N-CSR 1 d37462dncsr.htm BLACKROCK ENHANCED GLOBAL DIVIDEND TRUST

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: 811-21729

Name of Fund: BlackRock Enhanced Global Dividend Trust (BOE)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Enhanced Global Dividend Trust, 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2020

Date of reporting period: 12/31/2020

Item 1 – Report to Stockholders

| (a) | The Report to Shareholders is attached herewith.

|  | DECEMBER 31, 2020

|  | 2020 Annual Report

BlackRock Energy and Resources Trust (BGR)

BlackRock Enhanced Capital and Income Fund, Inc. (CII)

BlackRock Enhanced Equity Dividend Trust (BDJ)

BlackRock Enhanced Global Dividend Trust (BOE)

BlackRock Enhanced International Dividend Trust (BGY)

BlackRock Health Sciences Trust (BME)

BlackRock Health Sciences Trust II (BMEZ)

BlackRock Resources & Commodities Strategy Trust (BCX)

BlackRock Science and Technology Trust (BST)

BlackRock Science and Technology Trust II (BSTZ)

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information (unaudited)

Section 19(a) Notices

BlackRock Energy and Resources Trust’s (BGR), BlackRock Enhanced Capital and Income Fund, Inc.’s (CII), BlackRock Enhanced Equity Dividend Trust’s (BDJ), BlackRock Enhanced Global Dividend Trust’s (BOE), BlackRock Enhanced International Dividend Trust’s (BGY), BlackRock Health Sciences Trust’s (BME), BlackRock Health Sciences Trust II’s (BMEZ), BlackRock Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Trust’s (BST), BlackRock Science and Technology Trust II’s (BSTZ) 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 to you 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, 2020

|  | Total Cumulative Distributions for the Fiscal Period |  |  | % Breakdown of the Total Cumulative Distributions for the Fiscal Period |
Trust Name |  |  | Net Investment Income |  |  |  | Net Realized Capital Gains Short-Term |  |  |  | Net Realized Capital Gains Long-Term |  |  |  | Return of Capital | (a) |  |  | Total Per Common Share |  |  |  | Net Investment Income |  |  |  | Net Realized Capital Gains Short-Term |  |  |  | Net Realized Capital Gains Long-Term |  |  |  | Return of Capital |  |  |  | Total Per Common Share |
BGR |  | $ | 0.317261 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.340439 |  |  | $ | 0.657700 |  |  |  | 48 | % |  |  | — | % |  |  | — | % |  |  | 52 | % |  |  | 100 | %
CII |  |  | 0.134480 |  |  |  | — |  |  |  | 0.585029 |  |  |  | 0.330491 |  |  |  | 1.050000 |  |  |  | 13 |  |  |  | — |  |  |  | 56 |  |  |  | 31 |  |  |  | 100 |
BDJ |  |  | 0.294002 |  |  |  | — |  |  |  | 0.208908 |  |  |  | 0.097090 |  |  |  | 0.600000 |  |  |  | 49 |  |  |  | — |  |  |  | 35 |  |  |  | 16 |  |  |  | 100 |
BOE |  |  | 0.265620 |  |  |  | — |  |  |  | — |  |  |  | 0.490380 |  |  |  | 0.756000 |  |  |  | 35 |  |  |  | — |  |  |  | — |  |  |  | 65 |  |  |  | 100 |
BGY |  |  | 0.117881 |  |  |  | — |  |  |  | — |  |  |  | 0.287719 |  |  |  | 0.405600 |  |  |  | 29 |  |  |  | — |  |  |  | — |  |  |  | 71 |  |  |  | 100 |
BME |  |  | — |  |  |  | — |  |  |  | 1.186350 |  |  |  | 1.213650 |  |  |  | 2.400000 |  |  |  | — |  |  |  | — |  |  |  | 49 |  |  |  | 51 |  |  |  | 100 |
BMEZ |  |  | — |  |  |  | 0.900000 |  |  |  | — |  |  |  | — |  |  |  | 0.900000 |  |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | — |  |  |  | 100 |
BCX |  |  | 0.202689 |  |  |  | — |  |  |  | — |  |  |  | 0.323711 |  |  |  | 0.526400 |  |  |  | 39 |  |  |  | — |  |  |  | — |  |  |  | 61 |  |  |  | 100 |
BST |  |  | — |  |  |  | — |  |  |  | 0.898847 |  |  |  | 1.151653 |  |  |  | 2.050500 |  |  |  | — |  |  |  | — |  |  |  | 44 |  |  |  | 56 |  |  |  | 100 |
BSTZ |  |  | — |  |  |  | — |  |  |  | 0.152635 |  |  |  | 1.092365 |  |  |  | 1.245000 |  |  |  | — |  |  |  | — |  |  |  | 12 |  |  |  | 88 |  |  |  | 100 |
BUI |  |  | 0.309181 |  |  |  | — |  |  |  | 0.285086 |  |  |  | 0.857733 |  |  |  | 1.452000 |  |  |  | 21 |  |  |  | — |  |  |  | 20 |  |  |  | 59 |  |  |  | 100 |

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

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at blackrock.com.

Section 19(b) Disclosure

The Trusts, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Trustees (the “Board”), each have 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:

Exchange Symbol |  | Amount Per Common Share |
BGR |  | $ | 0.0375 |
CII |  |  | 0.0875 |
BDJ |  |  | 0.0500 |
BOE |  |  | 0.0630 |
BGY |  |  | 0.0338 |
BME |  |  | 0.2000 |
BMEZ |  |  | 0.1000 |
BCX |  |  | 0.0400 |
BST |  |  | 0.1870 |
BSTZ |  |  | 0.1150 |
BUI |  |  | 0.1210 |

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 investment income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net investment 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 each 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 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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 BME, BST and BUI’s prospectuses for a more complete description of each Trust’s risks.

S U P P L E M E N T A L I N F O R M A T I O N |  | 3

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of December 31, 2020 has been a time of sudden change in global financial markets, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. The threat from the coronavirus became increasingly apparent throughout February and March 2020, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following a series of successful vaccine trials and passage of additional stimulus. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities from developed economies grew at a more modest pace, lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, and posted solid returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to accelerate as vaccination efforts get under way. The results of the U.S. elections also cleared the way for additional stimulus spending in 2021, which is likely to be a solid tailwind for economic growth. Inflation should increase as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in both equities and credit. We see U.S. and Asian equities benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. In credit, rising inflation should provide tailwinds for inflation-protected bonds, and Euro area peripherals and Asian bonds also provide attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of December 31, 2020
|  | 6-Month |  | 12-Month
U.S. large cap equities (S&P 500® Index) |  | 22.16% |  | 18.40%
U.S. small cap equities (Russell 2000® Index) |  | 37.85 |  | 19.96
International equities (MSCI Europe, Australasia, Far East Index) |  | 21.61 |  | 7.82
Emerging market equities (MSCI Emerging Markets Index) |  | 31.14 |  | 18.31
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |  | 0.07 |  | 0.67
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |  | (1.87) |  | 10.58
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index) |  | 1.29 |  | 7.51
Tax-exempt municipal bonds (S&P Municipal Bond Index) |  | 2.92 |  | 4.95
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index) |  | 11.32 |  | 7.05
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

4 |  | T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

‘Table of Contents

|  | Page |
Supplemental Information |  |  | 2 |
The Markets in Review |  |  | 4 |
Annual Report: |  |  |  |
Option Over-Writing Strategy |  |  | 6 |
Derivative Financial Instruments |  |  | 6 |
Trust Summary |  |  | 7 |
Financial Statements: |  |  |  |
Schedules of Investments |  |  | 41 |
Statements of Assets and Liabilities |  |  | 125 |
Statements of Operations |  |  | 128 |
Statements of Changes in Net Assets |  |  | 131 |
Statements of Cash Flows |  |  | 137 |
Financial Highlights |  |  | 140 |
Notes to Financial Statements |  |  | 151 |
Report of Independent Registered Public Accounting Firm |  |  | 163 |
Important Tax Information |  |  | 164 |
Investment Objectives, Policies and Risks |  |  | 165 |
Automatic Dividend Reinvestment Plan |  |  | 188 |
Trustee and Officer Information |  |  | 189 |
Additional Information |  |  | 192 |
Glossary of Terms Used in this Report |  |  | 196 |

|  | 5

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. 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.

6 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 |  | BlackRock Energy and Resources Trust (BGR)

Investment Objective

BlackRock Energy and ResourcesTrust’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, 2020 ($7.10)(a) |  | 6.34%
Current Monthly Distribution per Common Share(b) |  | $0.0375
Current Annualized Distribution per Common Share(b) |  | $0.4500

| (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 does not guarantee 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

|  | 12/31/20 |  |  | 12/31/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 7.10 |  |  | $ | 11.88 |  |  |  | (40.24 | )% |  | $ | 12.66 |  |  | $ | 4.17 |
Net Asset Value |  |  | 8.17 |  |  |  | 12.57 |  |  |  | (35.00 | ) |  |  | 12.82 |  |  |  | 5.15 |

Market Price and Net Asset Value History for the Past Five Years

T R U S T S U M M A R Y |  | 7

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Energy and Resources Trust (BGR)

Performance and Portfolio Management Commentary

Returns for the twelve months ended December 31, 2020 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BGR(a)(b) |  |  | (34.74) | % |  |  | (29.03) | %
MSCI World Energy Call Overwrite Index(c) |  |  | N/A |  |  |  | (34.62) |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |

| (b) | The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | MSCI World Energy Call Overwrite Index incorporates an option overlay component on the MSCI World Energy Index with a 33% overwrite level. |

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

Energy prices fell sharply in the first quarter of 2020, when concerns about the economic impact of COVID-19 led to a significant deterioration of the demand outlook. In combination with the stock market downturn that occurred in February and March, this development resulted in poor returns for energy-related equities. The sector remained under pressure through the year’s second and third quarter calendar quarters despite a gradual improvement in the economic outlook, but it staged an impressive rally in November 2020 following the approval of a vaccine for COVID-19. Still, the category finished with a sizable loss due to the extent of its earlier decline.

Consistent with this environment, the Trust produced a negative absolute return in 2020. However, a number of holdings helped it to outperform on a relative basis. One such investment was Williams Cos., Inc., a provider of gas pipeline services that outpaced the broader energy sector due to stable natural gas transportation volumes. The Trust also benefited from its zero weightings in Occidental Petroleum Corp. and Schlumberger Ltd., both of which finished the year with sizable losses. An overweight position in Cairn Energy PLC, which was boosted by a favorable legal development, was also a large contributor.

On the other hand, a zero weighting in Neste Oyj was the largest detractor from relative performance. The Norwegian refiner has a strong position in renewable diesel and has been benefiting from environmental, social and governance flows and optimism regarding its long-term growth prospects. An underweight position in the pipeline company Enbridge, Inc., which proved resilient relative to the sector as a whole, also detracted. Among stocks the Trust held, Marathon Petroleum Corp. and Suncor Energy, Inc. were notable detractors.

The Trust utilized an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s option overlay strategy contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

The investment adviser adopted a more defensive approach in early March 2020 given the risks to oil demand stemming from the coronavirus. The investment adviser sought to achieve this by remaining focused on high-quality producers it saw as having asset bases and balance sheets strong enough to weather the near-term challenges and emerge well-positioned for an eventual upturn. Toward the end of the year, the investment adviser looked to capitalize on weakness by adding to its weighting in international oil companies. In addition, the investment adviser rotated the portfolio’s positioning in the exploration and production (“E&P”) space and looked to add to some of its positions in companies that are engaging in value-accretive merger-and-acquisition transactions.

Describe portfolio positioning at period end.

The integrated energy sub-sector represented the Trust’s largest allocation, followed by the E&P, distribution, refining & marketing and oil services industries, respectively.

As of December 31, 2020, the Trust had in place an option overwriting program whereby 37.3% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 4.4% out of the money) with an average time until expiration of 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.

8 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Energy and Resources Trust (BGR)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Chevron Corp. |  |  | 14 | %
Royal Dutch Shell PLC, Class A |  |  | 11 |
Total SA |  |  | 11 |
BP PLC |  |  | 6 |
Exxon Mobil Corp. |  |  | 5 |
ConocoPhillips |  |  | 5 |
TC Energy Corp. |  |  | 4 |
Suncor Energy, Inc. |  |  | 4 |
Kinder Morgan, Inc. |  |  | 3 |
Williams Cos., Inc. |  |  | 3 |

INDUSTRY COMPOSITION |
Industry(a)(b) |  | 12/31/20 |  |  | 12/31/19 |
Oil, Gas & Consumable Fuels |  |  | 96 | % |  |  | 97 | %
Energy Equipment & Services |  |  | 4 |  |  |  | 3 |

(a) | Excludes short-term securities and options written.

(b) | For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

T R U S T S U M M A R Y |  | 9

Trust Summary as of December 31, 2020 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Investment Objective

BlackRock Enhanced Capital and Income Fund, Inc.’s (CII) (the “Trust”) investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment objective by investing in a portfolio of equity securities of U.S. and foreign issuers. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information

Symbol on New York Stock Exchange |  | CII
Initial Offering Date |  | April 30, 2004
Current Distribution Rate on Closing Market Price as of December 31, 2020 ($17.40)(a) |  | 6.03%
Current Monthly Distribution per Common Share(b) |  | $0.0875
Current Annualized Distribution per Common Share(b) |  | $1.0500

| (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 does not guarantee 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

|  | 12/31/20 |  |  | 12/31/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  |  | $ 17.40 |  |  |  | $ 17.25 |  |  |  | 0.87 | % |  |  | $ 17.86 |  |  |  | $ 9.56 |
Net Asset Value |  |  | 19.12 |  |  |  | 17.96 |  |  |  | 6.46 |  |  |  | 19.12 |  |  |  | 12.31 |

Market Price and Net Asset Value History for the Past Five Years

10 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Performance and Portfolio Management Commentary

Returns for the twelve months ended December 31, 2020 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
CII(a)(b) |  |  | 7.97 | % |  |  | 13.94 | %
MSCI USA Call Overwrite Index(c) |  |  | N/A |  |  |  | 9.00 |

| (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) | MSCI USA Call Overwrite Index incorporates an option overlay component on the MSCI USA Index with a 55% overwrite level. |

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

In the equity allocation of the Trust, the largest contribution to relative performance came from stock selection and allocation decisions in the industrials sector. Most notably, stock selection in the construction & engineering industry and an overweight allocation to aerospace & defense proved beneficial. Within the real estate sector, underweight exposure to equity real estate investment trusts (“REITs”) and overweight exposure to the real estate management & development industry boosted relative return. An underweight exposure to utilities, primarily in the electric utilities and multi-utilities industries, provided an additional tailwind. Other notable contributors included underweight exposure to financials and stock selection in the materials sector.

Conversely, the largest detractor from relative performance was stock selection in the consumer discretionary sector. In particular, selection decisions in automobiles and in the internet & direct marketing retail industry weighed on relative return. Within the energy sector, underweight exposure to and stock selection in the oil, gas & consumable fuels industry hurt relative performance. Other modest detractors included stock selection in health care and an underweight allocation to information technology (“IT”).

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option overlay strategy contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

The Trust increased its exposure to the IT and consumer discretionary sectors. Conversely, the Trust reduced its exposure to health care and energy.

Describe portfolio positioning at period end.

In the equity portion of the portfolio, the Trust’s largest allocations relative to the benchmark were in the communication services, consumer discretionary and financials sectors. Conversely, the Trust’s largest relative underweights were in the utilities, health care and consumer staples sectors.

As of December 31, 2020, the Trust had an option overwriting program in place whereby 51% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 3.8% out of the money) with an average time until expiration of 50 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

T R U S T S U M M A R Y |  | 11

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Apple, Inc. |  |  | 7 | %
Microsoft Corp. |  |  | 7 |
Alphabet, Inc. |  |  | 5 |
Amazon.com, Inc. |  |  | 4 |
Facebook, Inc. |  |  | 3 |
Visa, Inc. |  |  | 3 |
UnitedHealth Group, Inc. |  |  | 3 |
Berkshire Hathaway, Inc. |  |  | 3 |
Comcast Corp. |  |  | 3 |
Corteva, Inc. |  |  | 2 |

SECTOR ALLOCATION

Sector(a)(b) |  | 12/31/20 |  |  | 12/31/19 |
Information Technology |  |  | 29 | % |  |  | 21 | %
Consumer Discretionary |  |  | 14 |  |  |  | 12 |
Communication Services |  |  | 14 |  |  |  | 13 |
Financials |  |  | 12 |  |  |  | 13 |
Health Care |  |  | 11 |  |  |  | 14 |
Industrials |  |  | 8 |  |  |  | 9 |
Consumer Staples |  |  | 5 |  |  |  | 7 |
Materials |  |  | 3 |  |  |  | 3 |
Energy |  |  | 3 |  |  |  | 6 |
Real Estate |  |  | 1 |  |  |  | — |
Utilities |  |  | — |  |  |  | 2 |

(a) | Excludes short-term securities and options written.

(b) | For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

12 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 |  | 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 employing a strategy of writing (selling) call and put options. The Trust invests, under normal market conditions, at least 80% of its total assets in dividend paying equities. 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, 2020 ($8.47)(a) |  | 7.08%
Current Monthly Distribution per Common Share(b) |  | $0.0500
Current Annualized Distribution per Common Share(b) |  | $0.6000

| (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 does not guarantee 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

|  | 12/31/20 |  |  | 12/31/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  |  | $ 8.47 |  |  |  | $ 9.92 |  |  |  | (14.62) | % |  |  | $ 9.97 |  |  |  | $ 4.65 |
Net Asset Value |  |  | 9.35 |  |  |  | 10.03 |  |  |  | (6.78) |  |  |  | 10.13 |  |  |  | 6.22 |

Market Price and Net Asset Value History for the Past Five Years

T R U S T S U M M A R Y |  | 13

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Performance and Portfolio Management Commentary

Returns for the twelve months ended December 31, 2020 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BDJ(a)(b) |  |  | (7.70) | % |  |  | 0.77 | %
MSCI USA Value Call Overwrite Index(c) |  |  | N/A |  |  |  | (6.07) |

| (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) | MSCI USA Value Call Overwrite Index incorporates an option overlay component on the MSCI USA Value Index with a 55% overwrite level. |

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

The largest contributions to relative performance during the 12-month period derived from stock selection and allocation decisions within the information technology (“IT”) sector. Notably, stock selection and an overweight to the technology hardware, storage & peripherals industry proved beneficial. Overweight exposure to software as well as stock selection within the IT services industry also boosted relative performance. Within consumer discretionary, strong stock selection in the specialty retail industry added to relative return. Other notable contributors included an underweight to real estate and stock selection within the energy sector.

The largest detractor from relative performance came from stock selection and allocation decisions in the utilities sector. In particular, selection in electric utilities weighed on relative return, as did an underweight to multi-utilities. Within industrials, underweights to both the machinery and air freight & logistics industries detracted from relative performance. Other modest detractors included stock selection in financials and an underweight to materials.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option writing strategy contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

During the period, a combination of portfolio trading activity and market price changes resulted in increased exposure to the IT, utilities and consumer staples sectors. Conversely, the Trust‘s exposures to energy, health care and industrials were reduced.

Describe portfolio positioning at period end.

The Trust’s largest allocations on an absolute basis were in the financials, health care and IT sectors. Relative to the benchmark, the Trust’s largest overweight positions were in the financials, energy and communication services sectors. Conversely, the Trust’s largest relative underweights were in the industrials, real estate and consumer staples sectors.

As of December 31, 2020, the Trust had an option overwriting program in place whereby 53% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 3.1% out of the money) with an average time until expiration of 51 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

14 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Citigroup, Inc. |  |  | 4 | %
Verizon Communications, Inc. |  |  | 3 |
Bank of America Corp. |  |  | 3 |
Anthem, Inc. |  |  | 3 |
Wells Fargo & Co. |  |  | 3 |
American International Group, Inc. |  |  | 3 |
Comcast Corp. |  |  | 3 |
Cisco Systems, Inc. |  |  | 2 |
Samsung Electronics Co. Ltd. |  |  | 2 |
Medtronic PLC |  |  | 2 |

SECTOR ALLOCATION

Sector(a)(b) |  | 12/31/20 |  |  | 12/31/19 |
Financials |  |  | 28 | % |  |  | 29 | %
Health Care |  |  | 18 |  |  |  | 19 |
Information Technology |  |  | 13 |  |  |  | 9 |
Consumer Staples |  |  | 9 |  |  |  | 7 |
Energy |  |  | 7 |  |  |  | 10 |
Industrials |  |  | 7 |  |  |  | 8 |
Communication Services |  |  | 7 |  |  |  | 8 |
Consumer Discretionary |  |  | 5 |  |  |  | 6 |
Utilities |  |  | 4 |  |  |  | 3 |
Materials |  |  | 2 |  |  |  | 1 |

(a) | Excludes short-term securities and options written.

(b) | For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

T R U S T S U M M A R Y |  | 15

Trust Summary as of December 31, 2020 |  | 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, 2020 ($10.91)(a) |  | 6.93%
Current Monthly Distribution per Common Share(b) |  | $0.0630
Current Annualized Distribution per Common Share(b) |  | $0.7560

| (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 does not guarantee 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

|  | 12/31/20 |  |  | 12/31/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  |  | $ 10.91 |  |  |  | $ 10.99 |  |  |  | (0.73) | % |  |  | $ 11.25 |  |  |  | $ 7.00 |
Net Asset Value |  |  | 12.28 |  |  |  | 12.32 |  |  |  | (0.32) |  |  |  | 12.41 |  |  |  | 8.34 |

Market Price and Net Asset Value History for the Past Five Years

16 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Enhanced Global Dividend Trust (BOE)

Performance and Portfolio Management Commentary

Returns for the twelve months ended December 31, 2020 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BOE(a)(b) |  |  | 7.22 | % |  |  | 7.65 | %
MSCI ACWI Call Overwrite Index(c) |  |  | N/A |  |  |  | 6.78 |

| (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) | MSCI ACWI Call Overwrite Index incorporates an option overlay component on the MSCI ACWI Index with a 45% overwrite level. |

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

The Trust’s lack of exposure to the energy sector, particularly the oil, gas and consumable fuels industry, contributed to return during the 12-month period. Stock selection within the industrials sector, most notably within building products, also boosted relative performance. In addition, a lack of exposure to the real estate sector contributed to relative performance. At the security level, the Trust’s position in U.S.-based software company Palantir Technologies, Inc. was the top individual contributor during the period. Palantir had a strong debut with its September 2020 initial public offering, and its shares continued to rise during the remainder of the year. In addition, holdings in ventilation systems manufacturer Carrier Global Corp. represented a strong contributor during the period, as the company’s shares rallied on strong earnings growth, increased margins and a raised earnings forecast. Finally, the Trust’s position in the U.S. biotechnology company AbbVie, Inc. was another significant contributor. AbbVie’s shares rose after the company reported strong financial results, with sales for a number of its products exceeding market expectations.

Stock selection within and an underweight to information technology (“IT”), particularly a lack of holdings within the technology hardware, storage and peripherals industry, represented the largest detractor from performance. Stock selection within and an underweight to the consumer discretionary sector, especially within the internet & direct marketing retail industry, also detracted, as did selection within the communication services sector. At the security level, the Trust’s lack of exposure to technology mega-caps Apple, Inc. and Amazon.com, Inc. were two of the largest individual detractors during the period. Both companies represent large positions in the benchmark and performed very strongly during 2020. Additionally, the Trust’s underweight to Microsoft Corp. detracted as the company performed well over the period.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

During the period, the Trust added exposure to the IT sector, mainly within the IT services and software industries. Exposure to the industrials sector also was added, especially within the trading companies & distributors industry. Conversely, positioning within health care was reduced, especially among pharmaceutical stocks. The investment adviser also trimmed exposure to the consumer discretionary sector, mainly within the distributors industry.

Describe portfolio positioning at period end.

At the end of the period, the Trust’s largest sector exposures were in health care and IT, driven by holdings in the pharmaceuticals and IT services industries, respectively. The Trust had no exposure to real estate, utilities or energy at period end. Regionally, the majority of the portfolio was listed in the United States or Europe, with significant exposure in the United Kingdom.

As of December 31, 2020, the Trust had an option overwriting program in place whereby 43% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 2.7% out of the money) with an average time until expiration of 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.

T R U S T S U M M A R Y |  | 17

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Enhanced Global Dividend Trust (BOE)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Sanofi |  |  | 4 | %
Microsoft Corp. |  |  | 4 |
TELUS Corp. |  |  | 3 |
Paychex, Inc. |  |  | 3 |
Comcast Corp. |  |  | 3 |
Texas Instruments, Inc. |  |  | 3 |
Visa, Inc. |  |  | 3 |
Philip Morris International, Inc. |  |  | 3 |
Lockheed Martin Corp. |  |  | 3 |
Unilever PLC |  |  | 3 |

GEOGRAPHIC ALLOCATION

Country/Geographic Region |  | 12/31/20 |  |  | 12/31/19 |
United States |  |  | 56 | % |  |  | 53 | %
United Kingdom |  |  | 18 |  |  |  | 13 |
France |  |  | 4 |  |  |  | 4 |
Switzerland |  |  | 4 |  |  |  | 7 |
Canada |  |  | 3 |  |  |  | 7 |
Singapore |  |  | 3 |  |  |  | 3 |
Netherlands |  |  | 2 |  |  |  | 3 |
Spain |  |  | 2 |  |  |  | — |
Taiwan |  |  | 2 |  |  |  | 1 |
Australia |  |  | 2 |  |  |  | 3 |
Denmark |  |  | 1 |  |  |  | 2 |
Germany |  |  | 1 |  |  |  | 2 |
Ireland |  |  | 1 |  |  |  | — |
Finland |  |  | 11 |  |  |  |  |
India |  |  | — | (b) |  |  | — |
Japan |  |  | — |  |  |  | — | (b)
Sweden |  |  | — |  |  |  | 1 |

(a) Excludes short-term securities and options written.

(b) Rounds to less than 1% of long-term investments.

18 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 |  | 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, 2020 ($5.87)(a) |  | 6.91%
Current Monthly Distribution per Common Share(b) |  | $0.0338
Current Annualized Distribution per Common Share(b) |  | $0.4056

| (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 does not guarantee 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

|  | 12/31/20 |  |  | 12/31/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 5.87 |  |  | $ | 5.89 |  |  |  | (0.34) | % |  | $ | 5.96 |  |  | $ | 3.73 |
Net Asset Value |  |  | 6.49 |  |  |  | 6.47 |  |  |  | 0.31 |  |  |  | 6.52 |  |  |  | 4.60 |

Market Price and Net Asset Value History for the Past Five Years

T R U S T S U M M A R Y |  | 19

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Enhanced International Dividend Trust (BGY)

Performance and Portfolio Management Commentary

Returns for the twelve months ended December 31, 2020 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BGY(a)(b) |  |  | 7.49 | % |  |  | 8.18 | %
MSCI ACWI ex USA Call Overwrite Index(c) |  |  | N/A |  |  |  | 1.53 |

| (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) | MSCI ACWI ex USA Call Overwrite Index incorporates an option overlay component on the MSCI ACWI ex USA Index with a 45% overwrite level. |

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

During the 12-month period, the Trust’s lack of exposure to the financials sector, particularly to banks and diversified financial services, contributed to return. An overweight to health care, especially within health care equipment and supplies, also added to performance, as did a lack of exposure to the energy sector. At the security level, the Trust’s position in Taiwan Semiconductor Manufacturing Co. Ltd. was the largest individual contributor during the period. The company experienced a strong year due to robust global demand for semiconductor chips based on increased technology usage by consumers and businesses. Lastly, the Trust’s holdings in Finnish engineering firm Kone OYJ represented a strong contributor as the company benefited from strong cash flows and growth in its Asian business due to strength in the Chinese market.

Conversely, stock selection within and an underweight to consumer discretionary, particularly a lack of holdings within the internet and direct marketing retail industry, represented the largest detractor from return. An underweight to the information technology (“IT”) sector, especially within the technology hardware, storage and peripherals industry, also detracted, as did stock selection within communication services. At the security level, the Trust’s exposure to Swedish communications company Tele2 AB was the largest detractor. Tele2 reported lackluster results during the fourth quarter of 2020 and was negatively affected by declining business-to-business revenue. Finally, the Trust’s holdings in United Overseas Bank Ltd. (Singapore) detracted from performance as declining interest rates negatively affected the bank’s net interest margins.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

During the period, the Trust added exposure to the IT sector, mainly within the IT services and semiconductors industries. Exposure to financials was also increased, especially within banks. Conversely, holdings in communication services were reduced, particularly among wireless communications companies. The investment adviser also trimmed exposure to the health care sector, mainly within pharmaceuticals stocks.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector exposures were in health care and consumer staples, driven by the pharmaceuticals and household products industries. The Trust had no exposure to the real estate, utilities or energy sectors. Regionally, the majority of the portfolio was listed in Europe ex-U.K. and the United Kingdom.

As of December 31, 2020, the Trust had an option overwriting program in place whereby 43% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 2.5% out of the money) with an average time until expiration of 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.

20 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Enhanced International Dividend Trust (BGY)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Sanofi |  |  | 6 | %
Unilever PLC |  |  | 5 |
TELUS Corp. |  |  | 5 |
RELX PLC |  |  | 5 |
Reckitt Benckiser Group PLC |  |  | 5 |
Nestle SA, Registered Shares |  |  | 5 |
Novartis AG |  |  | 4 |
BAE Systems PLC |  |  | 4 |
Amadeus IT Group SA |  |  | 4 |
Ferguson PLC |  |  | 4 |

GEOGRAPHIC ALLOCATION

Country/Geographic Region |  | 12/31/20 |  |  | 12/31/19 |
United Kingdom |  |  | 35 | % |  |  | 26 | %
Switzerland |  |  | 9 |  |  |  | 13 |
France |  |  | 9 |  |  |  | 7 |
Spain |  |  | 6 |  |  |  | — |
Netherlands |  |  | 6 |  |  |  | 7 |
Singapore |  |  | 5 |  |  |  | 5 |
Canada |  |  | 5 |  |  |  | 13 |
Australia |  |  | 5 |  |  |  | 5 |
Taiwan |  |  | 4 |  |  |  | 2 |
United States |  |  | 4 |  |  |  | 9 |
Denmark |  |  | 3 |  |  |  | 3 |
Germany |  |  | 3 |  |  |  | 5 |
Finland |  |  | 3 |  |  |  | 2 |
India |  |  | 2 |  |  |  | — | (b)
China |  |  | 1 |  |  |  | 1 |
Sweden |  |  | — |  |  |  | 2 |

(a) Excludes short-term securities and options written.

(b) Represents less than 1% of the Trust’s long-term investments.

T R U S T S U M M A R Y |  | 21

Trust Summary as of December 31, 2020 |  | BlackRock Health Sciences Trust (BME)

Investment Objective

BlackRock Health SciencesTrust’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, 2020 ($47.59)(a) |  | 5.04%
Current Monthly Distribution per Common Share(b) |  | $0.2000
Current Annualized Distribution per Common Share(b) |  | $2.4000

| (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 does not guarantee 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

|  | 12/31/20 |  |  | 12/31/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 47.59 |  |  | $ | 42.50 |  |  |  | 11.98 | % |  | $ | 48.67 |  |  | $ | 27.00 |
Net Asset Value |  |  | 45.66 |  |  |  | 41.19 |  |  |  | 10.85 |  |  |  | 45.66 |  |  |  | 30.41 |

22 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Health Sciences Trust (BME)

Performance and Portfolio Management Commentary

Returns for the twelve months ended December 31, 2020 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BME(a)(b) |  |  | 18.69 | % |  |  | 17.50 | %
MSCI USA IMI Health Care Call Overwrite Index(c) |  |  | N/A |  |  |  | 12.15 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |

| (b) | The Trust’s premium to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | MSCI USA IMI Health Care Call Overwrite Index incorporates an option overlay component on the MSCI IMI Health Care Index with a 33% overwrite level. |

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

The health care sector performed well in 2020 due to the favorable environment for the broader market, continued innovation across a wide range of companies, and robust returns for a number of stocks that were boosted by rising demand for their products and services in the wake of COVID-19.

The Trust benefited from strong stock selection in the biotechnology and health care providers & services sub-sectors. Conversely, selection in the medical devices and supplies and pharmaceuticals industries detracted.

At the individual stock level, the largest contribution came from an overweight in the U.S. telemedicine company Teladoc Health, Inc. The spread of COVID-19, together with the subsequent social distancing and lockdown measures, resulted in unprecedented demand for virtual diagnostics and telemedicine services. In addition, the U.S. government amended certain regulatory measures—including covering telehealth-related expenses and increasing the breadth of available prescriptions—in an effort to reduce the strain on the medical system.

An out-of-benchmark position in Wuxi Biologics Cayman, Inc., a China-based provider of laboratory and manufacturing services for pharmaceutical and biotechnology companies, was also among the Trust’s top contributors. Wuxi benefited from increased demand stemming from the development and manufacturing of COVID-19 vaccines and treatments.

Other notable contributors included the digital health provider Livongo Health, Inc. and the biotechnology companies Seagen, Inc. and Genmab A/S.

A zero weighting in the U.S.-based health care conglomerate Danaher Corp., which rallied due to the high demand for its COVID-19 diagnostic tests, was the largest detractor from relative performance. Not holding a position in the biotechnology giant AbbVie hurt results, as well. The stock rose due its strong third-quarter earnings and investors’ rotation into value stocks late in the period. Other notable detractors included underweights in Idexx Laboratories, Inc. and Align Technology, Inc., as well as an overweight in the medical device company Boston Scientific Corp.

The Trust utilized an option overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option overlay strategy contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

The Trust reduced its weightings in the biotechnology and pharmaceuticals industries, and it increased it allocations to the health care providers & services sub-sector. The Trust’s weighting in the medical devices & supplies category was largely unchanged.

Describe portfolio positioning at period end.

The Trust was overweight in the medical devices & supplies and health care providers & services sub-sectors, and it was underweight in pharmaceuticals and biotechnology.

The investment adviser believes two key trends—aging demographics in both developed and developing countries, together with innovation in medical technology and biopharmaceutical drugs—remain key drivers of performance in the health care sector. In the short-term, the investment adviser is closely watching developments with respect to U.S. health care policy and data related to COVID-19 and the vaccine.

As of December 31, 2020, the Trust had an options overwriting program in place whereby 38% of the underlying equities were overwritten with call options. These options were typically written at prices above prevailing market prices (estimated to be 4.9% out of the money) with an average time until expiration of 51 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

T R U S T S U M M A R Y |  | 23

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Health Sciences Trust (BME)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
UnitedHealth Group, Inc. |  |  | 8 | %
Abbott Laboratories |  |  | 5 |
Johnson & Johnson |  |  | 4 |
Thermo Fisher Scientific, Inc. |  |  | 3 |
Medtronic PLC |  |  | 3 |
Cigna Corp. |  |  | 3 |
Eli Lilly & Co. |  |  | 3 |
Stryker Corp. |  |  | 3 |
Humana, Inc. |  |  | 3 |
Edwards Lifesciences Corp. |  |  | 3 |

INDUSTRY COMPOSITION

Industry(a)(b) |  | 12/31/20 |  |  | 12/31/19 |
Health Care Equipment & Supplies |  |  | 30 | % |  |  | 30 | %
Health Care Providers & Services |  |  | 21 |  |  |  | 21 |
Pharmaceuticals |  |  | 19 |  |  |  | 23 |
Biotechnology |  |  | 19 |  |  |  | 17 |
Life Sciences Tools & Services |  |  | 9 |  |  |  | 8 |
Health Care Technology |  |  | 1 |  |  |  | 1 |
Diversified Financial Services |  |  | 1 |  |  |  | — |
Internet & Direct Marketing Retail |  |  | — | (c) |  |  | — |
Insurance |  |  | — | (c) |  |  | — |

(a) | Excludes short-term securities and options written.

(b) | For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

(c) | Represents less than 1% of the Trust’s long-term investments.

24 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 |  | BlackRock Health Sciences Trust II (BMEZ)

Investment Objective

BlackRock Health SciencesTrust II’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, 2020 ($28.65)(a) |  | 4.19%
Current Monthly Distribution per Common Share(b) |  | $0.1000
Current Annualized Distribution per Common Share(b) |  | $1.2000

| (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 does not guarantee 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. |

Net Asset Value Per Share Summary

|  |  | 12/31/20 |  |  |  | 01/30/20 | (a) |  |  | Change |  |  |  | High |  |  |  | Low |
Market Price |  |  | $28.65 |  |  |  | $20.00 |  |  |  | 43.25 | % |  |  | $ 30.95 |  |  |  | $12.60 |
Net Asset Value |  |  | 30.73 |  |  |  | 20.00 |  |  |  | 53.65 |  |  |  | 31.32 |  |  |  | 16.49 |

| (a) | Commencement of operations. |

Market Price and Net Asset Value History Since Inception

The Fund commenced operations on January 30, 2020.

T R U S T S U M M A R Y |  | 25

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Health Sciences Trust II (BMEZ)

Performance and Portfolio Management Commentary

Returns for the period since inception (January 30, 2020) to December 31, 2020 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BMEZ(a)(b) |  |  | 48.82 | % |  |  | 59.62 | %
MSCI ACWI 25% Call Overwrite Index(c) |  |  | N/A |  |  |  | 11.21 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |

| (b) | The Trust moved from neither a premium nor discount to NAV to a discount to NAV during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | MSCI ACWI 25% Call Overwrite Index incorporates an option overlay component on the MSCI ACWI Index with a 25% overwrite level. |

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

The health care sector performed well in 2020 due to the favorable environment for the broader market, continued innovation across a wide range of companies, and robust returns for a number of stocks that were boosted by rising demand for their products and services in the wake of COVID-19.

The Trust was led by innovation in several key themes, including digital health, antibody drug conjugate treatments, and other next-generation therapeutics.

Stock selection was strongest in the biotechnology and health care providers & services sub-sectors. At the individual stock level, the U.S. telemedicine provider Livongo Health, Inc. was the leading contributor to performance. The spread of COVID-19, together with the subsequent social distancing and lockdown measures, resulted in unprecedented demand for virtual diagnostics and telemedicine services. In addition, the U.S. government amended certain regulatory measures—including covering telehealth-related expenses and increasing the breadth of available prescriptions—in an effort to reduce the strain on the medical system. The stock also benefited from an acquisition by the telemedicine provider Teladoc Health, Inc., which created the largest digital health company in the world.

The health care provider Oak Street Health, Inc. was the second largest contributor to the Trust’s return. The Trust initiated an investment in February 2020, when Oak Street was in the private stage. The company, which operates primary care centers for the Medicare-eligible population, subsequently underwent a very successful initial public offering.

Other notable contributors included the biotechnology companies Immunomedics, Inc. and Genmab A/S, as well as the Chinese medical device company Wuxi Biologics Cayman, Inc.

Given that the benchmark is a broad-based index, many of the largest detractors were mega-cap technology stocks that performed well but that fall outside of the Trust’s mandate. With respect to stocks the Trust held, the health care equipment company Baxter International, Inc. and the biotechnology firm Alnylam Pharmaceuticals, Inc. were among the most notable detractors.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option overlay strategy detracted from relative performance for the period.

As the Trust commenced operations on January 30, 2020, it initially had a significant cash balance, which was committed for pending transactions. The Trust’s cash position had no material impact on performance for the period.

Describe recent portfolio activity.

The Trust’s exposure to the pharmaceuticals and medical devices and supplies industries decreased during the period, while its allocations to the health care providers and services and biotechnology sub-sectors increased.

Describe portfolio positioning at period end.

The investment adviser deployed capital in both public and private markets across the next- generation health science universe. Within the public markets, the investment adviser sought opportunities to add exposure to innovative biotechnology and health care providers & services companies. Conversely, the Trust reduced its weightings in certain securities that experienced strong price appreciation and those that suffered clinical development setbacks. The Trust added exposure to innovative therapeutic companies with robust clinical pipelines, as well as attractively valued health care services companies.

At the end of the period, the Trust held 41% of assets in the biotechnology industry, 34% in medical devices & supplies, 16% in health care providers & services, and 6% in pharmaceuticals. These weightings were the result of bottom-up stock selection.

As of December 31, 2020, the Trust had in place an option overwriting program whereby 22% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 5.7% out of the money) with an average time until expiration of 54 days.

26 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Health Sciences Trust II (BMEZ)

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.

T R U S T S U M M A R Y |  | 27

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Health Sciences Trust II (BMEZ)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Oak Street Health, Inc. |  |  | 3 | %
Seagen, Inc. |  |  | 3 |
Genmab A/S |  |  | 3 |
Amedisys, Inc. |  |  | 2 |
Intuitive Surgical, Inc. |  |  | 2 |
Teleflex, Inc. |  |  | 2 |
PPD, Inc. |  |  | 2 |
Wuxi Biologics Cayman, Inc. |  |  | 2 |
LHC Group, Inc. |  |  | 2 |
Alcon, Inc. |  |  | 2 |

INDUSTRYCOMPOSITION

Industry(a)(b) |  | 12/31/20 |  |  | 12/31/19 |
Biotechnology |  |  | 42 | % |  |  | 17 | %
Health Care Equipment & Supplies |  |  | 24 |  |  |  | 30 |
Health Care Providers & Services |  |  | 13 |  |  |  | 21 |
Life Sciences Tools & Services |  |  | 10 |  |  |  | 8 |
Pharmaceuticals |  |  | 6 |  |  |  | 23 |
Diversified Financial Services |  |  | 2 |  |  |  | — |
Health Care Technology |  |  | 2 |  |  |  | 1 |
Internet & Direct Marketing Retail |  |  | 1 |  |  |  | — |
Electronic Equipment, Instruments & Components |  |  | — | (c) |  |  | — |
Insurance |  |  | — | (c) |  |  | — |

(a) | Excludes short-term securities and options written.

(b) | For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

(c) | Represents less than 1% of the Trust’s long-term investments.

28 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 |  | 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, 2020 ($7.41)(a) |  | 6.48%
Current Monthly Distribution per Common Share(b) |  | $0.0400
Current Annualized Distribution per Common Share(b) |  | $0.4800

| (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 does not guarantee 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

|  | 12/31/20 |  |  | 12/31/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 7.41 |  |  | $ | 8.07 |  |  |  | (8.18) | % |  | $ | 8.21 |  |  | $ | 3.28 |
Net Asset Value |  |  | 8.45 |  |  |  | 9.04 |  |  |  | (6.53) |  |  |  | 9.07 |  |  |  | 4.99 |

Market Price and Net Asset Value History for the Past Five Years

T R U S T S U M M A R Y |  | 29

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Performance and Portfolio Management Commentary

Returns for the twelve months ended December 31, 2020 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BCX(a)(b) |  |  | (0.23) | % |  |  | 1.56 | %
MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index(c) |  |  | N/A |  |  |  | (5.10 | )

| (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) | MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index incorporates an option overlay component on the MSCI ACWI Select Liquidity Natural Resources Index with a 33% overwrite level. |

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

Natural resources equities, although performing well in November and December 2020, finished with a small loss for the full year. The sector was hit hard when the emergence of COVID-19 in the first quarter of 2020 led to a significant deterioration in the demand outlook. Both commodities and the broader equity market declined in response, and natural resource equities underperformed both. The sector remained under pressure over the course of the year despite a gradual improvement in the economic outlook, and it only rallied in November 2020 following the approval of a vaccine for COVID-19. However, the recovery was strong enough to bring the category close to the break-even mark for 2020.

An underweight position in Exxon Mobil Corp., which lagged in part due to expectations that the company would take a large write-down of its natural gas assets, contributed to relative performance. Overweight positions in select precious metals stocks, such as Wheaton Precious Metals Corp., also added value due to strong demand for gold at the beginning of the year. An overweight in Vale SA further benefited results. Although the company downgraded its production guidance for 2021, Vale performed well late in the year behind strength in iron ore prices and a broader rotation into Brazil’s stock market.

Underweight positions in the equipment producers Deere & Co. and Kubota Corp. detracted from relative performance. A rally in crop prices to eight-year highs was seen as being supportive for farmer incomes, particularly in the United States. The Trust’s underweight in Newmont Corp., a gold producer that released stronger-than-expected results and increased its quarterly dividend, also detracted. Among stocks the Trust held, BP PLC and WestRock Co. were notable detractors.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option writing strategy contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

Following the outbreak of COVID-19, the investment adviser closely analyzed the portfolio to identify companies facing higher risk due to the combination of above-average debt and dependence on a single asset, and it sold any positions it believed faced these risks. In addition, the investment adviser made some stock-specific changes in an effort to capitalize on relative-value opportunities. Toward the end of the year, the investment adviser started to increase the Trust’s position in the energy sector based on its belief that there was reduced risk for oil demand.

Within the energy sector, the investment adviser remained focused on high-quality producers with the asset bases and balance sheets needed to weather near-term disruptions and emerge well-positioned for the resulting upturn. The investment adviser also favored companies that maintained capital discipline and stayed focused on returning cash flow to shareholders. Similarly, the investment adviser’s approach to the mining sector was to emphasize lower-cost producers with strong balance sheets.

In the agriculture sector, the Trust remained underweight in the paper and packaging industry in order to fund overweights in health and wellness companies with more attractive growth prospects. The investment adviser believes health and wellness companies that are positioned to take advantage of shifting consumer preferences toward food and nutrition could offer compelling opportunities.

Describe portfolio positioning at period end.

The mining and energy industries represented the Trust’s largest allocation, followed by agriculture.

As of December 31, 2020, the Trust had an options overwriting program in place whereby 39% of the underlying equities were overwritten with call options. These options were typically written at levels above prevailing market prices (estimated to be 4.6% out of the money) with an average time until expiration of 52 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

30 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Overview of the Trust’s Total Investments |  |  |  |

TEN LARGEST HOLDINGS |
Security(a) |  | Percent of Total Investments |
BHP Group PLC |  |  | 6 | %
Total SA |  |  | 6 |
Vale SA |  |  | 6 |
CF Industries Holdings, Inc. |  |  | 5 |
Chevron Corp. |  |  | 5 |
Anglo American PLC |  |  | 4 |
BP PLC |  |  | 4 |
Royal Dutch Shell PLC, Class A |  |  | 3 |
FMC Corp. |  |  | 3 |
Bunge Ltd. |  |  | 3 |

INDUSTRYCOMPOSITION |
Industry(a)(b) |  | 12/31/20 |  |  | 12/31/19 |
Metals & Mining |  |  | 35 | % |  |  | 35 | %
Oil, Gas & Consumable Fuels |  |  | 34 |  |  |  | 35 |
Chemicals |  |  | 14 |  |  |  | 11 |
Containers & Packaging |  |  | 7 |  |  |  | 9 |
Food Products |  |  | 5 |  |  |  | 7 |
Electronic Equipment, Instruments & Components |  |  | 2 |  |  |  | 1 |
Specialty Retail |  |  | 1 |  |  |  | 1 |
Machinery |  |  | 1 |  |  |  | 1 |
Energy Equipment & Services |  |  | 1 |  |  |  | — |
Paper & Forest Products |  |  | — | (c) |  |  | — |
Advertising Agencies |  |  | — | (c) |  |  | — |

(a) | Excludes short-term securities and options written.

(b) | For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

(c) | Represents less than 1% of the Trust’s long-term investments.

T R U S T S U M M A R Y |  | 31

Trust Summary as of December 31, 2020 |  | 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, 2020 ($53.30)(a) |  | 4.21%
Current Monthly Distribution per Common Share(b) |  | $0.1870
Current Annualized Distribution per Common Share(b) |  | $2.2440

| (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 does not guarantee 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

|  | 12/31/20 |  |  | 12/31/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 53.30 |  |  | $ | 33.27 |  |  |  | 60.20 | % |  | $ | 54.00 |  |  | $ | 22.41 |
Net Asset Value |  |  | 51.94 | (a) |  |  | 32.45 |  |  |  | 60.06 |  |  |  | 52.74 |  |  |  | 25.57 |

| (a) | For financial reporting purposes, the market value of a certain investment was adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on December 31, 2020. |

Market Price and Net Asset Value History for the Past Five Years

32 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Science and Technology Trust (BST)

Performance and Portfolio Management Commentary

Returns for the twelve months ended December 31, 2020 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BST(a)(b) |  |  | 68.92 | % |  |  | 68.76 | %(c)
MSCI ACWI IT Call Overwrite Index(d) |  |  | N/A |  |  |  | 32.08 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |

| (b) | The Trust’s premium to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | For financial reporting purposes, the market value of a certain investment was adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on December 31, 2020. |

| (d) | MSCI ACWI IT Call Overwrite Index incorporates an option overlay component on the MSCI ACWI IT Index with a 33% overwrite level. |

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

During the 12-month period, stock selection within the software sub-sector and an overweight to the internet sub-sector contributed positively to the Trust’s return. The largest individual contributor to performance came from an out-of-benchmark position in the artificial intelligence software company C3 AI, Inc. The Trust initially held C3 AI as a private investment, but the company had a successful initial public offering in December 2020. A private investment in a British commercial electric vehicle maker was also a strong contributor as the company announced a merger with a special purpose acquisition firm.

Conversely, stock selection within the internet sub-sector and an underweight to the hardware sub-sector were the most significant detractors from performance. The Trust’s underweight allocation to Apple, Inc. was the largest individual detractor as Apple continued to experience strong sales growth for its 5G iPhone released in 2020. Additionally, the absence of holding a position in semiconductor manufacturer NVIDIA Corp. was among the largest detractors from performance. NVIDIA’s stock rose throughout the period based on increased data center demand stemming from the COVID-19 pandemic.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s option overlay strategy contributed positively to relative performance for the period.

Describe recent portfolio activity.

During the period, the Trust increased exposure to the software and hardware sub-sectors, while decreasing exposure to the internet, services and semiconductors sub-sectors. From a regional perspective, the Trust’s allocations to the emerging markets and Europe decreased, while exposure to the United States and the United Kingdom increased.

Describe portfolio positioning at period end.

The Trust’s investment process aims to provide a balance of legacy technology firms that can continually innovate, and new disruptive companies displacing those companies failing to innovate. Currently approximately 40% of the portfolio consists of these “core” legacy companies and 60% made up of the “opportunistic,” high-growth portion. At period end, the Trust’s largest sub-sector exposures were to internet and software & services companies, while the Trust held underweight positions in semiconductors and hardware.

As of December 31, 2020, the Trust had in place an option overwriting program whereby 28% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 5.1% out of the money) and with an average time until expiration of 49 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

T R U S T S U M M A R Y |  | 33

Trust Summary as of December 31, 2020(continued) |  | BlackRock Science and Technology Trust (BST)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS |
Security(a) |  | Percent of Total Investments |
Apple, Inc. |  |  | 4 | %
Microsoft Corp. |  |  | 3 |
Amazon.com, Inc. |  |  | 3 |
C3.AI, Inc. |  |  | 2 |
Square, Inc. |  |  | 2 |
Twilio, Inc. |  |  | 2 |
Tencent Holdings Ltd. |  |  | 2 |
Mastercard, Inc. |  |  | 2 |
Alphabet, Inc. |  |  | 2 |
PayPal Holdings, Inc. |  |  | 2 |

SECTOR COMPOSITION |
Sector(a)(b) |  | 12/31/20 |  |  | 12/31/19 |
Software |  |  | 27 | % |  |  | 26 | %
IT Services |  |  | 19 |  |  |  | 19 |
Semiconductors & Semiconductor Equipment |  |  | 15 |  |  |  | 15 |
Interactive Media & Services |  |  | 10 |  |  |  | 10 |
Internet & Direct Marketing Retail |  |  | 10 |  |  |  | 10 |
Technology Hardware, Storage & Peripherals |  |  | 4 |  |  |  | 3 |
Automobiles |  |  | 3 |  |  |  | — |
Entertainment |  |  | 3 |  |  |  | 3 |
Road & Rail |  |  | 2 |  |  |  | 3 |
Diversified Consumer Services |  |  | 2 |  |  |  | 2 |
Electronic Equipment, Instruments & Components |  |  | 1 |  |  |  | 4 |
Banks |  |  | 1 |  |  |  | 1 |
Health Care Technology |  |  | 1 |  |  |  | 1 |
Diversified Financial Services |  |  | 1 |  |  |  | — |
Diversified Telecommunication Services |  |  | 1 |  |  |  | 1 |
Food Products |  |  | — | (c) |  |  | — |
Hotels, Restaurants & Leisure |  |  | — | (c) |  |  | — |
Communications Equipment |  |  | — | (c) |  |  | 1 |
Professional Services |  |  | — | (c) |  |  | 1 |
Capital Markets |  |  | — | (c) |  |  | — |

(a) | Excludes short-term securities and options written.

(b) | For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

(c) | Represents less than 1% of the Trust’s long-term investments.

34 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 |  | BlackRock Science and Technology Trust II (BSTZ)

Investment Objective

BlackRock Science and Technology Trust II’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, 2020 ($36.38)(a) |  | 3.79%
Current Monthly Distribution per Common Share(b) |  | $0.1150
Current Annualized Distribution per Common Share(b) |  | $1.3800

| (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 does not guarantee 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

|  | 12/31/20 |  |  | 12/31/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 36.38 |  |  | $ | 20.50 |  |  |  | 77.46 | % |  | $ | 38.33 |  |  | $ | 12.00 |
Net Asset Value |  |  | 38.72 |  |  |  | 20.95 |  |  |  | 84.82 |  |  |  | 39.14 |  |  |  | 15.57 |

Market Price and Net Asset Value History Since Inception

The Trust commenced operations on June 27, 2019.

T R U S T S U M M A R Y |  | 35

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Science and Technology Trust II (BSTZ)

Performance and Portfolio Management Commentary

Returns for the twelve months ended December 31, 2020 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BSTZ(a)(b) |  |  | 86.85 | % |  |  | 94.60 | %
MSCI ACWI 25% Call Overwrite Index(c) |  |  | N/A |  |  |  | 11.20 |

| (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) | MSCI ACWI 25% Call Overwrite Index incorporates an option overlay component on the MSCI ACWI Index with a 25% overwrite level. |

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

At the individual security level, the largest contribution to the Trust’s performance during the 12-month period came from an out-of-benchmark position in the artificial intelligence software company C3 AI, Inc. The Trust initially held C3 AI as a private investment, but the company had a successful initial public offering in December 2020. In addition, an overweight position in electric vehicle manufacturer Tesla, Inc. was among the largest contributors to Trust’s return. The stock performed well after the company posted strong revenue growth and four consecutive quarters of positive earnings. Tesla’s recent addition to the S&P 500® Index also boosted investor confidence. Lastly, an out-of-benchmark position in European online luxury retailer Farfetch Ltd. was a strong performer for the period. The company recently announced partnerships with Chinese technology giant Alibaba Group Holding Ltd. and Swiss luxury goods company Cie Financiere Richemont SA to sponsor Farfetch’s entry into the Chinese market, fueling demand for its stock.

Conversely, the absence of holding a position in Apple, Inc. was the largest individual detractor as Apple continued to experience strong sales growth for its 5G iPhone released in 2020. Similarly, the Trust not holding a position in e-commerce company Amazon.com, Inc. was among the largest detractors after Amazon’s e-commerce and cloud computing businesses benefited from COVID-19 related lockdowns and social distancing measures. Lastly, the Trust’s out-of-benchmark position in Chinese technology-centric coffee company Luckin Coffee, Inc. was among the largest detractors from performance. The company announced that in 2019 its chief operating officer, as well as other employees reporting to him, fabricated transactions amounting to 2.2 billion yuan, or $310 million. The Trust has since exited the position.

The Trust utilized an options overlay strategy in which call options are written on apportion of the portfolio’s holdings. The Trust’s option overlay strategy detracted from performance for the 12-month period.

Describe recent portfolio activity.

During the period, the Trust deployed capital across companies the investment adviser believes will experience increased demand in the current environment as well as those the investment adviser believe are positioned to benefit from longer-term demand trends. This encompasses firms that are seeing an increase in demand from the migration to working remotely, and increased adoption of emerging technologies such as artificial intelligence, cloud computing, digital transformation and e-commerce. In addition, the investment adviser continues to perform due diligence on multiple new opportunities in the private equity universe, and expects to further increase exposure to private assets over the coming quarters given a robust pipeline of private transaction opportunities. Over the 12-month period, the Trust initiated 17 new investments in private technology companies. As of December 31, 2020, the Trust held 24 private investments, comprising 15% of total assets, or a total commitment of approximately $451 million.

Describe portfolio positioning at period end.

At period end, the Trust held 37% of portfolio assets in software stocks, 20% in internet, 17% in services, 15% in semiconductors, 9% in hardware and 2% in content & infrastructure. These industry exposures were the result of bottom-up stock selection.

As of December 31, 2020, the Trust had in place an option overwriting program whereby 22% of the underlying equities were overwritten with call options. These call options were typically written at prices above prevailing market prices (estimated to be 6.6% out of the money) with an average time until expiration of 52 days.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

36 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Science and Technology Trust II (BSTZ)

Overview of the Trust’s Total Investments |  |  |  |

TEN LARGEST HOLDINGS |
Security(a) |  | Percent of Total Investments |
C3.AI, Inc. |  |  | 4 | %
Tesla, Inc. |  |  | 3 |
Farfetch Ltd. |  |  | 2 |
Square, Inc. |  |  | 2 |
Arrival Ltd. |  |  | 2 |
Twilio, Inc. |  |  | 2 |
Snap, Inc. |  |  | 2 |
Kakao Corp. |  |  | 2 |
Locaweb Servicos de Internet SA |  |  | 2 |
Klarna Holdings AB |  |  | 2 |

INDUSTRYCOMPOSITION |
Industry(a)(b) |  | 12/31/20 |  |  | 12/31/19 |
Software |  |  | 30 | % |  |  | 26 | %
IT Services |  |  | 19 |  |  |  | 17 |
Semiconductors & Semiconductor Equipment |  |  | 15 |  |  |  | 20 |
Internet & Direct Marketing Retail |  |  | 7 |  |  |  | 7 |
Interactive Media & Services |  |  | 7 |  |  |  | 5 |
Automobiles |  |  | 6 |  |  |  | 1 |
Entertainment |  |  | 3 |  |  |  | 3 |
Electronic Equipment, Instruments & Components |  |  | 2 |  |  |  | 6 |
Diversified Consumer Services |  |  | 2 |  |  |  | 3 |
Banks |  |  | 2 |  |  |  | 1 |
Health Care Technology |  |  | 1 |  |  |  | 2 |
Multi-line Retail |  |  | 1 |  |  |  | 2 |
Road & Rail |  |  | 1 |  |  |  | 1 |
Capital Markets |  |  | 1 |  |  |  | 1 |
Specialty Retail |  |  | 1 |  |  |  | — |
Food Products |  |  | 1 |  |  |  | — |
Diversified Telecommunication Services |  |  | 1 |  |  |  | 1 |
Professional Services |  |  | — | (c) |  |  | 1 |
Communications Equipment |  |  | — | (c) |  |  | 2 |
Hotels, Restaurants & Leisure |  |  | — | (c) |  |  | 1 |

(a) | Excludes short-term securities and options written.

(b) | For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

(c) | Represents less than 1% of the Trust’s long-term investments.

T R U S T S U M M A R Y |  | 37

Trust Summary as of December 31, 2020 |  | 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 primarily 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, 2020 ($25.04)(a) |  | 5.80%
Current Monthly Distribution per Common Share(b) |  | $0.1210
Current Annualized Distribution per Common Share(b) |  | $1.4520

| (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 does not guarantee 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

|  | 12/31/20 |  |  | 12/31/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 25.04 |  |  | $ | 22.31 |  |  |  | 12.24 | % |  | $ | 25.09 |  |  | $ | 12.48 |
Net Asset Value |  |  | 23.80 |  |  |  | 22.02 |  |  |  | 8.08 |  |  |  | 23.80 |  |  |  | 15.06 |

Market Price and Net Asset Value History for the Past Five Years

38 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Performance and Portfolio Management Commentary

Returns for the twelve months ended December 31, 2020 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
BUI(a)(b) |  |  | 20.32 | % |  |  | 15.87 | %
MSCI World Select Energy, Utilities and Industry Call Overwrite Index(c) |  |  | N/A |  |  |  | (0.71 | )

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |

| (b) | The Trust’s premium to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | MSCI World Select Energy, Utilities and Industry Call Overwrite Index incorporates an option overlay component on the MSCI World Select Energy, Utilities and Industry Index with a 33% overwrite level. |

N/A — Not applicable as the index does not have a market price.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

The largest contributors to relative returns were the Trust’s positions in wind-power utility companies. Among individual companies, Spanish renewable energy utility EDP Renovaveis SA and Danish wind turbine manufacturer Vestas Wind Systems A/S were notable performers, due largely to a favorable policy environment and the prospects for potentially beneficial changes to tariffs. Vestas also won multiple orders for large-scale projects and offered an upbeat outlook for future orders. Elsewhere, several of the Trust’s positions in solar energy systems providers benefited from strong stock-price performance, including First Solar, Inc., Canadian Solar, Inc., and Sunrun, Inc. In particular, Sunrun saw little impact on its business from the COVID-19 pandemic and agreed to acquire industry peer Vivint Solar, Inc.

The largest detractor from relative returns came from the Trust’s stock selection decisions with respect to certain companies in the electric utilities and building products industries. Specifically, the Trust’s lack of a position in Japanese air conditioning system manufacturer Daikin Industries Ltd. weighed on relative performance, as the stock rose sharply during the period. The Trust’s lack of a position in Danish multinational power company Orsted A/S also detracted. Finally, a small cash position held back relative returns in a rising market.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed positively to relative performance for the 12-month period.

Describe recent portfolio activity.

During the first half of the period, the Trust took advantage of heightened market volatility to increase its exposure to companies playing a role in the energy transition from fossil-fuel based energy sources to renewable energy. In particular, the Trust added to positions in clean-power utilities, as well as companies in the solar power value chain. Later in the period, however, the Trust reduced exposure to the solar power industry following strong stock performance.

Describe portfolio positioning at period end.

At period end, the utilities sector accounted for approximately 55% of the Trust’s assets. The Trust had approximately 25% and 7% of its assets invested in the industrials and energy sectors respectively, and the remainder was invested in other infrastructure- and power-related sectors.

As of December 31, 2020, the Trust had an options overwriting program in place whereby approximately 34% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 3.3% out of the money) with an average time until expiration of 56 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.

T R U S T S U M M A R Y |  | 39

Trust Summary as of December 31, 2020 (continued) |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS |
Security(a) |  | Percent of Total Investments |
NextEra Energy, Inc. |  |  | 9 | %
Enel SpA |  |  | 6 |
Iberdrola SA |  |  | 4 |
EDP Renovaveis SA |  |  | 4 |
Vestas Wind Systems A/S |  |  | 3 |
RWE AG |  |  | 3 |
Dominion Energy, Inc. |  |  | 3 |
National Grid PLC |  |  | 3 |
Vinci SA |  |  | 3 |
Waste Management, Inc. |  |  | 2 |

INDUSTRYCOMPOSITION |
Industry(a)(b) |  | 12/31/20 |  |  | 12/31/19 |
Electric Utilities |  |  | 33 | % |  |  | 31 | %
Multi-Utilities |  |  | 14 |  |  |  | 17 |
Independent Power and Renewable Electricity Producers |  |  | 8 |  |  |  | 8 |
Oil, Gas & Consumable Fuels |  |  | 8 |  |  |  | 11 |
Electrical Equipment |  |  | 7 |  |  |  | 9 |
Building Products |  |  | 7 |  |  |  | 5 |
Chemicals |  |  | 5 |  |  |  | 6 |
Semiconductors & Semiconductor Equipment |  |  | 5 |  |  |  | 3 |
Commercial Services & Supplies |  |  | 4 |  |  |  | 2 |
Construction & Engineering |  |  | 4 |  |  |  | 5 |
Electronic Equipment, Instruments & Components |  |  | 3 |  |  |  | 2 |
Machinery |  |  | 2 |  |  |  | 1 |

(a) | Excludes short-term securities and options written.

(b) | For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

40 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments December 31, 2020 |  | BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Energy Equipment & Services — 3.9% |  |  |  |  |  |
Baker Hughes, Inc. Class A |  |  | 203,272 |  |  | $ | 4,238,221 |
Darling Ingredients, Inc.(a) |  |  | 52,500 |  |  |  | 3,028,200 |
Schlumberger NV |  |  | 87,167 |  |  |  | 1,902,856 |
|  |  |  |  |  |  | 9,169,277 |
Oil, Gas & Consumable Fuels — 96.9% |  |  |  |  |  |
Aker BP ASA |  |  | 174,421 |  |  |  | 4,401,334 |
BP PLC |  |  | 4,323,500 |  |  |  | 14,919,283 |
Cairn Energy PLC(a) |  |  | 1,144,126 |  |  |  | 3,280,591 |
Canadian Natural Resources Ltd. |  |  | 203,024 |  |  |  | 4,879,020 |
Chevron Corp.(b)(c) |  |  | 408,323 |  |  |  | 34,482,877 |
CNOOC Ltd. |  |  | 3,700,000 |  |  |  | 3,394,459 |
Concho Resources, Inc. |  |  | 55,097 |  |  |  | 3,214,910 |
ConocoPhillips(c) |  |  | 273,189 |  |  |  | 10,924,828 |
Enbridge, Inc. |  |  | 152,200 |  |  |  | 4,867,674 |
EOG Resources, Inc. |  |  | 57,634 |  |  |  | 2,874,208 |
Equinor ASA |  |  | 282,500 |  |  |  | 4,767,605 |
Exxon Mobil Corp.(b) |  |  | 283,611 |  |  |  | 11,690,445 |
Galp Energia SGPS SA |  |  | 481,598 |  |  |  | 5,103,203 |
Hess Corp. |  |  | 119,300 |  |  |  | 6,297,847 |
Kinder Morgan, Inc. |  |  | 582,014 |  |  |  | 7,956,131 |
Kosmos Energy Ltd.(a) |  |  | 1,306,265 |  |  |  | 3,069,723 |
Lukoil PJSC - ADR |  |  | 36,241 |  |  |  | 2,464,859 |
Marathon Petroleum Corp. |  |  | 30,788 |  |  |  | 1,273,392 |
Oil Search Ltd.(a) |  |  | 883,663 |  |  |  | 2,532,521 |
Petroleo Brasileiro SA, ADR |  |  | 432,901 |  |  |  | 4,861,478 |
Pioneer Natural Resources Co. |  |  | 63,858 |  |  |  | 7,272,788 |
Royal Dutch Shell PLC, Class A, ADR |  |  | 745,253 |  |  |  | 26,188,190 |
Santos Ltd. |  |  | 675,280 |  |  |  | 3,270,183 |
Suncor Energy, Inc. |  |  | 531,669 |  |  |  | 8,917,537 |
TC Energy Corp. |  |  | 237,666 |  |  |  | 9,662,358 |

Security |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |  |  |  |  |  |
Total SA |  |  | 586,530 |  |  | $ | 25,315,924 |
Valero Energy Corp. |  |  | 94,572 |  |  |  | 5,349,938 |
Williams Cos., Inc. |  |  | 364,401 |  |  |  | 7,306,240 |
|  |  |  |  |  |  | 230,539,546 |
Total Long-Term Investments — 100.8% (Cost: $265,901,573) |  |  |  |  |  |  | 239,708,823 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.4% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(d)(e) |  |  | 3,418,486 |  |  |  | 3,418,486 |
Total Short-Term Securities — 1.4% (Cost: $3,418,486) |  |  |  |  |  |  | 3,418,486 |
Total Investments Before Options Written — 102.2% (Cost: $269,320,059) |  |  |  | 243,127,309 |
Options Written — (1.3)% (Premiums Received: $(3,306,044)) |  |  |  | (3,139,751 | )
Total Investments, Net of Options Written — 100.9% (Cost: $266,014,015) |  |  |  | 239,987,558 |
Liabilities in Excess of Other Assets — (0.9)% |  |  |  | (2,119,080 | )
Net Assets — 100.0% |  |  | $ | 237,868,478 |

(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) | Affiliate of the Trust.

(e) Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/19 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 12/31/20 |  |  | Shares Held at 12/31/20 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 12,745,390 |  |  | $ | — |  |  | $ | (9,326,904 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 3,418,486 |  |  |  | 3,418,486 |  |  | $ | 41,384 |  |  | $ | — |

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

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ConocoPhillips |  |  | 60 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 240 |  |  | $ | (1,470 | )
Exxon Mobil Corp. |  |  | 732 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 3,017 |  |  |  | (24,156 | )
Kinder Morgan, Inc. |  |  | 315 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 15.00 |  |  |  | USD |  |  |  | 431 |  |  |  | (1,575 | )
Pioneer Natural Resources Co. |  |  | 30 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 117.00 |  |  |  | USD |  |  |  | 342 |  |  |  | (5,775 | )

S C H E D U L E O F I N V E S T M E N T S |  | 41

Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Baker Hughes, Inc. Class A |  |  | 448 |  |  |  | 01/15/21 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 934 |  |  | $ | (57,120 | )
Canadian Natural Resources Ltd. |  |  | 200 |  |  |  | 01/15/21 |  |  | CAD |  |  | 30.00 |  |  | CAD |  |  | 612 |  |  |  | (19,247 | )
Canadian Natural Resources Ltd. |  |  | 12 |  |  |  | 01/15/21 |  |  | CAD |  |  | 34.00 |  |  | CAD |  |  | 37 |  |  |  | (85 | )
Chevron Corp. |  |  | 276 |  |  |  | 01/15/21 |  |  | USD |  |  | 87.50 |  |  | USD |  |  | 2,331 |  |  |  | (33,810 | )
Chevron Corp. |  |  | 584 |  |  |  | 01/15/21 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 4,932 |  |  |  | (37,668 | )
ConocoPhillips |  |  | 86 |  |  |  | 01/15/21 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 344 |  |  |  | (1,935 | )
Darling Ingredients, Inc. |  |  | 137 |  |  |  | 01/15/21 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 790 |  |  |  | (110,970 | )
Enbridge, Inc. |  |  | 249 |  |  |  | 01/15/21 |  |  | CAD |  |  | 39.00 |  |  | CAD |  |  | 1,014 |  |  |  | (36,482 | )
Kinder Morgan, Inc. |  |  | 654 |  |  |  | 01/15/21 |  |  | USD |  |  | 13.00 |  |  | USD |  |  | 894 |  |  |  | (52,974 | )
Marathon Petroleum Corp. |  |  | 131 |  |  |  | 01/15/21 |  |  | USD |  |  | 42.50 |  |  | USD |  |  | 542 |  |  |  | (15,000 | )
Petroleo Brasileiro SA, ADR |  |  | 641 |  |  |  | 01/15/21 |  |  | USD |  |  | 9.00 |  |  | USD |  |  | 720 |  |  |  | (142,622 | )
Pioneer Natural Resources Co. |  |  | 190 |  |  |  | 01/15/21 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 2,164 |  |  |  | (190,950 | )
Royal Dutch Shell PLC, Class A |  |  | 679 |  |  |  | 01/15/21 |  |  | USD |  |  | 27.50 |  |  | USD |  |  | 2,386 |  |  |  | (519,435 | )
Royal Dutch Shell PLC, Class A |  |  | 705 |  |  |  | 01/15/21 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 2,477 |  |  |  | (7,050 | )
Suncor Energy, Inc. |  |  | 490 |  |  |  | 01/15/21 |  |  | CAD |  |  | 22.00 |  |  | CAD |  |  | 1,046 |  |  |  | (17,130 | )
Suncor Energy, Inc. |  |  | 782 |  |  |  | 01/15/21 |  |  | CAD |  |  | 24.00 |  |  | CAD |  |  | 1,669 |  |  |  | (6,451 | )
Suncor Energy, Inc. |  |  | 782 |  |  |  | 01/15/21 |  |  | CAD |  |  | 25.00 |  |  | CAD |  |  | 1,670 |  |  |  | (3,993 | )
TC Energy Corp. |  |  | 434 |  |  |  | 01/15/21 |  |  | CAD |  |  | 58.00 |  |  | CAD |  |  | 2,246 |  |  |  | (2,046 | )
Valero Energy Corp. |  |  | 99 |  |  |  | 01/15/21 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 560 |  |  |  | (30,195 | )
Valero Energy Corp. |  |  | 186 |  |  |  | 01/15/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,052 |  |  |  | (16,275 | )
Williams Cos., Inc. |  |  | 114 |  |  |  | 01/15/21 |  |  | USD |  |  | 21.00 |  |  | USD |  |  | 229 |  |  |  | (2,109 | )
Baker Hughes, Inc. Class A |  |  | 330 |  |  |  | 01/22/21 |  |  | USD |  |  | 23.40 |  |  | USD |  |  | 688 |  |  |  | (6,504 | )
Chevron Corp. |  |  | 358 |  |  |  | 01/22/21 |  |  | USD |  |  | 91.50 |  |  | USD |  |  | 3,023 |  |  |  | (27,208 | )
Concho Resources, Inc. |  |  | 105 |  |  |  | 01/22/21 |  |  | USD |  |  | 61.50 |  |  | USD |  |  | 613 |  |  |  | (12,600 | )
ConocoPhillips |  |  | 103 |  |  |  | 01/22/21 |  |  | USD |  |  | 44.50 |  |  | USD |  |  | 412 |  |  |  | (4,687 | )
Enbridge, Inc. |  |  | 332 |  |  |  | 01/22/21 |  |  | CAD |  |  | 43.50 |  |  | CAD |  |  | 1,352 |  |  |  | (2,608 | )
Exxon Mobil Corp. |  |  | 181 |  |  |  | 01/22/21 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 746 |  |  |  | (13,575 | )
Hess Corp. |  |  | 228 |  |  |  | 01/22/21 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 1,204 |  |  |  | (20,748 | )
Kinder Morgan, Inc. |  |  | 614 |  |  |  | 01/22/21 |  |  | USD |  |  | 15.50 |  |  | USD |  |  | 839 |  |  |  | (2,763 | )
Petroleo Brasileiro SA, ADR |  |  | 459 |  |  |  | 01/22/21 |  |  | USD |  |  | 11.00 |  |  | USD |  |  | 515 |  |  |  | (25,933 | )
Royal Dutch Shell PLC, Class A |  |  | 816 |  |  |  | 01/22/21 |  |  | USD |  |  | 38.50 |  |  | USD |  |  | 2,867 |  |  |  | (44,880 | )
Valero Energy Corp. |  |  | 76 |  |  |  | 01/22/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 430 |  |  |  | (9,880 | )
Williams Cos., Inc. |  |  | 426 |  |  |  | 01/22/21 |  |  | USD |  |  | 23.00 |  |  | USD |  |  | 854 |  |  |  | (2,130 | )
Chevron Corp. |  |  | 358 |  |  |  | 01/29/21 |  |  | USD |  |  | 92.50 |  |  | USD |  |  | 3,023 |  |  |  | (43,318 | )
Concho Resources, Inc. |  |  | 105 |  |  |  | 01/29/21 |  |  | USD |  |  | 61.50 |  |  | USD |  |  | 613 |  |  |  | (15,750 | )
ConocoPhillips |  |  | 255 |  |  |  | 01/29/21 |  |  | USD |  |  | 43.50 |  |  | USD |  |  | 1,020 |  |  |  | (21,420 | )
ConocoPhillips |  |  | 368 |  |  |  | 01/29/21 |  |  | USD |  |  | 40.50 |  |  | USD |  |  | 1,472 |  |  |  | (65,688 | )
EOG Resources, Inc. |  |  | 192 |  |  |  | 01/29/21 |  |  | USD |  |  | 54.50 |  |  | USD |  |  | 957 |  |  |  | (18,336 | )
Kinder Morgan, Inc. |  |  | 641 |  |  |  | 01/29/21 |  |  | USD |  |  | 15.50 |  |  | USD |  |  | 876 |  |  |  | (5,128 | )
Petroleo Brasileiro SA, ADR |  |  | 329 |  |  |  | 01/29/21 |  |  | USD |  |  | 11.50 |  |  | USD |  |  | 369 |  |  |  | (14,970 | )
Pioneer Natural Resources Co. |  |  | 23 |  |  |  | 01/29/21 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 262 |  |  |  | (12,765 | )
Royal Dutch Shell PLC, Class A |  |  | 647 |  |  |  | 01/29/21 |  |  | USD |  |  | 38.50 |  |  | USD |  |  | 2,273 |  |  |  | (42,055 | )
Schlumberger NV |  |  | 340 |  |  |  | 01/29/21 |  |  | USD |  |  | 23.00 |  |  | USD |  |  | 742 |  |  |  | (25,500 | )
Williams Cos., Inc. |  |  | 426 |  |  |  | 01/29/21 |  |  | USD |  |  | 23.01 |  |  | USD |  |  | 854 |  |  |  | (3,925 | )
Williams Cos., Inc. |  |  | 426 |  |  |  | 02/05/21 |  |  | USD |  |  | 23.01 |  |  | USD |  |  | 854 |  |  |  | (5,276 | )
Canadian Natural Resources Ltd. |  |  | 559 |  |  |  | 02/19/21 |  |  | CAD |  |  | 32.00 |  |  | CAD |  |  | 1,710 |  |  |  | (49,624 | )
ConocoPhillips |  |  | 172 |  |  |  | 02/19/21 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 688 |  |  |  | (25,026 | )
Darling Ingredients, Inc. |  |  | 63 |  |  |  | 02/19/21 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 363 |  |  |  | (16,380 | )
Exxon Mobil Corp. |  |  | 170 |  |  |  | 02/19/21 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 701 |  |  |  | (17,765 | )
Hess Corp. |  |  | 228 |  |  |  | 02/19/21 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 1,204 |  |  |  | (48,450 | )
Petroleo Brasileiro SA, ADR |  |  | 225 |  |  |  | 02/19/21 |  |  | USD |  |  | 10.00 |  |  | USD |  |  | 253 |  |  |  | (32,512 | )
TC Energy Corp. |  |  | 474 |  |  |  | 02/19/21 |  |  | CAD |  |  | 58.00 |  |  | CAD |  |  | 2,453 |  |  |  | (9,496 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,983,423 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lukoil PJSC - ADR |  | Goldman Sachs International |  |  | 5,100 |  |  |  | 01/05/21 |  |  |  | USD |  |  |  | 65.05 |  |  |  | USD |  |  |  | 347 |  |  | $ | (18,765 | )
Total SA |  | Goldman Sachs International |  |  | 49,400 |  |  |  | 01/05/21 |  |  |  | EUR |  |  |  | 35.70 |  |  |  | EUR |  |  |  | 1,745 |  |  |  | (11,298 | )

42 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aker BP ASA |  | Barclays Bank PLC |  |  | 21,800 |  |  |  | 01/06/21 |  |  |  | NOK |  |  |  | 184.60 |  |  |  | NOK |  |  |  | 4,717 |  |  | $ | (80,826 | )
Statoil ASA |  | Morgan Stanley & Co. International PLC |  |  | 44,000 |  |  |  | 01/06/21 |  |  |  | NOK |  |  |  | 146.05 |  |  |  | NOK |  |  |  | 6,367 |  |  |  | (11,673 | )
BP PLC |  | Goldman Sachs International |  |  | 596,500 |  |  |  | 01/07/21 |  |  |  | GBP |  |  |  | 2.14 |  |  |  | GBP |  |  |  | 1,505 |  |  |  | (317,077 | )
Galp Energia SGPS SA |  | Goldman Sachs International |  |  | 68,500 |  |  |  | 01/07/21 |  |  |  | EUR |  |  |  | 7.54 |  |  |  | EUR |  |  |  | 594 |  |  |  | (95,039 | )
CNOOC Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 800,000 |  |  |  | 01/12/21 |  |  |  | HKD |  |  |  | 7.58 |  |  |  | HKD |  |  |  | 5,690 |  |  |  | (8,722 | )
Lukoil PJSC—ADR |  | Goldman Sachs International |  |  | 7,000 |  |  |  | 01/12/21 |  |  |  | USD |  |  |  | 57.65 |  |  |  | USD |  |  |  | 476 |  |  |  | (80,537 | )
Total SA |  | Credit Suisse International |  |  | 23,100 |  |  |  | 01/12/21 |  |  |  | EUR |  |  |  | 35.67 |  |  |  | EUR |  |  |  | 816 |  |  |  | (11,230 | )
Total SA |  | Goldman Sachs International |  |  | 20,400 |  |  |  | 01/12/21 |  |  |  | EUR |  |  |  | 28.29 |  |  |  | EUR |  |  |  | 721 |  |  |  | (175,427 | )
Santos Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 245,700 |  |  |  | 01/13/21 |  |  |  | AUD |  |  |  | 6.19 |  |  |  | AUD |  |  |  | 1,543 |  |  |  | (43,514 | )
BP PLC |  | Credit Suisse International |  |  | 139,500 |  |  |  | 01/15/21 |  |  |  | GBP |  |  |  | 2.45 |  |  |  | GBP |  |  |  | 352 |  |  |  | (24,843 | )
Statoil ASA |  | Morgan Stanley & Co. International PLC |  |  | 44,000 |  |  |  | 01/15/21 |  |  |  | NOK |  |  |  | 147.47 |  |  |  | NOK |  |  |  | 6,367 |  |  |  | (16,040 | )
BP PLC |  | Goldman Sachs International |  |  | 570,000 |  |  |  | 01/20/21 |  |  |  | GBP |  |  |  | 2.75 |  |  |  | GBP |  |  |  | 1,438 |  |  |  | (20,647 | )
Oil Search Ltd. |  | UBS AG |  |  | 118,000 |  |  |  | 01/20/21 |  |  |  | AUD |  |  |  | 3.84 |  |  |  | AUD |  |  |  | 439 |  |  |  | (7,116 | )
BP PLC |  | Credit Suisse International |  |  | 373,200 |  |  |  | 01/26/21 |  |  |  | GBP |  |  |  | 2.86 |  |  |  | GBP |  |  |  | 942 |  |  |  | (9,172 | )
Equinor ASA |  | Morgan Stanley & Co. International PLC |  |  | 19,900 |  |  |  | 01/27/21 |  |  |  | NOK |  |  |  | 150.90 |  |  |  | NOK |  |  |  | 2,879 |  |  |  | (7,431 | )
Galp Energia SGPS SA |  | Barclays Bank PLC |  |  | 115,500 |  |  |  | 01/27/21 |  |  |  | EUR |  |  |  | 9.58 |  |  |  | EUR |  |  |  | 1,002 |  |  |  | (29,744 | )
Total SA |  | Goldman Sachs International |  |  | 62,500 |  |  |  | 01/27/21 |  |  |  | EUR |  |  |  | 38.06 |  |  |  | EUR |  |  |  | 2,208 |  |  |  | (21,318 | )
Santos Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 12,400 |  |  |  | 01/28/21 |  |  |  | AUD |  |  |  | 6.76 |  |  |  | AUD |  |  |  | 78 |  |  |  | (916 | )
Aker BP ASA |  | Morgan Stanley & Co. International PLC |  |  | 44,800 |  |  |  | 02/02/21 |  |  |  | NOK |  |  |  | 223.50 |  |  |  | NOK |  |  |  | 9,693 |  |  |  | (26,998 | )
CNOOC Ltd. |  | UBS AG |  |  | 606,000 |  |  |  | 02/02/21 |  |  |  | HKD |  |  |  | 6.94 |  |  |  | HKD |  |  |  | 4,310 |  |  |  | (42,895 | )
Oil Search Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 219,700 |  |  |  | 02/03/21 |  |  |  | AUD |  |  |  | 3.65 |  |  |  | AUD |  |  |  | 817 |  |  |  | (35,806 | )
Total SA |  | Barclays Bank PLC |  |  | 68,800 |  |  |  | 02/03/21 |  |  |  | EUR |  |  |  | 36.63 |  |  |  | EUR |  |  |  | 2,431 |  |  |  | (59,294 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,156,328 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | — |  |  | $ | — |  |  | $ | 1,667,571 |  |  | $ | (1,501,278 | ) |  | $ | (3,139,751 | )

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 |  | $ | — |  |  | $ | — |  |  | $ | 3,139,751 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,139,751 |

For the year ended December 31, 2020, 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 |  | $ | — |  |  | $ | — |  |  | $ | (3,816,216 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,816,216 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 1,280,070 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,280,070 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average value of option contracts written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,380,286 |

S C H E D U L E O F I N V E S T M E N T S |  | 43

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Energy and Resources Trust (BGR)

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 |  | $ | — |  |  | $ | 3,139,751 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 3,139,751 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (1,983,423 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 1,156,328 |

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged |  |  |  | Net Amount of Derivative Liabilities | (b)
Barclays Bank PLC |  | $ | 169,864 |  |  | $ | — |  |  | $ | (169,864 | ) |  | $ | — |  |  | $ | — |
Credit Suisse International |  |  | 45,245 |  |  |  | — |  |  |  | (45,245 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 740,108 |  |  |  | — |  |  |  | (740,108 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A |  |  | 80,236 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 80,236 |
Morgan Stanley & Co. International PLC |  |  | 70,864 |  |  |  | — |  |  |  | (70,864 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 50,011 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 50,011 |
|  | $ | 1,156,328 |  |  | $ | — |  |  | $ | (1,026,081 | ) |  | $ | — |  |  | $ | 130,247 |

| (a) | Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |

| (b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. |

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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 |  | $ | 9,169,277 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,169,277 |
Oil, Gas & Consumable Fuels |  |  | 161,089,584 |  |  |  | 69,449,962 |  |  |  | — |  |  |  | 230,539,546 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 3,418,486 |  |  |  | — |  |  |  | — |  |  |  | 3,418,486 |
|  | $ | 173,677,347 |  |  | $ | 69,449,962 |  |  | $ | — |  |  | $ | 243,127,309 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (1,967,718 | ) |  | $ | (1,172,033 | ) |  | $ | — |  |  | $ | (3,139,751 | )

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

See notes to financial statements.

