non-strategic purposes to enhance income or gain provided that the Trust will not enter into a futures contract or related option (except for closing transactions) for purposes other than bona fide strategic purposes, or risk management including duration management unless it does so consistent with the rules of the Commodities Futures Trading Commission (the “CFTC”).
The Trust may engage in options and futures transactions on exchanges and options in the over-the-counter (“OTC”) markets.
The Trust intends to enter into options and futures transactions only with banks or dealers the Manager believes to be creditworthy at the time they enter into such transactions.
The CFTC subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i) invests, directly or indirectly, more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments. To the extent the Trust uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a “commodity pool” or a vehicle for trading such instruments. Accordingly, the Manager has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”) pursuant to Rule 4.5 under the CEA. The Manager is not, therefore, subject to registration or regulation as a “commodity pool operator” under the CEA in respect of the Trust.
In order to enhance income or reduce fluctuations in net asset value, the Trust may sell or purchase call options on securities and indices based upon the prices of futures contracts and debt or equity securities that are traded on U.S. and non-U.S. securities exchanges and on the over-the-counter markets.
As with calls, the Trust may purchase put options on securities (whether or not it holds such securities in its portfolio), indices or future contracts. For the same purposes, the Trust may also sell puts on securities, indices or futures contracts on such securities if the Trust’s contingent obligations on such puts are secured by designating cash or liquid assets on its books and records having a value not less than the exercise price. The Trust will not sell puts if, as a result, more than 50% of the Trust’s assets would be required to be segregated on its books to cover its potential obligation under its hedging and other investment transactions.
The Trust may enter into interest rate swaps and the purchase or sale of interest rate caps and floors. The Trust expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio as a duration management technique or to protect against any increase in the price of securities the Trust anticipates purchasing at a later date. The Trust may enter into interest rate swaps, caps and floors on either an asset-based or liability-based basis.
The Trust intends to use these transactions for risk management purposes and not as a speculative investment. The Trust will not sell interest rate caps or floors that it does not own. The Trust will only enter into interest rate swap, cap or floor transactions with counterparties the Manager believes to be creditworthy at the time they enter into such transactions.
The Trust may engage in credit derivative transactions. There are two broad categories of credit derivatives: default price risk derivatives and market spread derivatives. Default price risk derivatives are linked to the price of reference securities or loans after a default by the issuer or borrower, respectively. Market spread derivatives are based on the risk that changes in market factors, such as credit spreads, can cause a decline in the value of a security, loan or index. There are three basic transactional forms for credit derivatives: swaps, options and structured instruments.
The Trust may enter into forward currency contracts to purchase or sell foreign currencies for a fixed amount of U.S. dollars or another foreign currency. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days (term) from the date of the forward currency contract agreed upon by the parties, at a price set at the time the forward currency contract is entered into. Forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers.
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The Trust may make short sales of securities for risk management, in order to maintain portfolio flexibility or to enhance income or gain. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its total assets or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may also make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale, the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security.
The Trust may invest in illiquid investments. Illiquid investments are subject to legal or contractual restrictions on disposition or lack an established secondary market. The sale of restricted and illiquid investments often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of investments eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted investments may sell at a price lower than similar investments that are not subject to restrictions on resale.
The Trust may purchase securities on a “when-issued” basis and may purchase or sell securities on a “forward commitment” basis in order to acquire the security or to hedge against anticipated changes in interest rates and prices. When-issued securities and forward commitments may be sold prior to the settlement date, but the Trust will enter into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be.
The Trust may lend securities with a value up to 33 1/3% of its total assets (including such loans) to banks, brokers and other financial institutions.
As temporary investments, the Trust may invest in repurchase agreements. The Trust will only enter into repurchase agreements with registered securities dealers or domestic banks that, in the opinion of the Manager, present minimal credit risk.
The Trust may deviate from its investment strategy and invest all or any portion of its assets in cash, cash equivalents or short-term debt securities when the Manager determines that it is temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so or pending re-investment of proceeds received in connection with the sale of a security. The Trust may not achieve its investment objective when it does so. The Manager’s determination that it is temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent. Short-term debt investments include U.S. Government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. Government agencies or instrumentalities, certificates of deposit issued against funds deposited in a bank or a savings and loan association, repurchase agreements, which involve purchases of debt securities, and commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Investments in commercial paper will be limited to commercial paper rated in the highest categories by a major rating agency and which mature within one year of the date of purchase or carry a variable or floating rate of interest.
Leverage: The Trust does not currently borrow money for investment purposes or have preferred shares outstanding, and has no present intention of borrowing money for investment purposes or issuing preferred shares in the future.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
The Trust may enter into reverse repurchase agreements and “dollar roll” transactions.
BlackRock Innovation and Growth Term Trust (BIGZ)
The Trust’s investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust is not intended as, and you should not construe it to be, a complete investment program. There can be no assurance that the Trust’s investment objectives will be achieved or that the Trust’s investment program will be successful. The Trust’s investment objectives may be changed by the Board of Trustees of the Trust (the “Board”) without prior shareholder approval.
In selecting investments for the Trust, BlackRock Advisors, LLC (the “Manager”) focuses on equity securities of 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. In evaluating innovative companies, the Manager seeks to identify, using its own internal research and analysis, companies capitalizing on innovation or that are enabling the further development of the theme of innovation in the markets in which they operate.
Among other things, common criteria for innovative companies across industries may include developing new products, selling in new markets or channels, applying a new or superior technology to legacy industries, refining existing processes for efficiency, changing or pivoting business model, or creating tools that empower new breakthroughs.
In addition, the Trust seeks to invest in companies where, in the opinion of the Manager, free cash flow is likely to grow for a sustained period. Factors considered in the Manager’s analysis of a company may include 1) a large and underpenetrated addressable market, 2) a technology or service model that creates recurring demand for product, and 3) a competitive landscape that allows for stable or expanding margins. The Manager’s outlook for a company based upon these and other factors is then compared to the outlook of the company implied in the current share price of the company. The Manager looks to invest in companies where its view of future cash flows is more favorable than that which it believes is reflected by the current price.
The Manager will identify trends that have ramifications for individual companies or entire industries. Risk/reward analysis is a key component of both top-down and bottom-up analysis.
Bottom-up security selection is focused on identifying innovative companies with the most attractive growth characteristics. The Manager seeks to identify companies with strong product potential, solid earnings growth and/or earnings power which are under appreciated by investors, a quality management team and compelling relative and absolute valuation. The Manager believes that the knowledge and experience of its investment team enables it to identify attractive innovative companies.
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The Trust intends to utilize option strategies that consist of writing (selling) call options on a portion of the common stocks in its portfolio, as well as other option strategies such as writing other calls and puts or using options to manage risk. The portfolio management team will work closely to determine which option strategies to pursue to seek to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.
The Trust will invest primarily in equity securities issued by mid- and small-capitalization companies that the Manager believes have above-average earnings growth potential.
Equity securities include common stocks, preferred stocks, convertible securities, warrants and depositary receipts, though the Trust seeks to buy primarily common stock. Although universal definitions of mid-capitalization companies and small-capitalization companies do not exist, the Trust generally defines mid-capitalization and small-capitalization companies as those companies with market capitalizations, at the time of the Trust’s investment, comparable in size to the companies in the Russell 2500™ Growth Index (between $20.75 million and $20.98 billion as of December 31, 2023). In the future, the Trust may define mid- and small-capitalization companies using a different index or classification system.
The Trust may invest in shares of companies through IPOs. The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Exchange Act. Under normal market conditions, the Trust currently intends to invest up to 25% of its total assets, measured at the time of investment, in illiquid privately placed or restricted securities. The Trust expects certain of such investments to be in “late-stage private securities,” which are securities of private companies that have demonstrated sustainable business operations and generally have a well-known product or service with a strong market presence. Late-stage private companies have generally had large cash flows from their core business operations and are expanding into new markets with their products or services. Late-stage private companies may also be referred to as “pre-IPO companies.”
The Trust may invest up to 25% of its assets in securities of foreign companies, including companies located in emerging markets. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated.
The Trust may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds and business development companies, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust classifies its investments in such investment companies as “equity securities” for purposes of its investment policies based upon such investment companies’ stated investment objectives, policies and restrictions.
As part of its investment strategy, the Trust intends to employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) other call and put options on individual common stocks, including uncovered call and put options, and, to a lesser extent, writing (selling) covered and uncovered call and put index options. This options writing strategy is intended to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. A substantial portion of the options written by the Trust may be over-the-counter options.
The Trust may also purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter (“OTC”) put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust’s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust’s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.
During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. The Manager’s determination that it is temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent.
The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.
The Trust may engage in active and frequent trading of portfolio securities to achieve its investment objectives.
Unless otherwise stated herein, the Trust’s investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust’s portfolio described in this prospectus apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust’s investment objectives may be changed by the Board without prior shareholder approval.
Leverage: The Trust currently does not intend to borrow money or issue debt securities or preferred shares. The Trust is, however, permitted to borrow money or issue debt securities in an amount up to 33 1/3% of its Managed Assets (50% of its net assets), and issue preferred shares in an amount up to 50% of its Managed Assets (100% of its net assets). “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes). Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares.
The Trust is permitted to leverage its portfolio by entering into one or more credit facilities.
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The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to the Trust’s investment restrictions.
The Trust may enter into “dollar roll” transactions.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.
BlackRock Resources & Commodities Strategy Trust (BCX)
The Trust’s 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 objectives by investing substantially all of its 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, including commodity-linked derivatives such as commodity-linked notes, commodity futures, forward contracts and swaps and other similar derivative instruments and investment vehicles that invest in commodities, natural resources or commodity-linked derivatives. The Trust’s investment objectives are not fundamental and may be changed by the Board of Trustees of the Trust (the “Board”).
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, including commodity-linked derivatives such as commodity-linked notes, commodity futures, forward contracts and swaps and other similar derivative instruments and investment vehicles that invest in commodities, natural resources or commodity-linked derivatives. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. Commodities and natural resources include, without limitation, minerals, metals (including precious, industrial and rare metals), steel, agricultural products and commodities, livestock, environmental commodities, wool, ethanol, chemicals, forest products (including wood, pulp and paper), plastic, rubber, sugar, cotton, cocoa, coffee, basic materials, building materials, water, oil, gas, consumable fuel, energy and other natural resources. Commodity and natural resources companies, include, but are not limited to, companies in commodities, natural resources and energy businesses and in associated businesses and companies that provide services or have exposure to such businesses (collectively, the “Commodities and Natural Resources Sector”). These companies include, without limitation, companies engaged in the exploration, ownership, production, refinement, processing, transportation, distribution or marketing of commodities or natural resources, companies that use commodities and natural resources extensively in their products, including companies that are engaged in businesses such as integrated oil, oil and gas exploration and production, gold, metals and minerals, steel and iron ore production, aluminum and related products, energy services, and technology, metal production, forest products, including timber and related wood and paper products, chemicals, fertilizer and agricultural chemicals, building materials, coal and other consumable fuel, alternative energy sources, environmental services and agricultural products (including crop growers, owners of plantations, and companies that produce and process foods), as well as related transportation companies and equipment manufacturers. The Trust will consider a company to be a commodity or natural resources company if: (i) at least 50% of the company’s assets, income, sales or profits are committed to or derived from the Commodities and Natural Resources Sector; or (ii) a third party classification (such as (a) Standard Industry Classifications and the North American Industry Classification System, each of which is published by the Executive Office of the President, Office of Management and Budget and (b) classifications used by third party data providers including, without limitation, FactSet Research Systems Inc. and MSCI Barra), has given the company an industry or sector classification consistent with the Commodities and Natural Resources Sector.
Equity securities held by the Trust may include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, equity interests in Canadian Royalty Trusts, and equity interests in master limited partnerships (“MLPs”). The Trust will not invest more than 25% of the value of its total assets in MLPs. The Trust’s economic exposure to securities and derivatives linked to the underlying price movements of commodities or natural resources, including commodity-linked derivatives such as commodity-linked notes, commodity futures, forward contracts and swaps and other similar derivative instruments and investment vehicles that invest in commodities, natural resources or commodity-linked derivatives (“Commodity-Related Instruments”) will not exceed 20% of its total assets. Commodity-Related Instruments may include, but will not be limited to, investments in structured notes, partnership interests, exchange-traded funds that make commodity-related or natural resources-related investments, mutual funds and strategic transactions, including futures contracts on commodities and natural resources, forward contracts on commodities and natural resources and swap contracts on commodities and natural resources.
The Trust may invest in such Commodity-Related Instruments either directly or indirectly through the BlackRock Cayman Resources & Commodities Strategy Fund, Ltd., a wholly-owned subsidiary of the Trust formed in the Cayman Islands (the “Subsidiary”). Investments in the Subsidiary are intended to provide the Trust with exposure to commodities market returns within the limitations of the federal tax requirements that apply to the Trust. The Trust may gain exposure to certain Commodity-Related Instruments and certain other commodity-related and natural resources-related investments that, if the Trust invested in such investments directly, would not produce qualifying income for purposes of the income tests applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended, by investing in the Subsidiary. The Manager is the manager of the Subsidiary. The Subsidiary (unlike the Trust) may invest without limitation in commodity-related instruments.
The Subsidiary will be managed pursuant to compliance policies and procedures that are the same, in all material respects, as the policies and procedures adopted by the Trust. As a result, the Manager, in managing the Subsidiary’s portfolio, will be subject to the same investment policies and restrictions that apply to the management of the Trust, and, in particular, to the requirements relating to portfolio leverage, liquidity, brokerage, and the timing and method of the valuation of the Subsidiary’s portfolio investments and shares of the Subsidiary. The Trust’s Chief Compliance Officer will oversee implementation of the Subsidiary’s policies and procedures, and make periodic reports to the Board regarding the Subsidiary’s compliance with its policies and procedures. The Trust and Subsidiary will test for compliance with certain investment restrictions on a consolidated basis, except that with respect to the Subsidiary’s investments in certain securities that may involve leverage, the Subsidiary will comply with asset segregation requirements to the same extent as the Trust.
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The Manager will provide investment management and other services to the Subsidiary pursuant to the investment management agreement among the Manager, the Trust and the Subsidiary. The Trust and the Subsidiary will pay the Manager based on the Trust’s assets (excluding the value of the Trust’s interest in the Subsidiary) and the Subsidiary’s assets, respectively. The Subsidiary has also entered into separate contracts for the provision of custody and audit services with the same or with affiliates of the same service providers that provide those services to the Trust. The financial statements of the Subsidiary are consolidated with the Trust’s financial statements in the Trust’s annul and semi-annual reports.
Although the Trust is permitted to invest up to 20% of its total assets in Commodity-Related Instruments, the Trust is not required to invest in Commodity-Related Instruments and does not currently expect to invest in securities and derivatives linked to the underlying price movement of commodities or natural resources. The Trust may invest in Commodity-Related Instruments (either directly or through the Subsidiary) when BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”), the Trust’s sub-advisor, believes it is advantageous for the Trust to do so.
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; therefore, the Trust does not currently intend to invest any assets in the Subsidiary.
The Commodity Futures Trading Commission (the “CFTC”) subjects advisers to registered investment companies to regulation by the CFTC if a fund that is advised by the investment adviser either (i) invests directly or indirectly more than a prescribed level of its liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments. To the extent the Trust uses CFTC Derivatives, it intends to do so below such prescribed levels and will not market itself as a “commodity pool” or a vehicle for trading such instruments. Accordingly, the Manager has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (“CEA”) pursuant to Rule 4.5 under the CEA. The Manager is not, therefore, subject to registration or regulation as a “commodity pool operator” under the CEA in respect of the Trust.
The Trust may invest in companies of any market capitalization located anywhere in the world. The Trust expects to invest primarily in companies located in developed countries, but may invest in companies located in emerging markets.
The Trust may invest up to 20% of its total assets in debt securities issued by companies in the Commodities and Natural Resources Sector or any type of securities issued by companies that are not in the Commodities and Natural Resources Sector.
As part of its investment strategy, the Trust may employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) covered put options and, to a lesser extent, writing (selling) covered call and put options on indices of securities and sectors of securities. This option strategy is intended to generate current gains from option premiums as a means to enhance distributions payable to the Trust’s shareholders.
In addition to the option strategies discussed above, the Trust may engage in strategic transactions for hedging purposes or to enhance total return. The Trust may also engage in short sales of securities.