44 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments December 31, 2020 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |
Aerospace & Defense — 1.4% |  |  |  |  |  |
BAE Systems PLC, ADR |  |  | 431,524 |  |  | $ | 11,715,877 |
Automobiles — 2.0% |  |  |  |  |  |
General Motors Co.(a) |  |  | 401,550 |  |  |  | 16,720,542 |
Banks — 3.4% |  |  |  |  |  |
Bank of America Corp.(b) |  |  | 425,083 |  |  |  | 12,884,266 |
JPMorgan Chase & Co. |  |  | 126,481 |  |  |  | 16,071,940 |
|  |  |  |  |  |  | 28,956,206 |
Beverages — 1.7% |  |  |  |  |  |
Coca-Cola Co. |  |  | 258,748 |  |  |  | 14,189,740 |
Biotechnology — 0.7% |  |  |  |  |  |
Biogen, Inc.(a) |  |  | 23,533 |  |  |  | 5,762,290 |
Capital Markets — 3.2% |  |  |  |  |  |
Intercontinental Exchange, Inc. |  |  | 67,814 |  |  |  | 7,818,276 |
Morgan Stanley |  |  | 218,301 |  |  |  | 14,960,168 |
Raymond James Financial, Inc.(a) |  |  | 48,875 |  |  |  | 4,675,871 |
|  |  |  |  |  |  | 27,454,315 |
Chemicals — 3.4% |  |  |  |  |  |
Axalta Coating Systems Ltd.(a) |  |  | 328,225 |  |  |  | 9,370,824 |
Corteva, Inc. |  |  | 490,682 |  |  |  | 18,999,207 |
|  |  |  |  |  |  | 28,370,031 |
Communications Equipment(a) — 2.9% |  |  |  |  |  |
Ciena Corp. |  |  | 158,490 |  |  |  | 8,376,196 |
Cisco Systems, Inc. |  |  | 356,209 |  |  |  | 15,940,353 |
|  |  |  |  |  |  | 24,316,549 |
Construction & Engineering — 1.6% |  |  |  |  |  |
Quanta Services, Inc. |  |  | 188,868 |  |  |  | 13,602,273 |
Consumer Finance — 1.9% |  |  |  |  |  |
Ally Financial, Inc. |  |  | 283,440 |  |  |  | 10,107,471 |
Capital One Financial Corp. |  |  | 58,525 |  |  |  | 5,785,196 |
|  |  |  |  |  |  | 15,892,667 |
Diversified Financial Services — 2.6% |  |  |  |  |  |
Berkshire Hathaway, Inc., Class B(a) |  |  | 95,508 |  |  |  | 22,145,440 |
Electronic Equipment, Instruments & Components — 0.2% |  |  |  |  |  |
Vontier Corp.(a) |  |  | 48,775 |  |  |  | 1,629,085 |
Food & Staples Retailing — 1.2% |  |  |  |  |  |
Walmart, Inc. |  |  | 73,439 |  |  |  | 10,586,232 |
Health Care Equipment & Supplies — 1.1% |  |  |  |  |  |
Koninklijke Philips NV, NY Shares(a) |  |  | 174,159 |  |  |  | 9,434,193 |
Health Care Providers & Services — 6.7% |  |  |  |  |  |
Anthem, Inc. |  |  | 40,910 |  |  |  | 13,135,792 |
Humana, Inc. |  |  | 16,528 |  |  |  | 6,780,943 |
Laboratory Corp. of America Holdings(a) |  |  | 63,675 |  |  |  | 12,961,046 |
UnitedHealth Group, Inc. |  |  | 67,013 |  |  |  | 23,500,119 |
|  |  |  |  |  |  | 56,377,900 |
Health Care Technology — 0.2% |  |  |  |  |  |
Veeva Systems, Inc., Class A(a) |  |  | 7,040 |  |  |  | 1,916,640 |

Security |  | Shares |  |  | Value |
Insurance — 1.0% |  |  |  |  |  |
Fidelity National Financial, Inc. |  |  | 135,607 |  |  | $ | 5,300,877 |
Reinsurance Group of America, Inc. |  |  | 24,842 |  |  |  | 2,879,188 |
|  |  |  |  |  |  | 8,180,065 |
Interactive Media & Services(a) — 8.3% |  |  |  |  |  |
Alphabet, Inc., Class A(b) |  |  | 24,968 |  |  |  | 43,759,916 |
Facebook, Inc., Class A |  |  | 96,539 |  |  |  | 26,370,593 |
|  |  |  |  |  |  | 70,130,509 |
Internet & Direct Marketing Retail(a) — 5.5% |
Alibaba Group Holding Ltd., ADR |  |  | 43,423 |  |  |  | 10,105,835 |
Amazon.com, Inc. |  |  | 11,033 |  |  |  | 35,933,709 |
|  |  |  |  |  |  | 46,039,544 |
IT Services — 6.3% |  |  |  |  |  |
Cognizant Technology Solutions Corp., Class A |  |  | 204,027 |  |  |  | 16,720,012 |
FleetCor Technologies, Inc.(a) |  |  | 46,319 |  |  |  | 12,637,213 |
Visa, Inc., Class A(b) |  |  | 108,986 |  |  |  | 23,838,508 |
|  |  |  |  |  |  | 53,195,733 |
Machinery — 2.2% |  |  |  |  |  |
Fortive Corp. |  |  | 132,313 |  |  |  | 9,370,407 |
Otis Worldwide Corp. |  |  | 137,827 |  |  |  | 9,310,214 |
|  |  |  |  |  |  | 18,680,621 |
Media — 3.6% |  |  |  |  |  |
Comcast Corp., Class A(a) |  |  | 400,807 |  |  |  | 21,002,287 |
Fox Corp., Class A |  |  | 335,535 |  |  |  | 9,770,779 |
|  |  |  |  |  |  | 30,773,066 |
Multi-line Retail(a) — 2.7% |  |  |  |  |  |
Dollar General Corp. |  |  | 25,901 |  |  |  | 5,446,980 |
Dollar Tree, Inc. |  |  | 162,022 |  |  |  | 17,504,857 |
|  |  |  |  |  |  | 22,951,837 |
Oil, Gas & Consumable Fuels — 2.8% |  |  |  |  |  |
BP PLC, ADR |  |  | 257,159 |  |  |  | 5,276,903 |
Chevron Corp. |  |  | 97,193 |  |  |  | 8,207,949 |
ConocoPhillips |  |  | 248,359 |  |  |  | 9,931,876 |
|  |  |  |  |  |  | 23,416,728 |
Personal Products — 1.7% |  |  |  |  |  |
Unilever PLC, ADR |  |  | 240,598 |  |  |  | 14,522,495 |
Pharmaceuticals — 2.2% |  |  |  |  |  |
Novo Nordisk A/S, ADR |  |  | 96,803 |  |  |  | 6,761,690 |
Sanofi, ADR |  |  | 240,322 |  |  |  | 11,677,246 |
|  |  |  |  |  |  | 18,438,936 |
Professional Services — 1.4% |  |  |  |  |  |
Robert Half International, Inc. |  |  | 185,410 |  |  |  | 11,584,417 |
Real Estate Management & Development — 1.1% |
CBRE Group, Inc., Class A(a) |  |  | 146,164 |  |  |  | 9,167,406 |
Road & Rail — 1.6% |  |  |  |  |  |
Norfolk Southern Corp. |  |  | 56,140 |  |  |  | 13,339,425 |
Semiconductors & Semiconductor Equipment — 4.8% |
Applied Materials, Inc.(a) |  |  | 196,540 |  |  |  | 16,961,402 |
NXP Semiconductors NV |  |  | 30,318 |  |  |  | 4,820,865 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 170,335 |  |  |  | 18,573,329 |
|  |  |  |  |  |  | 40,355,596 |

S C H E D U L E O F I N V E S T M E N T S |  | 45

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Software — 7.7% |  |  |  |  |  |
CDK Global, Inc. |  |  | 207,532 |  |  | $ | 10,756,383 |
Microsoft Corp.(b) |  |  | 242,061 |  |  |  | 53,839,208 |
|  |  |  |  |  |  | 64,595,591 |
Specialty Retail(a) — 3.5% |  |  |  |  |  |
Lowe’s Cos., Inc. |  |  | 45,239 |  |  |  | 7,261,312 |
O’Reilly Automotive, Inc. |  |  | 19,472 |  |  |  | 8,812,443 |
Ross Stores, Inc. |  |  | 108,948 |  |  |  | 13,379,904 |
|  |  |  |  |  |  | 29,453,659 |
Technology Hardware, Storage & Peripherals — 7.3% |
Apple, Inc.(c) |  |  | 463,960 |  |  |  | 61,562,852 |
Textiles, Apparel & Luxury Goods — 0.6% |
Skechers USA, Inc., Class A(a) |  |  | 147,765 |  |  |  | 5,310,674 |
Tobacco — 0.1% |  |  |  |  |  |
Altria Group, Inc.(b) |  |  | 30,630 |  |  |  | 1,255,830 |
Wireless Telecommunication Services — 1.6% |
Vodafone Group PLC, ADR |  |  | 800,427 |  |  |  | 13,191,037 |
Total Long-Term Investments — 100.2% (Cost: $545,406,703) |  |  | 845,216,001 |
Short-Term Securities |  |  |  |  |  |
Money Market Funds — 1.4% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(d)(e) |  |  | 11,614,004 |  |  |  | 11,614,004 |
Total Short-Term Securities — 1.4% (Cost: $11,614,004) |  |  |  |  |  |  | 11,614,004 |
Total Investments Before Options Written — 101.6% (Cost: $557,020,707) |  |  |  |  |  |  | 856,830,005 |
Options Written — (1.6)% (Premiums Received: $(12,578,558)) |  |  |  |  |  |  | (13,103,270 | )
Total Investments, Net of Options Written — 100.0% (Cost: $544,442,149) |  |  |  |  |  |  | 843,726,735 |
Liabilities in Excess of Other Assets — 0.0% |  |  |  |  |  |  | (53,533 | )
Net Assets — 100.0% |  |  |  |  | $843,673,202 |

(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 the security has been pledged as collateral in connection with outstanding OTC derivatives.

(d) | Affiliate of the Trust.

(e) | Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/19 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 12/31/20 |  |  | Shares Held at 12/31/20 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 4,423,595 |  |  | $ | 7,190,409 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11,614,004 |  |  |  | 11,614,004 |  |  | $ | 22,692 |  |  | $ | — |

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

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

46 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apple, Inc. |  |  | 258 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 124.00 |  |  |  | USD |  |  |  | 3,423 |  |  | $ | (229,663 | )
Microsoft Corp. |  |  | 150 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 221.00 |  |  |  | USD |  |  |  | 3,336 |  |  |  | (60,279 | )
Alibaba Group Holding Ltd., ADR |  |  | 8 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 277.50 |  |  |  | USD |  |  |  | 186 |  |  |  | (116 | )
Alphabet, Inc., Class A |  |  | 41 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 1,842.50 |  |  |  | USD |  |  |  | 7,186 |  |  |  | (6,868 | )
Amazon.com, Inc. |  |  | 30 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 3,300.00 |  |  |  | USD |  |  |  | 9,771 |  |  |  | (93,975 | )
Anthem, Inc. |  |  | 75 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 335.00 |  |  |  | USD |  |  |  | 2,408 |  |  |  | (14,250 | )
Apple, Inc. |  |  | 329 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 4,366 |  |  |  | (132,422 | )
Applied Materials, Inc. |  |  | 358 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 84.50 |  |  |  | USD |  |  |  | 3,090 |  |  |  | (120,825 | )
Bank of America Corp. |  |  | 195 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 591 |  |  |  | (13,553 | )
Bank of America Corp. |  |  | 362 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 27.66 |  |  |  | USD |  |  |  | 1,097 |  |  |  | (96,971 | )
Bank of America Corp. |  |  | 82 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 29.06 |  |  |  | USD |  |  |  | 249 |  |  |  | (11,529 | )
Bank of America Corp. |  |  | 120 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 29.58 |  |  |  | USD |  |  |  | 364 |  |  |  | (12,243 | )
Berkshire Hathaway, Inc., Class B |  |  | 210 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 4,869 |  |  |  | (76,650 | )
Biogen, Inc. |  |  | 37 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 267.50 |  |  |  | USD |  |  |  | 906 |  |  |  | (3,700 | )
BP PLC, ADR |  |  | 296 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 21.00 |  |  |  | USD |  |  |  | 607 |  |  |  | (7,696 | )
Ciena Corp. |  |  | 286 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 48.00 |  |  |  | USD |  |  |  | 1,512 |  |  |  | (141,570 | )
Ciena Corp. |  |  | 54 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 285 |  |  |  | (1,269 | )
Cognizant Technology Solutions Corp., Class A |  |  | 340 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 2,786 |  |  |  | (93,500 | )
ConocoPhillips |  |  | 410 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 1,640 |  |  |  | (10,045 | )
ConocoPhillips |  |  | 144 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 576 |  |  |  | (1,296 | )
Dollar General Corp. |  |  | 48 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 217.50 |  |  |  | USD |  |  |  | 1,009 |  |  |  | (1,320 | )
Facebook, Inc., Class A |  |  | 129 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 3,524 |  |  |  | (7,998 | )
JPMorgan Chase & Co. |  |  | 196 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 117.75 |  |  |  | USD |  |  |  | 2,491 |  |  |  | (167,597 | )
JPMorgan Chase & Co. |  |  | 87 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,106 |  |  |  | (62,205 | )
Lowe’s Cos., Inc. |  |  | 141 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 157.50 |  |  |  | USD |  |  |  | 2,263 |  |  |  | (59,572 | )
Microsoft Corp. |  |  | 227 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 222.50 |  |  |  | USD |  |  |  | 5,049 |  |  |  | (65,035 | )
Morgan Stanley |  |  | 318 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 66.00 |  |  |  | USD |  |  |  | 2,179 |  |  |  | (90,948 | )
Ross Stores, Inc. |  |  | 65 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 112.00 |  |  |  | USD |  |  |  | 798 |  |  |  | (72,150 | )
UnitedHealth Group, Inc. |  |  | 62 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 2,174 |  |  |  | (88,195 | )
UnitedHealth Group, Inc. |  |  | 16 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 360.00 |  |  |  | USD |  |  |  | 561 |  |  |  | (4,912 | )
Visa, Inc., Class A |  |  | 20 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 212.50 |  |  |  | USD |  |  |  | 437 |  |  |  | (14,200 | )
Walmart, Inc. |  |  | 132 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 152.50 |  |  |  | USD |  |  |  | 1,903 |  |  |  | (1,320 | )
Alibaba Group Holding Ltd., ADR |  |  | 40 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 931 |  |  |  | (1,640 | )
Ally Financial, Inc. |  |  | 504 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 32.00 |  |  |  | USD |  |  |  | 1,797 |  |  |  | (195,300 | )
Alphabet, Inc., Class A |  |  | 26 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 1,780.00 |  |  |  | USD |  |  |  | 4,557 |  |  |  | (62,140 | )
Altria Group, Inc. |  |  | 276 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 1,132 |  |  |  | (7,452 | )
Amazon.com, Inc. |  |  | 10 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 3,400.00 |  |  |  | USD |  |  |  | 3,257 |  |  |  | (24,875 | )
Apple, Inc. |  |  | 636 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 8,439 |  |  |  | (564,450 | )
Applied Materials, Inc. |  |  | 135 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 1,165 |  |  |  | (91,125 | )
Axalta Coating Systems Ltd. |  |  | 684 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 28.30 |  |  |  | USD |  |  |  | 1,953 |  |  |  | (60,340 | )
Bank of America Corp. |  |  | 120 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 364 |  |  |  | (11,160 | )
Bank of America Corp. |  |  | 456 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 1,382 |  |  |  | (198,360 | )
Bank of America Corp. |  |  | 82 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 29.00 |  |  |  | USD |  |  |  | 249 |  |  |  | (13,202 | )
Biogen, Inc. |  |  | 46 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 275.00 |  |  |  | USD |  |  |  | 1,126 |  |  |  | (16,100 | )
BP PLC, ADR |  |  | 118 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 242 |  |  |  | (11,151 | )
Capital One Financial Corp. |  |  | 210 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 97.50 |  |  |  | USD |  |  |  | 2,076 |  |  |  | (76,650 | )
CBRE Group, Inc., Class A |  |  | 210 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 59.95 |  |  |  | USD |  |  |  | 1,317 |  |  |  | (69,387 | )
CDK Global, Inc. |  |  | 373 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 51.00 |  |  |  | USD |  |  |  | 1,933 |  |  |  | (67,419 | )
Chevron Corp. |  |  | 138 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 87.50 |  |  |  | USD |  |  |  | 1,165 |  |  |  | (16,905 | )
Chevron Corp. |  |  | 235 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,985 |  |  |  | (15,158 | )
Ciena Corp. |  |  | 286 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 48.00 |  |  |  | USD |  |  |  | 1,512 |  |  |  | (143,715 | )
Ciena Corp. |  |  | 54 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 285 |  |  |  | (2,835 | )
Cognizant Technology Solutions Corp., Class A |  |  | 216 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 1,770 |  |  |  | (158,760 | )
Cognizant Technology Solutions Corp., Class A |  |  | 268 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 82.50 |  |  |  | USD |  |  |  | 2,196 |  |  |  | (40,200 | )
Comcast Corp., Class A |  |  | 300 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,572 |  |  |  | (222,750 | )
Comcast Corp., Class A |  |  | 219 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,148 |  |  |  | (56,064 | )
ConocoPhillips |  |  | 96 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 384 |  |  |  | (2,160 | )
Corteva, Inc. |  |  | 393 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 1,522 |  |  |  | (56,002 | )
Dollar General Corp. |  |  | 100 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 1,080 |  |  |  | (3,550 | )
Facebook, Inc., Class A |  |  | 82 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 295.00 |  |  |  | USD |  |  |  | 2,240 |  |  |  | (10,045 | )

S C H E D U L E O F I N V E S T M E N T S |  | 47

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fidelity National Financial, Inc. |  |  | 186 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 36.25 |  |  |  | USD |  |  |  | 727 |  |  | $ | (55,362 | )
FleetCor Technologies, Inc. |  |  | 98 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 2,674 |  |  |  | (82,810 | )
Fortive Corp. |  |  | 250 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 1,771 |  |  |  | (48,125 | )
General Motors Co. |  |  | 77 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 47.00 |  |  |  | USD |  |  |  | 321 |  |  |  | (1,194 | )
Intercontinental Exchange, Inc. |  |  | 305 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 3,516 |  |  |  | (65,575 | )
Intercontinental Exchange, Inc. |  |  | 48 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 553 |  |  |  | (27,840 | )
JPMorgan Chase & Co. |  |  | 106 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,347 |  |  |  | (78,175 | )
Koninklijke Philips NV, NY Shares |  |  | 567 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 52.49 |  |  |  | USD |  |  |  | 3,071 |  |  |  | (129,689 | )
Laboratory Corp. of America Holdings |  |  | 196 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 3,990 |  |  |  | (28,910 | )
Microsoft Corp. |  |  | 150 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 3,336 |  |  |  | (85,125 | )
Morgan Stanley |  |  | 341 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 2,337 |  |  |  | (381,067 | )
Norfolk Southern Corp. |  |  | 127 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 3,018 |  |  |  | (13,970 | )
Novo Nordisk A/S, ADR |  |  | 307 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 2,144 |  |  |  | (36,840 | )
NXP Semiconductors NV |  |  | 115 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 1,829 |  |  |  | (24,380 | )
Otis Worldwide Corp. |  |  | 608 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 4,107 |  |  |  | (22,800 | )
Quanta Services, Inc. |  |  | 393 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 70.90 |  |  |  | USD |  |  |  | 2,830 |  |  |  | (104,263 | )
Raymond James Financial, Inc. |  |  | 151 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,445 |  |  |  | (87,580 | )
Raymond James Financial, Inc. |  |  | 88 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 842 |  |  |  | (19,800 | )
Reinsurance Group of America, Inc. |  |  | 78 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 904 |  |  |  | (12,675 | )
Reinsurance Group of America, Inc. |  |  | 78 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 904 |  |  |  | (4,095 | )
Robert Half International, Inc. |  |  | 139 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 868 |  |  |  | (8,688 | )
Skechers USA, Inc., Class A |  |  | 133 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 478 |  |  |  | (22,943 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 236 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 2,573 |  |  |  | (143,370 | )
Unilever PLC, ADR |  |  | 183 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,105 |  |  |  | (20,130 | )
UnitedHealth Group, Inc. |  |  | 47 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 360.00 |  |  |  | USD |  |  |  | 1,648 |  |  |  | (21,620 | )
Veeva Systems, Inc., Class A |  |  | 57 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 1,552 |  |  |  | (6,840 | )
Vodafone Group PLC, ADR |  |  | 580 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 18.00 |  |  |  | USD |  |  |  | 956 |  |  |  | (2,030 | )
Walmart, Inc. |  |  | 102 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 1,470 |  |  |  | (1,887 | )
Alphabet, Inc., Class A |  |  | 41 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 1,860.00 |  |  |  | USD |  |  |  | 7,186 |  |  |  | (38,745 | )
Alphabet, Inc., Class A |  |  | 46 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 1,810.00 |  |  |  | USD |  |  |  | 8,062 |  |  |  | (99,820 | )
Amazon.com, Inc. |  |  | 7 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 3,275.00 |  |  |  | USD |  |  |  | 2,280 |  |  |  | (56,420 | )
Apple, Inc. |  |  | 253 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 128.00 |  |  |  | USD |  |  |  | 3,357 |  |  |  | (178,997 | )
Apple, Inc. |  |  | 267 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 3,543 |  |  |  | (89,445 | )
Applied Materials, Inc. |  |  | 197 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 1,700 |  |  |  | (9,850 | )
Bank of America Corp. |  |  | 253 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 30.41 |  |  |  | USD |  |  |  | 767 |  |  |  | (22,134 | )
Berkshire Hathaway, Inc., Class B |  |  | 213 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 232.50 |  |  |  | USD |  |  |  | 4,939 |  |  |  | (83,602 | )
BP PLC, ADR |  |  | 172 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 23.50 |  |  |  | USD |  |  |  | 353 |  |  |  | (1,892 | )
CBRE Group, Inc., Class A |  |  | 250 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 66.15 |  |  |  | USD |  |  |  | 1,568 |  |  |  | (15,252 | )
Chevron Corp. |  |  | 119 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 91.50 |  |  |  | USD |  |  |  | 1,005 |  |  |  | (9,044 | )
Ciena Corp. |  |  | 245 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,295 |  |  |  | (84,525 | )
Cisco Systems, Inc. |  |  | 222 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 44.50 |  |  |  | USD |  |  |  | 993 |  |  |  | (19,758 | )
Cisco Systems, Inc. |  |  | 88 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 394 |  |  |  | (6,160 | )
Coca-Cola Co. |  |  | 164 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 53.50 |  |  |  | USD |  |  |  | 899 |  |  |  | (31,160 | )
Cognizant Technology Solutions Corp., Class A |  |  | 73 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 80.50 |  |  |  | USD |  |  |  | 598 |  |  |  | (21,900 | )
Comcast Corp., Class A |  |  | 771 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 53.50 |  |  |  | USD |  |  |  | 4,040 |  |  |  | (52,428 | )
ConocoPhillips |  |  | 206 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 44.50 |  |  |  | USD |  |  |  | 824 |  |  |  | (9,373 | )
Dollar General Corp. |  |  | 570 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 6,158 |  |  |  | (43,605 | )
Facebook, Inc., Class A |  |  | 317 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 285.00 |  |  |  | USD |  |  |  | 8,659 |  |  |  | (144,235 | )
Fox Corp., Class A |  |  | 456 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 30.50 |  |  |  | USD |  |  |  | 1,328 |  |  |  | (23,940 | )
General Motors Co. |  |  | 235 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 47.00 |  |  |  | USD |  |  |  | 979 |  |  |  | (5,405 | )
General Motors Co. |  |  | 4 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 43.50 |  |  |  | USD |  |  |  | 17 |  |  |  | (344 | )
JPMorgan Chase & Co. |  |  | 115 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 128.00 |  |  |  | USD |  |  |  | 1,461 |  |  |  | (32,315 | )
Lowe’s Cos., Inc. |  |  | 141 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 157.50 |  |  |  | USD |  |  |  | 2,263 |  |  |  | (78,960 | )
Microsoft Corp. |  |  | 226 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 222.50 |  |  |  | USD |  |  |  | 5,027 |  |  |  | (114,130 | )
Microsoft Corp. |  |  | 339 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 227.50 |  |  |  | USD |  |  |  | 7,540 |  |  |  | (98,310 | )
Norfolk Southern Corp. |  |  | 125 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 2,970 |  |  |  | (61,250 | )
Skechers USA, Inc., Class A |  |  | 410 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 37.50 |  |  |  | USD |  |  |  | 1,474 |  |  |  | (35,875 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 132 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 106.00 |  |  |  | USD |  |  |  | 1,439 |  |  |  | (79,860 | )
Visa, Inc., Class A |  |  | 118 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 2,581 |  |  |  | (87,025 | )
Vodafone Group PLC, ADR |  |  | 580 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 18.00 |  |  |  | USD |  |  |  | 956 |  |  |  | (7,830 | )
Walmart, Inc. |  |  | 120 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 152.50 |  |  |  | USD |  |  |  | 1,730 |  |  |  | (6,780 | )
CDK Global, Inc. |  |  | 353 |  |  |  | 01/27/21 |  |  |  | USD |  |  |  | 52.00 |  |  |  | USD |  |  |  | 1,830 |  |  |  | (70,184 | )

48 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alibaba Group Holding Ltd., ADR |  |  | 225 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 265.00 |  |  |  | USD |  |  |  | 5,236 |  |  | $ | (40,950 | )
Altria Group, Inc. |  |  | 29 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 119 |  |  |  | (1,624 | )
Amazon.com, Inc. |  |  | 8 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 3,160.00 |  |  |  | USD |  |  |  | 2,606 |  |  |  | (143,560 | )
Apple, Inc. |  |  | 267 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 131.00 |  |  |  | USD |  |  |  | 3,543 |  |  |  | (178,890 | )
Bank of America Corp. |  |  | 253 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 30.41 |  |  |  | USD |  |  |  | 767 |  |  |  | (24,003 | )
Berkshire Hathaway, Inc., Class B |  |  | 125 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 227.50 |  |  |  | USD |  |  |  | 2,898 |  |  |  | (97,500 | )
Berkshire Hathaway, Inc., Class B |  |  | 53 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 225.00 |  |  |  | USD |  |  |  | 1,229 |  |  |  | (46,243 | )
BP PLC, ADR |  |  | 150 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 308 |  |  |  | (4,725 | )
CBRE Group, Inc., Class A |  |  | 488 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 66.15 |  |  |  | USD |  |  |  | 3,061 |  |  |  | (46,774 | )
Chevron Corp. |  |  | 120 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 92.50 |  |  |  | USD |  |  |  | 1,013 |  |  |  | (14,520 | )
Coca-Cola Co. |  |  | 165 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 54.00 |  |  |  | USD |  |  |  | 905 |  |  |  | (29,535 | )
Cognizant Technology Solutions Corp., Class A |  |  | 290 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 81.50 |  |  |  | USD |  |  |  | 2,377 |  |  |  | (78,300 | )
Cognizant Technology Solutions Corp., Class A |  |  | 28 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 82.50 |  |  |  | USD |  |  |  | 229 |  |  |  | (6,440 | )
Comcast Corp., Class A |  |  | 1,063 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 51.50 |  |  |  | USD |  |  |  | 5,570 |  |  |  | (224,824 | )
ConocoPhillips |  |  | 197 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 43.50 |  |  |  | USD |  |  |  | 788 |  |  |  | (16,548 | )
ConocoPhillips |  |  | 324 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 40.50 |  |  |  | USD |  |  |  | 1,296 |  |  |  | (57,834 | )
Dollar General Corp. |  |  | 113 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 2,376 |  |  |  | (31,923 | )
Dollar General Corp. |  |  | 350 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 116.00 |  |  |  | USD |  |  |  | 3,781 |  |  |  | (31,850 | )
Facebook, Inc., Class A |  |  | 80 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 295.00 |  |  |  | USD |  |  |  | 2,185 |  |  |  | (33,400 | )
Fox Corp., Class A |  |  | 39 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 31.00 |  |  |  | USD |  |  |  | 114 |  |  |  | (1,755 | )
General Motors Co. |  |  | 401 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 46.75 |  |  |  | USD |  |  |  | 1,670 |  |  |  | (20,694 | )
General Motors Co. |  |  | 5 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 21 |  |  |  | (490 | )
Humana, Inc. |  |  | 29 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 412.50 |  |  |  | USD |  |  |  | 1,190 |  |  |  | (36,540 | )
JPMorgan Chase & Co. |  |  | 96 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 121.25 |  |  |  | USD |  |  |  | 1,220 |  |  |  | (65,505 | )
Microsoft Corp. |  |  | 135 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 227.50 |  |  |  | USD |  |  |  | 3,003 |  |  |  | (68,512 | )
Morgan Stanley |  |  | 650 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 4,454 |  |  |  | (365,625 | )
Norfolk Southern Corp. |  |  | 103 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 2,447 |  |  |  | (72,100 | )
Skechers USA, Inc., Class A |  |  | 387 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 1,391 |  |  |  | (35,798 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 228 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 113.00 |  |  |  | USD |  |  |  | 2,486 |  |  |  | (74,670 | )
Visa, Inc., Class A |  |  | 125 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 2,734 |  |  |  | (107,500 | )
Vodafone Group PLC, ADR |  |  | 736 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 1,213 |  |  |  | (13,248 | )
Walmart, Inc. |  |  | 103 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,485 |  |  |  | (14,008 | )
Sanofi — ADR |  |  | 757 |  |  |  | 02/01/21 |  |  |  | USD |  |  |  | 49.38 |  |  |  | USD |  |  |  | 3,678 |  |  |  | (83,448 | )
Ally Financial, Inc. |  |  | 505 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 34.75 |  |  |  | USD |  |  |  | 1,801 |  |  |  | (111,046 | )
Amazon.com, Inc. |  |  | 14 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 3,420.00 |  |  |  | USD |  |  |  | 4,560 |  |  |  | (123,760 | )
Apple, Inc. |  |  | 256 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 144.00 |  |  |  | USD |  |  |  | 3,397 |  |  |  | (67,712 | )
Cisco Systems, Inc. |  |  | 83 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 45.50 |  |  |  | USD |  |  |  | 371 |  |  |  | (6,350 | )
Cisco Systems, Inc. |  |  | 219 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 44.55 |  |  |  | USD |  |  |  | 980 |  |  |  | (26,393 | )
Coca-Cola Co. |  |  | 576 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 55.50 |  |  |  | USD |  |  |  | 3,159 |  |  |  | (79,200 | )
Comcast Corp., Class A |  |  | 113 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 53.00 |  |  |  | USD |  |  |  | 592 |  |  |  | (17,063 | )
Vodafone Group PLC, ADR |  |  | 736 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 17.55 |  |  |  | USD |  |  |  | 1,213 |  |  |  | (20,893 | )
Cisco Systems, Inc. |  |  | 386 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 45.95 |  |  |  | USD |  |  |  | 1,727 |  |  |  | (38,852 | )
Otis Worldwide Corp. |  |  | 260 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 67.25 |  |  |  | USD |  |  |  | 1,756 |  |  |  | (75,639 | )
Apple, Inc. |  |  | 656 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 8,704 |  |  |  | (572,360 | )
Bank of America Corp. |  |  | 233 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 29.00 |  |  |  | USD |  |  |  | 706 |  |  |  | (51,260 | )
BP PLC, ADR |  |  | 171 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 24.00 |  |  |  | USD |  |  |  | 351 |  |  |  | (4,874 | )
Capital One Financial Corp. |  |  | 158 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 1,562 |  |  |  | (50,560 | )
Cisco Systems, Inc. |  |  | 163 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 729 |  |  |  | (26,080 | )
Cisco Systems, Inc. |  |  | 83 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 371 |  |  |  | (9,628 | )
Cognizant Technology Solutions Corp., Class A |  |  | 70 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 82.50 |  |  |  | USD |  |  |  | 574 |  |  |  | (25,550 | )
Comcast Corp., Class A |  |  | 31 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 162 |  |  |  | (6,200 | )
ConocoPhillips |  |  | 162 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 648 |  |  |  | (23,571 | )
ConocoPhillips |  |  | 25 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 48.00 |  |  |  | USD |  |  |  | 100 |  |  |  | (1,313 | )
Corteva, Inc. |  |  | 463 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 41.00 |  |  |  | USD |  |  |  | 1,793 |  |  |  | (52,087 | )
Fidelity National Financial, Inc. |  |  | 668 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 38.10 |  |  |  | USD |  |  |  | 2,611 |  |  |  | (153,609 | )
FleetCor Technologies, Inc. |  |  | 64 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 1,746 |  |  |  | (44,160 | )
Fortive Corp. |  |  | 583 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 4,129 |  |  |  | (84,535 | )
Fox Corp., Class A |  |  | 92 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 268 |  |  |  | (11,730 | )
Koninklijke Philips NV, NY Shares |  |  | 418 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 54.32 |  |  |  | USD |  |  |  | 2,264 |  |  |  | (91,018 | )
Laboratory Corp. of America Holdings |  |  | 205 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 4,173 |  |  |  | (127,100 | )
Microsoft Corp. |  |  | 297 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 225.00 |  |  |  | USD |  |  |  | 6,606 |  |  |  | (243,540 | )
Morgan Stanley |  |  | 66 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 452 |  |  |  | (11,616 | )

S C H E D U L E O F I N V E S T M E N T S |  | 49

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Novo Nordisk A/S, ADR |  |  | 300 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 2,096 |  |  | $ | (26,250 | )
O’Reilly Automotive, Inc. |  |  | 68 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 490.00 |  |  |  | USD |  |  |  | 3,077 |  |  |  | (34,680 | )
Quanta Services, Inc. |  |  | 601 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 4,328 |  |  |  | (285,475 | )
Quanta Services, Inc. |  |  | 195 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 70.69 |  |  |  | USD |  |  |  | 1,404 |  |  |  | (85,259 | )
Robert Half International, Inc. |  |  | 509 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 3,180 |  |  |  | (118,342 | )
Ross Stores, Inc. |  |  | 319 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 3,918 |  |  |  | (362,065 | )
Sanofi — ADR |  |  | 757 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 3,678 |  |  |  | (77,592 | )
Unilever PLC, ADR |  |  | 147 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 887 |  |  |  | (14,333 | )
Visa, Inc., Class A |  |  | 118 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 2,581 |  |  |  | (93,810 | )
Vodafone Group PLC, ADR |  |  | 169 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 18.00 |  |  |  | USD |  |  |  | 279 |  |  |  | (4,563 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (12,550,507 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BAE Systems PLC, ADR |  | JPMorgan Chase Bank N.A. |  |  | 40,200 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 26.16 |  |  |  | USD |  |  |  | 1,091 |  |  | $ | (44,484 | )
Koninklijke Philips NV, NY Shares |  | Credit Suisse International |  |  | 11,200 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 53.93 |  |  |  | USD |  |  |  | 607 |  |  |  | (10,058 | )
Unilever PLC, ADR |  | Bank of America N.A. |  |  | 18,300 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 59.93 |  |  |  | USD |  |  |  | 1,105 |  |  |  | (14,895 | )
Corteva, Inc. |  | Credit Suisse International |  |  | 86,100 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 35.75 |  |  |  | USD |  |  |  | 3,334 |  |  |  | (263,405 | )
Unilever PLC, ADR |  | Morgan Stanley & Co. International PLC |  |  | 10,700 |  |  |  | 01/11/21 |  |  |  | USD |  |  |  | 62.95 |  |  |  | USD |  |  |  | 646 |  |  |  | (973 | )
BAE Systems PLC, ADR |  | JPMorgan Chase Bank N.A. |  |  | 40,200 |  |  |  | 01/13/21 |  |  |  | USD |  |  |  | 26.16 |  |  |  | USD |  |  |  | 1,091 |  |  |  | (51,028 | )
BAE Systems PLC, ADR |  | JPMorgan Chase Bank N.A. |  |  | 40,200 |  |  |  | 01/20/21 |  |  |  | USD |  |  |  | 26.17 |  |  |  | USD |  |  |  | 1,092 |  |  |  | (56,405 | )
Unilever PLC, ADR |  | Citibank N.A. |  |  | 22,200 |  |  |  | 01/27/21 |  |  |  | USD |  |  |  | 60.18 |  |  |  | USD |  |  |  | 1,340 |  |  |  | (33,816 | )
BAE Systems PLC, ADR |  | JPMorgan Chase Bank N.A. |  |  | 30,400 |  |  |  | 01/28/21 |  |  |  | USD |  |  |  | 27.61 |  |  |  | USD |  |  |  | 825 |  |  |  | (24,366 | )
Axalta Coating Systems Ltd. |  | Goldman Sachs International |  |  | 49,500 |  |  |  | 02/16/21 |  |  |  | USD |  |  |  | 29.30 |  |  |  | USD |  |  |  | 1,413 |  |  |  | (53,333 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (552,763 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | — |  |  | $ | — |  |  | $ | 3,547,070 |  |  |  | $ (4,071,782 | ) |  |  | $ (13,103,270 | )

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 |  | $ | — |  |  | $ | — |  |  | $ | 13,103,270 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,103,270 |

For the year ended December 31, 2020, 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 |  | $ | — |  |  | $ | — |  |  | $ | (44,862,223 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (44,862,223 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 2,067,363 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,067,363 |

50 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts written |  | $ | 11,668,897 |

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 |  | $ | — |  |  | $ | 13,103,270 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 13,103,270 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (12,550,507 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 552,763 |

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 |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged | (a) |  |  | Net Amount of Derivative Liabilities | (b)
Bank of America N.A |  | $ | 14,895 |  |  | $ | — |  |  | $ | — |  |  | $ | (14,895 | ) |  | $ | — |
Citibank N.A |  |  | 33,816 |  |  |  | — |  |  |  | (33,816 | ) |  |  | — |  |  |  | — |
Credit Suisse International |  |  | 273,463 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 273,463 |
Goldman Sachs International |  |  | 53,333 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 53,333 |
JPMorgan Chase Bank N.A |  |  | 176,283 |  |  |  | — |  |  |  | (176,283 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 973 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 973 |
|  | $ | 552,763 |  |  | $ | — |  |  | $ | (210,099 | ) |  | $ | (14,895 | ) |  | $ | 327,769 |

| (a) | Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |

| (b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. |

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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 |  | $ | 845,216,001 |  |  | $ | — |  |  | $ | — |  |  | $ | 845,216,001 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 11,614,004 |  |  |  | — |  |  |  | — |  |  |  | 11,614,004 |
|  | $ | 856,830,005 |  |  | $ | — |  |  | $ | — |  |  | $ | 856,830,005 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (10,514,932 | ) |  | $ | (2,588,338 | ) |  | $ | — |  |  | $ | (13,103,270 | )

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

See notes to financial statements.

S C H E D U L E O F I N V E S T M E N T S |  | 51

Schedule of Investments December 31, 2020 |  | BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Aerospace & Defense — 2.1% |  |  |  |  |  |
BAE Systems PLC |  |  | 5,386,436 |  |  | $ | 35,920,929 |
Air Freight & Logistics — 0.2% |  |  |  |  |  |
FedEx Corp. |  |  | 11,240 |  |  |  | 2,918,129 |
Automobiles — 2.0% |  |  |  |  |  |
General Motors Co.(a) |  |  | 845,100 |  |  |  | 35,189,964 |
Banks — 11.0% |  |  |  |  |  |
Bank of America Corp. |  |  | 1,769,472 |  |  |  | 53,632,696 |
Citigroup, Inc.(b) |  |  | 1,025,502 |  |  |  | 63,232,453 |
JPMorgan Chase & Co.(b) |  |  | 209,159 |  |  |  | 26,577,834 |
Wells Fargo & Co.(b) |  |  | 1,586,448 |  |  |  | 47,879,001 |
|  |  |  |  |  |  | 191,321,984 |
Beverages — 2.7% |  |  |  |  |  |
Coca-Cola Co. |  |  | 438,130 |  |  |  | 24,027,049 |
Constellation Brands, Inc., Class A |  |  | 102,101 |  |  |  | 22,365,224 |
|  |  |  |  |  |  | 46,392,273 |
Capital Markets — 6.5% |  |  |  |  |  |
Charles Schwab Corp. |  |  | 630,510 |  |  |  | 33,442,250 |
CME Group, Inc. |  |  | 77,270 |  |  |  | 14,067,004 |
Morgan Stanley |  |  | 492,294 |  |  |  | 33,736,908 |
Raymond James Financial, Inc. |  |  | 327,920 |  |  |  | 31,372,106 |
|  |  |  |  |  |  | 112,618,268 |
Chemicals — 2.4% |  |  |  |  |  |
Corteva, Inc. |  |  | 299,221 |  |  |  | 11,585,837 |
DuPont de Nemours, Inc. |  |  | 218,923 |  |  |  | 15,567,614 |
PPG Industries, Inc. |  |  | 97,780 |  |  |  | 14,101,832 |
|  |  |  |  |  |  | 41,255,283 |
Communications Equipment — 3.3% |  |  |  |  |  |
Cisco Systems, Inc. |  |  | 889,218 |  |  |  | 39,792,505 |
Motorola Solutions, Inc. |  |  | 105,810 |  |  |  | 17,994,049 |
|  |  |  |  |  |  | 57,786,554 |
Consumer Finance — 0.8% |  |  |  |  |  |
American Express Co. |  |  | 121,880 |  |  |  | 14,736,511 |
Diversified Financial Services — 2.6% |  |  |  |  |  |
Berkshire Hathaway, Inc., Class B(a) |  |  | 131,215 |  |  |  | 30,424,822 |
Equitable Holdings, Inc. |  |  | 577,262 |  |  |  | 14,772,135 |
|  |  |  |  |  |  | 45,196,957 |
Diversified Telecommunication Services — 3.3% |
Verizon Communications, Inc.(b) |  |  | 965,690 |  |  |  | 56,734,288 |
Electric Utilities — 1.9% |  |  |  |  |  |
Edison International |  |  | 272,860 |  |  |  | 17,141,065 |
Exelon Corp. |  |  | 142,700 |  |  |  | 6,024,794 |
PPL Corp. |  |  | 380,364 |  |  |  | 10,726,265 |
|  |  |  |  |  |  | 33,892,124 |
Electrical Equipment — 0.2% |  |  |  |  |  |
Siemens Energy AG(a) |  |  | 77,065 |  |  |  | 2,824,394 |
Food Products — 0.7% |  |  |  |  |  |
Danone SA |  |  | 59,890 |  |  |  | 3,941,130 |
Nestle SA, Registered Shares |  |  | 73,168 |  |  |  | 8,649,282 |
|  |  |  |  |  |  | 12,590,412 |
Health Care Equipment & Supplies — 6.4% |  |  |  |  |  |
Alcon, Inc.(a) |  |  | 325,190 |  |  |  | 21,591,342 |

Security |  | Shares |  |  | Value |
Health Care Equipment & Supplies (continued) |
Koninklijke Philips NV(a) |  |  | 641,781 |  |  | $ | 34,571,159 |
Medtronic PLC |  |  | 322,969 |  |  |  | 37,832,589 |
Zimmer Biomet Holdings, Inc. |  |  | 112,730 |  |  |  | 17,370,566 |
|  |  |  |  |  |  | 111,365,656 |
Health Care Providers & Services — 7.0% |  |  |  |  |  |
Anthem, Inc.(b) |  |  | 159,101 |  |  |  | 51,085,740 |
Cigna Corp. |  |  | 24,280 |  |  |  | 5,054,610 |
CVS Health Corp. |  |  | 314,822 |  |  |  | 21,502,343 |
Humana, Inc. |  |  | 14,480 |  |  |  | 5,940,710 |
McKesson Corp. |  |  | 84,086 |  |  |  | 14,624,237 |
UnitedHealth Group, Inc. |  |  | 66,280 |  |  |  | 23,243,070 |
|  |  |  |  |  |  | 121,450,710 |
Household Durables — 0.7% |  |  |  |  |  |
Newell Brands, Inc. |  |  | 539,676 |  |  |  | 11,457,322 |
Industrial Conglomerates — 3.0% |  |  |  |  |  |
General Electric Co. |  |  | 2,775,843 |  |  |  | 29,979,104 |
Siemens AG, Registered Shares |  |  | 154,130 |  |  |  | 22,201,872 |
|  |  |  |  |  |  | 52,180,976 |
Insurance — 7.5% |  |  |  |  |  |
Allstate Corp. |  |  | 111,657 |  |  |  | 12,274,454 |
American International Group, Inc. |  |  | 1,175,986 |  |  |  | 44,522,830 |
Arthur J Gallagher & Co. |  |  | 284,878 |  |  |  | 35,242,258 |
Fidelity National Financial, Inc. |  |  | 419,519 |  |  |  | 16,398,998 |
First American Financial Corp. |  |  | 52,340 |  |  |  | 2,702,314 |
MetLife, Inc. |  |  | 425,413 |  |  |  | 19,973,140 |
|  |  |  |  |  |  | 131,113,994 |
IT Services — 3.8% |  |  |  |  |  |
Cognizant Technology Solutions Corp., Class A |  |  | 390,399 |  |  |  | 31,993,198 |
Leidos Holdings, Inc. |  |  | 64,520 |  |  |  | 6,782,343 |
Visa, Inc., Class A |  |  | 124,803 |  |  |  | 27,298,160 |
|  |  |  |  |  |  | 66,073,701 |
Media — 3.6% |  |  |  |  |  |
Comcast Corp., Class A |  |  | 809,755 |  |  |  | 42,431,162 |
Fox Corp., Class A |  |  | 668,190 |  |  |  | 19,457,693 |
|  |  |  |  |  |  | 61,888,855 |
Multi-line Retail — 0.3% |  |  |  |  |  |
Dollar General Corp. |  |  | 26,622 |  |  |  | 5,598,607 |
Multi-Utilities — 2.5% |  |  |  |  |  |
Ameren Corp. |  |  | 96,000 |  |  |  | 7,493,760 |
NiSource, Inc. |  |  | 471,490 |  |  |  | 10,815,981 |
Public Service Enterprise Group, Inc. |  |  | 434,035 |  |  |  | 25,304,240 |
|  |  |  |  |  |  | 43,613,981 |
Oil, Gas & Consumable Fuels — 7.4% |  |  |  |  |  |
BP PLC |  |  | 2,644,260 |  |  |  | 9,124,659 |
ConocoPhillips |  |  | 370,880 |  |  |  | 14,831,491 |
Enterprise Products Partners LP |  |  | 1,281,901 |  |  |  | 25,112,441 |
Equinor ASA |  |  | 902,240 |  |  |  | 15,226,634 |
Marathon Petroleum Corp. |  |  | 800,596 |  |  |  | 33,112,650 |
Pioneer Natural Resources Co. |  |  | 178,139 |  |  |  | 20,288,251 |
Williams Cos., Inc. |  |  | 588,399 |  |  |  | 11,797,400 |
|  |  |  |  |  |  | 129,493,526 |
Personal Products — 2.0% |  |  |  |  |  |
Unilever PLC, ADR |  |  | 584,530 |  |  |  | 35,282,231 |

52 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Pharmaceuticals — 4.3% |  |  |  |  |  |
AstraZeneca PLC |  |  | 196,348 |  |  | $ | 19,578,501 |
Bayer AG, Registered Shares |  |  | 434,144 |  |  |  | 25,575,924 |
Sanofi |  |  | 301,690 |  |  |  | 29,240,703 |
|  |  |  |  |  |  | 74,395,128 |
Road & Rail — 1.1% |  |  |  |  |  |
Union Pacific Corp. |  |  | 88,320 |  |  |  | 18,389,990 |
Semiconductors & Semiconductor Equipment — 1.3% |
Applied Materials, Inc. |  |  | 110,200 |  |  |  | 9,510,260 |
NXP Semiconductors NV |  |  | 86,720 |  |  |  | 13,789,347 |
|  |  |  |  |  |  | 23,299,607 |
Software — 2.5% |  |  |  |  |  |
CDK Global, Inc. |  |  | 195,735 |  |  |  | 10,144,945 |
Microsoft Corp. |  |  | 113,157 |  |  |  | 25,168,380 |
Open Text Corp. |  |  | 183,693 |  |  |  | 8,350,684 |
|  |  |  |  | 43,664,009 |
Specialty Retail — 2.3% |  |  |  |  |  |
Lowe’s Cos., Inc. |  |  | 42,040 |  |  |  | 6,747,840 |
Ross Stores, Inc.(a) |  |  | 173,330 |  |  |  | 21,286,657 |
TJX Cos., Inc. |  |  | 169,030 |  |  |  | 11,543,059 |
|  |  |  |  |  |  | 39,577,556 |
Technology Hardware, Storage & Peripherals — 2.3% |
Samsung Electronics Co. Ltd., Registered Shares, |  |  |  |
GDR |  |  | 21,729 |  |  |  | 39,520,438 |
Tobacco — 1.8% |  |  |  |  |  |
Altria Group, Inc. |  |  | 783,116 |  |  |  | 32,107,756 |
Trading Companies & Distributors — 0.7% |  |  |  |
Ferguson PLC |  |  | 97,960 |  |  |  | 11,902,182 |
Total Common Stocks — 100.2% |  |  |  |  |  |
(Cost: $1,334,137,341) |  |  |  |  |  |  | 1,741,754,295 |

Security |  | Shares |  |  | Value |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 1.3% |  |  |  |  |  |
Household Products — 1.3% |  |  |  |  |  |
Henkel AG & Co. KGaA, Preference Shares |  |  | 203,170 |  |  | $ | 22,908,325 |
Total Preferred Securities — 1.3% |  |  |  |  |  |
(Cost: $18,703,928) |  |  |  |  |  |  | 22,908,325 |
Total Long-Term Investments — 101.5% |  |  |  |
(Cost: $1,352,841,269) |  |  |  |  |  |  | 1,764,662,620 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 0.7% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(c)(d) |  |  | 12,016,637 |  |  |  | 12,016,637 |
Total Short-Term Securities — 0.7% |  |  |  |
(Cost: $12,016,637) |  |  |  | 12,016,637 |
Total Investments Before Options Written — 102.2% |  |  |  |
(Cost: $1,364,857,906) |  |  |  | 1,776,679,257 |
Options Written — (2.2)% |  |  |  |
(Premiums Received: $(27,204,237)) |  |  |  | (36,953,673 | )
Total Investments, Net of Options Written — 100.0% |  |  |  |
(Cost: $1,337,653,669) |  |  |  | 1,739,725,584 |
Liabilities in Excess of Other Assets — 0.0% |  |  | (603,279) |
Net Assets — 100.0% |  |  | $ | 1,739,122,305 |

(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) | Affiliate of the Trust.

(d) | Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/19 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 12/31/20 |  |  | Shares Held at 12/31/20 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | — |  |  | $ | 12,016,637 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12,016,637 |  |  |  | 12,016,637 |  |  | $ | 32,973 |  |  | $ | — |

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

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Microsoft Corp. |  |  | 99 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 221.00 |  |  |  | USD |  |  |  | 2,202 |  |  | $ | (39,784 | )
Allstate Corp. |  |  | 305 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 105.49 |  |  |  | USD |  |  |  | 3,353 |  |  |  | (142,880 | )
Altria Group, Inc. |  |  | 1,162 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 4,764 |  |  |  | (13,944 | )

S C H E D U L E O F I N V E S T M E N T S |  | 53

Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Express Co. |  |  | 400 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 4,836 |  |  | $ | (24,000 | )
American International Group, Inc. |  |  | 909 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 3,441 |  |  |  | (10,454 | )
Anthem, Inc. |  |  | 159 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 335.00 |  |  |  | USD |  |  |  | 5,105 |  |  |  | (30,210 | )
Applied Materials, Inc. |  |  | 188 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 84.50 |  |  |  | USD |  |  |  | 1,622 |  |  |  | (63,450 | )
Bank of America Corp. |  |  | 422 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,279 |  |  |  | (29,329 | )
Bank of America Corp. |  |  | 1,535 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 27.66 |  |  |  | USD |  |  |  | 4,653 |  |  |  | (411,190 | )
Bank of America Corp. |  |  | 601 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 29.06 |  |  |  | USD |  |  |  | 1,822 |  |  |  | (84,500 | )
Bank of America Corp. |  |  | 512 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 29.58 |  |  |  | USD |  |  |  | 1,552 |  |  |  | (52,235 | )
Charles Schwab Corp. |  |  | 906 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 4,805 |  |  |  | (103,737 | )
Cigna Corp. |  |  | 65 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 212.50 |  |  |  | USD |  |  |  | 1,353 |  |  |  | (25,513 | )
Citigroup, Inc. |  |  | 471 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 56.00 |  |  |  | USD |  |  |  | 2,904 |  |  |  | (268,470 | )
CME Group, Inc. |  |  | 209 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 182.50 |  |  |  | USD |  |  |  | 3,805 |  |  |  | (44,935 | )
ConocoPhillips |  |  | 56 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 224 |  |  |  | (1,372 | )
Constellation Brands, Inc., Class A |  |  | 361 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 212.50 |  |  |  | USD |  |  |  | 7,908 |  |  |  | (359,195 | )
CVS Health Corp. |  |  | 506 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 3,456 |  |  |  | (23,782 | )
Dollar General Corp. |  |  | 24 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 217.50 |  |  |  | USD |  |  |  | 505 |  |  |  | (660 | )
Enterprise Products Partners LP |  |  | 1,271 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 21.00 |  |  |  | USD |  |  |  | 2,490 |  |  |  | (4,449 | )
FedEx Corp. |  |  | 60 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 305.00 |  |  |  | USD |  |  |  | 1,558 |  |  |  | (690 | )
Fox Corp., Class A |  |  | 1,062 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 32.00 |  |  |  | USD |  |  |  | 3,093 |  |  |  | (42,480 | )
JPMorgan Chase & Co. |  |  | 257 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 117.75 |  |  |  | USD |  |  |  | 3,266 |  |  |  | (219,757 | )
JPMorgan Chase & Co. |  |  | 174 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 2,211 |  |  |  | (124,410 | )
Lowe’s Cos., Inc. |  |  | 56 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 157.50 |  |  |  | USD |  |  |  | 899 |  |  |  | (23,660 | )
McKesson Corp. |  |  | 91 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 182.50 |  |  |  | USD |  |  |  | 1,583 |  |  |  | (2,639 | )
Medtronic PLC |  |  | 766 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 116.00 |  |  |  | USD |  |  |  | 8,973 |  |  |  | (168,137 | )
MetLife, Inc. |  |  | 406 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 49.50 |  |  |  | USD |  |  |  | 1,906 |  |  |  | (3,857 | )
Microsoft Corp. |  |  | 78 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 222.50 |  |  |  | USD |  |  |  | 1,735 |  |  |  | (22,347 | )
Morgan Stanley |  |  | 1,369 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 66.00 |  |  |  | USD |  |  |  | 9,382 |  |  |  | (391,534 | )
Newell Brands, Inc. |  |  | 1,080 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 21.98 |  |  |  | USD |  |  |  | 2,293 |  |  |  | (10,983 | )
NXP Semiconductors NV |  |  | 124 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 167.50 |  |  |  | USD |  |  |  | 1,972 |  |  |  | (8,060 | )
Pioneer Natural Resources Co. |  |  | 227 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 117.00 |  |  |  | USD |  |  |  | 2,585 |  |  |  | (43,697 | )
Ross Stores, Inc. |  |  | 303 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 112.00 |  |  |  | USD |  |  |  | 3,721 |  |  |  | (336,330 | )
TJX Cos., Inc. |  |  | 211 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 66.00 |  |  |  | USD |  |  |  | 1,441 |  |  |  | (55,915 | )
Union Pacific Corp. |  |  | 242 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 5,039 |  |  |  | (49,731 | )
UnitedHealth Group, Inc. |  |  | 219 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 360.00 |  |  |  | USD |  |  |  | 7,680 |  |  |  | (67,233 | )
Verizon Communications, Inc. |  |  | 1,480 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 8,695 |  |  |  | (5,920 | )
Visa, Inc., Class A |  |  | 57 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 212.50 |  |  |  | USD |  |  |  | 1,247 |  |  |  | (40,470 | )
Allstate Corp. |  |  | 309 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 3,397 |  |  |  | (168,405 | )
Altria Group, Inc. |  |  | 1,272 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 5,215 |  |  |  | (34,344 | )
American Express Co. |  |  | 165 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 1,995 |  |  |  | (21,038 | )
American International Group, Inc. |  |  | 1,128 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 4,271 |  |  |  | (36,660 | )
American International Group, Inc. |  |  | 1,360 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 5,149 |  |  |  | (12,920 | )
Anthem, Inc. |  |  | 159 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 5,105 |  |  |  | (33,788 | )
Arthur J Gallagher & Co. |  |  | 680 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 8,412 |  |  |  | (302,600 | )
AXA Equitable Holdings, Inc. |  |  | 1,331 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 24.75 |  |  |  | USD |  |  |  | 3,406 |  |  |  | (178,069 | )
Bank of America Corp. |  |  | 512 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,552 |  |  |  | (47,616 | )
Bank of America Corp. |  |  | 1,632 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 4,947 |  |  |  | (709,920 | )
Bank of America Corp. |  |  | 601 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 29.00 |  |  |  | USD |  |  |  | 1,822 |  |  |  | (96,761 | )
Berkshire Hathaway, Inc., Class B |  |  | 308 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 7,142 |  |  |  | (61,754 | )
CDK Global, Inc. |  |  | 335 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 51.00 |  |  |  | USD |  |  |  | 1,736 |  |  |  | (60,551 | )
Charles Schwab Corp. |  |  | 479 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 2,541 |  |  |  | (161,662 | )
Citigroup, Inc. |  |  | 921 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 47.50 |  |  |  | USD |  |  |  | 5,679 |  |  |  | (1,314,727 | )
CME Group, Inc. |  |  | 129 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 2,348 |  |  |  | (26,123 | )
Coca-Cola Co. |  |  | 261 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,431 |  |  |  | (21,924 | )
Cognizant Technology Solutions Corp., Class A |  |  | 1,197 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 9,809 |  |  |  | (879,795 | )
Comcast Corp., Class A |  |  | 990 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 5,188 |  |  |  | (735,075 | )
Comcast Corp., Class A |  |  | 759 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 3,977 |  |  |  | (194,304 | )
ConocoPhillips |  |  | 449 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,796 |  |  |  | (10,103 | )
Constellation Brands, Inc., Class A |  |  | 123 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 2,694 |  |  |  | (108,240 | )
Corteva, Inc. |  |  | 673 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 2,606 |  |  |  | (95,902 | )
CVS Health Corp. |  |  | 277 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 1,892 |  |  |  | (9,141 | )
DuPont de Nemours, Inc. |  |  | 716 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 5,092 |  |  |  | (298,930 | )
Edison International |  |  | 799 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 5,019 |  |  |  | (7,990 | )

54 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Enterprise Products Partners LP |  |  | 1,272 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 19.00 |  |  |  | USD |  |  |  | 2,492 |  |  | $ | (104,304 | )
Exelon Corp. |  |  | 52 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 220 |  |  |  | (1,300 | )
Fidelity National Financial, Inc. |  |  | 1,236 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 36.25 |  |  |  | USD |  |  |  | 4,832 |  |  |  | (367,890 | )
First American Financial Corp. |  |  | 103 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 532 |  |  |  | (34,248 | )
General Electric Co. |  |  | 1,251 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 8.00 |  |  |  | USD |  |  |  | 1,351 |  |  |  | (350,280 | )
General Electric Co. |  |  | 1,078 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 9.00 |  |  |  | USD |  |  |  | 1,164 |  |  |  | (194,579 | )
General Motors Co. |  |  | 1,044 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 4,347 |  |  |  | (233,856 | )
Humana, Inc. |  |  | 33 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 435.00 |  |  |  | USD |  |  |  | 1,354 |  |  |  | (7,343 | )
JPMorgan Chase & Co. |  |  | 328 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 4,168 |  |  |  | (241,900 | )
Lowe’s Cos., Inc. |  |  | 161 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 2,584 |  |  |  | (8,614 | )
Marathon Petroleum Corp. |  |  | 686 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 2,837 |  |  |  | (164,640 | )
Marathon Petroleum Corp. |  |  | 1,221 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 5,050 |  |  |  | (139,804 | )
McKesson Corp. |  |  | 91 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 1,583 |  |  |  | (7,189 | )
Medtronic PLC |  |  | 523 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 6,126 |  |  |  | (180,435 | )
MetLife, Inc. |  |  | 432 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 2,028 |  |  |  | (197,640 | )
MetLife, Inc. |  |  | 455 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 47.50 |  |  |  | USD |  |  |  | 2,136 |  |  |  | (39,812 | )
Microsoft Corp. |  |  | 100 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 2,224 |  |  |  | (56,750 | )
Morgan Stanley |  |  | 660 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 4,523 |  |  |  | (572,550 | )
Morgan Stanley |  |  | 374 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 2,563 |  |  |  | (85,272 | )
Motorola Solutions, Inc. |  |  | 388 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 6,598 |  |  |  | (127,070 | )
Newell Brands, Inc. |  |  | 1,346 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 21.00 |  |  |  | USD |  |  |  | 2,858 |  |  |  | (87,490 | )
NXP Semiconductors NV |  |  | 19 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 302 |  |  |  | (4,028 | )
Open Text Corp. |  |  | 466 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 2,118 |  |  |  | (52,425 | )
Pioneer Natural Resources Co. |  |  | 75 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 854 |  |  |  | (75,375 | )
PPL Corp. |  |  | 877 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 31.00 |  |  |  | USD |  |  |  | 2,473 |  |  |  | (4,385 | )
Public Service Enterprise Group, Inc. |  |  | 2,007 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 11,701 |  |  |  | (40,140 | )
Raymond James Financial, Inc. |  |  | 969 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 9,270 |  |  |  | (562,020 | )
Ross Stores, Inc. |  |  | 240 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 2,947 |  |  |  | (550,800 | )
TJX Cos., Inc. |  |  | 211 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 1,441 |  |  |  | (43,255 | )
Unilever PLC, ADR |  |  | 793 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 4,787 |  |  |  | (87,230 | )
Union Pacific Corp. |  |  | 122 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 2,540 |  |  |  | (41,480 | )
Verizon Communications, Inc. |  |  | 640 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 3,760 |  |  |  | (2,880 | )
Wells Fargo & Co. |  |  | 1,172 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 3,537 |  |  |  | (621,160 | )
Wells Fargo & Co. |  |  | 1,705 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 27.50 |  |  |  | USD |  |  |  | 5,146 |  |  |  | (497,860 | )
Williams Cos., Inc. |  |  | 1,019 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 21.00 |  |  |  | USD |  |  |  | 2,043 |  |  |  | (18,852 | )
Zimmer Biomet Holdings, Inc. |  |  | 495 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 7,627 |  |  |  | (316,800 | )
American Express Co. |  |  | 105 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 121.00 |  |  |  | USD |  |  |  | 1,270 |  |  |  | (35,438 | )
American International Group, Inc. |  |  | 910 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 3,445 |  |  |  | (45,500 | )
American International Group, Inc. |  |  | 815 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 3,086 |  |  |  | (14,263 | )
Anthem, Inc. |  |  | 221 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 332.50 |  |  |  | USD |  |  |  | 7,096 |  |  |  | (107,185 | )
Anthem, Inc. |  |  | 97 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 3,115 |  |  |  | (100,395 | )
Applied Materials, Inc. |  |  | 188 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 1,622 |  |  |  | (9,400 | )
Bank of America Corp. |  |  | 1,529 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 30.41 |  |  |  | USD |  |  |  | 4,634 |  |  |  | (133,766 | )
Berkshire Hathaway, Inc., Class B |  |  | 194 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 232.50 |  |  |  | USD |  |  |  | 4,498 |  |  |  | (76,145 | )
Charles Schwab Corp. |  |  | 1,376 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 52.00 |  |  |  | USD |  |  |  | 7,298 |  |  |  | (308,224 | )
Cigna Corp. |  |  | 68 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 225.00 |  |  |  | USD |  |  |  | 1,416 |  |  |  | (16,014 | )
Cisco Systems, Inc. |  |  | 98 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 44.50 |  |  |  | USD |  |  |  | 439 |  |  |  | (8,722 | )
Cisco Systems, Inc. |  |  | 359 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,607 |  |  |  | (25,130 | )
Citigroup, Inc. |  |  | 469 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 59.00 |  |  |  | USD |  |  |  | 2,892 |  |  |  | (182,910 | )
Citigroup, Inc. |  |  | 432 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 57.40 |  |  |  | USD |  |  |  | 2,664 |  |  |  | (216,164 | )
CME Group, Inc. |  |  | 128 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 2,330 |  |  |  | (34,240 | )
Coca-Cola Co. |  |  | 589 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 53.50 |  |  |  | USD |  |  |  | 3,230 |  |  |  | (111,910 | )
Cognizant Technology Solutions Corp., Class A |  |  | 538 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 80.50 |  |  |  | USD |  |  |  | 4,409 |  |  |  | (161,400 | )
Comcast Corp., Class A |  |  | 1,107 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 53.50 |  |  |  | USD |  |  |  | 5,801 |  |  |  | (75,276 | )
ConocoPhillips |  |  | 714 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 44.50 |  |  |  | USD |  |  |  | 2,855 |  |  |  | (32,487 | )
Constellation Brands, Inc., Class A |  |  | 48 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 222.50 |  |  |  | USD |  |  |  | 1,051 |  |  |  | (27,360 | )
CVS Health Corp. |  |  | 208 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 1,421 |  |  |  | (4,576 | )
DuPont de Nemours, Inc. |  |  | 214 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 69.50 |  |  |  | USD |  |  |  | 1,522 |  |  |  | (62,916 | )
Enterprise Products Partners LP |  |  | 2,334 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 21.00 |  |  |  | USD |  |  |  | 4,572 |  |  |  | (39,678 | )
Fox Corp., Class A |  |  | 859 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 30.50 |  |  |  | USD |  |  |  | 2,501 |  |  |  | (45,097 | )
General Electric Co. |  |  | 1,252 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 11.00 |  |  |  | USD |  |  |  | 1,352 |  |  |  | (42,568 | )
General Electric Co. |  |  | 1,078 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 11.50 |  |  |  | USD |  |  |  | 1,164 |  |  |  | (20,482 | )