The Trust may lend securities with a value up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.
The Trust may implement various temporary “defensive” strategies at times when the Advisors determine that conditions in the markets make pursuing the Trust’s basic investment strategy inconsistent with the best interests of its shareholders. These strategies may include investing all or a portion of the Trust’s assets in U.S. Government obligations and short-term debt securities that may be either tax-exempt or taxable.
Under current market conditions, the Trust currently does not intend to engage in short sales or incur indebtedness or issue preferred shares for investment purposes, except the Trust may engage for hedging purposes, risk management, or to enhance total return, including engaging in transactions, such as options, futures, swaps, foreign currency transactions, such as forward foreign currency contracts, currency swaps or options on currency and currency futures and other derivatives transactions , repurchase agreements, reverse repurchase agreements, when issued or forward commitment transactions and similar investment strategies, which may give rise to a form of leverage.
Unless otherwise stated herein, the Trust’s investment objectives and investment policies are non-fundamental policies and may be changed by the Board. In addition, the percentage limitations applicable to the Trust’s portfolio described herein apply only at the time of investment, and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns.
BlackRock Science and Technology Term Trust (BSTZ)
The Trust’s investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust’s investment objectives may be changed by the Board of Trustees of the Trust (the “Board”) without prior shareholder approval.
BlackRock Advisors, LLC (the “Manager”) may consider a variety of factors when choosing investments for the Trust, but expects to select companies with the potential for rapid and sustainable growth from the development, advancement and use of science and/or technology.
In addition, a variety of countries, including emerging market countries, and industries are likely to be represented in the Trust’s portfolio.
The Trust generally will sell a stock when, in the Manager’s opinion, the stock is fully valued, there is a need to rebalance the portfolio or there is a better opportunity elsewhere.
The Trust may engage in active and frequent trading of portfolio securities to seek to achieve its investment objectives.
Under normal market conditions, the Trust will invest 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’s
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investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.
Science and technology companies are companies whose products, processes or services, in the Manager’s view, are being, or are expected to be, significantly benefited by the use or commercial application of scientific or technological developments or discoveries. These companies include companies that, in the Manager’s view, derive a competitive advantage by the application of scientific or technological developments or discoveries to grow their business or increase their competitive advantage, as well as companies that utilize science and/or technology as an agent of change to significantly enhance their business opportunities.
Science, technology and science- or technology-related companies may include companies operating in any industry, including, but not limited to software, internet software & services, IT services, hardware, communications equipment, semiconductors and semiconductor equipment, media, internet retail, consumer finance, life sciences tools & services, biotechnology, pharmaceuticals, energy, defense/aerospace, diversified telecom services and wireless telecom services. It is anticipated that the Trust’s investments will be focused on companies within such industries that the Manager expects will generate a majority of their revenues from the development, advancement, use or sale of new and emerging, or “next generation,” science- or technology-related products, processes or services. There is no assurance, however, that any of the Trust’s assets will be invested in such companies at any time. The Manager determines, in its discretion, whether a company is a science, technology or science- or technology-related company.
The Trust may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. Equity securities in which the Trust may invest include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, exchange-traded funds (“ETFs”) and equity interests in real estate investment trusts (“REITs”) and master limited partnerships. The Trust may invest in shares of companies through initial public offerings (“IPOs”). The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Securities Exchange Act of 1934, as amended. Under normal market conditions, the Trust currently intends to invest up to 25% of its total assets, measured at the time of investment, in illiquid privately placed or restricted securities. The Trust expects certain of such investments to be in “pre-IPO securities,” which are securities of new and early stage companies, often funded by venture capital, whose securities have not been offered to the public and are not publicly traded. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated.
The Trust may also invest in securities of other open- or closed-end investment companies, including ETFs and business development companies, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust classifies its investments in such investment companies as “equity securities” for purposes of its investment policies based upon such investment companies’ stated investment objectives, policies and restrictions.
The Trust will concentrate its investments in companies operating in one or more industries within the technology group of industries.
The Trust may invest up to 20% of its total assets in equity securities issued by companies that are not science or technology companies and in debt securities issued by any issuer, including non-investment grade debt securities. The Trust’s investments in non-investment grade securities and those deemed to be of similar quality are considered speculative with respect to the issuer’s capacity to pay interest and repay principal and are commonly referred to as “junk” or “high yield” securities.
As part of its investment strategy, the Trust intends to employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) other call and put options on individual common stocks, and, to a lesser extent, writing (selling) call and put index options. This options writing strategy is intended to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. A substantial portion of the options written by the Trust may be over-the-counter options.
During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. The Manager’s determination that it is temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent.
The Trust may invest in structured instruments (such as equity-linked notes) for investment purposes, as an alternative or complement to its options writing strategy or for risk management or leveraging purposes.
The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust’s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust’s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.
The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.
The Trust may also engage in short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its Managed Assets or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes).
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Unless otherwise stated herein, the Trust’s investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust’s portfolio described herein apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust’s policy to invest 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 may be changed by the Board; however, if this policy changes, the Trust will provide shareholders at least 60 days’ written notice before implementation of the change in compliance with rules of the Securities and Exchange Commission.
Leverage: The Trust currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. Any such leveraging will not be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Trust’s investment objectives and policies.
The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to certain investment restrictions.
The Trust may enter into “dollar roll” transactions.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.
BlackRock Science and Technology Trust (BST)
The Trust’s investment objectives are to provide income and total return through a combination of current income, current gains and long-term capital appreciation. The Trust’s investment objectives may be changed by the Board of Trustees (the “Board”) without prior shareholder approval.
BlackRock Advisors, LLC (the “Manager”) may consider a variety of factors when choosing investments for the Trust, such as:
•selecting companies with the potential for rapid and sustainable growth from the development, advancement and use of science and/or technology (high growth science and technology stocks); and
•identifying companies that have above-average return potential based on factors such as revenue and earnings growth, profitability, valuation and dividend yield (cyclical science and technology stocks).
In addition, a variety of countries, including emerging market countries, and industries are likely to be represented in the Trust’s portfolio.
The Trust generally will sell a stock when, in the Manager’s opinion, the stock is fully valued, there is a need to rebalance the portfolio or there is a better opportunity elsewhere.
The Trust may engage in active and frequent trading of portfolio securities to seek to achieve its investment objectives.
Under normal market conditions, the Trust invests 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 (high growth science and technology stocks), and/or potential to generate current income from advantageous dividend yields (cyclical science and technology stocks). The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.
Science and technology companies are companies whose products, processes or services, in the Manager’s view, are being, or are expected to be, significantly benefited by the use or commercial application of scientific or technological developments or discoveries. These companies include companies that, in the Manager’s view, derive a competitive advantage by the application of scientific or technological developments or discoveries to grow their business or increase their competitive advantage, as well as companies that utilize science and/or technology as an agent of change to significantly enhance their business opportunities.
Science, technology and science- or technology-related companies may include companies operating in any industry, including, but not limited to software, internet software & services, IT services, hardware, communications equipment, semiconductors and semiconductor equipment, media, internet retail, consumer finance, life sciences tools & services, biotechnology, pharmaceuticals, energy, defense/aerospace, diversified telecom services and wireless telecom services. Examples of potential high growth companies include those operating in IT services, the internet, software and sciences; examples of potential cyclical companies include those operating in hardware, telecom, semiconductors and components. The Manager determines, in its discretion, whether a company is a science, technology or science- or technology-related company.
The Trust may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. Equity securities in which the Trust may invest include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, exchange-traded funds and equity interests in real estate investment trusts and master limited partnerships. From time to time, the Trust may invest in shares of companies through initial public offerings. The Trust may also invest, without limit, in privately placed or restricted securities (including in Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting, pursuant to the Securities Exchange Act of 1934, as amended. The Trust currently intends to invest up to 25% of its total assets, measured at the time of investment, in illiquid privately placed or restricted securities. Foreign securities in which the Trust may invest may be U.S. dollar-denominated or non-U.S. dollar-denominated.
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The Trust may also invest in securities of other open- or closed-end investment companies, including exchange-traded funds and business development companies, subject to applicable regulatory limits, that invest primarily in securities of the types in which the Trust may invest directly. The Trust classifies its investments in such investment companies as “equity securities” for purposes of its investment policies based upon such investment companies’ stated investment objectives, policies and restrictions.
The Trust will concentrate its investments in companies operating in one or more industries within the technology group of industries.
The Trust may invest up to 20% of its total assets in equity securities issued by companies that are not science or technology companies and in debt securities issued by any issuer, including non-investment grade debt securities. The Trust’s investments in non-investment grade securities and those deemed to be of similar quality are considered speculative with respect to the issuer’s capacity to pay interest and repay principal and are commonly referred to as “junk” or “high yield” securities.
As part of its investment strategy, the Trust intends to employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) other call and put options on individual common stocks, and, to a lesser extent, writing (selling) call and put index options. This options writing strategy is intended to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. A substantial portion of the options written by the Trust may be over-the-counter options.
During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objectives under these circumstances. The Manager’s determination that it is temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent.
The Trust may invest in structured instruments (such as equity-linked notes) for investment purposes, as an alternative or complement to its options writing strategy or for risk management or leveraging purposes.
The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust’s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust’s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.
The Trust may lend securities with a value of up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.
The Trust may also engage in short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of its Managed Assets or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes).
Unless otherwise stated herein, the Trust’s investment policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The percentage limitations applicable to the Trust’s portfolio described herein apply only at the time of initial investment and the Trust will not be required to sell investments due to subsequent changes in the value of investments that it owns. The Trust’s policy to invest 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 may be changed by the Board; however, if this policy changes, the Trust will provide shareholders at least 60 days’ written notice before implementation of the change in compliance with rules of the Securities and Exchange Commission.
Leverage:
The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to certain investment restrictions.
The Trust may enter into “dollar roll” transactions.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
The Trust’s investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust’s investment objective may be changed by the Board of Trustees of the Trust (the “Board”) without prior shareholder approval.
The Trust seeks to achieve its investment objective by investing primarily in equity securities issued by companies that are engaged in the Utilities, Infrastructure or Power Opportunities business segments (as defined below) anywhere in the world and by employing a strategy of writing (selling) covered call and put options.
Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities issued by companies that are engaged in the Utilities, Infrastructure or Power Opportunities business segments. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment
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exposure to the securities included within that policy or to one or more market risk factors associated with such securities. 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 (as described herein), 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. Such companies may include, among others, electrical equipment producers (such as wind turbine manufacturers), producers of industrial and specialty chemicals (such as building insulation producers) and semi-conductor and equipment companies (such as solar panel manufacturers).
The Trust may invest in companies of any market capitalization. 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. Although the Trust expects to invest primarily in companies located in developed countries, it may invest in companies located in emerging markets. Equity securities in which the Trust may invest include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, exchange-traded funds, equity interests in real estate investment trusts, Canadian Royalty Trusts and master limited partnerships (“MLPs”). The Trust will not invest more than 25% of the value of its total assets in MLPs. The Trust may invest directly in equity securities or synthetically through the use of derivatives.
The Trust may invest up to 20% of its total assets in equity securities issued by companies that are not engaged in the Utilities, Infrastructure or Power Opportunities business segments and debt securities issued by any issuer, including up to 10% of its total assets in non-investment grade debt securities. The Trust’s investments in non-investment grade securities and those deemed to be of similar quality are considered speculative with respect to the issuer’s capacity to pay interest and repay principal and are commonly referred to as “junk” or “high yield” securities.
As part of its investment strategy, the Trust intends to employ a strategy of writing (selling) covered call options on a portion of the common stocks in its portfolio, writing (selling) other call and put options on individual common stocks, and, to a lesser extent, writing (selling) call and put index options. This options writing strategy is intended to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. A substantial portion of the options written by the Trust may be over-the-counter options.
During temporary defensive periods (i.e., in response to adverse market, economic or political conditions), the Trust may invest up to 100% of its total assets in liquid, short-term investments, including high quality, short-term securities. The Trust may not achieve its investment objective under these circumstances. BlackRock Advisors, LLC’s (the “Manager”) and BlackRock International Limited’s (“BIL” and together with the Manager, the “Advisors”), the Trust’s sub-advisor, determination that they are temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent.
The Trust may purchase and sell futures contracts, enter into various interest rate transactions such as swaps, caps, floors or collars, currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures and swap contracts (including, but not limited to, credit default swaps) and may purchase and sell exchange-listed and over-the-counter put and call options on securities and swap contracts, financial indices and futures contracts and use other derivative instruments or management techniques for duration management and other risk management purposes, including to attempt to protect against possible changes in the market value of the Trust’s portfolio resulting from trends in the securities markets and changes in interest rates or to protect the Trust’s unrealized gains in the value of its portfolio securities, to facilitate the sale of portfolio securities for investment purposes, to establish a position in the securities markets as a temporary substitute for purchasing particular securities or to enhance income or gain.
The Trust may lend securities with a value up to 33 1/3% of its total assets (including such loans) to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.
The Trust may also engage in short sales of securities. The Trust will not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 15% of the value of its total assets or the Trust’s aggregate short sales of a particular class of securities exceeds 15% of the outstanding securities of that class. The Trust may make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security.
Unless otherwise stated herein, the Trust’s investment objective and policies are non-fundamental policies and may be changed by the Board without prior shareholder approval. The Trust’s policy to invest 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 may be changed by the Board; however, if this policy changes, the Trust will provide shareholders at least 60 days’ written notice before implementation of the change in compliance with rules of the Securities and Exchange Commission.
Leverage: The Trust currently does not intend to borrow money or issue debt securities or preferred shares. Although it has no present intention to do so, the Trust reserves the right to borrow money from banks or other financial institutions, or issue debt securities or preferred shares, in the future if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through borrowing money or issuing debt securities or preferred shares. Any such leveraging will not be fully achieved until the proceeds resulting from the use of leverage have been invested in accordance with the Trust’s investment objective and policies.
The Trust may enter into reverse repurchase agreements with respect to its portfolio investments subject to certain investment restrictions.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.
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Investment Objectives and Policies (continued)
Risk Factors
This section contains a discussion of the general risks of investing in each Trust. The net asset value and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that a Trust will meet its investment objective or that the Trust’s performance will be positive for any period of time. Each risk noted below is applicable to each Trust unless the specific Trust or Trusts are noted in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk factor.
Non-Diversification Risk (BGR and BCX): The Trust is a non-diversified fund. Because the Trust may invest in securities of a smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.
Limited Term Risk (BMEZ, BIGZ and BSTZ): In accordance with the Trust’s Agreement and Declaration of Trust, the Trust intends to dissolve as of the first business day following the twelfth anniversary of the effective date of the Trust’s initial registration statement (the “Dissolution Date”); provided that the Board may, by a vote of a majority of the Board and seventy-five percent (75%) of the members of the Board who either (i) have been a member of the Board for a period of at least thirty-six months (or since the commencement of the Trust’s operations, if less than thirty-six months) or (ii) were nominated to serve as a member of the Board by a majority of the Continuing Trustees then members of the Board (a “Board Action Vote”), without shareholder approval, extend the Dissolution Date: (i) once for up to one year, and (ii) once for up to an additional six months, to a date up to and including eighteen months after the initial Dissolution Date (which date shall then become the Dissolution Date). As of a date within twelve months preceding the Dissolution Date (as may be extended as described above), the Board may, by a Board Action Vote, cause the Trust to conduct a tender offer to all common shareholders to purchase 100% of the then outstanding common shares of the Trust at a price equal to the net asset value (“NAV”) per common share on the expiration date of the tender offer (an “Eligible Tender Offer”). The Board has established that the Trust must have at least $200 million of aggregate net assets immediately following the completion of an Eligible Tender Offer to ensure the continued viability of the Trust (the “Dissolution Threshold”). In an Eligible Tender Offer, the Trust will offer to purchase all common shares held by each common shareholder; provided that if the payment for properly tendered common shares would result in the Trust having aggregate net assets below the Dissolution Threshold, the Eligible Tender Offer will be canceled and no common shares will be repurchased pursuant to the Eligible Tender Offer. Instead, the Trust will begin (or continue) liquidating its portfolio and proceed to dissolve on or about the Dissolution Date. If the payment for properly tendered common shares would result in the Trust having aggregate net assets greater than or equal to the Dissolution Threshold, all common shares properly tendered and not withdrawn will be purchased by the Trust pursuant to the terms of the Eligible Tender Offer. Following the completion of an Eligible Tender Offer, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and provide for the Trust’s perpetual existence.