S C H E D U L E O F I N V E S T M E N T S |  | 55

Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General Motors Co. |  |  | 903 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 47.00 |  |  |  | USD |  |  |  | 3,760 |  |  | $ | (20,769 | )
General Motors Co. |  |  | 512 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 43.50 |  |  |  | USD |  |  |  | 2,132 |  |  |  | (44,032 | )
Humana, Inc. |  |  | 46 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 417.50 |  |  |  | USD |  |  |  | 1,887 |  |  |  | (37,260 | )
JPMorgan Chase & Co. |  |  | 112 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 128.00 |  |  |  | USD |  |  |  | 1,423 |  |  |  | (31,472 | )
Lowe’s Cos., Inc. |  |  | 56 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 157.50 |  |  |  | USD |  |  |  | 899 |  |  |  | (31,360 | )
Marathon Petroleum Corp. |  |  | 673 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 2,784 |  |  |  | (94,220 | )
Medtronic PLC |  |  | 226 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 119.00 |  |  |  | USD |  |  |  | 2,647 |  |  |  | (41,923 | )
Microsoft Corp. |  |  | 109 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 227.50 |  |  |  | USD |  |  |  | 2,424 |  |  |  | (31,610 | )
Newell Brands, Inc. |  |  | 1,080 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 21.98 |  |  |  | USD |  |  |  | 2,293 |  |  |  | (53,647 | )
NXP Semiconductors NV |  |  | 167 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 2,655 |  |  |  | (83,917 | )
TJX Cos., Inc. |  |  | 85 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 68.50 |  |  |  | USD |  |  |  | 580 |  |  |  | (16,150 | )
TJX Cos., Inc. |  |  | 422 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 2,882 |  |  |  | (51,695 | )
Union Pacific Corp. |  |  | 121 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 2,519 |  |  |  | (98,917 | )
UnitedHealth Group, Inc. |  |  | 157 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 345.00 |  |  |  | USD |  |  |  | 5,506 |  |  |  | (220,192 | )
Verizon Communications, Inc. |  |  | 638 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 3,748 |  |  |  | (8,613 | )
Visa, Inc., Class A |  |  | 165 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 3,609 |  |  |  | (121,687 | )
Wells Fargo & Co. |  |  | 365 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,102 |  |  |  | (47,085 | )
Wells Fargo & Co. |  |  | 365 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 29.50 |  |  |  | USD |  |  |  | 1,102 |  |  |  | (58,217 | )
Williams Cos., Inc. |  |  | 1,143 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 23.00 |  |  |  | USD |  |  |  | 2,292 |  |  |  | (5,715 | )
CDK Global, Inc. |  |  | 741 |  |  |  | 01/27/21 |  |  |  | USD |  |  |  | 52.00 |  |  |  | USD |  |  |  | 3,841 |  |  |  | (147,326 | )
AXA Equitable Holdings, Inc. |  |  | 978 |  |  |  | 01/28/21 |  |  |  | USD |  |  |  | 27.11 |  |  |  | USD |  |  |  | 2,503 |  |  |  | (60,457 | )
Altria Group, Inc. |  |  | 1,112 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 4,559 |  |  |  | (62,272 | )
American International Group, Inc. |  |  | 1,345 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 39.00 |  |  |  | USD |  |  |  | 5,092 |  |  |  | (129,792 | )
Applied Materials, Inc. |  |  | 230 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 88.50 |  |  |  | USD |  |  |  | 1,985 |  |  |  | (63,825 | )
Bank of America Corp. |  |  | 1,529 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 30.41 |  |  |  | USD |  |  |  | 4,634 |  |  |  | (145,064 | )
Berkshire Hathaway, Inc., Class B |  |  | 155 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 227.50 |  |  |  | USD |  |  |  | 3,594 |  |  |  | (120,900 | )
Berkshire Hathaway, Inc., Class B |  |  | 64 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 225.00 |  |  |  | USD |  |  |  | 1,484 |  |  |  | (55,840 | )
Charles Schwab Corp. |  |  | 706 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 50.50 |  |  |  | USD |  |  |  | 3,745 |  |  |  | (246,394 | )
Cisco Systems, Inc. |  |  | 1,196 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 5,352 |  |  |  | (102,258 | )
Citigroup, Inc. |  |  | 566 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 59.50 |  |  |  | USD |  |  |  | 3,490 |  |  |  | (215,080 | )
Coca-Cola Co. |  |  | 589 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 54.00 |  |  |  | USD |  |  |  | 3,230 |  |  |  | (105,431 | )
Cognizant Technology Solutions Corp., Class A |  |  | 104 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 82.50 |  |  |  | USD |  |  |  | 852 |  |  |  | (23,920 | )
Comcast Corp., Class A |  |  | 651 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 51.50 |  |  |  | USD |  |  |  | 3,411 |  |  |  | (137,686 | )
ConocoPhillips |  |  | 87 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 43.50 |  |  |  | USD |  |  |  | 348 |  |  |  | (7,308 | )
ConocoPhillips |  |  | 344 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 40.50 |  |  |  | USD |  |  |  | 1,376 |  |  |  | (61,404 | )
CVS Health Corp. |  |  | 99 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 71.00 |  |  |  | USD |  |  |  | 676 |  |  |  | (9,554 | )
Dollar General Corp. |  |  | 122 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 2,566 |  |  |  | (34,465 | )
DuPont de Nemours, Inc. |  |  | 315 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 72.00 |  |  |  | USD |  |  |  | 2,240 |  |  |  | (72,922 | )
Enterprise Products Partners LP |  |  | 2,401 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 22.00 |  |  |  | USD |  |  |  | 4,704 |  |  |  | (26,411 | )
FedEx Corp. |  |  | 13 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 338 |  |  |  | (1,177 | )
Fox Corp., Class A |  |  | 272 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 31.00 |  |  |  | USD |  |  |  | 792 |  |  |  | (12,240 | )
General Electric Co. |  |  | 2,413 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 10.60 |  |  |  | USD |  |  |  | 2,606 |  |  |  | (291,271 | )
General Motors Co. |  |  | 409 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 46.75 |  |  |  | USD |  |  |  | 1,703 |  |  |  | (21,107 | )
General Motors Co. |  |  | 512 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 2,132 |  |  |  | (50,176 | )
JPMorgan Chase & Co. |  |  | 279 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 121.25 |  |  |  | USD |  |  |  | 3,545 |  |  |  | (190,375 | )
Marathon Petroleum Corp. |  |  | 673 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 2,784 |  |  |  | (68,309 | )
McKesson Corp. |  |  | 182 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 3,165 |  |  |  | (34,580 | )
Medtronic PLC |  |  | 261 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 117.00 |  |  |  | USD |  |  |  | 3,057 |  |  |  | (82,215 | )
MetLife, Inc. |  |  | 1,046 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 47.50 |  |  |  | USD |  |  |  | 4,911 |  |  |  | (138,072 | )
Microsoft Corp. |  |  | 6 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 227.50 |  |  |  | USD |  |  |  | 133 |  |  |  | (3,045 | )
Morgan Stanley |  |  | 304 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 2,083 |  |  |  | (171,000 | )
NXP Semiconductors NV |  |  | 166 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 162.50 |  |  |  | USD |  |  |  | 2,640 |  |  |  | (80,510 | )
Pioneer Natural Resources Co. |  |  | 440 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 5,011 |  |  |  | (244,200 | )
PPG Industries, Inc. |  |  | 280 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 147.00 |  |  |  | USD |  |  |  | 4,038 |  |  |  | (74,900 | )
Ross Stores, Inc. |  |  | 410 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 5,035 |  |  |  | (254,200 | )
Verizon Communications, Inc. |  |  | 1,687 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 9,911 |  |  |  | (55,671 | )
Visa, Inc., Class A |  |  | 197 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 4,309 |  |  |  | (169,420 | )
Wells Fargo & Co. |  |  | 1,661 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 29.50 |  |  |  | USD |  |  |  | 5,013 |  |  |  | (290,675 | )
Williams Cos., Inc. |  |  | 1,143 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 23.01 |  |  |  | USD |  |  |  | 2,292 |  |  |  | (10,530 | )
Cisco Systems, Inc. |  |  | 523 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 45.50 |  |  |  | USD |  |  |  | 2,340 |  |  |  | (40,009 | )
Cisco Systems, Inc. |  |  | 531 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 44.55 |  |  |  | USD |  |  |  | 2,376 |  |  |  | (63,995 | )
Citigroup, Inc. |  |  | 602 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 59.25 |  |  |  | USD |  |  |  | 3,712 |  |  |  | (238,557 | )

56 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Coca-Cola Co. |  |  | 970 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 55.50 |  |  |  | USD |  |  |  | 5,320 |  |  | $ | (133,375 | )
Comcast Corp., Class A |  |  | 380 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 53.00 |  |  |  | USD |  |  |  | 1,991 |  |  |  | (57,380 | )
General Electric Co. |  |  | 4,583 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 10.40 |  |  |  | USD |  |  |  | 4,950 |  |  |  | (381,723 | )
Verizon Communications, Inc. |  |  | 866 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 59.00 |  |  |  | USD |  |  |  | 5,088 |  |  |  | (87,466 | )
Williams Cos., Inc. |  |  | 1,143 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 23.01 |  |  |  | USD |  |  |  | 2,292 |  |  |  | (14,155 | )
Leidos Holdings, Inc. |  |  | 203 |  |  |  | 02/09/21 |  |  |  | USD |  |  |  | 105.25 |  |  |  | USD |  |  |  | 2,134 |  |  |  | (89,394 | )
PPL Corp. |  |  | 1,215 |  |  |  | 02/10/21 |  |  |  | USD |  |  |  | 28.25 |  |  |  | USD |  |  |  | 3,426 |  |  |  | (114,532 | )
Cisco Systems, Inc. |  |  | 1,047 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 45.95 |  |  |  | USD |  |  |  | 4,685 |  |  |  | (105,384 | )
Citigroup, Inc. |  |  | 321 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 64.83 |  |  |  | USD |  |  |  | 1,979 |  |  |  | (52,317 | )
General Electric Co. |  |  | 1,401 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 11.11 |  |  |  | USD |  |  |  | 1,513 |  |  |  | (77,457 | )
General Electric Co. |  |  | 2,211 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 11.39 |  |  |  | USD |  |  |  | 2,388 |  |  |  | (97,653 | )
Altria Group, Inc. |  |  | 981 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 4,022 |  |  |  | (94,666 | )
Ameren Corp. |  |  | 521 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 4,067 |  |  |  | (97,687 | )
Arthur J Gallagher & Co. |  |  | 889 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 127.00 |  |  |  | USD |  |  |  | 10,998 |  |  |  | (255,721 | )
Bank of America Corp. |  |  | 859 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 29.00 |  |  |  | USD |  |  |  | 2,604 |  |  |  | (188,980 | )
Cisco Systems, Inc. |  |  | 612 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 2,739 |  |  |  | (97,920 | )
Cisco Systems, Inc. |  |  | 523 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 2,340 |  |  |  | (60,668 | )
Citigroup, Inc. |  |  | 320 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,973 |  |  |  | (58,080 | )
Cognizant Technology Solutions Corp., Class A |  |  | 308 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 82.50 |  |  |  | USD |  |  |  | 2,524 |  |  |  | (112,420 | )
Comcast Corp., Class A |  |  | 566 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 2,966 |  |  |  | (113,200 | )
ConocoPhillips |  |  | 171 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 684 |  |  |  | (24,881 | )
ConocoPhillips |  |  | 218 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 48.00 |  |  |  | USD |  |  |  | 872 |  |  |  | (11,445 | )
Corteva, Inc. |  |  | 1,044 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 41.00 |  |  |  | USD |  |  |  | 4,042 |  |  |  | (117,450 | )
CVS Health Corp. |  |  | 208 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 1,421 |  |  |  | (16,432 | )
Edison International |  |  | 746 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 64.69 |  |  |  | USD |  |  |  | 4,686 |  |  |  | (126,956 | )
Exelon Corp. |  |  | 392 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,655 |  |  |  | (24,500 | )
Fidelity National Financial, Inc. |  |  | 1,071 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 38.10 |  |  |  | USD |  |  |  | 4,187 |  |  |  | (246,280 | )
First American Financial Corp. |  |  | 45 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 55.59 |  |  |  | USD |  |  |  | 232 |  |  |  | (4,563 | )
Fox Corp., Class A |  |  | 1,482 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 4,316 |  |  |  | (188,955 | )
Leidos Holdings, Inc. |  |  | 151 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 1,587 |  |  |  | (37,373 | )
Microsoft Corp. |  |  | 230 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 225.00 |  |  |  | USD |  |  |  | 5,116 |  |  |  | (188,600 | )
Motorola Solutions, Inc. |  |  | 193 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 3,282 |  |  |  | (99,395 | )
NiSource, Inc. |  |  | 1,165 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 24.00 |  |  |  | USD |  |  |  | 2,673 |  |  |  | (46,600 | )
Open Text Corp. |  |  | 544 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 2,473 |  |  |  | (112,880 | )
PPG Industries, Inc. |  |  | 280 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 4,038 |  |  |  | (88,200 | )
Public Service Enterprise Group, Inc. |  |  | 381 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 59.00 |  |  |  | USD |  |  |  | 2,215 |  |  |  | (55,258 | )
Raymond James Financial, Inc. |  |  | 840 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 94.00 |  |  |  | USD |  |  |  | 8,036 |  |  |  | (420,026 | )
Unilever PLC, ADR |  |  | 436 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 2,632 |  |  |  | (42,510 | )
Visa, Inc., Class A |  |  | 267 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 5,840 |  |  |  | (212,265 | )
Wells Fargo & Co. |  |  | 1,173 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 3,540 |  |  |  | (211,140 | )
Zimmer Biomet Holdings, Inc. |  |  | 125 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 1,926 |  |  |  | (60,000 | )
NiSource, Inc. |  |  | 515 |  |  |  | 02/25/21 |  |  |  | USD |  |  |  | 22.16 |  |  |  | USD |  |  |  | 1,181 |  |  |  | (66,808 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (27,244,902 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Danone SA |  | Goldman Sachs International |  |  | 32,900 |  |  |  | 01/05/21 |  |  |  | EUR |  |  |  | 55.53 |  |  |  | EUR |  |  |  | 1,772 |  |  | $ | (5,377 | )
Henkel & KGAA Pref AG |  | Goldman Sachs International |  |  | 35,600 |  |  |  | 01/05/21 |  |  |  | EUR |  |  |  | 94.84 |  |  |  | EUR |  |  |  | 3,286 |  |  |  | (4,657 | )
Koninklijke Philips NV |  | Barclays Bank PLC |  |  | 127,500 |  |  |  | 01/05/21 |  |  |  | EUR |  |  |  | 45.99 |  |  |  | EUR |  |  |  | 5,622 |  |  |  | (9,898 | )
AstraZeneca PLC |  | UBS AG |  |  | 109,300 |  |  |  | 01/06/21 |  |  |  | GBP |  |  |  | 84.86 |  |  |  | GBP |  |  |  | 7,970 |  |  |  | (735 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 570,100 |  |  |  | 01/06/21 |  |  |  | GBP |  |  |  | 4.55 |  |  |  | GBP |  |  |  | 2,780 |  |  |  | (255,441 | )
DuPont de Nemours, Inc. |  | Citibank N.A. |  |  | 22,600 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 63.46 |  |  |  | USD |  |  |  | 1,607 |  |  |  | (172,993 | )
Equinor ASA |  | Goldman Sachs International |  |  | 304,300 |  |  |  | 01/06/21 |  |  |  | NOK |  |  |  | 127.43 |  |  |  | NOK |  |  |  | 44,033 |  |  |  | (615,805 | )
Exelon Corp. |  | Citibank N.A. |  |  | 34,000 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 43.03 |  |  |  | USD |  |  |  | 1,435 |  |  |  | (8,722 | )
First American Financial Corp. |  | Morgan Stanley & Co. International PLC |  |  | 13,900 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 51.86 |  |  |  | USD |  |  |  | 718 |  |  |  | (20,047 | )
Sanofi |  | Goldman Sachs International |  |  | 94,000 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 87.17 |  |  |  | EUR |  |  |  | 7,458 |  |  |  | (172 | )
Unilever PLC, ADR |  | Bank of America N.A. |  |  | 79,300 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 59.93 |  |  |  | USD |  |  |  | 4,787 |  |  |  | (64,545 | )
Alcon, Inc. |  | Barclays Bank PLC |  |  | 35,500 |  |  |  | 01/07/21 |  |  |  | CHF |  |  |  | 56.74 |  |  |  | CHF |  |  |  | 2,087 |  |  |  | (92,060 | )

S C H E D U L E O F I N V E S T M E N T S |  | 57

Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bayer AG, Registered Shares |  | Goldman Sachs International |  |  | 62,800 |  |  |  | 01/07/21 |  |  |  | EUR |  |  |  | 45.80 |  |  |  | EUR |  |  |  | 3,028 |  |  | $ | (207,178 | )
Unilever PLC, ADR |  | Morgan Stanley & Co. International PLC |  |  | 92,300 |  |  |  | 01/11/21 |  |  |  | USD |  |  |  | 62.95 |  |  |  | USD |  |  |  | 5,571 |  |  |  | (8,390 | )
Alcon, Inc. |  | UBS AG |  |  | 85,300 |  |  |  | 01/12/21 |  |  |  | CHF |  |  |  | 58.22 |  |  |  | CHF |  |  |  | 5,014 |  |  |  | (132,963 | )
BAE Systems PLC |  | Barclays Bank PLC |  |  | 214,000 |  |  |  | 01/12/21 |  |  |  | GBP |  |  |  | 4.46 |  |  |  | GBP |  |  |  | 1,044 |  |  |  | (123,315 | )
BAE Systems PLC |  | UBS AG |  |  | 667,600 |  |  |  | 01/12/21 |  |  |  | GBP |  |  |  | 4.77 |  |  |  | GBP |  |  |  | 3,256 |  |  |  | (140,433 | )
Bayer AG, Registered Shares |  | UBS AG |  |  | 49,500 |  |  |  | 01/12/21 |  |  |  | EUR |  |  |  | 44.03 |  |  |  | EUR |  |  |  | 2,387 |  |  |  | (267,267 | )
Koninklijke Philips NV |  | Goldman Sachs International |  |  | 143,900 |  |  |  | 01/13/21 |  |  |  | EUR |  |  |  | 45.88 |  |  |  | EUR |  |  |  | 6,345 |  |  |  | (50,500 | )
Equinor ASA |  | Credit Suisse International |  |  | 82,600 |  |  |  | 01/15/21 |  |  |  | NOK |  |  |  | 138.48 |  |  |  | NOK |  |  |  | 11,952 |  |  |  | (76,671 | )
Samsung Electronics Co. Ltd., Registered Shares, |  | Credit Suisse International |  |  | 14,700 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 1,423.46 |  |  |  | USD |  |  |  | 26,736 |  |  |  | (5,903,682 | )
Alcon, Inc. |  | Goldman Sachs International |  |  | 37,200 |  |  |  | 01/20/21 |  |  |  | CHF |  |  |  | 59.12 |  |  |  | CHF |  |  |  | 2,187 |  |  |  | (42,594 | )
Bayer AG, Registered Shares |  | Goldman Sachs International |  |  | 68,000 |  |  |  | 01/20/21 |  |  |  | EUR |  |  |  | 49.03 |  |  |  | EUR |  |  |  | 3,279 |  |  |  | (115,544 | )
BP PLC |  | Goldman Sachs International |  |  | 588,400 |  |  |  | 01/20/21 |  |  |  | GBP |  |  |  | 2.84 |  |  |  | GBP |  |  |  | 1,485 |  |  |  | (10,886 | )
Sanofi |  | Goldman Sachs International |  |  | 58,600 |  |  |  | 01/20/21 |  |  |  | EUR |  |  |  | 85.64 |  |  |  | EUR |  |  |  | 4,649 |  |  |  | (14,039 | )
Henkel & KGAA Pref AG |  | Barclays Bank PLC |  |  | 76,100 |  |  |  | 01/21/21 |  |  |  | EUR |  |  |  | 91.68 |  |  |  | EUR |  |  |  | 7,024 |  |  |  | (194,153 | )
Siemens Energy AG |  | Morgan Stanley & Co. International PLC |  |  | 42,300 |  |  |  | 01/21/21 |  |  |  | EUR |  |  |  | 26.65 |  |  |  | EUR |  |  |  | 1,269 |  |  |  | (193,943 | )
NiSource, Inc. |  | Goldman Sachs International |  |  | 91,300 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 24.80 |  |  |  | USD |  |  |  | 2,094 |  |  |  | (9,030 | )
AstraZeneca PLC |  | Credit Suisse International |  |  | 2,500 |  |  |  | 01/26/21 |  |  |  | GBP |  |  |  | 78.68 |  |  |  | GBP |  |  |  | 182 |  |  |  | (1,962 | )
BAE Systems PLC |  | Credit Suisse International |  |  | 351,400 |  |  |  | 01/26/21 |  |  |  | GBP |  |  |  | 5.19 |  |  |  | GBP |  |  |  | 1,714 |  |  |  | (15,175 | )
BP PLC |  | Goldman Sachs International |  |  | 866,000 |  |  |  | 01/26/21 |  |  |  | GBP |  |  |  | 2.77 |  |  |  | GBP |  |  |  | 2,185 |  |  |  | (37,921 | )
Sanofi |  | Morgan Stanley & Co. International PLC |  |  | 13,300 |  |  |  | 01/26/21 |  |  |  | EUR |  |  |  | 79.47 |  |  |  | EUR |  |  |  | 1,055 |  |  |  | (30,359 | )
Equinor ASA |  | Credit Suisse International |  |  | 109,400 |  |  |  | 01/27/21 |  |  |  | NOK |  |  |  | 150.89 |  |  |  | NOK |  |  |  | 15,830 |  |  |  | (40,851 | )
Unilever PLC, ADR |  | Citibank N.A. |  |  | 33,300 |  |  |  | 01/27/21 |  |  |  | USD |  |  |  | 60.18 |  |  |  | USD |  |  |  | 2,010 |  |  |  | (50,723 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 351,400 |  |  |  | 02/02/21 |  |  |  | GBP |  |  |  | 5.31 |  |  |  | GBP |  |  |  | 1,714 |  |  |  | (9,372 | )
Ferguson PLC |  | Credit Suisse International |  |  | 7,000 |  |  |  | 02/02/21 |  |  |  | GBP |  |  |  | 87.59 |  |  |  | GBP |  |  |  | 622 |  |  |  | (31,095 | )
Ferguson PLC |  | UBS AG |  |  | 31,200 |  |  |  | 02/02/21 |  |  |  | GBP |  |  |  | 90.23 |  |  |  | GBP |  |  |  | 2,772 |  |  |  | (82,760 | )
Siemens AG, Registered Shares |  | Goldman Sachs International |  |  | 84,700 |  |  |  | 02/02/21 |  |  |  | EUR |  |  |  | 117.32 |  |  |  | EUR |  |  |  | 9,987 |  |  |  | (449,167 | )
Nestle SA, Registered Shares |  | Citibank N.A. |  |  | 40,200 |  |  |  | 02/03/21 |  |  |  | CHF |  |  |  | 103.08 |  |  |  | CHF |  |  |  | 4,207 |  |  |  | (125,128 | )
Ferguson PLC |  | UBS AG |  |  | 31,200 |  |  |  | 02/10/21 |  |  |  | GBP |  |  |  | 90.23 |  |  |  | GBP |  |  |  | 2,772 |  |  |  | (93,218 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (9,708,771 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | — |  |  | $ | — |  |  | $ | 7,261,575 |  |  | $ | (17,011,011 | ) |  | $ | (36,953,673 | )

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 |  | $ | — |  |  | $ | — |  |  | $ | 36,953,673 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 36,953,673 |

58 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

For the year ended December 31, 2020, 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) |  | $ | — |  |  | $ | — |  |  | $ | (1,788,785 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,788,785 | )
Options written |  |  | — |  |  |  | — |  |  |  | (45,230,658 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (45,230,658 | )
|  | $ | — |  |  | $ | — |  |  | $ | (47,019,443 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (47,019,443 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (4,832,988 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4,832,988 | )

| (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 |  | $ | 9,845 |
Average value of option contracts written |  | $ | 24,135,207 |

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 |  | $ | — |  |  | $ | 36,953,673 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 36,953,673 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (27,244,902 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 9,708,771 |

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged |  |  |  | Net Amount of Derivative Liabilities( | b)
Bank of America N.A |  | $ | 64,545 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 64,545 |
Barclays Bank PLC |  |  | 419,426 |  |  |  | — |  |  |  | (294,514 | ) |  |  | — |  |  |  | 124,912 |
Citibank N.A |  |  | 357,566 |  |  |  | — |  |  |  | (357,566 | ) |  |  | — |  |  |  | — |
Credit Suisse International |  |  | 6,069,436 |  |  |  | — |  |  |  | (6,069,436 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 1,827,683 |  |  |  | — |  |  |  | (1,827,683 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 252,739 |  |  |  | — |  |  |  | (116,777 | ) |  |  | — |  |  |  | 135,962 |
UBS AG |  |  | 717,376 |  |  |  | — |  |  |  | (717,376 | ) |  |  | — |  |  |  | — |
|  | $ | 9,708,771 |  |  | $ | — |  |  | $ | (9,383,352 | ) |  | $ | — |  |  | $ | 325,419 |

| (a) | Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |

| (b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. |

S C H E D U L E O F I N V E S T M E N T S |  | 59

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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 |  | $ | — |  |  | $ | 35,920,929 |  |  | $ | — |  |  | $ | 35,920,929 |
Air Freight & Logistics |  |  | 2,918,129 |  |  |  | — |  |  |  | — |  |  |  | 2,918,129 |
Automobiles |  |  | 35,189,964 |  |  |  | — |  |  |  | — |  |  |  | 35,189,964 |
Banks |  |  | 191,321,984 |  |  |  | — |  |  |  | — |  |  |  | 191,321,984 |
Beverages |  |  | 46,392,273 |  |  |  | — |  |  |  | — |  |  |  | 46,392,273 |
Capital Markets |  |  | 112,618,268 |  |  |  | — |  |  |  | — |  |  |  | 112,618,268 |
Chemicals |  |  | 41,255,283 |  |  |  | — |  |  |  | — |  |  |  | 41,255,283 |
Communications Equipment |  |  | 57,786,554 |  |  |  | — |  |  |  | — |  |  |  | 57,786,554 |
Consumer Finance |  |  | 14,736,511 |  |  |  | — |  |  |  | — |  |  |  | 14,736,511 |
Diversified Financial Services |  |  | 45,196,957 |  |  |  | — |  |  |  | — |  |  |  | 45,196,957 |
Diversified Telecommunication Services |  |  | 56,734,288 |  |  |  | — |  |  |  | — |  |  |  | 56,734,288 |
Electric Utilities |  |  | 33,892,124 |  |  |  | — |  |  |  | — |  |  |  | 33,892,124 |
Electrical Equipment |  |  | 2,824,394 |  |  |  | — |  |  |  | — |  |  |  | 2,824,394 |
Food Products |  |  | — |  |  |  | 12,590,412 |  |  |  | — |  |  |  | 12,590,412 |
Health Care Equipment & Supplies |  |  | 55,203,155 |  |  |  | 56,162,501 |  |  |  | — |  |  |  | 111,365,656 |
Health Care Providers & Services |  |  | 121,450,710 |  |  |  | — |  |  |  | — |  |  |  | 121,450,710 |
Household Durables |  |  | 11,457,322 |  |  |  | — |  |  |  | — |  |  |  | 11,457,322 |
Industrial Conglomerates |  |  | 29,979,104 |  |  |  | 22,201,872 |  |  |  | — |  |  |  | 52,180,976 |
Insurance |  |  | 131,113,994 |  |  |  | — |  |  |  | — |  |  |  | 131,113,994 |
IT Services |  |  | 66,073,701 |  |  |  | — |  |  |  | — |  |  |  | 66,073,701 |
Media |  |  | 61,888,855 |  |  |  | — |  |  |  | — |  |  |  | 61,888,855 |
Multi-line Retail |  |  | 5,598,607 |  |  |  | — |  |  |  | — |  |  |  | 5,598,607 |
Multi-Utilities |  |  | 43,613,981 |  |  |  | — |  |  |  | — |  |  |  | 43,613,981 |
Oil, Gas & Consumable Fuels |  |  | 105,142,233 |  |  |  | 24,351,293 |  |  |  | — |  |  |  | 129,493,526 |
Personal Products |  |  | 35,282,231 |  |  |  | — |  |  |  | — |  |  |  | 35,282,231 |
Pharmaceuticals |  |  | — |  |  |  | 74,395,128 |  |  |  | — |  |  |  | 74,395,128 |
Road & Rail |  |  | 18,389,990 |  |  |  | — |  |  |  | — |  |  |  | 18,389,990 |
Semiconductors & Semiconductor Equipment |  |  | 23,299,607 |  |  |  | — |  |  |  | — |  |  |  | 23,299,607 |
Software |  |  | 43,664,009 |  |  |  | — |  |  |  | — |  |  |  | 43,664,009 |
Specialty Retail |  |  | 39,577,556 |  |  |  | — |  |  |  | — |  |  |  | 39,577,556 |
Technology Hardware, Storage & Peripherals |  |  | — |  |  |  | 39,520,438 |  |  |  | — |  |  |  | 39,520,438 |
Tobacco |  |  | 32,107,756 |  |  |  | — |  |  |  | — |  |  |  | 32,107,756 |
Trading Companies & Distributors |  |  | — |  |  |  | 11,902,182 |  |  |  | — |  |  |  | 11,902,182 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | 22,908,325 |  |  |  | — |  |  |  | 22,908,325 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 12,016,637 |  |  |  | — |  |  |  | — |  |  |  | 12,016,637 |
|  | $ | 1,476,726,177 |  |  | $ | 299,953,080 |  |  | $ | — |  |  | $ | 1,776,679,257 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (21,909,347 | ) |  | $ | (15,044,326 | ) |  | $ | — |  |  | $ | (36,953,673 | )

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

See notes to financial statements.

60 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments December 31, 2020 |  | BlackRock Enhanced Global Dividend Trust (BOE) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Australia — 1.5% |  |  |  |  |  |
Ansell Ltd. |  |  | 237,398 |  |  | $ | 6,346,141 |
Ensogo Ltd.(a)(b) |  |  | 418,198 |  |  |  | 3 |
Sonic Healthcare Ltd. |  |  | 231,648 |  |  |  | 5,739,501 |
|  |  |  |  |  |  | 12,085,645 |
Canada — 3.4% |  |  |  |  |  |
TELUS Corp. |  |  | 1,356,985 |  |  |  | 26,875,318 |
Denmark — 1.3% |  |  |  |  |  |
Novo Nordisk A/S, Class B |  |  | 150,439 |  |  |  | 10,494,495 |
Finland — 0.8% |  |  |  |  |  |
Kone OYJ, Class B |  |  | 72,997 |  |  |  | 5,947,806 |
France — 4.6% |  |  |  |  |  |
Sanofi |  |  | 302,407 |  |  |  | 29,310,197 |
Schneider Electric SE |  |  | 44,251 |  |  |  | 6,395,483 |
|  |  |  |  |  |  | 35,705,680 |
Germany — 1.2% |  |  |  |  |  |
Deutsche Post AG, Registered Shares |  |  | 187,484 |  |  |  | 9,287,162 |
India — 0.1% |  |  |  |  |  |
Jasper Infotech Private Ltd., , Series I, (Acquired 05/07/14, Cost: $2,637,143)(a)(c) |  |  | 3,540 |  |  |  | 893,673 |
Ireland — 1.0% |  |  |  |  |  |
Medtronic PLC(d) |  |  | 69,323 |  |  |  | 8,120,496 |
Netherlands(b) — 2.3% |  |  |  |  |  |
Heineken NV |  |  | 57,723 |  |  |  | 6,432,589 |
Koninklijke Philips NV |  |  | 212,109 |  |  |  | 11,425,788 |
|  |  |  |  |  |  | 17,858,377 |
Singapore — 2.6% |  |  |  |  |  |
DBS Group Holdings Ltd. |  |  | 618,868 |  |  |  | 11,727,999 |
United Overseas Bank Ltd. |  |  | 516,100 |  |  |  | 8,796,619 |
|  |  |  |  |  |  | 20,524,618 |
Spain — 2.1% |  |  |  |  |  |
Amadeus IT Group SA(b) |  |  | 220,051 |  |  |  | 16,243,559 |
Switzerland — 4.0% |  |  |  |  |  |
Nestle SA, Registered Shares |  |  | 132,728 |  |  |  | 15,689,945 |
Novartis AG, Registered Shares |  |  | 170,060 |  |  |  | 16,012,490 |
|  |  |  |  |  |  | 31,702,435 |
Taiwan — 2.0% |  |  |  |  |  |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 838,000 |  |  |  | 15,852,833 |
United Kingdom — 17.8% |  |  |  |  |  |
Amcor PLC |  |  | 644,160 |  |  |  | 7,649,539 |
AstraZeneca PLC |  |  | 91,737 |  |  |  | 9,147,396 |
BAE Systems PLC |  |  | 2,931,452 |  |  |  | 19,549,193 |
British American Tobacco PLC |  |  | 512,582 |  |  |  | 19,035,691 |
Diageo PLC |  |  | 159,028 |  |  |  | 6,292,542 |
Ferguson PLC |  |  | 133,222 |  |  |  | 16,186,531 |
Reckitt Benckiser Group PLC |  |  | 225,636 |  |  |  | 20,138,974 |
RELX PLC |  |  | 817,664 |  |  |  | 19,980,922 |
Unilever PLC |  |  | 365,139 |  |  |  | 21,898,724 |
|  |  |  |  |  |  | 139,879,512 |

Security |  | Shares |  |  | Value |
United States — 55.9% |  |  |  |  |  |
AbbVie, Inc.(d)(e) |  |  | 150,836 |  |  | $ | 16,162,077 |
Assurant, Inc.(d) |  |  | 88,769 |  |  |  | 12,092,113 |
Bristol-Myers Squibb Co.(d) |  |  | 350,884 |  |  |  | 21,765,335 |
Carrier Global Corp.(d) |  |  | 343,151 |  |  |  | 12,943,656 |
Cisco Systems, Inc.(d)(e) |  |  | 231,960 |  |  |  | 10,380,210 |
Citizens Financial Group, Inc.(d) |  |  | 423,376 |  |  |  | 15,139,926 |
Coca-Cola Co.(d)(e) |  |  | 187,237 |  |  |  | 10,268,077 |
Comcast Corp., Class A(d)(e) |  |  | 491,496 |  |  |  | 25,754,390 |
Eaton Corp. PLC(d) |  |  | 86,550 |  |  |  | 10,398,117 |
Genuine Parts Co.(d)(e) |  |  | 73,739 |  |  |  | 7,405,608 |
Hasbro, Inc.(d) |  |  | 227,522 |  |  |  | 21,282,408 |
International Paper Co.(d) |  |  | 266,636 |  |  |  | 13,257,142 |
Johnson & Johnson(d)(e) |  |  | 49,872 |  |  |  | 7,848,855 |
Lockheed Martin Corp.(d) |  |  | 62,412 |  |  |  | 22,155,012 |
M&T Bank Corp.(d) |  |  | 110,456 |  |  |  | 14,061,049 |
Microsoft Corp.(d)(e) |  |  | 124,170 |  |  |  | 27,617,891 |
Otis Worldwide Corp.(d) |  |  | 232,377 |  |  |  | 15,697,066 |
Palantir Technologies, Inc., (Acquired 02/07/14, Cost: $2,495,155)(c) |  |  | 407,040 |  |  |  | 9,351,472 |
Paychex, Inc.(d)(e) |  |  | 282,416 |  |  |  | 26,315,523 |
Philip Morris International, Inc.(d)(e) |  |  | 284,853 |  |  |  | 23,582,980 |
Procter & Gamble Co.(d) |  |  | 96,628 |  |  |  | 13,444,820 |
Progressive Corp.(d) |  |  | 120,068 |  |  |  | 11,872,324 |
Raytheon Technologies Corp.(d) |  |  | 126,276 |  |  |  | 9,029,997 |
Sysco Corp.(d) |  |  | 153,417 |  |  |  | 11,392,746 |
Texas Instruments, Inc.(d)(e) |  |  | 156,866 |  |  |  | 25,746,417 |
UnitedHealth Group, Inc.(d) |  |  | 57,561 |  |  |  | 20,185,491 |
Visa, Inc., Class A(d)(e) |  |  | 110,424 |  |  |  | 24,153,042 |
|  |  |  |  |  |  | 439,303,744 |
Total Investments Before Options Written — 100.6% (Cost: $660,327,827) |  |  |  |  |  |  | 790,775,353 |
Options Written — (1.1)% (Premiums Received: $(8,161,678)) |  |  |  |  |  |  | (8,328,517 | )
Total Investments, Net of Options Written — 99.5% (Cost: $652,166,149) |  |  |  |  |  |  | 782,446,836 |
Other Assets Less Liabilities — 0.5% |  |  |  |  |  |  | 3,783,166 |
Net Assets — 100.0% |  |  |  |  |  | $ | 786,230,002 |

(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 $10,245,145, representing 1.30% of its net assets as of period end, and an original cost of $5,132,298.

(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.

S C H E D U L E O F I N V E S T M E N T S |  | 61

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced Global Dividend Trust (BOE)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/19 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 12/31/20 |  |  | Shares Held at 12/31/20 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class(a) |  | $ | 1,138,392 |  |  | $ | — |  |  | $ | (1,138,392 | )(b) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | — |  |  | $ | 25,270 |  |  | $ | — |

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

| (b) | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eaton Corp. PLC |  |  | 153 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 123.00 |  |  |  | USD |  |  |  | 1,838 |  |  | $ | (9,563 | )
Hasbro, Inc. |  |  | 330 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 3,087 |  |  |  | (29,700 | )
Johnson & Johnson |  |  | 82 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 1,291 |  |  |  | (25,051 | )
Lockheed Martin Corp. |  |  | 89 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 375.00 |  |  |  | USD |  |  |  | 3,159 |  |  |  | (2,225 | )
Microsoft Corp. |  |  | 86 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 222.50 |  |  |  | USD |  |  |  | 1,913 |  |  |  | (24,639 | )
Raytheon Technologies Corp. |  |  | 221 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 1,580 |  |  |  | (3,536 | )
Sysco Corp. |  |  | 354 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 78.50 |  |  |  | USD |  |  |  | 2,629 |  |  |  | (5,310 | )
Visa, Inc., Class A |  |  | 104 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 212.50 |  |  |  | USD |  |  |  | 2,275 |  |  |  | (73,840 | )
Visa, Inc., Class A |  |  | 106 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 2,319 |  |  |  | (24,327 | )
AbbVie, Inc. |  |  | 288 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 3,086 |  |  |  | (214,560 | )
Assurant, Inc. |  |  | 190 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 2,588 |  |  |  | (59,375 | )
Bristol-Myers Squibb Co. |  |  | 275 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,706 |  |  |  | (8,800 | )
Carrier Global Corp. |  |  | 170 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 641 |  |  |  | (1,700 | )
Carrier Global Corp. |  |  | 320 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 40.50 |  |  |  | USD |  |  |  | 1,207 |  |  |  | (12,042 | )
Citizens Financial Group, Inc. |  |  | 510 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,824 |  |  |  | (77,775 | )
Coca-Cola Co. |  |  | 541 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 2,967 |  |  |  | (45,444 | )
Comcast Corp., Class A |  |  | 375 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,965 |  |  |  | (278,437 | )
Comcast Corp., Class A |  |  | 278 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,457 |  |  |  | (71,168 | )
Eaton Corp. PLC |  |  | 146 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,754 |  |  |  | (37,230 | )
Genuine Parts Co. |  |  | 166 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 1,667 |  |  |  | (10,375 | )
Hasbro, Inc. |  |  | 136 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 1,272 |  |  |  | (21,080 | )
International Paper Co. |  |  | 206 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,024 |  |  |  | (20,600 | )
Johnson & Johnson |  |  | 60 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 944 |  |  |  | (46,650 | )
Lockheed Martin Corp. |  |  | 109 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 3,869 |  |  |  | (5,723 | )
M&T Bank Corp. |  |  | 96 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 1,222 |  |  |  | (27,360 | )
M&T Bank Corp. |  |  | 290 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 3,692 |  |  |  | (159,500 | )
Medtronic PLC |  |  | 337 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 3,948 |  |  |  | (116,265 | )
Microsoft Corp |  |  | 108 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 2,402 |  |  |  | (7,236 | )
Otis Worldwide Corp. |  |  | 618 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 4,175 |  |  |  | (23,175 | )
Paychex, Inc. |  |  | 347 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 87.50 |  |  |  | USD |  |  |  | 3,233 |  |  |  | (211,670 | )
Paychex, Inc. |  |  | 279 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 2,600 |  |  |  | (30,690 | )
Procter & Gamble Co. |  |  | 118 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 1,642 |  |  |  | (3,245 | )
Progressive Corp. |  |  | 270 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 2,670 |  |  |  | (14,850 | )
TELUS Corp. |  |  | 1,393 |  |  |  | 01/15/21 |  |  |  | CAD |  |  |  | 26.00 |  |  |  | CAD |  |  |  | 3,512 |  |  |  | (4,925 | )
Texas Instruments, Inc. |  |  | 198 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 3,250 |  |  |  | (56,628 | )
UnitedHealth Group, Inc. |  |  | 110 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 350.00 |  |  |  | USD |  |  |  | 3,857 |  |  |  | (99,000 | )
AbbVie, Inc. |  |  | 220 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 109.00 |  |  |  | USD |  |  |  | 2,357 |  |  |  | (35,200 | )
Bristol-Myers Squibb Co. |  |  | 548 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 3,399 |  |  |  | (40,278 | )
Cisco Systems, Inc. |  |  | 237 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 44.50 |  |  |  | USD |  |  |  | 1,061 |  |  |  | (21,093 | )
Cisco Systems, Inc. |  |  | 73 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 327 |  |  |  | (5,110 | )
Coca-Cola Co. |  |  | 150 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 53.50 |  |  |  | USD |  |  |  | 823 |  |  |  | (28,500 | )
Comcast Corp., Class A |  |  | 348 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 53.50 |  |  |  | USD |  |  |  | 1,824 |  |  |  | (23,664 | )
Hasbro, Inc. |  |  | 166 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 89.50 |  |  |  | USD |  |  |  | 1,553 |  |  |  | (87,980 | )
International Paper Co. |  |  | 444 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 51.50 |  |  |  | USD |  |  |  | 2,208 |  |  |  | (26,640 | )

62 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Johnson & Johnson |  |  | 82 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 1,291 |  |  | $ | (41,000 | )
Lockheed Martin Corp. |  |  | 82 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 365.00 |  |  |  | USD |  |  |  | 2,911 |  |  |  | (34,850 | )
Microsoft Corp. |  |  | 197 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 222.50 |  |  |  | USD |  |  |  | 4,382 |  |  |  | (99,485 | )
Microsoft Corp. |  |  | 112 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 227.50 |  |  |  | USD |  |  |  | 2,491 |  |  |  | (32,480 | )
Philip Morris International, Inc. |  |  | 60 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 86.50 |  |  |  | USD |  |  |  | 497 |  |  |  | (2,700 | )
Philip Morris International, Inc. |  |  | 468 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 84.50 |  |  |  | USD |  |  |  | 3,875 |  |  |  | (47,268 | )
Procter & Gamble Co. |  |  | 160 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 142.00 |  |  |  | USD |  |  |  | 2,226 |  |  |  | (28,080 | )
Raytheon Technologies Corp. |  |  | 220 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 76.00 |  |  |  | USD |  |  |  | 1,573 |  |  |  | (26,620 | )
Sysco Corp. |  |  | 354 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 77.50 |  |  |  | USD |  |  |  | 2,629 |  |  |  | (35,400 | )
Texas Instruments, Inc. |  |  | 332 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 167.50 |  |  |  | USD |  |  |  | 5,449 |  |  |  | (102,090 | )
UnitedHealth Group, Inc. |  |  | 75 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 345.00 |  |  |  | USD |  |  |  | 2,630 |  |  |  | (105,187 | )
Visa, Inc., Class A |  |  | 65 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 1,422 |  |  |  | (47,937 | )
AbbVie, Inc. |  |  | 143 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 108.00 |  |  |  | USD |  |  |  | 1,532 |  |  |  | (30,030 | )
Bristol-Myers Squibb Co. |  |  | 137 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 850 |  |  |  | (13,495 | )
Coca-Cola Co. |  |  | 151 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 54.00 |  |  |  | USD |  |  |  | 828 |  |  |  | (27,029 | )
Comcast Corp., Class A |  |  | 203 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 51.50 |  |  |  | USD |  |  |  | 1,064 |  |  |  | (42,934 | )
Hasbro, Inc. |  |  | 164 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 1,534 |  |  |  | (15,580 | )
International Paper Co. |  |  | 283 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 51.50 |  |  |  | USD |  |  |  | 1,407 |  |  |  | (24,762 | )
Medtronic PLC |  |  | 11 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 117.00 |  |  |  | USD |  |  |  | 129 |  |  |  | (3,465 | )
Microsoft Corp. |  |  | 55 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 227.50 |  |  |  | USD |  |  |  | 1,223 |  |  |  | (27,912 | )
Philip Morris International, Inc. |  |  | 468 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 84.50 |  |  |  | USD |  |  |  | 3,875 |  |  |  | (61,542 | )
Procter & Gamble Co. |  |  | 156 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 2,171 |  |  |  | (40,950 | )
UnitedHealth Group, Inc. |  |  | 74 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 352.50 |  |  |  | USD |  |  |  | 2,595 |  |  |  | (83,990 | )
Visa, Inc., Class A |  |  | 156 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 3,412 |  |  |  | (134,160 | )
Cisco Systems, Inc. |  |  | 71 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 45.50 |  |  |  | USD |  |  |  | 318 |  |  |  | (5,432 | )
Cisco Systems, Inc. |  |  | 270 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 44.55 |  |  |  | USD |  |  |  | 1,208 |  |  |  | (32,540 | )
Comcast Corp., Class A |  |  | 141 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 53.00 |  |  |  | USD |  |  |  | 739 |  |  |  | (21,291 | )
Cisco Systems, Inc. |  |  | 179 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 45.95 |  |  |  | USD |  |  |  | 801 |  |  |  | (18,017 | )
Otis Worldwide Corp. |  |  | 427 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 67.25 |  |  |  | USD |  |  |  | 2,884 |  |  |  | (124,223 | )
AbbVie, Inc. |  |  | 234 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 2,507 |  |  |  | (117,000 | )
Assurant, Inc. |  |  | 209 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 2,847 |  |  |  | (75,240 | )
Bristol-Myers Squibb Co. |  |  | 618 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 3,833 |  |  |  | (80,031 | )
Carrier Global Corp. |  |  | 577 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 41.00 |  |  |  | USD |  |  |  | 2,176 |  |  |  | (66,355 | )
Cisco Systems, Inc. |  |  | 141 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 631 |  |  |  | (22,560 | )
Cisco Systems, Inc. |  |  | 71 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 318 |  |  |  | (8,236 | )
Comcast Corp., Class A |  |  | 375 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 1,965 |  |  |  | (75,000 | )
Eaton Corp. PLC |  |  | 90 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,081 |  |  |  | (45,000 | )
Genuine Parts Co. |  |  | 165 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 1,657 |  |  |  | (76,725 | )
Paychex, Inc. |  |  | 362 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 97.50 |  |  |  | USD |  |  |  | 3,373 |  |  |  | (51,585 | )
Progressive Corp. |  |  | 270 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 97.50 |  |  |  | USD |  |  |  | 2,670 |  |  |  | (66,825 | )
TELUS Corp. |  |  | 1,393 |  |  |  | 02/19/21 |  |  |  | CAD |  |  |  | 26.00 |  |  |  | CAD |  |  |  | 3,512 |  |  |  | (27,359 | )
Texas Instruments, Inc. |  |  | 175 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 2,872 |  |  |  | (74,375 | )
Visa, Inc., Class A |  |  | 65 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 1,422 |  |  |  | (51,675 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,280,574 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Koninklijke Philips NV |  | Barclays Bank PLC |  |  | 14,600 |  |  |  | 01/05/21 |  |  |  | EUR |  |  |  | 45.99 |  |  |  | EUR |  |  |  | 639 |  |  | $ | (1,133 | )
RELX PLC |  | Barclays Bank PLC |  |  | 52,000 |  |  |  | 01/05/21 |  |  |  | EUR |  |  |  | 20.74 |  |  |  | EUR |  |  |  | 1,042 |  |  |  | (893 | )
Unilever PLC |  | Barclays Bank PLC |  |  | 66,300 |  |  |  | 01/05/21 |  |  |  | GBP |  |  |  | 47.62 |  |  |  | GBP |  |  |  | 2,912 |  |  |  | (13 | )
Ansell Ltd. |  | UBS AG |  |  | 13,700 |  |  |  | 01/06/21 |  |  |  | AUD |  |  |  | 42.35 |  |  |  | AUD |  |  |  | 476 |  |  |  | — |
AstraZeneca PLC |  | UBS AG |  |  | 11,100 |  |  |  | 01/06/21 |  |  |  | GBP |  |  |  | 84.86 |  |  |  | GBP |  |  |  | 813 |  |  |  | (75 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 265,200 |  |  |  | 01/06/21 |  |  |  | GBP |  |  |  | 4.55 |  |  |  | GBP |  |  |  | 1,296 |  |  |  | (118,826 | )
DBS Group Holdings Ltd. |  | UBS AG |  |  | 72,500 |  |  |  | 01/06/21 |  |  |  | SGD |  |  |  | 21.66 |  |  |  | SGD |  |  |  | 1,815 |  |  |  | (189,316 | )
Nestle SA, Registered Shares |  | Goldman Sachs International |  |  | 46,500 |  |  |  | 01/06/21 |  |  |  | CHF |  |  |  | 104.58 |  |  |  | CHF |  |  |  | 4,848 |  |  |  | (47,960 | )
Reckitt Benckiser Group PLC |  | Goldman Sachs International |  |  | 43,700 |  |  |  | 01/06/21 |  |  |  | GBP |  |  |  | 70.90 |  |  |  | GBP |  |  |  | 2,859 |  |  |  | (266 | )
RELX PLC |  | Goldman Sachs International |  |  | 139,500 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 18.54 |  |  |  | EUR |  |  |  | 2,794 |  |  |  | (248,783 | )
Sanofi |  | Goldman Sachs International |  |  | 30,100 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 87.17 |  |  |  | EUR |  |  |  | 2,369 |  |  |  | (55 | )

S C H E D U L E O F I N V E S T M E N T S |  | 63

Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
British American Tobacco PLC |  | UBS AG |  |  | 44,700 |  |  |  | 01/07/21 |  |  |  | GBP |  |  |  | 26.28 |  |  |  | GBP |  |  |  | 1,210 |  |  | $ | (65,009 | )
Kone OYJ, Class B |  | Goldman Sachs International |  |  | 37,200 |  |  |  | 01/07/21 |  |  |  | EUR |  |  |  | 74.55 |  |  |  | EUR |  |  |  | 2,472 |  |  |  | — |
Novartis AG, Registered Shares |  | UBS AG |  |  | 64,100 |  |  |  | 01/07/21 |  |  |  | CHF |  |  |  | 77.23 |  |  |  | CHF |  |  |  | 5,362 |  |  |  | (444,392 | )
Unilever PLC |  | UBS AG |  |  | 53,700 |  |  |  | 01/07/21 |  |  |  | GBP |  |  |  | 47.01 |  |  |  | GBP |  |  |  | 2,359 |  |  |  | (274 | )
BAE Systems PLC |  | UBS AG |  |  | 60,000 |  |  |  | 01/12/21 |  |  |  | GBP |  |  |  | 4.77 |  |  |  | GBP |  |  |  | 293 |  |  |  | (12,621 | )
Novo Nordisk A/S, Class B |  | Barclays Bank PLC |  |  | 21,500 |  |  |  | 01/12/21 |  |  |  | DKK |  |  |  | 458.71 |  |  |  | DKK |  |  |  | 9,173 |  |  |  | (1,023 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | UBS AG |  |  | 345,000 |  |  |  | 01/12/21 |  |  |  | USD |  |  |  | 465.59 |  |  |  | USD |  |  |  | 182,850 |  |  |  | (791,509 | )
Ansell Ltd. |  | UBS AG |  |  | 13,700 |  |  |  | 01/13/21 |  |  |  | AUD |  |  |  | 42.35 |  |  |  | AUD |  |  |  | 476 |  |  |  | (1 | )
DBS Group Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 71,700 |  |  |  | 01/13/21 |  |  |  | SGD |  |  |  | 25.13 |  |  |  | SGD |  |  |  | 1,795 |  |  |  | (23,247 | )
Koninklijke Philips NV |  | Goldman Sachs International |  |  | 9,200 |  |  |  | 01/13/21 |  |  |  | EUR |  |  |  | 45.88 |  |  |  | EUR |  |  |  | 403 |  |  |  | (3,229 | )
Novartis AG, Registered Shares |  | Goldman Sachs International |  |  | 42,700 |  |  |  | 01/13/21 |  |  |  | CHF |  |  |  | 81.14 |  |  |  | CHF |  |  |  | 3,572 |  |  |  | (133,337 | )
Deutsche Post AG, Registered Shares |  | UBS AG |  |  | 103,200 |  |  |  | 01/15/21 |  |  |  | EUR |  |  |  | 40.15 |  |  |  | EUR |  |  |  | 4,180 |  |  |  | (142,799 | )
Schneider Electric SE |  | UBS AG |  |  | 18,200 |  |  |  | 01/15/21 |  |  |  | EUR |  |  |  | 121.13 |  |  |  | EUR |  |  |  | 2,153 |  |  |  | (22,830 | )
United Overseas Bank Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 62,000 |  |  |  | 01/15/21 |  |  |  | SGD |  |  |  | 22.03 |  |  |  | SGD |  |  |  | 1,401 |  |  |  | (32,962 | )
Ansell Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 31,100 |  |  |  | 01/20/21 |  |  |  | AUD |  |  |  | 39.09 |  |  |  | AUD |  |  |  | 1,082 |  |  |  | (1,022 | )
BAE Systems PLC |  | Barclays Bank PLC |  |  | 272,000 |  |  |  | 01/20/21 |  |  |  | GBP |  |  |  | 5.06 |  |  |  | GBP |  |  |  | 1,330 |  |  |  | (17,171 | )
British American Tobacco PLC |  | Credit Suisse International |  |  | 89,800 |  |  |  | 01/20/21 |  |  |  | GBP |  |  |  | 28.24 |  |  |  | GBP |  |  |  | 2,432 |  |  |  | (44,179 | )
Novo Nordisk A/S, Class B |  | Barclays Bank PLC |  |  | 61,300 |  |  |  | 01/20/21 |  |  |  | DKK |  |  |  | 441.75 |  |  |  | DKK |  |  |  | 26,154 |  |  |  | (36,866 | )
Sanofi |  | Goldman Sachs International |  |  | 52,800 |  |  |  | 01/20/21 |  |  |  | EUR |  |  |  | 85.64 |  |  |  | EUR |  |  |  | 4,155 |  |  |  | (12,649 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Goldman Sachs International |  |  | 116,000 |  |  |  | 01/20/21 |  |  |  | USD |  |  |  | 506.94 |  |  |  | USD |  |  |  | 61,480 |  |  |  | (105,373 | )
United Overseas Bank Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 62,000 |  |  |  | 01/20/21 |  |  |  | SGD |  |  |  | 22.48 |  |  |  | SGD |  |  |  | 1,401 |  |  |  | (20,884 | )
Amadeus IT Group SA |  | UBS AG |  |  | 49,500 |  |  |  | 01/21/21 |  |  |  | EUR |  |  |  | 66.15 |  |  |  | EUR |  |  |  | 2,948 |  |  |  | (35,026 | )
Ansell Ltd. |  | UBS AG |  |  | 12,700 |  |  |  | 01/21/21 |  |  |  | AUD |  |  |  | 35.44 |  |  |  | AUD |  |  |  | 442 |  |  |  | (6,968 | )
Schneider Electric SE |  | Morgan Stanley & Co. International PLC |  |  | 6,200 |  |  |  | 01/21/21 |  |  |  | EUR |  |  |  | 119.00 |  |  |  | EUR |  |  |  | 733 |  |  |  | (16,123 | )
Sonic Healthcare Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 86,300 |  |  |  | 01/21/21 |  |  |  | AUD |  |  |  | 34.01 |  |  |  | AUD |  |  |  | 2,775 |  |  |  | (8,482 | )
Unilever PLC |  | Credit Suisse International |  |  | 44,400 |  |  |  | 01/21/21 |  |  |  | GBP |  |  |  | 44.55 |  |  |  | GBP |  |  |  | 1,950 |  |  |  | (34,076 | )
United Overseas Bank Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 56,600 |  |  |  | 01/21/21 |  |  |  | SGD |  |  |  | 23.23 |  |  |  | SGD |  |  |  | 1,279 |  |  |  | (6,443 | )
AstraZeneca PLC |  | Credit Suisse International |  |  | 17,900 |  |  |  | 01/26/21 |  |  |  | GBP |  |  |  | 78.68 |  |  |  | GBP |  |  |  | 1,311 |  |  |  | (14,047 | )
BAE Systems PLC |  | Credit Suisse International |  |  | 214,400 |  |  |  | 01/26/21 |  |  |  | GBP |  |  |  | 5.19 |  |  |  | GBP |  |  |  | 1,048 |  |  |  | (9,259 | )
British American Tobacco PLC |  | Credit Suisse International |  |  | 45,000 |  |  |  | 01/26/21 |  |  |  | GBP |  |  |  | 29.46 |  |  |  | GBP |  |  |  | 1,219 |  |  |  | (10,027 | )
DBS Group Holdings Ltd. |  | UBS AG |  |  | 134,200 |  |  |  | 01/26/21 |  |  |  | SGD |  |  |  | 26.07 |  |  |  | SGD |  |  |  | 3,360 |  |  |  | (26,809 | )
Novartis AG, Registered Shares |  | Morgan Stanley & Co. International PLC |  |  | 23,400 |  |  |  | 01/26/21 |  |  |  | CHF |  |  |  | 81.73 |  |  |  | CHF |  |  |  | 1,957 |  |  |  | (68,460 | )
RELX PLC |  | Credit Suisse International |  |  | 33,400 |  |  |  | 01/26/21 |  |  |  | EUR |  |  |  | 20.33 |  |  |  | EUR |  |  |  | 669 |  |  |  | (14,110 | )
Sanofi |  | Morgan Stanley & Co. International PLC |  |  | 46,500 |  |  |  | 01/26/21 |  |  |  | EUR |  |  |  | 79.47 |  |  |  | EUR |  |  |  | 3,660 |  |  |  | (106,141 | )
Amcor PLC |  | JPMorgan Chase Bank N.A. |  |  | 9,900 |  |  |  | 01/27/21 |  |  |  | AUD |  |  |  | 15.97 |  |  |  | AUD |  |  |  | 152 |  |  |  | (1,209 | )
Ansell Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 45,000 |  |  |  | 01/27/21 |  |  |  | AUD |  |  |  | 34.70 |  |  |  | AUD |  |  |  | 1,565 |  |  |  | (41,385 | )
Diageo PLC |  | Goldman Sachs International |  |  | 24,800 |  |  |  | 01/27/21 |  |  |  | GBP |  |  |  | 30.31 |  |  |  | GBP |  |  |  | 714 |  |  |  | (8,209 | )
Koninklijke Philips NV |  | Credit Suisse International |  |  | 71,700 |  |  |  | 01/27/21 |  |  |  | EUR |  |  |  | 44.07 |  |  |  | EUR |  |  |  | 3,139 |  |  |  | (119,780 | )
Sonic Healthcare Ltd. |  | UBS AG |  |  | 41,300 |  |  |  | 01/27/21 |  |  |  | AUD |  |  |  | 32.99 |  |  |  | AUD |  |  |  | 1,328 |  |  |  | (13,600 | )
Carrier Global Corp. |  | Morgan Stanley & Co. International PLC |  |  | 82,000 |  |  |  | 02/01/21 |  |  |  | USD |  |  |  | 37.25 |  |  |  | USD |  |  |  | 3,093 |  |  |  | (172,983 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 239,000 |  |  |  | 02/01/21 |  |  |  | CAD |  |  |  | 25.25 |  |  |  | CAD |  |  |  | 6,025 |  |  |  | (84,498 | )
Amadeus IT Group SA |  | UBS AG |  |  | 49,500 |  |  |  | 02/02/21 |  |  |  | EUR |  |  |  | 66.15 |  |  |  | EUR |  |  |  | 2,948 |  |  |  | (62,005 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 214,400 |  |  |  | 02/02/21 |  |  |  | GBP |  |  |  | 5.31 |  |  |  | GBP |  |  |  | 1,048 |  |  |  | (5,718 | )
Kone OYJ, Class B |  | Goldman Sachs International |  |  | 3,000 |  |  |  | 02/02/21 |  |  |  | EUR |  |  |  | 69.25 |  |  |  | EUR |  |  |  | 199 |  |  |  | (2,337 | )
Reckitt Benckiser Group PLC |  | Goldman Sachs International |  |  | 35,000 |  |  |  | 02/02/21 |  |  |  | GBP |  |  |  | 66.35 |  |  |  | GBP |  |  |  | 2,290 |  |  |  | (63,272 | )
RELX PLC |  | Goldman Sachs International |  |  | 61,200 |  |  |  | 02/02/21 |  |  |  | EUR |  |  |  | 20.58 |  |  |  | EUR |  |  |  | 1,226 |  |  |  | (21,380 | )
United Overseas Bank Ltd. |  | UBS AG |  |  | 51,100 |  |  |  | 02/02/21 |  |  |  | SGD |  |  |  | 23.50 |  |  |  | SGD |  |  |  | 1,154 |  |  |  | (6,437 | )
Amcor PLC |  | JPMorgan Chase Bank N.A. |  |  | 280,000 |  |  |  | 02/03/21 |  |  |  | AUD |  |  |  | 15.38 |  |  |  | AUD |  |  |  | 4,295 |  |  |  | (93,028 | )
Ansell Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 14,300 |  |  |  | 02/03/21 |  |  |  | AUD |  |  |  | 36.47 |  |  |  | AUD |  |  |  | 497 |  |  |  | (6,737 | )
Diageo PLC |  | UBS AG |  |  | 30,900 |  |  |  | 02/03/21 |  |  |  | GBP |  |  |  | 30.43 |  |  |  | GBP |  |  |  | 889 |  |  |  | (12,947 | )
Heineken NV |  | UBS AG |  |  | 26,000 |  |  |  | 02/03/21 |  |  |  | EUR |  |  |  | 90.53 |  |  |  | EUR |  |  |  | 2,372 |  |  |  | (105,946 | )
Nestle SA, Registered Shares |  | Citibank N.A. |  |  | 13,200 |  |  |  | 02/03/21 |  |  |  | CHF |  |  |  | 103.08 |  |  |  | CHF |  |  |  | 1,376 |  |  |  | (41,087 | )
Reckitt Benckiser Group PLC |  | UBS AG |  |  | 22,800 |  |  |  | 02/10/21 |  |  |  | GBP |  |  |  | 66.89 |  |  |  | GBP |  |  |  | 1,492 |  |  |  | (41,239 | )
Citizens Financial Group, Inc. |  | Credit Suisse International |  |  | 97,000 |  |  |  | 02/25/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 3,469 |  |  |  | (242,542 | )
TELUS Corp. |  | Credit Suisse International |  |  | 93,000 |  |  |  | 03/01/21 |  |  |  | CAD |  |  |  | 25.75 |  |  |  | CAD |  |  |  | 2,345 |  |  |  | (26,936 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,047,943 | )

64 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced Global Dividend Trust (BOE)

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | — |  |  | $ | — |  |  | $ | 2,543,325 |  |  | $ | (2,710,164 | ) |  | $ | (8,328,517 | )

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 |  | $ | — |  |  | $ | — |  |  | $ | 8,328,517 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8,328,517 |

For the year ended December 31, 2020, 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 |  | $ | — |  |  | $ | — |  |  | $ | (12,159,861 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (12,159,861 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 1,625,233 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,625,233 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts written |  | $ | 7,157,245 |

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 |  | $ | — |  |  | $ | 8,328,517 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 8,328,517 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (4,280,574 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 4,047,943 |

S C H E D U L E O F I N V E S T M E N T S |  | 65

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced Global Dividend Trust (BOE)

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged |  |  |  | Net Amount of Derivative Liabilities | (b)
Barclays Bank PLC |  | $ | 57,099 |  |  | $ | — |  |  | $ | (57,099 | ) |  | $ | — |  |  | $ | — |
Citibank N.A. |  |  | 41,087 |  |  |  | — |  |  |  | (41,087 | ) |  |  | — |  |  |  | — |
Credit Suisse International |  |  | 514,956 |  |  |  | — |  |  |  | (514,956 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 855,892 |  |  |  | — |  |  |  | (835,892 | ) |  |  | (20,000 | ) |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 178,067 |  |  |  | — |  |  |  | (178,067 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 421,039 |  |  |  | — |  |  |  | (306,941 | ) |  |  | — |  |  |  | 114,098 |
UBS AG |  |  | 1,979,803 |  |  |  | — |  |  |  | (1,979,803 | ) |  |  | — |  |  |  | — |
|  | $ | 4,047,943 |  |  | $ | — |  |  | $ | (3,913,845 | ) |  | $ | (20,000 | ) |  | $ | 114,098 |

| (a) | Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |

| (b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. |

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australia |  | $ | — |  |  | $ | 12,085,642 |  |  | $ | 3 |  |  | $ | 12,085,645 |
Canada |  |  | 26,875,318 |  |  |  | — |  |  |  | — |  |  |  | 26,875,318 |
Denmark |  |  | — |  |  |  | 10,494,495 |  |  |  | — |  |  |  | 10,494,495 |
Finland |  |  | — |  |  |  | 5,947,806 |  |  |  | — |  |  |  | 5,947,806 |
France |  |  | — |  |  |  | 35,705,680 |  |  |  | — |  |  |  | 35,705,680 |
Germany |  |  | — |  |  |  | 9,287,162 |  |  |  | — |  |  |  | 9,287,162 |
India |  |  | — |  |  |  | — |  |  |  | 893,673 |  |  |  | 893,673 |
Ireland |  |  | 8,120,496 |  |  |  | — |  |  |  | — |  |  |  | 8,120,496 |
Netherlands |  |  | 6,432,589 |  |  |  | 11,425,788 |  |  |  | — |  |  |  | 17,858,377 |
Singapore |  |  | — |  |  |  | 20,524,618 |  |  |  | — |  |  |  | 20,524,618 |
Spain |  |  | — |  |  |  | 16,243,559 |  |  |  | — |  |  |  | 16,243,559 |
Switzerland |  |  | — |  |  |  | 31,702,435 |  |  |  | — |  |  |  | 31,702,435 |
Taiwan |  |  | — |  |  |  | 15,852,833 |  |  |  | — |  |  |  | 15,852,833 |
United Kingdom |  |  | — |  |  |  | 139,879,512 |  |  |  | — |  |  |  | 139,879,512 |
United States |  |  | 429,952,272 |  |  |  | 9,351,472 |  |  |  | — |  |  |  | 439,303,744 |
|  | $ | 471,380,675 |  |  | $ | 318,501,002 |  |  | $ | 893,676 |  |  | $ | 790,775,353 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (4,093,752 | ) |  | $ | (4,234,765 | ) |  | $ | — |  |  | $ | (8,328,517 | )

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

See notes to financial statements.

66 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments December 31, 2020 |  | BlackRock Enhanced International Dividend Trust (BGY) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |
Australia — 4.9% |  |  |  |  |  |  |  |  |
Ansell Ltd. |  |  |  |  |  |  | 613,729 |  |  | $ | 16,406,249 |
Sonic Healthcare Ltd. |  |  |  |  |  |  | 679,160 |  |  |  | 16,827,426 |
|  |  |  |  |  |  |  |  |  |  | 33,233,675 |
Canada — 5.1% |  |  |  |  |  |  |  |  |
TELUS Corp. |  |  |  |  |  |  | 1,727,668 |  |  |  | 34,216,757 |
Denmark — 3.6% |  |  |  |  |  |  |  |  |
Novo Nordisk A/S, Class B |  |  |  |  |  |  | 345,791 |  |  |  | 24,122,082 |
Finland — 2.6% |  |  |  |  |  |  |  |  |
Kone OYJ, Class B |  |  |  |  |  |  | 218,918 |  |  |  | 17,837,471 |
France — 8.5% |  |  |  |  |  |  |  |  |
Sanofi |  |  |  |  |  |  | 392,415 |  |  |  | 38,034,043 |
Schneider Electric SE |  |  |  |  |  |  | 136,936 |  |  |  | 19,791,007 |
|  |  |  |  |  |  |  |  |  |  | 57,825,050 |
Germany — 2.9% |  |  |  |  |  |  |  |  |
Deutsche Post AG, Registered Shares |  |  |  |  |  |  | 399,971 |  |  |  | 19,812,865 |
India — 2.4% |  |  |  |  |  |  |  |  |
HDFC Bank Ltd.(a) |  |  |  |  |  |  | 755,604 |  |  |  | 14,882,739 |
Jasper Infotech Private Ltd., , Series I, (Acquired 05/07/14, Cost: $3,948,600)(b)(c) |  |  |  |  |  |  | 5,300 |  |  |  | 1,337,985 |
|  |  |  |  |  |  |  |  |  |  | 16,220,724 |
Netherlands — 5.6% |  |  |  |  |  |  |  |  |
Heineken NV |  |  |  |  |  |  | 122,687 |  |  |  | 13,672,107 |
Koninklijke Philips NV(a) |  |  |  |  |  |  | 454,709 |  |  |  | 24,494,052 |
|  |  |  |  |  |  |  |  |  |  | 38,166,159 |
Singapore — 5.2% |  |  |  |  |  |  |  |  |
DBS Group Holdings Ltd. |  |  |  |  |  |  | 1,013,900 |  |  |  | 19,214,144 |
United Overseas Bank Ltd. |  |  |  |  |  |  | 916,400 |  |  |  | 15,619,495 |
|  |  |  |  |  |  |  |  |  |  | 34,833,639 |
Spain — 6.3% |  |  |  |  |  |  |  |  |
Amadeus IT Group SA |  |  |  |  |  |  | 374,163 |  |  |  | 27,619,683 |
Bankinter SA |  |  |  |  |  |  | 2,709,667 |  |  |  | 14,697,857 |
|  |  |  |  |  |  |  |  |  |  | 42,317,540 |
Switzerland — 9.0% |  |  |  |  |  |  |  |  |
Nestle SA, Registered Shares |  |  |  |  |  |  | 263,027 |  |  |  | 31,092,755 |
Novartis AG, Registered Shares |  |  |  |  |  |  | 318,673 |  |  |  | 30,005,576 |
|  |  |  |  |  |  |  |  |  |  | 61,098,331 |
Taiwan — 4.0% |  |  |  |  |  |  |  |  |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  |  |  |  |  | 1,446,000 |  |  |  | 27,354,649 |
United Kingdom — 34.9% |  |  |  |  |  |  |  |  |
Amcor PLC |  |  |  |  |  |  | 1,416,141 |  |  |  | 16,816,980 |
AstraZeneca PLC |  |  |  |  |  |  | 227,903 |  |  |  | 22,724,953 |
BAE Systems PLC |  |  |  |  |  |  | 4,273,692 |  |  |  | 28,500,290 |
British American Tobacco PLC |  |  |  |  |  |  | 717,913 |  |  |  | 26,661,041 |
Diageo PLC |  |  |  |  |  |  | 338,003 |  |  |  | 13,374,361 |

Security |  |  |  | Shares |  |  | Value |
United Kingdom (continued) |  |  |  |  |  |  |  |
Ferguson PLC |  |  |  |  | 225,759 |  |  | $ | 27,429,816 |
Reckitt Benckiser Group PLC |  |  |  |  | 367,025 |  |  |  | 32,758,545 |
RELX PLC |  |  |  |  | 1,352,303 |  |  |  | 33,045,677 |
Unilever PLC |  |  |  |  | 582,975 |  |  |  | 34,963,148 |
|  |  |  |  |  |  |  |  | 236,274,811 |
United States — 3.7% |  |  |  |  |  |  |  |
Visa, Inc., Class A(d) |  |  |  |  | 114,099 |  |  |  | 24,956,874 |
Total Common Stocks — 98.7% |  |  |  |  |  |  |  |
(Cost: $543,152,010) |  |  |  |  |  |  |  |  | 668,270,627 |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 0.7% |  |  |  |  |  |  |  |
China — 0.7% |  |  |  |  |  |  |  |
Xiaoju Kuaizhi, Inc., Series A-17, (Acquired 07/28/15, Cost: $2,106,332)(b)(c) |  |  |  |  | 76,800 |  |  |  | 4,323,072 |
Total Preferred Securities — 0.7% |
(Cost: $2,106,332) |  |  |  |  |  |  |  |  | 4,323,072 |
Total Long-Term Investments — 99.4% |
(Cost: $545,258,342) |  |  |  |  |  |  |  |  | 672,593,699 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 0.1% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(e)(f) |  |  |  |  | 287,381 |  |  |  | 287,381 |
Total Short-Term Securities — 0.1% |  |  |  |  |  |  |  |
(Cost: $287,381) |  |  |  |  |  |  |  |  | 287,381 |
Total Investments Before Options Written — 99.5% |
(Cost: $545,545,723) |  |  |  |  |  |  |  |  | 672,881,080 |
Options Written — (1.1)% |  |  |  |  |  |  |  |
(Premiums Received: $(6,345,108)) |  |  |  | (7,029,731 | )
Total Investments, Net of Options Written — 98.4% |
(Cost: $539,200,615) |  |  |  |  |  |  |  |  | 665,851,349 |
Other Assets Less Liabilities — 1.6% |  |  | 11,097,408 |
Net Assets — 100.0% |  |  |  |  |  |  | $ 676,948,757 |

(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 $5,661,057, representing 0.84% of its net assets as of period end, and an original cost of $6,054,932.

(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.

S C H E D U L E O F I N V E S T M E N T S |  | 67

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced International Dividend Trust (BGY)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/19 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 12/31/20 |  |  | Shares Held at 12/31/20 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 17,518,842 |  |  | $ | — |  |  | $ | (17,231,461)(a) |  |  | $ | — |  |  | $ | — |  |  | $ | 287,381 |  |  |  | 287,381 |  |  | $ | 56,675 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Visa, Inc., Class A |  |  | 185 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 212.50 |  |  |  | USD |  |  | 4,047 |  | $ (131,350)
TELUS Corp. |  |  | 2,282 |  |  |  | 01/15/21 |  |  |  | CAD |  |  |  | 26.00 |  |  |  | CAD |  |  | 5,753 |  | (8,067)
Visa, Inc., Class A |  |  | 72 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  | 1,575 |  | (53,100)
Visa, Inc., Class A |  |  | 184 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  | 4,025 |  | (158,240)
TELUS Corp. |  |  | 2,282 |  |  |  | 02/19/21 |  |  |  | CAD |  |  |  | 26.00 |  |  |  | CAD |  |  | 5,753 |  | (44,819)
Visa, Inc., Class A |  |  | 72 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  | 1,575 |  | (57,240)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ (452,816)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Koninklijke Philips NV |  | Barclays Bank PLC |  |  | 59,900 |  |  |  | 01/05/21 |  |  |  | EUR |  |  |  | 45.99 |  |  |  | EUR |  |  |  | 2,622 |  |  | $ | (4,650 | )
RELX PLC |  | Barclays Bank PLC |  |  | 40,700 |  |  |  | 01/05/21 |  |  |  | EUR |  |  |  | 20.74 |  |  |  | EUR |  |  |  | 815 |  |  |  | (699 | )
Unilever PLC |  | Barclays Bank PLC |  |  | 161,000 |  |  |  | 01/05/21 |  |  |  | GBP |  |  |  | 47.62 |  |  |  | GBP |  |  |  | 7,071 |  |  |  | (31 | )
Ansell Ltd. |  | UBS AG |  |  | 39,700 |  |  |  | 01/06/21 |  |  |  | AUD |  |  |  | 42.35 |  |  |  | AUD |  |  |  | 1,381 |  |  |  | — |
AstraZeneca PLC |  | UBS AG |  |  | 40,800 |  |  |  | 01/06/21 |  |  |  | GBP |  |  |  | 84.86 |  |  |  | GBP |  |  |  | 2,988 |  |  |  | (274 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 328,300 |  |  |  | 01/06/21 |  |  |  | GBP |  |  |  | 4.55 |  |  |  | GBP |  |  |  | 1,605 |  |  |  | (147,099 | )
Bankinter SA |  | Barclays Bank PLC |  |  | 492,000 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 3.41 |  |  |  | EUR |  |  |  | 2,177 |  |  |  | (619,135 | )
DBS Group Holdings Ltd. |  | UBS AG |  |  | 145,300 |  |  |  | 01/06/21 |  |  |  | SGD |  |  |  | 21.66 |  |  |  | SGD |  |  |  | 3,638 |  |  |  | (379,416 | )
Nestle SA, Registered Shares |  | Goldman Sachs International |  |  | 59,400 |  |  |  | 01/06/21 |  |  |  | CHF |  |  |  | 104.58 |  |  |  | CHF |  |  |  | 6,193 |  |  |  | (61,264 | )
Reckitt Benckiser Group PLC |  | Goldman Sachs International |  |  | 45,200 |  |  |  | 01/06/21 |  |  |  | GBP |  |  |  | 70.90 |  |  |  | GBP |  |  |  | 2,957 |  |  |  | (275 | )
RELX PLC |  | Goldman Sachs International |  |  | 167,900 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 18.54 |  |  |  | EUR |  |  |  | 3,363 |  |  |  | (299,431 | )
Sanofi |  | Goldman Sachs International |  |  | 45,700 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 87.17 |  |  |  | EUR |  |  |  | 3,597 |  |  |  | (84 | )
British American Tobacco PLC |  | UBS AG |  |  | 54,000 |  |  |  | 01/07/21 |  |  |  | GBP |  |  |  | 26.28 |  |  |  | GBP |  |  |  | 1,462 |  |  |  | (78,534 | )
Kone OYJ, Class B |  | Goldman Sachs International |  |  | 42,100 |  |  |  | 01/07/21 |  |  |  | EUR |  |  |  | 74.55 |  |  |  | EUR |  |  |  | 2,798 |  |  |  | — |
Novartis AG, Registered Shares |  | UBS AG |  |  | 82,900 |  |  |  | 01/07/21 |  |  |  | CHF |  |  |  | 77.23 |  |  |  | CHF |  |  |  | 6,935 |  |  |  | (574,728 | )
Novo Nordisk A/S, Class B |  | Morgan Stanley & Co. International PLC |  |  | 40,500 |  |  |  | 01/07/21 |  |  |  | DKK |  |  |  | 438.98 |  |  |  | DKK |  |  |  | 17,279 |  |  |  | (9,652 | )
Sonic Healthcare Ltd. |  | UBS AG |  |  | 109,900 |  |  |  | 01/07/21 |  |  |  | AUD |  |  |  | 36.44 |  |  |  | AUD |  |  |  | 3,533 |  |  |  | (16 | )
Unilever PLC |  | UBS AG |  |  | 69,800 |  |  |  | 01/07/21 |  |  |  | GBP |  |  |  | 47.01 |  |  |  | GBP |  |  |  | 3,066 |  |  |  | (357 | )
BAE Systems PLC |  | UBS AG |  |  | 310,000 |  |  |  | 01/12/21 |  |  |  | GBP |  |  |  | 4.77 |  |  |  | GBP |  |  |  | 1,515 |  |  |  | (65,210 | )
Novo Nordisk A/S, Class B |  | Barclays Bank PLC |  |  | 81,700 |  |  |  | 01/12/21 |  |  |  | DKK |  |  |  | 458.71 |  |  |  | DKK |  |  |  | 34,857 |  |  |  | (3,886 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | UBS AG |  |  | 544,000 |  |  |  | 01/12/21 |  |  |  | TWD |  |  |  | 465.59 |  |  |  | TWD |  |  |  | 288,320 |  |  |  | (1,248,061 | )
Ansell Ltd. |  | UBS AG |  |  | 39,700 |  |  |  | 01/13/21 |  |  |  | AUD |  |  |  | 42.35 |  |  |  | AUD |  |  |  | 1,381 |  |  |  | (3 | )
DBS Group Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 64,300 |  |  |  | 01/13/21 |  |  |  | SGD |  |  |  | 25.13 |  |  |  | SGD |  |  |  | 1,610 |  |  |  | (20,848 | )
Koninklijke Philips NV |  | Goldman Sachs International |  |  | 43,900 |  |  |  | 01/13/21 |  |  |  | EUR |  |  |  | 45.88 |  |  |  | EUR |  |  |  | 1,922 |  |  |  | (15,406 | )
Novartis AG, Registered Shares |  | Goldman Sachs International |  |  | 63,300 |  |  |  | 01/13/21 |  |  |  | CHF |  |  |  | 81.14 |  |  |  | CHF |  |  |  | 5,295 |  |  |  | (197,663 | )
Heineken NV |  | Goldman Sachs International |  |  | 26,300 |  |  |  | 01/14/21 |  |  |  | EUR |  |  |  | 92.66 |  |  |  | EUR |  |  |  | 2,399 |  |  |  | (34,249 | )
Deutsche Post AG, Registered Shares |  | UBS AG |  |  | 121,800 |  |  |  | 01/15/21 |  |  |  | EUR |  |  |  | 40.15 |  |  |  | EUR |  |  |  | 4,933 |  |  |  | (168,536 | )
Schneider Electric SE |  | UBS AG |  |  | 71,000 |  |  |  | 01/15/21 |  |  |  | EUR |  |  |  | 121.13 |  |  |  | EUR |  |  |  | 8,399 |  |  |  | (89,063 | )
United Overseas Bank Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 100,000 |  |  |  | 01/15/21 |  |  |  | SGD |  |  |  | 22.03 |  |  |  | SGD |  |  |  | 2,259 |  |  |  | (53,165 | )
Ansell Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 38,200 |  |  |  | 01/20/21 |  |  |  | AUD |  |  |  | 39.09 |  |  |  | AUD |  |  |  | 1,329 |  |  |  | (1,255 | )
BAE Systems PLC |  | Barclays Bank PLC |  |  | 442,000 |  |  |  | 01/20/21 |  |  |  | GBP |  |  |  | 5.06 |  |  |  | GBP |  |  |  | 2,160 |  |  |  | (27,903 | )

68 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
British American Tobacco PLC |  |  | Credit Suisse International |  |  |  | 100,200 |  |  |  | 01/20/21 |  |  |  | GBP |  |  |  | 28.24 |  |  |  | GBP |  |  |  | 2,713 |  |  | $ | (49,295 | )
Kone OYJ |  |  | Goldman Sachs International |  |  |  | 62,800 |  |  |  | 01/20/21 |  |  |  | EUR |  |  |  | 72.76 |  |  |  | EUR |  |  |  | 4,174 |  |  |  | (3,564 | )
Novo Nordisk A/S, Class B |  |  | Barclays Bank PLC |  |  |  | 53,700 |  |  |  | 01/20/21 |  |  |  | DKK |  |  |  | 441.75 |  |  |  | DKK |  |  |  | 22,911 |  |  |  | (32,295 | )
Sanofi |  |  | Goldman Sachs International |  |  |  | 84,500 |  |  |  | 01/20/21 |  |  |  | EUR |  |  |  | 85.64 |  |  |  | EUR |  |  |  | 6,650 |  |  |  | (20,244 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | Goldman Sachs International |  |  |  | 329,000 |  |  |  | 01/20/21 |  |  |  | TWD |  |  |  | 506.94 |  |  |  | TWD |  |  |  | 174,370 |  |  |  | (298,860 | )
United Overseas Bank Ltd. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 110,000 |  |  |  | 01/20/21 |  |  |  | SGD |  |  |  | 22.48 |  |  |  | SGD |  |  |  | 2,485 |  |  |  | (37,052 | )
Amadeus IT Group SA |  |  | UBS AG |  |  |  | 71,900 |  |  |  | 01/21/21 |  |  |  | EUR |  |  |  | 66.15 |  |  |  | EUR |  |  |  | 4,282 |  |  |  | (50,876 | )
Ansell Ltd. |  |  | UBS AG |  |  |  | 121,200 |  |  |  | 01/21/21 |  |  |  | AUD |  |  |  | 35.44 |  |  |  | AUD |  |  |  | 4,215 |  |  |  | (66,500 | )
Schneider Electric SE |  |  | Morgan Stanley & Co. International PLC |  |  |  | 10,500 |  |  |  | 01/21/21 |  |  |  | EUR |  |  |  | 119.00 |  |  |  | EUR |  |  |  | 1,242 |  |  |  | (27,306 | )
Sonic Healthcare Ltd. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 150,900 |  |  |  | 01/21/21 |  |  |  | AUD |  |  |  | 34.01 |  |  |  | AUD |  |  |  | 4,851 |  |  |  | (14,831 | )
Unilever PLC |  |  | Credit Suisse International |  |  |  | 30,300 |  |  |  | 01/21/21 |  |  |  | GBP |  |  |  | 44.55 |  |  |  | GBP |  |  |  | 1,331 |  |  |  | (23,255 | )
United Overseas Bank Ltd. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 60,400 |  |  |  | 01/21/21 |  |  |  | SGD |  |  |  | 23.23 |  |  |  | SGD |  |  |  | 1,364 |  |  |  | (6,876 | )
Amadeus IT Group SA |  |  | Morgan Stanley & Co. International PLC |  |  |  | 24,500 |  |  |  | 01/26/21 |  |  |  | EUR |  |  |  | 61.36 |  |  |  | EUR |  |  |  | 1,459 |  |  |  | (65,304 | )
AstraZeneca PLC |  |  | Credit Suisse International |  |  |  | 50,100 |  |  |  | 01/26/21 |  |  |  | GBP |  |  |  | 78.68 |  |  |  | GBP |  |  |  | 3,669 |  |  |  | (39,315 | )
BAE Systems PLC |  |  | Credit Suisse International |  |  |  | 296,000 |  |  |  | 01/26/21 |  |  |  | GBP |  |  |  | 5.19 |  |  |  | GBP |  |  |  | 1,447 |  |  |  | (12,783 | )
Bankinter SA |  |  | Morgan Stanley & Co. International PLC |  |  |  | 492,000 |  |  |  | 01/26/21 |  |  |  | EUR |  |  |  | 4.66 |  |  |  | EUR |  |  |  | 2,177 |  |  |  | (47,591 | )
British American Tobacco PLC |  |  | Credit Suisse International |  |  |  | 97,000 |  |  |  | 01/26/21 |  |  |  | GBP |  |  |  | 29.46 |  |  |  | GBP |  |  |  | 2,627 |  |  |  | (21,613 | )
DBS Group Holdings Ltd. |  |  | UBS AG |  |  |  | 246,600 |  |  |  | 01/26/21 |  |  |  | SGD |  |  |  | 26.07 |  |  |  | SGD |  |  |  | 6,175 |  |  |  | (49,263 | )
Deutsche Post AG, Registered Shares |  |  | Credit Suisse International |  |  |  | 98,200 |  |  |  | 01/26/21 |  |  |  | EUR |  |  |  | 41.84 |  |  |  | EUR |  |  |  | 3,977 |  |  |  | (72,421 | )
Novartis AG, Registered Shares |  |  | Morgan Stanley & Co. International PLC |  |  |  | 31,100 |  |  |  | 01/26/21 |  |  |  | CHF |  |  |  | 81.73 |  |  |  | CHF |  |  |  | 2,602 |  |  |  | (90,987 | )
RELX PLC |  |  | Credit Suisse International |  |  |  | 119,700 |  |  |  | 01/26/21 |  |  |  | EUR |  |  |  | 20.33 |  |  |  | EUR |  |  |  | 2,398 |  |  |  | (50,567 | )
Sanofi |  |  | Morgan Stanley & Co. International PLC |  |  |  | 39,900 |  |  |  | 01/26/21 |  |  |  | EUR |  |  |  | 79.47 |  |  |  | EUR |  |  |  | 3,140 |  |  |  | (91,076 | )
Amcor PLC |  |  | JPMorgan Chase Bank N.A. |  |  |  | 301,200 |  |  |  | 01/27/21 |  |  |  | AUD |  |  |  | 15.97 |  |  |  | AUD |  |  |  | 4,620 |  |  |  | (36,789 | )
Ansell Ltd. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 59,000 |  |  |  | 01/27/21 |  |  |  | AUD |  |  |  | 34.70 |  |  |  | AUD |  |  |  | 2,052 |  |  |  | (54,261 | )
Diageo PLC |  |  | Goldman Sachs International |  |  |  | 97,800 |  |  |  | 01/27/21 |  |  |  | GBP |  |  |  | 30.31 |  |  |  | GBP |  |  |  | 2,815 |  |  |  | (32,373 | )
Koninklijke Philips NV |  |  | Credit Suisse International |  |  |  | 100,800 |  |  |  | 01/27/21 |  |  |  | EUR |  |  |  | 44.07 |  |  |  | EUR |  |  |  | 4,413 |  |  |  | (168,394 | )
Sonic Healthcare Ltd. |  |  | UBS AG |  |  |  | 112,700 |  |  |  | 01/27/21 |  |  |  | AUD |  |  |  | 32.99 |  |  |  | AUD |  |  |  | 3,623 |  |  |  | (37,112 | )
TELUS Corp. |  |  | Goldman Sachs International |  |  |  | 287,000 |  |  |  | 02/01/21 |  |  |  | CAD |  |  |  | 25.25 |  |  |  | CAD |  |  |  | 7,235 |  |  |  | (101,468 | )
Amadeus IT Group SA |  |  | UBS AG |  |  |  | 71,900 |  |  |  | 02/02/21 |  |  |  | EUR |  |  |  | 66.15 |  |  |  | EUR |  |  |  | 4,282 |  |  |  | (90,064 | )
BAE Systems PLC |  |  | Goldman Sachs International |  |  |  | 119,500 |  |  |  | 02/02/21 |  |  |  | GBP |  |  |  | 5.31 |  |  |  | GBP |  |  |  | 584 |  |  |  | (3,187 | )
Bankinter SA |  |  | Credit Suisse International |  |  |  | 235,400 |  |  |  | 02/02/21 |  |  |  | EUR |  |  |  | 4.65 |  |  |  | EUR |  |  |  | 1,041 |  |  |  | (26,536 | )
Kone OYJ, Class B |  |  | Goldman Sachs International |  |  |  | 15,600 |  |  |  | 02/02/21 |  |  |  | EUR |  |  |  | 69.25 |  |  |  | EUR |  |  |  | 1,037 |  |  |  | (12,152 | )
Reckitt Benckiser Group PLC |  |  | Goldman Sachs International |  |  |  | 57,700 |  |  |  | 02/02/21 |  |  |  | GBP |  |  |  | 66.35 |  |  |  | GBP |  |  |  | 3,775 |  |  |  | (104,308 | )
RELX PLC |  |  | Goldman Sachs International |  |  |  | 162,600 |  |  |  | 02/02/21 |  |  |  | EUR |  |  |  | 20.58 |  |  |  | EUR |  |  |  | 3,257 |  |  |  | (56,805 | )
United Overseas Bank Ltd. |  |  | UBS AG |  |  |  | 141,900 |  |  |  | 02/02/21 |  |  |  | SGD |  |  |  | 23.50 |  |  |  | SGD |  |  |  | 3,206 |  |  |  | (17,874 | )
Amcor PLC |  |  | JPMorgan Chase Bank N.A. |  |  |  | 336,000 |  |  |  | 02/03/21 |  |  |  | AUD |  |  |  | 15.38 |  |  |  | AUD |  |  |  | 5,154 |  |  |  | (111,633 | )
Ansell Ltd. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 39,700 |  |  |  | 02/03/21 |  |  |  | AUD |  |  |  | 36.47 |  |  |  | AUD |  |  |  | 1,381 |  |  |  | (18,704 | )
Diageo PLC |  |  | UBS AG |  |  |  | 20,600 |  |  |  | 02/03/21 |  |  |  | GBP |  |  |  | 30.43 |  |  |  | GBP |  |  |  | 593 |  |  |  | (8,631 | )
Heineken NV |  |  | UBS AG |  |  |  | 29,000 |  |  |  | 02/03/21 |  |  |  | EUR |  |  |  | 90.53 |  |  |  | EUR |  |  |  | 2,645 |  |  |  | (118,170 | )
Nestle SA, Registered Shares |  |  | Citibank N.A. |  |  |  | 58,900 |  |  |  | 02/03/21 |  |  |  | CHF |  |  |  | 103.08 |  |  |  | CHF |  |  |  | 6,141 |  |  |  | (183,335 | )
Reckitt Benckiser Group PLC |  |  | UBS AG |  |  |  | 62,200 |  |  |  | 02/10/21 |  |  |  | GBP |  |  |  | 66.89 |  |  |  | GBP |  |  |  | 4,069 |  |  |  | (112,504 | )
TELUS Corp. |  |  | Credit Suisse International |  |  |  | 34,000 |  |  |  | 03/01/21 |  |  |  | CAD |  |  |  | 25.75 |  |  |  | CAD |  |  |  | 857 |  |  |  | (9,848 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,576,915 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | — |  |  | $ | — |  |  | $ | 2,609,686 |  |  | $ | (3,294,309 | ) |  | $ | (7,029,731 | )

S C H E D U L E O F I N V E S T M E N T S |  | 69

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced International Dividend Trust (BGY)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ — |  | $ | — |  |  | $ | 7,029,731 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,029,731 |

For the year ended December 31, 2020, 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 |  | $ — |  | $ | — |  |  | $ | (14,426,621 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (14,426,621 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ — |  | $ | — |  |  | $ | 1,142,677 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,142,677 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts written |  | $ | 6,086,704 |

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

Derivative Financial Instruments — Offsetting as of Period End

The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 7,029,731 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 7,029,731 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (452,816 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 6,576,915 |

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged | (a) |  |  | Net Amount of Derivative Liabilities | (b)
Barclays Bank PLC |  | $ | 688,599 |  |  | $ | — |  |  | $ | — |  |  | $ | (688,599 | ) |  | $ | — |
Citibank N.A. |  |  | 183,335 |  |  |  | — |  |  |  | (5,335 | ) |  |  | (178,000 | ) |  |  | — |
Credit Suisse International |  |  | 474,027 |  |  |  | — |  |  |  | (186,027 | ) |  |  | (288,000 | ) |  |  | — |
Goldman Sachs International |  |  | 1,388,432 |  |  |  | — |  |  |  | (1,388,432 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 278,191 |  |  |  | — |  |  |  | — |  |  |  | (181,000 | ) |  |  | 97,191 |
Morgan Stanley & Co. International PLC |  |  | 409,139 |  |  |  | — |  |  |  | — |  |  |  | (409,139 | ) |  |  | — |
UBS AG |  |  | 3,155,192 |  |  |  | — |  |  |  | (3,155,192 | ) |  |  | — |  |  |  | — |
|  | $ | 6,576,915 |  |  | $ | — |  |  | $ | (4,734,986 | ) |  | $ | (1,744,738 | ) |  | $ | 97,191 |

| (a) | Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |

| (b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. |

70 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Enhanced International Dividend Trust (BGY)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australia |  | $ | — |  |  | $ | 33,233,675 |  |  | $ | — |  |  | $ | 33,233,675 |
Canada |  |  | 34,216,757 |  |  |  | — |  |  |  | — |  |  |  | 34,216,757 |
Denmark |  |  | — |  |  |  | 24,122,082 |  |  |  | — |  |  |  | 24,122,082 |
Finland |  |  | — |  |  |  | 17,837,471 |  |  |  | — |  |  |  | 17,837,471 |
France |  |  | — |  |  |  | 57,825,050 |  |  |  | — |  |  |  | 57,825,050 |
Germany |  |  | — |  |  |  | 19,812,865 |  |  |  | — |  |  |  | 19,812,865 |
India |  |  | — |  |  |  | 14,882,739 |  |  |  | 1,337,985 |  |  |  | 16,220,724 |
Netherlands |  |  | 13,672,107 |  |  |  | 24,494,052 |  |  |  | — |  |  |  | 38,166,159 |
Singapore |  |  | — |  |  |  | 34,833,639 |  |  |  | — |  |  |  | 34,833,639 |
Spain |  |  | — |  |  |  | 42,317,540 |  |  |  | — |  |  |  | 42,317,540 |
Switzerland |  |  | — |  |  |  | 61,098,331 |  |  |  | — |  |  |  | 61,098,331 |
Taiwan |  |  | — |  |  |  | 27,354,649 |  |  |  | — |  |  |  | 27,354,649 |
United Kingdom |  |  | — |  |  |  | 236,274,811 |  |  |  | — |  |  |  | 236,274,811 |
United States |  |  | 24,956,874 |  |  |  | — |  |  |  | — |  |  |  | 24,956,874 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 4,323,072 |  |  |  | 4,323,072 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 287,381 |  |  |  | — |  |  |  | — |  |  |  | 287,381 |
|  | $ | 73,133,119 |  |  | $ | 594,086,904 |  |  | $ | 5,661,057 |  |  | $ | 672,881,080 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (452,816 | ) |  | $ | (6,576,915 | ) |  | $ | — |  |  | $ | (7,029,731 | )

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

See notes to financial statements.

S C H E D U L E O F I N V E S T M E N T S |  | 71

Schedule of Investments December 31, 2020 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  |  |  | Shares |  |  | Value |
Common Stocks |
Biotechnology — 18.3% |
Acceleron Pharma, Inc.(a)(b) |  |  |  |  | 38,325 |  |  | $ | 4,903,301 |
Acerta Pharma BV, Series B, (Acquired 05/06/15, Cost: $986,402)(c)(d) |  |  |  |  | 17,146,440 |  |  |  | 2,331,744 |
Agios Pharmaceuticals, Inc.(a)(b) |  |  |  |  | 21,625 |  |  |  | 937,011 |
Allakos, Inc.(a)(b) |  |  |  |  | 25,320 |  |  |  | 3,544,800 |
Allogene Therapeutics, Inc.(a)(b) |  |  |  |  | 30,786 |  |  |  | 777,039 |
Alnylam Pharmaceuticals, Inc.(a)(b) |  |  |  |  | 31,968 |  |  |  | 4,154,881 |
Amgen, Inc.(a) |  |  |  |  | 55,702 |  |  |  | 12,807,004 |
Annexon, Inc.(b) |  |  |  |  | 5,545 |  |  |  | 138,791 |
Annexon, Inc., (Acquired 06/26/20, Cost: $190,006)(d) |  |  |  |  | 15,164 |  |  |  | 377,446 |
Apellis Pharmaceuticals, Inc.(a)(b) |  |  |  |  | 21,950 |  |  |  | 1,255,540 |
Arcutis Biotherapeutics, Inc.(b) |  |  |  |  | 42,378 |  |  |  | 1,192,093 |
Arena Pharmaceuticals, Inc.(a)(b) |  |  |  |  | 14,984 |  |  |  | 1,151,221 |
Atreca, Inc., Class A(b) |  |  |  |  | 19,453 |  |  |  | 314,166 |
Biogen, Inc.(a)(b) |  |  |  |  | 10,940 |  |  |  | 2,678,768 |
BioMarin Pharmaceutical, Inc.(a)(b) |  |  |  |  | 34,929 |  |  |  | 3,062,924 |
Blueprint Medicines Corp.(a)(b) |  |  |  |  | 9,623 |  |  |  | 1,079,220 |
Cerevel Therapeutics Holdings, Inc.(b) |  |  |  |  | 12,589 |  |  |  | 208,726 |
ChemoCentryx, Inc.(a)(b) |  |  |  |  | 9,383 |  |  |  | 580,995 |
Cytokinetics, Inc.(a)(b) |  |  |  |  | 16,280 |  |  |  | 338,298 |
Decibel Therapeutics, Inc., (Acquired 11/02/20, Cost: $132,438)(c)(d) |  |  |  |  | 76,709 |  |  |  | 132,438 |
Dicerna Pharmaceuticals, Inc.(a)(b) |  |  |  |  | 14,790 |  |  |  | 325,824 |
Eidos Therapeutics, Inc.(a)(b) |  |  |  |  | 7,258 |  |  |  | 955,008 |
Everest Medicines Ltd., (Acquired 09/30/20, Cost: $218,631)(b)(d)(e) |  |  |  |  | 30,500 |  |  |  | 259,104 |
FibroGen, Inc.(a)(b) |  |  |  |  | 5,980 |  |  |  | 221,798 |
Forma Therapeutics Holdings, Inc.(b) |  |  |  |  | 11,947 |  |  |  | 416,950 |
Galapagos NV, ADR(a)(b) |  |  |  |  | 5,792 |  |  |  | 573,292 |
Genmab A/S(b) |  |  |  |  | 14,763 |  |  |  | 5,986,306 |
Genmab A/S, ADR(a)(b) |  |  |  |  | 48,661 |  |  |  | 1,978,556 |
Gilead Sciences, Inc.(a) |  |  |  |  | 76,159 |  |  |  | 4,437,023 |
Global Blood Therapeutics, Inc.(a)(b) |  |  |  |  | 6,939 |  |  |  | 300,528 |
Halozyme Therapeutics, Inc.(a)(b) |  |  |  |  | 25,850 |  |  |  | 1,104,054 |
Imago Biosciences, Inc., (Acquired 11/12/20, Cost: $235,002)(c)(d) |  |  |  |  | 194,570 |  |  |  | 235,430 |
Immunovant, Inc.(b) |  |  |  |  | 30,416 |  |  |  | 1,404,915 |
Incyte Corp.(a)(b) |  |  |  |  | 23,637 |  |  |  | 2,055,946 |
Intellia Therapeutics, Inc.(a)(b) |  |  |  |  | 13,419 |  |  |  | 729,994 |
Iovance Biotherapeutics, Inc.(a)(b) |  |  |  |  | 30,890 |  |  |  | 1,433,296 |
Kodiak Sciences, Inc.(a)(b) |  |  |  |  | 9,010 |  |  |  | 1,323,659 |
Kronos Bio, Inc., (Acquired 10/09/20, Cost: $260,000)(d) |  |  |  |  | 16,099 |  |  |  | 467,920 |
Krystal Biotech, Inc.(b) |  |  |  |  | 5,200 |  |  |  | 312,000 |
Mersana Therapeutics, Inc.(a)(b) |  |  |  |  | 57,220 |  |  |  | 1,522,624 |
Mirati Therapeutics, Inc.(a)(b) |  |  |  |  | 10,876 |  |  |  | 2,388,805 |
Molecular Templates, Inc.(a)(b) |  |  |  |  | 21,176 |  |  |  | 198,843 |
Neurocrine Biosciences, Inc.(a)(b) |  |  |  |  | 18,372 |  |  |  | 1,760,956 |
Panacea Acquisition Corp., Class A(b) |  |  |  |  | 12,152 |  |  |  | 142,178 |
Prothena Corp. PLC(a)(b) |  |  |  |  | 21,064 |  |  |  | 252,979 |
Rapt Therapeutics, Inc.(a)(b) |  |  |  |  | 8,660 |  |  |  | 171,035 |
Regeneron Pharmaceuticals, Inc.(a)(b) |  |  |  |  | 11,420 |  |  |  | 5,517,116 |
Relay Therapeutics, Inc.(b) |  |  |  |  | 10,918 |  |  |  | 453,752 |
Remegen Co. Ltd., Class H, (Acquired 11/03/20, Cost: $369,944)(b)(d)(e) |  |  |  |  | 54,500 |  |  |  | 643,922 |
Sarepta Therapeutics, Inc.(a)(b) |  |  |  |  | 8,718 |  |  |  | 1,486,332 |
Seagen, Inc.(a)(b) |  |  |  |  | 65,708 |  |  |  | 11,508,099 |
Seres Therapeutics, Inc.(a)(b) |  |  |  |  | 24,015 |  |  |  | 588,368 |

Security |  |  |  |  | Shares |  |  | Value |
Biotechnology (continued) |
Sigilon Therapeutics, Inc., (Acquired 02/14/20, Cost: $264,000)(d) |  |  |  |  |  |  | 19,555 |  |  | $ | 899,310 |
Stoke Therapeutics, Inc.(a)(b) |  |  |  |  |  |  | 8,696 |  |  |  | 538,543 |
Taysha Gene Therapies, Inc.(b) |  |  |  |  |  |  | 13,722 |  |  |  | 364,182 |
Taysha Gene Therapies, Inc., (Acquired 07/30/20, Cost: $268,600)(d) |  |  |  |  |  |  | 17,214 |  |  |  | 446,453 |
TCR2 Therapeutics, Inc.(a)(b) |  |  |  |  |  |  | 10,160 |  |  |  | 314,249 |
Vertex Pharmaceuticals, Inc.(a)(b) |  |  |  |  |  |  | 17,563 |  |  |  | 4,150,839 |
|  |  |  |  |  |  |  |  |  |  | 99,836,594 |
Diversified Financial Services(b) — 0.6% |
ARYA Sciences Acquisition Corp. III, Class A |  |  |  |  |  |  | 16,560 |  |  |  | 179,676 |
BCTG Acquisition Corp. |  |  |  |  |  |  | 8,720 |  |  |  | 99,757 |
Deerfield Healthcare Technology Acquisitions Corp., Class A |  |  |  |  |  |  | 21,007 |  |  |  | 327,709 |
FS Development Corp., Class A |  |  |  |  |  |  | 2,973 |  |  |  | 32,703 |
Health Assurance Acquisition Corp. |  |  |  |  |  |  | 90,235 |  |  |  | 994,390 |
Health Sciences Acquisitions Corp. |  |  |  |  |  |  | 13,696 |  |  |  | 175,446 |
Helix Acquisition Corp., Class A |  |  |  |  |  |  | 11,715 |  |  |  | 126,873 |
Longview Acquisition Corp., Class A |  |  |  |  |  |  | 35,345 |  |  |  | 699,478 |
MedTech Acquisition Corp. |  |  |  |  |  |  | 42,753 |  |  |  | 448,906 |
Therapeutics Acquisition Corp., Class A |  |  |  |  |  |  | 27,000 |  |  |  | 376,650 |
|  |  |  |  |  |  |  |  |  |  | 3,461,588 |
Health Care Equipment & Supplies — 29.3% |
Abbott Laboratories(a) |  |  |  |  |  |  | 241,542 |  |  |  | 26,446,433 |
ABIOMED, Inc.(a)(b) |  |  |  |  |  |  | 10,709 |  |  |  | 3,471,858 |
Alcon, Inc.(a)(b) |  |  |  |  |  |  | 115,995 |  |  |  | 7,653,350 |
Baxter International, Inc.(a) |  |  |  |  |  |  | 96,487 |  |  |  | 7,742,117 |
Becton Dickinson and Co.(a) |  |  |  |  |  |  | 31,871 |  |  |  | 7,974,762 |
Boston Scientific Corp.(a)(b) |  |  |  |  |  |  | 372,187 |  |  |  | 13,380,123 |
Edwards Lifesciences Corp.(a)(b) |  |  |  |  |  |  | 156,845 |  |  |  | 14,308,969 |
Envista Holdings Corp.(b) |  |  |  |  |  |  | 36,720 |  |  |  | 1,238,565 |
Intuitive Surgical, Inc.(a)(b) |  |  |  |  |  |  | 14,158 |  |  |  | 11,582,660 |
Kangji Medical Holdings Ltd.(b) |  |  |  |  |  |  | 264,936 |  |  |  | 513,742 |
Masimo Corp.(a)(b) |  |  |  |  |  |  | 24,540 |  |  |  | 6,586,045 |
Medtronic PLC(a) |  |  |  |  |  |  | 140,686 |  |  |  | 16,479,958 |
Nevro Corp.(a)(b) |  |  |  |  |  |  | 13,928 |  |  |  | 2,410,937 |
ResMed, Inc.(a) |  |  |  |  |  |  | 25,377 |  |  |  | 5,394,135 |
SI-BONE, Inc.(b) |  |  |  |  |  |  | 4,237 |  |  |  | 126,686 |
Silk Road Medical, Inc.(a)(b) |  |  |  |  |  |  | 9,292 |  |  |  | 585,210 |
Straumann Holding AG, Registered Shares |  |  |  |  |  |  | 2,745 |  |  |  | 3,215,550 |
Stryker Corp.(a) |  |  |  |  |  |  | 59,696 |  |  |  | 14,627,908 |
Teleflex, Inc.(a) |  |  |  |  |  |  | 19,140 |  |  |  | 7,877,450 |
Zimmer Biomet Holdings, Inc.(a) |  |  |  |  |  |  | 54,022 |  |  |  | 8,324,250 |
|  |  |  |  |  |  |  |  |  |  | 159,940,708 |
Health Care Providers & Services — 20.8% |
Amedisys, Inc.(a)(b) |  |  |  |  |  |  | 19,072 |  |  |  | 5,594,390 |
AmerisourceBergen Corp.(a) |  |  |  |  |  |  | 14,280 |  |  |  | 1,396,013 |
Anthem, Inc.(a) |  |  |  |  |  |  | 38,737 |  |  |  | 12,438,063 |
Cardinal Health, Inc.(a) |  |  |  |  |  |  | 25,630 |  |  |  | 1,372,743 |
Centene Corp.(a)(b) |  |  |  |  |  |  | 99,507 |  |  |  | 5,973,405 |
Cigna Corp.(a) |  |  |  |  |  |  | 74,904 |  |  |  | 15,593,515 |
Encompass Health Corp.(a) |  |  |  |  |  |  | 40,167 |  |  |  | 3,321,409 |
Humana, Inc.(a) |  |  |  |  |  |  | 35,650 |  |  |  | 14,626,126 |
LHC Group, Inc.(a)(b) |  |  |  |  |  |  | 20,224 |  |  |  | 4,314,184 |
McKesson Corp.(a) |  |  |  |  |  |  | 6,180 |  |  |  | 1,074,826 |
Oak Street Health, Inc.(a)(b) |  |  |  |  |  |  | 8,409 |  |  |  | 514,294 |
Oak Street Health, Inc., (Acquired 03/04/20, Cost: $575,147)(d) |  |  |  |  |  |  | 54,700 |  |  |  | 3,314,785 |

72 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  |  |  | Shares |  |  | Value |
Health Care Providers & Services (continued) |
Quest Diagnostics, Inc.(a) |  |  |  |  | 12,824 |  |  | $ | 1,528,236 |
UnitedHealth Group, Inc.(f) |  |  |  |  | 121,699 |  |  |  | 42,677,405 |
|  |  |  |  |  |  |  |  | 113,739,394 |
Health Care Technology — 0.8% |
Teladoc Health, Inc.(a)(b) |  |  |  |  | 21,980 |  |  |  | 4,395,121 |
Insurance(b) — 0.1% |
GoHealth, Inc., Class A |  |  |  |  | 36,551 |  |  |  | 499,287 |
Selectquote, Inc.(a) |  |  |  |  | 9,800 |  |  |  | 203,350 |
|  |  |  |  |  |  |  |  | 702,637 |
Internet & Direct Marketing Retail — 0.6% |  |  |  |  |  |  |  |
JD Health International, Inc., (Acquired 12/01/20, Cost: $1,501,357)(d) |  |  |  |  | 163,250 |  |  |  | 3,019,171 |
Life Sciences Tools & Services — 8.6% |  |  |  |  |  |  |  |
Agilent Technologies, Inc.(a) |  |  |  |  | 13,960 |  |  |  | 1,654,120 |
Avantor, Inc.(a)(b) |  |  |  |  | 131,114 |  |  |  | 3,690,859 |
Illumina, Inc.(a)(b) |  |  |  |  | 14,327 |  |  |  | 5,300,990 |
IQVIA Holdings, Inc.(a)(b) |  |  |  |  | 37,963 |  |  |  | 6,801,831 |
PPD, Inc.(a)(b) |  |  |  |  | 79,280 |  |  |  | 2,712,962 |
Thermo Fisher Scientific, Inc.(a) |  |  |  |  | 38,043 |  |  |  | 17,719,668 |
WuXi AppTec Co. Ltd., Class H(e) |  |  |  |  | 225,785 |  |  |  | 4,429,272 |
Wuxi Biologics Cayman, Inc.(b)(e) |  |  |  |  | 361,500 |  |  |  | 4,793,971 |
|  |  |  |  |  |  |  |  | 47,103,673 |
Pharmaceuticals — 19.3% |  |  |  |  |  |  |  |
Bristol-Myers Squibb Co.(a) |  |  |  |  | 167,023 |  |  |  | 10,360,437 |
Eisai Co. Ltd. |  |  |  |  | 24,300 |  |  |  | 1,737,769 |
Eli Lilly & Co.(a) |  |  |  |  | 88,848 |  |  |  | 15,001,096 |
Hansoh Pharmaceutical Group Co. Ltd.(b)(e) |  |  |  |  | 882,438 |  |  |  | 4,276,513 |
Hua Medicine(b)(e)(g) |  |  |  |  | 735,105 |  |  |  | 549,021 |
Johnson & Johnson(a) |  |  |  |  | 151,324 |  |  |  | 23,815,371 |
Merck & Co., Inc.(a) |  |  |  |  | 103,567 |  |  |  | 8,471,781 |
Merck KGaA |  |  |  |  | 24,331 |  |  |  | 4,173,115 |
Nektar Therapeutics(a)(b) |  |  |  |  | 24,513 |  |  |  | 416,721 |
Ocumension Therapeutics, (Acquired 07/06/20, Cost: $65,918)(b)(d)(e) |  |  |  |  | 34,500 |  |  |  | 119,822 |
Pfizer, Inc.(a) |  |  |  |  | 327,078 |  |  |  | 12,039,741 |
Roche Holding AG |  |  |  |  | 12,627 |  |  |  | 4,397,965 |
Royalty Pharma PLC, Class A(a) |  |  |  |  | 15,446 |  |  |  | 773,072 |
Sanofi |  |  |  |  | 68,800 |  |  |  | 6,668,303 |
Sanofi, ADR(a) |  |  |  |  | 54,625 |  |  |  | 2,654,229 |
Viatris, Inc.(b) |  |  |  |  | 40,225 |  |  |  | 753,817 |
Zoetis, Inc.(a) |  |  |  |  | 54,489 |  |  |  | 9,017,929 |
|  |  |  |  |  |  |  |  | 105,226,702 |
Total Common Stocks — 98.4% (Cost: $320,239,282) |  |  |  | 537,425,588 |

Security |  |  |  |  | Benefical Interest (000) |  |  | Value |
Other Interests(h) |  |  |  |  |  |  |  |  |  |  |  |
Pharmaceuticals — 0.1% |  |  |  |  |  |  |  |  |
Afferent Pharmaceuticals, Inc.(c) |  |  |  |  |  | $ | 190 |  |  | $ | 254,814 |
Total Other Interests — 0.1% (Cost: $ — ) |  |  |  | 254,814 |
|  |  |  |  | Shares |  |  |  |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks — 0.3%(c)(d) |  |  |  |  |  |  |  |  |
Biotechnology — 0.3% |  |  |  |  |  |  |  |  |
Acumen Pharmaceuticals, Inc., Series B, (Acquired 11/20/20, Cost: $348,001) |  |  |  |  |  |  | 136,471 |  |  |  | 348,001 |
Ambrx Biopharma, Inc. |  |  |  |  |  |  |  |  |  |  |  |
Series A, (Acquired 11/06/20, Cost: $250,001) |  |  |  |  |  |  | 159,931 |  |  |  | 250,004 |
Series B, (Acquired 11/06/20, Cost: $250,001) |  |  |  |  |  |  | 143,938 |  |  |  | 250,006 |
Connect Biopharma Holdings Ltd., Series C, (Acquired 12/01/20, Cost: $250,023) |  |  |  |  |  |  | 39,540 |  |  |  | 250,023 |
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $149,465) |  |  |  |  |  |  | 126,665 |  |  |  | 163,398 |
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $156,340) |  |  |  |  |  |  | 64,074 |  |  |  | 156,341 |
Total Preferred Securities — 0.3% (Cost: $1,403,831) |  |  |  | 1,417,773 |
Warrants |  |  |  |  |  |  |  |  |  |  |  |
Biotechnology(b) — 0.0% |  |  |  |  |  |  |  |  |
Cerevel Therapeutics Holdings, Inc. (Expires 10/27/2025) |  |  |  |  |  |  | 4,196 |  |  |  | 23,707 |
Panacea Acquisition Corp. (Expires 07/07/2027) |  |  |  |  |  |  | 4,050 |  |  |  | 12,960 |
|  |  |  |  |  |  |  |  |  |  | 36,667 |
Diversified Financial Services(b) — 0.0% |
Deerfield Healthcare Technology Acquisitions Corp. (Expires 07/16/2025) |  |  |  |  |  |  | 4,201 |  |  |  | 17,224 |
Longview Acquisition Corp. (Expires 06/29/2025) |  |  |  |  |  |  | 11,781 |  |  |  | 77,637 |
|  |  |  |  |  |  |  |  |  |  | 94,861 |
Total Warrants — 0.0% (Cost: $32,657) |  |  |  | 131,528 |
Total Long-Term Investments — 98.8% (Cost: $321,675,770) |  |  |  | 539,229,703 |

S C H E D U L E O F I N V E S T M E N T S |  | 73

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  |  |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |  |  |
Money Market Funds — 2.5% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(i)(j) |  |  |  |  | 13,774,637 |  |  | $ | 13,774,637 |
SL Liquidity Series, LLC, Money Market Series, 0.17%(i)(j)(k) |  |  |  |  | 102,671 |  |  |  | 102,701 |
Total Short-Term Securities — 2.5% (Cost: $13,877,338) |  |  |  |  |  |  | 13,877,338 |
Total Investments Before Options Written — 101.3% (Cost: $335,553,108) |  |  |  | 553,107,041 |
Options Written — (1.4)% (Premiums Received: $(6,475,846)) |  |  |  |  |  |  | (7,788,592 | )
Total Investments, Net of Options Written — 99.9% (Cost: $329,077,262) |  |  |  |  |  |  | 545,318,449 |
Other Assets Less Liabilities — 0.1% |  |  |  |  |  |  | 618,050 |
Net Assets — 100.0% |  |  |  |  |  | $ | 545,936,499 |

(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 $13,665,318, representing 2.50% of its net assets as of period end, and an original cost of $6,471,276.

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

(f) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

(g) | All or a portion of this security is on loan.

(h) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

(i) | Affiliate of the Trust.

(j) | Annualized 7-day yield as of period end.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/19 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 12/31/20 |  |  | Shares Held at 12/31/20 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 3,489,138 |  |  | $ | 10,285,499 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,774,637 |  |  |  | 13,774,637 |  |  | $ | 31,667 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 253,877 |  |  |  | — |  |  |  | (150,804 | )(a) |  |  | (368 | ) |  |  | (4 | ) |  |  | 102,701 |  |  |  | 102,671 |  |  |  | 9,874 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (368 | ) |  | $ | (4 | ) |  | $ | 13,877,338 |  |  |  |  |  |  | $ | 41,541 |  |  | $ | — |

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

| (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eidos Therapeutics, Inc. |  |  | 14 |  |  |  | 01/05/21 |  |  |  | USD |  |  |  | 84.72 |  |  |  | USD |  |  |  | 184 |  |  | $ | (65,607 | )
Avantor, Inc. |  |  | 265 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 27.00 |  |  |  | USD |  |  |  | 746 |  |  |  | (34,199 | )
Abbott Laboratories |  |  | 362 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 3,964 |  |  |  | (45,250 | )
AmerisourceBergen Corp. |  |  | 30 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 103.00 |  |  |  | USD |  |  |  | 293 |  |  |  | (750 | )
Baxter International, Inc. |  |  | 55 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 79.50 |  |  |  | USD |  |  |  | 441 |  |  |  | (7,975 | )
Becton Dickinson and Co. |  |  | 50 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 245.00 |  |  |  | USD |  |  |  | 1,251 |  |  |  | (31,750 | )
Biogen, Inc. |  |  | 18 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 267.50 |  |  |  | USD |  |  |  | 441 |  |  |  | (1,800 | )
Boston Scientific Corp. |  |  | 561 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 2,017 |  |  |  | (64,795 | )
Bristol-Myers Squibb Co. |  |  | 92 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 571 |  |  |  | (2,254 | )
Cardinal Health, Inc. |  |  | 49 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 262 |  |  |  | (735 | )
Centene Corp. |  |  | 123 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 65.50 |  |  |  | USD |  |  |  | 738 |  |  |  | (1,169 | )
Cigna Corp. |  |  | 72 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 212.50 |  |  |  | USD |  |  |  | 1,499 |  |  |  | (28,260 | )
Edwards Lifesciences Corp. |  |  | 1 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 86.00 |  |  |  | USD |  |  |  | 9 |  |  |  | (515 | )

74 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gilead Sciences, Inc. |  |  | 152 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 886 |  |  | $ | (2,052 | )
Humana, Inc. |  |  | 39 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 420.00 |  |  |  | USD |  |  |  | 1,600 |  |  |  | (15,015 | )
Intuitive Surgical, Inc. |  |  | 17 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 777.50 |  |  |  | USD |  |  |  | 1,391 |  |  |  | (70,465 | )
Johnson & Johnson |  |  | 82 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,291 |  |  |  | (61,500 | )
Johnson & Johnson |  |  | 122 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 1,920 |  |  |  | (37,271 | )
McKesson Corp. |  |  | 6 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 182.50 |  |  |  | USD |  |  |  | 104 |  |  |  | (174 | )
Medtronic PLC |  |  | 125 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 116.00 |  |  |  | USD |  |  |  | 1,464 |  |  |  | (27,437 | )
Merck & Co., Inc. |  |  | 107 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 82.50 |  |  |  | USD |  |  |  | 875 |  |  |  | (7,651 | )
Pfizer, Inc. |  |  | 707 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 43.50 |  |  |  | USD |  |  |  | 2,602 |  |  |  | (1,061 | )
Teladoc Health, Inc. |  |  | 26 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 207.50 |  |  |  | USD |  |  |  | 520 |  |  |  | (6,695 | )
UnitedHealth Group, Inc. |  |  | 57 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 1,999 |  |  |  | (81,082 | )
UnitedHealth Group, Inc. |  |  | 65 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 360.00 |  |  |  | USD |  |  |  | 2,279 |  |  |  | (19,955 | )
Zoetis, Inc. |  |  | 126 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 162.50 |  |  |  | USD |  |  |  | 2,085 |  |  |  | (52,290 | )
Abbott Laboratories |  |  | 174 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 1,905 |  |  |  | (8,439 | )
ABIOMED, Inc. |  |  | 21 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 681 |  |  |  | (81,060 | )
Acceleron Pharma, Inc. |  |  | 57 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 729 |  |  |  | (15,247 | )
Agilent Technologies, Inc. |  |  | 55 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 652 |  |  |  | (9,350 | )
Agios Pharmaceuticals, Inc. |  |  | 50 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 217 |  |  |  | (8,625 | )
Alcon, Inc. |  |  | 115 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 759 |  |  |  | (24,150 | )
Allakos, Inc. |  |  | 75 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 1,050 |  |  |  | (268,125 | )
Allogene Therapeutics, Inc. |  |  | 123 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 310 |  |  |  | (3,383 | )
Alnylam Pharmaceuticals, Inc. |  |  | 64 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 832 |  |  |  | (19,200 | )
Amedisys, Inc. |  |  | 73 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 2,141 |  |  |  | (319,010 | )
Amgen, Inc. |  |  | 61 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 1,402 |  |  |  | (2,745 | )
Anthem, Inc. |  |  | 49 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 1,573 |  |  |  | (10,413 | )
Apellis Pharmaceuticals, Inc. |  |  | 44 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 252 |  |  |  | (56,100 | )
Baxter International, Inc. |  |  | 145 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 1,163 |  |  |  | (24,650 | )
Becton Dickinson and Co. |  |  | 49 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 1,226 |  |  |  | (57,575 | )
Biogen, Inc. |  |  | 25 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 275.00 |  |  |  | USD |  |  |  | 612 |  |  |  | (8,750 | )
BioMarin Pharmaceutical, Inc. |  |  | 106 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 929 |  |  |  | (69,430 | )
Blueprint Medicines Corp. |  |  | 19 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 213 |  |  |  | (17,290 | )
Blueprint Medicines Corp. |  |  | 19 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 213 |  |  |  | (25,175 | )
Boston Scientific Corp. |  |  | 282 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 1,014 |  |  |  | (8,178 | )
Bristol-Myers Squibb Co. |  |  | 170 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,054 |  |  |  | (5,440 | )
Cardinal Health, Inc. |  |  | 53 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 284 |  |  |  | (928 | )
Centene Corp. |  |  | 123 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 738 |  |  |  | (3,383 | )
Cigna Corp. |  |  | 80 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 1,665 |  |  |  | (6,880 | )
Cytokinetics, Inc. |  |  | 33 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 69 |  |  |  | (5,115 | )
Cytokinetics, Inc. |  |  | 23 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 48 |  |  |  | (575 | )
Dicerna Pharmaceuticals, Inc. |  |  | 30 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 66 |  |  |  | (3,075 | )
Edwards Lifesciences Corp. |  |  | 156 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,423 |  |  |  | (43,680 | )
Eidos Therapeutics, Inc. |  |  | 14 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 184 |  |  |  | (64,400 | )
Eli Lilly & Co. |  |  | 87 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,469 |  |  |  | (165,300 | )
Encompass Health Corp. |  |  | 80 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 662 |  |  |  | (30,400 | )
Encompass Health Corp. |  |  | 80 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 662 |  |  |  | (10,000 | )
FibroGen, Inc. |  |  | 23 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 85 |  |  |  | (115 | )
Genmab A/S, ADR |  |  | 12 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 49 |  |  |  | (2,370 | )
Gilead Sciences, Inc. |  |  | 152 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 886 |  |  |  | (7,524 | )
Global Blood Therapeutics, Inc. |  |  | 14 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 61 |  |  |  | (1,995 | )
Humana, Inc. |  |  | 43 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 435.00 |  |  |  | USD |  |  |  | 1,764 |  |  |  | (9,568 | )
Illumina, Inc. |  |  | 21 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 777 |  |  |  | (126,105 | )
Incyte Corp. |  |  | 118 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 87.50 |  |  |  | USD |  |  |  | 1,026 |  |  |  | (38,350 | )
Intellia Therapeutics, Inc. |  |  | 26 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 141 |  |  |  | (51,870 | )
Intellia Therapeutics, Inc. |  |  | 27 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 147 |  |  |  | (16,470 | )
Intuitive Surgical, Inc. |  |  | 12 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 790.00 |  |  |  | USD |  |  |  | 982 |  |  |  | (47,220 | )
Iovance Biotherapeutics, Inc. |  |  | 61 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 283 |  |  |  | (42,700 | )
IQVIA Holdings, Inc. |  |  | 51 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 914 |  |  |  | (30,855 | )
Johnson & Johnson |  |  | 160 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 2,518 |  |  |  | (124,400 | )
Kodiak Sciences, Inc. |  |  | 13 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 191 |  |  |  | (43,160 | )
Kodiak Sciences, Inc. |  |  | 23 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 338 |  |  |  | (38,295 | )
LHC Group, Inc. |  |  | 45 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 960 |  |  |  | (32,625 | )
Masimo Corp. |  |  | 91 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 245.00 |  |  |  | USD |  |  |  | 2,442 |  |  |  | (229,775 | )

S C H E D U L E O F I N V E S T M E N T S |  | 75

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
McKesson Corp. |  |  | 6 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 104 |  |  | $ | (474 | )
Medtronic PLC |  |  | 190 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 2,226 |  |  |  | (65,550 | )
Mersana Therapeutics, Inc. |  |  | 228 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 607 |  |  |  | (29,640 | )
Mirati Therapeutics, Inc. |  |  | 32 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 703 |  |  |  | (11,840 | )
Molecular Templates, Inc. |  |  | 84 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 10.00 |  |  |  | USD |  |  |  | 79 |  |  |  | (5,670 | )
Nektar Therapeutics |  |  | 49 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 19.00 |  |  |  | USD |  |  |  | 83 |  |  |  | (1,348 | )
Neurocrine Biosciences, Inc. |  |  | 27 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 101.00 |  |  |  | USD |  |  |  | 259 |  |  |  | (4,095 | )
Nevro Corp. |  |  | 27 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 467 |  |  |  | (24,435 | )
Oak Street Health, Inc. |  |  | 16 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 98 |  |  |  | (19,200 | )
Prothena Corp. PLC |  |  | 42 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 13.00 |  |  |  | USD |  |  |  | 50 |  |  |  | (1,995 | )
Quest Diagnostics, Inc. |  |  | 52 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 620 |  |  |  | (2,990 | )
Rapt Therapeutics, Inc. |  |  | 25 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 49 |  |  |  | (375 | )
ResMed, Inc. |  |  | 50 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 1,063 |  |  |  | (9,750 | )
Royalty Pharma PLC, Class A |  |  | 31 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 155 |  |  |  | (16,585 | )
Sarepta Therapeutics, Inc. |  |  | 17 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 290 |  |  |  | (43,435 | )
Seagen, Inc. |  |  | 133 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 2,329 |  |  |  | (13,965 | )
Selectquote, Inc. |  |  | 26 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 54 |  |  |  | (650 | )
Seres Therapeutics, Inc. |  |  | 52 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 127 |  |  |  | (2,210 | )
Seres Therapeutics, Inc. |  |  | 22 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 54 |  |  |  | (1,430 | )
Silk Road Medical, Inc. |  |  | 28 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 176 |  |  |  | (4,200 | )
Stoke Therapeutics, Inc. |  |  | 9 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 56 |  |  |  | (7,290 | )
Stryker Corp. |  |  | 120 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 2,940 |  |  |  | (99,600 | )
TCR2 Therapeutics, Inc. |  |  | 20 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 62 |  |  |  | (6,750 | )
Teladoc Health, Inc. |  |  | 24 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 480 |  |  |  | (26,880 | )
Teleflex, Inc. |  |  | 38 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 1,564 |  |  |  | (129,200 | )
Thermo Fisher Scientific, Inc. |  |  | 73 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 480.00 |  |  |  | USD |  |  |  | 3,400 |  |  |  | (29,565 | )
UnitedHealth Group, Inc. |  |  | 194 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 360.00 |  |  |  | USD |  |  |  | 6,803 |  |  |  | (89,240 | )
Vertex Pharmaceuticals, Inc. |  |  | 54 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 1,276 |  |  |  | (56,430 | )
Zimmer Biomet Holdings, Inc. |  |  | 114 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,757 |  |  |  | (72,960 | )
Zimmer Biomet Holdings, Inc. |  |  | 24 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 155.41 |  |  |  | USD |  |  |  | 370 |  |  |  | (8,201 | )
AmerisourceBergen Corp. |  |  | 27 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 103.00 |  |  |  | USD |  |  |  | 264 |  |  |  | (1,485 | )
Amgen, Inc. |  |  | 58 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 1,334 |  |  |  | (20,271 | )
Amgen, Inc. |  |  | 51 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 1,173 |  |  |  | (9,945 | )
Anthem, Inc. |  |  | 53 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 332.50 |  |  |  | USD |  |  |  | 1,702 |  |  |  | (25,705 | )
Anthem, Inc. |  |  | 50 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 1,605 |  |  |  | (51,750 | )
Baxter International, Inc. |  |  | 181 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 82.00 |  |  |  | USD |  |  |  | 1,452 |  |  |  | (18,100 | )
Becton Dickinson and Co. |  |  | 24 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 601 |  |  |  | (9,120 | )
Boston Scientific Corp. |  |  | 270 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 35.50 |  |  |  | USD |  |  |  | 971 |  |  |  | (35,775 | )
Bristol-Myers Squibb Co. |  |  | 237 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 1,470 |  |  |  | (17,419 | )
Centene Corp. |  |  | 2 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 12 |  |  |  | (79 | )
Cigna Corp. |  |  | 65 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 225.00 |  |  |  | USD |  |  |  | 1,353 |  |  |  | (15,307 | )
Edwards Lifesciences Corp. |  |  | 314 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 88.00 |  |  |  | USD |  |  |  | 2,865 |  |  |  | (144,440 | )
Eli Lilly & Co. |  |  | 180 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 148.00 |  |  |  | USD |  |  |  | 3,039 |  |  |  | (382,050 | )
Humana, Inc. |  |  | 37 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 417.50 |  |  |  | USD |  |  |  | 1,518 |  |  |  | (29,970 | )
Illumina, Inc. |  |  | 35 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 345.00 |  |  |  | USD |  |  |  | 1,295 |  |  |  | (95,550 | )
Intuitive Surgical, Inc. |  |  | 15 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 805.00 |  |  |  | USD |  |  |  | 1,227 |  |  |  | (58,875 | )
Johnson & Johnson |  |  | 123 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 1,936 |  |  |  | (61,500 | )
Medtronic PLC |  |  | 57 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 119.00 |  |  |  | USD |  |  |  | 668 |  |  |  | (10,574 | )
Merck & Co., Inc. |  |  | 154 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 82.00 |  |  |  | USD |  |  |  | 1,260 |  |  |  | (26,488 | )
Nektar Therapeutics |  |  | 49 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 20.50 |  |  |  | USD |  |  |  | 83 |  |  |  | (1,470 | )
Pfizer, Inc. |  |  | 294 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 39.50 |  |  |  | USD |  |  |  | 1,082 |  |  |  | (6,615 | )
Regeneron Pharmaceuticals, Inc. |  |  | 33 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 502.50 |  |  |  | USD |  |  |  | 1,594 |  |  |  | (27,225 | )
Sarepta Therapeutics, Inc. |  |  | 17 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 290 |  |  |  | (40,630 | )
Teladoc Health, Inc. |  |  | 12 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 240 |  |  |  | (9,900 | )
UnitedHealth Group, Inc. |  |  | 168 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 345.00 |  |  |  | USD |  |  |  | 5,891 |  |  |  | (235,620 | )
ChemoCentryx, Inc. |  |  | 17 |  |  |  | 01/28/21 |  |  |  | USD |  |  |  | 64.37 |  |  |  | USD |  |  |  | 105 |  |  |  | (5,679 | )
Abbott Laboratories |  |  | 189 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 112.00 |  |  |  | USD |  |  |  | 2,069 |  |  |  | (40,351 | )
Amgen, Inc. |  |  | 50 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 1,150 |  |  |  | (13,000 | )
Bristol-Myers Squibb Co. |  |  | 84 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 521 |  |  |  | (8,274 | )
Centene Corp. |  |  | 73 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 438 |  |  |  | (5,183 | )
Cigna Corp. |  |  | 80 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 1,665 |  |  |  | (63,600 | )
Eli Lilly & Co. |  |  | 88 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 177.50 |  |  |  | USD |  |  |  | 1,486 |  |  |  | (23,672 | )

76 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | 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. |  |  | 23 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 412.50 |  |  |  | USD |  |  |  | 944 |  |  | $ | (28,980 | )
Intuitive Surgical, Inc. |  |  | 12 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 760.00 |  |  |  | USD |  |  |  | 982 |  |  |  | (84,960 | )
Johnson & Johnson |  |  | 113 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 1,778 |  |  |  | (67,517 | )
McKesson Corp. |  |  | 12 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 209 |  |  |  | (2,280 | )
Medtronic PLC |  |  | 95 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 116.00 |  |  |  | USD |  |  |  | 1,113 |  |  |  | (35,862 | )
Medtronic PLC |  |  | 95 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 117.00 |  |  |  | USD |  |  |  | 1,113 |  |  |  | (29,925 | )
Pfizer, Inc. |  |  | 295 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 38.50 |  |  |  | USD |  |  |  | 1,086 |  |  |  | (15,487 | )
Regeneron Pharmaceuticals, Inc. |  |  | 12 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 515.00 |  |  |  | USD |  |  |  | 580 |  |  |  | (9,180 | )
Teladoc Health, Inc. |  |  | 12 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 240 |  |  |  | (9,660 | )
Vertex Pharmaceuticals, Inc. |  |  | 33 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 780 |  |  |  | (25,245 | )
Zoetis, Inc. |  |  | 91 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 1,506 |  |  |  | (43,225 | )
Sanofi — ADR |  |  | 109 |  |  |  | 02/01/21 |  |  |  | USD |  |  |  | 49.38 |  |  |  | USD |  |  |  | 530 |  |  |  | (12,016 | )
LHC Group, Inc. |  |  | 17 |  |  |  | 02/03/21 |  |  |  | USD |  |  |  | 208.00 |  |  |  | USD |  |  |  | 363 |  |  |  | (18,813 | )
Amedisys, Inc. |  |  | 3 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 276.50 |  |  |  | USD |  |  |  | 88 |  |  |  | (6,876 | )
Allakos, Inc. |  |  | 28 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 125.25 |  |  |  | USD |  |  |  | 392 |  |  |  | (67,978 | )
Apellis Pharmaceuticals, Inc. |  |  | 43 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 55.25 |  |  |  | USD |  |  |  | 246 |  |  |  | (28,417 | )
PPD, Inc. |  |  | 40 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 36.75 |  |  |  | USD |  |  |  | 137 |  |  |  | (4,470 | )
Abbott Laboratories |  |  | 219 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 2,398 |  |  |  | (85,957 | )
ABIOMED, Inc. |  |  | 21 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 291.00 |  |  |  | USD |  |  |  | 681 |  |  |  | (96,137 | )
Acceleron Pharma, Inc. |  |  | 94 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 1,203 |  |  |  | (39,010 | )
Agios Pharmaceuticals, Inc. |  |  | 36 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 36.00 |  |  |  | USD |  |  |  | 156 |  |  |  | (31,445 | )
Alcon, Inc. |  |  | 231 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,524 |  |  |  | (74,497 | )
Alnylam Pharmaceuticals, Inc. |  |  | 63 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 819 |  |  |  | (32,130 | )
Arena Pharmaceuticals, Inc. |  |  | 59 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 453 |  |  |  | (41,300 | )
Avantor, Inc. |  |  | 259 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 729 |  |  |  | (27,195 | )
BioMarin Pharmaceutical, Inc. |  |  | 34 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 298 |  |  |  | (13,090 | )
Boston Scientific Corp. |  |  | 351 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 1,262 |  |  |  | (30,010 | )
Bristol-Myers Squibb Co. |  |  | 85 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 527 |  |  |  | (11,007 | )
Centene Corp. |  |  | 72 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 432 |  |  |  | (5,760 | )
ChemoCentryx, Inc. |  |  | 20 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 124 |  |  |  | (8,600 | )
Dicerna Pharmaceuticals, Inc. |  |  | 29 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 64 |  |  |  | (6,380 | )
Edwards Lifesciences Corp. |  |  | 156 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,423 |  |  |  | (78,000 | )
Galapagos NV, ADR |  |  | 23 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 228 |  |  |  | (9,775 | )
Genmab A/S, ADR |  |  | 170 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 691 |  |  |  | (15,300 | )
Halozyme Therapeutics, Inc. |  |  | 103 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 440 |  |  |  | (19,570 | )
IQVIA Holdings, Inc. |  |  | 51 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 914 |  |  |  | (40,290 | )
IQVIA Holdings, Inc. |  |  | 49 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 878 |  |  |  | (26,950 | )
Masimo Corp. |  |  | 31 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 275.00 |  |  |  | USD |  |  |  | 832 |  |  |  | (30,380 | )
Mirati Therapeutics, Inc. |  |  | 11 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 242 |  |  |  | (11,550 | )
Neurocrine Biosciences, Inc. |  |  | 46 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 441 |  |  |  | (20,700 | )
Nevro Corp. |  |  | 25 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 433 |  |  |  | (11,000 | )
Oak Street Health, Inc. |  |  | 17 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 104 |  |  |  | (6,078 | )
PPD, Inc. |  |  | 237 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 811 |  |  |  | (10,073 | )
ResMed, Inc. |  |  | 51 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 1,084 |  |  |  | (39,015 | )
Royalty Pharma PLC, Class A |  |  | 30 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 150 |  |  |  | (19,950 | )
Sanofi — ADR |  |  | 109 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 530 |  |  |  | (11,172 | )
Seagen, Inc. |  |  | 129 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 2,259 |  |  |  | (35,152 | )
Selectquote, Inc. |  |  | 13 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 27 |  |  |  | (455 | )
Silk Road Medical, Inc. |  |  | 10 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 62.25 |  |  |  | USD |  |  |  | 63 |  |  |  | (4,592 | )
Stryker Corp. |  |  | 118 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 2,891 |  |  |  | (156,940 | )
TCR2 Therapeutics, Inc. |  |  | 20 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 62 |  |  |  | (9,800 | )
Teleflex, Inc. |  |  | 38 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 410.00 |  |  |  | USD |  |  |  | 1,564 |  |  |  | (83,410 | )
Thermo Fisher Scientific, Inc. |  |  | 75 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 480.00 |  |  |  | USD |  |  |  | 3,493 |  |  |  | (92,625 | )
Zimmer Biomet Holdings, Inc. |  |  | 74 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 1,140 |  |  |  | (35,520 | )
Stoke Therapeutics, Inc. |  |  | 25 |  |  |  | 02/26/21 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 155 |  |  |  | (18,538 | )
Iovance Biotherapeutics, Inc. |  |  | 62 |  |  |  | 03/19/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 288 |  |  |  | (22,010 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,971,004 | )

S C H E D U L E O F I N V E S T M E N T S |  | 77

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust (BME)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
WuXi AppTec Co. Ltd., Class H |  | UBS AG |  |  | 18,800 |  |  |  | 01/05/21 |  |  |  | HKD |  |  |  | 142.69 |  |  |  | HKD |  |  |  | 2,854 |  |  | $ | (23,702 | )
Alcon AG |  | Morgan Stanley & Co. International PLC |  |  | 11,500 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 63.79 |  |  |  | USD |  |  |  | 759 |  |  |  | (28,032 | )
Envista Holdings Corp. |  | Bank of America N.A. |  |  | 14,600 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 29.89 |  |  |  | USD |  |  |  | 492 |  |  |  | (56,111 | )
Genmab A/S, ADR |  | JPMorgan Chase Bank N.A. |  |  | 1,200 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 37.66 |  |  |  | USD |  |  |  | 49 |  |  |  | (3,673 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | UBS AG |  |  | 80,000 |  |  |  | 01/06/21 |  |  |  | HKD |  |  |  | 35.11 |  |  |  | HKD |  |  |  | 3,008 |  |  |  | (25,417 | )
LHC Group, Inc. |  | UBS AG |  |  | 1,800 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 222.85 |  |  |  | USD |  |  |  | 384 |  |  |  | (1,093 | )
Sanofi |  | Goldman Sachs International |  |  | 11,100 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 87.17 |  |  |  | EUR |  |  |  | 873 |  |  |  | (20 | )
Genmab A/S, ADR |  | UBS AG |  |  | 3,200 |  |  |  | 01/07/21 |  |  |  | DKK |  |  |  | 2,334.87 |  |  |  | DKK |  |  |  | 7,882 |  |  |  | (81,342 | )
Roche Holding AG |  | UBS AG |  |  | 2,900 |  |  |  | 01/12/21 |  |  |  | CHF |  |  |  | 329.27 |  |  |  | CHF |  |  |  | 896 |  |  |  | (679 | )
Genmab A/S, ADR |  | Barclays Bank PLC |  |  | 2,700 |  |  |  | 01/13/21 |  |  |  | DKK |  |  |  | 2,419.38 |  |  |  | DKK |  |  |  | 6,650 |  |  |  | (43,324 | )
Merck KGaA |  | Credit Suisse International |  |  | 5,000 |  |  |  | 01/13/21 |  |  |  | EUR |  |  |  | 136.29 |  |  |  | EUR |  |  |  | 702 |  |  |  | (31,728 | )
Straumann Holding AG, Registered Shares |  | Goldman Sachs International |  |  | 1,000 |  |  |  | 01/13/21 |  |  |  | CHF |  |  |  | 1,109.82 |  |  |  | CHF |  |  |  | 1,031 |  |  |  | (1,019 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | Citibank N.A. |  |  | 88,000 |  |  |  | 01/20/21 |  |  |  | HKD |  |  |  | 34.82 |  |  |  | HKD |  |  |  | 3,309 |  |  |  | (32,308 | )
Immunovant, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 12,100 |  |  |  | 01/20/21 |  |  |  | USD |  |  |  | 54.23 |  |  |  | USD |  |  |  | 559 |  |  |  | (3,356 | )
PPD, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 4,000 |  |  |  | 01/20/21 |  |  |  | USD |  |  |  | 35.23 |  |  |  | USD |  |  |  | 137 |  |  |  | (3,634 | )
Sanofi |  | Goldman Sachs International |  |  | 8,300 |  |  |  | 01/20/21 |  |  |  | EUR |  |  |  | 85.64 |  |  |  | EUR |  |  |  | 653 |  |  |  | (1,988 | )
Arcutis Biotherapeutics, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 8,400 |  |  |  | 01/21/21 |  |  |  | USD |  |  |  | 30.98 |  |  |  | USD |  |  |  | 236 |  |  |  | (8,992 | )
Merck KGaA |  | Morgan Stanley & Co. International PLC |  |  | 4,900 |  |  |  | 01/21/21 |  |  |  | EUR |  |  |  | 138.58 |  |  |  | EUR |  |  |  | 688 |  |  |  | (25,586 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | Citibank N.A. |  |  | 52,000 |  |  |  | 01/26/21 |  |  |  | HKD |  |  |  | 36.41 |  |  |  | HKD |  |  |  | 1,955 |  |  |  | (11,956 | )
Sanofi |  | Morgan Stanley & Co. International PLC |  |  | 7,900 |  |  |  | 01/26/21 |  |  |  | EUR |  |  |  | 79.47 |  |  |  | EUR |  |  |  | 622 |  |  |  | (18,033 | )
WuXi AppTec Co. Ltd., Class H |  | JPMorgan Chase Bank N.A. |  |  | 30,500 |  |  |  | 01/26/21 |  |  |  | HKD |  |  |  | 138.53 |  |  |  | HKD |  |  |  | 4,630 |  |  |  | (59,324 | )
Arcutis Biotherapeutics, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 8,500 |  |  |  | 01/27/21 |  |  |  | USD |  |  |  | 31.27 |  |  |  | USD |  |  |  | 239 |  |  |  | (10,626 | )
Eisai Co. Ltd. |  | UBS AG |  |  | 9,600 |  |  |  | 01/27/21 |  |  |  | JPY |  |  |  | 7,983.50 |  |  |  | JPY |  |  |  | 70,771 |  |  |  | (7,246 | )
Forma Therapeutics Holdings, Inc. |  | Bank of America N.A. |  |  | 2,400 |  |  |  | 01/27/21 |  |  |  | USD |  |  |  | 47.41 |  |  |  | USD |  |  |  | 84 |  |  |  | (564 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | UBS AG |  |  | 52,000 |  |  |  | 01/27/21 |  |  |  | HKD |  |  |  | 35.25 |  |  |  | HKD |  |  |  | 1,955 |  |  |  | (17,706 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | UBS AG |  |  | 80,000 |  |  |  | 01/28/21 |  |  |  | HKD |  |  |  | 36.75 |  |  |  | HKD |  |  |  | 3,008 |  |  |  | (16,628 | )
Roche Holding AG |  | Goldman Sachs International |  |  | 2,100 |  |  |  | 01/28/21 |  |  |  | CHF |  |  |  | 317.11 |  |  |  | CHF |  |  |  | 649 |  |  |  | (7,961 | )
Wuxi Biologics Cayman, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 144,000 |  |  |  | 01/28/21 |  |  |  | HKD |  |  |  | 91.72 |  |  |  | HKD |  |  |  | 14,803 |  |  |  | (232,503 | )
Prothena Corp. PLC |  | Morgan Stanley & Co. International PLC |  |  | 2,100 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 14.58 |  |  |  | USD |  |  |  | 25 |  |  |  | (1,297 | )
Krystal Biotech, Inc. |  | Bank of America N.A. |  |  | 2,000 |  |  |  | 02/01/21 |  |  |  | USD |  |  |  | 54.00 |  |  |  | USD |  |  |  | 120 |  |  |  | (15,124 | )
Forma Therapeutics Holdings, Inc. |  | Bank of America N.A. |  |  | 2,400 |  |  |  | 02/03/21 |  |  |  | USD |  |  |  | 47.41 |  |  |  | USD |  |  |  | 84 |  |  |  | (913 | )
WuXi AppTec Co. Ltd., Class H |  | JPMorgan Chase Bank N.A. |  |  | 41,000 |  |  |  | 02/03/21 |  |  |  | HKD |  |  |  | 151.94 |  |  |  | HKD |  |  |  | 6,224 |  |  |  | (39,178 | )
Prothena Corp. PLC |  | Morgan Stanley & Co. International PLC |  |  | 2,100 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 14.57 |  |  |  | USD |  |  |  | 25 |  |  |  | (1,171 | )
Relay Therapeutics, Inc. |  | Bank of America N.A. |  |  | 4,300 |  |  |  | 02/11/21 |  |  |  | USD |  |  |  | 51.26 |  |  |  | USD |  |  |  | 179 |  |  |  | (5,354 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (817,588 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | — |  |  | $ | — |  |  | $ | 1,699,136 |  |  | $ | (3,011,882 | ) |  | $ | (7,788,592 | )

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 7,788,592 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,788,592 |

78 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust (BME)

For the year ended December 31, 2020, 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) |  | $ | — |  |  | $ | — |  |  | $ | (2,301 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,301 | )
Options written |  |  | — |  |  |  | — |  |  |  | (10,979,173 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,979,173 | )
|  | $ | — |  |  | $ | — |  |  | $ | (10,981,474 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (10,981,474 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 216,344 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 216,344 |

| (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 |  | $ | 6,914,451 |

| (a) | Derivative 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 |  | $ | — |  |  | $ | 7,788,592 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 7,788,592 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (6,971,004 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 817,588 |

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged |  |  |  | Net Amount of Derivative Liabilities | (b)
Bank of America N.A. |  | $ | 78,066 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 78,066 |
Barclays Bank PLC |  |  | 43,324 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43,324 |
Citibank N.A. |  |  | 44,264 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 44,264 |
Credit Suisse International |  |  | 31,728 |  |  |  | — |  |  |  | (31,728 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 10,988 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,988 |
JPMorgan Chase Bank N.A |  |  | 341,668 |  |  |  | — |  |  |  | (341,668 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 93,737 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 93,737 |
UBS AG |  |  | 173,813 |  |  |  | — |  |  |  | (50,498 | ) |  |  | — |  |  |  | 123,315 |
|  | $ | 817,588 |  |  | $ | — |  |  | $ | (423,894 | ) |  | $ | — |  |  | $ | 393,694 |

| (a) | Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |

| (b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. |

S C H E D U L E O F I N V E S T M E N T S |  | 79

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust (BME)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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 |  | $ | 88,056,521 |  |  | $ | 9,080,461 |  |  | $ | 2,699,612 |  |  | $ | 99,836,594 |
Diversified Financial Services |  |  | 3,461,588 |  |  |  | — |  |  |  | — |  |  |  | 3,461,588 |
Health Care Equipment & Supplies |  |  | 156,211,416 |  |  |  | 3,729,292 |  |  |  | — |  |  |  | 159,940,708 |
Health Care Providers & Services |  |  | 110,424,609 |  |  |  | 3,314,785 |  |  |  | — |  |  |  | 113,739,394 |
Health Care Technology |  |  | 4,395,121 |  |  |  | — |  |  |  | — |  |  |  | 4,395,121 |
Insurance |  |  | 702,637 |  |  |  | — |  |  |  | — |  |  |  | 702,637 |
Internet & Direct Marketing Retail |  |  | — |  |  |  | 3,019,171 |  |  |  | — |  |  |  | 3,019,171 |
Life Sciences Tools & Services |  |  | 37,880,430 |  |  |  | 9,223,243 |  |  |  | — |  |  |  | 47,103,673 |
Pharmaceuticals |  |  | 83,853,215 |  |  |  | 21,373,487 |  |  |  | — |  |  |  | 105,226,702 |
Other Interests |  |  | — |  |  |  | — |  |  |  | 254,814 |  |  |  | 254,814 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 1,417,773 |  |  |  | 1,417,773 |
Warrants |  |  | 131,528 |  |  |  | — |  |  |  | — |  |  |  | 131,528 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 13,774,637 |  |  |  | — |  |  |  | — |  |  |  | 13,774,637 |
|  | $ | 498,891,702 |  |  | $ | 49,740,439 |  |  | $ | 4,372,199 |  |  |  | 553,004,340 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 102,701 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 553,107,041 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (6,563,941 | ) |  | $ | (1,224,651 | ) |  | $ | — |  |  | $ | (7,788,592 | )

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

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

See notes to financial statements.