Unless the limited term provision of the Trust’s Agreement and Declaration of Trust is amended by shareholders in accordance with the Agreement and Declaration of Trust, or unless the Trust completes an Eligible Tender Offer and converts to perpetual existence, the Trust will dissolve on or about the first business day following the Dissolution Date. The Trust is not a so called “target date” or “life cycle” fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Trust is not a “target term” fund and thus does not seek to return its initial public offering price per common share upon dissolution. As the assets of the Trust will be liquidated in connection with its dissolution, the Trust may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause the Trust to lose money. In addition, as the Trust approaches the Dissolution Date, the Manager may invest the proceeds of sold, matured or called securities in money market mutual funds, cash, cash equivalents, securities issued or guaranteed by the U.S. government or its instrumentalities or agencies, high quality, short-term money market instruments, short-term debt securities, certificates of deposit, bankers’ acceptances and other bank obligations, commercial paper or other liquid debt securities, which may adversely affect the Trust’s investment performance. Rather than reinvesting proceeds received from sales of or payments received in respect of portfolio securities, the Trust may distribute such proceeds in one or more liquidating distributions prior to the final dissolution, which may cause the Trust’s fixed expenses to increase when expressed as a percentage of net assets attributable to common shares, or the Trust may invest the proceeds in lower yielding securities or hold the proceeds in cash or cash equivalents, which may adversely affect the performance of the Trust. The final distribution of net assets upon dissolution may be more than, equal to or less than $20.00 per common share. Because the Trust may adopt a plan of liquidation and make liquidating distributions in advance of the Dissolution Date, the total value of the Trust’s assets returned to common shareholders upon dissolution will be impacted by decisions of the Board and the Manager regarding the timing of adopting a plan of liquidation and making liquidating distributions. This may result in common shareholders receiving liquidating distributions with a value more or less than the value that would have been received if the Trust had liquidated all of its assets on the Dissolution Date, or any other potential date for liquidation, and distributed the proceeds thereof to shareholders.
If the Trust conducts an Eligible Tender Offer, the Trust anticipates that funds to pay the aggregate purchase price of shares accepted for purchase pursuant to the tender offer will be first derived from any cash on hand and then from the proceeds from the sale of portfolio investments held by the Trust. The risks related to the disposition of securities in connection with the Trust’s dissolution also would be present in connection with the disposition of securities in connection with an Eligible Tender Offer. It is likely that during the pendency of a tender offer, and possibly for a time thereafter, the Trust will hold a greater than normal percentage of its total assets in cash and cash equivalents, which may impede the Trust’s ability to achieve its investment objectives and decrease returns to shareholders. The tax effect of any such dispositions of portfolio investments will depend on the difference between the price at which the investments are sold and the tax basis of the Trust in the investments.
Any capital gains recognized on such dispositions, as reduced by any capital losses the Trust realizes in the year of such dispositions and by any available capital loss carryforwards, will be distributed to shareholders as capital gain dividends (to the extent of net long-term capital gains over net short-term capital losses) or ordinary dividends (to the extent of net short-term capital gains over net long-term capital losses) during or with respect to such year, and such distributions will generally be taxable to common shareholders. If the Trust’s tax basis for the investments sold is less than the sale proceeds, the Trust will recognize capital gains, which the Trust intends to distribute to common shareholders. In addition, the Trust’s purchase of tendered common shares pursuant to an Eligible Tender Offer will have tax consequences for tendering common shareholders and may have tax consequences for non-tendering common shareholders.
The purchase of common shares by the Trust pursuant to an Eligible Tender Offer will have the effect of increasing the proportionate interest in the Trust of non-tendering common shareholders. All common shareholders remaining after an Eligible Tender Offer will be subject to any increased risks associated with the reduction in the Trust’s assets resulting from payment for the tendered common shares, such as greater volatility due to decreased diversification and proportionately higher expenses. The reduced assets of the Trust as a result of an Eligible Tender Offer may result in less investment flexibility for the Trust and may have an adverse effect on the Trust’s investment
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Risk Factors (continued)
performance. Such reduction in the Trust’s assets may also cause common shares of the Trust to become thinly traded or otherwise negatively impact secondary trading of common shares. A reduction in assets, and the corresponding increase in the Trust’s expense ratio, could result in lower returns and put the Trust at a disadvantage relative to its peers and potentially cause the Trust’s common shares to trade at a wider discount, or smaller premium, to NAV than they otherwise would. Furthermore, the portfolio of the Trust following an Eligible Tender Offer could be significantly different and, therefore, common shareholders retaining an investment in the Trust could be subject to greater risk. For example, the Trust may be required to sell its more liquid, higher quality portfolio investments to purchase common shares that are tendered in an Eligible Tender Offer, which would leave a less liquid, lower quality portfolio for remaining shareholders. The prospects of an Eligible Tender Offer may attract arbitrageurs who would purchase the common shares prior to the tender offer for the sole purpose of tendering those shares which could have the effect of exacerbating the risks described herein for shareholders retaining an investment in the Trust following an Eligible Tender Offer.
The Trust is not required to conduct an Eligible Tender Offer. If the Trust conducts an Eligible Tender Offer, there can be no assurance that the payment for tendered common shares would not result in the Trust having aggregate net assets below the Dissolution Threshold, in which case the Eligible Tender Offer will be canceled, no common shares will be repurchased pursuant to the Eligible Tender Offer and the Trust will liquidate on the Dissolution Date (subject to possible extensions). Following the completion of an Eligible Tender Offer in which the payment for tendered common shares would result in the Trust having aggregate net assets greater than or equal to the Dissolution Threshold, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval and provide for the Trust’s perpetual existence. Thereafter, the Trust will have a perpetual existence. There is no guarantee that the Board will eliminate the Dissolution Date following the completion of an Eligible Tender Offer so that the Trust will have a perpetual existence. The Manager may have a conflict of interest in recommending to the Board that the Dissolution Date be eliminated and the Trust have a perpetual existence. The Trust is not required to conduct additional tender offers following an Eligible Tender Offer and conversion to perpetual existence. Therefore, remaining common shareholders may not have another opportunity to participate in a tender offer. Shares of closed-end management investment companies frequently trade at a discount from their NAV, and as a result remaining common shareholders may only be able to sell their shares at a discount to NAV.
Although it is anticipated that the Trust will have distributed substantially all of its net assets to shareholders as soon as practicable after the Dissolution Date, securities for which no market exists or securities trading at depressed prices, if any, may be placed in a liquidating trust. Securities placed in a liquidating trust may be held for an indefinite period of time, potentially several years or longer, until they can be sold or pay out all of their cash flows. During such time, the shareholders will continue to be exposed to the risks associated with the Trust and the value of their interest in the liquidating trust will fluctuate with the value of the liquidating trust’s remaining assets. Additionally, the tax treatment of the liquidating trust’s assets may differ from the tax treatment applicable to such assets when held by the Trust. To the extent the costs associated with a liquidating trust exceed the value of the remaining securities, the liquidating trust trustees may determine to dispose of the remaining securities in a manner of their choosing. The Trust cannot predict the amount, if any, of securities that will be required to be placed in a liquidating trust or how long it will take to sell or otherwise dispose of such securities.
Investment and Market Discount Risk: An investment in the Trust’s common shares is subject to investment risk, including the possible loss of the entire amount that you invest. As with any stock, the price of the Trust’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust’s net asset value could decrease as a result of its investment activities. At any point in time an investment in the Trust’s common shares may be worth less than the original amount invested, even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust’s investment, market discount and certain other risks will be magnified.
Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.
Common Stock Risk: Common stocks represent equity ownership in a company. Stock markets are volatile. The price of common stock will fluctuate and can decline and reduce the value of a portfolio investing in equities. The value of common stock purchased by the Trust could decline if the financial condition of the companies the Trust invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation, interest or currency rates or generally adverse investor sentiment.
Small and Mid-Capitalization Company Risk: Companies with small or mid-size market capitalizations will normally have more limited product lines, markets and financial resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.
Preferred Securities Risk: Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.
Convertible Securities Risk (BGR, BDJ, BOE, BGY, BMEZ, BME, BIGZ, BCX, BSTZ, BST and BUI): The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security.
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Warrants Risk (BGR, BOE, BGY, BMEZ, BME, BIGZ, BCX, BSTZ, BST and BUI): If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Trust will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially 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.
Depositary Receipts Risk (BGR, BOE, BGY, BMEZ, BME, BIGZ, BCX, BSTZ, BST and BUI): Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose the Trust to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their respective markets and currencies, they continue to be subject to many of the risks associated with investing directly in foreign securities, including political, economic, and currency risk.
REIT Investment Risk (BDJ, BOE, BGY, BMEZ, BME, BSTZ, BST and BUI): Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders.
Master Limited Partnerships Risk (BGR, BCX, BSTZ, BST and BUI): The common units of a master limited partnership (“MLP”) are listed and traded on U.S. securities exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt or preferred units, to the remaining assets of the MLP.
Canadian Royalty Trust Risk (BGR, BCX and BUI): Canadian Royalty Trusts are exposed to many of the same risks as energy and natural resources companies, such as commodity pricing risk, supply and demand risk and depletion and exploration risk.
Initial Public Offerings (“IPOs”) Risk (BOE, BMEZ, BME, BIGZ, BSTZ and BST): The Trust may invest in shares of companies through IPOs. Securities issued in IPOs have no trading history, and information about the companies may be available for limited periods of time. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO.
Investments in Unseasoned Companies (BDJ, BOE, BGY, BMEZ, BME, BIGZ, BCX and BSTZ): The Trust may invest in the securities of smaller, less seasoned companies. These investments may present greater opportunities for growth, but also involve greater risks than customarily are associated with investments in securities of more established companies. Some of the companies in which the Trust may invest may be start-up companies which may have insubstantial operational or earnings histories or may have limited products, markets, financial resources or management depth. Some may also be emerging companies at the research and development stage with no products or technologies to market or approved for marketing. Securities of emerging companies may lack an active secondary market and may be subject to more abrupt or erratic price movements than securities of larger, more established companies or stock market averages in general. Competitors of certain companies may have substantially greater financial resources than many of the companies in which the Trust may invest. Further, an unseasoned company is more at risk of loss in an adverse market due to its lack of financial resources and ability to sustain itself for an extended period of time in such a market.
Dividend-Paying Equity Securities Risk (CII, BDJ, BOE, BGY and BME): Dividends on common equity securities that the Trust may hold are not fixed but are declared at the discretion of an issuer’s board of directors. Companies that have historically paid dividends on their securities are not required to continue to pay dividends on such securities. There is no guarantee that the issuers of the common equity securities in which the Trust invests will declare dividends in the future or that, if declared, they will remain at current levels or increase over time. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future. Dividend producing equity securities, in particular those whose market price is closely related to their yield, may exhibit greater sensitivity to interest rate changes. The Trust’s investments in dividend producing equity securities may also limit its potential for appreciation during a broad market advance.
The prices of dividend producing equity securities can be highly volatile. Investors should not assume that the Trust’s investments in these securities will necessarily reduce the volatility of the Trust’s NAV or provide “protection,” compared to other types of equity securities, when markets perform poorly.
Investment Style Risk: Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by the Trust is out of favor, the Trust may underperform other equity funds that use different investment styles.
Risks Associated with the Trust’s Options Strategy: The ability of the Trust to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns is partially dependent on the successful implementation of its options strategy. There are several risks associated with transactions in options on securities. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.
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Risk Factors (continued)
•Risks of Writing Options—As the writer of a covered call option, the Trust forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but has retained the risk of loss should the price of the underlying security decline. In other words, as the Trust writes covered calls over more of its portfolio, the Trust’s ability to benefit from capital appreciation becomes more limited.
If the Trust writes call options on individual securities or index call options that include securities, in each case, that are not in the Trust’s portfolio or that are not in the same proportion as securities in the Trust’s portfolio, the Trust will experience loss, which theoretically could be unlimited, if the value of the individual security, index or basket of securities appreciates above the exercise price of the index option written by the Trust.
When the Trust writes put options, it bears the risk of loss if the value of the underlying stock declines below the exercise price minus the put premium. If the option is exercised, the Trust could incur a loss if it is required to purchase the stock underlying the put option at a price greater than the market price of the stock at the time of exercise plus the put premium the Trust received when it wrote the option. While the Trust’s potential gain in writing a put option is limited to the premium received from the purchaser of the put option, the Trust risks a loss equal to the entire exercise price of the option minus the put premium.
•Exchange-Listed Options Risks—There can be no assurance that a liquid market will exist when the Trust seeks to close out an exchange-listed option position. Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening transactions or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the facilities of an exchange or the Options Clearing Corporation (the “OCC”) may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options).
•Over-the-Counter Options Risk—The Trust may write (sell) unlisted OTC options. OTC options differ from exchange-listed options in that they are two-party contracts, with exercise price, premium and other terms negotiated between buyer and seller, and generally do not have as much market liquidity as exchange-listed options. The OTC options written by the Trust will not be issued, guaranteed or cleared by the OCC. In addition, the Trust’s ability to terminate OTC options may be more limited than with exchange-traded options. Banks, broker-dealers or other financial institutions participating in such transactions may fail to settle a transaction in accordance with the terms of the option as written. In the event of default or insolvency of the counterparty, the Trust may be unable to liquidate an OTC option position.
•Index Options Risk—The Trust may sell index put and call options from time to time. The purchaser of an index put option has the right to any depreciation in the value of the index below the exercise price of the option on or before the expiration date. The purchaser of an index call option has the right to any appreciation in the value of the index over the exercise price of the option on or before the expiration date. Because the exercise of index options is settled in cash, sellers of index call options, such as the Trust, cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities. The Trust will lose money if it is required to pay the purchaser of an index option the difference between the cash value of the index on which the option was written and the exercise price and such difference is greater than the premium received by the Trust for writing the option.
•Limitation on Options Writing Risk—The number of call options the Trust can write is limited by the total assets the Trust holds. Furthermore, the Trust’s exchange-listed options transactions will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities, if any, on which such options are traded and cleared.
•Tax Risk—Income on options on individual stocks will generally not be recognized by the Trust for tax purposes until an option is exercised, lapses or is subject to a “closing transaction” (as defined by applicable regulations) pursuant to which the Trust’s obligations with respect to the option are otherwise terminated. If the option lapses without exercise or is otherwise subject to a closing transaction, the premiums received by the Trust from the writing of such options will generally be characterized as short-term capital gain. If an option written by the Trust is exercised, the Trust may recognize taxable gain depending on the exercise price of the option, the option premium, and the tax basis of the security underlying the option. The character of any gain on the sale of the underlying security as short-term or long-term capital gain will depend on the holding period of the Trust in the underlying security. In general, distributions received by shareholders of the Trust that are attributable to short-term capital gains recognized by the Trust from its options writing activities will be taxed to such shareholders as ordinary income and will not be eligible for the reduced tax rate applicable to qualified dividend income.
Index options will generally be “marked-to-market” for U.S. federal income tax purposes. As a result, the Trust will generally recognize gain or loss on the last day of each taxable year equal to the difference between the value of the index option on that date and the adjusted basis of the index option. The adjusted basis of the index option will consequently be increased by such gain or decreased by such loss. Any gain or loss with respect to index options will be treated as short-term capital gain or loss to the extent of 40% of such gain or loss and long-term capital gain or loss to the extent of 60% of such gain or loss. Because the mark-to-market rules may cause the Trust to recognize gain in advance of the receipt of cash, the Trust may be required to dispose of investments in order to meet its U.S. federal income tax distribution requirements.
Debt Securities Risk (BGR, BOE, BMEZ, BME, BCX, BSTZ, BST and BUI): Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in further detail below:
•Credit Risk—Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Trust’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.
•Interest Rate Risk—The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.
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The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Trust’s investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Trust’s investments will not affect interest income derived from instruments already owned by the Trust, but will be reflected in the Trust’s net asset value. The Trust may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Trust management.
To the extent the Trust invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Trust) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Trust to the extent that it invests in floating rate debt securities.
These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.
A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Trust to sell assets at inopportune times or at a loss or depressed value and could hurt the Trust’s performance.
•Extension Risk—When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.
•Prepayment Risk—When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest the proceeds in securities with lower yields.
High Yield Bonds Risk (BGR, BOE, BMEZ, BME, BCX, BSTZ, BST and BUI): Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Trust.