80 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments December 31, 2020 |  | BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |
Biotechnology — 40.8% |
Abbisko Cayman Ltd., (Acquired 12/21/20, Cost: $14,841,983)(a)(b) |  |  | 1,037,825 |  |  | $ | 14,841,983 |
Acceleron Pharma, Inc.(c)(d) |  |  | 314,516 |  |  |  | 40,239,177 |
ADC Therapeutics SA(d) |  |  | 159,142 |  |  |  | 5,094,135 |
Agios Pharmaceuticals, Inc.(c)(d) |  |  | 441,750 |  |  |  | 19,141,027 |
Akeso, Inc.(d)(e)(f) |  |  | 1,660,000 |  |  |  | 8,159,834 |
Akouos, Inc.(d) |  |  | 304,621 |  |  |  | 6,040,634 |
Alexion Pharmaceuticals, Inc.(c)(d) |  |  | 168,926 |  |  |  | 26,392,998 |
Allakos, Inc.(c)(d) |  |  | 248,989 |  |  |  | 34,858,460 |
Alnylam Pharmaceuticals, Inc.(c)(d) |  |  | 277,448 |  |  |  | 36,059,917 |
ALX Oncology Holdings, Inc.(d) |  |  | 286,427 |  |  |  | 24,690,007 |
Amicus Therapeutics, Inc.(c)(d) |  |  | 445,917 |  |  |  | 10,296,224 |
Annexon, Inc.(d) |  |  | 183,965 |  |  |  | 4,604,644 |
Annexon, Inc., (Acquired 06/26/20, Cost: $4,170,549)(b) |  |  | 332,856 |  |  |  | 8,285,100 |
Apellis Pharmaceuticals, Inc.(d) |  |  | 170,260 |  |  |  | 9,738,872 |
Applied Molecular Transport, Inc.(d) |  |  | 165,609 |  |  |  | 5,095,789 |
Arcutis Biotherapeutics, Inc.(d) |  |  | 155,075 |  |  |  | 4,362,260 |
Arena Pharmaceuticals, Inc.(c)(d) |  |  | 132,665 |  |  |  | 10,192,652 |
Argenx SE, ADR(c)(d) |  |  | 121,001 |  |  |  | 35,585,184 |
Arrowhead Pharmaceuticals, Inc.(d) |  |  | 85,746 |  |  |  | 6,579,291 |
Avidity Biosciences, Inc.(d) |  |  | 367,800 |  |  |  | 9,386,256 |
Beam Therapeutics, Inc.(d) |  |  | 169,779 |  |  |  | 13,860,758 |
BioAtla, Inc.(d) |  |  | 146,528 |  |  |  | 4,983,417 |
Biohaven Pharmaceutical Holding Co. Ltd.(d) |  |  | 54,550 |  |  |  | 4,675,481 |
BioMarin Pharmaceutical, Inc.(d) |  |  | 201,275 |  |  |  | 17,649,805 |
Blueprint Medicines Corp.(d) |  |  | 75,909 |  |  |  | 8,513,194 |
C4 Therapeutics, Inc.(d) |  |  | 387,947 |  |  |  | 12,852,684 |
CareDx, Inc.(d) |  |  | 227,093 |  |  |  | 16,452,888 |
Cerevel Therapeutics Holdings, Inc.(d) |  |  | 204,554 |  |  |  | 3,391,505 |
Certara, Inc.(d) |  |  | 518,016 |  |  |  | 17,467,500 |
ChemoCentryx, Inc.(d) |  |  | 85,640 |  |  |  | 5,302,829 |
Constellation Pharmaceuticals, Inc.(d) |  |  | 66,300 |  |  |  | 1,909,440 |
Cytokinetics, Inc.(d) |  |  | 293,035 |  |  |  | 6,089,267 |
Decibel Therapeutics, Inc., (Acquired 11/02/20, Cost: $3,884,625)(a)(b) |  |  | 2,250,000 |  |  |  | 3,884,625 |
Deciphera Pharmaceuticals, Inc.(d) |  |  | 82,195 |  |  |  | 4,690,869 |
Dicerna Pharmaceuticals, Inc.(d) |  |  | 402,384 |  |  |  | 8,864,520 |
Dyne Therapeutics, Inc.(d) |  |  | 160,234 |  |  |  | 3,364,914 |
Eidos Therapeutics, Inc.(d) |  |  | 120,528 |  |  |  | 15,859,074 |
Everest Medicines Ltd., (Acquired 05/29/20, Cost: $11,209,200)(b) |  |  | 3,113,667 |  |  |  | 26,451,262 |
Everest Medicines Ltd., (Acquired 09/30/20, Cost: $3,200,620)(b)(d) |  |  | 446,500 |  |  |  | 3,793,112 |
Fate Therapeutics, Inc.(d) |  |  | 112,925 |  |  |  | 10,268,270 |
FibroGen, Inc.(d) |  |  | 160,848 |  |  |  | 5,965,852 |
Forma Therapeutics Holdings, Inc.(d) |  |  | 543,025 |  |  |  | 18,951,572 |
Fusion Pharmaceuticals, Inc.(d) |  |  | 436,446 |  |  |  | 5,128,241 |
Galecto, Inc.(d) |  |  | 630,719 |  |  |  | 7,883,988 |
Genetron Holdings Ltd.(d) |  |  | 970,000 |  |  |  | 13,580,000 |
Genmab A/S(d) |  |  | 218,365 |  |  |  | 88,545,670 |
Genmab A/S, ADR(c)(d) |  |  | 690,930 |  |  |  | 28,093,214 |
Global Blood Therapeutics, Inc.(d) |  |  | 200,216 |  |  |  | 8,671,355 |
Halozyme Therapeutics, Inc.(d) |  |  | 297,201 |  |  |  | 12,693,455 |
HBM Holdings Ltd., (Acquired 12/04/20, Cost: $12,186,104)(b) |  |  | 7,553,000 |  |  |  | 9,828,202 |
Imago Biosciences, Inc., (Acquired 11/12/20, Cost: $10,000,009)(a)(b) |  |  | 8,279,524 |  |  |  | 10,018,224 |
Immunovant, Inc.(d) |  |  | 256,486 |  |  |  | 11,847,088 |
Insmed, Inc.(d) |  |  | 132,872 |  |  |  | 4,423,309 |

Security |  | Shares |  |  | Value |
Biotechnology (continued) |
Intellia Therapeutics, Inc.(d) |  |  | 147,621 |  |  | $ | 8,030,582 |
Iovance Biotherapeutics, Inc.(d) |  |  | 429,894 |  |  |  | 19,947,082 |
Kadmon Holdings, Inc.(d) |  |  | 1,454,723 |  |  |  | 6,037,100 |
Karyopharm Therapeutics, Inc.(d) |  |  | 406,215 |  |  |  | 6,288,208 |
Keros Therapeutics, Inc.(d) |  |  | 212,296 |  |  |  | 14,975,360 |
Kinnate Biopharma, Inc.(d) |  |  | 304,595 |  |  |  | 12,116,789 |
Kodiak Sciences, Inc.(d) |  |  | 180,183 |  |  |  | 26,470,685 |
Kronos Bio, Inc., (Acquired 10/09/20, Cost: $4,591,000)(b) |  |  | 284,272 |  |  |  | 8,262,414 |
Krystal Biotech, Inc.(d) |  |  | 163,538 |  |  |  | 9,812,280 |
Kymera Therapeutics, Inc.(d) |  |  | 271,425 |  |  |  | 16,828,350 |
Kymera Therapeutics, Inc., (Acquired 03/11/20, Cost: $4,939,996)(b) |  |  | 473,850 |  |  |  | 28,986,984 |
MacroGenics, Inc.(d) |  |  | 100,800 |  |  |  | 2,304,288 |
Mersana Therapeutics, Inc.(d) |  |  | 1,558,929 |  |  |  | 41,483,101 |
Mirati Therapeutics, Inc.(c)(d) |  |  | 100,272 |  |  |  | 22,023,742 |
Molecular Templates, Inc.(d) |  |  | 203,575 |  |  |  | 1,911,569 |
Morphic Holding, Inc.(d) |  |  | 100,431 |  |  |  | 3,369,460 |
Nkarta, Inc.(d) |  |  | 422,882 |  |  |  | 25,994,557 |
Olema Pharmaceuticals, Inc.(d) |  |  | 412,662 |  |  |  | 19,840,789 |
Olema Pharmaceuticals, Inc., (Acquired 09/30/20, Cost: $2,939,996)(b) |  |  | 265,767 |  |  |  | 12,288,251 |
ORIC Pharmaceuticals, Inc.(d) |  |  | 196,430 |  |  |  | 6,649,156 |
Panacea Acquisition Corp., Class A(d) |  |  | 206,640 |  |  |  | 2,417,688 |
Passage Bio, Inc.(d) |  |  | 190,016 |  |  |  | 4,858,709 |
PMV Pharmaceuticals, Inc.(d) |  |  | 484,687 |  |  |  | 29,813,097 |
Praxis Precision Medicines, Inc.(d) |  |  | 485,486 |  |  |  | 26,711,440 |
Prothena Corp. PLC(d) |  |  | 363,100 |  |  |  | 4,360,831 |
PTC Therapeutics, Inc.(d) |  |  | 217,336 |  |  |  | 13,264,016 |
Rapt Therapeutics, Inc.(d) |  |  | 188,948 |  |  |  | 3,731,723 |
Relay Therapeutics, Inc.(d) |  |  | 61,429 |  |  |  | 2,552,989 |
Remegen Co. Ltd., Class H, (Acquired 11/03/20, Cost: $3,624,770)(b)(d) |  |  | 534,000 |  |  |  | 6,309,254 |
Revolution Medicines, Inc.(d) |  |  | 103,258 |  |  |  | 4,087,984 |
Sarepta Therapeutics, Inc.(c)(d) |  |  | 72,754 |  |  |  | 12,403,829 |
Seagen, Inc.(c)(d)(g) |  |  | 545,960 |  |  |  | 95,619,434 |
Seres Therapeutics, Inc.(d) |  |  | 358,010 |  |  |  | 8,771,245 |
Sigilon Therapeutics, Inc.(d) |  |  | 365,314 |  |  |  | 17,546,031 |
Sigilon Therapeutics, Inc., (Acquired 02/14/20, Cost: $3,051,798)(b) |  |  | 226,059 |  |  |  | 10,396,165 |
Stoke Therapeutics, Inc.(d) |  |  | 214,742 |  |  |  | 13,298,972 |
Taysha Gene Therapies, Inc.(d) |  |  | 178,700 |  |  |  | 4,742,698 |
Taysha Gene Therapies, Inc., (Acquired 07/30/20, Cost: $4,283,184)(b) |  |  | 274,502 |  |  |  | 7,119,341 |
TCR2 Therapeutics, Inc.(d) |  |  | 228,499 |  |  |  | 7,067,474 |
Travere Therapeutics, Inc.(d) |  |  | 394,274 |  |  |  | 10,745,938 |
Twist Bioscience Corp.(c)(d) |  |  | 242,154 |  |  |  | 34,213,939 |
United Therapeutics Corp.(c)(d) |  |  | 58,950 |  |  |  | 8,948,020 |
Vir Biotechnology, Inc.(d) |  |  | 132,400 |  |  |  | 3,545,672 |
Voyager Therapeutics, Inc.(d) |  |  | 262,830 |  |  |  | 1,879,235 |
Zai Lab Ltd., ADR(d) |  |  | 194,310 |  |  |  | 26,297,915 |
Zentalis Pharmaceuticals, Inc.(d) |  |  | 227,113 |  |  |  | 11,796,249 |
Zymeworks, Inc.(d) |  |  | 252,147 |  |  |  | 11,916,467 |
|  |  |  |  |  |  | 1,413,637,130 |
Diversified Financial Services(d) — 2.1% |  |  |  |
ARYA Sciences Acquisition Corp. III, Class A |  |  | 324,000 |  |  |  | 3,515,400 |
BCTG Acquisition Corp. |  |  | 167,744 |  |  |  | 1,918,991 |
Deerfield Healthcare Technology Acquisitions Corp., Class A |  |  | 319,040 |  |  |  | 4,977,024 |
Eucrates Biomedical Acquisition Corp. |  |  | 897,657 |  |  |  | 9,299,727 |
FS Development Corp., Class A |  |  | 51,350 |  |  |  | 564,850 |
Health Assurance Acquisition Corp. |  |  | 1,361,273 |  |  |  | 15,001,228 |

S C H E D U L E O F I N V E S T M E N T S |  | 81

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Diversified Financial Services (continued) |
Health Sciences Acquisitions Corp. |  |  | 233,344 |  |  | $ | 2,989,137 |
Helix Acquisition Corp., Class A |  |  | 216,150 |  |  |  | 2,340,905 |
Lifesci Acquisition II Corp. |  |  | 728,200 |  |  |  | 7,733,484 |
Longview Acquisition Corp., Class A |  |  | 486,550 |  |  |  | 9,628,824 |
MedTech Acquisition Corp. |  |  | 917,284 |  |  |  | 9,631,482 |
Therapeutics Acquisition Corp., Class A |  |  | 407,000 |  |  |  | 5,677,650 |
|  |  |  |  |  |  | 73,278,702 |
Electronic Equipment, Instruments & Components — 0.5% |
908 Devices, Inc.(d) |  |  | 290,054 |  |  |  | 16,518,575 |
Health Care Equipment & Supplies — 23.9% |
ABIOMED, Inc.(c)(d) |  |  | 80,185 |  |  |  | 25,995,977 |
Alcon, Inc. |  |  | 780,009 |  |  |  | 51,464,994 |
Cardiovascular Systems, Inc.(d) |  |  | 168,900 |  |  |  | 7,391,064 |
Coloplast A/S, Class B |  |  | 20,658 |  |  |  | 3,159,204 |
ConvaTec Group PLC(f) |  |  | 4,668,285 |  |  |  | 12,716,696 |
Demant A/S(d) |  |  | 700,875 |  |  |  | 27,702,526 |
DexCom, Inc.(c)(d) |  |  | 40,467 |  |  |  | 14,961,459 |
Eargo, Inc.(d) |  |  | 194,195 |  |  |  | 8,703,820 |
Edwards Lifesciences Corp.(c)(d) |  |  | 281,385 |  |  |  | 25,670,754 |
Envista Holdings Corp.(d) |  |  | 390,050 |  |  |  | 13,156,387 |
GN Store Nord A/S |  |  | 631,506 |  |  |  | 50,339,936 |
Haemonetics Corp.(c)(d) |  |  | 276,008 |  |  |  | 32,775,950 |
Hill-Rom Holdings, Inc.(c) |  |  | 146,385 |  |  |  | 14,341,338 |
Insulet Corp.(c)(d) |  |  | 142,744 |  |  |  | 36,489,649 |
Intuitive Surgical, Inc.(c)(d) |  |  | 74,498 |  |  |  | 60,946,814 |
Kangji Medical Holdings Ltd.(d) |  |  | 5,001,419 |  |  |  | 9,698,333 |
Masimo Corp.(c) |  |  | 190,788 |  |  |  | 51,203,683 |
Nevro Corp.(c)(d) |  |  | 249,851 |  |  |  | 43,249,208 |
NuVasive, Inc.(d) |  |  | 137,340 |  |  |  | 7,736,362 |
Penumbra, Inc.(c)(d) |  |  | 113,661 |  |  |  | 19,890,675 |
Pulmonx Corp.(d) |  |  | 111,383 |  |  |  | 7,687,655 |
ResMed, Inc.(c) |  |  | 177,227 |  |  |  | 37,671,371 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |  |  | 200,120 |  |  |  | 13,092,202 |
Silk Road Medical, Inc.(d) |  |  | 301,640 |  |  |  | 18,997,287 |
SmileDirectClub, Inc.(d) |  |  | 1,342,680 |  |  |  | 16,031,599 |
Sonova Holding AG, Registered Shares |  |  | 81,863 |  |  |  | 21,292,038 |
STERIS PLC |  |  | 139,421 |  |  |  | 26,425,856 |
Straumann Holding AG, Registered Shares |  |  | 37,641 |  |  |  | 44,093,447 |
Tandem Diabetes Care, Inc.(c)(d) |  |  | 151,279 |  |  |  | 14,474,375 |
Teleflex, Inc.(c) |  |  | 144,275 |  |  |  | 59,379,262 |
Venus MedTech Hangzhou, Inc., Class H(d)(f) |  |  | 181,000 |  |  |  | 1,847,215 |
Zimmer Biomet Holdings, Inc.(c) |  |  | 308,795 |  |  |  | 47,582,222 |
|  |  |  |  |  |  | 826,169,358 |
Health Care Providers & Services — 12.3% |
Addus HomeCare Corp.(d) |  |  | 45,200 |  |  |  | 5,292,468 |
Amedisys, Inc.(c)(d)(g) |  |  | 230,923 |  |  |  | 67,736,643 |
Amplifon SpA |  |  | 646,544 |  |  |  | 26,874,359 |
Centene Corp.(c)(d) |  |  | 434,934 |  |  |  | 26,109,088 |
Chemed Corp. |  |  | 24,300 |  |  |  | 12,942,423 |
Encompass Health Corp.(c) |  |  | 414,007 |  |  |  | 34,234,239 |
Humana, Inc.(c) |  |  | 90,356 |  |  |  | 37,070,356 |
Jinxin Fertility Group Ltd.(e)(f) |  |  | 19,509,100 |  |  |  | 39,700,146 |
LHC Group, Inc.(c)(d) |  |  | 247,591 |  |  |  | 52,816,112 |
Oak Street Health, Inc.(d) |  |  | 47,017 |  |  |  | 2,875,560 |

Security |  | Shares |  |  | Value |
Health Care Providers & Services (continued) |
Oak Street Health, Inc., (Acquired 03/04/20, Cost: $19,349,483)(b) |  |  | 1,840,247 |  |  | $ | 111,517,803 |
Rede D’Or Sao Luiz SA |  |  | 568,046 |  |  |  | 7,469,397 |
|  |  |  |  |  |  | 424,638,594 |
Health Care Technology(d) — 1.6% |
American Well Corp., Class A(e) |  |  | 668,554 |  |  |  | 16,934,473 |
Teladoc Health, Inc. |  |  | 195,191 |  |  |  | 39,030,456 |
|  |  |  |  |  |  | 55,964,929 |
Insurance — 0.3% |
Selectquote, Inc.(d) |  |  | 559,762 |  |  |  | 11,615,062 |
Internet & Direct Marketing Retail — 0.9% |
JD Health International, Inc., (Acquired 12/01/20, Cost: $15,336,373)(b) |  |  | 1,667,600 |  |  |  | 30,840,850 |
Life Sciences Tools & Services — 10.3% |
10X Genomics, Inc., Class A(d) |  |  | 48,300 |  |  |  | 6,839,280 |
Avantor, Inc.(d) |  |  | 766,938 |  |  |  | 21,589,305 |
Berkeley Lights, Inc.(d) |  |  | 339,395 |  |  |  | 30,345,307 |
Charles River Laboratories International, Inc.(c)(d) |  |  | 91,264 |  |  |  | 22,803,223 |
Gerresheimer AG |  |  | 156,300 |  |  |  | 16,855,156 |
Illumina, Inc.(c)(d) |  |  | 35,617 |  |  |  | 13,178,290 |
IQVIA Holdings, Inc.(c)(d) |  |  | 144,911 |  |  |  | 25,963,704 |
Lonza Group AG, Registered Shares |  |  | 35,745 |  |  |  | 23,025,731 |
PPD, Inc.(d)(g) |  |  | 1,702,394 |  |  |  | 58,255,922 |
Sotera Health Co.(d) |  |  | 1,248,670 |  |  |  | 34,263,505 |
WuXi AppTec Co. Ltd., Class H(f) |  |  | 2,391,060 |  |  |  | 46,905,925 |
Wuxi Biologics Cayman, Inc.(d)(f) |  |  | 4,287,303 |  |  |  | 56,855,348 |
|  |  |  |  |  |  | 356,880,696 |
Pharmaceuticals — 5.5% |
Antengene Corp. Ltd., (Acquired 11/18/20, Cost: $7,091,948)(b) |  |  | 5,019,274 |  |  |  | 10,665,626 |
Antengene Corp. Ltd., (Acquired 11/13/20, Cost: $5,976,889)(b)(d) |  |  | 2,537,500 |  |  |  | 5,392,020 |
Eisai Co. Ltd. |  |  | 247,800 |  |  |  | 17,720,958 |
Hansoh Pharmaceutical Group Co. Ltd.(d)(f) |  |  | 9,306,068 |  |  |  | 45,099,514 |
Horizon Therapeutics PLC(d) |  |  | 167,800 |  |  |  | 12,274,570 |
Merck KGaA |  |  | 200,999 |  |  |  | 34,474,205 |
Nektar Therapeutics(d) |  |  | 354,718 |  |  |  | 6,030,206 |
Ocumension Therapeutics, (Acquired 07/06/20, Cost: $1,489,361)(b)(d)(f) |  |  | 779,500 |  |  |  | 2,707,278 |
Relmada Therapeutics, Inc.(d) |  |  | 262,500 |  |  |  | 8,418,375 |
Royalty Pharma PLC, Class A |  |  | 142,470 |  |  |  | 7,130,624 |
UCB SA |  |  | 390,226 |  |  |  | 40,309,318 |
|  |  |  |  |  |  | 190,222,694 |
Total Common Stocks — 98.2% |
(Cost: $2,182,019,835) |  |  |  |  |  |  | 3,399,766,590 |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 3.2%(a)(b) |
Biotechnology — 1.6% |
Acumen Pharmaceuticals, Inc., Series B, (Acquired 11/20/20, Cost: $3,252,000) |  |  | 1,275,294 |  |  |  | 3,252,000 |
Ambrx Biopharma, Inc. |  |  |  |  |  |  |  |
Series A, (Acquired 11/06/20, Cost: $7,290,000). |  |  | 4,663,576 |  |  |  | 7,290,102 |
Series B, (Acquired 11/06/20, Cost: $7,290,000) |  |  | 4,197,218 |  |  |  | 7,290,148 |

82 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Biotechnology (continued) |
Connect Biopharma Holdings Ltd., Series C, (Acquired 12/01/20, Cost: $14,579,980) |  |  | 2,305,747 |  |  | $ | 14,579,930 |
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $3,029,231) |  |  | 2,567,145 |  |  |  | 3,311,617 |
LianBio, Series A, (Acquired 10/28/20, Cost: $5,960,632) |  |  | 105,200 |  |  |  | 5,960,632 |
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $5,729,950) |  |  | 2,348,340 |  |  |  | 5,729,949 |
Talaris Therapeutics, Inc., Series B, (Acquired 09/30/20, Cost: $7,369,358) |  |  | 4,005,086 |  |  |  | 7,369,358 |
|  |  |  |  |  |  | 54,783,736 |
Health Care Providers & Services — 1.3% |
Adicon Holdings Ltd., (Acquired 12/22/20, Cost: $17,840,000) |  |  | 2,139,245,197 |  |  |  | 17,839,166 |
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986) |  |  | 382,775 |  |  |  | 9,999,976 |
Immuneering Corp, Series B, (Acquired 12/21/20, Cost: $3,599,991) |  |  | 350,255 |  |  |  | 3,600,621 |
IsoPlexis Corp., Series D, (Acquired 12/30/20, Cost: $14,800,024) |  |  | 192,408 |  |  |  | 14,800,023 |
|  |  |  |  |  |  | 46,239,786 |
Pharmaceuticals — 0.3% |
Immunocore Ltd., Series C, (Acquired 12/21/20, Cost: $5,861,799) |  |  | 64,380 |  |  |  | 5,861,799 |
Insitro, Inc., Series B, (Acquired 05/21/20, Cost: $5,000,000) |  |  | 802,478 |  |  |  | 5,184,008 |
|  |  |  |  |  |  | 11,045,807 |
Total Preferred Stocks — 3.2% |  |  |  |  |  |  | 112,069,329 |
Total Preferred Securities — 3.2% |
(Cost: $111,602,951) |  |  |  |  |  |  | 112,069,329 |
Warrants |  |  |  |  |  |  |  |
Biotechnology(d) — 0.0% |
Cerevel Therapeutics Holdings, Inc. (Expires 10/27/2025) |  |  | 68,184 |  |  |  | 385,240 |
Panacea Acquisition Corp. (Expires 07/07/2027) |  |  | 68,880 |  |  |  | 220,416 |
|  |  |  |  |  |  | 605,656 |
Diversified Financial Services(d) — 0.1% |
Deerfield Healthcare Technology Acquisitions Corp. (Expires 07/16/2025) |  |  | 63,808 |  |  |  | 261,613 |
Longview Acquisition Corp. (Expires 06/29/2025) |  |  | 162,183 |  |  |  | 1,068,786 |
|  |  |  |  |  |  | 1,330,399 |
Total Warrants — 0.1% |  |  |  |  |  |  |  |
(Cost: $501,507) |  |  |  |  |  |  | 1,936,055 |
Total Long-Term Investments — 101.5% |
(Cost: $2,294,124,293) |  |  |  |  |  |  | 3,513,771,974 |

Security |  | Shares |  |  | Value |
Short-Term Securities |
Money Market Funds — 0.8% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(h)(i) |  |  | 18,347,773 |  |  | $ | 18,347,773 |
SL Liquidity Series, LLC, Money Market Series, 0.17%(h)(i)(j) |  |  | 9,574,817 |  |  |  | 9,577,689 |
Total Short-Term Securities — 0.8% |  |  |  |  |  |  |  |
(Cost: $27,925,462) |  |  |  |  |  |  | 27,925,462 |
Total Investments Before Options Written — 102.3% |
(Cost: $2,322,049,755) |  |  |  |  |  |  | 3,541,697,436 |
Options Written — (1.5)% |  |  |  |  |  |  |  |
(Premiums Received: $(34,031,611)) |  |  |  | (49,747,249 | )
Total Investments, Net of Options Written — 100.8% |
(Cost: $2,288,018,144) |  |  |  | 3,491,950,187 |
Liabilities in Excess of Other Assets — (0.8)% |  |  |  | (29,312,143 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 3,462,638,044 |

(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(b) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $423,657,823, representing 12.24% of its net assets as of period end, and an original cost of $243,770,839.

(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) | Non-income producing security.

(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) | 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.

S C H E D U L E O F I N V E S T M E N T S |  | 83

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust II (BMEZ)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliated Issuer |  | Value at 01/30/20 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 12/31/20 |  |  | Shares Held at 12/31/20 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | — |  |  | $ | 18,347,773 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18,347,773 |  |  |  | 18,347,773 |  |  | $ | 2,382,340 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | 9,578,694 | (a) |  |  | — |  |  |  | (1,005 | ) |  |  | — |  |  |  | 9,577,689 |  |  |  | 9,574,817 |  |  |  | 154,133 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,005 | ) |  | $ | — |  |  | $ | 27,925,462 |  |  |  |  |  |  | $ | 2,536,473 |  |  | $ | — |

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

| (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eidos Therapeutics, Inc. |  |  | 156 |  |  |  | 01/05/21 |  |  |  | USD |  |  |  | 84.72 |  |  |  | USD |  |  |  | 2,053 |  |  | $ | (731,046 | )
Avantor, Inc. |  |  | 958 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 27.00 |  |  |  | USD |  |  |  | 2,697 |  |  |  | (123,632 | )
Cardiovascular Systems, Inc. |  |  | 202 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 36.75 |  |  |  | USD |  |  |  | 884 |  |  |  | (143,208 | )
Centene Corp. |  |  | 228 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 65.50 |  |  |  | USD |  |  |  | 1,369 |  |  |  | (2,166 | )
Edwards Lifesciences Corp. |  |  | 268 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 86.00 |  |  |  | USD |  |  |  | 2,445 |  |  |  | (138,020 | )
Humana, Inc. |  |  | 79 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 420.00 |  |  |  | USD |  |  |  | 3,241 |  |  |  | (30,415 | )
Intuitive Surgical, Inc. |  |  | 79 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 777.50 |  |  |  | USD |  |  |  | 6,463 |  |  |  | (327,455 | )
SmileDirectClub, Inc., Class A |  |  | 1,745 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 13.00 |  |  |  | USD |  |  |  | 2,084 |  |  |  | (23,557 | )
Teladoc Health, Inc. |  |  | 55 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 207.50 |  |  |  | USD |  |  |  | 1,100 |  |  |  | (14,163 | )
10X Genomics, Inc., Class A |  |  | 60 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 850 |  |  |  | (6,300 | )
ABIOMED, Inc. |  |  | 100 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 3,242 |  |  |  | (386,000 | )
Acceleron Pharma, Inc. |  |  | 330 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 4,222 |  |  |  | (88,275 | )
Addus HomeCare Corp. |  |  | 36 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 422 |  |  |  | (62,100 | )
Agios Pharmaceuticals, Inc. |  |  | 552 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 2,392 |  |  |  | (95,220 | )
Alcon, Inc. |  |  | 525 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 3,464 |  |  |  | (110,250 | )
Allakos, Inc. |  |  | 323 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 4,522 |  |  |  | (1,154,725 | )
Alnylam Pharmaceuticals, Inc. |  |  | 374 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 4,861 |  |  |  | (112,200 | )
Amedisys, Inc. |  |  | 303 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 8,888 |  |  |  | (1,324,110 | )
American Well Corp., Class A |  |  | 545 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,380 |  |  |  | (14,988 | )
Amicus Therapeutics, Inc. |  |  | 580 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 23.00 |  |  |  | USD |  |  |  | 1,339 |  |  |  | (110,200 | )
Apellis Pharmaceuticals, Inc. |  |  | 212 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,213 |  |  |  | (270,300 | )
Argenx SE, ADR |  |  | 190 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 5,588 |  |  |  | (527,250 | )
Argenx SE, ADR |  |  | 28 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 823 |  |  |  | (15,540 | )
Arrowhead Pharmaceuticals, Inc. |  |  | 111 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 852 |  |  |  | (101,565 | )
Beam Therapeutics, Inc. |  |  | 230 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 1,878 |  |  |  | (213,900 | )
Berkeley Lights, Inc. |  |  | 333 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 2,977 |  |  |  | (154,845 | )
Biohaven Pharmaceutical Holding Co. Ltd. |  |  | 76 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 651 |  |  |  | (47,880 | )
BioMarin Pharmaceutical, Inc. |  |  | 162 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,421 |  |  |  | (68,850 | )
Blueprint Medicines Corp. |  |  | 30 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 336 |  |  |  | (27,300 | )
Blueprint Medicines Corp. |  |  | 167 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 1,873 |  |  |  | (221,275 | )
CareDx, Inc. |  |  | 290 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 2,101 |  |  |  | (253,750 | )
Centene Corp. |  |  | 228 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,369 |  |  |  | (6,270 | )
Charles River Laboratories International, Inc. |  |  | 114 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 2,848 |  |  |  | (144,780 | )
Chemed Corp. |  |  | 63 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 500.00 |  |  |  | USD |  |  |  | 3,355 |  |  |  | (227,115 | )
Cytokinetics, Inc. |  |  | 381 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 792 |  |  |  | (59,055 | )
Cytokinetics, Inc. |  |  | 320 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 665 |  |  |  | (8,000 | )
Deciphera Pharmaceuticals, Inc. |  |  | 103 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 588 |  |  |  | (14,163 | )

84 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DexCom, Inc. |  |  | 36 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 370.00 |  |  |  | USD |  |  |  | 1,331 |  |  | $ | (51,120 | )
Dicerna Pharmaceuticals, Inc. |  |  | 505 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 1,113 |  |  |  | (51,762 | )
Edwards Lifesciences Corp. |  |  | 113 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,031 |  |  |  | (31,640 | )
Eidos Therapeutics, Inc. |  |  | 156 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 2,053 |  |  |  | (717,600 | )
Encompass Health Corp. |  |  | 660 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 5,458 |  |  |  | (250,800 | )
Encompass Health Corp. |  |  | 416 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 3,440 |  |  |  | (52,000 | )
Fate Therapeutics, Inc. |  |  | 191 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 52.25 |  |  |  | USD |  |  |  | 1,737 |  |  |  | (740,042 | )
FibroGen, Inc. |  |  | 450 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,669 |  |  |  | (2,250 | )
Genmab A/S, ADR |  |  | 614 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 2,497 |  |  |  | (121,265 | )
Global Blood Therapeutics, Inc. |  |  | 105 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 455 |  |  |  | (4,200 | )
Global Blood Therapeutics, Inc. |  |  | 216 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 935 |  |  |  | (30,780 | )
Haemonetics Corp. |  |  | 350 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 111.00 |  |  |  | USD |  |  |  | 4,156 |  |  |  | (316,492 | )
Halozyme Therapeutics, Inc. |  |  | 505 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 2,157 |  |  |  | (112,362 | )
Hill-Rom Holdings, Inc. |  |  | 234 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 2,292 |  |  |  | (44,460 | )
Horizon Therapeutics PLC |  |  | 260 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 1,902 |  |  |  | (36,400 | )
Humana, Inc. |  |  | 85 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 435.00 |  |  |  | USD |  |  |  | 3,487 |  |  |  | (18,913 | )
Illumina, Inc. |  |  | 33 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 1,221 |  |  |  | (198,165 | )
Insulet Corp. |  |  | 170 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 4,346 |  |  |  | (127,500 | )
Intellia Therapeutics, Inc. |  |  | 184 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,001 |  |  |  | (367,080 | )
Intellia Therapeutics, Inc. |  |  | 198 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,077 |  |  |  | (120,780 | )
Intuitive Surgical, Inc. |  |  | 29 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 790.00 |  |  |  | USD |  |  |  | 2,372 |  |  |  | (114,115 | )
Iovance Biotherapeutics, Inc. |  |  | 540 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 2,506 |  |  |  | (378,000 | )
IQVIA Holdings, Inc. |  |  | 259 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 4,640 |  |  |  | (156,695 | )
Kadmon Holdings, Inc. |  |  | 950 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 5.00 |  |  |  | USD |  |  |  | 394 |  |  |  | (14,250 | )
Karyopharm Therapeutics, Inc. |  |  | 510 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 789 |  |  |  | (39,525 | )
Kodiak Sciences, Inc. |  |  | 150 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 2,204 |  |  |  | (498,000 | )
Kodiak Sciences, Inc. |  |  | 354 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 5,201 |  |  |  | (589,410 | )
LHC Group, Inc. |  |  | 180 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 3,840 |  |  |  | (130,500 | )
MacroGenics, Inc. |  |  | 123 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 281 |  |  |  | (2,153 | )
Masimo Corp. |  |  | 189 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 245.00 |  |  |  | USD |  |  |  | 5,072 |  |  |  | (477,225 | )
Mersana Therapeutics, Inc. |  |  | 4,365 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 11,615 |  |  |  | (567,450 | )
Mirati Therapeutics, Inc. |  |  | 201 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 4,415 |  |  |  | (74,370 | )
Molecular Templates, Inc. |  |  | 570 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 10.00 |  |  |  | USD |  |  |  | 535 |  |  |  | (38,475 | )
Nevro Corp. |  |  | 311 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 5,383 |  |  |  | (281,455 | )
NuVasive, Inc. |  |  | 150 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 845 |  |  |  | (149,250 | )
Oak Street Health, Inc. |  |  | 61 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 373 |  |  |  | (73,200 | )
Penumra, Inc. |  |  | 190 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 280.00 |  |  |  | USD |  |  |  | 3,325 |  |  |  | (7,600 | )
Prothena Corp. PLC |  |  | 472 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 13.00 |  |  |  | USD |  |  |  | 567 |  |  |  | (22,420 | )
PTC Therapeutics, Inc. |  |  | 270 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 61.75 |  |  |  | USD |  |  |  | 1,648 |  |  |  | (49,755 | )
Rapt Therapeutics, Inc. |  |  | 368 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 727 |  |  |  | (5,520 | )
Relmada Therapeutics, Inc. |  |  | 240 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 770 |  |  |  | (48,000 | )
ResMed, Inc. |  |  | 317 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 6,738 |  |  |  | (61,815 | )
Royalty Pharma PLC, Class A |  |  | 190 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 951 |  |  |  | (101,650 | )
Sarepta Therapeutics, Inc. |  |  | 92 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 1,569 |  |  |  | (235,060 | )
Seagen, Inc. |  |  | 707 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 12,382 |  |  |  | (74,235 | )
Selectquote, Inc. |  |  | 696 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 1,444 |  |  |  | (17,400 | )
Seres Therapeutics, Inc. |  |  | 467 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,144 |  |  |  | (19,847 | )
Seres Therapeutics, Inc. |  |  | 232 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 568 |  |  |  | (15,080 | )
Silk Road Medical, Inc. |  |  | 334 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 2,104 |  |  |  | (50,100 | )
SmileDirectClub, Inc., Class A |  |  | 1,745 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 14.00 |  |  |  | USD |  |  |  | 2,084 |  |  |  | (27,047 | )
STERIS PLC |  |  | 172 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 3,260 |  |  |  | (24,940 | )
Stoke Therapeutics, Inc. |  |  | 76 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 471 |  |  |  | (61,560 | )
Tandem Diabetes Care, Inc. |  |  | 115 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,100 |  |  |  | (1,150 | )
TCR2 Therapeutics, Inc. |  |  | 309 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 956 |  |  |  | (104,287 | )
Teladoc Health, Inc. |  |  | 226 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 4,519 |  |  |  | (253,120 | )
Teleflex, Inc. |  |  | 130 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 5,350 |  |  |  | (442,000 | )
Travere Therapeutics, Inc. |  |  | 515 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 1,404 |  |  |  | (135,187 | )
Twist Bioscience Corp. |  |  | 194 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 2,741 |  |  |  | (718,770 | )
Twist Bioscience Corp. |  |  | 266 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 3,758 |  |  |  | (430,920 | )
Vir Biotechnology, Inc. |  |  | 344 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 921 |  |  |  | (25,800 | )
Zai Lab Ltd., ADR |  |  | 155 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 105.25 |  |  |  | USD |  |  |  | 2,098 |  |  |  | (467,273 | )
Zimmer Biomet Holdings, Inc. |  |  | 401 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 155.41 |  |  |  | USD |  |  |  | 6,179 |  |  |  | (137,025 | )

S C H E D U L E O F I N V E S T M E N T S |  | 85

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zymeworks, Inc. |  |  | 340 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,607 |  |  | $ | (132,600 | )
Zymeworks, Inc. |  |  | 366 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,730 |  |  |  | (88,755 | )
Centene Corp. |  |  | 169 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,014 |  |  |  | (6,676 | )
Edwards Lifesciences Corp. |  |  | 238 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 88.00 |  |  |  | USD |  |  |  | 2,171 |  |  |  | (109,480 | )
Humana, Inc. |  |  | 47 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 417.50 |  |  |  | USD |  |  |  | 1,928 |  |  |  | (38,070 | )
Illumina, Inc. |  |  | 59 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 345.00 |  |  |  | USD |  |  |  | 2,183 |  |  |  | (161,070 | )
Intuitive Surgical, Inc. |  |  | 70 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 805.00 |  |  |  | USD |  |  |  | 5,727 |  |  |  | (274,750 | )
Nektar Therapeutics |  |  | 496 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 20.50 |  |  |  | USD |  |  |  | 843 |  |  |  | (14,880 | )
Sarepta Therapeutics, Inc. |  |  | 97 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 1,654 |  |  |  | (231,830 | )
Tandem Diabetes Care, Inc. |  |  | 163 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 1,560 |  |  |  | (55,827 | )
Teladoc Health, Inc. |  |  | 132 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 2,639 |  |  |  | (108,900 | )
Twist Bioscience Corp. |  |  | 218 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 131.00 |  |  |  | USD |  |  |  | 3,080 |  |  |  | (374,030 | )
ChemoCentryx, Inc. |  |  | 118 |  |  |  | 01/28/21 |  |  |  | USD |  |  |  | 64.37 |  |  |  | USD |  |  |  | 731 |  |  |  | (39,416 | )
Centene Corp. |  |  | 296 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,777 |  |  |  | (21,016 | )
Humana, Inc. |  |  | 41 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 412.50 |  |  |  | USD |  |  |  | 1,682 |  |  |  | (51,660 | )
Intuitive Surgical, Inc. |  |  | 30 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 760.00 |  |  |  | USD |  |  |  | 2,454 |  |  |  | (212,400 | )
Nektar Therapeutics |  |  | 496 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 843 |  |  |  | (19,840 | )
Teladoc Health, Inc. |  |  | 133 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 2,659 |  |  |  | (107,065 | )
LHC Group, Inc. |  |  | 250 |  |  |  | 02/03/21 |  |  |  | USD |  |  |  | 208.00 |  |  |  | USD |  |  |  | 5,333 |  |  |  | (276,664 | )
Dexcom, Inc. |  |  | 69 |  |  |  | 02/04/21 |  |  |  | USD |  |  |  | 362.00 |  |  |  | USD |  |  |  | 2,551 |  |  |  | (179,368 | )
Amedisys, Inc. |  |  | 343 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 276.50 |  |  |  | USD |  |  |  | 10,061 |  |  |  | (786,156 | )
United Therapeutics Corp. |  |  | 83 |  |  |  | 02/10/21 |  |  |  | USD |  |  |  | 148.25 |  |  |  | USD |  |  |  | 1,260 |  |  |  | (82,757 | )
Allakos, Inc. |  |  | 292 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 125.25 |  |  |  | USD |  |  |  | 4,088 |  |  |  | (708,911 | )
Apellis Pharmaceuticals, Inc. |  |  | 264 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 55.25 |  |  |  | USD |  |  |  | 1,510 |  |  |  | (174,470 | )
PPD, Inc. |  |  | 1,123 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 36.75 |  |  |  | USD |  |  |  | 3,843 |  |  |  | (125,491 | )
10X Genomics, Inc., Class A |  |  | 75 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 1,062 |  |  |  | (34,875 | )
ABIOMED, Inc. |  |  | 124 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 291.00 |  |  |  | USD |  |  |  | 4,020 |  |  |  | (567,664 | )
Acceleron Pharma, Inc. |  |  | 550 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 7,037 |  |  |  | (228,250 | )
Addus HomeCare Corp. |  |  | 90 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 1,054 |  |  |  | (62,550 | )
Agios Pharmaceuticals, Inc. |  |  | 684 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 36.00 |  |  |  | USD |  |  |  | 2,964 |  |  |  | (597,449 | )
Alcon, Inc. |  |  | 1,129 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 7,449 |  |  |  | (364,102 | )
Alnylam Pharmaceuticals, Inc. |  |  | 347 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 4,510 |  |  |  | (176,970 | )
Alnylam Pharmaceuticals, Inc. |  |  | 55 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 715 |  |  |  | (12,375 | )
Amicus Therapeutics, Inc. |  |  | 660 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 24.00 |  |  |  | USD |  |  |  | 1,524 |  |  |  | (282,150 | )
Arena Pharmaceuticals, Inc. |  |  | 371 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 2,850 |  |  |  | (259,700 | )
Argenx SE, ADR |  |  | 120 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 3,529 |  |  |  | (222,600 | )
Arrowhead Pharmaceuticals, Inc. |  |  | 130 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 77.25 |  |  |  | USD |  |  |  | 997 |  |  |  | (116,321 | )
Avantor, Inc. |  |  | 1,189 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 3,347 |  |  |  | (124,845 | )
Beam Therapeutics, Inc. |  |  | 245 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 2,000 |  |  |  | (347,900 | )
Berkeley Lights, Inc. |  |  | 367 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 3,281 |  |  |  | (266,075 | )
Biohaven Pharmaceutical Holding Co. Ltd. |  |  | 76 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 651 |  |  |  | (72,580 | )
BioMarin Pharmaceutical, Inc. |  |  | 402 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 3,525 |  |  |  | (154,770 | )
Cardiovascular Systems, Inc. |  |  | 270 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,182 |  |  |  | (76,275 | )
CareDx, Inc. |  |  | 340 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 2,463 |  |  |  | (246,500 | )
Centene Corp. |  |  | 296 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 1,777 |  |  |  | (23,680 | )
Charles River Laboratories International, Inc. |  |  | 140 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 3,498 |  |  |  | (169,400 | )
ChemoCentryx, Inc. |  |  | 121 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 749 |  |  |  | (52,030 | )
Constellation Pharmaceuticals, Inc. |  |  | 185 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 33.50 |  |  |  | USD |  |  |  | 533 |  |  |  | (65,483 | )
Deciphera Pharmaceuticals, Inc. |  |  | 127 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 725 |  |  |  | (50,800 | )
Dicerna Pharmaceuticals, Inc. |  |  | 621 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 1,368 |  |  |  | (136,620 | )
Edwards Lifesciences Corp. |  |  | 168 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,533 |  |  |  | (84,000 | )
Envista Holdings Corp. |  |  | 468 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 33.00 |  |  |  | USD |  |  |  | 1,579 |  |  |  | (137,826 | )
Fate Therapeutics, Inc. |  |  | 102 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 927 |  |  |  | (118,320 | )
Genmab A/S, ADR |  |  | 607 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 2,468 |  |  |  | (54,630 | )
Haemonetics Corp. |  |  | 422 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 5,011 |  |  |  | (339,710 | )
Halozyme Therapeutics, Inc. |  |  | 327 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 1,397 |  |  |  | (62,130 | )
Hill-Rom Holdings, Inc. |  |  | 175 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 1,714 |  |  |  | (80,500 | )
Horizon Therapeutics PLC |  |  | 210 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 1,536 |  |  |  | (57,225 | )
Insmed, Inc. |  |  | 370 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 39.00 |  |  |  | USD |  |  |  | 1,232 |  |  |  | (47,175 | )
Insulet Corp. |  |  | 229 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 5,854 |  |  |  | (328,615 | )
IQVIA Holdings, Inc. |  |  | 146 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 2,616 |  |  |  | (115,340 | )
MacroGenics, Inc. |  |  | 159 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 363 |  |  |  | (9,938 | )

86 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Masimo Corp. |  |  | 575 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 275.00 |  |  |  | USD |  |  |  | 15,432 |  |  | $ | (563,500 | )
Mirati Therapeutics, Inc. |  |  | 79 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 1,735 |  |  |  | (82,950 | )
Nevro Corp. |  |  | 388 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 6,716 |  |  |  | (170,720 | )
NuVasive, Inc. |  |  | 234 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,318 |  |  |  | (248,040 | )
Oak Street Health, Inc. |  |  | 70 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 428 |  |  |  | (25,025 | )
Penumra, Inc. |  |  | 128 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 192.00 |  |  |  | USD |  |  |  | 2,240 |  |  |  | (137,520 | )
PPD, Inc. |  |  | 443 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,516 |  |  |  | (18,828 | )
PTC Therapeutics, Inc. |  |  | 338 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 2,063 |  |  |  | (36,335 | )
Relmada Therapeutics, Inc. |  |  | 313 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,004 |  |  |  | (35,995 | )
ResMed, Inc. |  |  | 179 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 3,805 |  |  |  | (136,935 | )
Royalty Pharma PLC, Class A |  |  | 200 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,001 |  |  |  | (133,000 | )
Seagen, Inc. |  |  | 821 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 14,379 |  |  |  | (223,722 | )
Selectquote, Inc. |  |  | 871 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 1,807 |  |  |  | (30,485 | )
Silk Road Medical, Inc. |  |  | 510 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 62.25 |  |  |  | USD |  |  |  | 3,212 |  |  |  | (234,184 | )
STERIS PLC |  |  | 220 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 4,170 |  |  |  | (171,600 | )
Stoke Therapeutics, Inc. |  |  | 93 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 576 |  |  |  | (130,200 | )
Stoke Therapeutics, Inc. |  |  | 219 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,356 |  |  |  | (164,250 | )
TCR2 Therapeutics, Inc. |  |  | 330 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,021 |  |  |  | (161,700 | )
Teleflex, Inc. |  |  | 272 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 410.00 |  |  |  | USD |  |  |  | 11,195 |  |  |  | (597,040 | )
Travere Therapeutics, Inc. |  |  | 588 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 26.10 |  |  |  | USD |  |  |  | 1,603 |  |  |  | (267,654 | )
United Therapeutics Corp. |  |  | 83 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,260 |  |  |  | (81,755 | )
Zai Lab Ltd., ADR |  |  | 380 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 5,143 |  |  |  | (767,600 | )
Zimmer Biomet Holdings, Inc. |  |  | 463 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 7,134 |  |  |  | (222,240 | )
Stoke Therapeutics, Inc. |  |  | 213 |  |  |  | 02/26/21 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 1,319 |  |  |  | (157,944 | )
Iovance Biotherapeutics, Inc. |  |  | 663 |  |  |  | 03/19/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 3,076 |  |  |  | (235,365 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (33,441,155 | )

OTC Options Written

Description |  | Counterparty |  |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Applied Molecular Transport, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 43,000 |  |  |  | 01/04/21 |  |  |  | USD |  |  |  | 32.25 |  |  |  | USD |  |  |  | 1,323 |  |  | $ | (10,068 | )
Avidity Biosciences, Inc. |  |  | Credit Suisse International |  |  |  | 27,000 |  |  |  | 01/05/21 |  |  |  | USD |  |  |  | 27.66 |  |  |  | USD |  |  |  | 689 |  |  |  | (2,962 | )
Revolution Medicines, Inc. |  |  | Credit Suisse International |  |  |  | 15,800 |  |  |  | 01/05/21 |  |  |  | USD |  |  |  | 31.75 |  |  |  | USD |  |  |  | 626 |  |  |  | (123,930 | )
Alcon AG |  |  | Morgan Stanley & Co. International PLC |  |  |  | 52,500 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 63.79 |  |  |  | USD |  |  |  | 3,464 |  |  |  | (127,972 | )
Convatec Group PLC |  |  | Goldman Sachs International |  |  |  | 630,200 |  |  |  | 01/06/21 |  |  |  | GBP |  |  |  | 2.07 |  |  |  | GBP |  |  |  | 1,255 |  |  |  | (1,913 | )
Envista Holdings Corp. |  |  | Bank of America N.A. |  |  |  | 62,400 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 29.89 |  |  |  | USD |  |  |  | 2,105 |  |  |  | (239,818 | )
Genmab A/S, ADR |  |  | JPMorgan Chase Bank N.A. |  |  |  | 61,300 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 37.66 |  |  |  | USD |  |  |  | 2,492 |  |  |  | (187,652 | )
GN Store Nord A/S |  |  | Barclays Bank PLC |  |  |  | 55,400 |  |  |  | 01/06/21 |  |  |  | DKK |  |  |  | 524.48 |  |  |  | DKK |  |  |  | 26,905 |  |  |  | (642 | )
Hansoh Pharmaceutical Group Co. Ltd. |  |  | UBS AG |  |  |  | 434,000 |  |  |  | 01/06/21 |  |  |  | HKD |  |  |  | 35.11 |  |  |  | HKD |  |  |  | 16,306 |  |  |  | (137,888 | )
Jinxin Fertility Group Ltd. |  |  | Citibank N.A. |  |  |  | 872,000 |  |  |  | 01/06/21 |  |  |  | HKD |  |  |  | 10.03 |  |  |  | HKD |  |  |  | 13,757 |  |  |  | (645,988 | )
LHC Group, Inc. |  |  | UBS AG |  |  |  | 21,300 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 222.85 |  |  |  | USD |  |  |  | 4,544 |  |  |  | (12,938 | )
PPD, Inc. |  |  | Citibank N.A. |  |  |  | 160,000 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 35.58 |  |  |  | USD |  |  |  | 5,475 |  |  |  | (39,653 | )
WuXi AppTec Co. Ltd., Class H |  |  | JPMorgan Chase Bank N.A. |  |  |  | 161,700 |  |  |  | 01/06/21 |  |  |  | HKD |  |  |  | 128.51 |  |  |  | HKD |  |  |  | 24,592 |  |  |  | (491,894 | )
ADC Therapeutics SA |  |  | Bank of America N.A. |  |  |  | 21,000 |  |  |  | 01/07/21 |  |  |  | USD |  |  |  | 36.00 |  |  |  | USD |  |  |  | 672 |  |  |  | (4,812 | )
Akouos, Inc. |  |  | Credit Suisse International |  |  |  | 13,100 |  |  |  | 01/07/21 |  |  |  | USD |  |  |  | 23.09 |  |  |  | USD |  |  |  | 260 |  |  |  | (1,241 | )
Amplifon SpA |  |  | Credit Suisse International |  |  |  | 64,700 |  |  |  | 01/07/21 |  |  |  | EUR |  |  |  | 35.48 |  |  |  | EUR |  |  |  | 2,201 |  |  |  | (13,130 | )
Demant A/S |  |  | Barclays Bank PLC |  |  |  | 44,100 |  |  |  | 01/07/21 |  |  |  | DKK |  |  |  | 227.22 |  |  |  | DKK |  |  |  | 10,620 |  |  |  | (107,344 | )
Genmab A/S, ADR |  |  | UBS AG |  |  |  | 21,700 |  |  |  | 01/07/21 |  |  |  | DKK |  |  |  | 2,334.87 |  |  |  | DKK |  |  |  | 53,608 |  |  |  | (551,603 | )
Lonza Group AG |  |  | UBS AG |  |  |  | 3,200 |  |  |  | 01/07/21 |  |  |  | CHF |  |  |  | 598.84 |  |  |  | CHF |  |  |  | 1,825 |  |  |  | (2,428 | )
Relmada Therapeutics, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 18,200 |  |  |  | 01/07/21 |  |  |  | USD |  |  |  | 34.93 |  |  |  | USD |  |  |  | 584 |  |  |  | (8,017 | )
Zentalis Pharmaceuticals, Inc. |  |  | Barclays Bank PLC |  |  |  | 28,000 |  |  |  | 01/07/21 |  |  |  | USD |  |  |  | 39.60 |  |  |  | USD |  |  |  | 1,454 |  |  |  | (345,591 | )
Kadmon Holdings, Inc. |  |  | Bank of America N.A. |  |  |  | 189,000 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 4.25 |  |  |  | USD |  |  |  | 784 |  |  |  | (43,081 | )
Immunovant, Inc. |  |  | Barclays Bank PLC |  |  |  | 26,000 |  |  |  | 01/11/21 |  |  |  | USD |  |  |  | 49.50 |  |  |  | USD |  |  |  | 1,201 |  |  |  | (41,074 | )
American Well Corp., Class A |  |  | JPMorgan Chase Bank N.A. |  |  |  | 65,000 |  |  |  | 01/12/21 |  |  |  | USD |  |  |  | 24.12 |  |  |  | USD |  |  |  | 1,646 |  |  |  | (135,234 | )
Coloplast A/S, Class B |  |  | Barclays Bank PLC |  |  |  | 5,300 |  |  |  | 01/12/21 |  |  |  | DKK |  |  |  | 975.00 |  |  |  | DKK |  |  |  | 4,927 |  |  |  | (2,282 | )
Amplifon SpA |  |  | Barclays Bank PLC |  |  |  | 52,000 |  |  |  | 01/13/21 |  |  |  | EUR |  |  |  | 36.47 |  |  |  | EUR |  |  |  | 1,769 |  |  |  | (9,649 | )
Avidity Biosciences, Inc. |  |  | Bank of America N.A. |  |  |  | 23,800 |  |  |  | 01/13/21 |  |  |  | USD |  |  |  | 30.69 |  |  |  | USD |  |  |  | 607 |  |  |  | (1,508 | )
Berkeley Lights, Inc. |  |  | Citibank N.A. |  |  |  | 25,000 |  |  |  | 01/13/21 |  |  |  | USD |  |  |  | 87.10 |  |  |  | USD |  |  |  | 2,235 |  |  |  | (140,174 | )
Demant A/S |  |  | Goldman Sachs International |  |  |  | 44,100 |  |  |  | 01/13/21 |  |  |  | DKK |  |  |  | 225.26 |  |  |  | DKK |  |  |  | 10,620 |  |  |  | (128,735 | )

S C H E D U L E O F I N V E S T M E N T S |  | 87

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust II (BMEZ)

OTC Options Written (continued)

Description |  | Counterparty |  |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Genmab A/S, ADR |  |  | Barclays Bank PLC |  |  |  | 35,000 |  |  |  | 01/13/21 |  |  |  | DKK |  |  |  | 2,419.38 |  |  |  | DKK |  |  |  | 86,465 |  |  | $ | (561,613 | )
Jinxin Fertility Group Ltd. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 1,342,000 |  |  |  | 01/13/21 |  |  |  | HKD |  |  |  | 12.89 |  |  |  | HKD |  |  |  | 21,171 |  |  |  | (498,901 | )
Lonza Group AG |  |  | Credit Suisse International |  |  |  | 2,900 |  |  |  | 01/13/21 |  |  |  | CHF |  |  |  | 611.61 |  |  |  | CHF |  |  |  | 1,654 |  |  |  | (2,028 | )
Merck KGaA |  |  | Credit Suisse International |  |  |  | 15,000 |  |  |  | 01/13/21 |  |  |  | EUR |  |  |  | 136.29 |  |  |  | EUR |  |  |  | 2,106 |  |  |  | (95,185 | )
ORIC Pharmaceuticals, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 27,000 |  |  |  | 01/13/21 |  |  |  | USD |  |  |  | 24.10 |  |  |  | USD |  |  |  | 914 |  |  |  | (264,044 | )
Straumann Holding AG, Registered Shares |  |  | Goldman Sachs International |  |  |  | 4,000 |  |  |  | 01/13/21 |  |  |  | CHF |  |  |  | 1,109.82 |  |  |  | CHF |  |  |  | 4,148 |  |  |  | (4,076 | )
UCB SA |  |  | Barclays Bank PLC |  |  |  | 38,000 |  |  |  | 01/13/21 |  |  |  | EUR |  |  |  | 98.94 |  |  |  | EUR |  |  |  | 3,213 |  |  |  | (140 | )
Akouos, Inc. |  |  | Credit Suisse International |  |  |  | 13,100 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 23.09 |  |  |  | USD |  |  |  | 260 |  |  |  | (3,937 | )
ALX Oncology Holdings, Inc. |  |  | Bank of America N.A. |  |  |  | 26,600 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 82.60 |  |  |  | USD |  |  |  | 2,293 |  |  |  | (259,366 | )
Avidity Biosciences, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 23,800 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 34.63 |  |  |  | USD |  |  |  | 607 |  |  |  | (104 | )
C4 Therapeutics, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 25,000 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 35.05 |  |  |  | USD |  |  |  | 828 |  |  |  | (30,354 | )
Eargo, inc. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 25,200 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 50.10 |  |  |  | USD |  |  |  | 1,129 |  |  |  | (39,967 | )
Forma Therapeutics Holdings, Inc. |  |  | Credit Suisse International |  |  |  | 37,000 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 41.73 |  |  |  | USD |  |  |  | 1,291 |  |  |  | (10,995 | )
Forma Therapeutics Holdings, Inc. |  |  | Credit Suisse International |  |  |  | 25,000 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 43.75 |  |  |  | USD |  |  |  | 873 |  |  |  | (3,743 | )
Generation Bio Co. |  |  | Goldman Sachs International |  |  |  | 35,000 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 13.29 |  |  |  | USD |  |  |  | 490 |  |  |  | (42,029 | )
Keros Therapeutics, Inc. |  |  | Credit Suisse International |  |  |  | 26,500 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 71.77 |  |  |  | USD |  |  |  | 1,869 |  |  |  | (89,245 | )
Kymera Therapeutics, Inc. |  |  | Bank of America N.A. |  |  |  | 24,200 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 57.97 |  |  |  | USD |  |  |  | 1,500 |  |  |  | (154,601 | )
Nkarta, Inc. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 40,000 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 52.24 |  |  |  | USD |  |  |  | 2,459 |  |  |  | (417,186 | )
Pmv Pharmaceuticals, Inc. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 25,000 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 48.70 |  |  |  | USD |  |  |  | 1,538 |  |  |  | (324,366 | )
Praxis Precision Medicines, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 63,000 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 45.94 |  |  |  | USD |  |  |  | 3,466 |  |  |  | (618,053 | )
Pulmonx Corp. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 14,900 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 53.44 |  |  |  | USD |  |  |  | 1,028 |  |  |  | (232,888 | )
Revolution Medicines, Inc. |  |  | Bank of America N.A. |  |  |  | 11,000 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 48.03 |  |  |  | USD |  |  |  | 435 |  |  |  | (5,575 | )
Venus MedTech Hangzhou, Inc., Class H |  |  | JPMorgan Chase Bank N.A. |  |  |  | 24,000 |  |  |  | 01/14/21 |  |  |  | HKD |  |  |  | 79.01 |  |  |  | HKD |  |  |  | 1,899 |  |  |  | (11,487 | )
Voyager Therapeutics, Inc. |  |  | Citibank N.A. |  |  |  | 35,500 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 9.27 |  |  |  | USD |  |  |  | 254 |  |  |  | (7,959 | )
Zentalis Pharmaceuticals, Inc. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 15,000 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 58.97 |  |  |  | USD |  |  |  | 779 |  |  |  | (8,636 | )
Eisai Co. Ltd. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 40,500 |  |  |  | 01/15/21 |  |  |  | JPY |  |  |  | 8,535.64 |  |  |  | JPY |  |  |  | 299,056 |  |  |  | (2,388 | )
Gerresheimer AG |  |  | Credit Suisse International |  |  |  | 20,000 |  |  |  | 01/15/21 |  |  |  | EUR |  |  |  | 101.67 |  |  |  | EUR |  |  |  | 1,765 |  |  |  | (443 | )
Kymera Therapeutics, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 27,400 |  |  |  | 01/19/21 |  |  |  | USD |  |  |  | 70.48 |  |  |  | USD |  |  |  | 1,699 |  |  |  | (55,626 | )
Nkarta, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 25,000 |  |  |  | 01/19/21 |  |  |  | USD |  |  |  | 70.46 |  |  |  | USD |  |  |  | 1,537 |  |  |  | (60,947 | )
Akouos, Inc. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 11,300 |  |  |  | 01/20/21 |  |  |  | USD |  |  |  | 20.85 |  |  |  | USD |  |  |  | 224 |  |  |  | (12,098 | )
Hansoh Pharmaceutical Group Co. Ltd. |  |  | Citibank N.A. |  |  |  | 512,000 |  |  |  | 01/20/21 |  |  |  | HKD |  |  |  | 34.82 |  |  |  | HKD |  |  |  | 19,236 |  |  |  | (187,974 | )
Immunovant, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 16,600 |  |  |  | 01/20/21 |  |  |  | USD |  |  |  | 54.23 |  |  |  | USD |  |  |  | 767 |  |  |  | (4,604 | )
Jinxin Fertility Group Ltd. |  |  | UBS AG |  |  |  | 1,342,000 |  |  |  | 01/20/21 |  |  |  | HKD |  |  |  | 14.85 |  |  |  | HKD |  |  |  | 21,171 |  |  |  | (191,438 | )
ORIC Pharmaceuticals, Inc. |  |  | Credit Suisse International |  |  |  | 12,000 |  |  |  | 01/20/21 |  |  |  | USD |  |  |  | 30.91 |  |  |  | USD |  |  |  | 406 |  |  |  | (51,597 | )
Passage Bio, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 23,700 |  |  |  | 01/20/21 |  |  |  | USD |  |  |  | 22.75 |  |  |  | USD |  |  |  | 606 |  |  |  | (79,869 | )
PPD, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 160,000 |  |  |  | 01/20/21 |  |  |  | USD |  |  |  | 35.23 |  |  |  | USD |  |  |  | 5,475 |  |  |  | (145,374 | )
Arcutis Biotherapeutics, Inc. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 21,700 |  |  |  | 01/21/21 |  |  |  | USD |  |  |  | 30.98 |  |  |  | USD |  |  |  | 610 |  |  |  | (23,230 | )
Gerresheimer AG |  |  | Credit Suisse International |  |  |  | 23,700 |  |  |  | 01/21/21 |  |  |  | EUR |  |  |  | 94.47 |  |  |  | EUR |  |  |  | 2,092 |  |  |  | (6,655 | )
Merck KGaA |  |  | Morgan Stanley & Co. International PLC |  |  |  | 37,300 |  |  |  | 01/21/21 |  |  |  | EUR |  |  |  | 138.58 |  |  |  | EUR |  |  |  | 5,237 |  |  |  | (194,770 | )
Morphic Holding, Inc. |  |  | Barclays Bank PLC |  |  |  | 15,000 |  |  |  | 01/21/21 |  |  |  | USD |  |  |  | 31.00 |  |  |  | USD |  |  |  | 503 |  |  |  | (46,993 | )
Akouos, Inc. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 25,000 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 20.58 |  |  |  | USD |  |  |  | 496 |  |  |  | (34,560 | )
ALX Oncology Holdings, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 27,700 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 84.00 |  |  |  | USD |  |  |  | 2,388 |  |  |  | (327,222 | )
Avidity Biosciences, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 21,000 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 35.63 |  |  |  | USD |  |  |  | 536 |  |  |  | (610 | )
C4 Therapeutics, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 30,000 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 35.39 |  |  |  | USD |  |  |  | 994 |  |  |  | (53,873 | )
Eargo, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 25,200 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 50.94 |  |  |  | USD |  |  |  | 1,129 |  |  |  | (63,305 | )
Hansoh Pharmaceutical Group Co. Ltd. |  |  | Citibank N.A. |  |  |  | 348,000 |  |  |  | 01/26/21 |  |  |  | HKD |  |  |  | 36.41 |  |  |  | HKD |  |  |  | 13,074 |  |  |  | (80,010 | )
Jinxin Fertility Group Ltd. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 758,000 |  |  |  | 01/26/21 |  |  |  | HKD |  |  |  | 15.64 |  |  |  | HKD |  |  |  | 11,958 |  |  |  | (69,896 | )
Karyopharm Therapeutics, Inc. |  |  | UBS AG |  |  |  | 27,300 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 16.93 |  |  |  | USD |  |  |  | 423 |  |  |  | (38,126 | )
Keros Therapeutics, Inc. |  |  | Credit Suisse International |  |  |  | 28,600 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 84.56 |  |  |  | USD |  |  |  | 2,017 |  |  |  | (38,018 | )
Kymera Therapeutics, Inc. |  |  | Bank of America N.A. |  |  |  | 24,300 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 59.07 |  |  |  | USD |  |  |  | 1,507 |  |  |  | (174,019 | )
Morphic Holding, Inc. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 11,100 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 34.17 |  |  |  | USD |  |  |  | 372 |  |  |  | (16,581 | )
Nkarta, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 25,000 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 70.45 |  |  |  | USD |  |  |  | 1,537 |  |  |  | (82,083 | )
ORIC Pharmaceuticals, Inc. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 12,000 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 38.07 |  |  |  | USD |  |  |  | 406 |  |  |  | (18,778 | )
Passage Bio, Inc. |  |  | Bank of America N.A. |  |  |  | 25,700 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 28.78 |  |  |  | USD |  |  |  | 657 |  |  |  | (21,168 | )
PMV Pharmaceuticals, Inc. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 33,000 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 47.31 |  |  |  | USD |  |  |  | 2,030 |  |  |  | (482,365 | )
Praxis Precision Medicines, Inc. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 63,200 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 44.99 |  |  |  | USD |  |  |  | 3,477 |  |  |  | (720,757 | )
Pulmonx Corp. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 14,000 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 54.98 |  |  |  | USD |  |  |  | 966 |  |  |  | (202,205 | )
WuXi AppTec Co. Ltd., Class H |  |  | JPMorgan Chase Bank N.A. |  |  |  | 243,900 |  |  |  | 01/26/21 |  |  |  | HKD |  |  |  | 138.53 |  |  |  | HKD |  |  |  | 37,093 |  |  |  | (474,394 | )
WuXi Biologics, Inc. |  |  | JPMorgan Chase Bank N.A. |  |  |  | 810,000 |  |  |  | 01/26/21 |  |  |  | HKD |  |  |  | 86.10 |  |  |  | HKD |  |  |  | 83,274 |  |  |  | (1,778,410 | )
Zentalis Pharmaceuticals, Inc. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 16,000 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 59.53 |  |  |  | USD |  |  |  | 831 |  |  |  | (18,588 | )
Arcutis Biotherapeutics, Inc. |  |  | Morgan Stanley & Co. International PLC |  |  |  | 21,700 |  |  |  | 01/27/21 |  |  |  | USD |  |  |  | 31.27 |  |  |  | USD |  |  |  | 610 |  |  |  | (27,126 | )
Eisai Co. Ltd. |  |  | UBS AG |  |  |  | 11,900 |  |  |  | 01/27/21 |  |  |  | JPY |  |  |  | 7,983.50 |  |  |  | JPY |  |  |  | 87,871 |  |  |  | (8,982 | )

88 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust II (BMEZ)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forma Therapeutics Holdings, Inc. |  | Bank of America N.A. |  |  | 45,000 |  |  |  | 01/27/21 |  |  |  | USD |  |  |  | 47.41 |  |  |  | USD |  |  |  | 1,571 |  |  | $ | (10,582 | )
GN Store Nord A/S |  | Barclays Bank PLC |  |  | 52,200 |  |  |  | 01/27/21 |  |  |  | DKK |  |  |  | 494.12 |  |  |  | DKK |  |  |  | 25,351 |  |  |  | (112,284 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | UBS AG |  |  | 690,000 |  |  |  | 01/27/21 |  |  |  | HKD |  |  |  | 35.25 |  |  |  | HKD |  |  |  | 25,924 |  |  |  | (234,952 | )
Jinxin Fertility Group Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 758,000 |  |  |  | 01/27/21 |  |  |  | HKD |  |  |  | 14.48 |  |  |  | HKD |  |  |  | 11,958 |  |  |  | (140,640 | )
Lonza Group AG |  | Goldman Sachs International |  |  | 3,100 |  |  |  | 01/27/21 |  |  |  | CHF |  |  |  | 564.48 |  |  |  | CHF |  |  |  | 1,768 |  |  |  | (68,618 | )
Straumann Holding AG, Registered Shares |  | Credit Suisse International |  |  | 2,700 |  |  |  | 01/27/21 |  |  |  | CHF |  |  |  | 1,080.98 |  |  |  | CHF |  |  |  | 2,800 |  |  |  | (35,393 | )
UCB SA |  | Barclays Bank PLC |  |  | 23,600 |  |  |  | 01/27/21 |  |  |  | EUR |  |  |  | 90.76 |  |  |  | EUR |  |  |  | 1,996 |  |  |  | (16,272 | )
Akeso, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 232,000 |  |  |  | 01/28/21 |  |  |  | HKD |  |  |  | 33.93 |  |  |  | HKD |  |  |  | 8,841 |  |  |  | (156,110 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | UBS AG |  |  | 434,000 |  |  |  | 01/28/21 |  |  |  | HKD |  |  |  | 36.75 |  |  |  | HKD |  |  |  | 16,306 |  |  |  | (90,204 | )
Voyager Therapeutics, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 32,800 |  |  |  | 01/28/21 |  |  |  | USD |  |  |  | 8.61 |  |  |  | USD |  |  |  | 235 |  |  |  | (21,301 | )
Prothena Corp. PLC |  | Morgan Stanley & Co. International PLC |  |  | 27,200 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 14.58 |  |  |  | USD |  |  |  | 327 |  |  |  | (16,793 | )
Krystal Biotech, Inc. |  | Bank of America N.A. |  |  | 42,000 |  |  |  | 02/01/21 |  |  |  | USD |  |  |  | 54.00 |  |  |  | USD |  |  |  | 2,520 |  |  |  | (317,599 | )
Amplifon SpA |  | Credit Suisse International |  |  | 51,500 |  |  |  | 02/02/21 |  |  |  | EUR |  |  |  | 32.99 |  |  |  | EUR |  |  |  | 1,752 |  |  |  | (119,667 | )
Convatec Group PLC |  | Credit Suisse International |  |  | 583,500 |  |  |  | 02/02/21 |  |  |  | GBP |  |  |  | 2.11 |  |  |  | GBP |  |  |  | 1,162 |  |  |  | (11,027 | )
Demant A/S |  | Morgan Stanley & Co. International PLC |  |  | 44,000 |  |  |  | 02/02/21 |  |  |  | DKK |  |  |  | 227.20 |  |  |  | DKK |  |  |  | 10,595 |  |  |  | (143,539 | )
Sonova Holding AG |  | Goldman Sachs International |  |  | 12,700 |  |  |  | 02/02/21 |  |  |  | CHF |  |  |  | 229.60 |  |  |  | CHF |  |  |  | 2,924 |  |  |  | (95,687 | )
Venus MedTech Hangzhou, Inc., Class H |  | JPMorgan Chase Bank N.A. |  |  | 23,000 |  |  |  | 02/02/21 |  |  |  | HKD |  |  |  | 82.64 |  |  |  | HKD |  |  |  | 1,820 |  |  |  | (12,302 | )
Akouos, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 11,300 |  |  |  | 02/03/21 |  |  |  | USD |  |  |  | 20.85 |  |  |  | USD |  |  |  | 224 |  |  |  | (17,184 | )
ALX Oncology Holdings, Inc. |  | Barclays Bank PLC |  |  | 25,800 |  |  |  | 02/03/21 |  |  |  | USD |  |  |  | 96.52 |  |  |  | USD |  |  |  | 2,224 |  |  |  | (219,661 | )
Demant A/S |  | Goldman Sachs International |  |  | 64,000 |  |  |  | 02/03/21 |  |  |  | DKK |  |  |  | 243.08 |  |  |  | DKK |  |  |  | 15,412 |  |  |  | (118,157 | )
Eisai Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 16,900 |  |  |  | 02/03/21 |  |  |  | JPY |  |  |  | 7,612.80 |  |  |  | JPY |  |  |  | 124,791 |  |  |  | (33,439 | )
Forma Therapeutics Holdings, Inc. |  | Bank of America N.A. |  |  | 45,000 |  |  |  | 02/03/21 |  |  |  | USD |  |  |  | 47.41 |  |  |  | USD |  |  |  | 1,571 |  |  |  | (17,110 | )
GN Store Nord A/S |  | Barclays Bank PLC |  |  | 69,200 |  |  |  | 02/03/21 |  |  |  | DKK |  |  |  | 502.05 |  |  |  | DKK |  |  |  | 33,607 |  |  |  | (136,530 | )
Immunovant, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 29,200 |  |  |  | 02/03/21 |  |  |  | USD |  |  |  | 57.05 |  |  |  | USD |  |  |  | 1,349 |  |  |  | (47,397 | )
Straumann Holding AG, Registered Shares |  | UBS AG |  |  | 3,800 |  |  |  | 02/03/21 |  |  |  | CHF |  |  |  | 1,045.50 |  |  |  | CHF |  |  |  | 3,941 |  |  |  | (148,377 | )
UCB SA |  | UBS AG |  |  | 47,600 |  |  |  | 02/03/21 |  |  |  | EUR |  |  |  | 87.04 |  |  |  | EUR |  |  |  | 4,025 |  |  |  | (95,559 | )
WuXi AppTec Co. Ltd., Class H |  | JPMorgan Chase Bank N.A. |  |  | 263,800 |  |  |  | 02/03/21 |  |  |  | HKD |  |  |  | 151.94 |  |  |  | HKD |  |  |  | 40,119 |  |  |  | (252,074 | )
WuXi Biologics, Inc. |  | Goldman Sachs International |  |  | 390,000 |  |  |  | 02/03/21 |  |  |  | HKD |  |  |  | 98.65 |  |  |  | HKD |  |  |  | 40,095 |  |  |  | (422,813 | )
Prothena Corp. PLC |  | Morgan Stanley & Co. International PLC |  |  | 27,200 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 14.58 |  |  |  | USD |  |  |  | 327 |  |  |  | (15,166 | )
Akouos, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 11,300 |  |  |  | 02/10/21 |  |  |  | USD |  |  |  | 20.85 |  |  |  | USD |  |  |  | 224 |  |  |  | (19,339 | )
Sonova Holding AG |  | UBS AG |  |  | 10,200 |  |  |  | 02/10/21 |  |  |  | CHF |  |  |  | 227.64 |  |  |  | CHF |  |  |  | 2,349 |  |  |  | (98,121 | )
Relay Therapeutics, Inc. |  | Bank of America N.A. |  |  | 17,200 |  |  |  | 02/11/21 |  |  |  | USD |  |  |  | 51.26 |  |  |  | USD |  |  |  | 715 |  |  |  | (21,416 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (16,306,094 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | — |  |  | $ | — |  |  | $ | 7,705,439 |  |  | $ | (23,421,077 | ) |  | $ | (49,747,249 | )

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 |  | $ | — |  |  | $ | — |  |  | $ | 49,747,249 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 49,747,249 |

S C H E D U L E O F I N V E S T M E N T S |  | 89

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust II (BMEZ)

For the period ended December 31, 2020, 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 |  | $ | — |  |  | $ | — |  |  | $ | (121,511 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (121,511 | )
Options written |  |  | — |  |  |  | — |  |  |  | (73,164,412 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (73,164,412 | )
|  | $ | — |  |  | $ | — |  |  | $ | (73,285,923 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (73,285,923 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (15,715,638 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (15,715,638 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts purchased |  | $ | — | (a)
Average value of option contracts written |  | $ | 37,497,101 |

| (a) | Derivative 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(a) |  | $ | — |  |  | $ | 49,747,249 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 49,747,249 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (33,441,155 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 16,306,094 |

| (a) | Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments. |

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged |  |  |  | Net Amount of Derivative Liabilities | (b)
Bank of America N.A |  | $ | 1,270,655 |  |  | $ | — |  |  | $ | (1,270,655 | ) |  | $ | — |  |  | $ | — |
Barclays Bank PLC |  |  | 1,600,075 |  |  |  | — |  |  |  | (1,600,075 | ) |  |  | — |  |  |  | — |
Citibank N.A |  |  | 1,101,758 |  |  |  | — |  |  |  | (1,101,758 | ) |  |  | — |  |  |  | — |
Credit Suisse International |  |  | 609,196 |  |  |  | — |  |  |  | (194,196 | ) |  |  | (415,000 | ) |  |  | — |
Goldman Sachs International |  |  | 882,028 |  |  |  | — |  |  |  | — |  |  |  | (655,000 | ) |  |  | 227,028 |
JPMorgan Chase Bank N.A |  |  | 6,096,371 |  |  |  | — |  |  |  | (6,096,371 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 3,135,395 |  |  |  | — |  |  |  | (3,119,395 | ) |  |  | (16,000 | ) |  |  | — |
UBS AG |  |  | 1,610,616 |  |  |  | — |  |  |  | (1,433,616 | ) |  |  | (177,000 | ) |  |  | — |
|  | $ | 16,306,094 |  |  | $ | — |  |  | $ | (14,816,066 | ) |  | $ | (1,263,000 | ) |  | $ | 227,028 |

| (a) | Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |

| (b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. |

90 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust II (BMEZ)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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 |  | $ | 1,166,466,709 |  |  | $ | 218,425,589 |  |  | $ | 28,744,832 |  |  | $ | 1,413,637,130 |
Diversified Financial Services |  |  | 73,278,702 |  |  |  | — |  |  |  | — |  |  |  | 73,278,702 |
Electronic Equipment, Instruments & Components |  |  | 16,518,575 |  |  |  | — |  |  |  | — |  |  |  | 16,518,575 |
Health Care Equipment & Supplies |  |  | 654,944,457 |  |  |  | 171,224,901 |  |  |  | — |  |  |  | 826,169,358 |
Health Care Providers & Services |  |  | 246,546,286 |  |  |  | 178,092,308 |  |  |  | — |  |  |  | 424,638,594 |
Health Care Technology |  |  | 55,964,929 |  |  |  | — |  |  |  | — |  |  |  | 55,964,929 |
Insurance |  |  | 11,615,062 |  |  |  | — |  |  |  | — |  |  |  | 11,615,062 |
Internet & Direct Marketing Retail |  |  | — |  |  |  | 30,840,850 |  |  |  | — |  |  |  | 30,840,850 |
Life Sciences Tools & Services |  |  | 213,238,536 |  |  |  | 143,642,160 |  |  |  | — |  |  |  | 356,880,696 |
Pharmaceuticals |  |  | 33,853,775 |  |  |  | 156,368,919 |  |  |  | — |  |  |  | 190,222,694 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 112,069,329 |  |  |  | 112,069,329 |
Warrants |  |  | 1,936,055 |  |  |  | — |  |  |  | — |  |  |  | 1,936,055 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 18,347,773 |  |  |  | — |  |  |  | — |  |  |  | 18,347,773 |
|  | $ | 2,492,710,859 |  |  | $ | 898,594,727 |  |  | $ | 140,814,161 |  |  |  | 3,532,119,747 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,577,689 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,541,697,436 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (25,706,013 | ) |  | $ | (24,041,236 | ) |  | $ | — |  |  | $ | (49,747,249 | )

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

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

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the 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 January 30, 2020 |  | $ | — |  |  | $ | — |  |  | $ | — |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | 18,215 |  |  |  | 466,379 |  |  |  | 484,594 |
Purchases |  |  | 28,726,617 |  |  |  | 111,602,950 |  |  |  | 140,329,567 |
Sales |  |  | — |  |  |  | — |  |  |  | — |
Closing balance, as of December 31, 2020 |  | $ | 28,744,832 |  |  | $ | 112,069,329 |  |  | $ | 140,814,161 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2020(b) |  | $ | 18,215 |  |  | $ | 466,379 |  |  | $ | 484,594 |

| (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, 2020 is generally due to investments no longer held or categorized as Level 3 at period end. |

S C H E D U L E O F I N V E S T M E N T S |  | 91

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Health Sciences Trust II (BMEZ)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global 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 |  | $ | 28,744,832 |  |  |  | Market |  |  |  | Recent Transactions |  |  |  | — |  |  |  | — |
Preferred Stocks |  |  | 112,069,329 |  |  |  | Market |  |  |  | Volatility |  |  |  | 77% - 79% |  |  |  | 78% |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 3.0 - 5.0 |  |  |  | 4.2 |
|  |  |  |  |  |  |  |  |  |  | Recent Transactions |  |  |  | — |  |  |  | — |
|  | $ | 140,814,161 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

See notes to financial statements.

92 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments December 31, 2020 |  | BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |
Chemicals — 14.0% |  |  |  |  |  |
Albemarle Corp.(a) |  |  | 32,299 |  |  | $ | 4,764,749 |
CF Industries Holdings, Inc.(a)(b) |  |  | 995,834 |  |  |  | 38,548,734 |
FMC Corp.(a)(b) |  |  | 218,147 |  |  |  | 25,071,635 |
Koninklijke DSM NV |  |  | 92,561 |  |  |  | 15,917,824 |
Nutrien Ltd.(a) |  |  | 184,537 |  |  |  | 8,887,302 |
Symrise AG |  |  | 83,664 |  |  |  | 11,122,571 |
|  |  |  |  |  |  | 104,312,815 |
Containers & Packaging(a) — 7.1% |  |  |  |  |  |
International Paper Co. |  |  | 269,331 |  |  |  | 13,391,137 |
Packaging Corp. of America(b) |  |  | 153,606 |  |  |  | 21,183,803 |
Westrock Co.(b) |  |  | 428,088 |  |  |  | 18,634,671 |
|  |  |  |  |  |  | 53,209,611 |
Electronic Equipment, Instruments & Components — 2.3% |  |  |  |  |  |
Trimble, Inc.(a)(c) |  |  | 255,445 |  |  |  | 17,056,063 |
Energy Equipment & Services — 1.2% |  |  |  |  |  |
Darling Ingredients, Inc.(a)(c) |  |  | 158,023 |  |  |  | 9,114,767 |
Food Products — 4.8% |  |  |  |  |  |
Bunge Ltd.(a) |  |  | 369,649 |  |  |  | 24,241,581 |
Kerry Group PLC, Class A |  |  | 80,658 |  |  |  | 11,715,043 |
|  |  |  |  |  |  | 35,956,624 |
Machinery — 1.3% |  |  |  |  |  |
Deere & Co.(a) |  |  | 36,887 |  |  |  | 9,924,447 |
Metals & Mining — 35.0% |  |  |  |  |  |
Anglo American PLC |  |  | 974,748 |  |  |  | 32,188,359 |
BHP Group PLC |  |  | 1,790,111 |  |  |  | 47,266,787 |
First Quantum Minerals Ltd. |  |  | 522,519 |  |  |  | 9,379,809 |
Fortescue Metals Group Ltd. |  |  | 560,232 |  |  |  | 10,119,135 |
Freeport-McMoRan, Inc.(a)(c) |  |  | 735,747 |  |  |  | 19,144,137 |
Kinross Gold Corp. |  |  | 1,587,919 |  |  |  | 11,651,476 |
Lundin Mining Corp. |  |  | 1,350,994 |  |  |  | 11,993,269 |
MMC Norilsk Nickel PJSC, ADR |  |  | 318,090 |  |  |  | 9,914,414 |
Neo Lithium Corp.(c) |  |  | 4,199,973 |  |  |  | 6,566,067 |
Newcrest Mining Ltd. |  |  | 228,035 |  |  |  | 4,551,066 |
Newmont Corp.(a)(b) |  |  | 325,966 |  |  |  | 19,522,104 |
Polyus PJSC, Registered Shares, GDR |  |  | 81,979 |  |  |  | 8,262,797 |
Rio Tinto PLC |  |  | 82,592 |  |  |  | 6,216,956 |
Stelco Holdings, Inc.(c) |  |  | 685,252 |  |  |  | 12,236,450 |
Vale SA, ADR(a) |  |  | 2,541,939 |  |  |  | 42,602,898 |
Wheaton Precious Metals Corp. |  |  | 233,934 |  |  |  | 9,764,405 |
|  |  |  |  |  |  | 261,380,129 |
Oil, Gas & Consumable Fuels — 34.0% |
Aker BP ASA |  |  | 266,000 |  |  |  | 6,712,236 |
BP PLC, ADR(a) |  |  | 1,356,057 |  |  |  | 27,826,290 |
Chevron Corp.(a)(b) |  |  | 426,431 |  |  |  | 36,012,098 |
CNOOC Ltd. |  |  | 9,230,000 |  |  |  | 8,467,799 |
ConocoPhillips(a) |  |  | 364,555 |  |  |  | 14,578,554 |
Equinor ASA |  |  | 728,500 |  |  |  | 12,294,515 |
Galp Energia SGPS SA |  |  | 715,887 |  |  |  | 7,585,822 |
Hess Corp. |  |  | 98,200 |  |  |  | 5,183,978 |
Kosmos Energy Ltd.(c) |  |  | 2,060,397 |  |  |  | 4,841,933 |
Lukoil PJSC - ADR |  |  | 181,318 |  |  |  | 12,331,980 |

Security |  |  |  |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |
Petroleo Brasileiro SA, ADR(a) |  |  |  |  |  |  | 1,107,631 |  |  | $ | 12,438,696 |
Pioneer Natural Resources Co.(a) |  |  |  |  |  |  | 87,751 |  |  |  | 9,993,961 |
Royal Dutch Shell PLC, Class A, ADR(a) |  |  |  |  |  |  | 728,790 |  |  |  | 25,609,681 |
Suncor Energy, Inc. |  |  |  |  |  |  | 939,470 |  |  |  | 15,757,471 |
Total SA |  |  |  |  |  |  | 996,554 |  |  |  | 43,013,460 |
Valero Energy Corp.(a) |  |  |  |  |  |  | 193,107 |  |  |  | 10,924,063 |
|  |  |  |  |  |  |  |  |  |  | 253,572,537 |
Paper & Forest Products — 0.0% |
Precious Woods Holding AG, Registered Shares(c) |  |  |  |  |  |  | 20,000 |  |  |  | 220,264 |
Specialty Retail — 1.4% |
Tractor Supply Co.(a) |  |  |  |  |  |  | 70,853 |  |  |  | 9,960,515 |
Total Common Stocks — 101.1% |
(Cost: $623,428,896) |  |  |  |  |  |  |  |  |  |  | 754,707,772 |
|  |  |  |  | Par ( 000) |  |  |  |
Corporate Bonds |  |  |  |  |  |  |  |  |  |  |  |
Metals & Mining — 0.6% |  |  |  |  |  |  |  |  |
Osisko Gold Royalties Ltd., 4.00%, 12/31/22(d) |  |  | CAD |  |  |  | 5,652 |  |  |  | 4,706,670 |
Total Corporate Bonds — 0.6% |
(Cost: $4,511,494) |  |  |  |  |  |  |  |  |  |  | 4,706,670 |
Total Long-Term Investments — 101.7% |
(Cost: $627,940,390) |  |  |  |  |  |  |  |  |  |  | 759,414,442 |
|  |  |  |  | Shares |  |  |  |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds — 0.1% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, |  |  |  |  |  |  |  |  |  |  |  |
0.00%(e)(f) |  |  |  |  |  |  | 289,665 |  |  |  | 289,665 |
Total Short-Term Securities — 0.1% |
(Cost: $289,665) |  |  |  |  |  |  |  |  |  |  | 289,665 |
Total Investments Before Options Written — 101.8% |
(Cost: $628,230,055) |  |  |  |  |  |  |  |  |  |  | 759,704,107 |
Options Written — (2.2)% |
(Premiums Received: $(9,419,468)) |  |  |  |  |  |  |  |  |  |  | (16,243,847 | )
Total Investments, Net of Options Written — 99.6% |
(Cost: $618,810,587) |  |  |  |  |  |  |  |  |  |  | 743,460,260 |
Other Assets Less Liabilities — 0.4% |  |  | 3,155,103 |
Net Assets — 100.0% |  |  | $746,615,363 |

(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) | Convertible security.

(e) | Affiliate of the Trust.

(f) | Annualized 7-day yield as of period end.

S C H E D U L E O F I N V E S T M E N T S |  | 93

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/19 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 12/31/20 |  |  | Shares Held at 12/31/20 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 13,708,365 |  |  | $ | — |  |  | $ | (13,418,700 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 289,665 |  |  |  | 289,665 |  |  | $ | 51,624 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series(b) |  |  | 183,179 |  |  |  | — |  |  |  | (183,221 | )(a) |  |  | 84 |  |  |  | (42 | ) |  |  | — |  |  |  | — |  |  |  | 6,091 | (c) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 84 |  |  | $ | (42 | ) |  | $ | 289,665 |  |  |  |  |  |  | $ | 57,715 |  |  | $ | — |

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

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

| (c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BP PLC, ADR |  |  | 1,131 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 21.00 |  |  |  | USD |  |  |  | 2,321 |  |  | $ | (29,406 | )
ConocoPhillips |  |  | 434 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 1,736 |  |  |  | (10,633 | )
Deere & Co. |  |  | 74 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 257.50 |  |  |  | USD |  |  |  | 1,991 |  |  |  | (90,835 | )
Newmont Corp. |  |  | 103 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 61.50 |  |  |  | USD |  |  |  | 617 |  |  |  | (4,532 | )
Nutrien Ltd. |  |  | 371 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 51.50 |  |  |  | USD |  |  |  | 1,787 |  |  |  | (5,565 | )
Pioneer Natural Resources Co. |  |  | 165 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 117.00 |  |  |  | USD |  |  |  | 1,879 |  |  |  | (31,763 | )
Vale SA, ADR |  |  | 985 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 12.85 |  |  |  | USD |  |  |  | 1,651 |  |  |  | (385,905 | )
Albemarle Corp. |  |  | 129 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 1,903 |  |  |  | (30,960 | )
BP PLC, ADR |  |  | 874 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 1,793 |  |  |  | (82,593 | )
Bunge Ltd. |  |  | 772 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 5,063 |  |  |  | (281,780 | )
Bunge Ltd. |  |  | 200 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,312 |  |  |  | (40,000 | )
CF Industries Holdings, Inc. |  |  | 244 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 32.50 |  |  |  | USD |  |  |  | 945 |  |  |  | (156,160 | )
CF Industries Holdings, Inc. |  |  | 771 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 2,985 |  |  |  | (300,690 | )
CF Industries Holdings, Inc. |  |  | 594 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 2,299 |  |  |  | (35,640 | )
Chevron Corp. |  |  | 321 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 87.50 |  |  |  | USD |  |  |  | 2,711 |  |  |  | (39,323 | )
Chevron Corp. |  |  | 728 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 6,148 |  |  |  | (46,956 | )
ConocoPhillips |  |  | 464 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,856 |  |  |  | (10,440 | )
Darling Ingredients, Inc. |  |  | 347 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 2,001 |  |  |  | (281,070 | )
FMC Corp. |  |  | 506 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 5,815 |  |  |  | (30,360 | )
Freeport-McMoRan, Inc. |  |  | 720 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 21.00 |  |  |  | USD |  |  |  | 1,873 |  |  |  | (361,800 | )
Freeport-McMoRan, Inc. |  |  | 1,012 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 2,633 |  |  |  | (609,730 | )
International Paper Co. |  |  | 334 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,661 |  |  |  | (33,400 | )
Kinross Gold Corp. |  |  | 520 |  |  |  | 01/15/21 |  |  |  | CAD |  |  |  | 12.00 |  |  |  | CAD |  |  |  | 486 |  |  |  | (1,430 | )
Kinross Gold Corp. |  |  | 573 |  |  |  | 01/15/21 |  |  |  | CAD |  |  |  | 11.00 |  |  |  | CAD |  |  |  | 535 |  |  |  | (2,701 | )
Lundin Mining Corp. |  |  | 2,018 |  |  |  | 01/15/21 |  |  |  | CAD |  |  |  | 9.00 |  |  |  | CAD |  |  |  | 2,280 |  |  |  | (366,217 | )
Lundin Mining Corp. |  |  | 2,647 |  |  |  | 01/15/21 |  |  |  | CAD |  |  |  | 10.00 |  |  |  | CAD |  |  |  | 2,991 |  |  |  | (278,653 | )
Newmont Corp. |  |  | 469 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 2,809 |  |  |  | (2,814 | )
Packaging Corp. of America |  |  | 311 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 4,289 |  |  |  | (267,460 | )
Petroleo Brasileiro SA, ADR |  |  | 1,184 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 9.00 |  |  |  | USD |  |  |  | 1,330 |  |  |  | (263,440 | )
Pioneer Natural Resources Co. |  |  | 40 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 456 |  |  |  | (40,200 | )
Royal Dutch Shell PLC, Class A |  |  | 391 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 27.50 |  |  |  | USD |  |  |  | 1,374 |  |  |  | (299,115 | )
Royal Dutch Shell PLC, Class A |  |  | 783 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 2,751 |  |  |  | (7,830 | )
Stelco Holdings, Inc. |  |  | 1,250 |  |  |  | 01/15/21 |  |  |  | CAD |  |  |  | 16.00 |  |  |  | CAD |  |  |  | 2,841 |  |  |  | (660,401 | )
Suncor Energy, Inc. |  |  | 1,893 |  |  |  | 01/15/21 |  |  |  | CAD |  |  |  | 22.00 |  |  |  | CAD |  |  |  | 4,042 |  |  |  | (66,178 | )
Suncor Energy, Inc. |  |  | 1,049 |  |  |  | 01/15/21 |  |  |  | CAD |  |  |  | 24.00 |  |  |  | CAD |  |  |  | 2,240 |  |  |  | (8,653 | )
Suncor Energy, Inc. |  |  | 1,049 |  |  |  | 01/15/21 |  |  |  | CAD |  |  |  | 25.00 |  |  |  | CAD |  |  |  | 2,240 |  |  |  | (5,357 | )

94 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tractor Supply Co. |  |  | 143 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 2,010 |  |  | $ | (102,245 | )
Trimble, Inc. |  |  | 529 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 3,532 |  |  |  | (367,655 | )
Valero Energy Corp. |  |  | 289 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,635 |  |  |  | (88,145 | )
Valero Energy Corp. |  |  | 240 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,358 |  |  |  | (21,000 | )
Westrock Co. |  |  | 414 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,802 |  |  |  | (28,980 | )
BP PLC, ADR |  |  | 1,139 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 23.50 |  |  |  | USD |  |  |  | 2,337 |  |  |  | (12,529 | )
CF Industries Holdings, Inc. |  |  | 1,020 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 39.00 |  |  |  | USD |  |  |  | 3,948 |  |  |  | (124,950 | )
Chevron Corp. |  |  | 333 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 91.50 |  |  |  | USD |  |  |  | 2,812 |  |  |  | (25,308 | )
ConocoPhillips |  |  | 270 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 44.50 |  |  |  | USD |  |  |  | 1,080 |  |  |  | (12,285 | )
Deere & Co. |  |  | 74 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 257.50 |  |  |  | USD |  |  |  | 1,991 |  |  |  | (108,780 | )
First Quantum Minerals Ltd. |  |  | 2,350 |  |  |  | 01/22/21 |  |  |  | CAD |  |  |  | 21.00 |  |  |  | CAD |  |  |  | 5,370 |  |  |  | (415,390 | )
Freeport-McMoRan, Inc. |  |  | 690 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 1,795 |  |  |  | (130,065 | )
International Paper Co. |  |  | 456 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 51.50 |  |  |  | USD |  |  |  | 2,267 |  |  |  | (27,360 | )
Kinross Gold Corp. |  |  | 1,574 |  |  |  | 01/22/21 |  |  |  | CAD |  |  |  | 10.00 |  |  |  | CAD |  |  |  | 1,470 |  |  |  | (30,295 | )
Nutrien Ltd. |  |  | 371 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 51.50 |  |  |  | USD |  |  |  | 1,787 |  |  |  | (10,203 | )
Petroleo Brasileiro SA, ADR |  |  | 912 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 11.00 |  |  |  | USD |  |  |  | 1,024 |  |  |  | (51,528 | )
Royal Dutch Shell PLC, Class A |  |  | 894 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 38.50 |  |  |  | USD |  |  |  | 3,142 |  |  |  | (49,170 | )
Tractor Supply Co. |  |  | 142 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 144.00 |  |  |  | USD |  |  |  | 1,996 |  |  |  | (43,665 | )
Vale SA, ADR |  |  | 1,866 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 18.00 |  |  |  | USD |  |  |  | 3,127 |  |  |  | (55,047 | )
Valero Energy Corp. |  |  | 209 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,182 |  |  |  | (27,170 | )
BP PLC, ADR |  |  | 1,174 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 2,409 |  |  |  | (36,981 | )
CF Industries Holdings, Inc. |  |  | 1,377 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 40.79 |  |  |  | USD |  |  |  | 5,330 |  |  |  | (104,205 | )
Chevron Corp. |  |  | 334 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 92.50 |  |  |  | USD |  |  |  | 2,821 |  |  |  | (40,414 | )
ConocoPhillips |  |  | 179 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 43.50 |  |  |  | USD |  |  |  | 716 |  |  |  | (15,036 | )
ConocoPhillips |  |  | 6 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 40.50 |  |  |  | USD |  |  |  | 24 |  |  |  | (1,071 | )
Freeport-McMoRan, Inc. |  |  | 180 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 468 |  |  |  | (40,050 | )
International Paper Co. |  |  | 239 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 51.50 |  |  |  | USD |  |  |  | 1,188 |  |  |  | (20,913 | )
Kinross Gold Corp. |  |  | 1,574 |  |  |  | 01/29/21 |  |  |  | CAD |  |  |  | 10.00 |  |  |  | CAD |  |  |  | 1,470 |  |  |  | (40,188 | )
Newmont Corp. |  |  | 280 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,677 |  |  |  | (62,300 | )
Petroleo Brasileiro SA, ADR |  |  | 1,306 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 11.50 |  |  |  | USD |  |  |  | 1,467 |  |  |  | (59,423 | )
Pioneer Natural Resources Co. |  |  | 148 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 1,686 |  |  |  | (82,140 | )
Royal Dutch Shell PLC, Class A |  |  | 864 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 38.50 |  |  |  | USD |  |  |  | 3,036 |  |  |  | (56,160 | )
Vale SA, ADR |  |  | 2,353 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 14.10 |  |  |  | USD |  |  |  | 3,944 |  |  |  | (678,401 | )
Newmont Corp. |  |  | 394 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 63.50 |  |  |  | USD |  |  |  | 2,360 |  |  |  | (48,462 | )
Vale SA, ADR |  |  | 2,093 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 3,508 |  |  |  | (129,766 | )
Packaging Corp. of America |  |  | 183 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 136.00 |  |  |  | USD |  |  |  | 2,524 |  |  |  | (127,865 | )
Packaging Corp. of America |  |  | 124 |  |  |  | 02/12/21 |  |  |  | USD |  |  |  | 137.71 |  |  |  | USD |  |  |  | 1,710 |  |  |  | (74,952 | )
BP PLC, ADR |  |  | 1,138 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 24.00 |  |  |  | USD |  |  |  | 2,335 |  |  |  | (32,433 | )
ConocoPhillips |  |  | 40 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 160 |  |  |  | (5,820 | )
Darling Ingredients, Inc. |  |  | 288 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,661 |  |  |  | (74,880 | )
FMC Corp. |  |  | 327 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 3,758 |  |  |  | (101,370 | )
Freeport-McMoRan, Inc. |  |  | 478 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 24.00 |  |  |  | USD |  |  |  | 1,244 |  |  |  | (154,155 | )
Kinross Gold Corp. |  |  | 573 |  |  |  | 02/19/21 |  |  |  | CAD |  |  |  | 12.00 |  |  |  | CAD |  |  |  | 535 |  |  |  | (6,977 | )
Kinross Gold Corp. |  |  | 1,574 |  |  |  | 02/19/21 |  |  |  | CAD |  |  |  | 10.00 |  |  |  | CAD |  |  |  | 1,470 |  |  |  | (63,682 | )
Petroleo Brasileiro SA, ADR |  |  | 1,204 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 10.00 |  |  |  | USD |  |  |  | 1,352 |  |  |  | (173,978 | )
Trimble, Inc. |  |  | 340 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 2,270 |  |  |  | (156,400 | )
Trimble, Inc. |  |  | 110 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 734 |  |  |  | (25,025 | )
Vale SA, ADR |  |  | 2,420 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 17.00 |  |  |  | USD |  |  |  | 4,056 |  |  |  | (240,790 | )
Westrock Co. |  |  | 1,222 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 47.50 |  |  |  | USD |  |  |  | 5,319 |  |  |  | (137,475 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (9,693,072 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lukoil PJSC - ADR |  | Goldman Sachs International |  |  | 9,000 |  |  |  | 01/05/21 |  |  |  | USD |  |  |  | 65.05 |  |  |  | USD |  |  |  | 612 |  |  | $ | (33,114 | )
Total SA |  | Goldman Sachs International |  |  | 84,500 |  |  |  | 01/05/21 |  |  |  | EUR |  |  |  | 35.70 |  |  |  | EUR |  |  |  | 2,985 |  |  |  | (19,326 | )
BHP Group PLC |  | Credit Suisse International |  |  | 636,000 |  |  |  | 01/06/21 |  |  |  | GBP |  |  |  | 17.07 |  |  |  | GBP |  |  |  | 12,280 |  |  |  | (1,958,840 | )
Kerry Group PLC, Class A |  | Goldman Sachs International |  |  | 13,200 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 118.35 |  |  |  | EUR |  |  |  | 1,569 |  |  |  | (26,032 | )
Koninklijke DSM NV |  | Credit Suisse International |  |  | 22,700 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 144.68 |  |  |  | EUR |  |  |  | 3,195 |  |  |  | (11,645 | )

S C H E D U L E O F I N V E S T M E N T S |  | 95

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Anglo American PLC |  | UBS AG |  |  | 69,000 |  |  |  | 01/07/21 |  |  |  | GBP |  |  |  | 19.28 |  |  |  | GBP |  |  |  | 1,666 |  |  | $ | (459,119 | )
BHP Group PLC |  | UBS AG |  |  | 125,500 |  |  |  | 01/07/21 |  |  |  | GBP |  |  |  | 15.69 |  |  |  | GBP |  |  |  | 2,423 |  |  |  | (620,424 | )
Rio Tinto PLC |  | Barclays Bank PLC |  |  | 33,000 |  |  |  | 01/07/21 |  |  |  | GBP |  |  |  | 51.27 |  |  |  | GBP |  |  |  | 1,816 |  |  |  | (171,100 | )
CNOOC Ltd. |  | Morgan Stanley And Co. International |  |  | 910,000 |  |  |  | 01/12/21 |  |  |  | HKD |  |  |  | 7.58 |  |  |  | HKD |  |  |  | 6,472 |  |  |  | (9,921 | )
Lukoil PJSC - ADR |  | Goldman Sachs International |  |  | 13,900 |  |  |  | 01/12/21 |  |  |  | USD |  |  |  | 57.65 |  |  |  | USD |  |  |  | 945 |  |  |  | (159,924 | )
Total SA |  | Credit Suisse International |  |  | 99,900 |  |  |  | 01/12/21 |  |  |  | EUR |  |  |  | 35.67 |  |  |  | EUR |  |  |  | 3,530 |  |  |  | (48,566 | )
Anglo American PLC |  | Credit Suisse International |  |  | 70,000 |  |  |  | 01/13/21 |  |  |  | GBP |  |  |  | 22.80 |  |  |  | GBP |  |  |  | 1,690 |  |  |  | (147,855 | )
Equinor ASA |  | Morgan Stanley And Co. International |  |  | 124,300 |  |  |  | 01/15/21 |  |  |  | NOK |  |  |  | 149.43 |  |  |  | NOK |  |  |  | 17,987 |  |  |  | (35,297 | )
Fortescue Metals Group Ltd. |  | Goldman Sachs International |  |  | 114,200 |  |  |  | 01/15/21 |  |  |  | AUD |  |  |  | 17.04 |  |  |  | AUD |  |  |  | 2,676 |  |  |  | (562,874 | )
Aker BP ASA |  | Morgan Stanley And Co. International |  |  | 53,200 |  |  |  | 01/21/21 |  |  |  | NOK |  |  |  | 223.40 |  |  |  | NOK |  |  |  | 11,510 |  |  |  | (22,156 | )
Anglo American PLC |  | Barclays Bank PLC |  |  | 240,000 |  |  |  | 01/21/21 |  |  |  | GBP |  |  |  | 25.47 |  |  |  | GBP |  |  |  | 5,796 |  |  |  | (101,127 | )
Fortescue Metals Group Ltd. |  | UBS AG |  |  | 111,200 |  |  |  | 01/21/21 |  |  |  | AUD |  |  |  | 22.14 |  |  |  | AUD |  |  |  | 2,605 |  |  |  | (148,829 | )
Lukoil PJSC - ADR |  | Credit Suisse International |  |  | 50,000 |  |  |  | 01/21/21 |  |  |  | USD |  |  |  | 74.42 |  |  |  | USD |  |  |  | 3,401 |  |  |  | (15,568 | )
MMC Norilsk Nickel PJSC |  | Credit Suisse International |  |  | 128,000 |  |  |  | 01/21/21 |  |  |  | USD |  |  |  | 32.83 |  |  |  | USD |  |  |  | 3,990 |  |  |  | (41,839 | )
Polyus PJSC, Registered Shares, GDR |  | Credit Suisse International |  |  | 16,500 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 103.69 |  |  |  | USD |  |  |  | 1,663 |  |  |  | (49,639 | )
Polyus PJSC, Registered Shares, GDR |  | Goldman Sachs International |  |  | 16,500 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 99.91 |  |  |  | USD |  |  |  | 1,663 |  |  |  | (76,782 | )
Bunge Ltd. |  | Credit Suisse International |  |  | 51,800 |  |  |  | 01/27/21 |  |  |  | USD |  |  |  | 65.12 |  |  |  | USD |  |  |  | 3,397 |  |  |  | (136,066 | )
Equinor ASA |  | Morgan Stanley And Co. International |  |  | 124,300 |  |  |  | 01/27/21 |  |  |  | NOK |  |  |  | 150.89 |  |  |  | NOK |  |  |  | 17,987 |  |  |  | (46,415 | )
Galp Energia SGPS SA |  | Barclays Bank PLC |  |  | 155,700 |  |  |  | 01/27/21 |  |  |  | EUR |  |  |  | 9.58 |  |  |  | EUR |  |  |  | 1,351 |  |  |  | (40,097 | )
Symrise AG |  | Credit Suisse International |  |  | 33,500 |  |  |  | 01/27/21 |  |  |  | EUR |  |  |  | 109.46 |  |  |  | EUR |  |  |  | 3,646 |  |  |  | (76,782 | )
Total SA |  | Goldman Sachs International |  |  | 71,500 |  |  |  | 01/27/21 |  |  |  | EUR |  |  |  | 38.06 |  |  |  | EUR |  |  |  | 2,526 |  |  |  | (24,388 | )
CNOOC Ltd. |  | Societe Generale |  |  | 2,782,000 |  |  |  | 01/28/21 |  |  |  | HKD |  |  |  | 7.49 |  |  |  | HKD |  |  |  | 19,786 |  |  |  | (76,107 | )
Equinor ASA |  | Goldman Sachs International |  |  | 42,800 |  |  |  | 01/28/21 |  |  |  | NOK |  |  |  | 154.65 |  |  |  | NOK |  |  |  | 6,193 |  |  |  | (11,562 | )
Newcrest Mining Ltd. |  | UBS AG |  |  | 91,300 |  |  |  | 01/28/21 |  |  |  | AUD |  |  |  | 27.82 |  |  |  | AUD |  |  |  | 2,364 |  |  |  | (19,943 | )
Aker BP ASA |  | Morgan Stanley And Co. International |  |  | 53,200 |  |  |  | 02/02/21 |  |  |  | NOK |  |  |  | 223.50 |  |  |  | NOK |  |  |  | 11,511 |  |  |  | (32,060 | )
Stelco Holdings, Inc. |  | Credit Suisse International |  |  | 200,000 |  |  |  | 02/02/21 |  |  |  | CAD |  |  |  | 17.65 |  |  |  | CAD |  |  |  | 4,546 |  |  |  | (936,213 | )
Galp Energia SGPS SA |  | Goldman Sachs International |  |  | 118,000 |  |  |  | 02/03/21 |  |  |  | EUR |  |  |  | 8.69 |  |  |  | EUR |  |  |  | 1,024 |  |  |  | (82,000 | )
Kerry Group PLC, Class A |  | Goldman Sachs International |  |  | 17,700 |  |  |  | 02/03/21 |  |  |  | EUR |  |  |  | 122.81 |  |  |  | EUR |  |  |  | 2,104 |  |  |  | (32,775 | )
Koninklijke DSM NV |  | Barclays Bank PLC |  |  | 12,700 |  |  |  | 02/03/21 |  |  |  | EUR |  |  |  | 143.33 |  |  |  | EUR |  |  |  | 1,788 |  |  |  | (45,443 | )
Total SA |  | Barclays Bank PLC |  |  | 125,100 |  |  |  | 02/03/21 |  |  |  | EUR |  |  |  | 36.63 |  |  |  | EUR |  |  |  | 4,420 |  |  |  | (107,816 | )
Lundin Mining Corp. |  | Credit Suisse International |  |  | 202,000 |  |  |  | 02/08/21 |  |  |  | CAD |  |  |  | 10.50 |  |  |  | CAD |  |  |  | 2,283 |  |  |  | (163,131 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,550,775 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | — |  |  | $ | — |  |  | $ | 2,673,321 |  |  | $ | (9,497,700 | ) |  | $ | (16,243,847 | )

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 |  | $ | — |  |  | $ | — |  |  | $ | 16,243,847 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,243,847 |

96 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

For the year ended December 31, 2020, 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) |  | $ | — |  |  | $ | — |  |  | $ | (14,885 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (14,885 | )
Options written |  |  | — |  |  |  | — |  |  |  | (27,953,946 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (27,953,946 | )
|  | $ | — |  |  | $ | — |  |  | $ | (27,968,831 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (27,968,831 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (5,633,867 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5,633,867 | )

| (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 |  | $ | 9,288,968 |

| (a) | Derivative 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 |  | $ | — |  |  | $ | 16,243,847 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 16,243,847 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (9,693,072 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 6,550,775 |

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged |  |  |  | Net Amount of Derivative Liabilities | (b)
Barclays Bank PLC |  | $ | 465,583 |  |  | $ | — |  |  | $ | (465,583 | ) |  | $ | — |  |  | $ | — |
Credit Suisse International |  |  | 3,586,144 |  |  |  | — |  |  |  | (3,586,144 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 1,028,777 |  |  |  | — |  |  |  | (1,028,777 | ) |  |  | — |  |  |  | — |
Morgan Stanley And Co. International |  |  | 145,849 |  |  |  | — |  |  |  | (145,849 | ) |  |  | — |  |  |  | — |
Societe Generale |  |  | 76,107 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 76,107 |
UBS AG |  |  | 1,248,315 |  |  |  | — |  |  |  | (1,248,315 | ) |  |  | — |  |  |  | — |
|  | $ | 6,550,775 |  |  | $ | — |  |  | $ | (6,474,668 | ) |  | $ | — |  |  | $ | 76,107 |

| (a) | Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |

| (b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. |

S C H E D U L E O F I N V E S T M E N T S |  | 97

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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 |  | $ | 77,272,420 |  |  | $ | 27,040,395 |  |  | $ | — |  |  | $ | 104,312,815 |
Containers & Packaging |  |  | 53,209,611 |  |  |  | — |  |  |  | — |  |  |  | 53,209,611 |
Electronic Equipment, Instruments & Components |  |  | 17,056,063 |  |  |  | — |  |  |  | — |  |  |  | 17,056,063 |
Energy Equipment & Services |  |  | 9,114,767 |  |  |  | — |  |  |  | — |  |  |  | 9,114,767 |
Food Products |  |  | 24,241,581 |  |  |  | 11,715,043 |  |  |  | — |  |  |  | 35,956,624 |
Machinery |  |  | 9,924,447 |  |  |  | — |  |  |  | — |  |  |  | 9,924,447 |
Metals & Mining |  |  | 142,860,615 |  |  |  | 118,519,514 |  |  |  | — |  |  |  | 261,380,129 |
Oil, Gas & Consumable Fuels |  |  | 163,166,725 |  |  |  | 90,405,812 |  |  |  | — |  |  |  | 253,572,537 |
Paper & Forest Products |  |  | — |  |  |  | 220,264 |  |  |  | — |  |  |  | 220,264 |
Specialty Retail |  |  | 9,960,515 |  |  |  | — |  |  |  | — |  |  |  | 9,960,515 |
Corporate Bonds |  |  | 4,706,670 |  |  |  | — |  |  |  | — |  |  |  | 4,706,670 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 289,665 |  |  |  | — |  |  |  | — |  |  |  | 289,665 |
|  | $ | 511,803,079 |  |  | $ | 247,901,028 |  |  | $ | — |  |  | $ | 759,704,107 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (8,321,744 | ) |  | $ | (7,922,103 | ) |  | $ | — |  |  | $ | (16,243,847 | )

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

See notes to financial statements.

98 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments December 31, 2020 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |
Automobiles — 1.6% |  |  |  |  |  |  |  |  |
Tesla, Inc.(a)(b) |  |  |  |  |  |  | 29,130 |  |  | $ | 20,556,167 |
Banks — 1.1% |  |  |  |  |  |  |  |  |
Klarna Holdings AB, (Acquired 08/07/19, Cost: $7,971,978)(c)(d) |  |  |  |  |  |  | 26,430 |  |  |  | 14,722,238 |
Diversified Consumer Services — 1.6% |  |  |  |  |  |  |  |  |
Chegg, Inc.(a)(b) |  |  |  |  |  |  | 120,357 |  |  |  | 10,871,848 |
TAL Education Group, ADR(a)(b) |  |  |  |  |  |  | 101,223 |  |  |  | 7,238,457 |
Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $1,524,948)(c)(d) |  |  |  |  |  |  | 997 |  |  |  | 2,237,821 |
|  |  |  |  |  |  |  |  |  |  | 20,348,126 |
Diversified Financial Services — 0.3% |  |  |  |  |  |  |  |  |
TransferWise, (Acquired 06/03/19, Cost: $2,471,478)(c)(d) |  |  |  |  |  |  | 27,945 |  |  |  | 4,108,753 |
Diversified Telecommunication Services — 0.5% |  |  |  |  |  |  |  |  |
Bandwidth, Inc., Class A(a)(b) |  |  |  |  |  |  | 44,009 |  |  |  | 6,762,863 |
Electronic Equipment, Instruments & Components — 0.8% |  |  |  |  |  |  |  |  |
Samsung SDI Co. Ltd. |  |  |  |  |  |  | 18,473 |  |  |  | 10,705,981 |
Entertainment(a) — 3.1% |  |  |  |  |  |  |  |  |
Activision Blizzard, Inc. |  |  |  |  |  |  | 105,896 |  |  |  | 9,832,444 |
NetEase, Inc., ADR |  |  |  |  |  |  | 75,395 |  |  |  | 7,220,579 |
Netflix, Inc.(b) |  |  |  |  |  |  | 12,993 |  |  |  | 7,025,705 |
Roku, Inc.(b) |  |  |  |  |  |  | 48,457 |  |  |  | 16,088,693 |
|  |  |  |  |  |  |  |  |  |  | 40,167,421 |
Health Care Technology — 0.7% |  |  |  |  |  |  |  |  |
Teladoc Health, Inc.(a)(b) |  |  |  |  |  |  | 46,645 |  |  |  | 9,327,134 |
Hotels, Restaurants & Leisure — 0.2% |  |  |  |  |  |  |  |  |
Airbnb, Inc., Class A(a)(b) |  |  |  |  |  |  | 19,351 |  |  |  | 2,840,727 |
Interactive Media & Services — 9.2% |  |  |  |  |  |  |  |  |
Alphabet, Inc., Class A(a)(b) |  |  |  |  |  |  | 14,326 |  |  |  | 25,108,321 |
Facebook, Inc., Class A(a)(b) |  |  |  |  |  |  | 46,979 |  |  |  | 12,832,784 |
Kakao Corp. |  |  |  |  |  |  | 47,555 |  |  |  | 17,063,707 |
Snap, Inc., Class A(a)(b) |  |  |  |  |  |  | 317,203 |  |  |  | 15,882,354 |
Tencent Holdings Ltd. |  |  |  |  |  |  | 366,300 |  |  |  | 26,356,666 |
Yandex NV, Class A(a)(b) |  |  |  |  |  |  | 158,418 |  |  |  | 11,022,724 |
ZoomInfo Technologies, Inc., Class A(a)(b) |  |  |  |  |  |  | 238,831 |  |  |  | 11,518,819 |
|  |  |  |  |  |  |  |  |  |  | 119,785,375 |
Internet & Direct Marketing Retail — 9.9% |  |  |  |  |  |  |  |  |
Alibaba Group Holding Ltd., ADR(a)(b) |  |  |  |  |  |  | 85,351 |  |  |  | 19,863,738 |
Amazon.com, Inc.(a)(b) |  |  |  |  |  |  | 10,748 |  |  |  | 35,005,484 |
Delivery Hero SE(b)(e) |  |  |  |  |  |  | 98,747 |  |  |  | 15,442,934 |
Ensogo Ltd.(b)(c) |  |  |  |  |  |  | 173,282 |  |  |  | 2 |
Jasper Infotech Private Ltd., , Series I, (Acquired 08/18/15, Cost: $1,998,435)(c)(d) |  |  |  |  |  |  | 1,054 |  |  |  | 266,082 |
JD Health International, Inc., (Acquired 12/01/20, Cost: $7,167,887)(d) |  |  |  |  |  |  | 779,400 |  |  |  | 14,414,343 |
Meituan, Class B(b) |  |  |  |  |  |  | 548,896 |  |  |  | 20,662,341 |
MercadoLibre, Inc.(a)(b) |  |  |  |  |  |  | 13,192 |  |  |  | 22,099,502 |
|  |  |  |  |  |  |  |  |  |  | 127,754,426 |
IT Services — 18.0% |  |  |  |  |  |  |  |  |
Adyen NV(b)(e) |  |  |  |  |  |  | 5,060 |  |  |  | 11,757,116 |
GMO Payment Gateway, Inc. |  |  |  |  |  |  | 73,400 |  |  |  | 9,863,735 |
Mastercard, Inc., Class A(a) |  |  |  |  |  |  | 73,391 |  |  |  | 26,196,183 |
MongoDB, Inc.(a)(b) |  |  |  |  |  |  | 29,473 |  |  |  | 10,581,986 |
Okta, Inc.(a)(b) |  |  |  |  |  |  | 63,350 |  |  |  | 16,107,371 |

Security |  |  |  | Shares |  |  | Value |
IT Services (continued) |  |  |  |  |  |  |  |
Pagseguro Digital Ltd., Class A(a)(b) |  |  |  |  | 150,560 |  |  | $ | 8,563,853 |
PayPal Holdings, Inc.(a)(b) |  |  |  |  | 104,901 |  |  |  | 24,567,814 |
Shopify, Inc., Class A(a)(b) |  |  |  |  | 17,891 |  |  |  | 20,251,717 |
Snowflake, Inc., Class A(a)(b) |  |  |  |  | 8,644 |  |  |  | 2,432,422 |
Square, Inc., Class A(a)(b) |  |  |  |  | 143,351 |  |  |  | 31,198,912 |
StoneCo. Ltd., Class A(a)(b) |  |  |  |  | 167,534 |  |  |  | 14,059,453 |
TRAX Ltd., (Acquired 09/12/19, Cost: $4,000,012)(c)(d) . |  |  |  |  | 106,667 |  |  |  | 5,990,419 |
Twilio, Inc., Class A(a)(b) |  |  |  |  | 86,226 |  |  |  | 29,187,501 |
Visa, Inc., Class A(a) |  |  |  |  | 101,604 |  |  |  | 22,223,843 |
|  |  |  |  |  |  |  |  | 232,982,325 |
Road & Rail(b) — 1.0% |  |  |  |  |  |  |  |
Lyft, Inc., Class A(a) |  |  |  |  | 134,851 |  |  |  | 6,625,230 |
Uber Technologies, Inc. |  |  |  |  | 133,856 |  |  |  | 6,826,656 |
|  |  |  |  |  |  |  |  | 13,451,886 |
Semiconductors & Semiconductor Equipment — 13.7% |  |  |  |  |  |  |  |
Advanced Micro Devices, Inc.(a)(b) |  |  |  |  | 230,770 |  |  |  | 21,163,917 |
ASML Holding NV |  |  |  |  | 35,591 |  |  |  | 17,232,342 |
Cree, Inc.(a)(b) |  |  |  |  | 120,271 |  |  |  | 12,736,699 |
Inphi Corp.(a)(b) |  |  |  |  | 89,383 |  |  |  | 14,343,290 |
Lam Research Corp.(a) |  |  |  |  | 35,645 |  |  |  | 16,834,064 |
Marvell Technology Group Ltd.(a) |  |  |  |  | 343,206 |  |  |  | 16,316,013 |
Monolithic Power Systems, Inc.(a) |  |  |  |  | 33,117 |  |  |  | 12,128,439 |
Qualcomm, Inc.(a) |  |  |  |  | 50,414 |  |  |  | 7,680,069 |
Renesas Electronics Corp.(b) |  |  |  |  | 1,059,100 |  |  |  | 11,085,583 |
Skyworks Solutions, Inc.(a) |  |  |  |  | 49,227 |  |  |  | 7,525,824 |
SOITEC(b) |  |  |  |  | 74,283 |  |  |  | 14,405,259 |
STMicroelectronics NV |  |  |  |  | 293,649 |  |  |  | 10,863,763 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR(a) . |  |  |  |  | 138,998 |  |  |  | 15,156,342 |
|  |  |  |  |  |  |  |  | 177,471,604 |
Software — 25.2% |  |  |  |  |  |  |  |
Adobe, Inc.(a)(b) |  |  |  |  | 40,482 |  |  |  | 20,245,858 |
Altium Ltd. |  |  |  |  | 255,296 |  |  |  | 6,704,210 |
Atlassian Corp. PLC, Class A(a)(b) |  |  |  |  | 49,062 |  |  |  | 11,474,130 |
Autodesk, Inc.(a)(b) |  |  |  |  | 41,442 |  |  |  | 12,653,900 |
Avalara, Inc.(a)(b) |  |  |  |  | 81,089 |  |  |  | 13,370,765 |
C3.AI, Inc., (Acquired 12/08/20, Cost: $7,129,478)(d) |  |  |  |  | 235,833 |  |  |  | 31,285,704 |
C3.AI, Inc., Class A, 08/14/19(a)(b) |  |  |  |  | 28,286 |  |  |  | 3,924,683 |
Cadence Design Systems, Inc.(a)(b) |  |  |  |  | 77,759 |  |  |  | 10,608,660 |
Coupa Software, Inc.(a)(b) |  |  |  |  | 45,108 |  |  |  | 15,287,552 |
Crowdstrike Holdings, Inc., Class A(a)(b) |  |  |  |  | 56,369 |  |  |  | 11,940,082 |
Databricks, Inc., (Acquired 07/24/20, Cost: $960,476)(c)(d) |  |  |  |  | 19,999 |  |  |  | 1,345,533 |
Elastic NV(a)(b) |  |  |  |  | 56,525 |  |  |  | 8,259,998 |
Fair Isaac Corp.(a)(b) |  |  |  |  | 12,734 |  |  |  | 6,507,583 |
Intuit, Inc.(a) |  |  |  |  | 23,692 |  |  |  | 8,999,406 |
Kingdee International Software Group Co. Ltd. |  |  |  |  | 3,972,000 |  |  |  | 16,215,924 |
Microsoft Corp.(a) |  |  |  |  | 193,601 |  |  |  | 43,060,734 |
Online Ventures Pty Ltd., (Acquired 01/21/20, Cost: $6,160,136)(c)(d) |  |  |  |  | 53,642 |  |  |  | 6,876,559 |
Paycom Software, Inc.(a)(b) |  |  |  |  | 19,990 |  |  |  | 9,040,477 |
RingCentral, Inc., Class A(a)(b) |  |  |  |  | 41,312 |  |  |  | 15,656,009 |
salesforce.com, Inc.(a)(b) |  |  |  |  | 41,103 |  |  |  | 9,146,651 |
ServiceNow, Inc.(a)(b) |  |  |  |  | 28,212 |  |  |  | 15,528,731 |
Unity Software, Inc.(a)(b) |  |  |  |  | 82,957 |  |  |  | 12,731,411 |
Xero Ltd.(b) |  |  |  |  | 112,503 |  |  |  | 12,768,989 |
Zoom Video Communications, Inc., Class A(a)(b) |  |  |  |  | 17,820 |  |  |  | 6,011,042 |
Zscaler, Inc.(a)(b) |  |  |  |  | 84,629 |  |  |  | 16,901,258 |
|  |  |  |  |  |  |  |  | 326,545,849 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 99

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Shares |  |  | Value |
Specialty Retail — 0.1% |  |  |  |  |  |  |  |  |
Cazoo Ltd., (Acquired 10/08/20, Cost: $1,414,228)(c)(d) . |  |  |  |  |  |  | 102,926 |  |  | $ | 1,496,187 |
Technology Hardware, Storage & Peripherals — 4.0% |  |  |  |  |  |  |  |  |
Apple, Inc.(a) |  |  |  |  |  |  | 387,449 |  |  |  | 51,410,608 |
Total Common Stocks — 91.0% (Cost: $321,584,178) |  |  |  |  |  |  |  |  |  |  | 1,180,437,670 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks — 9.7%(c)(d) |  |  |  |  |  |  |  |  |
Automobiles — 1.6% |  |  |  |  |  |  |  |  |
Arrival Ltd., Series A, (Acquired 10/08/20, Cost: $5,997,600) |  |  |  |  |  |  | 1,496,000 |  |  |  | 20,322,784 |
Diversified Consumer Services — 0.2% |  |  |  |  |  |  |  |  |
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $3,052,975) |  |  |  |  |  |  | 1,054 |  |  |  | 2,365,761 |
Diversified Financial Services — 0.3% |  |  |  |  |  |  |  |  |
TransferWise |  |  |  |  |  |  |  |  |  |  |  |
Series A, (Acquired 06/03/19, Cost: $1,004,242) |  |  |  |  |  |  | 11,355 |  |  |  | 1,669,526 |
Series B, (Acquired 06/03/19, Cost: $288,407) |  |  |  |  |  |  | 3,261 |  |  |  | 479,465 |
Series C, (Acquired 06/03/19, Cost: $161,315) |  |  |  |  |  |  | 1,824 |  |  |  | 268,183 |
Series D, (Acquired 06/03/19, Cost: $44,579) |  |  |  |  |  |  | 504 |  |  |  | 74,103 |
Series E, (Acquired 06/03/19, Cost: $4,688) |  |  |  |  |  |  | 53 |  |  |  | 7,792 |
TransferWise (Seed Preferred), (Acquired 06/03/19, Cost: $849,295) |  |  |  |  |  |  | 9,603 |  |  |  | 1,411,929 |
|  |  |  |  |  |  |  |  |  |  | 3,910,998 |
Electronic Equipment, Instruments & Components — 0.5% |  |  |  |  |  |  |  |  |
Credo Technology Group Holding Ltd. |  |  |  |  |  |  |  |  |  |  |  |
Series D, (Acquired 03/20/20, Cost: $5,000,001) |  |  |  |  |  |  | 1,001,382 |  |  |  | 5,818,029 |
Series D+, (Acquired 01/22/20, Cost: $404,498) |  |  |  |  |  |  | 69,679 |  |  |  | 404,835 |
|  |  |  |  |  |  |  |  |  |  | 6,222,864 |
Food Products — 0.3% |  |  |  |  |  |  |  |  |
Farmer’s Business Network, Inc., Series F, (Acquired 07/31/20, Cost: $2,999,886) |  |  |  |  |  |  | 90,750 |  |  |  | 3,226,163 |
Interactive Media & Services — 0.8% |  |  |  |  |  |  |  |  |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $9,999,959) |  |  |  |  |  |  | 91,262 |  |  |  | 9,999,959 |
IT Services — 1.0% |  |  |  |  |  |  |  |  |
Ant Group Co., Ltd, Series C, (Acquired 05/18/18, Cost: $6,492,862) |  |  |  |  |  |  | 1,157,373 |  |  |  | 8,934,919 |
Trumid Holdings LLC(f) |  |  |  |  |  |  |  |  |  |  |  |
Class J-A, (Acquired 07/24/20, Cost: $2,499,716) |  |  |  |  |  |  | 5,038 |  |  |  | 2,227,300 |
Class J-B, (Acquired 07/24/20, Cost: $1,499,830) |  |  |  |  |  |  | 5,038 |  |  |  | 2,227,300 |
|  |  |  |  |  |  |  |  |  |  | 13,389,519 |
Road & Rail — 0.7% |  |  |  |  |  |  |  |  |
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $5,482,937) |  |  |  |  |  |  | 275 |  |  |  | 3,175,771 |
Xiaoju Kuaizhi, Inc., Series A-17, (Acquired 07/28/15, Cost: $3,016,964) |  |  |  |  |  |  | 110,003 |  |  |  | 6,192,069 |
|  |  |  |  |  |  |  |  |  |  | 9,367,840 |
Semiconductors & Semiconductor Equipment — 1.8% |  |  |  |  |  |  |  |  |
Innovium, Inc. |  |  |  |  |  |  |  |  |  |  |  |
Series E, (Acquired 08/21/19, Cost: $3,000,003) |  |  |  |  |  |  | 353,478 |  |  |  | 3,301,485 |
Series F, (Acquired 06/10/20, Cost: $2,999,996) |  |  |  |  |  |  | 296,062 |  |  |  | 3,123,454 |

Security |  |  |  |  | Shares |  |  | Value |
Semiconductors & Semiconductor Equipment (continued) |  |  |  |  |  |  |  |  |
Nuvia, Inc., Series B, (Acquired 09/17/20, Cost: $2,999,998) |  |  |  |  |  |  | 935,352 |  |  | $ | 2,993,126 |
Psiquantum Corp., Series C, (Acquired 09/09/19, Cost: $3,200,234) |  |  |  |  |  |  | 690,003 |  |  |  | 3,263,714 |
SambaNova Systems, Inc., Series C, (Acquired 02/20/20, Cost: $9,972,126) |  |  |  |  |  |  | 187,300 |  |  |  | 11,185,556 |
|  |  |  |  |  |  |  |  |  |  | 23,867,335 |
Software — 2.2% |  |  |  |  |  |  |  |  |
Avidxchange, Inc., (Acquired 07/29/20, Cost: $2,022,088) |  |  |  |  |  |  | 41,257 |  |  |  | 2,280,687 |
Databricks, Inc., Series F, (Acquired 10/22/19, Cost: $3,999,999) |  |  |  |  |  |  | 93,135 |  |  |  | 6,266,123 |
DataRobot, Inc. , Series F, (Acquired 10/27/20, Cost: $2,999,996) |  |  |  |  |  |  | 228,276 |  |  |  | 2,999,546 |
GitLab, Inc., Series E, (Acquired 09/10/19, Cost: $2,915,501) |  |  |  |  |  |  | 156,500 |  |  |  | 6,707,590 |
Unqork, Inc. |  |  |  |  |  |  |  |  |  |  |  |
Series B, (Acquired 09/19/19, Cost: $3,198,416) |  |  |  |  |  |  | 7,027 |  |  |  | 8,608,848 |
Series C, (Acquired 09/18/20, Cost: $1,303,260) |  |  |  |  |  |  | 1,190 |  |  |  | 1,457,881 |
|  |  |  |  |  |  |  |  |  |  | 28,320,675 |
Specialty Retail — 0.3% |  |  |  |  |  |  |  |  |
Cazoo Ltd. |  |  |  |  |  |  |  |  |  |  |  |
Series A, (Acquired 10/08/20, Cost: $46,195) |  |  |  |  |  |  | 3,362 |  |  |  | 48,872 |
Series B, (Acquired 10/08/20, Cost: $808,325) |  |  |  |  |  |  | 58,829 |  |  |  | 855,170 |
Series C, (Acquired 10/08/20, Cost: $16,392) |  |  |  |  |  |  | 1,193 |  |  |  | 17,342 |
Series D, (Acquired 10/08/20, Cost: $2,887,649) |  |  |  |  |  |  | 210,160 |  |  |  | 3,054,998 |
|  |  |  |  |  |  |  |  |  |  | 3,976,382 |
Total Preferred Stocks — 9.7% |  |  |  |  |  |  |  | 124,970,280 |
Total Preferred Securities — 9.7% (Cost: $91,169,932) |  |  |  |  |  |  |  |  |  |  | 124,970,280 |
Warrants |  |  |  |  |  |  |  |  |  |  |  |
IT Services — 0.0% |  |  |  |  |  |  |  |  |
TRAX Ltd., (Acquired 09/12/19, Cost: $0)(c)(d) |  |  |  |  |  |  | 17,065 |  |  |  | 189,763 |
Total Warrants — 0.0% (Cost: $ — ) |  |  |  |  |  |  |  |  |  |  | 189,763 |
Total Long-Term Investments — 100.7% (Cost: $412,754,110) |  |  |  | 1,305,597,713 |

100 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |
Money Market Funds — 0.7% |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(g)(h) |  |  | 9,266,737 |  |  | $ | 9,266,737 |
Total Short-Term Securities — 0.7% (Cost: $9,266,737) |  |  | 9,266,737 |
Total Investments Before Options Written — 101.4% (Cost: $422,020,847) |  |  | 1,314,864,450 |
Options Written — (1.8)% (Premiums Received: $(15,190,758)) |  |  | (23,184,725) |
Total Investments, Net of Options Written — 99.6% (Cost: $406,830,089) |  |  | 1,291,679,725 |
Other Assets Less Liabilities — 0.4% |  |  |  | 5,664,378 |
Net Assets — 100.0% |  |  | $1,297,344,103 |

(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 $207,903,682, representing 16.03% of its net assets as of period end, and an original cost of $131,968,988.

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

(f) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

(g) | Affiliate of the Trust.

(h) | Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/19 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 12/31/20 |  |  | Shares Held at 12/31/20 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 8,881,516 |  |  | $ | 385,221 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9,266,737 |  |  |  | 9,266,737 |  |  | $ | 26,604 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series(b) |  |  | — |  |  |  | 495 | (a) |  |  | — |  |  |  | (495 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,063 | (c) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (495 | ) |  | $ | — |  |  | $ | 9,266,737 |  |  |  |  |  |  | $ | 50,667 |  |  | $ | — |

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

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

| (c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apple, Inc. |  |  | 32 |  |  |  | 01/06/21 |  |  | USD |  |  | 124.00 |  |  | USD |  |  | 425 |  |  |  | $ (28,485 | )
Microsoft Corp. |  |  | 37 |  |  |  | 01/06/21 |  |  | USD |  |  | 221.00 |  |  | USD |  |  | 823 |  |  |  | (14,869 | )
Activision Blizzard, Inc. |  |  | 130 |  |  |  | 01/08/21 |  |  | USD |  |  | 81.00 |  |  | USD |  |  | 1,207 |  |  |  | (154,375 | )
Adobe, Inc. |  |  | 30 |  |  |  | 01/08/21 |  |  | USD |  |  | 510.00 |  |  | USD |  |  | 1,500 |  |  |  | (9,510 | )
Advanced Micro Devices, Inc. |  |  | 121 |  |  |  | 01/08/21 |  |  | USD |  |  | 103.00 |  |  | USD |  |  | 1,110 |  |  |  | (1,513 | )
Alibaba Group Holding Ltd., ADR |  |  | 188 |  |  |  | 01/08/21 |  |  | USD |  |  | 277.50 |  |  | USD |  |  | 4,375 |  |  |  | (2,726 | )
Alphabet, Inc., Class A |  |  | 15 |  |  |  | 01/08/21 |  |  | USD |  |  | 1,842.50 |  |  | USD |  |  | 2,629 |  |  |  | (2,513 | )
Apple, Inc. |  |  | 92 |  |  |  | 01/08/21 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 1,221 |  |  |  | (37,030 | )
Atlassian Corp. PLC, Class A |  |  | 4 |  |  |  | 01/08/21 |  |  | USD |  |  | 237.50 |  |  | USD |  |  | 94 |  |  |  | (1,440 | )
Autodesk, Inc. |  |  | 37 |  |  |  | 01/08/21 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 1,130 |  |  |  | (94,997 | )
Facebook, Inc., Class A |  |  | 20 |  |  |  | 01/08/21 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 546 |  |  |  | (1,240 | )
Lam Research Corp. |  |  | 67 |  |  |  | 01/08/21 |  |  | USD |  |  | 460.00 |  |  | USD |  |  | 3,164 |  |  |  | (113,062 | )
Marvell Technology Group Ltd. |  |  | 193 |  |  |  | 01/08/21 |  |  | USD |  |  | 44.00 |  |  | USD |  |  | 918 |  |  |  | (72,375 | )
Mastercard, Inc., Class A |  |  | 38 |  |  |  | 01/08/21 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 1,356 |  |  |  | (35,435 | )

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 101

Consolidated Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Microsoft Corp. |  |  | 73 |  |  |  | 01/08/21 |  |  | USD |  |  | 222.50 |  |  | USD |  |  | 1,624 |  |  |  | $ (20,915 | )
MongoDB, Inc. |  |  | 6 |  |  |  | 01/08/21 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 216 |  |  |  | (56,550 | )
Netflix, Inc. |  |  | 14 |  |  |  | 01/08/21 |  |  | USD |  |  | 520.00 |  |  | USD |  |  | 757 |  |  |  | (33,600 | )
RingCentral, Inc., Class A |  |  | 38 |  |  |  | 01/08/21 |  |  | USD |  |  | 335.00 |  |  | USD |  |  | 1,440 |  |  |  | (167,390 | )
Skyworks Solutions, Inc. |  |  | 76 |  |  |  | 01/08/21 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,162 |  |  |  | (34,770 | )
Snap, Inc., Class A |  |  | 583 |  |  |  | 01/08/21 |  |  | USD |  |  | 53.00 |  |  | USD |  |  | 2,919 |  |  |  | (29,733 | )
StoneCo. Ltd., Class A |  |  | 84 |  |  |  | 01/08/21 |  |  | USD |  |  | 74.00 |  |  | USD |  |  | 705 |  |  |  | (84,420 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 277 |  |  |  | 01/08/21 |  |  | USD |  |  | 104.00 |  |  | USD |  |  | 3,020 |  |  |  | (153,735 | )
Teladoc Health, Inc. |  |  | 49 |  |  |  | 01/08/21 |  |  | USD |  |  | 207.50 |  |  | USD |  |  | 980 |  |  |  | (12,618 | )
Tesla, Inc. |  |  | 12 |  |  |  | 01/08/21 |  |  | USD |  |  | 590.00 |  |  | USD |  |  | 847 |  |  |  | (140,460 | )
Twilio, Inc., Class A |  |  | 56 |  |  |  | 01/08/21 |  |  | USD |  |  | 325.00 |  |  | USD |  |  | 1,896 |  |  |  | (102,760 | )
Visa, Inc., Class A |  |  | 37 |  |  |  | 01/08/21 |  |  | USD |  |  | 212.50 |  |  | USD |  |  | 809 |  |  |  | (26,270 | )
Zoom Video Communications, Inc., Class A |  |  | 32 |  |  |  | 01/08/21 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 1,080 |  |  |  | (800 | )
Zscaler, Inc. |  |  | 81 |  |  |  | 01/08/21 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 1,618 |  |  |  | (126,967 | )
Activision Blizzard, Inc. |  |  | 68 |  |  |  | 01/15/21 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 631 |  |  |  | (54,740 | )
Adobe, Inc. |  |  | 35 |  |  |  | 01/15/21 |  |  | USD |  |  | 480.00 |  |  | USD |  |  | 1,750 |  |  |  | (83,912 | )
Advanced Micro Devices, Inc. |  |  | 160 |  |  |  | 01/15/21 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 1,467 |  |  |  | (70,000 | )
Advanced Micro Devices, Inc. |  |  | 170 |  |  |  | 01/15/21 |  |  | USD |  |  | 97.50 |  |  | USD |  |  | 1,559 |  |  |  | (23,885 | )
Airbnb, Inc., Class A |  |  | 34 |  |  |  | 01/15/21 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 499 |  |  |  | (8,160 | )
Alibaba Group Holding Ltd., ADR |  |  | 126 |  |  |  | 01/15/21 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 2,932 |  |  |  | (5,166 | )
Alphabet, Inc., Class A |  |  | 10 |  |  |  | 01/15/21 |  |  | USD |  |  | 1,780.00 |  |  | USD |  |  | 1,753 |  |  |  | (23,900 | )
Amazon.com, Inc. |  |  | 10 |  |  |  | 01/15/21 |  |  | USD |  |  | 3,400.00 |  |  | USD |  |  | 3,257 |  |  |  | (24,875 | )
Apple, Inc. |  |  | 101 |  |  |  | 01/15/21 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,340 |  |  |  | (89,637 | )
Atlassian Corp. PLC, Class A |  |  | 159 |  |  |  | 01/15/21 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 3,719 |  |  |  | (255,990 | )
Atlassian Corp. PLC, Class A |  |  | 8 |  |  |  | 01/15/21 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 187 |  |  |  | (3,600 | )
Autodesk, Inc. |  |  | 34 |  |  |  | 01/15/21 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 1,038 |  |  |  | (90,525 | )
Avalara, Inc. |  |  | 150 |  |  |  | 01/15/21 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 2,473 |  |  |  | (140,250 | )
Bandwidth, Inc., Class A |  |  | 82 |  |  |  | 01/15/21 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 1,260 |  |  |  | (42,230 | )
C3.AI, Inc., Class A |  |  | 99 |  |  |  | 01/15/21 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,374 |  |  |  | (69,300 | )
Cadence Design Systems, Inc. |  |  | 141 |  |  |  | 01/15/21 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 1,924 |  |  |  | (297,510 | )
Chegg, Inc. |  |  | 212 |  |  |  | 01/15/21 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 1,915 |  |  |  | (329,660 | )
Chegg, Inc. |  |  | 209 |  |  |  | 01/15/21 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 1,888 |  |  |  | (71,060 | )
Coupa Software, Inc. |  |  | 74 |  |  |  | 01/15/21 |  |  | USD |  |  | 320.00 |  |  | USD |  |  | 2,508 |  |  |  | (180,560 | )
Cree, Inc. |  |  | 95 |  |  |  | 01/15/21 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 1,006 |  |  |  | (276,450 | )
Cree, Inc. |  |  | 226 |  |  |  | 01/15/21 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 2,393 |  |  |  | (550,310 | )
Crowdstrike Holdings, Inc., Class A |  |  | 83 |  |  |  | 01/15/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,758 |  |  |  | (476,835 | )
Elastic NV |  |  | 98 |  |  |  | 01/15/21 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,432 |  |  |  | (254,310 | )
Facebook, Inc., Class A |  |  | 9 |  |  |  | 01/15/21 |  |  | USD |  |  | 295.00 |  |  | USD |  |  | 246 |  |  |  | (1,103 | )
Fair Isaac Corp. |  |  | 23 |  |  |  | 01/15/21 |  |  | USD |  |  | 470.00 |  |  | USD |  |  | 1,175 |  |  |  | (101,200 | )
Inphi Corp. |  |  | 161 |  |  |  | 01/15/21 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 2,584 |  |  |  | (186,760 | )
Intuit, Inc. |  |  | 34 |  |  |  | 01/15/21 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 1,292 |  |  |  | (47,940 | )
Lam Research Corp. |  |  | 27 |  |  |  | 01/15/21 |  |  | USD |  |  | 425.00 |  |  | USD |  |  | 1,275 |  |  |  | (133,110 | )
Lyft, Inc., Class A |  |  | 180 |  |  |  | 01/15/21 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 884 |  |  |  | (85,050 | )
Marvell Technology Group Ltd. |  |  | 310 |  |  |  | 01/15/21 |  |  | USD |  |  | 44.00 |  |  | USD |  |  | 1,474 |  |  |  | (124,000 | )
Mastercard, Inc., Class A |  |  | 31 |  |  |  | 01/15/21 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 1,107 |  |  |  | (35,495 | )
MercadoLibre, Inc. |  |  | 25 |  |  |  | 01/15/21 |  |  | USD |  |  | 1,420.00 |  |  | USD |  |  | 4,188 |  |  |  | (646,875 | )
Microsoft Corp. |  |  | 36 |  |  |  | 01/15/21 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 801 |  |  |  | (20,430 | )
MongoDB, Inc. |  |  | 48 |  |  |  | 01/15/21 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 1,723 |  |  |  | (330,960 | )
NetEase, Inc., ADR |  |  | 128 |  |  |  | 01/15/21 |  |  | USD |  |  | 93.31 |  |  | USD |  |  | 1,226 |  |  |  | (53,120 | )
Netflix, Inc. |  |  | 16 |  |  |  | 01/15/21 |  |  | USD |  |  | 515.00 |  |  | USD |  |  | 865 |  |  |  | (50,240 | )
Okta, Inc. |  |  | 99 |  |  |  | 01/15/21 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 2,517 |  |  |  | (177,457 | )
Pagseguro Digital Ltd., Class A |  |  | 145 |  |  |  | 01/15/21 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 825 |  |  |  | (141,375 | )
Paycom Software, Inc. |  |  | 69 |  |  |  | 01/15/21 |  |  | USD |  |  | 380.00 |  |  | USD |  |  | 3,121 |  |  |  | (499,905 | )
PayPal Holdings, Inc. |  |  | 77 |  |  |  | 01/15/21 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,803 |  |  |  | (193,462 | )
RingCentral, Inc., Class A |  |  | 37 |  |  |  | 01/15/21 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 1,402 |  |  |  | (256,225 | )
Roku, Inc. |  |  | 41 |  |  |  | 01/15/21 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 1,361 |  |  |  | (379,557 | )
Roku, Inc. |  |  | 18 |  |  |  | 01/15/21 |  |  | USD |  |  | 335.00 |  |  | USD |  |  | 598 |  |  |  | (23,535 | )
salesforce.com, Inc. |  |  | 86 |  |  |  | 01/15/21 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 1,914 |  |  |  | (731 | )
ServiceNow, Inc. |  |  | 42 |  |  |  | 01/15/21 |  |  | USD |  |  | 520.00 |  |  | USD |  |  | 2,312 |  |  |  | (146,370 | )
Shopify, Inc., Class A |  |  | 16 |  |  |  | 01/15/21 |  |  | USD |  |  | 1,040.00 |  |  | USD |  |  | 1,811 |  |  |  | (166,880 | )
Shopify, Inc., Class A |  |  | 11 |  |  |  | 01/15/21 |  |  | USD |  |  | 975.00 |  |  | USD |  |  | 1,245 |  |  |  | (176,825 | )
Snap, Inc., Class A |  |  | 61 |  |  |  | 01/15/21 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 306 |  |  |  | (28,518 | )

102 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Snap, Inc., Class A |  |  | 137 |  |  |  | 01/15/21 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 686 |  |  |  | $ (75,350 | )
Square, Inc., Class A |  |  | 90 |  |  |  | 01/15/21 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 1,959 |  |  |  | (184,050 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 22 |  |  |  | 01/15/21 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 240 |  |  |  | (13,365 | )
TAL Education Group, ADR |  |  | 160 |  |  |  | 01/15/21 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 1,144 |  |  |  | (8,400 | )
Teladoc Health, Inc. |  |  | 25 |  |  |  | 01/15/21 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 500 |  |  |  | (28,000 | )
Tesla, Inc. |  |  | 14 |  |  |  | 01/15/21 |  |  | USD |  |  | 590.00 |  |  | USD |  |  | 988 |  |  |  | (167,265 | )
Twilio, Inc., Class A |  |  | 44 |  |  |  | 01/15/21 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 1,489 |  |  |  | (143,990 | )
Unity Software, Inc. |  |  | 145 |  |  |  | 01/15/21 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 2,225 |  |  |  | (151,525 | )
Yandex NV, Class A |  |  | 41 |  |  |  | 01/15/21 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 285 |  |  |  | (19,475 | )
ZoomInfo Technologies, Inc., Class A |  |  | 412 |  |  |  | 01/15/21 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 1,987 |  |  |  | (69,010 | )
Zscaler, Inc. |  |  | 56 |  |  |  | 01/15/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,118 |  |  |  | (252,420 | )
Activision Blizzard, Inc. |  |  | 95 |  |  |  | 01/22/21 |  |  | USD |  |  | 83.50 |  |  | USD |  |  | 882 |  |  |  | (93,337 | )
Adobe, Inc. |  |  | 23 |  |  |  | 01/22/21 |  |  | USD |  |  | 495.00 |  |  | USD |  |  | 1,150 |  |  |  | (35,305 | )
Advanced Micro Devices, Inc. |  |  | 356 |  |  |  | 01/22/21 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 3,265 |  |  |  | (36,846 | )
Airbnb, Inc., Class A |  |  | 33 |  |  |  | 01/22/21 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 485 |  |  |  | (8,085 | )
Alphabet, Inc., Class A |  |  | 14 |  |  |  | 01/22/21 |  |  | USD |  |  | 1,860.00 |  |  | USD |  |  | 2,454 |  |  |  | (13,230 | )
Alphabet, Inc., Class A |  |  | 14 |  |  |  | 01/22/21 |  |  | USD |  |  | 1,810.00 |  |  | USD |  |  | 2,454 |  |  |  | (30,380 | )
Amazon.com, Inc. |  |  | 7 |  |  |  | 01/22/21 |  |  | USD |  |  | 3,275.00 |  |  | USD |  |  | 2,280 |  |  |  | (56,420 | )
Apple, Inc. |  |  | 94 |  |  |  | 01/22/21 |  |  | USD |  |  | 128.00 |  |  | USD |  |  | 1,247 |  |  |  | (66,505 | )
Apple, Inc. |  |  | 116 |  |  |  | 01/22/21 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 1,539 |  |  |  | (38,860 | )
Autodesk, Inc. |  |  | 33 |  |  |  | 01/22/21 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 1,008 |  |  |  | (76,313 | )
Coupa Software, Inc. |  |  | 83 |  |  |  | 01/22/21 |  |  | USD |  |  | 375.00 |  |  | USD |  |  | 2,813 |  |  |  | (41,915 | )
Cree, Inc. |  |  | 99 |  |  |  | 01/22/21 |  |  | USD |  |  | 92.00 |  |  | USD |  |  | 1,048 |  |  |  | (147,015 | )
Crowdstrike Holdings, Inc., Class A |  |  | 35 |  |  |  | 01/22/21 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 741 |  |  |  | (62,563 | )
Facebook, Inc., Class A |  |  | 37 |  |  |  | 01/22/21 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 1,011 |  |  |  | (16,835 | )
Intuit, Inc. |  |  | 11 |  |  |  | 01/22/21 |  |  | USD |  |  | 365.00 |  |  | USD |  |  | 418 |  |  |  | (21,010 | )
Lam Research Corp. |  |  | 30 |  |  |  | 01/22/21 |  |  | USD |  |  | 535.00 |  |  | USD |  |  | 1,417 |  |  |  | (7,395 | )
Lyft, Inc., Class A |  |  | 146 |  |  |  | 01/22/21 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 717 |  |  |  | (54,020 | )
Marvell Technology Group Ltd. |  |  | 193 |  |  |  | 01/22/21 |  |  | USD |  |  | 44.00 |  |  | USD |  |  | 918 |  |  |  | (77,682 | )
Marvell Technology Group Ltd. |  |  | 104 |  |  |  | 01/22/21 |  |  | USD |  |  | 45.50 |  |  | USD |  |  | 494 |  |  |  | (29,796 | )
Mastercard, Inc., Class A |  |  | 39 |  |  |  | 01/22/21 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 1,392 |  |  |  | (78,780 | )
MercadoLibre, Inc. |  |  | 21 |  |  |  | 01/22/21 |  |  | USD |  |  | 1,600.00 |  |  | USD |  |  | 3,518 |  |  |  | (230,265 | )
Microsoft Corp. |  |  | 92 |  |  |  | 01/22/21 |  |  | USD |  |  | 222.50 |  |  | USD |  |  | 2,046 |  |  |  | (46,460 | )
Microsoft Corp. |  |  | 139 |  |  |  | 01/22/21 |  |  | USD |  |  | 227.50 |  |  | USD |  |  | 3,092 |  |  |  | (40,310 | )
MongoDB, Inc. |  |  | 49 |  |  |  | 01/22/21 |  |  | USD |  |  | 345.00 |  |  | USD |  |  | 1,759 |  |  |  | (119,315 | )
NetEase, Inc., ADR |  |  | 135 |  |  |  | 01/22/21 |  |  | USD |  |  | 91.50 |  |  | USD |  |  | 1,293 |  |  |  | (78,975 | )
Netflix, Inc. |  |  | 15 |  |  |  | 01/22/21 |  |  | USD |  |  | 550.00 |  |  | USD |  |  | 811 |  |  |  | (32,925 | )
Okta, Inc. |  |  | 105 |  |  |  | 01/22/21 |  |  | USD |  |  | 255.00 |  |  | USD |  |  | 2,670 |  |  |  | (124,162 | )
PayPal Holdings, Inc. |  |  | 146 |  |  |  | 01/22/21 |  |  | USD |  |  | 227.50 |  |  | USD |  |  | 3,419 |  |  |  | (181,040 | )
Qualcomm, Inc. |  |  | 88 |  |  |  | 01/22/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,341 |  |  |  | (33,220 | )
RingCentral, Inc., Class A |  |  | 33 |  |  |  | 01/22/21 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 1,251 |  |  |  | (71,280 | )
salesforce.com, Inc. |  |  | 61 |  |  |  | 01/22/21 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 1,358 |  |  |  | (9,394 | )
ServiceNow, Inc. |  |  | 40 |  |  |  | 01/22/21 |  |  | USD |  |  | 570.00 |  |  | USD |  |  | 2,202 |  |  |  | (40,200 | )
Shopify, Inc., Class A |  |  | 38 |  |  |  | 01/22/21 |  |  | USD |  |  | 1,080.00 |  |  | USD |  |  | 4,301 |  |  |  | (316,350 | )
Snap, Inc., Class A |  |  | 165 |  |  |  | 01/22/21 |  |  | USD |  |  | 53.50 |  |  | USD |  |  | 826 |  |  |  | (22,110 | )
Square, Inc., Class A |  |  | 215 |  |  |  | 01/22/21 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 4,679 |  |  |  | (83,312 | )
StoneCo. Ltd., Class A |  |  | 166 |  |  |  | 01/22/21 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 1,393 |  |  |  | (165,170 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 167 |  |  |  | 01/22/21 |  |  | USD |  |  | 106.00 |  |  | USD |  |  | 1,821 |  |  |  | (101,035 | )
Teladoc Health, Inc. |  |  | 45 |  |  |  | 01/22/21 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 900 |  |  |  | (37,125 | )
Tesla, Inc. |  |  | 11 |  |  |  | 01/22/21 |  |  | USD |  |  | 650.00 |  |  | USD |  |  | 776 |  |  |  | (82,445 | )
Tesla, Inc. |  |  | 14 |  |  |  | 01/22/21 |  |  | USD |  |  | 700.00 |  |  | USD |  |  | 988 |  |  |  | (61,495 | )
Twilio, Inc., Class A |  |  | 82 |  |  |  | 01/22/21 |  |  | USD |  |  | 375.00 |  |  | USD |  |  | 2,776 |  |  |  | (42,230 | )
Visa, Inc., Class A |  |  | 47 |  |  |  | 01/22/21 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 1,028 |  |  |  | (34,663 | )
Yandex NV, Class A |  |  | 245 |  |  |  | 01/22/21 |  |  | USD |  |  | 76.50 |  |  | USD |  |  | 1,705 |  |  |  | (58,188 | )
Monolithic Power Systems, Inc. |  |  | 115 |  |  |  | 01/27/21 |  |  | USD |  |  | 335.00 |  |  | USD |  |  | 4,212 |  |  |  | (407,034 | )
Activision Blizzard, Inc. |  |  | 77 |  |  |  | 01/29/21 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 715 |  |  |  | (39,078 | )
Adobe, Inc. |  |  | 30 |  |  |  | 01/29/21 |  |  | USD |  |  | 495.00 |  |  | USD |  |  | 1,500 |  |  |  | (55,125 | )
Alibaba Group Holding Ltd., ADR |  |  | 68 |  |  |  | 01/29/21 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 1,583 |  |  |  | (12,376 | )
Amazon.com, Inc. |  |  | 6 |  |  |  | 01/29/21 |  |  | USD |  |  | 3,160.00 |  |  | USD |  |  | 1,954 |  |  |  | (107,670 | )
Apple, Inc. |  |  | 116 |  |  |  | 01/29/21 |  |  | USD |  |  | 131.00 |  |  | USD |  |  | 1,539 |  |  |  | (77,720 | )
Autodesk, Inc. |  |  | 41 |  |  |  | 01/29/21 |  |  | USD |  |  | 300.00 |  |  | USD |  |  | 1,252 |  |  |  | (56,888 | )
Crowdstrike Holdings, Inc., Class A |  |  | 79 |  |  |  | 01/29/21 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 1,673 |  |  |  | (127,782 | )

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 103

Consolidated Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Facebook, Inc., Class A |  |  | 98 |  |  |  | 01/29/21 |  |  | USD |  |  | 295.00 |  |  | USD |  |  | 2,677 |  |  | $ | (40,915 | )
Intuit, Inc. |  |  | 37 |  |  |  | 01/29/21 |  |  | USD |  |  | 372.50 |  |  | USD |  |  | 1,406 |  |  |  | (58,460 | )
Lyft, Inc., Class A |  |  | 145 |  |  |  | 01/29/21 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 712 |  |  |  | (10,150 | )
Marvell Technology Group Ltd. |  |  | 218 |  |  |  | 01/29/21 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 1,036 |  |  |  | (30,302 | )
Mastercard, Inc., Class A |  |  | 38 |  |  |  | 01/29/21 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 1,356 |  |  |  | (82,365 | )
Okta, Inc. |  |  | 17 |  |  |  | 01/29/21 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 432 |  |  |  | (6,588 | )
PayPal Holdings, Inc. |  |  | 144 |  |  |  | 01/29/21 |  |  | USD |  |  | 237.50 |  |  | USD |  |  | 3,373 |  |  |  | (122,040 | )
Qualcomm, Inc. |  |  | 88 |  |  |  | 01/29/21 |  |  | USD |  |  | 157.50 |  |  | USD |  |  | 1,341 |  |  |  | (29,480 | )
RingCentral, Inc., Class A |  |  | 36 |  |  |  | 01/29/21 |  |  | USD |  |  | 385.00 |  |  | USD |  |  | 1,364 |  |  |  | (59,760 | )
ServiceNow, Inc. |  |  | 17 |  |  |  | 01/29/21 |  |  | USD |  |  | 535.00 |  |  | USD |  |  | 936 |  |  |  | (57,120 | )
Shopify, Inc., Class A |  |  | 9 |  |  |  | 01/29/21 |  |  | USD |  |  | 1,070.00 |  |  | USD |  |  | 1,019 |  |  |  | (87,615 | )
Shopify, Inc., Class A |  |  | 5 |  |  |  | 01/29/21 |  |  | USD |  |  | 1,180.00 |  |  | USD |  |  | 566 |  |  |  | (20,875 | )
Snap, Inc., Class A |  |  | 165 |  |  |  | 01/29/21 |  |  | USD |  |  | 53.50 |  |  | USD |  |  | 826 |  |  |  | (30,113 | )
Snowflake, Inc., Class A |  |  | 30 |  |  |  | 01/29/21 |  |  | USD |  |  | 335.00 |  |  | USD |  |  | 844 |  |  |  | (19,800 | )
Square, Inc., Class A |  |  | 196 |  |  |  | 01/29/21 |  |  | USD |  |  | 255.00 |  |  | USD |  |  | 4,266 |  |  |  | (51,254 | )
StoneCo. Ltd., Class A |  |  | 85 |  |  |  | 01/29/21 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 713 |  |  |  | (36,550 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 20 |  |  |  | 01/29/21 |  |  | USD |  |  | 113.00 |  |  | USD |  |  | 218 |  |  |  | (6,550 | )
Teladoc Health, Inc. |  |  | 44 |  |  |  | 01/29/21 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 880 |  |  |  | (35,420 | )
Tesla, Inc. |  |  | 27 |  |  |  | 01/29/21 |  |  | USD |  |  | 640.00 |  |  | USD |  |  | 1,905 |  |  |  | (241,650 | )
Twilio, Inc., Class A |  |  | 58 |  |  |  | 01/29/21 |  |  | USD |  |  | 365.00 |  |  | USD |  |  | 1,963 |  |  |  | (68,295 | )
Visa, Inc., Class A |  |  | 72 |  |  |  | 01/29/21 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 1,575 |  |  |  | (61,920 | )
Yandex NV, Class A |  |  | 23 |  |  |  | 01/29/21 |  |  | USD |  |  | 71.00 |  |  | USD |  |  | 160 |  |  |  | (6,843 | )
Zoom Video Communications, Inc., Class A |  |  | 66 |  |  |  | 01/29/21 |  |  | USD |  |  | 412.50 |  |  | USD |  |  | 2,226 |  |  |  | (28,710 | )
Zscaler, Inc. |  |  | 159 |  |  |  | 01/29/21 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 3,175 |  |  |  | (309,652 | )
Amazon.com, Inc. |  |  | 14 |  |  |  | 02/05/21 |  |  | USD |  |  | 3,420.00 |  |  | USD |  |  | 4,560 |  |  |  | (123,760 | )
Apple, Inc. |  |  | 30 |  |  |  | 02/05/21 |  |  | USD |  |  | 144.00 |  |  | USD |  |  | 398 |  |  |  | (7,935 | )
Twilio, Inc., Class A |  |  | 61 |  |  |  | 02/05/21 |  |  | USD |  |  | 380.00 |  |  | USD |  |  | 2,065 |  |  |  | (69,693 | )
Adobe, Inc. |  |  | 23 |  |  |  | 02/19/21 |  |  | USD |  |  | 500.00 |  |  | USD |  |  | 1,150 |  |  |  | (49,738 | )
Apple, Inc. |  |  | 193 |  |  |  | 02/19/21 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 2,561 |  |  |  | (168,392 | )
Avalara, Inc. |  |  | 133 |  |  |  | 02/19/21 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 2,193 |  |  |  | (140,315 | )
Bandwidth, Inc., Class A |  |  | 74 |  |  |  | 02/19/21 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 1,137 |  |  |  | (48,840 | )
Cadence Design Systems, Inc. |  |  | 131 |  |  |  | 02/19/21 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 1,787 |  |  |  | (146,065 | )
Elastic NV |  |  | 99 |  |  |  | 02/19/21 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,447 |  |  |  | (86,130 | )
Fair Isaac Corp. |  |  | 21 |  |  |  | 02/19/21 |  |  | USD |  |  | 560.00 |  |  | USD |  |  | 1,073 |  |  |  | (16,485 | )
Inphi Corp. |  |  | 151 |  |  |  | 02/19/21 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 2,423 |  |  |  | (121,555 | )
Marvell Technology Group Ltd. |  |  | 183 |  |  |  | 02/19/21 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 870 |  |  |  | (47,946 | )
Microsoft Corp. |  |  | 10 |  |  |  | 02/19/21 |  |  | USD |  |  | 225.00 |  |  | USD |  |  | 222 |  |  |  | (8,200 | )
Pagseguro Digital Ltd., Class A |  |  | 156 |  |  |  | 02/19/21 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 887 |  |  |  | (102,180 | )
Roku, Inc. |  |  | 110 |  |  |  | 02/19/21 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 3,652 |  |  |  | (611,875 | )
Shopify, Inc., Class A |  |  | 9 |  |  |  | 02/19/21 |  |  | USD |  |  | 1,080.00 |  |  | USD |  |  | 1,019 |  |  |  | (108,225 | )
Shopify, Inc., Class A |  |  | 11 |  |  |  | 02/19/21 |  |  | USD |  |  | 1,200.00 |  |  | USD |  |  | 1,245 |  |  |  | (72,930 | )
Skyworks Solutions, Inc. |  |  | 96 |  |  |  | 02/19/21 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,468 |  |  |  | (76,320 | )
TAL Education Group, ADR |  |  | 194 |  |  |  | 02/19/21 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 1,387 |  |  |  | (23,280 | )
Tesla, Inc. |  |  | 11 |  |  |  | 02/19/21 |  |  | USD |  |  | 660.00 |  |  | USD |  |  | 776 |  |  |  | (104,582 | )
Tesla, Inc. |  |  | 13 |  |  |  | 02/19/21 |  |  | USD |  |  | 720.00 |  |  | USD |  |  | 917 |  |  |  | (85,117 | )
Unity Software, Inc. |  |  | 145 |  |  |  | 02/19/21 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 2,225 |  |  |  | (219,675 | )
Visa, Inc., Class A |  |  | 47 |  |  |  | 02/19/21 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,028 |  |  |  | (37,365 | )
Yandex NV, Class A |  |  | 245 |  |  |  | 02/19/21 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,705 |  |  |  | (96,775 | )
ZoomInfo Technologies, Inc., Class A |  |  | 423 |  |  |  | 02/19/21 |  |  | USD |  |  | 46.25 |  |  | USD |  |  | 2,040 |  |  |  | (240,914 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (18,307,749 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Delivery Hero SE |  | Barclays Bank PLC |  |  | 9,100 |  |  |  | 01/05/21 |  |  |  | EUR |  |  |  | 115.72 |  |  |  | EUR |  |  |  | 1,156 |  |  | $ | (144,111 | )
Adyen NV |  | Barclays Bank PLC |  |  | 1,800 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 1,644.20 |  |  |  | EUR |  |  |  | 3,429 |  |  |  | (567,819 | )
SOITEC |  | Barclays Bank PLC |  |  | 8,000 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 136.53 |  |  |  | EUR |  |  |  | 1,275 |  |  |  | (217,348 | )
SOITEC |  | Barclays Bank PLC |  |  | 6,000 |  |  |  | 01/07/21 |  |  |  | EUR |  |  |  | 133.18 |  |  |  | EUR |  |  |  | 956 |  |  |  | (187,497 | )
STMicroelectronics NV |  | Barclays Bank PLC |  |  | 27,400 |  |  |  | 01/07/21 |  |  |  | EUR |  |  |  | 29.33 |  |  |  | EUR |  |  |  | 830 |  |  |  | (43,502 | )