U.S. Government Obligations Risk (CII, BMEZ, BME, BCX, BSTZ and BUI): Certain securities in which the Trust may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition, circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative “debt ceiling.” Such non-payment could result in losses to the Trust and substantial negative consequences for the U.S. economy and the global financial system.
Structured Securities Risk (BMEZ, BME, BCX, BSTZ and BST): Because structured securities of the type in which the Trust may invest typically involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments, index or reference obligation and will also be subject to counterparty risk. The Trust may have the right to receive payments only from the structured security, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured securities are subordinate to other classes. The Trust is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities. Structured securities are based upon the movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be “investment companies” as defined in the Investment Company Act. As a result, the Trust’s investment in such securities may be limited by certain investment restrictions contained in the Investment Company Act.
Derivatives Risk: The Trust’s use of derivatives may increase its costs, reduce the Trust’s returns and/or increase volatility. Derivatives involve significant risks, including:
•Leverage Risk—The Trust’s use of derivatives can magnify the Trust’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.
•Market Risk—Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Trust could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Trust’s derivatives positions to lose value.
•Counterparty Risk—Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.
•Illiquidity Risk—The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately.
•Operational Risk—The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.
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Risk Factors (continued)
•Legal Risk—The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.
•Volatility and Correlation Risk—Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Trust’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.
•Valuation Risk—Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.
•Hedging Risk—Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Trust’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.
•Tax Risk—Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments.
Foreign Securities Risk: Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Trust will lose money. These risks include:
•The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.
•Changes in foreign currency exchange rates can affect the value of the Trust’s portfolio.
•The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.
•The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets.
•Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.
•Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.
•The Trust’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust’s net asset value for such refunds may be written down partially or in full, which will adversely affect the Trust’s net asset value.
•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 Trust’s investments.
Foreign Currency Transactions Risk (BGR, BDJ, BME and BCX): The Trust may invest in forward foreign currency exchange contracts. Forward foreign currency exchange contracts do not eliminate movements in the value of non-U.S. currencies and securities but rather allow the Trust to establish a fixed rate of exchange for a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.
Emerging Markets Risk: Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.
Concentration Risk (BGR, BMEZ, BME, BCX, BSTZ and BST): The Trust’s strategy of concentrating in a particular industry means that its performance will be closely tied to the performance of a particular market segment. The Trust’s concentration in these companies may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these companies would have a larger impact on the Trust than on a mutual fund that does not concentrate in such companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.
Science and Technology Risk (BSTZ and BST): The Trust’s investments in science and technology companies expose the Trust to special risks. For example, rapid advances in science and technology might cause existing products to become obsolete, and the Trust’s returns could suffer to the extent it holds an affected company’s shares. Companies in a number of science and technology industries are also subject to more government regulations and approval processes than many other industries. This fact may affect a company’s overall profitability and cause its stock price to be more volatile. Earnings disappointments and intense competition for market share can result in sharp price declines. Profitability of science and technology companies can be negatively impacted by aggressive pricing from competitors, research and development costs, and the availability and prices of components. Additionally, science and technology companies are dependent upon consumer and business acceptance as new technologies evolve.
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Investment Objectives, Policies and Risks(continued)
Risk Factors (continued)
Health Sciences and Healthcare Companies Risk (BMEZ and BME): The Trust’s investments in health sciences companies are subject to a number of risks, including the adverse impact of legislative actions and government regulations. These actions and regulations can affect the approval process for patents, medical devices and drugs, the funding of research and medical care programs, and the operation and licensing of facilities and personnel. The goods and services of health sciences companies are subject to risks of rapid technological change and obsolescence, product liability litigation, and intense price and other competitive pressures.
Energy Sector Risk (BGR): The market value of securities in the energy sector may decline for many reasons, including, among others, changes in energy prices, energy supply and demand, government regulations and energy conservation efforts. Energy companies can be significantly affected by the supply of, and demand for, specific products (e.g., oil and natural gas) and services, exploration and production spending, government subsidization, world events and general economic conditions. In 2020, the energy sector has experienced increased volatility. In particular, significant market volatility occurred and is continuing in the crude oil markets as well as the oil futures markets, which resulted in the market price of the front month futures contract falling fell below zero for a period of time.
Energy and Natural Resources Risk (BCX): The Trust’s investments in energy and natural resources companies are especially affected by variations in the commodities markets (that may be due to market events, regulatory developments or other factors that the Trust cannot control) and these companies may lack the resources and the broad business lines to weather hard times. Energy companies can be significantly affected by the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, world events and economic conditions. Natural resources companies can be significantly affected by events relating to international political developments, energy conservation, the success of exploration projects, commodity prices, and tax and government regulations.
Commodities Related Investments Risk (BCX): Exposure to the commodities markets may subject the Trust to greater volatility than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments.
Commodities Market Risk (BCX): Stocks of companies engaged in commodities related industries, such as energy or natural resources companies, are especially affected by variations in the commodities markets (that may be due to market events, regulatory developments or other factors that the Trust cannot control) and these companies may lack the resources and the broad business lines to weather hard times.
Risks of Investing in Utilities, Infrastructure and Power Opportunities Issuers (BUI): Investments in issuers in the Utilities, Infrastructure and Power Opportunities business segments are subject to certain risks, including the following, among others:
•Utilities Companies Risk—A variety of factors may adversely affect the business or operations of Utilities issuers, including, but not limited to: high interest costs in connection with capital construction and improvement programs; governmental regulation of rates charged to customers (including the potential that costs incurred by the utility change more rapidly than the rate the utility is permitted to charge its customers); costs associated with compliance with and changes in environmental and other regulations; effects of economic slowdowns and surplus capacity; increased competition from other providers of utility services; inexperience with and potential losses resulting from a developing deregulatory environment; costs associated with reduced availability of certain types of fuel; the effects of energy conservation policies; effects of a national energy policy; technological innovations; potential impact of terrorist activities; the impact of natural or man-made disasters; regulation by various governmental authorities, including the imposition of special tariffs; and changes in tax laws, regulatory policies and accounting standards.
•Infrastructure Companies Risk—Infrastructure issuers may be susceptible to a variety of factors that may adversely affect their business and operations, including, but not limited to: high interest costs in connection with capital construction programs; high leverage; costs associated with environmental and other regulations; surplus capacity costs; and reduced investment in public and private infrastructure projects. A slowdown in new infrastructure projects in developing or developed markets may constrain the abilities of Infrastructure issuers to grow in global markets. Other developments, such as significant changes in population levels or changes in the urbanization and industrialization of developing countries, may reduce demand for products or services provided by Infrastructure issuers.
•Power Opportunities Companies Risk—A variety of factors may adversely affect the business or operations of Power Opportunities issuers, including, but not limited to: research and development costs related to new technologies; the success or failure of efforts to develop or implement new or existing technologies; government regulation (including environmental regulation); world events and economic conditions, the cyclical nature of the energy sector; intense competition; events relating to domestic and international political developments; energy conservation; environmental costs and liabilities; and the success of exploration projects.
Innovative Securities Risk (BIGZ): There can be no assurance that a company identified as innovative by the Manager will ultimately introduce a new product or service or that such product or service may not be significantly delayed.
Supply and Demand Risk (BGR): A decrease in the production of natural gas, natural gas liquids (“NGLs”), crude oil, coal or other energy commodities or a decrease in the volume of such commodities available for transportation, mining, processing, storage or distribution may adversely impact the financial performance of energy and natural resources companies. Production declines and volume decreases could be caused by various factors, including catastrophic events affecting production, depletion of resources, labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance problems, import supply disruption, increased competition from alternative energy sources or commodity prices. Alternatively, a sustained decline in demand for such commodities could also adversely affect the financial performance of energy and natural resources companies. Factors which could lead to a decline in demand include economic recession or other adverse economic conditions, higher fuel taxes or governmental regulations, increases in fuel economy, consumer shifts to the use of alternative fuel sources, changes in commodity prices, or weather.
Depletion and Exploration Risk (BGR): Many energy and natural resources companies are either engaged in the production of natural gas, NGLs, crude oil, refined petroleum products or coal, or are engaged in transporting, storing, distributing and processing these items on behalf of shippers. To maintain or grow their revenues, these companies or their customers need to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources, through
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Investment Objectives, Policies and Risks(continued)
Risk Factors (continued)
acquisitions, or through long-term contracts to acquire reserves. The financial performance of energy and natural resources companies may be adversely affected if they, or the companies to whom they provide the service, are unable to cost-effectively acquire additional reserves sufficient to replace the natural decline.
Commodity Pricing Risk (BGR): The operations and financial performance of energy and natural resources companies may be directly affected by energy commodity prices, especially those energy and natural resources companies which own the underlying energy commodity. Commodity prices fluctuate for several reasons, including changes in market and economic conditions, the impact of weather on demand, levels of domestic production and imported commodities, energy conservation, domestic and foreign governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems. Volatility of commodity prices, which may lead to a reduction in production or supply, may also negatively impact the performance of energy and natural resources companies which are solely involved in the transportation, processing, storing, distribution or marketing of commodities. Volatility of commodity prices may also make it more difficult for energy and natural resources companies to raise capital to the extent the market perceives that their performance may be directly or indirectly tied to commodity prices.
Leverage Risk: The Trust’s use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage.
The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Trust employs may not be successful.
Leverage involves risks and special considerations for common shareholders, including:
•the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;
•the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders;
•the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged, which may result in a greater decline in the market price of the common shares;
•leverage may increase operating costs, which may reduce total return.
Any decline in the net asset value of the Trust’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Trust’s portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Trust were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.
Reverse Repurchase Agreements Risk (BDJ, BMEZ, BME, BIGZ, BCX, BSTZ, BST and BUI): Reverse repurchase agreements involve the sale of securities held by the Trust with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Trust. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.
Dollar Rolls Risk (BMEZ, BME, BIGZ, BSTZ and BST): Dollar rolls involve the risk that the market value of the securities that the Trust is committed to buy may decline below the price of the securities the Trust has sold. These transactions may involve leverage.
When-Issued and Delayed Delivery Securities and Forward Commitments Risk (BDJ, BMEZ, BME, BCX and BSTZ): When-issued and delayed delivery securities and forward commitments involve the risk that the security the Trust buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Trust may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.
Short Sales Risk (BDJ, BGY, BMEZ, BME, BCX, BSTZ, BST and BUI): Because making short sales in securities that it does not own exposes the Trust to the risks associated with those securities, such short sales involve speculative exposure risk. The Trust will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Trust replaces the security sold short.
Repurchase Agreements and Purchase and Sale Contracts Risk (BDJ, BMEZ, BME, BCX and BSTZ): If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Trust may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Trust may lose money.
Risks Associated with Private Company Investments (BDJ, BMEZ, BIGZ, BSTZ and BST): Private companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, the Manager may not have timely or accurate information about the business, financial condition and results of operations of the private companies in which the Trust invests. There is risk that the Trust may invest on the basis of incomplete or inaccurate information, which may adversely affect the Trust’s investment performance. Private companies in which the Trust may invest may have limited financial resources, shorter operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to competitors’ actions and market conditions, as well as general economic downturns.
These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. These companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their
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Risk Factors (continued)
outstanding indebtedness upon maturity. In addition, the Trust’s investment also may be structured as pay-in-kind securities with minimal or no cash interest or dividends until the company meets certain growth and liquidity objectives.
Typically, investments in private companies are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Trust may not be able to resell some of its holdings for extended periods, which may be several years. There can be no assurance that the Trust will be able to realize the value of private company investments in a timely manner.
•Late-Stage Private Companies Risk (BMEZ and BIGZ)—Investments in late-stage private companies involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a high degree of risk that may result in significant decreases in the value of these investments. The Trust may not be able to sell such investments when the Manager deems it appropriate to do so because they are not publicly traded. As such, these investments are generally considered to be illiquid until a company’s public offering (which may never occur) and are often subject to additional contractual restrictions on resale following any public offering that may prevent the Trust from selling its shares of these companies for a period of time. See “Illiquid Investments Risk.” Market conditions, developments within a company, investor perception or regulatory decisions may adversely affect a late-stage private company and delay or prevent such a company from ultimately offering its securities to the public. If a company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Trust’s investment to decrease significantly.
•Pre-IPO Securities Risk (BSTZ)—Investments in pre-IPO securities involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a high degree of risk that may result in significant decreases in the value of these investments. Issuers of pre-IPO securities may not have established products, experienced management or earnings history. The Trust may not be able to sell such investments when the Manager deems it appropriate to do so because they are not publicly traded. As such, these investments are generally considered to be illiquid until a company’s public offering (which may never occur) and are often subject to additional contractual restrictions on resale following any public offering that may prevent the Trust from selling its shares of these companies for a period of time. See “Illiquid Investments Risk.” Market conditions, developments within a company, investor perception or regulatory decisions may adversely affect an issuer of pre-IPO securities and delay or prevent such an issuer from ultimately offering its securities to the public. If a company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Trust’s investment to decrease significantly.
Illiquid Investments Risk: The 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. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s net asset value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. 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.
Investment Companies and ETFs Risk (BMEZ, BME, BIGZ, BCX, BSTZ, BST and BUI): Subject to the limitations set forth in the Investment Company Act and the rules thereunder, the Trust may acquire shares in other investment companies and in ETFs, some of which may be affiliated investment companies. The market value of the shares of other investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Trust would bear its ratable share of that entity’s expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to the extent not offset by the Manager through waivers).
The securities of other investment companies and ETFs in which the Trust may invest may be leveraged. As a result, the Trust may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Trust to higher volatility in the market value of such securities and the possibility that the Trust’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Trust) will be diminished.
As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Trust is held by an affiliated fund, the ability of the Trust itself to hold other investment companies may be limited.
Subsidiary Risk (BCX): By investing in the Subsidiary, the Trust is indirectly exposed to the risks associated with the Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Trust and are subject to the same risks that apply to similar investments if held directly by the Trust (see “Commodities Related Investments Risk” above). There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted, is not subject to all the investor protections of the Investment Company Act. However, the Trust wholly owns and controls the Subsidiary, and the Trust and the Subsidiary are both managed by the Manager, making it unlikely that the Subsidiary will take action contrary to the interests of the Trust and its shareholders. The Board has oversight responsibility for the investment activities of the Trust, including its investment in the Subsidiary, and the Trust’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the Trust. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Trust and/or the Subsidiary to operate as described and could adversely affect the Trust.
Securities Lending Risk (BDJ, BGY, BMEZ, BME, BIGZ, BCX, BSTZ, BST and BUI): The Trust may engage in securities lending. Securities lending involves the risk that the Trust may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Trust could also lose money in the event of
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a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Trust.
Risk of Investing in the United States (BGR, CII, BDJ, BOE, BMEZ, BME, BIGZ, BCX, BSTZ, BST and BUI): Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Trust has exposure.
Market Risk and Selection Risk: Market risk is the risk that one or more markets in which the Trust invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by Trust management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
An outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.
Shareholder Activism Risk: Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging in public campaigns to demand that the Trust consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Trust’s corporate governance and/or management, commencing proxy contests to attempt to elect the activists’ representatives or others to the Trust’s Board of Trustees, or to seek other actions such as a termination of the Trust’s investment advisory contract with its current investment manager or commencing litigation. If the Trust becomes the subject of shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Trust may incur substantial costs defending against such activism if management and the Board determine that the activist’s demands are not in the best interest of the Trust. Further, the Trust’s share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.
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Shareholder Update(unaudited)
The following information is presented for BDJ, BME, BST and BUI, in conformance with annual reporting requirements for funds that have filed a shelf offering registration statement pursuant to General Instruction A.2 of Form N-2.
Summary of Expenses
BlackRock Enhanced Equity Dividend Trust (BDJ)
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in BDJ’s common shares.