104 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust (BST)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kakao Corp. |  | JPMorgan Chase Bank N.A. |  |  | 2,000 |  |  |  | 01/12/21 |  |  |  | USD |  |  |  | 390,529.34 |  |  |  | USD |  |  |  | 779,000 |  |  | $ | (15,737 | )
Kingdee International Software Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 557,000 |  |  |  | 01/12/21 |  |  |  | HKD |  |  |  | 28.46 |  |  |  | HKD |  |  |  | 17,601 |  |  |  | (231,437 | )
Kingdee International Software Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 296,000 |  |  |  | 01/12/21 |  |  |  | HKD |  |  |  | 25.23 |  |  |  | HKD |  |  |  | 9,354 |  |  |  | (245,204 | )
SOITEC |  | Barclays Bank PLC |  |  | 1,600 |  |  |  | 01/12/21 |  |  |  | EUR |  |  |  | 141.44 |  |  |  | EUR |  |  |  | 255 |  |  |  | (33,839 | )
Altium Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 44,200 |  |  |  | 01/13/21 |  |  |  | AUD |  |  |  | 37.87 |  |  |  | AUD |  |  |  | 1,502 |  |  |  | (622 | )
GMO Payment Gateway, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 14,000 |  |  |  | 01/15/21 |  |  |  | JPY |  |  |  | 13,587.00 |  |  |  | JPY |  |  |  | 193,760 |  |  |  | (88,236 | )
Xero Ltd. |  | Goldman Sachs International |  |  | 18,300 |  |  |  | 01/15/21 |  |  |  | AUD |  |  |  | 127.21 |  |  |  | AUD |  |  |  | 2,687 |  |  |  | (282,467 | )
Altium Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 37,400 |  |  |  | 01/20/21 |  |  |  | AUD |  |  |  | 36.67 |  |  |  | AUD |  |  |  | 1,271 |  |  |  | (4,261 | )
ASML Holding NV |  | Goldman Sachs International |  |  | 12,500 |  |  |  | 01/20/21 |  |  |  | EUR |  |  |  | 366.11 |  |  |  | EUR |  |  |  | 4,969 |  |  |  | (518,121 | )
Delivery Hero SE |  | Goldman Sachs International |  |  | 25,400 |  |  |  | 01/20/21 |  |  |  | EUR |  |  |  | 101.39 |  |  |  | EUR |  |  |  | 3,226 |  |  |  | (883,695 | )
Meituan, Class B |  | Goldman Sachs International |  |  | 99,600 |  |  |  | 01/20/21 |  |  |  | HKD |  |  |  | 286.83 |  |  |  | HKD |  |  |  | 29,342 |  |  |  | (121,942 | )
SOITEC |  | UBS AG |  |  | 2,400 |  |  |  | 01/20/21 |  |  |  | EUR |  |  |  | 139.67 |  |  |  | EUR |  |  |  | 382 |  |  |  | (57,173 | )
Meituan, Class B |  | UBS AG |  |  | 95,000 |  |  |  | 01/21/21 |  |  |  | HKD |  |  |  | 287.91 |  |  |  | HKD |  |  |  | 27,987 |  |  |  | (119,535 | )
Renesas Electronics Corp. |  | Morgan Stanley & Co. International PLC |  |  | 216,800 |  |  |  | 01/21/21 |  |  |  | JPY |  |  |  | 1,088.71 |  |  |  | JPY |  |  |  | 233,927 |  |  |  | (78,237 | )
GMO Payment Gateway, Inc. |  | Societe Generale |  |  | 11,700 |  |  |  | 01/26/21 |  |  |  | JPY |  |  |  | 14,395.50 |  |  |  | JPY |  |  |  | 161,928 |  |  |  | (49,560 | )
STMicroelectronics NV |  | Morgan Stanley & Co. International PLC |  |  | 31,300 |  |  |  | 01/26/21 |  |  |  | EUR |  |  |  | 31.01 |  |  |  | EUR |  |  |  | 948 |  |  |  | (39,191 | )
Tencent Holdings Ltd. |  | Citibank N.A. |  |  | 63,500 |  |  |  | 01/26/21 |  |  |  | HKD |  |  |  | 602.41 |  |  |  | HKD |  |  |  | 35,814 |  |  |  | (49,274 | )
Tencent Holdings Ltd. |  | Goldman Sachs International |  |  | 64,800 |  |  |  | 01/26/21 |  |  |  | HKD |  |  |  | 596.13 |  |  |  | HKD |  |  |  | 36,547 |  |  |  | (61,038 | )
Altium Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 7,800 |  |  |  | 01/28/21 |  |  |  | AUD |  |  |  | 35.91 |  |  |  | AUD |  |  |  | 265 |  |  |  | (2,703 | )
Kakao Corp. |  | UBS AG |  |  | 7,400 |  |  |  | 01/28/21 |  |  |  | USD |  |  |  | 380,070.00 |  |  |  | USD |  |  |  | 2,882,300 |  |  |  | (128,848 | )
Kingdee International Software Group Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 537,000 |  |  |  | 01/28/21 |  |  |  | HKD |  |  |  | 29.61 |  |  |  | HKD |  |  |  | 16,969 |  |  |  | (191,079 | )
SOITEC |  | Credit Suisse International |  |  | 8,000 |  |  |  | 02/02/21 |  |  |  | EUR |  |  |  | 156.05 |  |  |  | EUR |  |  |  | 1,274 |  |  |  | (73,027 | )
Xero Ltd. |  | Goldman Sachs International |  |  | 21,000 |  |  |  | 02/02/21 |  |  |  | AUD |  |  |  | 145.23 |  |  |  | AUD |  |  |  | 3,083 |  |  |  | (107,706 | )
Samsung SDI Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 6,400 |  |  |  | 02/03/21 |  |  |  | USD |  |  |  | 582,750.00 |  |  |  | USD |  |  |  | 4,019,200 |  |  |  | (333,767 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ (4,876,976 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | — |  |  | $ | — |  |  | $ | 2,848,981 |  |  | $ | (10,842,947 | ) |  | $ | (23,184,725 | )

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 23,184,725 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 23,184,725 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 105

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust (BST)

For the year ended December 31, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | (1,274 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,274 | )
Options written |  |  | — |  |  |  | — |  |  |  | (84,555,532 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (84,555,532 | )
|  | $ | — |  |  | $ | — |  |  | $ | (84,556,806 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (84,556,806 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (5,087,878 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5,087,878 | )

| (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 |  | $ | 16,830,793 |

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

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

Derivative Financial Instruments — Offsetting as of Period End

The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 23,184,725 |
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities |  |  | — |  |  |  | 23,184,725 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (18,307,749 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 4,876,976 |

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged |  |  |  | Cash Collateral Pledged | (a) |  |  | Net Amount of Derivative Liabilities | (b)
Barclays Bank PLC |  | $ | 1,194,116 |  |  | $ | — |  |  | $ | — |  |  | $ | (960,000 | ) |  | $ | 234,116 |
Citibank N.A. |  |  | 49,274 |  |  |  | — |  |  |  | — |  |  |  | (49,274 | ) |  |  | — |
Credit Suisse International |  |  | 73,027 |  |  |  | — |  |  |  | — |  |  |  | (73,027 | ) |  |  | — |
Goldman Sachs International |  |  | 1,974,969 |  |  |  | — |  |  |  | — |  |  |  | (1,640,000 | ) |  |  | 334,969 |
JPMorgan Chase Bank N.A. |  |  | 919,264 |  |  |  | — |  |  |  | — |  |  |  | (570,000 | ) |  |  | 349,264 |
Morgan Stanley & Co. International PLC |  |  | 311,210 |  |  |  | — |  |  |  | — |  |  |  | (311,210 | ) |  |  | — |
Societe Generale |  |  | 49,560 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 49,560 |
UBS AG |  |  | 305,556 |  |  |  | — |  |  |  | — |  |  |  | (60,000 | ) |  |  | 245,556 |
|  | $ | 4,876,976 |  |  | $ | — |  |  | $ | — |  |  | $ | (3,663,511 | ) |  | $ | 1,213,465 |

| (a) | Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |

| (b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statements of Assets and Liabilities. |

106 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust (BST)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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 |  | $ | 20,556,167 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,556,167 |
Banks |  |  | — |  |  |  | — |  |  |  | 14,722,238 |  |  |  | 14,722,238 |
Diversified Consumer Services |  |  | 18,110,305 |  |  |  | — |  |  |  | 2,237,821 |  |  |  | 20,348,126 |
Diversified Financial Services |  |  | — |  |  |  | — |  |  |  | 4,108,753 |  |  |  | 4,108,753 |
Diversified Telecommunication Services |  |  | 6,762,863 |  |  |  | — |  |  |  | — |  |  |  | 6,762,863 |
Electronic Equipment, Instruments & Components |  |  | — |  |  |  | 10,705,981 |  |  |  | — |  |  |  | 10,705,981 |
Entertainment |  |  | 40,167,421 |  |  |  | — |  |  |  | — |  |  |  | 40,167,421 |
Health Care Technology |  |  | 9,327,134 |  |  |  | — |  |  |  | — |  |  |  | 9,327,134 |
Hotels, Restaurants & Leisure |  |  | 2,840,727 |  |  |  | — |  |  |  | — |  |  |  | 2,840,727 |
Interactive Media & Services |  |  | 76,365,002 |  |  |  | 43,420,373 |  |  |  | — |  |  |  | 119,785,375 |
Internet & Direct Marketing Retail |  |  | 76,968,724 |  |  |  | 50,519,618 |  |  |  | 266,084 |  |  |  | 127,754,426 |
IT Services |  |  | 205,371,055 |  |  |  | 21,620,851 |  |  |  | 5,990,419 |  |  |  | 232,982,325 |
Road & Rail |  |  | 13,451,886 |  |  |  | — |  |  |  | — |  |  |  | 13,451,886 |
Semiconductors & Semiconductor Equipment |  |  | 123,884,657 |  |  |  | 53,586,947 |  |  |  | — |  |  |  | 177,471,604 |
Software |  |  | 251,348,930 |  |  |  | 66,974,827 |  |  |  | 8,222,092 |  |  |  | 326,545,849 |
Specialty Retail |  |  | — |  |  |  | — |  |  |  | 1,496,187 |  |  |  | 1,496,187 |
Technology Hardware, Storage & Peripherals |  |  | 51,410,608 |  |  |  | — |  |  |  | — |  |  |  | 51,410,608 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 124,970,280 |  |  |  | 124,970,280 |
Warrants |  |  | — |  |  |  | — |  |  |  | 189,763 |  |  |  | 189,763 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 9,266,737 |  |  |  | — |  |  |  | — |  |  |  | 9,266,737 |
|  | $ | 905,832,216 |  |  | $ | 246,828,597 |  |  | $ | 162,203,637 |  |  | $ | 1,314,864,450 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (17,616,447 | ) |  | $ | (5,568,278 | ) |  | $ | — |  |  | $ | (23,184,725 | )

| (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 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 |  |  | Warrants |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2019 |  | $ | 11,498,561 |  |  | $ | 47,488,016 |  |  | $ | 19,454 |  |  | $ | 59,006,031 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | 11,480,248 |  |  |  | 30,227,670 |  |  |  | 170,309 |  |  |  | 41,878,227 |
Purchases |  |  | 14,064,786 |  |  |  | 57,514,073 |  |  |  | — |  |  |  | 71,578,859 |
Sales |  |  | — |  |  |  | (10,259,479 | ) |  |  | — |  |  |  | (10,259,479 | )
Closing balance, as of December 31, 2020 |  | $ | 37,043,595 |  |  | $ | 124,970,280 |  |  | $ | 189,763 |  |  | $ | 162,203,638 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2020(b) |  | $ | 11,480,248 |  |  | $ | 30,457,668 |  |  | $ | 170,309 |  |  | $ | 42,108,225 |

| (a) | Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations. |

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2020 is generally due to investments no longer held or categorized as Level 3 at period end. |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 107

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust (BST)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global 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(b) |  | $ | 37,043,595 |  |  |  | Market |  |  | Revenue Multiple |  |  | 6.25x - 16.25x |  |  |  | 10.32x |
|  |  |  |  |  |  |  |  |  | Recent Transactions |  |  | — |  |  |  | — |
Preferred Stocks(c)(d) |  |  | 124,970,280 |  |  |  | Market |  |  | Revenue Multiple |  |  | 2.75x - 45.00x |  |  |  | 11.73x |
|  |  |  |  |  |  |  |  |  | EBITDA Multiple |  |  | 20.50x |  |  |  | — |
|  |  |  |  |  |  |  |  |  | Volatility |  |  | 39% - 57% |  |  |  | 51% |
|  |  |  |  |  |  |  |  |  | Time to Exit |  |  | 2.5 - 5.0 |  |  |  | 3.0 |
|  |  |  |  |  |  |  |  |  | Recent Transactions |  |  | — |  |  |  | — |
|  |  |  |  |  |  | Income |  |  | Discount Rate |  |  | 17% |  |  |  | — |
Warrants(e) |  |  | 189,763 |  |  |  | Market |  |  | Recent Transactions |  |  | — |  |  |  | — |
|  | $ | 162,203,638 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

| (b) | For the period end December 31, 2020, the valuation technique for investments classified as Common Stocks amounting to $5,990,419 changed to Transaction Price approach. The investments were previously valued utilizing Option Pricing Model approach. The change was due to consideration of the information that was available at the time the investments were valued. |

| (c) | For the period end December 31, 2020, the valuation technique for investments classified as Preferred Stocks amounting to $15,633,963 changed to Current Value Method. The investments were previously valued utilizing Transaction Price Approach. The change was due to consideration of the information that was available at the time the investments were valued. |

| (d) | For the period end December 31, 2020, the valuation technique for investments classified as Preferred Stocks amounting to $8,608,848 changed to Current Value Method. The investments were previously valued utilizing Option Pricing Model approach. The change was due to consideration of the information that was available at the time the investments were valued. |

| (e) | For the period end December 31, 2020, the valuation technique for investments classified as Warrants amounting to $189,763 changed to Transaction Price approach. The investments were previously valued utilizing Option Pricing Model approach. The change was due to consideration of the information that was available at the time the investments were valued. |

See notes to financial statements.

108 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments December 31, 2020 |  | BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |
Automobiles — 4.3% |  |  |  |
Fisker Inc. PIPE |  |  | 1,000,000 |  |  | $ | 14,650,000 |
Tesla, Inc.(a)(b) |  |  | 118,974 |  |  |  | 83,956,383 |
XPeng, Inc., ADR(b) |  |  | 746,493 |  |  |  | 31,972,295 |
|  |  |  | 130,578,678 |
Banks — 1.6% |  |  |  |
Klarna Holdings AB, (Acquired 08/07/19, Cost: $23,354,997)(c)(d) |  |  | 86,839 |  |  |  | 48,371,717 |
Capital Markets(b) — 0.8% |  |  |  |
Dragoneer Growth Opportunities Corp., Class A |  |  | 733,300 |  |  |  | 9,730,891 |
XP, Inc., Class A |  |  | 339,969 |  |  |  | 13,486,570 |
|  |  |  | 23,217,461 |
Diversified Consumer Services — 1.8% |  |  |  |
Afya Ltd., Class A(b) |  |  | 445,013 |  |  |  | 11,258,829 |
Chegg, Inc.(b) |  |  | 356,167 |  |  |  | 32,172,565 |
Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $7,113,729)(c)(d) |  |  | 4,651 |  |  |  | 10,439,424 |
|  |  |  | 53,870,818 |
Diversified Telecommunication Services — 0.7% |  |  |  |
Bandwidth, Inc., Class A(b) |  |  | 131,252 |  |  |  | 20,169,495 |
Electronic Equipment, Instruments & Components — 1.4% |
Samsung SDI Co. Ltd. |  |  | 73,697 |  |  |  | 42,710,913 |
Entertainment(b) — 2.9% |  |  |  |
Big Hit Entertainment Co. Ltd. |  |  | 127,263 |  |  |  | 18,744,435 |
NCSoft Corp. |  |  | 17,362 |  |  |  | 14,906,166 |
Roku, Inc.(a) |  |  | 107,900 |  |  |  | 35,824,958 |
Zynga, Inc., Class A |  |  | 1,977,032 |  |  |  | 19,513,306 |
|  |  |  | 88,988,865 |
Health Care Technology(b) — 1.4% |  |  |  |
GoodRx Holdings, Inc., Class A |  |  | 253,295 |  |  |  | 10,217,920 |
Teladoc Health, Inc. |  |  | 166,752 |  |  |  | 33,343,730 |
|  |  |  | 43,561,650 |
Interactive Media & Services — 5.3% |  |  |  |
Kakao Corp. |  |  | 153,473 |  |  |  | 55,069,254 |
Snap, Inc., Class A(b) |  |  | 1,138,997 |  |  |  | 57,029,580 |
Yandex NV, Class A(b) |  |  | 304,795 |  |  |  | 21,207,636 |
ZoomInfo Technologies, Inc., Class A(b) |  |  | 541,171 |  |  |  | 26,100,677 |
|  |  |  | 159,407,147 |
Internet & Direct Marketing Retail(b) — 6.9% |  |  |  |
Delivery Hero SE(e) |  |  | 286,669 |  |  |  | 44,831,848 |
Farfetch Ltd., Class A |  |  | 1,168,620 |  |  |  | 74,569,642 |
MercadoLibre, Inc.(a) |  |  | 27,387 |  |  |  | 45,879,250 |
Ozon Holdings PLC, ADR |  |  | 578,640 |  |  |  | 23,961,482 |
Shop Apotheke Europe NV(e) |  |  | 114,589 |  |  |  | 20,746,172 |
|  |  |  | 209,988,394 |
IT Services — 18.1% |  |  |  |
Adyen NV(b)(e) |  |  | 15,862 |  |  |  | 36,856,004 |
Endava PLC, ADR(b) |  |  | 344,230 |  |  |  | 26,419,652 |
GDS Holdings Ltd., ADR(b) |  |  | 213,834 |  |  |  | 20,023,416 |
GMO Payment Gateway, Inc. |  |  | 227,700 |  |  |  | 30,599,080 |
Grid Dynamics Holdings, Inc.(b) |  |  | 1,033,537 |  |  |  | 13,022,566 |
Kingsoft Cloud Holdings Ltd., ADR(b) |  |  | 648,082 |  |  |  | 28,223,971 |
Locaweb Servicos de Internet SA(e) |  |  | 3,532,329 |  |  |  | 54,951,480 |
MongoDB, Inc.(b) |  |  | 72,741 |  |  |  | 26,116,929 |
Okta, Inc.(b) |  |  | 124,199 |  |  |  | 31,578,838 |
Pagseguro Digital Ltd., Class A(b) |  |  | 353,932 |  |  |  | 20,131,652 |

Security |  | Shares |  |  | Value |
IT Services (continued) |  |  |  |
Shift4 Payments, Inc., Class A(b) |  |  | 167,572 |  |  | $ | 12,634,929 |
Shopify, Inc., Class A(a)(b) |  |  | 30,928 |  |  |  | 35,008,950 |
Square, Inc., Class A(b) |  |  | 315,799 |  |  |  | 68,730,494 |
StoneCo. Ltd., Class A(b) |  |  | 412,922 |  |  |  | 34,652,414 |
TRAX Ltd., (Acquired 09/12/19, Cost: $10,999,987)(c)(d) 293,333 |  |  |  |  |  |  | 16,473,581 |
Twilio, Inc., Class A(b) |  |  | 179,070 |  |  |  | 60,615,195 |
Tyro Payments Ltd.(b) |  |  | 3,696,369 |  |  |  | 9,069,984 |
Wix.com Ltd.(b) |  |  | 86,880 |  |  |  | 21,716,525 |
|  |  |  | 546,825,660 |
Multi-line Retail — 1.2% |  |  |  |
Magazine Luiza SA |  |  | 7,456,472 |  |  |  | 35,754,999 |
Professional Services — 0.5% |  |  |  |
CoStar Group, Inc.(a)(b) |  |  | 16,972 |  |  |  | 15,686,880 |
Road & Rail — 0.7% |  |  |  |
Lyft, Inc., Class A(b) |  |  | 427,221 |  |  |  | 20,989,368 |
Semiconductors & Semiconductor Equipment — 12.7% |
ACM Research, Inc., Class A(b) |  |  | 266,804 |  |  |  | 21,677,825 |
ASMedia Technology Inc. |  |  | 271,000 |  |  |  | 15,183,016 |
BE Semiconductor Industries NV |  |  | 238,450 |  |  |  | 14,319,232 |
Cree, Inc.(b) |  |  | 331,402 |  |  |  | 35,095,472 |
Inphi Corp.(b) |  |  | 251,146 |  |  |  | 40,301,399 |
Lasertec Corp. |  |  | 333,100 |  |  |  | 39,096,907 |
Lattice Semiconductor Corp.(b) |  |  | 508,416 |  |  |  | 23,295,621 |
Marvell Technology Group Ltd. |  |  | 747,230 |  |  |  | 35,523,314 |
Monolithic Power Systems, Inc.(a) |  |  | 89,399 |  |  |  | 32,740,596 |
Qorvo, Inc.(b) |  |  | 170,179 |  |  |  | 28,295,662 |
Silergy Corp. |  |  | 397,000 |  |  |  | 34,166,475 |
SOITEC(b) |  |  | 168,756 |  |  |  | 32,725,843 |
STMicroelectronics NV |  |  | 811,600 |  |  |  | 30,025,746 |
|  |  |  | 382,447,108 |
Software — 26.9% |  |  |  |
Altium Ltd. |  |  | 792,994 |  |  |  | 20,824,448 |
Atlassian Corp. PLC, Class A(b) |  |  | 101,575 |  |  |  | 23,755,345 |
Avalara, Inc.(b) |  |  | 162,203 |  |  |  | 26,745,653 |
C3.AI, Inc., (Acquired 12/08/20, Cost: $24,890,190)(d) |  |  | 823,333 |  |  |  | 109,223,699 |
C3.AI, Inc., Class A, 08/14/19(b) |  |  | 65,043 |  |  |  | 9,024,716 |
Cloudflare, Inc., Class A(b) |  |  | 260,072 |  |  |  | 19,762,871 |
Coupa Software, Inc.(b) |  |  | 77,061 |  |  |  | 26,116,744 |
Crowdstrike Holdings, Inc., Class A(b) |  |  | 170,844 |  |  |  | 36,188,176 |
Databricks, Inc., (Acquired 07/24/20, Cost: $5,501,687)(c)(d) |  |  | 114,553 |  |  |  | 7,707,126 |
Elastic NV(b) |  |  | 176,254 |  |  |  | 25,755,997 |
Five9, Inc.(b) |  |  | 200,109 |  |  |  | 34,899,010 |
Freee KK(b) |  |  | 379,600 |  |  |  | 37,122,483 |
Kingdee International Software Group Co. Ltd.(b) |  |  | 9,876,000 |  |  |  | 40,319,351 |
Lightspeed POS Inc.(b) |  |  | 660,139 |  |  |  | 46,591,946 |
Ming Yuan Cloud Group Holdings Ltd., (Acquired 09/21/20, Cost: $10,707,272)(b)(d) |  |  | 4,979,000 |  |  |  | 29,983,160 |
Online Ventures Pty Ltd., (Acquired 01/21/20, Cost: $20,875,811)(c)(d) |  |  | 181,785 |  |  |  | 23,303,667 |
Rakus Co. Ltd. |  |  | 1,285,400 |  |  |  | 29,771,644 |
RingCentral, Inc., Class A(b) |  |  | 103,965 |  |  |  | 39,399,616 |
Snorkel Al, Inc., (Acquired 10/13/20, Cost: $2,017,593)(c)(d) |  |  | 500,250 |  |  |  | 2,016,007 |
Snyk Ltd., (Acquired 11/02/20, Cost: $1,787,403)(c)(d) |  |  | 360,378 |  |  |  | 1,787,403 |
Synopsys, Inc.(b) |  |  | 101,630 |  |  |  | 26,346,561 |
Trade Desk, Inc., Class A(a)(b) |  |  | 36,416 |  |  |  | 29,169,216 |
Unity Software, Inc.(b) |  |  | 252,158 |  |  |  | 38,698,688 |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 109

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |
Weimob, Inc.(b)(e) |  |  | 15,644,000 |  |  | $ | 28,201,486 |
Xero Ltd.(b) |  |  | 246,720 |  |  |  | 28,002,497 |
Zendesk, Inc.(b) |  |  | 192,371 |  |  |  | 27,532,138 |
Zscaler, Inc.(b) |  |  | 233,071 |  |  |  | 46,546,609 |
|  |  |  | 814,796,257 |
Specialty Retail — 0.2% |  |  |  |
Cazoo Ltd., (Acquired 10/08/20, Cost: $5,656,927)(c)(d) |  |  | 411,705 |  |  |  | 5,984,763 |
Total Common Stocks — 87.4% (Cost: $1,116,502,806) |  |  | 2,643,350,173 |
Preferred Securities |  |  |  |  |
Preferred Stocks — 13.3%(d) |  |  |  |
Automobiles — 2.3% |  |  |  |
Arrival Ltd., Series A, (Acquired 10/08/20, Cost: $19,992,003)(c) |  |  | 4,986,668 |  |  |  | 67,742,633 |
Diversified Consumer Services — 0.4% |  |  |  |
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $14,251,080)(c) |  |  | 4,920 |  |  |  | 11,043,209 |
Electronic Equipment, Instruments & Components — 0.8% |
Credo Technology Group Holding Ltd. |  |  |  |  |
Series D, (Acquired 03/20/20, Cost: $19,999,997)(c) |  |  | 4,005,527 |  |  |  | 23,272,112 |
Series D+, (Acquired 01/22/20, Cost: $1,617,982) |  |  | 278,714 |  |  |  | 1,619,328 |
|  |  |  | 24,891,440 |
Food Products(c) — 0.7% |  |  |  |
Farmer’s Business Network, Inc., Series F, (Acquired 07/31/20, Cost: $11,961,002) |  |  | 361,834 |  |  |  | 12,863,199 |
GrubMarket, Inc. , Series D, (Acquired 07/23/20, Cost: $8,000,000) |  |  | 1,762,969 |  |  |  | 8,391,732 |
|  |  |  | 21,254,931 |
Interactive Media & Services — 1.4% |  |  |  |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $35,000,075) |  |  | 319,419 |  |  |  | 35,000,075 |
ResearchGate GmbH, Series D, (Acquired 09/24/20, Cost: $6,999,988)(c) |  |  | 424,688 |  |  |  | 7,079,549 |
|  |  |  | 42,079,624 |
IT Services(b)(c)(f) — 0.6% |  |  |  |
Trumid Holdings LLC |  |  |  |  |
Class J-A, (Acquired 07/24/20, Cost: $9,999,857) |  |  | 20,154 |  |  |  | 8,910,083 |
Class J-B, (Acquired 07/24/20, Cost: $5,999,914) |  |  | 20,154 |  |  |  | 8,910,084 |
|  |  |  | 17,820,167 |
Road & Rail — 0.3% |  |  |  |
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $16,947,253)(c) |  |  | 850 |  |  |  | 9,816,020 |

Security |  | Shares |  |  | Value |
Semiconductors & Semiconductor Equipment(c) — 2.7% |  |  |  |
CNEX Labs, Inc., Series E, (Acquired 02/06/20, Cost: $7,000,000) |  |  | 3,296,755 |  |  | $ | 5,802,289 |
Innovium, Inc. |  |  |  |  |
Series E, (Acquired 08/21/19, Cost: $8,999,992) |  |  | 1,060,432 |  |  |  | 9,904,435 |
Series F, (Acquired 06/10/20, Cost: $6,999,998) |  |  | 690,812 |  |  |  | 7,288,067 |
Nuvia, Inc., Series B, (Acquired 09/17/20, Cost: $12,000,000) |  |  | 3,741,410 |  |  |  | 11,972,512 |
Psiquantum Corp., Series C, (Acquired 09/09/19, Cost: $9,101,310) |  |  | 1,962,335 |  |  |  | 9,281,844 |
SambaNova Systems, Inc., Series C, (Acquired 02/20/20, Cost: $33,904,162) |  |  | 636,800 |  |  |  | 38,029,696 |
|  |  |  | 82,278,843 |
Software(c) — 3.6% |  |  |  |
Avidxchange, Inc., (Acquired 07/29/20, Cost: $7,474,330) |  |  | 152,500 |  |  |  | 8,430,200 |
Databricks, Inc., Series F, (Acquired 10/22/19, Cost: $13,200,019) |  |  | 307,346 |  |  |  | 20,678,239 |
DataRobot, Inc. , Series F, (Acquired 10/27/20, Cost: $11,499,999) |  |  | 875,059 |  |  |  | 11,498,275 |
GitLab, Inc., Series E, (Acquired 09/10/19, Cost: $11,670,984) |  |  | 626,482 |  |  |  | 26,851,018 |
Snorkel Al, Inc. , Series B, (Acquired 10/13/20, Cost: $999,996) |  |  | 247,943 |  |  |  | 999,210 |
Snyk Ltd. , (Acquired 11/02/20, Cost: $13,212,590) |  |  | 2,663,936 |  |  |  | 13,212,590 |
Unqork, Inc. |  |  |  |  |
Series B, (Acquired 09/19/19, Cost: $6,801,016) |  |  | 14,942 |  |  |  | 18,305,594 |
Series C, (Acquired 09/18/20, Cost: $7,994,787) |  |  | 7,300 |  |  |  | 8,943,303 |
|  |  |  | 108,918,429 |
Specialty Retail(c) — 0.5% |  |  |  |
Cazoo Ltd. |  |  |  |  |
Series A, (Acquired 10/08/20, Cost: $184,683) |  |  | 13,441 |  |  |  | 195,386 |
Series B, (Acquired 10/08/20, Cost: $3,233,326) |  |  | 235,318 |  |  |  | 3,420,708 |
Series C, (Acquired 10/08/20, Cost: $65,637) |  |  | 4,777 |  |  |  | 69,441 |
Series D, (Acquired 10/08/20, Cost: $11,550,639) |  |  | 840,643 |  |  |  | 12,220,035 |
|  |  |  | 15,905,570 |
Total Preferred Stocks — 13.3% |  |  |  | 401,750,866 |
Total Preferred Securities — 13.3% (Cost: $316,662,619) |  |  | 401,750,866 |
Warrants |  |  |  |
Capital Markets — 0.0% |  |  |  |
Dragoneer Growth Opportunities Corp.(b) |  |  | 146,660 |  |  |  | 627,705 |

110 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
IT Services — 0.0% |  |  |  |
TRAX Ltd., (Acquired 09/12/19, Cost: $0)(c)(d) |  |  | 46,928 |  |  | $ | 521,839 |
Total Warrants — 0.0% |  |  |  |
(Cost: $353,480) |  |  |  | 1,149,544 |
Total Long-Term Investments — 100.7% |  |  |  |
(Cost: $1,433,518,905) |  |  |  | 3,046,250,583 |
Short-Term Securities |  |  |  |  |
Money Market Funds — 0.7% |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(g)(h) |  |  | 21,688,765 |  |  |  | 21,688,765 |
Total Short-Term Securities — 0.7% |  |  |  |
(Cost: $21,688,765) |  |  |  | 21,688,765 |
Total Investments Before Options Written — 101.4% |  |  |  |
(Cost: $1,455,207,670) |  |  |  | 3,067,939,348 |
Options Written — (1.9)% |  |  |  |
(Premiums Received: $(32,019,256)) |  |  |  | (58,550,377 | )
Total Investments, Net of Options Written — 99.5% |  |  |  |
(Cost: $1,423,188,414) |  |  |  | 3,009,388,971 |
Other Assets Less Liabilities — 0.5% |  |  | 14,355,037 |
Net Assets — 100.0% |  |  | $3,023,744,008 |

(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 $657,563,252, representing 21.75% of its net assets as of period end, and an original cost of $429,568,215.

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

(f) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

(g) | Affiliate of the Trust.

(h) | Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/19 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 12/31/20 |  |  | Shares Held at 12/31/20 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 96,230,373 |  |  | $ | — |  |  | $ | (74,541,608 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 21,688,765 |  |  |  | 21,688,765 |  |  | $ | 140,622 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series(b) |  |  | 66,921,514 |  |  |  | — |  |  |  | (66,933,727 | )(a) |  |  | 12,213 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 384,979 | (c) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,213 |  |  | $ | — |  |  | $ | 21,688,765 |  |  |  |  |  |  | $ | 525,601 |  |  | $ | — |

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

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

| (c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlassian Corp. PLC, Class A |  |  | 133 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 237.50 |  |  |  | USD |  |  |  | 3,110 |  |  | $ | (47,880 | )
Marvell Technology Group Ltd. |  |  | 265 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 1,260 |  |  |  | (99,375 | )
MongoDB, Inc. |  |  | 77 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 265.00 |  |  |  | USD |  |  |  | 2,765 |  |  |  | (725,725 | )
RingCentral, Inc., Class A |  |  | 50 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 335.00 |  |  |  | USD |  |  |  | 1,895 |  |  |  | (220,250 | )
Snap, Inc., Class A |  |  | 411 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 53.00 |  |  |  | USD |  |  |  | 2,058 |  |  |  | (20,961 | )

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 111

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust II (BSTZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
StoneCo. Ltd., Class A |  |  | 104 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 74.00 |  |  |  | USD |  |  |  | 873 |  |  | $ | (104,520 | )
Zscaler, Inc. |  |  | 133 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 2,656 |  |  |  | (208,477 | )
Zynga, Inc., Class A |  |  | 1,610 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 9.00 |  |  |  | USD |  |  |  | 1,589 |  |  |  | (140,070 | )
ACM Research, Inc., Class A |  |  | 354 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 2,876 |  |  |  | (111,510 | )
Atlassian Corp. PLC, Class A |  |  | 131 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 3,064 |  |  |  | (58,950 | )
Avalara, Inc. |  |  | 254 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 4,188 |  |  |  | (237,490 | )
Bandwidth, Inc., Class A |  |  | 153 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 2,351 |  |  |  | (78,795 | )
C3.AI, Inc., Class A |  |  | 188 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 2,609 |  |  |  | (131,600 | )
Chegg, Inc. |  |  | 460 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 4,155 |  |  |  | (715,300 | )
Chegg, Inc. |  |  | 572 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 5,167 |  |  |  | (194,480 | )
Cloudflare, Inc., Class A |  |  | 212 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 1,611 |  |  |  | (156,880 | )
CoStar Group, Inc. |  |  | 25 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 930.00 |  |  |  | USD |  |  |  | 2,311 |  |  |  | (46,375 | )
Coupa Software, Inc. |  |  | 73 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 2,474 |  |  |  | (178,120 | )
Cree, Inc. |  |  | 215 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 77.50 |  |  |  | USD |  |  |  | 2,277 |  |  |  | (625,650 | )
Cree, Inc. |  |  | 403 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 82.50 |  |  |  | USD |  |  |  | 4,268 |  |  |  | (981,305 | )
Crowdstrike Holdings, Inc., Class A |  |  | 199 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 4,215 |  |  |  | (1,143,255 | )
Elastic NV |  |  | 266 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 3,887 |  |  |  | (690,270 | )
Farfetch Ltd., Class A |  |  | 650 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 4,148 |  |  |  | (1,173,250 | )
Five9, Inc. |  |  | 234 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 4,081 |  |  |  | (566,280 | )
GDS Holdings Ltd., ADR |  |  | 250 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 2,341 |  |  |  | (127,500 | )
GoodRx Holdings, Inc., Class A |  |  | 242 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 976 |  |  |  | (1,815 | )
GoodRx Holdings, Inc., Class A |  |  | 174 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 702 |  |  |  | (3,915 | )
Inphi Corp. |  |  | 329 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 5,279 |  |  |  | (381,640 | )
Kingsoft Cloud Holdings Ltd., ADR |  |  | 735 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 3,201 |  |  |  | (352,800 | )
Lattice Semiconductor Corp. |  |  | 729 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 3,340 |  |  |  | (158,557 | )
Lightspeed POS Inc. |  |  | 750 |  |  |  | 01/15/21 |  |  |  | CAD |  |  |  | 60.00 |  |  |  | CAD |  |  |  | 6,738 |  |  |  | (1,741,103 | )
Lightspeed POS Inc. |  |  | 966 |  |  |  | 01/15/21 |  |  |  | CAD |  |  |  | 76.00 |  |  |  | CAD |  |  |  | 8,679 |  |  |  | (1,106,092 | )
Lyft, Inc., Class A |  |  | 370 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,818 |  |  |  | (174,825 | )
Marvell Technology Group Ltd. |  |  | 485 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 2,306 |  |  |  | (194,000 | )
MercadoLibre, Inc. |  |  | 44 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 1,420.00 |  |  |  | USD |  |  |  | 7,371 |  |  |  | (1,138,500 | )
Monolithic Power Systems, Inc. |  |  | 145 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 306.00 |  |  |  | USD |  |  |  | 5,310 |  |  |  | (876,934 | )
Okta, Inc. |  |  | 86 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 2,187 |  |  |  | (154,155 | )
Ozon Holdings PLC, ADR |  |  | 839 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 3,474 |  |  |  | (23,073 | )
Pagseguro Digital Ltd., Class A |  |  | 176 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 47.50 |  |  |  | USD |  |  |  | 1,001 |  |  |  | (171,600 | )
Qorvo, Inc. |  |  | 163 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 2,710 |  |  |  | (275,470 | )
RingCentral, Inc., Class A |  |  | 80 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 3,032 |  |  |  | (554,000 | )
Roku, Inc. |  |  | 159 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 5,279 |  |  |  | (1,471,942 | )
Roku, Inc. |  |  | 32 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 335.00 |  |  |  | USD |  |  |  | 1,062 |  |  |  | (41,840 | )
Shift4 Payments, Inc., Class A |  |  | 218 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,644 |  |  |  | (235,440 | )
Shopify, Inc., Class A |  |  | 17 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 1,040.00 |  |  |  | USD |  |  |  | 1,924 |  |  |  | (177,310 | )
Shopify, Inc., Class A |  |  | 23 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 975.00 |  |  |  | USD |  |  |  | 2,603 |  |  |  | (369,725 | )
Snap, Inc., Class A |  |  | 671 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 3,360 |  |  |  | (313,692 | )
Snap, Inc., Class A |  |  | 168 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 841 |  |  |  | (92,400 | )
Square, Inc., Class A |  |  | 376 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 8,183 |  |  |  | (768,920 | )
Synopsys, Inc. |  |  | 116 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 3,007 |  |  |  | (236,060 | )
Teladoc Health, Inc. |  |  | 229 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 4,579 |  |  |  | (256,480 | )
Tesla, Inc. |  |  | 29 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 800.00 |  |  |  | USD |  |  |  | 2,046 |  |  |  | (22,475 | )
Trade Desk, Inc., Class A |  |  | 51 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 880.00 |  |  |  | USD |  |  |  | 4,085 |  |  |  | (45,135 | )
Twilio, Inc., Class A |  |  | 91 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 3,080 |  |  |  | (297,797 | )
Unity Software, Inc. |  |  | 364 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 5,586 |  |  |  | (380,380 | )
Wix.com Ltd. |  |  | 113 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 2,825 |  |  |  | (34,183 | )
XP, Inc., Class A |  |  | 430 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,706 |  |  |  | (90,300 | )
XPeng, Inc., ADR |  |  | 940 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 4,026 |  |  |  | (248,630 | )
XPeng, Inc., ADR |  |  | 1,000 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 4,283 |  |  |  | (7,000 | )
Yandex NV, Class A |  |  | 353 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 2,456 |  |  |  | (167,675 | )
Zendesk, Inc. |  |  | 500 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 7,156 |  |  |  | (497,500 | )
ZoomInfo Technologies, Inc., Class A |  |  | 778 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 3,752 |  |  |  | (130,315 | )
Zscaler, Inc. |  |  | 69 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 1,378 |  |  |  | (311,017 | )
ZYNGA, Inc., Class A |  |  | 1,798 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 9.00 |  |  |  | USD |  |  |  | 1,775 |  |  |  | (167,214 | )
Cloudflare, Inc., Class A |  |  | 322 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 83.50 |  |  |  | USD |  |  |  | 2,447 |  |  |  | (65,205 | )
Coupa Software, Inc. |  |  | 150 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 375.00 |  |  |  | USD |  |  |  | 5,084 |  |  |  | (75,750 | )
Cree, Inc. |  |  | 343 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 92.00 |  |  |  | USD |  |  |  | 3,632 |  |  |  | (509,355 | )

112 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust II (BSTZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crowdstrike Holdings, Inc., Class A |  |  | 98 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 2,076 |  |  | $ | (175,175 | )
Lyft, Inc., Class A |  |  | 370 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 47.00 |  |  |  | USD |  |  |  | 1,818 |  |  |  | (136,900 | )
Marvell Technology Group Ltd. |  |  | 266 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 1,265 |  |  |  | (107,065 | )
Marvell Technology Group Ltd. |  |  | 161 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 45.50 |  |  |  | USD |  |  |  | 765 |  |  |  | (46,127 | )
MercadoLibre, Inc. |  |  | 29 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 1,600.00 |  |  |  | USD |  |  |  | 4,858 |  |  |  | (317,985 | )
MongoDB, Inc. |  |  | 133 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 345.00 |  |  |  | USD |  |  |  | 4,775 |  |  |  | (323,855 | )
Okta, Inc. |  |  | 115 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 2,924 |  |  |  | (135,988 | )
RingCentral, Inc., Class A |  |  | 66 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 370.00 |  |  |  | USD |  |  |  | 2,501 |  |  |  | (142,560 | )
Shopify, Inc., Class A |  |  | 29 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 1,080.00 |  |  |  | USD |  |  |  | 3,283 |  |  |  | (241,425 | )
Snap, Inc., Class A |  |  | 527 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 2,639 |  |  |  | (21,871 | )
Snap, Inc., Class A |  |  | 765 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 53.50 |  |  |  | USD |  |  |  | 3,830 |  |  |  | (102,510 | )
Square, Inc., Class A |  |  | 261 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 5,680 |  |  |  | (101,138 | )
StoneCo. Ltd., Class A |  |  | 204 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 1,712 |  |  |  | (202,980 | )
Teladoc Health, Inc. |  |  | 127 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 2,539 |  |  |  | (104,775 | )
Tesla, Inc. |  |  | 29 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 750.00 |  |  |  | USD |  |  |  | 2,046 |  |  |  | (70,760 | )
Tesla, Inc. |  |  | 57 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 700.00 |  |  |  | USD |  |  |  | 4,022 |  |  |  | (250,372 | )
Trade Desk, Inc., Class A |  |  | 54 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 950.00 |  |  |  | USD |  |  |  | 4,325 |  |  |  | (23,490 | )
Twilio, Inc., Class A |  |  | 103 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 375.00 |  |  |  | USD |  |  |  | 3,487 |  |  |  | (53,045 | )
Yandex NV, Class A |  |  | 166 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 76.50 |  |  |  | USD |  |  |  | 1,155 |  |  |  | (39,425 | )
ZYNGA, Inc., Class A |  |  | 1,108 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 9.25 |  |  |  | USD |  |  |  | 1,094 |  |  |  | (80,203 | )
Monolithic Power Systems, Inc. |  |  | 114 |  |  |  | 01/27/21 |  |  |  | USD |  |  |  | 335.00 |  |  |  | USD |  |  |  | 4,175 |  |  |  | (403,495 | )
Cloudfare, Inc., Class A |  |  | 450 |  |  |  | 01/28/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 3,420 |  |  |  | (279,010 | )
Crowdstrike Holdings, Inc., Class A |  |  | 198 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 4,194 |  |  |  | (320,265 | )
Lyft, Inc., Class A |  |  | 498 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 2,447 |  |  |  | (34,860 | )
Marvell Technology Group Ltd. |  |  | 737 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 49.00 |  |  |  | USD |  |  |  | 3,504 |  |  |  | (102,443 | )
Okta, Inc. |  |  | 159 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 4,043 |  |  |  | (61,613 | )
RingCentral, Inc., Class A |  |  | 104 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 385.00 |  |  |  | USD |  |  |  | 3,941 |  |  |  | (172,640 | )
Shopify, Inc., Class A |  |  | 24 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 1,070.00 |  |  |  | USD |  |  |  | 2,717 |  |  |  | (233,640 | )
Shopify, Inc., Class A |  |  | 30 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 1,180.00 |  |  |  | USD |  |  |  | 3,396 |  |  |  | (125,250 | )
Snap, Inc., Class A |  |  | 765 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 53.50 |  |  |  | USD |  |  |  | 3,830 |  |  |  | (139,612 | )
Square, Inc., Class A |  |  | 278 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 6,050 |  |  |  | (72,697 | )
StoneCo. Ltd., Class A |  |  | 104 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 873 |  |  |  | (44,720 | )
Teladoc Health, Inc. |  |  | 127 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 2,540 |  |  |  | (102,235 | )
Tesla, Inc. |  |  | 114 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 640.00 |  |  |  | USD |  |  |  | 8,045 |  |  |  | (1,020,300 | )
Tesla, Inc. |  |  | 29 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 800.00 |  |  |  | USD |  |  |  | 2,046 |  |  |  | (60,973 | )
Twilio, Inc., Class A |  |  | 216 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 365.00 |  |  |  | USD |  |  |  | 7,312 |  |  |  | (254,340 | )
Yandex NV, Class A |  |  | 364 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 71.00 |  |  |  | USD |  |  |  | 2,533 |  |  |  | (108,290 | )
Zscaler, Inc. |  |  | 473 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 9,446 |  |  |  | (921,167 | )
Zynga, Inc., Class A |  |  | 304 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 11.00 |  |  |  | USD |  |  |  | 300 |  |  |  | (5,016 | )
Twilio, Inc., Class A |  |  | 109 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 3,690 |  |  |  | (124,533 | )
ACM Research, Inc., Class A |  |  | 420 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 3,413 |  |  |  | (306,600 | )
Avalara, Inc. |  |  | 167 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 2,754 |  |  |  | (176,185 | )
Bandwidth, Inc., Class A |  |  | 178 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 2,735 |  |  |  | (117,480 | )
Cloudflare, Inc., Class A |  |  | 446 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 3,389 |  |  |  | (619,940 | )
CoStar Group, Inc. |  |  | 25 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 940.00 |  |  |  | USD |  |  |  | 2,311 |  |  |  | (78,750 | )
Elastic NV |  |  | 244 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 3,566 |  |  |  | (212,280 | )
Five9, Inc. |  |  | 346 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 6,034 |  |  |  | (249,120 | )
GDS Holdings Ltd., ADR |  |  | 370 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 3,465 |  |  |  | (137,825 | )
GoodRX Holdings, Inc., Class A |  |  | 318 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 1,283 |  |  |  | (81,231 | )
Inphi Corp. |  |  | 399 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 6,403 |  |  |  | (321,195 | )
Kingsoft Cloud Holdings Ltd., ADR |  |  | 1,120 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 4,878 |  |  |  | (277,200 | )
Lattice Semiconductor Corp. |  |  | 745 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 3,414 |  |  |  | (301,725 | )
Marvell Technology Group Ltd. |  |  | 252 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 48.00 |  |  |  | USD |  |  |  | 1,198 |  |  |  | (66,024 | )
Pagseguro Digital Ltd., Class A |  |  | 177 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 1,007 |  |  |  | (115,935 | )
Qorvo, Inc. |  |  | 330 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 5,487 |  |  |  | (463,650 | )
Roku, Inc. |  |  | 121 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 4,017 |  |  |  | (673,062 | )
Shift4 Payments, Inc., Class A |  |  | 260 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 1,960 |  |  |  | (211,900 | )
Shopify, Inc., Class A |  |  | 24 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 1,080.00 |  |  |  | USD |  |  |  | 2,717 |  |  |  | (288,600 | )
Shopify, Inc., Class A |  |  | 23 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 1,200.00 |  |  |  | USD |  |  |  | 2,603 |  |  |  | (152,490 | )
Synopsys, Inc. |  |  | 178 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 4,614 |  |  |  | (314,170 | )
Tesla, Inc. |  |  | 29 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 1,000.00 |  |  |  | USD |  |  |  | 2,046 |  |  |  | (34,075 | )
Tesla, Inc. |  |  | 58 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 720.00 |  |  |  | USD |  |  |  | 4,093 |  |  |  | (379,755 | )

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 113

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust II (BSTZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unity Software, Inc. |  |  | 300 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 4,604 |  |  | $ | (454,500 | )
Wix.com Ltd. |  |  | 138 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 3,449 |  |  |  | (86,940 | )
XP, Inc., Class A |  |  | 555 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 2,202 |  |  |  | (56,888 | )
XPeng, Inc., ADR |  |  | 224 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 959 |  |  |  | (24,416 | )
ZoomInfo Technologies, Inc., Class A |  |  | 791 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 46.25 |  |  |  | USD |  |  |  | 3,815 |  |  |  | (450,503 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (37,023,674 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Delivery Hero SE |  | Barclays Bank PLC |  |  | 15,900 |  |  |  | 01/05/21 |  |  |  | EUR |  |  |  | 115.72 |  |  |  | EUR |  |  |  | 2,019 |  |  | $ | (251,799 | )
Freee KK |  | Societe Generale |  |  | 46,600 |  |  |  | 01/05/21 |  |  |  | JPY |  |  |  | 9,028.80 |  |  |  | JPY |  |  |  | 470,660 |  |  |  | (500,737 | )
Lasertec Corp. |  | Societe Generale |  |  | 15,600 |  |  |  | 01/05/21 |  |  |  | JPY |  |  |  | 10,022.40 |  |  |  | JPY |  |  |  | 188,916 |  |  |  | (316,825 | )
Adyen NV |  | Barclays Bank PLC |  |  | 4,300 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 1,644.20 |  |  |  | EUR |  |  |  | 8,192 |  |  |  | (1,356,457 | )
Afya Ltd., Class A |  | JPMorgan Chase Bank N.A. |  |  | 56,000 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 27.77 |  |  |  | USD |  |  |  | 1,417 |  |  |  | (2,185 | )
Farfetch Class A Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 88,000 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 36.28 |  |  |  | USD |  |  |  | 5,615 |  |  |  | (2,422,717 | )
SOITEC |  | Barclays Bank PLC |  |  | 5,200 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 136.53 |  |  |  | EUR |  |  |  | 828 |  |  |  | (141,276 | )
SOITEC |  | Barclays Bank PLC |  |  | 10,000 |  |  |  | 01/07/21 |  |  |  | EUR |  |  |  | 133.18 |  |  |  | EUR |  |  |  | 1,593 |  |  |  | (312,495 | )
STMicroelectronics NV |  | Barclays Bank PLC |  |  | 39,000 |  |  |  | 01/07/21 |  |  |  | EUR |  |  |  | 29.33 |  |  |  | EUR |  |  |  | 1,181 |  |  |  | (61,918 | )
Endava PLC |  | Bank of America N.A. |  |  | 28,500 |  |  |  | 01/11/21 |  |  |  | USD |  |  |  | 68.60 |  |  |  | USD |  |  |  | 2,187 |  |  |  | (233,096 | )
Delivery Hero SE |  | Goldman Sachs International |  |  | 58,700 |  |  |  | 01/12/21 |  |  |  | EUR |  |  |  | 117.97 |  |  |  | EUR |  |  |  | 7,455 |  |  |  | (890,433 | )
Kakao Corp. |  | JPMorgan Chase Bank N.A. |  |  | 4,600 |  |  |  | 01/12/21 |  |  |  | USD |  |  |  | 390,529.34 |  |  |  | USD |  |  |  | 1,791,700 |  |  |  | (36,194 | )
Kingdee International Software Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 1,000,000 |  |  |  | 01/12/21 |  |  |  | HKD |  |  |  | 25.23 |  |  |  | HKD |  |  |  | 31,600 |  |  |  | (828,391 | )
Kingdee International Software Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 192,000 |  |  |  | 01/12/21 |  |  |  | HKD |  |  |  | 28.46 |  |  |  | HKD |  |  |  | 6,067 |  |  |  | (79,777 | )
Silergy Corp. |  | JPMorgan Chase Bank N.A. |  |  | 46,000 |  |  |  | 01/12/21 |  |  |  | USD |  |  |  | 2,480.40 |  |  |  | USD |  |  |  | 110,860 |  |  |  | (119,264 | )
SOITEC |  | Barclays Bank PLC |  |  | 14,600 |  |  |  | 01/12/21 |  |  |  | EUR |  |  |  | 141.44 |  |  |  | EUR |  |  |  | 2,326 |  |  |  | (308,784 | )
Altium Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 46,500 |  |  |  | 01/13/21 |  |  |  | AUD |  |  |  | 37.87 |  |  |  | AUD |  |  |  | 1,581 |  |  |  | (654 | )
Locaweb Servicos de Internet SA |  | Morgan Stanley & Co. International PLC |  |  | 370,000 |  |  |  | 01/13/21 |  |  |  | USD |  |  |  | 66.43 |  |  |  | USD |  |  |  | 29,774 |  |  |  | (1,006,023 | )
Magazine Luiza SA |  | Morgan Stanley & Co. International PLC |  |  | 1,940,000 |  |  |  | 01/13/21 |  |  |  | USD |  |  |  | 23.87 |  |  |  | USD |  |  |  | 48,403 |  |  |  | (519,183 | )
Samsung CDI Co., Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 11,000 |  |  |  | 01/13/21 |  |  |  | USD |  |  |  | 513,240.00 |  |  |  | USD |  |  |  | 6,908,000 |  |  |  | (1,162,289 | )
Weimob, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 2,562,000 |  |  |  | 01/13/21 |  |  |  | HKD |  |  |  | 11.82 |  |  |  | HKD |  |  |  | 35,714 |  |  |  | (729,016 | )
Endava American Depository Shares |  | UBS AG |  |  | 19,900 |  |  |  | 01/14/21 |  |  |  | USD |  |  |  | 70.36 |  |  |  | USD |  |  |  | 1,527 |  |  |  | (130,321 | )
BE Semiconductor Industries NV |  | Morgan Stanley & Co. International PLC |  |  | 54,000 |  |  |  | 01/15/21 |  |  |  | EUR |  |  |  | 47.51 |  |  |  | EUR |  |  |  | 2,677 |  |  |  | (150,137 | )
BE Semiconductor Industries NV |  | UBS AG |  |  | 8,400 |  |  |  | 01/15/21 |  |  |  | EUR |  |  |  | 39.83 |  |  |  | EUR |  |  |  | 417 |  |  |  | (95,997 | )
GMO Payment Gateway, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 23,600 |  |  |  | 01/15/21 |  |  |  | JPY |  |  |  | 13,587.00 |  |  |  | JPY |  |  |  | 326,624 |  |  |  | (148,741 | )
Xero Ltd. |  | Goldman Sachs International |  |  | 27,200 |  |  |  | 01/15/21 |  |  |  | AUD |  |  |  | 127.21 |  |  |  | AUD |  |  |  | 3,994 |  |  |  | (419,842 | )
Altium Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 95,000 |  |  |  | 01/20/21 |  |  |  | AUD |  |  |  | 36.67 |  |  |  | AUD |  |  |  | 3,229 |  |  |  | (10,823 | )
Asmedia Technology, Inc. |  | Goldman Sachs International |  |  | 43,000 |  |  |  | 01/20/21 |  |  |  | USD |  |  |  | 1,704.65 |  |  |  | USD |  |  |  | 67,510 |  |  |  | (49,259 | )
Delivery Hero SE |  | Goldman Sachs International |  |  | 2,300 |  |  |  | 01/20/21 |  |  |  | EUR |  |  |  | 101.39 |  |  |  | EUR |  |  |  | 292 |  |  |  | (80,020 | )
Freee KK |  | Societe Generale |  |  | 62,000 |  |  |  | 01/20/21 |  |  |  | JPY |  |  |  | 8,841.50 |  |  |  | JPY |  |  |  | 626,200 |  |  |  | (859,190 | )
Rakus Ltd. |  | Societe Generale |  |  | 121,500 |  |  |  | 01/20/21 |  |  |  | JPY |  |  |  | 2,499.00 |  |  |  | JPY |  |  |  | 290,628 |  |  |  | (130,443 | )
Shop Apotheke Europe NV |  | Goldman Sachs International |  |  | 16,500 |  |  |  | 01/20/21 |  |  |  | EUR |  |  |  | 133.78 |  |  |  | EUR |  |  |  | 2,445 |  |  |  | (359,681 | )
SOITEC |  | UBS AG |  |  | 3,800 |  |  |  | 01/20/21 |  |  |  | EUR |  |  |  | 139.67 |  |  |  | EUR |  |  |  | 605 |  |  |  | (90,523 | )
Tyro Payments Ltd. |  | UBS AG |  |  | 466,000 |  |  |  | 01/20/21 |  |  |  | AUD |  |  |  | 3.70 |  |  |  | AUD |  |  |  | 1,487 |  |  |  | (5,123 | )
Weimob, Inc. |  | Societe Generale |  |  | 3,481,000 |  |  |  | 01/20/21 |  |  |  | HKD |  |  |  | 10.86 |  |  |  | HKD |  |  |  | 48,525 |  |  |  | (1,403,634 | )
NCSoft Corp. |  | JPMorgan Chase Bank N.A. |  |  | 5,000 |  |  |  | 01/21/21 |  |  |  | USD |  |  |  | 910,796.05 |  |  |  | USD |  |  |  | 4,655,000 |  |  |  | (176,467 | )
GMO Payment Gateway, Inc. |  | Societe Generale |  |  | 36,200 |  |  |  | 01/26/21 |  |  |  | JPY |  |  |  | 14,395.50 |  |  |  | JPY |  |  |  | 501,008 |  |  |  | (153,338 | )
Silergy Corp. |  | Citibank N.A. |  |  | 58,000 |  |  |  | 01/26/21 |  |  |  | USD |  |  |  | 2,693.25 |  |  |  | USD |  |  |  | 139,780 |  |  |  | (117,016 | )
STMicroelectronics NV |  | Morgan Stanley & Co. International PLC |  |  | 40,800 |  |  |  | 01/26/21 |  |  |  | EUR |  |  |  | 31.01 |  |  |  | EUR |  |  |  | 1,235 |  |  |  | (51,087 | )
Weimob, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 2,561,000 |  |  |  | 01/27/21 |  |  |  | HKD |  |  |  | 10.87 |  |  |  | HKD |  |  |  | 35,700 |  |  |  | (1,047,082 | )
Altium Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 64,600 |  |  |  | 01/28/21 |  |  |  | AUD |  |  |  | 35.91 |  |  |  | AUD |  |  |  | 2,196 |  |  |  | (22,389 | )
Asmedia Technology, Inc. |  | Goldman Sachs International |  |  | 35,000 |  |  |  | 01/28/21 |  |  |  | USD |  |  |  | 1,762.80 |  |  |  | USD |  |  |  | 54,950 |  |  |  | (39,098 | )
Endava American Depository Shares |  | Morgan Stanley & Co. International PLC |  |  | 19,000 |  |  |  | 01/28/21 |  |  |  | USD |  |  |  | 70.60 |  |  |  | USD |  |  |  | 1,458 |  |  |  | (127,508 | )
Farfetch Class A Ltd. |  | Citibank N.A. |  |  | 88,000 |  |  |  | 01/28/21 |  |  |  | USD |  |  |  | 54.50 |  |  |  | USD |  |  |  | 5,615 |  |  |  | (899,605 | )
Freee KK |  | Morgan Stanley & Co. International PLC |  |  | 103,700 |  |  |  | 01/28/21 |  |  |  | JPY |  |  |  | 10,458.57 |  |  |  | JPY |  |  |  | 1,047,370 |  |  |  | (597,356 | )
Kakao Corp. |  | UBS AG |  |  | 11,300 |  |  |  | 01/28/21 |  |  |  | USD |  |  |  | 380,070.00 |  |  |  | USD |  |  |  | 4,401,350 |  |  |  | (196,755 | )

114 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust II (BSTZ)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kingdee International Software Group Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 1,498,000 |  |  |  | 01/28/21 |  |  |  | HKD |  |  |  | 29.61 |  |  |  | HKD |  |  |  | 47,337 |  |  | $ | (533,028 | )
Lasertec Corp. |  | Citibank N.A. |  |  | 69,600 |  |  |  | 01/28/21 |  |  |  | JPY |  |  |  | 12,561.00 |  |  |  | JPY |  |  |  | 842,856 |  |  |  | (266,798 | )
Rakus Co. Ltd. |  | Goldman Sachs International |  |  | 84,400 |  |  |  | 01/28/21 |  |  |  | JPY |  |  |  | 2,433.41 |  |  |  | JPY |  |  |  | 201,885 |  |  |  | (133,565 | )
Rakus Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 128,400 |  |  |  | 02/02/21 |  |  |  | JPY |  |  |  | 2,385.12 |  |  |  | JPY |  |  |  | 307,133 |  |  |  | (248,894 | )
Shop Apotheke Europe NV |  | Credit Suisse International |  |  | 13,200 |  |  |  | 02/02/21 |  |  |  | EUR |  |  |  | 145.03 |  |  |  | EUR |  |  |  | 1,956 |  |  |  | (214,643 | )
SOITEC |  | Credit Suisse International |  |  | 10,000 |  |  |  | 02/02/21 |  |  |  | EUR |  |  |  | 156.05 |  |  |  | EUR |  |  |  | 1,593 |  |  |  | (91,284 | )
Tyro Payments Ltd. |  | Goldman Sachs International |  |  | 495,000 |  |  |  | 02/02/21 |  |  |  | AUD |  |  |  | 3.62 |  |  |  | AUD |  |  |  | 1,579 |  |  |  | (16,073 | )
Xero Ltd. |  | Goldman Sachs International |  |  | 36,900 |  |  |  | 02/02/21 |  |  |  | AUD |  |  |  | 145.23 |  |  |  | AUD |  |  |  | 5,418 |  |  |  | (189,255 | )
Samsung SDI Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 10,300 |  |  |  | 02/03/21 |  |  |  | USD |  |  |  | 582,750.00 |  |  |  | USD |  |  |  | 6,468,400 |  |  |  | (537,156 | )
Endava PLC |  | UBS AG |  |  | 32,400 |  |  |  | 02/04/21 |  |  |  | USD |  |  |  | 76.86 |  |  |  | USD |  |  |  | 2,487 |  |  |  | (93,548 | )
Farfetch Class A Ltd. |  | Citibank N.A. |  |  | 63,000 |  |  |  | 02/08/21 |  |  |  | USD |  |  |  | 59.75 |  |  |  | USD |  |  |  | 4,020 |  |  |  | (442,123 | )
Afya Ltd., Class A |  | Morgan Stanley & Co. International PLC |  |  | 73,000 |  |  |  | 02/16/21 |  |  |  | USD |  |  |  | 25.03 |  |  |  | USD |  |  |  | 1,847 |  |  |  | (119,388 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (21,526,703 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | — |  |  | $ | — |  |  | $ | 5,421,794 |  |  | $ | (31,952,915) |  |  | $ | (58,550,377) |

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 58,550,377 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 58,550,377 |

For the year ended December 31, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | 4,312 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,312 |
Options written |  |  | — |  |  |  | — |  |  |  | (202,293,958 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (202,293,958 | )
|  | $ | — |  |  | $ | — |  |  | $ | (202,289,646 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (202,289,646 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (19,964,341 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (19,964,341 | )

| (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 |  | $ | 35,056,662 |

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

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

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 115

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust II (BSTZ)

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 |  | $ | — |  |  | $ | 58,550,377 |
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities |  |  | — |  |  |  | 58,550,377 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (37,023,674 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 21,526,703 |

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged |  |  |  | Cash Collateral Pledged | (a) |  |  | Net Amount of Derivative Liabilities | (b)
Bank of America N.A. |  | $ | 233,096 |  |  | $ | — |  |  | $ | — |  |  | $ | (20,000 | ) |  | $ | 213,096 |
Barclays Bank PLC |  |  | 2,432,729 |  |  |  | — |  |  |  | — |  |  |  | (2,430,000 | ) |  |  | 2,729 |
Citibank N.A. |  |  | 1,725,542 |  |  |  | — |  |  |  | — |  |  |  | (1,510,000 | ) |  |  | 215,542 |
Credit Suisse International |  |  | 305,927 |  |  |  | — |  |  |  | — |  |  |  | (80,000 | ) |  |  | 225,927 |
Goldman Sachs International |  |  | 2,177,226 |  |  |  | — |  |  |  | — |  |  |  | (1,880,000 | ) |  |  | 297,226 |
JPMorgan Chase Bank N.A. |  |  | 7,549,650 |  |  |  | — |  |  |  | — |  |  |  | (6,960,000 | ) |  |  | 589,650 |
Morgan Stanley & Co. International PLC |  |  | 3,126,099 |  |  |  | — |  |  |  | — |  |  |  | (2,900,000 | ) |  |  | 226,099 |
Societe Generale |  |  | 3,364,167 |  |  |  | — |  |  |  | — |  |  |  | (2,980,000 | ) |  |  | 384,167 |
UBS AG |  |  | 612,267 |  |  |  | — |  |  |  | — |  |  |  | (612,267 | ) |  |  | — |
|  | $ | 21,526,703 |  |  | $ | — |  |  | $ | — |  |  | $ | (19,372,267 | ) |  | $ | 2,154,436 |

| (a) | Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |

| (b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statements of Assets and Liabilities. |

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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 |  | $ | 115,928,678 |  |  | $ | 14,650,000 |  |  | $ | — |  |  | $ | 130,578,678 |
Banks |  |  | — |  |  |  | — |  |  |  | 48,371,717 |  |  |  | 48,371,717 |
Capital Markets |  |  | 23,217,461 |  |  |  | — |  |  |  | — |  |  |  | 23,217,461 |
Diversified Consumer Services |  |  | 43,431,394 |  |  |  | — |  |  |  | 10,439,424 |  |  |  | 53,870,818 |
Diversified Telecommunication Services |  |  | 20,169,495 |  |  |  | — |  |  |  | — |  |  |  | 20,169,495 |
Electronic Equipment, Instruments & Components |  |  | — |  |  |  | 42,710,913 |  |  |  | — |  |  |  | 42,710,913 |
Entertainment |  |  | 74,082,699 |  |  |  | 14,906,166 |  |  |  | — |  |  |  | 88,988,865 |
Health Care Technology |  |  | 43,561,650 |  |  |  | — |  |  |  | — |  |  |  | 43,561,650 |
Interactive Media & Services |  |  | 104,337,893 |  |  |  | 55,069,254 |  |  |  | — |  |  |  | 159,407,147 |
Internet & Direct Marketing Retail |  |  | 165,156,546 |  |  |  | 44,831,848 |  |  |  | — |  |  |  | 209,988,394 |
IT Services |  |  | 398,875,531 |  |  |  | 131,476,548 |  |  |  | 16,473,581 |  |  |  | 546,825,660 |
Multi-line Retail |  |  | — |  |  |  | 35,754,999 |  |  |  | — |  |  |  | 35,754,999 |
Professional Services |  |  | 15,686,880 |  |  |  | — |  |  |  | — |  |  |  | 15,686,880 |
Road & Rail |  |  | 20,989,368 |  |  |  | — |  |  |  | — |  |  |  | 20,989,368 |
Semiconductors & Semiconductor Equipment |  |  | 216,929,889 |  |  |  | 165,517,219 |  |  |  | — |  |  |  | 382,447,108 |
Software |  |  | 456,533,286 |  |  |  | 323,448,768 |  |  |  | 34,814,203 |  |  |  | 814,796,257 |
Specialty Retail |  |  | — |  |  |  | — |  |  |  | 5,984,763 |  |  |  | 5,984,763 |

116 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust II (BSTZ)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  | $ | — |  |  | $ | — |  |  | $ | 401,750,866 |  |  | $ | 401,750,866 |
Warrants |  |  | 627,705 |  |  |  | — |  |  |  | 521,839 |  |  |  | 1,149,544 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 21,688,765 |  |  |  | — |  |  |  | — |  |  |  | 21,688,765 |
|  | $ | 1,721,217,240 |  |  | $ | 828,365,715 |  |  | $ | 518,356,393 |  |  | $ | 3,067,939,348 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (34,685,084) |  |  | $ | (23,865,293) |  |  | $ | — |  |  | $ | (58,550,377) |

| (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 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 |  |  | Warrants |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2019 |  | $ | 29,199,661 |  |  | $ | 91,720,586 |  |  | $ | 53,498 |  |  | $ | 120,973,745 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | 36,911,367 |  |  |  | 84,967,363 |  |  |  | 468,341 |  |  |  | 122,347,071 |
Purchases |  |  | 49,972,660 |  |  |  | 249,953,107 |  |  |  | — |  |  |  | 299,925,767 |
Sales |  |  | — |  |  |  | (24,890,190 | ) |  |  | — |  |  |  | (24,890,190 | )
Closing balance, as of December 31, 2020 |  | $ | 116,083,688 |  |  | $ | 401,750,866 |  |  | $ | 521,839 |  |  | $ | 518,356,393 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2020(b) |  | $ | 36,911,367 |  |  | $ | 84,974,773 |  |  | $ | 468,341 |  |  | $ | 122,354,481 |

| (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, 2020 is generally due to investments no longer held or categorized as Level 3 at period end. |

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S |  | 117

Consolidated Schedule of Investments (continued) December 31, 2020 |  | BlackRock Science and Technology Trust II (BSTZ)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global 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(b) |  | $ | 116,083,688 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 6.25x - 16.25x |  |  |  | 10.42x |
|  |  |  |  |  |  |  |  |  |  | Recent Transactions |  |  |  | — |  |  |  | — |
Preferred Stocks(c)(d) |  |  | 401,750,866 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 0.57x - 45.00x |  |  |  | 12.93x |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 28% - 57 | % |  |  | 49% |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 2.5 - 5.0 |  |  |  | 3.1 |
|  |  |  |  |  |  |  |  |  |  | Recent Transactions |  |  |  | — |  |  |  | — |
Warrants(e) |  |  | 521,839 |  |  |  | Market |  |  |  | Recent Transactions |  |  |  | — |  |  |  | — |
|  | $ | 518,356,393 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

| (b) | For the period end December 31, 2020, the valuation technique for investments classified as Common Stocks amounting to $16,473,581 changed to Transaction Price approach. The investments were previously valued utilizing Option Pricing Model approach. The change was due to consideration of the information that was available at the time the investments were valued. |

| (c) | For the period end December 31, 2020, the valuation technique for investments classified as Preferred Stocks amounting to $30,494,259 changed to Current Value Method. The investments were previously valued utilizing Transaction Price Approach. The change was due to consideration of the information that was available at the time the investments were valued. |

| (d) | For the period end December 31, 2020, the valuation technique for investments classified as Preferred Stocks amounting to $18,305,594 changed to Current Value Method. The investments were previously valued utilizing Option Pricing Model approach. The change was due to consideration of the information that was available at the time the investments were valued. |

| (e) | For the period end December 31, 2020, the valuation technique for investments classified as Warrants amounting to $521,839 changed to Transaction Price approach. The investments were previously valued utilizing Option Pricing Model approach. The change was due to consideration of the information that was available at the time the investments were valued. |

See notes to financial statements.