| BDJ
Shareholder Transaction Expenses |
Maximum sales load (as a percentage of offering price)(a) | 1.00%
Offering expenses borne by the Trust (as a percentage of offering price)(a) | 0.01%
Dividend reinvestment plan fees | $0.02 per share for open market purchases of common shares(b)
Estimated Annual Expenses (as a percentage of net assets attributable to common shares) |
Investment advisory fees(c)(d) | 0.80%
Other expenses | 0.08
Total annual expenses | 0.88
Fee waivers(d) | —
Total annual Trust operating expenses after fee waivers(d) | 0.88

(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders
will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BDJ. However, shareholders will pay a
$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
(c)
BDJ currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.80% of its average weekly value of BDJ’s net assets.
(d)
BDJ and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of BDJ’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) managed by the
Manager or its affiliates that have a contractual fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BDJ pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BDJ (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), of BDJ (the “Independent Trustees”)) or a majority of the outstanding voting securities of BDJ), upon 90 days’ written notice by BDJ to the Manager.
The following example illustrates BDJ’s expenses (including the sales load of $10.00 and offering costs of $0.14) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 0.88% of net assets attributable to common shares and (ii) a 5% annual return:

| 1 Year | 3 Years | 5 Years | 10 Years |  |
Total expenses incurred | $19 | $38 | $58 | $117 |  |

The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BDJ’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
Shareholder Update
203

Shareholder Update(unaudited)(continued)
BlackRock Health Sciences Trust (BME)
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in BME’s common shares.

| BME
Shareholder Transaction Expenses |
Maximum sales load (as a percentage of offering price)(a) | 1.00%
Offering expenses borne by the Trust (as a percentage of offering price)(a) | 0.02%
Dividend reinvestment plan fees | $0.02 per share for open market purchases of common shares(b)
Estimated Annual Expenses (as a percentage of net assets attributable to common shares) |
Investment advisory fees(c)(d) | 1.00%
Other expenses | 0.10
Acquired fund fees and expenses(e) | 0.01
Total annual expenses(e) | 1.11
Fee waivers(d) | —
Total annual Trust operating expenses after fee waivers(d) | 1.11

(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders
will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by BME. However, shareholders will pay a
$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
(c)
BME currently pays the Manager a contractual investment advisory fee at an annual rate of 1.00% based on BME’s average weekly net assets.
(d)
BME and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of BME’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the
Manager or its affiliates that have a contractual management fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BME pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BME (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BME or a majority of the outstanding voting securities of BME), upon 90 days’ written notice by BME to the Manager.
(e)
The total annual expenses do not correlate to the ratios to average net assets shown in BME’s Financial Highlights for the year ended December 31, 2024, which do not include acquired fund fees and expenses.
The following example illustrates BME’s expenses (including the sales load of $10.00 and offering costs of $0.17) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 1.11% of net assets attributable to common shares and (ii) a 5% annual return:

| 1 Year | 3 Years | 5 Years | 10 Years |  |
Total expenses incurred | $21 | $45 | $71 | $144 |  |

The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BME’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
204
2024 BlackRock Annual Report to Shareholders

Shareholder Update(unaudited)(continued)
BlackRock Science and Technology Trust (BST)
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in BST’s common shares.

| BST
Shareholder Transaction Expenses |
Maximum sales load (as a percentage of offering price)(a) | 1.00%
Offering expenses borne by the Trust (as a percentage of offering price)(a) | 0.01%
Dividend reinvestment plan fees | $0.02 per share for open market purchases of common shares(b)
Dividend reinvestment plan sale transaction fee | $2.50(b)
Estimated Annual Expenses (as a percentage of net assets attributable to common shares) |
Investment advisory fees(c)(d) | 1.00%
Other expenses | 0.07
Total annual expenses | 1.07
Fee waivers(d) | —
Total annual Trust operating expenses after fee waivers(d) | 1.07

(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders
will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by BST. However, shareholders will pay a
$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
(c)
BST currently pays the Manager a contractual investment advisory fee at an annual rate of 1.00% based on BST’s average daily managed assets. “Managed Assets” means the total
assets of BST (including any assets attributable to money borrowed for investment purposes) minus the sum of BST’s accrued liabilities (other than money borrowed for investment
purposes).
(d)
BST and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of BST’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the
Manager or its affiliates that have a contractual management fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BST pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BST (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BST or a majority of the outstanding voting securities of BST), upon 90 days’ written notice by BST to the Manager.
The following example illustrates BST’s expenses (including the sales load of $10.00 and offering costs of $0.06) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 1.07% of net assets attributable to common shares and (ii) a 5% annual return:

| 1 Year | 3 Years | 5 Years | 10 Years |  |
Total expenses incurred | $21 | $44 | $68 | $139 |  |

The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BST’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
Shareholder Update
205

Shareholder Update(unaudited)(continued)
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in BUI’s common shares.

| BUI
Shareholder Transaction Expenses |
Maximum sales load (as a percentage of offering price)(a) | 1.00%
Offering expenses borne by the Trust (as a percentage of offering price)(a) | 0.02%
Dividend reinvestment plan fees | $0.02 per share for open market purchases of common shares(b)
Estimated Annual Expenses (as a percentage of net assets attributable to common shares) |
Investment advisory fees(c)(d) | 1.00%
Other expenses | 0.08
Total annual expenses | 1.08
Fee waivers(d) | —
Total annual Trust operating expenses after fee waivers(d) | 1.08

(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders
will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by BUI. However, shareholders will pay a
$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
(c)
BUI currently pays the Manager a contractual investment advisory fee at an annual rate of 1.00% based on BUI’s average daily managed assets. “Managed Assets” means the total
assets of BUI (including any assets attributable to money borrowed for investment purposes) minus the sum of BUI’s accrued liabilities (other than money borrowed for investment
purposes).
(d)
BUI and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of BUI’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Manager
or its affiliates that have a contractual management fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BUI pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BUI (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BUI or a majority of the outstanding voting securities of BUI), upon 90 days’ written notice by BUI to the Manager.
The following example illustrates BUI’s expenses (including the sales load of $10.00 and offering costs of $0.20) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 1.08% of net assets attributable to common shares and (ii) a 5% annual return:

| 1 Year | 3 Years | 5 Years | 10 Years |  |
Total expenses incurred | $21 | $44 | $69 | $141 |  |

The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BUI’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
206
2024 BlackRock Annual Report to Shareholders

Shareholder Update(unaudited)(continued)
Share Price Data
The following tables summarize each Trust’s highest and lowest daily closing market prices on the NYSE per common share, the NAV per common share, and the premium to or discount from NAV, on the date of each of the high and low market prices. The trading volume indicates the number of common shares traded on the NYSE during the respective quarters.

| NYSE Market Price Per Common Share | NAV per Common Share on Date of Market Price | Premium/ (Discount) on Date of Market Price |
BDJ — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume
December 31, 2024 | $9.04 | $8.10 | $9.40 | $8.91 | (3.83 )% | (9.09 )% | 30,703,948
September 30, 2024 | 8.65 | 8.04 | 9.44 | 8.97 | (8.37 ) | (10.37 ) | 33,016,032
June 30, 2024 | 8.32 | 7.81 | 9.32 | 8.92 | (10.73 ) | (12.44 ) | 25,713,056
March 31, 2024 | 8.27 | 7.73 | 9.18 | 8.73 | (9.91 ) | (11.45 ) | 34,122,416
December 31, 2023 | 7.91 | 6.92 | 8.68 | 8.17 | (8.87 ) | (15.30 ) | 38,503,054
September 30, 2023 | 8.39 | 7.47 | 8.96 | 8.38 | (6.36 ) | (10.86 ) | 35,094,623
June 30, 2023 | 8.60 | 8.03 | 8.76 | 8.56 | (1.83 ) | (6.19 ) | 24,527,314
March 31, 2023 | 9.36 | 8.26 | 9.15 | 8.23 | 2.30 | 0.36 | 25,059,984

As of December 31, 2024, BDJ’s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $8.28, $9.02, and (8.20)%, respectively.

| NYSE Market Price Per Common Share | NAV per Common Share on Date of Market Price | Premium/ (Discount) on Date of Market Price |
BME — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume
December 31, 2024 | $42.26 | $36.92 | $45.47 | $40.83 | (7.06 )% | (9.58 )% | 3,271,504
September 30, 2024 | 42.41 | 39.94 | 46.00 | 43.63 | (7.80 ) | (8.46 ) | 1,882,708
June 30, 2024 | 40.88 | 38.45 | 44.28 | 42.28 | (7.68 ) | (9.06 ) | 2,131,401
March 31, 2024 | 42.71 | 40.60 | 43.06 | 42.62 | (0.81 ) | (4.74 ) | 2,003,876
December 31, 2023 | 40.46 | 35.53 | 42.18 | 39.01 | (4.08 ) | (8.92 ) | 2,698,691
September 30, 2023 | 40.90 | 38.98 | 43.13 | 41.02 | (5.17 ) | (4.97 ) | 2,017,234
June 30, 2023 | 42.93 | 39.55 | 42.91 | 41.26 | 0.05 | (4.14 ) | 1,769,337
March 31, 2023 | 43.68 | 39.34 | 43.03 | 40.48 | 1.51 | (2.82 ) | 1,728,269

As of December 31, 2024, BME’s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $37.93, $41.20, and (7.94)%, respectively.

| NYSE Market Price Per Common Share | NAV per Common Share on Date of Market Price | Premium/ (Discount) on Date of Market Price |
BST — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume
December 31, 2024 | $38.04 | $34.86 | $40.69 | $37.17 | (6.51 )% | (6.21 )% | 7,229,183
September 30, 2024 | 38.95 | 33.05 | 40.40 | 34.58 | (3.59 ) | (4.42 ) | 9,154,401
June 30, 2024 | 37.95 | 32.97 | 39.28 | 33.96 | (3.39 ) | (2.92 ) | 5,952,304
March 31, 2024 | 37.77 | 32.92 | 36.86 | 33.83 | 2.47 | (2.69 ) | 6,442,036
December 31, 2023 | 34.48 | 29.72 | 34.21 | 30.15 | 0.79 | (1.43 ) | 6,323,509
September 30, 2023 | 35.25 | 30.61 | 34.81 | 31.31 | 1.26 | (2.24 ) | 5,818,231
June 30, 2023 | 34.44 | 30.25 | 34.14 | 30.31 | 0.88 | (0.20 ) | 5,884,379
March 31, 2023 | 34.12 | 28.52 | 32.41 | 28.95 | 5.28 | (1.49 ) | 8,051,284

As of December 31, 2024, BST’s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $36.56, $39.60, and (7.68)%, respectively.

| NYSE Market Price Per Common Share | NAV per Common Share on Date of Market Price | Premium/ (Discount) on Date of Market Price |
BUI — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume
December 31, 2024 | $24.37 | $22.12 | $24.41 | $22.44 | (0.16 )% | (1.43 )% | 3,031,403
September 30, 2024 | 24.83 | 22.14 | 24.43 | 22.30 | 1.64 | (0.72 ) | 2,940,462
June 30, 2024 | 23.03 | 20.20 | 22.97 | 21.24 | 0.26 | (4.90 ) | 3,430,077
March 31, 2024 | 22.24 | 20.57 | 22.28 | 21.47 | (0.18 ) | (4.19 ) | 3,733,789
December 31, 2023 | 21.82 | 18.75 | 22.54 | 19.79 | (3.19 ) | (5.26 ) | 4,511,140
September 30, 2023 | 23.34 | 19.64 | 23.05 | 20.42 | 1.26 | (3.82 ) | 3,117,194
June 30, 2023 | 23.73 | 21.56 | 22.95 | 22.18 | 3.40 | (2.80 ) | 2,819,113

Shareholder Update
207

Shareholder Update(unaudited)(continued)

| NYSE Market Price Per Common Share | NAV per Common Share on Date of Market Price | Premium/ (Discount) on Date of Market Price |
BUI — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume
March 31, 2023 | $23.98 | $20.99 | $22.97 | $22.33 | 4.40 % | (6.00 )% | 3,092,154

As of December 31, 2024, BUI’s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $23.43, $22.65, and 3.44%, respectively.
Common shares of each Trust have historically traded at both a premium and discount to NAV.
Shares of closed-end funds frequently trade at a discount to their NAV. Because of this possibility and the recognition that any such discount may not be in the interest of shareholders, the Board might consider from time to time engaging in open-market repurchases, managed distribution plans, or other programs intended to reduce the discount. We cannot guarantee or assure, however, that the Board will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if undertaken, would result in the shares trading at a price equal or close to the NAV.
208
2024 BlackRock Annual Report to Shareholders

Shareholder Update(unaudited)(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand BDJ’s financial performance for the periods presented. Certain information reflects financial results for a single common share of BDJ.

| BDJ
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended
| 12/31/19 | 12/31/18 | 12/31/17 | 12/31/16 | 12/31/15
Net asset value, beginning of year | $8.74 | $9.96 | $9.22 | $8.70 | $9.24
Net investment income(a) | 0.18 | 0.18 (b) | 0.16 | 0.17 | 0.17
Net realized and unrealized gain (loss) | 1.86 | (0.84 ) | 1.14 | 0.91 | (0.15 )
Net increase (decrease) from investment operations | 2.04 | (0.66 ) | 1.30 | 1.08 | 0.02
Distributions(c) |  |  |  |  |
From net investment income | (0.08 ) | (0.18 )(d) | (0.17 ) | (0.17 ) | (0.17 )
From net realized gain | (0.67 ) | (0.38 )(d) | (0.39 ) | — | —
Return of capital | — | — | — | (0.39 ) | (0.39 )
Total distributions | (0.75 ) | (0.56 ) | (0.56 ) | (0.56 ) | (0.56 )
Net asset value, end of year | $10.03 | $8.74 | $9.96 | $9.22 | $8.70
Market price, end of period year | $9.92 | $7.77 | $9.23 | $8.15 | $7.61
Total Return(e) |  |  |  |  |
Based on net asset value | 24.52 % | (6.59 )% | 15.06 % | 13.90 % | 1.10 %
Based on market price | 38.53 % | (10.39 )% | 20.63 % | 15.11 % | 0.63 %
Ratios to Average Net Assets |  |  |  |  |
Total expenses | 0.87 % | 0.85 % | 0.86 % | 0.87 % | 0.86 %
Total expenses after fees waived and/or reimbursed | 0.87 % | 0.85 % | 0.86 % | 0.85 % | 0.85 %
Net investment income | 1.99 % | 1.85 %(b) | 1.73 % | 1.91 % | 1.85 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $1,881,675 | $1,638,237 | $1,868,457 | $1,741,649 | $1,643,508
Portfolio turnover rate | 40 % | 34 % | 42 % | 33 % | 26 %

(a) | Based on average shares outstanding.
(b) | Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.14%, respectively, resulting from a special dividend.
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) | Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.
(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.

Shareholder Update
209

Shareholder Update(unaudited)(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand BME’s financial performance for the periods presented. Certain information reflects financial results for a single common share of BME.

| BME
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended
| 12/31/19 | 12/31/18 | 12/31/17 | 12/31/16 | 12/31/15
Net asset value, beginning of year | $35.87 | $35.69 | $31.30 | $36.19 | $38.61
Net investment income (loss)(a) | 0.06 | 0.07 | 0.02 | 0.02 | (0.06 )
Net realized and unrealized gain (loss) | 7.66 | 2.51 | 6.77 | (1.91 ) | 4.34
Net increase (decrease) from investment operations | 7.72 | 2.58 | 6.79 | (1.89 ) | 4.28
Distributions(b) |  |  |  |  |
From net investment income | (0.12 ) | (0.07 )(c) | (0.04 ) | (0.03 ) | (0.63 )
From net realized gain | (2.28 ) | (2.33 )(c) | (2.11 ) | (2.97 ) | (6.07 )
Return of capital | — | — | (0.25 ) | — | —
Total distributions | (2.40 ) | (2.40 ) | (2.40 ) | (3.00 ) | (6.70 )
Net asset value, end of year | $41.19 | $35.87 | $35.69 | $31.30 | $36.19
Market price, end of period year | $42.50 | $36.45 | $36.50 | $31.75 | $39.35
Total Return(d) |  |  |  |  |
Based on net asset value | 22.26 % | 7.26 % | 22.17 % | (5.36 )% | 10.70 %
Based on market price | 24.15 % | 6.57 % | 23.17 % | (11.71 )% | 8.87 %
Ratios to Average Net Assets(e) |  |  |  |  |
Total expenses | 1.09 % | 1.11 % | 1.12 % | 1.15 %(f) | 1.13 %
Total expenses after fees waived and/or reimbursed | 1.09 % | 1.11 % | 1.12 % | 1.14 % | 1.12 %
Net investment income (loss) | 0.16 % | 0.19 % | 0.06 % | 0.07 % | (0.14 )%
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $446,773 | $352,675 | $331,858 | $270,693 | $297,530
Portfolio turnover rate | 47 % | 37 % | 38 % | 59 % | 68 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.
(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) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

|  | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended
|  | 12/31/19 | 12/31/18 | 12/31/17 | 12/31/16 | 12/31/15
Investments in underlying funds |  | 0.01 % | 0.01 % | 0.01 % | — % | — %

(f) | Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.16%.

210
2024 BlackRock Annual Report to Shareholders

Shareholder Update(unaudited)(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand BST’s financial performance for the periods presented. Certain information reflects financial results for a single common share of BST.

| BST
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended
| 12/31/19 | 12/31/18 | 12/31/17 | 12/31/16 | 12/31/15
Net asset value, beginning of year | $26.21 | $27.73 | $20.10 | $19.70 | $19.43
Net investment income (loss)(a) | (0.17 ) | (0.13 ) | (0.05 ) | 0.00 (b) | 0.03
Net realized and unrealized gain | 9.92 | 0.37 | 8.96 | 1.60 | 1.44
Net increase from investment operations | 9.75 | 0.24 | 8.91 | 1.60 | 1.47
Distributions(c) |  |  |  |  |
From net investment income | — | — (d) | (0.05 ) | — | (0.03 )
From net realized gain | (3.51 ) | (1.76 )(d) | (0.22 ) | — | (0.01 )
Return of capital | — | — | (1.01 ) | (1.20 ) | (1.16 )
Total distributions | (3.51 ) | (1.76 ) | (1.28 ) | (1.20 ) | (1.20 )
Net asset value, end of year | $32.45 | $26.21 | $27.73 | $20.10 | $19.70
Market price, end of period year | $33.27 | $27.48 | $26.69 | $17.94 | $17.31
Total Return(e) |  |  |  |  |
Based on net asset value | 37.82 % | 0.24 % | 45.73 % | 9.36 % | 8.61 %
Based on market price | 34.77 % | 9.18 % | 57.15 % | 11.08 % | 5.36 %
Ratios to Average Net Assets |  |  |  |  |
Total expenses | 1.08 % | 1.09 % | 1.09 % | 1.10 % | 1.12 %
Total expenses after fees waived and/or reimbursed | 0.92 % | 0.89 % | 0.89 % | 0.90 % | 0.92 %
Net investment income (loss) | (0.52 )% | (0.43 )% | (0.19 )% | 0.02 % | 0.15 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $742,672 | $587,908 | $620,300 | $452,443 | $443,477
Portfolio turnover rate | 32 % | 53 % | 41 % | 74 % | 91 %

(a) | Based on average shares outstanding.
(b) | Amount is less than $0.005 per share.
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) | Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.
(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.

Shareholder Update
211

Shareholder Update(unaudited)(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand BUI’s financial performance for the periods presented. Certain information reflects financial results for a single common share of BUI.

| BUI
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended
| 12/31/19 | 12/31/18 | 12/31/17 | 12/31/16 | 12/31/15
Net asset value, beginning of year | $18.77 | $21.12 | $19.42 | $19.50 | $22.47
Net investment income(a) | 0.37 | 0.49 | 0.56 | 0.56 | 0.47
Net realized and unrealized gain (loss) | 4.33 | (1.39 ) | 2.59 | 0.81 | (1.99 )
Net increase (decrease) from investment operations | 4.70 | (0.90 ) | 3.15 | 1.37 | (1.52 )
Distributions(b) |  |  |  |  |
From net investment income | (0.24 ) | (0.63 )(c) | (0.47 ) | (0.49 ) | (0.42 )
From net realized gain | (1.06 ) | (0.81 )(c) | (0.98 ) | (0.53 ) | (0.54 )
Return of capital | (0.15 ) | (0.01 ) | — | (0.43 ) | (0.49 )
Total distributions | (1.45 ) | (1.45 ) | (1.45 ) | (1.45 ) | (1.45 )
Net asset value, end of year | $22.02 | $18.77 | $21.12 | $19.42 | $19.50
Market price, end of period year | $22.31 | $19.76 | $21.62 | $18.41 | $16.78
Total Return(d) |  |  |  |  |
Based on net asset value | 25.63 % | (4.40 )% | 16.62 % | 7.57 % | (6.09 )%
Based on market price | 20.91 % | (1.68 )% | 25.93 % | 18.50 % | (12.45 )%
Ratios to Average Net Assets |  |  |  |  |
Total expenses | 1.12 % | 1.12 % | 1.11 % | 1.13 % | 1.11 %
Total expenses after fees waived and/or reimbursed | 1.10 % | 1.09 % | 1.09 % | 1.13 % | 1.11 %
Net investment income | 1.78 % | 2.46 % | 2.70 % | 2.83 % | 2.24 %
Supplemental Data |  |  |  |  |
Net assets, end of year (000) | $383,337 | $318,933 | $357,776 | $328,297 | $329,747
Portfolio turnover rate | 39 % | 28 % | 31 % | 8 % | 20 %

(a) | Based on average shares outstanding.
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c) | Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.
(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.

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2024 BlackRock Annual Report to Shareholders

Automatic Dividend Reinvestment Plan
Pursuant to BGR, BDJ, BOE, BGY, CII, BMEZ, BME, BIGZ, BCX, BSTZ, BST and BUI’s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) in the respective Trust’s Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.
After BGR, BDJ, BOE, BGY, CII, BMEZ, BME, BIGZ, BCX, BSTZ, BST and BUI declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants’ accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Trusts (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market or on the Trust’s primary exchange (“open-market purchases”). If, on the dividend payment date, the net asset value (“NAV”) per share is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market premium”), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market discount”), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.
You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.
Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.
The Reinvestment Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent’s open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.
Each Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Trust reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in BMEZ, BIGZ, BST and BSTZ that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. Participants in BGR, BDJ, BOE, BGY, CII, BME, BCX and BUI that request a sale of shares are subject to a $0.02 per share sold brokerage commission. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 43006, Providence, RI 02940-3078, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 150 Royall Street, Suite 101, Canton, MA 02021.
Automatic Dividend Reinvestment Plan
213

Trustee and Officer Information

Independent Trustees(a)
Name Year of Birth(b) | Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years
R. Glenn Hubbard 1958 | Chair of the Board (Since 2022) Trustee (Since 2007) | Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. | 67 RICs consisting of 102 Portfolios | ADP (data and information services) from 2004 to 2020; Metropolitan Life Insurance Company (insurance); TotalEnergies SE (multi-energy)
W. Carl Kester(d) 1951 | Vice Chair of the Board (Since 2022) Trustee (Since 2007) | Baker Foundation Professor and George Fisher Baker Jr. Professor of Business Administration, Emeritus, Harvard Business School since 2022; George Fisher Baker Jr. Professor of Business Administration, Harvard Business School from 2008 to 2022; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. | 69 RICs consisting of 104 Portfolios | None
Cynthia L. Egan(d) 1955 | Trustee (Since 2016) | Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. | 69 RICs consisting of 104 Portfolios | Unum (insurance); The Hanover Insurance Group (Board Chair); Huntsman Corporation (Lead Independent Director and non-Executive Vice Chair of the Board) (chemical products)
Lorenzo A. Flores 1964 | Trustee (Since 2021) | Chief Financial Officer, Intel Foundry since 2024; Vice Chairman, Kioxia, Inc. from 2019 to 2024; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016. | 67 RICs consisting of 102 Portfolios | None
Stayce D. Harris 1959 | Trustee (Since 2021) | Lieutenant General, Inspector General of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020. | 67 RICs consisting of 102 Portfolios | KULR Technology Group, Inc. in 2021; The Boeing Company (airplane manufacturer)
J. Phillip Holloman 1955 | Trustee (Since 2021) | President and Chief Operating Officer, Cintas Corporation from 2008 to 2018. | 67 RICs consisting of 102 Portfolios | PulteGroup, Inc. (home construction); Vestis Corporation (uniforms and facilities services)
Catherine A. Lynch(d) 1961 | Trustee (Since 2016) | Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999. | 69 RICs consisting of 104 Portfolios | PennyMac Mortgage Investment Trust

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2024 BlackRock Annual Report to Shareholders

Trustee and Officer Information(continued)

Independent Trustees(a) (continued)
Name Year of Birth(b) | Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years
Arthur P. Steinmetz(d) 1958 | Trustee (Since 2023) | Trustee of Denison University since 2020; Consultant, Posit PBC (enterprise data science) since 2020; Director, ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief Executive Officer and President of OppenheimerFunds, Inc. from 2015, 2014 and 2013, respectively to 2019; Trustee, President and Principal Executive Officer of 104 OppenheimerFunds funds from 2014 to 2019; Portfolio manager of various OppenheimerFunds fixed income mutual funds from 1986 to 2014. | 69 RICs consisting of 104 Portfolios | Trustee of 104 OppenheimerFunds funds from 2014 to 2019

Interested Trustees(a)(e)
Name Year of Birth(b) | Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years
Robert Fairbairn 1965 | Trustee (Since 2018) | Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. | 95 RICs consisting of 268 Portfolios | None
John M. Perlowski(d) 1964 | Trustee (Since 2015) President and Chief Executive Officer (Since 2010) | Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 97 RICs consisting of 270 Portfolios | None

(a) | The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.
(b) | Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.
(c) | Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: R. Glenn Hubbard, 2004 and W. Carl Kester, 1995.
(d) | Ms. Egan, Dr. Kester, Ms. Lynch, Mr. Steinmetz and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.
(e) | Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex.

Trustee and Officer Information
215

Trustee and Officer Information(continued)

Officers Who Are Not Trustees(a)
Name Year of Birth(b) | Position(s) Held (Length of Service) | Principal Occupation(s) During Past 5 Years
Jonathan Diorio 1980 | Vice President (Since 2015) | Member of BlackRock’s Global Operating Committee since 2023; Managing Director of BlackRock, Inc. since 2015.
Trent Walker 1974 | Chief Financial Officer (Since 2021) | Managing Director of BlackRock, Inc. since 2019; Executive Vice President of PIMCO from 2016 to 2019.
Jay M. Fife 1970 | Treasurer (Since 2007) | Managing Director of BlackRock, Inc. since 2007.
Aaron Wasserman 1974 | Chief Compliance Officer (Since 2023) | Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex from 2014 to 2023.
Janey Ahn 1975 | Secretary (Since 2012) | Managing Director of BlackRock, Inc. since 2018.

(a) | The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.
(b) | Officers of the Trust serve at the pleasure of the Board.

Further information about the BME’s, BST’s and BUI’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 882-0052.

Effective April 11, 2024, Rosie Edwards is no longer a portfolio manager of BGY.
Effective March 14, 2024, Joseph Wolfe is no longer a portfolio manager of CII. Effective March 14, 2024, Ibrahim Kanan became a portfolio manager of CII. Mr. Kanan has been employed by BlackRock since 2014. Effective November 7, 2024, Todd Burnside is no longer a portfolio manager of CII. Effective November 7, 2024, Sam Console and Sally Du became portfolio managers of CII. Mr. Console and Ms. Du have been employed by BlackRock since 2014 and 2007, respectively.
Effective February 20, 2025, Christopher Accettella, Kyle McClements, and Phil Ruvinsky are no longer portfolio managers of BIGZ. Effective February 20, 2025, Reid Menge and Tony Kim became portfolio managers of BIGZ. Mr. Menge and Mr. Kim have been employed by BlackRock since 2014 and 2013, respectively.

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2024 BlackRock Annual Report to Shareholders

Additional Information
Proxy Results
The Annual Meeting of Shareholders was held on July 26, 2024 for shareholders of record on May 28, 2024 to elect trustee nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.
Shareholders elected the Class II Trustees as follows:

| J. Phillip Holloman | Arthur P. Steinmetz | Catherine A. Lynch
Trust Name | Votes For | Votes Withheld | Votes For | Votes Withheld | Votes For | Votes Withheld
BDJ | 143,488,755 | 6,376,865 | 144,450,054 | 5,415,566 | 143,597,909 | 6,267,711
BGR | 20,216,743 | 2,400,282 | 20,238,967 | 2,378,058 | 20,219,466 | 2,397,559
BOE | 50,282,224 | 3,716,839 | 51,175,698 | 2,823,365 | 50,329,810 | 3,669,253
BME | 10,554,546 | 336,544 | 10,597,301 | 293,789 | 10,544,663 | 346,427
BGY | 83,031,565 | 5,599,409 | 83,096,420 | 5,534,554 | 83,126,553 | 5,504,421
BCX | 63,445,771 | 5,524,627 | 63,856,742 | 5,113,656 | 63,504,741 | 5,465,657
BUI | 15,989,739 | 618,921 | 16,016,922 | 591,738 | 16,017,830 | 590,830
BST | 25,894,043 | 707,028 | 25,918,124 | 682,947 | 25,986,036 | 615,035

For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Cynthia L. Egan, Robert Fairbairn, Lorenzo A. Flores, Stayce D. Harris, R. Glenn Hubbard, W. Carl Kester and John M. Perlowski.
Shareholders elected the Class II Trustees as follows:

| R. Glenn Hubbard | W. Carl Kester | John M. Perlowski
Trust Name | Votes For | Votes Withheld | Votes For | Votes Withheld | Votes For | Votes Withheld
CII | 34,708,775 | 1,436,951 | 34,769,341 | 1,376,385 | 34,810,704 | 1,335,022

For the Trust listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Cynthia L. Egan, Robert Fairbairn, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, Arthur P. Steinmetz and Catherine A. Lynch.
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.
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 a 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.
Additional Information
217

Additional Information(continued)
Dividend Policy (continued)
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. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.
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, shareholder 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.
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.
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2024 BlackRock Annual Report to Shareholders

Additional Information(continued)
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
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
(a) For BGR, BOE, BGY, BCX and BUI.
(b) For BDJ, BME, BST and BUI.
Distributor
BlackRock Investments, LLC(b)
New York, NY 10001
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02110
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Trusts
100 Bellevue Parkway
Wilmington, DE 19809
Additional Information
219

Glossary of Terms Used in this Report

Currency Abbreviation
AUD | Australian Dollar
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
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
GDR | Global Depositary Receipt
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
SAP | Subject to Appropriations

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2024 BlackRock 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-BK9-12/24-AR

(b) Not Applicable

Item 2 – | Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.

Item 3 – | Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”) has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Lorenzo A. Flores

Catherine A. Lynch

Arthur P. Steinmetz

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – | Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

|  | (a) Audit Fees |  | (b) Audit-Related Fees1 |  | (c) Tax Fees2 |  | (d) All Other Fees
Entity Name |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End
BlackRock Enhanced Large Cap Core Fund, Inc. (formerly BlackRock Enhanced Capital and Income Fund) |  | $37,944 |  | $37,944 |  | $0 |  | $0 |  | $16,800 |  | $17,648 |  | $0 |  | $407

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations

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or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

|  | Current Fiscal Year End |  | Previous Fiscal Year End
(b) Audit-Related Fees1 |  | $0 |  | $0
(c) Tax Fees2 |  | $0 |  | $0
(d) All Other Fees3 |  | $2,149,000 |  | $2,154,000

1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3 Non-audit fees of $2,149,000 and $2,154,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

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(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name |  | Current Fiscal Year End |  | Previous Fiscal Year End
BlackRock Enhanced Large Cap Core Fund, Inc. (formerly BlackRock Enhanced Capital and Income Fund) |  | $16,800 |  | $18,055

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year End |  | Previous Fiscal Year End
$2,149,000 |  | $2,154,000

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

Item 5 – | Audit Committee of Listed Registrant

(a) The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Lorenzo A. Flores

J. Phillip Holloman

Catherine A. Lynch

Arthur P. Steinmetz

(b) Not Applicable

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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 – Not Applicable

Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Closed-End Fund Proxy Voting Policy. The Investment Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the “BAIS Guidelines”) with respect to certain funds, including the Fund. Copies of the Closed-End Fund Proxy Voting Policy and the BAIS Guidelines are attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 882-0052, (ii) at www.blackrock.com and (iii) on the SEC’s website at http://www.sec.gov.

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, Ibrahim Kanan, Managing Director at BlackRock, Saverio (Sam) Console, Director at Blackrock and Sally Du, CFA, Director at Blackrock. Messrs. McClements, Accettella, Kanan and Console and Ms. Du are the Fund’s portfolio managers and jointly responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Messrs. McClements, Accettella, Kanan and Console and Ms. Du have been members of the Fund’s portfolio management team since 2009, 2012 and 2024, respectively.

Portfolio Manager |  | Biography
Kyle G. McClements, CFA |  | Managing Director of BlackRock since 2009; Director of BlackRock, Inc. from 2006 to 2008; Vice President of BlackRock, Inc. in 2005; Vice President of State Street Research & Management from 2004 to 2005.

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Portfolio Manager |  | Biography
Christopher Accettella |  | Director of BlackRock since 2008; Vice President of BlackRock, Inc. from 2005 to 2008.
Ibrahim Kanan |  | Managing Director of BlackRock since 2024; Director of BlackRock from 2019 to 2023.
Sam Console |  | Director of BlackRock since 2014.
Sally Du, CFA |  | Director of BlackRock since 2019.

(a)(2) As of December 31, 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
Kyle G. McClements, CFA |  | 16 |  | 18 |  | 0 |  | 0 |  | 0 |  | 0
|  | $14.81 Billion |  | $3.51 Billion |  | $0 |  | $0 |  | $0 |  | $0
Christopher Accettella |  | 16 |  | 15 |  | 0 |  | 0 |  | 0 |  | 0
|  | $14.81 Billion |  | $2.09 Billion |  | $0 |  | $0 |  | $0 |  | $0
Ibrahim Kanan |  | 1 |  | 5 |  | 3 |  | 0 |  | 0 |  | 1
|  | $7.47 Million |  | $2.35 Billion |  | $199.2 Million |  | $0 |  | $0 |  | $57.53 Million
Sam Console |  | 1 |  | 5 |  | 0 |  | 0 |  | 0 |  | 0
|  | $7.47 Million |  | $2.35 Billion |  | $0 |  | $0 |  | $0 |  | $0
Sally Du, CFA |  | 1 |  | 5 |  | 0 |  | 0 |  | 0 |  | 0
|  | $7.47 Million |  | $2.35 Billion |  | $0 |  | $0 |  | $0 |  | $0

(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

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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 managers of this Fund are 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 December 31, 2024:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of December 31, 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 - Messrs. Console and Kanan and Ms. Du. 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:

Portfolio Managers |  | Benchmark
Saverio (Sam) Console |  | Russell 1000 Growth Index; Russell MidCap Growth Index
Sally Du, CFA |  | S&P 500 Index; ICE BofA US 3-month Treasury Bill Index; Russell 1000
Ibrahim Kanan |  | Russell 1000 Index; Russell 1000 Value Index; S&P 500 Index

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Discretionary Incentive Compensation - Messrs. Accettella and McClements. 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 or strategies under management or supervision by that portfolio manager, and/or 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, other accounts or strategies managed by each portfolio manager. Performance is generally measured on a pre-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. The performance of some funds, other accounts or strategies may not be measured against a specific benchmark. The performance of Messrs. Accetella and McClements is not measured against a specific benchmark.

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 managers of this Fund have 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

7

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 December 31, 2024.

Portfolio Manager |  | Dollar Range of Equity Securities of the Fund Beneficially Owned |  |
Kyle G. McClements, CFA |  | $100,001 - $500,000
Christopher Accettella |  | $1 - $10,000
Ibrahim Kanan |  | None
Saverio (Sam) Console |  | None
Sally Du, CFA |  | 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.

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Item 17 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(a) The following table shows the dollar amounts of income, and dollar amounts of fees and/or compensation paid, relating to the Fund’s securities lending activities during the fiscal year ended December 31, 2024.

BlackRock Enhanced Large Cap Core Fund, Inc.

(formerly BlackRock Enhanced Capital and Income Fund)

(1) |  | Gross income from securities lending activities |  | $ | 83,466 |
(2) |  | Fees and/or compensation for securities lending activities and related services |  |  |  |
|  | a. |  | Securities lending income paid to BIM for services as securities lending agent |  |  | 589 |
|  | b. |  | Collateral management expenses (including fees deducted from a polled cash collateral vehicle) not included in (a) |  |  | 619 |
|  | c. |  | Administrative fees not included in (a) |  |  | 0 |
|  | d. |  | Indemnification fees not included in (a) |  |  | 0 |
|  | e. |  | Rebate (paid to borrowers) |  |  | 79,383 |
|  | f. |  | Other fees not included in (a) |  |  | 0 |
(3) |  | Aggregate fees/compensation for securities lending activities |  | $ | 80,591 |
(4) |  | Net income from securities lending activities |  | $ | 2,875 |

(b) BlackRock Investment Management, LLC (“BIM”) serves as securities lending agent for the Fund and in that role administers the Fund’s securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Fund and BIM.

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

Item 19 – | Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

(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

9

(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.

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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 Large Cap Core Fund, Inc. (formerly BlackRock Enhanced Capital and Income Fund, Inc.)

|  | By: |  | /s/ John M. Perlowski
|  |  |  | John M. Perlowski
|  |  |  | Chief Executive Officer (principal executive officer) of
|  |  |  | BlackRock Enhanced Large Cap Core Fund, Inc. (formerly BlackRock Enhanced Capital and Income Fund, Inc.)

Date: February 26, 2025

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 Large Cap Core Fund, Inc. (formerly BlackRock Enhanced Capital and Income Fund, Inc.)

Date: February 26, 2025

|  | By: |  | /s/ Trent Walker
|  |  |  | Trent Walker
|  |  |  | Chief Financial Officer (principal financial officer) of
|  |  |  | BlackRock Enhanced Large Cap Core Fund, Inc. (formerly BlackRock Enhanced Capital and Income Fund, Inc.)

Date: February 26, 2025

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