118 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments December 31, 2020 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Building Products — 7.0% |  |  |  |  |  |
AO Smith Corp.(a) |  |  | 96,120 |  |  | $ | 5,269,298 |
Johnson Controls International PLC(a) |  |  | 218,259 |  |  |  | 10,168,687 |
Kingspan Group PLC |  |  | 80,965 |  |  |  | 5,677,486 |
Trane Technologies PLC(a) |  |  | 70,950 |  |  |  | 10,299,102 |
|  |  |  |  |  |  | 31,414,573 |
Chemicals — 5.1% |  |  |  |  |  |
Air Liquide SA |  |  | 32,889 |  |  |  | 5,392,047 |
LG Chem Ltd. |  |  | 4,950 |  |  |  | 3,764,061 |
Linde PLC(b) |  |  | 25,622 |  |  |  | 6,755,918 |
Sika AG, Registered Shares |  |  | 16,890 |  |  |  | 4,604,100 |
Umicore SA |  |  | 44,550 |  |  |  | 2,141,298 |
|  |  |  |  |  |  | 22,657,424 |
Commercial Services & Supplies(a) — 4.4% |  |  |  |
Waste Connections, Inc. |  |  | 83,950 |  |  |  | 8,610,752 |
Waste Management, Inc. |  |  | 94,050 |  |  |  | 11,091,316 |
|  |  |  |  |  |  | 19,702,068 |
Construction & Engineering — 3.5% |  |  |  |  |  |
Quanta Services, Inc.(a) |  |  | 59,660 |  |  |  | 4,296,713 |
Vinci SA |  |  | 111,950 |  |  |  | 11,151,265 |
|  |  |  |  |  |  | 15,447,978 |
Electric Utilities — 32.9% |  |  |  |  |  |
American Electric Power Co., Inc.(a) |  |  | 68,150 |  |  |  | 5,674,851 |
Duke Energy Corp.(a) |  |  | 100,868 |  |  |  | 9,235,474 |
Edison International(a) |  |  | 154,000 |  |  |  | 9,674,280 |
EDP - Energias de Portugal SA |  |  | 968,100 |  |  |  | 6,076,284 |
Enel SpA |  |  | 2,621,075 |  |  |  | 26,668,724 |
Entergy Corp.(a) |  |  | 26,950 |  |  |  | 2,690,688 |
Exelon Corp.(a) |  |  | 131,208 |  |  |  | 5,539,602 |
FirstEnergy Corp.(a) |  |  | 213,100 |  |  |  | 6,522,991 |
Iberdrola SA |  |  | 1,376,425 |  |  |  | 19,779,626 |
Neoenergia SA |  |  | 1,423,250 |  |  |  | 4,858,878 |
NextEra Energy, Inc.(a)(c) |  |  | 486,630 |  |  |  | 37,543,505 |
PPL Corp.(a) |  |  | 257,600 |  |  |  | 7,264,320 |
Xcel Energy, Inc.(a) |  |  | 70,890 |  |  |  | 4,726,236 |
|  |  |  |  |  |  | 146,255,459 |
Electrical Equipment — 7.3% |  |  |  |  |  |
Eaton Corp. PLC(a) |  |  | 46,490 |  |  |  | 5,585,309 |
Schneider Electric SE |  |  | 69,432 |  |  |  | 10,034,828 |
Vestas Wind Systems A/S |  |  | 63,460 |  |  |  | 14,991,112 |
Xinjiang Goldwind Science & Technology Co. Ltd., Class H |  |  | 929,400 |  |  |  | 1,872,824 |
|  |  |  |  |  |  | 32,484,073 |
Electronic Equipment, Instruments & Components — 2.7% |
Hexagon AB, B Shares(b) |  |  | 51,550 |  |  |  | 4,726,207 |
Rogers Corp.(a)(b) |  |  | 19,196 |  |  |  | 2,980,947 |
Samsung SDI Co. Ltd. |  |  | 7,350 |  |  |  | 4,259,674 |
|  |  |  |  |  |  | 11,966,828 |
Independent Power and Renewable Electricity Producers — 7.6% |
AES Corp.(a) |  |  | 345,490 |  |  |  | 8,119,015 |
China Longyuan Power Group Corp. Ltd., Class H |  |  | 9,726,000 |  |  |  | 9,779,512 |
EDP Renovaveis SA |  |  | 567,942 |  |  |  | 15,819,242 |
|  |  |  |  |  |  | 33,717,769 |

Security |  | Shares |  |  | Value |
Machinery — 2.3% |  |  |  |  |  |
Atlas Copco AB, B Shares |  |  | 227,650 |  |  | $ | 10,218,632 |
Multi-Utilities — 14.2% |  |  |  |
CMS Energy Corp.(a) |  |  | 147,660 |  |  |  | 9,008,737 |
Dominion Energy, Inc.(a)(b)(c) |  |  | 157,198 |  |  |  | 11,821,289 |
National Grid PLC |  |  | 984,924 |  |  |  | 11,639,271 |
Public Service Enterprise Group, Inc.(a) |  |  | 182,842 |  |  |  | 10,659,688 |
RWE AG |  |  | 352,200 |  |  |  | 14,900,609 |
Sempra Energy(a) |  |  | 39,500 |  |  |  | 5,032,695 |
|  |  |  |  |  |  | 63,062,289 |
Oil, Gas & Consumable Fuels — 7.4% |  |  |  |
Enterprise Products Partners LP(a) |  |  | 198,913 |  |  |  | 3,896,706 |
Kinder Morgan, Inc.(a)(b) |  |  | 714,050 |  |  |  | 9,761,063 |
TC Energy Corp. |  |  | 246,250 |  |  |  | 10,011,342 |
Williams Cos., Inc.(a) |  |  | 464,555 |  |  |  | 9,314,328 |
|  |  |  |  |  |  | 32,983,439 |
Semiconductors & Semiconductor Equipment — 4.6% |
Canadian Solar, Inc.(b) |  |  | 76,790 |  |  |  | 3,934,720 |
First Solar, Inc.(a)(b) |  |  | 26,034 |  |  |  | 2,575,283 |
Infineon Technologies AG |  |  | 123,200 |  |  |  | 4,704,836 |
Maxim Integrated Products, Inc.(a)(b) |  |  | 51,040 |  |  |  | 4,524,696 |
ON Semiconductor Corp.(a)(b) |  |  | 140,180 |  |  |  | 4,588,092 |
|  |  |  |  |  |  | 20,327,627 |
Total Long-Term Investments — 99.0% |  |  |  |
(Cost: $290,880,807) |  |  |  |  |  |  | 440,238,159 |
Short-Term Securities |  |  |  |  |
Money Market Funds — 1.9% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.00%(d)(e) |  |  | 8,385,590 |  |  |  | 8,385,590 |
Total Short-Term Securities — 1.9% |  |  |  |  |  |
(Cost: $8,385,590) |  |  |  | 8,385,590 |
Total Investments Before Options Written — 100.9% |  |  |  |
(Cost: $299,266,397) |  |  |  | 448,623,749 |
Options Written — (1.2)% |  |  |  |
(Premiums Received: $(3,877,608)) |  |  |  | (5,640,230 | )
Total Investments, Net of Options Written — 99.7% |  |  |  |
(Cost: $295,388,789) |  |  |  | 442,983,519 |
Other Assets Less Liabilities — 0.3% |  |  |  | 1,542,454 |
Net Assets — 100.0% |  |  | $ | 444,525,973 |

(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 the security has been pledged as collateral in connection with outstanding OTC derivatives.

(d) | Affiliate of the Trust.

(e) | Annualized 7-day yield as of period end.

S C H E D U L E O F I N V E S T M E N T S |  | 119

Schedule of Investments (continued) December 31, 2020 |  | 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, 2020 for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/19 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 12/31/20 |  |  | Shares Held at 12/31/20 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 12,716,146 |  |  | $ | — |  |  | $ | (4,330,556)(a) |  |  | $ | — |  |  | $ | — |  |  | $ | 8,385,590 |  |  |  | 8,385,590 |  |  | $ | 37,673 |  |  | $ | — |

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

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AO Smith Corp. |  |  | 336 |  |  |  | 01/06/21 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 1,842 |  |  | $ | (3,259 | )
Eaton Corp. PLC |  |  | 74 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 123.00 |  |  |  | USD |  |  |  | 889 |  |  |  | (4,625 | )
Enterprise Products Partners LP |  |  | 326 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 21.00 |  |  |  | USD |  |  |  | 639 |  |  |  | (1,141 | )
Johnson Controls International PLC |  |  | 265 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 47.00 |  |  |  | USD |  |  |  | 1,235 |  |  |  | (12,588 | )
Kinder Morgan, Inc. |  |  | 657 |  |  |  | 01/08/21 |  |  |  | USD |  |  |  | 15.00 |  |  |  | USD |  |  |  | 898 |  |  |  | (3,285 | )
American Electric Power Co., Inc. |  |  | 119 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 991 |  |  |  | (9,520 | )
CMS Energy Corp. |  |  | 234 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 61.55 |  |  |  | USD |  |  |  | 1,428 |  |  |  | (21,172 | )
Dominion Energy, Inc. |  |  | 251 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 82.50 |  |  |  | USD |  |  |  | 1,888 |  |  |  | (1,255 | )
Duke Energy Corp. |  |  | 171 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 97.50 |  |  |  | USD |  |  |  | 1,566 |  |  |  | (1,710 | )
Eaton Corp. PLC |  |  | 53 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 637 |  |  |  | (13,515 | )
Edison International |  |  | 169 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 1,062 |  |  |  | (1,690 | )
Entergy Corp. |  |  | 94 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 939 |  |  |  | (1,410 | )
Enterprise Products Partners LP |  |  | 80 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 19.00 |  |  |  | USD |  |  |  | 157 |  |  |  | (6,560 | )
Exelon Corp. |  |  | 340 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 1,435 |  |  |  | (8,500 | )
First Solar, Inc. |  |  | 91 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 900 |  |  |  | (91,682 | )
FirstEnergy Corp. |  |  | 297 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 909 |  |  |  | (34,155 | )
Johnson Controls International PLC |  |  | 340 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 47.00 |  |  |  | USD |  |  |  | 1,584 |  |  |  | (22,950 | )
Kinder Morgan, Inc. |  |  | 599 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 13.00 |  |  |  | USD |  |  |  | 819 |  |  |  | (48,519 | )
Maxim Integrated Products, Inc. |  |  | 74 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 656 |  |  |  | (31,820 | )
NextEra Energy, Inc. |  |  | 1,177 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 9,081 |  |  |  | (61,792 | )
ON Semiconductor Corp. |  |  | 343 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 29.00 |  |  |  | USD |  |  |  | 1,123 |  |  |  | (130,340 | )
PPL Corp. |  |  | 541 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 31.00 |  |  |  | USD |  |  |  | 1,526 |  |  |  | (2,705 | )
Public Service Enterprise Group, Inc. |  |  | 309 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,801 |  |  |  | (6,180 | )
Quanta Services, Inc. |  |  | 167 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 70.90 |  |  |  | USD |  |  |  | 1,203 |  |  |  | (44,305 | )
Sempra Energy |  |  | 69 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 879 |  |  |  | (1,380 | )
TC Energy Corp. |  |  | 407 |  |  |  | 01/15/21 |  |  |  | CAD |  |  |  | 58.00 |  |  |  | CAD |  |  |  | 2,106 |  |  |  | (1,918 | )
Trane Technologies PLC |  |  | 113 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,640 |  |  |  | (13,278 | )
Waste Connections, Inc. |  |  | 184 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 1,887 |  |  |  | (2,300 | )
Waste Management, Inc. |  |  | 160 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 1,887 |  |  |  | (2,000 | )
Williams Cos., Inc. |  |  | 379 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 21.00 |  |  |  | USD |  |  |  | 760 |  |  |  | (7,012 | )
Xcel Energy, Inc. |  |  | 115 |  |  |  | 01/15/21 |  |  |  | USD |  |  |  | 74.83 |  |  |  | USD |  |  |  | 767 |  |  |  | (112 | )
Enterprise Products Partners LP |  |  | 40 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 21.00 |  |  |  | USD |  |  |  | 78 |  |  |  | (680 | )
Johnson Controls International PLC |  |  | 158 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 736 |  |  |  | (25,280 | )
Kinder Morgan, Inc. |  |  | 426 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 15.00 |  |  |  | USD |  |  |  | 582 |  |  |  | (4,047 | )
Kinder Morgan, Inc. |  |  | 409 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 15.50 |  |  |  | USD |  |  |  | 559 |  |  |  | (1,841 | )
ON Semiconductor Corp. |  |  | 147 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 32.50 |  |  |  | USD |  |  |  | 481 |  |  |  | (19,477 | )
Williams Cos., Inc. |  |  | 415 |  |  |  | 01/22/21 |  |  |  | USD |  |  |  | 23.00 |  |  |  | USD |  |  |  | 832 |  |  |  | (2,075 | )
Enterprise Products Partners LP |  |  | 250 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 22.00 |  |  |  | USD |  |  |  | 490 |  |  |  | (2,750 | )
Kinder Morgan, Inc. |  |  | 408 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 15.50 |  |  |  | USD |  |  |  | 558 |  |  |  | (3,264 | )
Williams Cos., Inc. |  |  | 415 |  |  |  | 01/29/21 |  |  |  | USD |  |  |  | 23.01 |  |  |  | USD |  |  |  | 832 |  |  |  | (3,823 | )
Williams Cos., Inc. |  |  | 415 |  |  |  | 02/05/21 |  |  |  | USD |  |  |  | 23.01 |  |  |  | USD |  |  |  | 832 |  |  |  | (5,139 | )

120 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PPL Corp. |  |  | 357 |  |  |  | 02/10/21 |  |  |  | USD |  |  |  | 28.25 |  |  |  | USD |  |  |  | 1,007 |  |  | $ | (33,653 | )
AES Corp. |  |  | 560 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 23.00 |  |  |  | USD |  |  |  | 1,316 |  |  |  | (74,200 | )
AES Corp. |  |  | 260 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 24.00 |  |  |  | USD |  |  |  | 611 |  |  |  | (21,450 | )
American Electric Power Co., Inc. |  |  | 119 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 87.50 |  |  |  | USD |  |  |  | 991 |  |  |  | (13,388 | )
CMS Energy Corp. |  |  | 282 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 62.00 |  |  |  | USD |  |  |  | 1,720 |  |  |  | (36,004 | )
Dominion Energy, Inc. |  |  | 299 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 78.50 |  |  |  | USD |  |  |  | 2,248 |  |  |  | (33,492 | )
Duke Energy Corp. |  |  | 182 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 94.00 |  |  |  | USD |  |  |  | 1,666 |  |  |  | (24,605 | )
Eaton Corp. PLC |  |  | 35 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 420 |  |  |  | (17,500 | )
Edison International |  |  | 370 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 64.69 |  |  |  | USD |  |  |  | 2,324 |  |  |  | (62,967 | )
Exelon Corp. |  |  | 119 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 502 |  |  |  | (7,438 | )
FirstEnergy Corp. |  |  | 297 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 31.75 |  |  |  | USD |  |  |  | 909 |  |  |  | (25,520 | )
Maxim Integrated Products, Inc. |  |  | 104 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 922 |  |  |  | (63,960 | )
NextEra Energy, Inc. |  |  | 526 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 77.50 |  |  |  | USD |  |  |  | 4,058 |  |  |  | (145,965 | )
Public Service Enterprise Group, Inc. |  |  | 330 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 59.00 |  |  |  | USD |  |  |  | 1,924 |  |  |  | (47,988 | )
Quanta Services, Inc. |  |  | 49 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 353 |  |  |  | (23,275 | )
Rogers Corp. |  |  | 67 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 1,040 |  |  |  | (38,190 | )
Sempra Energy |  |  | 69 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 879 |  |  |  | (11,040 | )
TC Energy Corp. |  |  | 454 |  |  |  | 02/19/21 |  |  |  | CAD |  |  |  | 58.00 |  |  |  | CAD |  |  |  | 2,349 |  |  |  | (9,095 | )
Trane Technologies PLC |  |  | 135 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,960 |  |  |  | (54,675 | )
Waste Connections, Inc. |  |  | 109 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 1,118 |  |  |  | (26,160 | )
Waste Management, Inc. |  |  | 169 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,993 |  |  |  | (46,052 | )
Xcel Energy, Inc. |  |  | 133 |  |  |  | 02/19/21 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 887 |  |  |  | (13,633 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,491,304 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EDP Renovaveis SA |  | Credit Suisse International |  |  | 27,800 |  |  |  | 01/05/21 |  |  |  | EUR |  |  |  | 17.32 |  |  |  | EUR |  |  |  | 634 |  |  | $ | (186,056 | )
Enel SpA |  | Credit Suisse International |  |  | 410,600 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 8.21 |  |  |  | EUR |  |  |  | 3,398 |  |  |  | (85,721 | )
Infineon Technologies AG |  | Goldman Sachs International |  |  | 38,100 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 27.75 |  |  |  | EUR |  |  |  | 1,196 |  |  |  | (164,408 | )
Kingspan Group PLC |  | Barclays Bank PLC |  |  | 5,800 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 81.91 |  |  |  | EUR |  |  |  | 333 |  |  |  | — |
Kingspan Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 24,000 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 79.63 |  |  |  | EUR |  |  |  | 1,378 |  |  |  | — |
Vinci SA |  | Barclays Bank PLC |  |  | 22,900 |  |  |  | 01/06/21 |  |  |  | EUR |  |  |  | 91.58 |  |  |  | EUR |  |  |  | 1,863 |  |  |  | (61 | )
Atlas Copco AB, B Shares |  | Goldman Sachs International |  |  | 26,800 |  |  |  | 01/07/21 |  |  |  | SEK |  |  |  | 372.18 |  |  |  | SEK |  |  |  | 9,871 |  |  |  | (12,612 | )
EDP Renovaveis SA |  | Barclays Bank PLC |  |  | 39,800 |  |  |  | 01/07/21 |  |  |  | EUR |  |  |  | 17.10 |  |  |  | EUR |  |  |  | 907 |  |  |  | (277,062 | )
Hexagon AB, B Shares |  | Goldman Sachs International |  |  | 9,000 |  |  |  | 01/07/21 |  |  |  | SEK |  |  |  | 687.28 |  |  |  | SEK |  |  |  | 6,748 |  |  |  | (73,377 | )
Iberdrola SA |  | Credit Suisse International |  |  | 239,000 |  |  |  | 01/07/21 |  |  |  | EUR |  |  |  | 10.84 |  |  |  | EUR |  |  |  | 2,796 |  |  |  | (277,343 | )
Linde PLC |  | Morgan Stanley & Co. International PLC |  |  | 4,800 |  |  |  | 01/07/21 |  |  |  | EUR |  |  |  | 205.91 |  |  |  | EUR |  |  |  | 1,022 |  |  |  | (60,888 | )
RWE AG |  | Credit Suisse International |  |  | 43,600 |  |  |  | 01/07/21 |  |  |  | EUR |  |  |  | 34.89 |  |  |  | EUR |  |  |  | 1,507 |  |  |  | (23,258 | )
Sika AG, Registered Shares |  | Barclays Bank PLC |  |  | 3,400 |  |  |  | 01/07/21 |  |  |  | CHF |  |  |  | 242.20 |  |  |  | CHF |  |  |  | 822 |  |  |  | (11,360 | )
AES Corp. |  | Citibank N.A. |  |  | 26,000 |  |  |  | 01/12/21 |  |  |  | USD |  |  |  | 21.00 |  |  |  | USD |  |  |  | 611 |  |  |  | (65,334 | )
AES Corp. |  | Credit Suisse International |  |  | 12,900 |  |  |  | 01/12/21 |  |  |  | USD |  |  |  | 21.95 |  |  |  | USD |  |  |  | 303 |  |  |  | (20,995 | )
Enel SpA |  | Goldman Sachs International |  |  | 276,000 |  |  |  | 01/13/21 |  |  |  | EUR |  |  |  | 8.35 |  |  |  | EUR |  |  |  | 2,284 |  |  |  | (39,427 | )
Iberdrola SA |  | Credit Suisse International |  |  | 242,700 |  |  |  | 01/13/21 |  |  |  | EUR |  |  |  | 11.56 |  |  |  | EUR |  |  |  | 2,840 |  |  |  | (61,263 | )
Neoenergia SA |  | Credit Suisse International |  |  | 498,000 |  |  |  | 01/13/21 |  |  |  | USD |  |  |  | 17.13 |  |  |  | USD |  |  |  | 8,775 |  |  |  | (65,890 | )
RWE AG |  | Goldman Sachs International |  |  | 40,500 |  |  |  | 01/13/21 |  |  |  | EUR |  |  |  | 34.73 |  |  |  | EUR |  |  |  | 1,400 |  |  |  | (33,863 | )
Samsung CDI Co., Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 2,600 |  |  |  | 01/13/21 |  |  |  | USD |  |  |  | 513,240.00 |  |  |  | USD |  |  |  | 1,632,800 |  |  |  | (274,723 | )
Vestas Wind Systems A/S |  | Credit Suisse International |  |  | 18,000 |  |  |  | 01/13/21 |  |  |  | DKK |  |  |  | 1,193.18 |  |  |  | DKK |  |  |  | 25,911 |  |  |  | (730,277 | )
Atlas Copco AB, B Shares |  | UBS AG |  |  | 27,500 |  |  |  | 01/15/21 |  |  |  | SEK |  |  |  | 387.81 |  |  |  | SEK |  |  |  | 10,128 |  |  |  | (6,805 | )
EDP Renovaveis SA |  | Barclays Bank PLC |  |  | 89,200 |  |  |  | 01/15/21 |  |  |  | EUR |  |  |  | 18.53 |  |  |  | EUR |  |  |  | 2,034 |  |  |  | (464,952 | )
Schneider Electric SE |  | UBS AG |  |  | 15,500 |  |  |  | 01/15/21 |  |  |  | EUR |  |  |  | 121.13 |  |  |  | EUR |  |  |  | 1,834 |  |  |  | (19,443 | )
EDP Renovaveis SA |  | Credit Suisse International |  |  | 60,000 |  |  |  | 01/20/21 |  |  |  | EUR |  |  |  | 17.70 |  |  |  | EUR |  |  |  | 1,368 |  |  |  | (373,442 | )
LG Chem Ltd. |  | Citibank N.A. |  |  | 1,700 |  |  |  | 01/20/21 |  |  |  | USD |  |  |  | 879,840.00 |  |  |  | USD |  |  |  | 1,400,800 |  |  |  | (22,707 | )
Atlas Copco AB, B Shares |  | Morgan Stanley & Co. International PLC |  |  | 25,300 |  |  |  | 01/21/21 |  |  |  | SEK |  |  |  | 380.40 |  |  |  | SEK |  |  |  | 9,318 |  |  |  | (15,064 | )
EDP - Energias de Portugal SA |  | Goldman Sachs International |  |  | 169,400 |  |  |  | 01/21/21 |  |  |  | EUR |  |  |  | 4.84 |  |  |  | EUR |  |  |  | 873 |  |  |  | (67,448 | )
RWE AG |  | Credit Suisse International |  |  | 41,400 |  |  |  | 01/21/21 |  |  |  | EUR |  |  |  | 34.57 |  |  |  | EUR |  |  |  | 1,431 |  |  |  | (49,039 | )
Schneider Electric SE |  | Morgan Stanley & Co. International PLC |  |  | 9,500 |  |  |  | 01/21/21 |  |  |  | EUR |  |  |  | 119.00 |  |  |  | EUR |  |  |  | 1,124 |  |  |  | (24,705 | )
Vestas Wind Systems A/S |  | Credit Suisse International |  |  | 5,100 |  |  |  | 01/21/21 |  |  |  | DKK |  |  |  | 1,352.40 |  |  |  | DKK |  |  |  | 7,342 |  |  |  | (92,058 | )
Linde PLC |  | Morgan Stanley & Co. International PLC |  |  | 4,100 |  |  |  | 01/26/21 |  |  |  | EUR |  |  |  | 213.52 |  |  |  | EUR |  |  |  | 873 |  |  |  | (36,622 | )

S C H E D U L E O F I N V E S T M E N T S |  | 121

Schedule of Investments (continued) December 31, 2020 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Air Liquide SA |  | Goldman Sachs International |  |  | 11,500 |  |  |  | 01/27/21 |  |  |  | EUR |  |  |  | 139.15 |  |  |  | EUR |  |  |  | 1,544 |  |  | $ | (10,306 | )
EDP Renovaveis SA |  | Barclays Bank PLC |  |  | 34,500 |  |  |  | 01/27/21 |  |  |  | EUR |  |  |  | 18.48 |  |  |  | EUR |  |  |  | 787 |  |  |  | (182,139 | )
Enel SpA |  | Barclays Bank PLC |  |  | 228,000 |  |  |  | 01/27/21 |  |  |  | EUR |  |  |  | 8.40 |  |  |  | EUR |  |  |  | 1,887 |  |  |  | (25,400 | )
National Grid PLC |  | Goldman Sachs International |  |  | 220,300 |  |  |  | 01/27/21 |  |  |  | GBP |  |  |  | 8.95 |  |  |  | GBP |  |  |  | 1,906 |  |  |  | (28,524 | )
Sika AG |  | Credit Suisse International |  |  | 2,600 |  |  |  | 01/27/21 |  |  |  | CHF |  |  |  | 232.97 |  |  |  | CHF |  |  |  | 629 |  |  |  | (36,384 | )
Umicore SA |  | Barclays Bank PLC |  |  | 15,500 |  |  |  | 01/27/21 |  |  |  | EUR |  |  |  | 38.74 |  |  |  | EUR |  |  |  | 609 |  |  |  | (34,988 | )
EDP - Energias de Portugal SA |  | Goldman Sachs International |  |  | 169,400 |  |  |  | 01/28/21 |  |  |  | EUR |  |  |  | 4.84 |  |  |  | EUR |  |  |  | 873 |  |  |  | (69,839 | )
FirstEnergy Corp. |  | Morgan Stanley & Co. International PLC |  |  | 15,100 |  |  |  | 01/28/21 |  |  |  | USD |  |  |  | 31.60 |  |  |  | USD |  |  |  | 462 |  |  |  | (18,534 | )
Hexagon AB |  | Credit Suisse International |  |  | 10,800 |  |  |  | 02/02/21 |  |  |  | SEK |  |  |  | 729.03 |  |  |  | SEK |  |  |  | 8,098 |  |  |  | (48,009 | )
Vinci SA |  | Morgan Stanley & Co. International PLC |  |  | 16,200 |  |  |  | 02/02/21 |  |  |  | EUR |  |  |  | 88.06 |  |  |  | EUR |  |  |  | 1,318 |  |  |  | (18,798 | )
NovaGold Resources, Inc. |  | UBS AG |  |  | 124,400 |  |  |  | 02/03/21 |  |  |  | GBP |  |  |  | 8.64 |  |  |  | GBP |  |  |  | 1,076 |  |  |  | (39,802 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,148,926 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | — |  |  | $ | — |  |  | $ | 1,468,071 |  |  | $ | (3,230,692 | ) |  | $ | (5,640,230 | )

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 5,640,230 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,640,230 |

For the year ended December 31, 2020, 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 |  | $ | — |  |  | $ | — |  |  | $ | (18,127,502 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (18,127,502 | )
Net Change in Unrealized Appreciation (Depreciation) on |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (401,327 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (401,327 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options |  |  |  |
Average value of option contracts written |  | $ | 4,117,043 |

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

122 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Derivative Financial Instruments — Offsetting as of Period End

The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 5,640,230 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 5,640,230 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (1,491,304 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 4,148,926 |

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged | (a) |  |  | Net Amount of Derivative Liabilities | (b)
Barclays Bank PLC |  | $ | 995,962 |  |  | $ | — |  |  | $ | (232,470 | ) |  | $ | (9,600 | ) |  | $ | 753,892 |
Citibank N.A. |  |  | 88,041 |  |  |  | — |  |  |  | — |  |  |  | (88,041 | ) |  |  | — |
Credit Suisse International |  |  | 2,049,735 |  |  |  | — |  |  |  | (1,017,210 | ) |  |  | — |  |  |  | 1,032,525 |
Goldman Sachs International |  |  | 499,804 |  |  |  | — |  |  |  | — |  |  |  | (499,804 | ) |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 274,723 |  |  |  | — |  |  |  | (92,301 | ) |  |  | — |  |  |  | 182,422 |
Morgan Stanley & Co. International PLC |  |  | 174,611 |  |  |  | — |  |  |  | (174,611 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 66,050 |  |  |  | — |  |  |  | — |  |  |  | (33,500 | ) |  |  | 32,550 |
|  | $ | 4,148,926 |  |  | $ | — |  |  | $ | (1,516,592 | ) |  | $ | (630,945 | ) |  | $ | 2,001,389 |

| (a) | Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |

| (b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. |

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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 |  | $ | 31,414,573 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,414,573 |
Chemicals |  |  | — |  |  |  | 22,657,424 |  |  |  | — |  |  |  | 22,657,424 |
Commercial Services & Supplies |  |  | 19,702,068 |  |  |  | — |  |  |  | — |  |  |  | 19,702,068 |
Construction & Engineering |  |  | 4,296,713 |  |  |  | 11,151,265 |  |  |  | — |  |  |  | 15,447,978 |
Electric Utilities |  |  | 88,871,947 |  |  |  | 57,383,512 |  |  |  | — |  |  |  | 146,255,459 |
Electrical Equipment |  |  | 5,585,309 |  |  |  | 26,898,764 |  |  |  | — |  |  |  | 32,484,073 |
Electronic Equipment, Instruments & Components |  |  | 2,980,947 |  |  |  | 8,985,881 |  |  |  | — |  |  |  | 11,966,828 |
Independent Power and Renewable Electricity Producers |  |  | 23,938,257 |  |  |  | 9,779,512 |  |  |  | — |  |  |  | 33,717,769 |
Machinery |  |  | — |  |  |  | 10,218,632 |  |  |  | — |  |  |  | 10,218,632 |
Multi-Utilities |  |  | 36,522,409 |  |  |  | 26,539,880 |  |  |  | — |  |  |  | 63,062,289 |
Oil, Gas & Consumable Fuels |  |  | 32,983,439 |  |  |  | — |  |  |  | — |  |  |  | 32,983,439 |
Semiconductors & Semiconductor Equipment |  |  | 15,622,791 |  |  |  | 4,704,836 |  |  |  | — |  |  |  | 20,327,627 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 8,385,590 |  |  |  | — |  |  |  | — |  |  |  | 8,385,590 |
|  | $ | 270,304,043 |  |  | $ | 178,319,706 |  |  | $ | — |  |  | $ | 448,623,749 |

S C H E D U L E O F I N V E S T M E N T S |  | 123

Schedule of Investments (continued) December 31, 2020 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (1,149,265 | ) |  | $ | (4,490,965 | ) |  | $ | — |  |  | $ | (5,640,230 | )

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

See notes to financial statements.

124 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities

December 31, 2020

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments at value — unaffiliated(a) |  | $ | 239,708,823 |  |  | $ | 845,216,001 |  |  | $ | 1,764,662,620 |  |  | $ | 790,775,353 |
Investments at value — affiliated(b) |  |  | 3,418,486 |  |  |  | 11,614,004 |  |  |  | 12,016,637 |  |  |  | — |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,880,000 |
Collateral — OTC derivatives |  |  | — |  |  |  | 30,000 |  |  |  | — |  |  |  | 20,000 |
Foreign currency at value(c) |  |  | 58,926 |  |  |  | — |  |  |  | 1,737 |  |  |  | 5,770 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 52,107 |  |  |  | 332,978 |  |  |  | — |  |  |  | — |
Options written |  |  | — |  |  |  | 121,670 |  |  |  | — |  |  |  | — |
Dividends — unaffiliated |  |  | 258,912 |  |  |  | 701,304 |  |  |  | 2,399,393 |  |  |  | 2,382,713 |
Dividends — affiliated |  |  | 109 |  |  |  | 334 |  |  |  | 217 |  |  |  | 204 |
Prepaid expenses |  |  | 7,014 |  |  |  | 2,923 |  |  |  | 82,666 |  |  |  | — |
Total assets |  |  | 243,504,377 |  |  |  | 858,019,214 |  |  |  | 1,779,163,270 |  |  |  | 798,064,040 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | — |  |  |  | — |  |  |  | 66,281 |  |  |  | 1,372,586 |
Options written at value(d) |  |  | 3,139,751 |  |  |  | 13,103,270 |  |  |  | 36,953,673 |  |  |  | 8,328,517 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 1,187,885 |  |  |  | — |  |  |  | — |  |  |  | — |
Capital shares redeemed |  |  | 330,212 |  |  |  | — |  |  |  | — |  |  |  | 354,323 |
Income dividend distributions |  |  | 62,372 |  |  |  | 219,143 |  |  |  | 345,981 |  |  |  | 149,437 |
Investment advisory fees |  |  | 202,132 |  |  |  | 599,293 |  |  |  | 1,163,829 |  |  |  | 544,481 |
Trustees’ and Officer’s fees |  |  | 539,340 |  |  |  | 253,799 |  |  |  | 1,128,450 |  |  |  | 777,465 |
Options written |  |  | — |  |  |  | 485 |  |  |  | — |  |  |  | — |
Other accrued expenses |  |  | 174,207 |  |  |  | 170,022 |  |  |  | 382,751 |  |  |  | 307,229 |
Total liabilities |  |  | 5,635,899 |  |  |  | 14,346,012 |  |  |  | 40,040,965 |  |  |  | 11,834,038 |
NET ASSETS |  | $ | 237,868,478 |  |  | $ | 843,673,202 |  |  | $ | 1,739,122,305 |  |  | $ | 786,230,002 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(e)(f)(g) |  | $ | 547,187,771 |  |  | $ | 561,321,996 |  |  | $ | 1,309,268,867 |  |  | $ | 718,742,397 |
Accumumlated earnings (loss) |  |  | (309,319,293 | ) |  |  | 282,351,206 |  |  |  | 429,853,438 |  |  |  | 67,487,605 |
NET ASSETS |  | $ | 237,868,478 |  |  | $ | 843,673,202 |  |  | $ | 1,739,122,305 |  |  | $ | 786,230,002 |
Net asset value(e)(f)(g) |  | $ | 8.17 |  |  | $ | 19.12 |  |  | $ | 9.35 |  |  | $ | 12.28 |
(a) Investments at cost — unaffiliated |  | $ | 265,901,573 |  |  | $ | 545,406,703 |  |  | $ | 1,352,841,269 |  |  | $ | 660,327,827 |
(b) Investments at cost — affiliated |  | $ | 3,418,486 |  |  | $ | 11,614,004 |  |  | $ | 12,016,637 |  |  | $ | — |
(c) Foreign currency at cost |  | $ | 58,875 |  |  | $ | — |  |  | $ | 1,757 |  |  | $ | 14,381 |
(d) Premiums received |  | $ | 3,306,044 |  |  | $ | 12,578,558 |  |  | $ | 27,204,237 |  |  | $ | 8,161,678 |
(e) Shares outstanding |  |  | 29,108,471 |  |  |  | 44,121,400 |  |  |  | 186,003,434 |  |  |  | 64,043,874 |
(f) Shares authorized |  |  | Unlimited |  |  |  | 200 million |  |  |  | Unlimited |  |  |  | Unlimited |
(g) Par value |  | $ | 0.001 |  |  | $ | 0.10 |  |  | $ | 0.001 |  |  | $ | 0.001 |

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 125

Statements of Assets and Liabilities (continued)

December 31, 2020

|  | BGY |  |  | BME |  |  | BMEZ |  |  | BCX |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments at value — unaffiliated(a)(b) |  | $ | 672,593,699 |  |  | $ | 539,229,702 |  |  | $ | 3,513,771,974 |  |  | $ | 759,414,442 |
Investments at value — affiliated(c) |  |  | 287,381 |  |  |  | 13,877,338 |  |  |  | 27,925,462 |  |  |  | 289,665 |
Cash |  |  | — |  |  |  | 211,253 |  |  |  | — |  |  |  | 134,698 |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | 7,091,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Collateral — OTC derivatives |  |  | 2,009,649 |  |  |  | — |  |  |  | 1,263,000 |  |  |  | — |
Foreign currency at value(d) |  |  | 1,634,600 |  |  |  | 443 |  |  |  | 1,005 |  |  |  | 88,854 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 10,120 |  |  |  | 37,550 |  |  |  | 648,606 |  |  |  | 4,147,472 |
Securities lending income — affiliated |  |  | — |  |  |  | 245 |  |  |  | 49,938 |  |  |  | — |
Capital shares sold |  |  | — |  |  |  | 618,194 |  |  |  | — |  |  |  | — |
Dividends — unaffiliated |  |  | 2,363,975 |  |  |  | 446,071 |  |  |  | 593,687 |  |  |  | 851,839 |
Dividends — affiliated |  |  | 295 |  |  |  | 383 |  |  |  | 412 |  |  |  | 119 |
Deferred offering costs |  |  | — |  |  |  | 126,806 |  |  |  | — |  |  |  | — |
Prepaid expenses |  |  | — |  |  |  | 4,777 |  |  |  | 20,218 |  |  |  | — |
Total assets |  |  | 685,990,719 |  |  |  | 554,552,762 |  |  |  | 3,544,274,302 |  |  |  | 764,927,089 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | — |  |  |  | — |  |  |  | 205,455 |  |  |  | — |
Collateral on securities loaned at value |  |  | — |  |  |  | 102,701 |  |  |  | 9,577,820 |  |  |  | — |
Options written at value(e) |  |  | 7,029,731 |  |  |  | 7,788,592 |  |  |  | 49,747,249 |  |  |  | 16,243,847 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | — |  |  |  | 114,211 |  |  |  | 15,741,399 |  |  |  | 148,223 |
Capital shares redeemed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 542,457 |
Deferred foreign capital gain tax |  |  | 379,423 |  |  |  | — |  |  |  | — |  |  |  | — |
Income dividend distributions |  |  | 168,457 |  |  |  | — |  |  |  | 2,301,292 |  |  |  | 128,065 |
Investment advisory fees |  |  | 509,945 |  |  |  | 449,048 |  |  |  | 3,565,202 |  |  |  | 629,557 |
Trustees’ and Officer’s fees |  |  | 660,629 |  |  |  | 25,461 |  |  |  | 47,447 |  |  |  | 318,288 |
Other accrued expenses |  |  | 293,777 |  |  |  | 136,250 |  |  |  | 450,394 |  |  |  | 301,289 |
Total liabilities |  |  | 9,041,962 |  |  |  | 8,616,263 |  |  |  | 81,636,258 |  |  |  | 18,311,726 |
NET ASSETS |  | $ | 676,948,757 |  |  | $ | 545,936,499 |  |  | $ | 3,462,638,044 |  |  | $ | 746,615,363 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(f)(g)(h) |  | $ | 618,323,885 |  |  | $ | 339,108,431 |  |  | $ | 2,253,396,500 |  |  | $ | 1,114,975,900 |
Accumumlated earnings (loss) |  |  | 58,624,872 |  |  |  | 206,828,068 |  |  |  | 1,209,241,544 |  |  |  | (368,360,537 | )
NET ASSETS |  | $ | 676,948,757 |  |  | $ | 545,936,499 |  |  | $ | 3,462,638,044 |  |  | $ | 746,615,363 |
Net asset value(f)(g)(h) |  | $ | 6.49 |  |  | $ | 45.66 |  |  | $ | 30.73 |  |  | $ | 8.45 |
(a) Investments at cost — unaffiliated |  | $ | 545,258,342 |  |  | $ | 321,675,770 |  |  | $ | 2,294,124,293 |  |  | $ | 627,940,390 |
(b) Securities loaned at value |  | $ | — |  |  | $ | 97,092 |  |  | $ | 9,079,455 |  |  | $ | — |
(c) Investments at cost — affiliated |  | $ | 287,381 |  |  | $ | 13,877,338 |  |  | $ | 27,925,462 |  |  | $ | 289,665 |
(d) Foreign currency at cost |  | $ | 1,637,147 |  |  | $ | 443 |  |  | $ | 973 |  |  | $ | 88,777 |
(e) Premiums received |  | $ | 6,345,108 |  |  | $ | 6,475,846 |  |  | $ | 34,031,611 |  |  | $ | 9,419,468 |
(f) Shares outstanding |  |  | 104,237,971 |  |  |  | 11,955,814 |  |  |  | 112,669,825 |  |  |  | 88,315,994 |
(g) Shares authorized |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |
(h) Par value |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |

See notes to financial statements.

126 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (continued)

December 31, 2020

|  |  |  | BST(a) |  |  | BSTZ(a) |  |  | BUI |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Investments at value — unaffiliated(b) |  | $ | 1,305,597,713 |  |  | $ | 3,046,250,583 |  |  | $ | 440,238,159 |
Investments at value — affiliated(c) |  |  | 9,266,737 |  |  |  | 21,688,765 |  |  |  | 8,385,590 |
Cash |  |  | 736,065 |  |  |  | 33,690 |  |  |  | 295,557 |
Cash pledged as collateral for OTC derivatives |  |  | 3,870,000 |  |  |  | 19,400,000 |  |  |  | 733,100 |
Foreign currency at value(d) |  |  | 1,342 |  |  |  | 2,167 |  |  |  | — |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | — |  |  |  | 23,999 |  |  |  | — |
Options written |  |  | 121,670 |  |  |  | — |  |  |  | — |
Securities lending income — affiliated |  |  | — |  |  |  | 14,620 |  |  |  | — |
Capital shares sold |  |  | 1,823,743 |  |  |  | — |  |  |  | 737,330 |
Dividends — unaffiliated |  |  | 157,800 |  |  |  | 336,131 |  |  |  | 949,711 |
Dividends — affiliated |  |  | 373 |  |  |  | 908 |  |  |  | 268 |
Deferred offering costs |  |  | 210,921 |  |  |  | — |  |  |  | 97,719 |
Prepaid expenses |  |  | 9,533 |  |  |  | 2,482 |  |  |  | 7,830 |
Total assets |  |  | 1,321,795,897 |  |  |  | 3,087,753,345 |  |  |  | 451,445,264 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Options written at value(e) |  |  | 23,184,725 |  |  |  | 58,550,377 |  |  |  | 5,640,230 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | — |  |  |  | — |  |  |  | 707,712 |
Income dividend distributions |  |  | — |  |  |  | 1,759,523 |  |  |  | — |
Investment advisory fees |  |  | 951,665 |  |  |  | 3,073,880 |  |  |  | 356,937 |
Offering costs |  |  | 2,935 |  |  |  | — |  |  |  | 5,604 |
Trustees’ and Officer’s fees |  |  | 732 |  |  |  | 54,029 |  |  |  | 719 |
Options written |  |  | 485 |  |  |  | — |  |  |  | — |
Other accrued expenses |  |  | 311,252 |  |  |  | 571,528 |  |  |  | 208,089 |
Total liabilities |  |  | 24,451,794 |  |  |  | 64,009,337 |  |  |  | 6,919,291 |
NET ASSETS |  | $ | 1,297,344,103 |  |  | $ | 3,023,744,008 |  |  | $ | 444,525,973 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(f)(g)(h) |  | $ | 433,020,307 |  |  | $ | 1,506,840,775 |  |  | $ | 314,870,698 |
Accumulated earnings |  |  | 864,323,796 |  |  |  | 1,516,903,233 |  |  |  | 129,655,275 |
NET ASSETS |  | $ | 1,297,344,103 |  |  | $ | 3,023,744,008 |  |  | $ | 444,525,973 |
Net asset value(f)(g)(h) |  | $ | 51.94 |  |  | $ | 38.72 |  |  | $ | 23.80 |
(a) Consolidated Statement of Assets and Liabilities |  |  |  |  |  |  |  |  |  |  |  |
(b) Investments at cost — unaffiliated |  | $ | 412,754,110 |  |  | $ | 1,433,518,905 |  |  | $ | 290,880,807 |
(c) Investments at cost — affiliated |  | $ | 9,266,737 |  |  | $ | 21,688,765 |  |  | $ | 8,385,590 |
(d) Foreign currency at cost |  | $ | 1,339 |  |  | $ | 2,088 |  |  | $ | — |
(e) Premiums received |  | $ | 15,190,758 |  |  | $ | 32,019,256 |  |  | $ | 3,877,608 |
(f) Shares outstanding |  |  | 24,976,858 |  |  |  | 78,089,962 |  |  |  | 18,677,765 |
(g) Shares authorized |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |
(h) Par value |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 127

Statements of Operations

Year Ended December 31, 2020

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 13,079,849 |  |  | $ | 12,836,186 |  |  | $ | 49,360,528 |  |  | $ | 24,447,690 |
Dividends — affiliated |  |  | 41,384 |  |  |  | 22,692 |  |  |  | 32,973 |  |  |  | 25,270 |
Foreign taxes withheld |  |  | (865,770 | ) |  |  | (272,738 | ) |  |  | (1,073,758 | ) |  |  | (899,179 | )
Total investment income |  |  | 12,255,463 |  |  |  | 12,586,140 |  |  |  | 48,319,743 |  |  |  | 23,573,781 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 2,986,600 |  |  |  | 6,313,770 |  |  |  | 12,807,171 |  |  |  | 7,257,133 |
Professional |  |  | 87,693 |  |  |  | 127,013 |  |  |  | 223,802 |  |  |  | 155,317 |
Transfer agent |  |  | 71,496 |  |  |  | 89,167 |  |  |  | 174,840 |  |  |  | 98,131 |
Custodian |  |  | 59,263 |  |  |  | 45,368 |  |  |  | 176,510 |  |  |  | 100,903 |
Accounting services |  |  | 45,021 |  |  |  | 50,023 |  |  |  | 95,033 |  |  |  | 60,025 |
Trustees and Officer |  |  | 43,385 |  |  |  | 53,137 |  |  |  | 146,025 |  |  |  | 61,943 |
Registration |  |  | 10,425 |  |  |  | 15,423 |  |  |  | 90,378 |  |  |  | 22,924 |
Rating agency |  |  | 10,289 |  |  |  | 15,228 |  |  |  | 23,809 |  |  |  | 15,057 |
Printing and postage |  |  | 10,273 |  |  |  | 33,593 |  |  |  | 32,252 |  |  |  | 13,261 |
Miscellaneous |  |  | 93,010 |  |  |  | 39,400 |  |  |  | 76,471 |  |  |  | 145,256 |
Total expenses |  |  | 3,417,455 |  |  |  | 6,782,122 |  |  |  | 13,846,291 |  |  |  | 7,929,950 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (553,940 | ) |  |  | (7,381 | ) |  |  | (10,209 | ) |  |  | (1,275,573 | )
Total expenses after fees waived and/or reimbursed |  |  | 2,863,515 |  |  |  | 6,774,741 |  |  |  | 13,836,082 |  |  |  | 6,654,377 |
Net investment income |  |  | 9,391,948 |  |  |  | 5,811,399 |  |  |  | 34,483,661 |  |  |  | 16,919,404 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (85,109,574 | ) |  |  | 71,730,365 |  |  |  | 71,244,334 |  |  |  | (8,100,649 | )
Foreign currency transactions |  |  | (57,041 | ) |  |  | — |  |  |  | (49,686 | ) |  |  | (85,071 | )
Options written |  |  | (3,816,216 | ) |  |  | (44,862,223 | ) |  |  | (45,230,658 | ) |  |  | (12,159,861 | )
|  |  | (88,982,831 | ) |  |  | 26,868,142 |  |  |  | 25,963,990 |  |  |  | (20,345,581 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (34,360,271 | ) |  |  | 62,615,372 |  |  |  | (74,491,510 | ) |  |  | 44,295,636 |
Foreign currency translations |  |  | 101 |  |  |  | — |  |  |  | 20,428 |  |  |  | 71,358 |
Options written |  |  | 1,280,070 |  |  |  | 2,067,363 |  |  |  | (4,832,988 | ) |  |  | 1,625,233 |
|  |  | (33,080,100 | ) |  |  | 64,682,735 |  |  |  | (79,304,070 | ) |  |  | 45,992,227 |
Net realized and unrealized gain (loss) |  |  | (122,062,931 | ) |  |  | 91,550,877 |  |  |  | (53,340,080 | ) |  |  | 25,646,646 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | (112,670,983 | ) |  | $ | 97,362,276 |  |  | $ | (18,856,419 | ) |  | $ | 42,566,050 |

See notes to financial statements.

128 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (continued)

Year Ended December 31, 2020

|  | BGY |  |  | BME |  |  | BMEZ(a) |  |  | BCX |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 20,350,032 |  |  | $ | 5,277,171 |  |  | $ | 4,687,435 |  |  | $ | 25,574,373 |
Dividends — affiliated |  |  | 56,675 |  |  |  | 31,667 |  |  |  | 2,382,340 |  |  |  | 51,624 |
Interest — unaffiliated |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 883,954 |
Securities lending income — affiliated — net |  |  | — |  |  |  | 9,874 |  |  |  | 154,133 |  |  |  | 6,091 |
Other income — affiliated |  |  | — |  |  |  | — |  |  |  | 18,746 |  |  |  | — |
Foreign withholding tax claims |  |  | 43,971 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign taxes withheld |  |  | (1,535,345 | ) |  |  | (77,204 | ) |  |  | (307,594 | ) |  |  | (1,427,980 | )
Total investment income |  |  | 18,915,333 |  |  |  | 5,241,508 |  |  |  | 6,935,060 |  |  |  | 25,088,062 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 6,318,928 |  |  |  | 4,718,363 |  |  |  | 30,599,805 |  |  |  | 6,760,439 |
Professional |  |  | 144,422 |  |  |  | 101,384 |  |  |  | 189,672 |  |  |  | 145,079 |
Transfer agent |  |  | 90,439 |  |  |  | 69,764 |  |  |  | 137,710 |  |  |  | 99,945 |
Custodian |  |  | 83,110 |  |  |  | 105,982 |  |  |  | 180,373 |  |  |  | 98,346 |
Trustees and Officer |  |  | 51,020 |  |  |  | 30,224 |  |  |  | 138,070 |  |  |  | 46,847 |
Accounting services |  |  | 50,024 |  |  |  | 30,018 |  |  |  | 243,116 |  |  |  | 60,025 |
Registration |  |  | 36,940 |  |  |  | 11,657 |  |  |  | — |  |  |  | 31,829 |
Rating agency |  |  | 14,119 |  |  |  | 12,518 |  |  |  | 32,278 |  |  |  | 41,954 |
Printing and postage |  |  | 13,023 |  |  |  | 15,224 |  |  |  | 20,864 |  |  |  | 12,133 |
Offering |  |  | — |  |  |  | 34,000 |  |  |  | — |  |  |  | — |
Miscellaneous |  |  | 163,743 |  |  |  | 50,173 |  |  |  | 93,502 |  |  |  | 103,634 |
Total expenses |  |  | 6,965,768 |  |  |  | 5,179,307 |  |  |  | 31,635,390 |  |  |  | 7,400,231 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (639,642 | ) |  |  | (6,655 | ) |  |  | (211,250 | ) |  |  | (7,408 | )
Total expenses after fees waived and/or reimbursed |  |  | 6,326,126 |  |  |  | 5,172,652 |  |  |  | 31,424,140 |  |  |  | 7,392,823 |
Net investment income (loss) |  |  | 12,589,207 |  |  |  | 68,856 |  |  |  | (24,489,080 | ) |  |  | 17,695,239 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (11,496,986 | ) |  |  | 32,372,500 |  |  |  | 204,396,889 |  |  |  | (23,691,336 | )
Investments — affiliated |  |  | — |  |  |  | (368 | ) |  |  | (1,005 | ) |  |  | 84 |
Foreign currency transactions |  |  | 162,785 |  |  |  | (3,374 | ) |  |  | (52,049 | ) |  |  | (12,315 | )
Options written |  |  | (14,426,621 | ) |  |  | (10,979,173 | ) |  |  | (73,164,412 | ) |  |  | (27,953,946 | )
|  |  | (25,760,822 | ) |  |  | 21,389,585 |  |  |  | 131,179,423 |  |  |  | (51,657,513 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 55,723,839 | (b) |  |  | 57,883,233 |  |  |  | 1,219,647,681 |  |  |  | 28,195,363 |
Investments — affiliated |  |  | — |  |  |  | (4 | ) |  |  | — |  |  |  | (42 | )
Foreign currency translations |  |  | 94,713 |  |  |  | 2,414 |  |  |  | 22,001 |  |  |  | 8,940 |
Options written |  |  | 1,142,677 |  |  |  | 216,344 |  |  |  | (15,715,638 | ) |  |  | (5,633,867 | )
|  |  | 56,961,229 |  |  |  | 58,101,987 |  |  |  | 1,203,954,044 |  |  |  | 22,570,394 |
Net realized and unrealized gain (loss) |  |  | 31,200,407 |  |  |  | 79,491,572 |  |  |  | 1,335,133,467 |  |  |  | (29,087,119 | )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | 43,789,614 |  |  | $ | 79,560,428 |  |  | $ | 1,310,644,387 |  |  | $ | (11,391,880 | )
(a) Commencement of Operations January 30, 2020. (b) Net of deferred foreign capital gain tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | (379,423 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 129

Statements of Operations (continued)

Year Ended December 31, 2020

|  | BST(a) |  |  | BSTZ(a) |  |  | BUI |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 2,581,030 |  |  | $ | 3,156,085 |  |  | $ | 9,960,872 |
Dividends — affiliated |  |  | 26,603 |  |  |  | 140,622 |  |  |  | 37,673 |
Securities lending income — affiliated — net |  |  | 24,064 |  |  |  | 384,979 |  |  |  | — |
Non-cash dividends — unaffiliated |  |  | — |  |  |  | — |  |  |  | 573,051 |
Other income — affiliated |  |  | — |  |  |  | 25,547 |  |  |  | — |
Foreign taxes withheld |  |  | (167,348 | ) |  |  | (311,399 | ) |  |  | (506,180 | )
Total investment income |  |  | 2,464,349 |  |  |  | 3,395,834 |  |  |  | 10,065,416 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 9,223,005 |  |  |  | 25,390,167 |  |  |  | 3,761,645 |
Custodian |  |  | 162,942 |  |  |  | 205,525 |  |  |  | 65,004 |
Professional |  |  | 153,129 |  |  |  | 281,333 |  |  |  | 105,068 |
Transfer agent |  |  | 99,658 |  |  |  | 82,860 |  |  |  | 60,316 |
Trustees and Officer |  |  | 54,924 |  |  |  | 120,585 |  |  |  | 23,956 |
Accounting services |  |  | 50,023 |  |  |  | 205,319 |  |  |  | 50,023 |
Offering |  |  | 34,000 |  |  |  | — |  |  |  | 34,000 |
Printing and postage |  |  | 17,225 |  |  |  | 31,608 |  |  |  | 12,368 |
Rating agency |  |  | 17,023 |  |  |  | 27,814 |  |  |  | 38,955 |
Registration |  |  | 9,611 |  |  |  | 28,012 |  |  |  | 9,937 |
Miscellaneous |  |  | 260,319 |  |  |  | 594,860 |  |  |  | 72,335 |
Total expenses |  |  | 10,081,859 |  |  |  | 26,968,083 |  |  |  | 4,233,607 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (927,479 | ) |  |  | (19,394 | ) |  |  | (101,037 | )
Total expenses after fees waived and/or reimbursed |  |  | 9,154,380 |  |  |  | 26,948,689 |  |  |  | 4,132,570 |
Net investment income (loss) |  |  | (6,690,031 | ) |  |  | (23,552,855 | ) |  |  | 5,932,846 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 96,307,302 |  |  |  | 270,681,723 |  |  |  | 23,201,036 |
Investments — affiliated |  |  | (495 | ) |  |  | 12,213 |  |  |  | — |
Foreign currency transactions |  |  | (154,604 | ) |  |  | (348,350 | ) |  |  | 3,238 |
Options written |  |  | (84,555,532 | ) |  |  | (202,293,958 | ) |  |  | (18,127,502 | )
|  |  | 11,596,671 |  |  |  | 68,051,628 |  |  |  | 5,076,772 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 521,383,881 |  |  |  | 1,460,465,693 |  |  |  | 47,664,924 |
Foreign currency translations |  |  | 548 |  |  |  | (99 | ) |  |  | 16,070 |
Options written |  |  | (5,087,878 | ) |  |  | (19,964,341 | ) |  |  | (401,327 | )
|  |  | 516,296,551 |  |  |  | 1,440,501,253 |  |  |  | 47,279,667 |
Net realized and unrealized gain |  |  | 527,893,222 |  |  |  | 1,508,552,881 |  |  |  | 52,356,439 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | 521,203,191 |  |  | $ | 1,485,000,026 |  |  | $ | 58,289,285 |

(a) |  | Consolidated Statement of Operations.

See notes to financial statements.

130 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets

|  | BGR |  |  |  |  | CII |
|  | Year Ended December 31, |  |  |  |  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  |  |  | 2020 |  |  | 2019 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 9,391,948 |  |  | $ | 10,075,651 |  |  |  |  | $ | 5,811,399 |  |  | $ | 8,012,154 |
Net realized gain (loss) |  |  | (88,982,831 | ) |  |  | (24,802,316 | ) |  |  |  |  | 26,868,142 |  |  |  | 20,096,351 |
Net change in unrealized appreciation (depreciation) |  |  | (33,080,100 | ) |  |  | 60,005,258 |  |  |  |  |  | 64,682,735 |  |  |  | 134,499,339 |
Net increase (decrease) in net assets resulting from operations |  |  | (112,670,983 | ) |  |  | 45,278,593 |  |  |  |  |  | 97,362,276 |  |  |  | 162,607,844 |
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (9,329,536 | ) |  |  | (10,080,237 | ) |  |  |  |  | (46,327,470 | ) |  |  | (27,696,642 | )
Return of capital |  |  | (10,213,545 | ) |  |  | (17,693,107 | ) |  |  |  |  | — |  |  |  | (16,349,752 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (19,543,081 | ) |  |  | (27,773,344 | ) |  |  |  |  | (46,327,470 | ) |  |  | (44,046,394 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (4,813,281 | ) |  |  | — |  |  |  |  |  | — |  |  |  | — |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | (137,027,345 | ) |  |  | 17,505,249 |  |  |  |  |  | 51,034,806 |  |  |  | 118,561,450 |
Beginning of year |  |  | 374,895,823 |  |  |  | 357,390,574 |  |  |  |  |  | 792,638,396 |  |  |  | 674,076,946 |
End of year |  | $ | 237,868,478 |  |  | $ | 374,895,823 |  |  |  |  | $ | 843,673,202 |  |  | $ | 792,638,396 |

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

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 131

Statements of Changes in Net Assets (continued)

|  | BDJ |  |  |  |  |  | BOE |
|  | Year Ended December 31, |  |  |  |  |  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  |  |  |  | 2020 |  |  | 2019 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 34,483,661 |  |  | $ | 35,572,226 |  |  |  |  |  |  | $ | 16,919,404 |  |  | $ | 20,684,957 |
Net realized gain (loss) |  |  | 25,963,990 |  |  |  | 79,452,284 |  |  |  |  |  |  |  | (20,345,581 | ) |  |  | (37,889,330 | )
Net change in unrealized appreciation (depreciation) |  |  | (79,304,070 | ) |  |  | 269,293,501 |  |  |  |  |  |  |  | 45,992,227 |  |  |  | 148,014,247 |
Net increase (decrease) in net assets resulting from operations |  |  | (18,856,419 | ) |  |  | 384,318,011 |  |  |  |  |  |  |  | 42,566,050 |  |  |  | 130,809,874 |
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (112,342,324 | ) |  |  | (140,879,229 | ) |  |  |  |  |  |  | (16,818,451 | ) |  |  | (20,682,389 | )
Return of capital |  |  | — |  |  |  | — |  |  |  |  |  |  |  | (32,343,267 | ) |  |  | (29,979,719 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (112,342,324 | ) |  |  | (140,879,229 | ) |  |  |  |  |  |  | (49,161,718 | ) |  |  | (50,662,108 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (11,354,242 | ) |  |  | — |  |  |  |  |  |  |  | (14,886,112 | ) |  |  | (27,037,545 | )
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | (142,552,985 | ) |  |  | 243,438,782 |  |  |  |  |  |  |  | (21,481,780 | ) |  |  | 53,110,221 |
Beginning of year |  |  | 1,881,675,290 |  |  |  | 1,638,236,508 |  |  |  |  |  |  |  | 807,711,782 |  |  |  | 754,601,561 |
End of year |  | $ | 1,739,122,305 |  |  | $ | 1,881,675,290 |  |  |  |  |  |  | $ | 786,230,002 |  |  | $ | 807,711,782 |

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

See notes to financial statements.

132 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

|  | BGY |  |  |  |  |  | BME |
|  | Year Ended December 31, |  |  |  |  |  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  |  |  |  | 2020 |  |  | 2019 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 12,589,207 |  |  | $ | 16,918,169 |  |  |  |  |  |  | $ | 68,856 |  |  | $ | 633,566 |
Net realized gain (loss) |  |  | (25,760,822 | ) |  |  | (36,948,302 | ) |  |  |  |  |  |  | 21,389,585 |  |  |  | 23,093,368 |
Net change in unrealized appreciation |  |  | 56,961,229 |  |  |  | 134,495,399 |  |  |  |  |  |  |  | 58,101,987 |  |  |  | 56,152,699 |
Net increase in net assets resulting from operations |  |  | 43,789,614 |  |  |  | 114,465,266 |  |  |  |  |  |  |  | 79,560,428 |  |  |  | 79,879,633 |
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (12,744,924 | ) |  |  | (36,797,115 | ) |  |  |  |  |  |  | (27,390,801 | ) |  |  | (25,002,003 | )
Return of capital |  |  | (29,856,975 | ) |  |  | (6,617,930 | ) |  |  |  |  |  |  | — |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  | (42,601,899 | ) |  |  | (43,415,045 | ) |  |  |  |  |  |  | (27,390,801 | ) |  |  | (25,002,003 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 45,251,850 |  |  |  | 37,463,441 |
Reinvestment of distributions |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 1,742,431 |  |  |  | 1,756,542 |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (7,486,085 | ) |  |  | (11,037,544 | ) |  |  |  |  |  |  | — |  |  |  | — |
Net increase (decrease) in net assets derived from capital share transactions |  |  | (7,486,085 | ) |  |  | (11,037,544 | ) |  |  |  |  |  |  | 46,994,281 |  |  |  | 39,219,983 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | (6,298,370 | ) |  |  | 60,012,677 |  |  |  |  |  |  |  | 99,163,908 |  |  |  | 94,097,613 |
Beginning of year |  |  | 683,247,127 |  |  |  | 623,234,450 |  |  |  |  |  |  |  | 446,772,591 |  |  |  | 352,674,978 |
End of year |  | $ | 676,948,757 |  |  | $ | 683,247,127 |  |  |  |  |  |  | $ | 545,936,499 |  |  | $ | 446,772,591 |

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

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 133

Statement of Changes in Net Assets (continued)

|  | BMEZ |  |  | BCX |
|  | Period from |  |  |  |  |  |  |
|  |  | 01/30/20 | (a) |  |  | Year Ended December 31, |
|  | to 12/31/20 |  |  | 2020 |  |  | 2019 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | (24,489,080 | ) |  | $ | 17,695,239 |  |  | $ | 21,201,953 |
Net realized gain (loss) |  |  | 131,179,423 |  |  |  | (51,657,513 | ) |  |  | (20,246,713 | )
Net change in unrealized appreciation |  |  | 1,203,954,044 |  |  |  | 22,570,394 |  |  |  | 108,031,599 |
Net increase (decrease) in net assets resulting from operations |  |  | 1,310,644,387 |  |  |  | (11,391,880 | ) |  |  | 108,986,839 |
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (101,402,843 | ) |  |  | (20,310,556 | ) |  |  | (21,302,066 | )
Return of capital |  |  | — |  |  |  | (27,173,604 | ) |  |  | (36,208,319 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (101,402,843 | ) |  |  | (47,484,160 | ) |  |  | (57,510,385 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | 2,253,296,500 |  |  |  | — |  |  |  | — |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | — |  |  |  | (17,262,335 | ) |  |  | (27,004,375 | )
Net increase (decrease) in net assets derived from capital share transactions |  |  | 2,253,296,500 |  |  |  | (17,262,335 | ) |  |  | (27,004,375 | )
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 3,462,538,044 |  |  |  | (76,138,375 | ) |  |  | 24,472,079 |
Beginning of period |  |  | 100,000 |  |  |  | 822,753,738 |  |  |  | 798,281,659 |
End of period |  | $ | 3,462,638,044 |  |  | $ | 746,615,363 |  |  | $ | 822,753,738 |

(a) | Commencement of operations.

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

See notes to financial statements.

134 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

|  | BST |  |  | BSTZ |
|  |  |  |  |  |  |  |  |  |  | Period from |
|  |  | Year Ended December 31, |  |  |  | Year Ended |  |  |  | 06/27/19 | (a)
|  |  | 2020 | (b) |  |  | 2019 |  |  |  | 12/31/20 | (b) |  |  | to 12/31/19 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment loss |  | $ | (6,690,031 | ) |  | $ | (3,710,069 | ) |  | $ | (23,552,855 | ) |  | $ | (3,753,861 | )
Net realized gain (loss) |  |  | 11,596,671 |  |  |  | 75,947,016 |  |  |  | 68,051,628 |  |  |  | (28,717,347 | )
Net change in unrealized appreciation |  |  | 516,296,551 |  |  |  | 146,625,953 |  |  |  | 1,440,501,253 |  |  |  | 145,700,507 |
Net increase in net assets resulting from operations |  |  | 521,203,191 |  |  |  | 218,862,900 |  |  |  | 1,485,000,026 |  |  |  | 113,229,299 |
DISTRIBUTIONS TO SHAREHOLDERS(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net realized gain |  |  | (49,046,315 | ) |  |  | (78,918,792 | ) |  |  | (85,373,164 | ) |  |  | — |
Return of capital |  |  | — |  |  |  | — |  |  |  | (11,848,839 | ) |  |  | (39,001,740 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (49,046,315 | ) |  |  | (78,918,792 | ) |  |  | (97,222,003 | ) |  |  | (39,001,740 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | 80,490,747 |  |  |  | 9,976,531 |  |  |  | — |  |  |  | 1,557,499,120 |
Reinvestment of distributions |  |  | 2,024,962 |  |  |  | 4,843,194 |  |  |  | — |  |  |  | 4,139,306 |
Net increase in net assets derived from capital share transactions |  |  | 82,515,709 |  |  |  | 14,819,725 |  |  |  | — |  |  |  | 1,561,638,426 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase in net assets |  |  | 554,672,585 |  |  |  | 154,763,833 |  |  |  | 1,387,778,023 |  |  |  | 1,635,865,985 |
Beginning of period |  |  | 742,671,518 |  |  |  | 587,907,685 |  |  |  | 1,635,965,985 |  |  |  | 100,000 |
End of period |  | $ | 1,297,344,103 |  |  | $ | 742,671,518 |  |  | $ | 3,023,744,008 |  |  | $ | 1,635,965,985 |

(a) |  | Commencement of operations.

(b) |  | Consolidated Statement of Changes in Net Assets.

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

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 135

Statements of Changes in Net Assets (continued)

|  | BUI |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |
Net investment income |  | $ | 5,932,846 |  |  | $ | 6,287,990 |
Net realized gain |  |  | 5,076,772 |  |  |  | 18,652,295 |
Net change in unrealized appreciation |  |  | 47,279,667 |  |  |  | 54,988,272 |
Net increase in net assets resulting from operations |  |  | 58,289,285 |  |  |  | 79,928,557 |
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (22,859,592 | ) |  |  | (22,233,727 | )
Return of capital |  |  | (3,077,573 | ) |  |  | (2,538,581 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (25,937,165 | ) |  |  | (24,772,308 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | 27,563,701 |  |  |  | 7,651,380 |
Reinvestment of distributions |  |  | 1,273,042 |  |  |  | 1,596,219 |
Net increase in net assets derived from capital share transactions |  |  | 28,836,743 |  |  |  | 9,247,599 |
NET ASSETS |  |  |  |  |  |  |  |
Total increase in net assets |  |  | 61,188,863 |  |  |  | 64,403,848 |
Beginning of year |  |  | 383,337,110 |  |  |  | 318,933,262 |
End of year |  | $ | 444,525,973 |  |  | $ | 383,337,110 |

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

See notes to financial statements.

136 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Cash Flows

Year Ended December 31, 2020

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | (112,670,983 | ) |  | $ | 97,362,276 |  |  | $ | (18,856,419 | ) |  | $ | 42,566,050 |
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 |  |  | 160,179,901 |  |  |  | 430,156,552 |  |  |  | 924,261,878 |  |  |  | 495,069,567 |
Purchases of long-term investments |  |  | (151,796,605 | ) |  |  | (341,452,003 | ) |  |  | (782,417,279 | ) |  |  | (442,959,231 | )
Net proceeds from sales (purchases) of short-term securities |  |  | 9,326,904 |  |  |  | (7,190,409 | ) |  |  | (12,016,637 | ) |  |  | 1,138,392 |
Premiums paid on closing options written |  |  | (26,865,023 | ) |  |  | (145,267,425 | ) |  |  | (242,007,859 | ) |  |  | (72,492,653 | )
Premiums received from options written |  |  | 24,043,374 |  |  |  | 104,473,038 |  |  |  | 203,800,891 |  |  |  | 63,183,112 |
Net realized (gain) loss on investments and options written |  |  | 89,167,084 |  |  |  | (26,828,137 | ) |  |  | (25,321,871 | ) |  |  | 20,379,264 |
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations |  |  | 33,080,152 |  |  |  | (64,682,735 | ) |  |  | 79,324,498 |  |  |  | (45,920,869 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | 15,037 |  |  |  | 6,569 |  |  |  | 25,644 |  |  |  | 3,955 |
Dividends — unaffiliated |  |  | 32,290 |  |  |  | 228,043 |  |  |  | (329,329 | ) |  |  | 1,175,693 |
Prepaid expenses |  |  | (4,328 | ) |  |  | 8,031 |  |  |  | (68,906 | ) |  |  | 5,872 |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fees |  |  | (395,603 | ) |  |  | (504,837 | ) |  |  | (1,332,433 | ) |  |  | (548,460 | )
Trustees’ and Officer’s fees |  |  | (6,356 | ) |  |  | 13,488 |  |  |  | 32,029 |  |  |  | (16,100 | )
Other accrued expenses |  |  | 81,619 |  |  |  | 48,055 |  |  |  | 116,284 |  |  |  | 99,614 |
Net cash provided by operating activities |  |  | 24,187,463 |  |  |  | 46,370,506 |  |  |  | 125,210,491 |  |  |  | 61,684,206 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  | (19,617,826 | ) |  |  | (46,304,732 | ) |  |  | (113,368,211 | ) |  |  | (49,142,599 | )
Net payments on redemption of capital shares |  |  | (4,483,069 | ) |  |  | — |  |  |  | (11,354,242 | ) |  |  | (14,531,789 | )
Increase (decrease) in bank overdraft |  |  | (27,693 | ) |  |  | (35,774 | ) |  |  | (487,574 | ) |  |  | 1,372,586 |
Net cash used for financing activities |  |  | (24,128,588 | ) |  |  | (46,340,506 | ) |  |  | (125,210,027 | ) |  |  | (62,301,802 | )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  | 51 |  |  |  | — |  |  |  | 85 |  |  |  | (4,728 | )
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency |  |  | 58,926 |  |  |  | 30,000 |  |  |  | 549 |  |  |  | (622,324 | )
Restricted and unrestricted cash and foreign currency at beginning of year |  |  | — |  |  |  | — |  |  |  | 1,188 |  |  |  | 5,528,094 |
Restricted and unrestricted cash and foreign currency at end of year |  | $ | 58,926 |  |  | $ | 30,000 |  |  | $ | 1,737 |  |  | $ | 4,905,770 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,880,000 |
Collateral — OTC derivatives |  |  | — |  |  |  | 30,000 |  |  |  | — |  |  |  | 20,000 |
Foreign currency at value |  |  | 58,926 |  |  |  | — |  |  |  | 1,737 |  |  |  | 5,770 |
|  | $ | 58,926 |  |  | $ | 30,000 |  |  | $ | 1,737 |  |  | $ | 4,905,770 |

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 137

Statements of Cash Flows (continued)

Year Ended December 31, 2020

|  | BGY |  |  | BME |  |  | BMEZ(a) |  |  | BCX |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 43,789,614 |  |  | $ | 79,560,428 |  |  | $ | 1,310,644,387 |  |  | $ | (11,391,880 | )
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  | 401,896,747 |  |  |  | 132,111,714 |  |  |  | 1,011,206,347 |  |  |  | 584,871,424 |
Purchases of long-term investments |  |  | (368,119,885 | ) |  |  | (133,081,959 | ) |  |  | (3,109,523,503 | ) |  |  | (527,031,550 | )
Net proceeds from sales (purchases) of short-term securities |  |  | 17,231,461 |  |  |  | (10,134,696 | ) |  |  | (27,926,468 | ) |  |  | 13,601,921 |
Premiums paid on closing options written |  |  | (59,499,156 | ) |  |  | (58,620,700 | ) |  |  | (220,307,256 | ) |  |  | (89,836,687 | )
Premiums received from options written |  |  | 46,823,706 |  |  |  | 50,615,469 |  |  |  | 203,412,129 |  |  |  | 65,180,026 |
Net realized (gain) loss on investments and options written |  |  | 25,931,291 |  |  |  | (21,316,455 | ) |  |  | (129,786,632 | ) |  |  | 51,974,747 |
Net unrealized appreciation on investments, options written and foreign currency translations |  |  | (56,961,229 | ) |  |  | (58,099,573 | ) |  |  | (1,203,932,043 | ) |  |  | (22,561,454 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | 22,686 |  |  |  | 6,447 |  |  |  | (412 | ) |  |  | 20,075 |
Dividends — unaffiliated |  |  | 1,213,454 |  |  |  | (53,102 | ) |  |  | (593,687 | ) |  |  | 358,802 |
Securities lending income — affiliated |  |  | — |  |  |  | 7,266 |  |  |  | (49,938 | ) |  |  | 1,300 |
Prepaid expenses |  |  | 4,936 |  |  |  | 833 |  |  |  | (20,218 | ) |  |  | 5,949 |
Deferred offering costs |  |  | — |  |  |  | 22,798 |  |  |  | — |  |  |  | — |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral on securities loaned at value |  |  | — |  |  |  | (151,101 | ) |  |  | 9,577,820 |  |  |  | (180,501 | )
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred capital gain tax |  |  | 379,423 |  |  |  | — |  |  |  | — |  |  |  | — |
Investment advisory fees |  |  | (490,543 | ) |  |  | (269,708 | ) |  |  | 3,565,202 |  |  |  | (707,718 | )
Trustees’ and Officer’s fees |  |  | (22,748 | ) |  |  | 1,832 |  |  |  | 47,447 |  |  |  | (18,746 | )
Other accrued expenses |  |  | 117,048 |  |  |  | 49,649 |  |  |  | 450,394 |  |  |  | 95,035 |
Net cash provided by (used for) operating activities |  |  | 52,316,805 |  |  |  | (19,350,858 | ) |  |  | (2,153,236,431 | ) |  |  | 64,380,743 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  | (42,603,977 | ) |  |  | (25,648,370 | ) |  |  | (99,101,551 | ) |  |  | (47,524,083 | )
Net payments on redemption of capital shares |  |  | (7,486,085 | ) |  |  | — |  |  |  | — |  |  |  | (16,719,878 | )
Increase in bank overdraft |  |  | — |  |  |  | — |  |  |  | 205,455 |  |  |  | — |
Proceeds from issuance of capital shares |  |  | — |  |  |  | 45,085,719 |  |  |  | 2,253,296,500 |  |  |  | — |
Net cash provided by (used for) for financing activities |  |  | (50,090,062 | ) |  |  | 19,437,349 |  |  |  | 2,154,400,404 |  |  |  | (64,243,961 | )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  | (8,055 | ) |  |  | — |  |  |  | 32 |  |  |  | (281 | )
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in restricted and unrestricted cash and foreign currency |  |  | 2,218,688 |  |  |  | 86,491 |  |  |  | 1,164,005 |  |  |  | 136,501 |
Restricted and unrestricted cash and foreign currency at beginning of period |  |  | 8,516,561 |  |  |  | 125,205 |  |  |  | 100,000 |  |  |  | 87,051 |
Restricted and unrestricted cash and foreign currency at end of period |  | $ | 10,735,249 |  |  | $ | 211,696 |  |  | $ | 1,264,005 |  |  | $ | 223,552 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital shares issued in reinvestment of distributions paid to shareholders |  | $ | — |  |  | $ | 1,742,431 |  |  | $ | — |  |  | $ | — |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | — |  |  | $ | 211,253 |  |  | $ | — |  |  | $ | 134,698 |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | 7,091,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Collateral — OTC derivatives |  |  | 2,009,649 |  |  |  | — |  |  |  | 1,263,000 |  |  |  | — |
Foreign currency at value |  |  | 1,634,600 |  |  |  | 443 |  |  |  | 1,005 |  |  |  | 88,854 |
|  | $ | 10,735,249 |  |  | $ | 211,696 |  |  | $ | 1,264,005 |  |  | $ | 223,552 |

(a) | Commencement of Operations January 30, 2020.

See notes to financial statements.

138 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Cash Flows (continued)

Year Ended December 31, 2020

|  | BST(a) |  |  | BSTZ(a) |  |  | BUI |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 521,203,191 |  |  | $ | 1,485,000,026 |  |  | $ | 58,289,285 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  | 234,337,327 |  |  |  | 1,164,068,540 |  |  |  | 146,995,127 |
Purchases of long-term investments |  |  | (182,718,806 | ) |  |  | (923,624,640 | ) |  |  | (142,793,758 | )
Net proceeds from sales (purchases) of short-term securities |  |  | (385,716 | ) |  |  | 141,475,335 |  |  |  | 4,330,556 |
Premiums paid on closing options written |  |  | (184,853,117 | ) |  |  | (392,002,278 | ) |  |  | (43,759,673 | )
Premiums received from options written |  |  | 108,147,719 |  |  |  | 207,908,420 |  |  |  | 27,192,864 |
Net realized gain on investments and options written |  |  | (11,743,774 | ) |  |  | (68,399,978 | ) |  |  | (4,906,853 | )
Net unrealized appreciation on investments, options written and foreign currency translations |  |  | (516,296,003 | ) |  |  | (1,440,501,352 | ) |  |  | (47,263,597 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | 23,632 |  |  |  | 113,806 |  |  |  | 15,015 |
Dividends — unaffiliated |  |  | 1,686 |  |  |  | (65,078 | ) |  |  | (260,796 | )
Securities lending income — affiliated |  |  | 6,359 |  |  |  | 102,583 |  |  |  | — |
Prepaid expenses |  |  | (4,119 | ) |  |  | (494 | ) |  |  | (5,076 | )
Deferred offering costs |  |  | 40,507 |  |  |  | — |  |  |  | 27,640 |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Collateral on securities loaned at value |  |  | — |  |  |  | (66,926,868 | ) |  |  | — |
Payables |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fees |  |  | (89,959 | ) |  |  | (209,977 | ) |  |  | (245,337 | )
Trustees’ and Officer’s fees |  |  | 327 |  |  |  | 45,206 |  |  |  | 653 |
Other accrued expenses |  |  | 154,195 |  |  |  | 183,262 |  |  |  | 103,017 |
Net cash provided by (used for) operating activities |  |  | (32,176,551 | ) |  |  | 107,166,513 |  |  |  | (2,280,933 | )
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  | (47,021,353 | ) |  |  | (96,983,159 | ) |  |  | (24,664,123 | )
Payments for offering costs |  |  | (35,805 | ) |  |  | — |  |  |  | (30,176 | )
Proceeds from issuance of capital shares |  |  | 80,908,562 |  |  |  | — |  |  |  | 27,182,140 |
Net cash provided by (used for) for financing activities |  |  | 33,851,404 |  |  |  | (96,983,159 | ) |  |  | 2,487,841 |
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  | 27 |  |  |  | 60 |  |  |  | — |
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |
Net increase in restricted and unrestricted cash and foreign currency |  |  | 1,674,880 |  |  |  | 10,183,414 |  |  |  | 206,908 |
Restricted and unrestricted cash and foreign currency at beginning of year |  |  | 2,932,527 |  |  |  | 9,252,443 |  |  |  | 821,749 |
Restricted and unrestricted cash and foreign currency at end of year |  | $ | 4,607,407 |  |  | $ | 19,435,857 |  |  | $ | 1,028,657 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Capital shares issued in reinvestment of distributions paid to shareholders |  | $ | 2,024,962 |  |  | $ | — |  |  | $ | 1,273,042 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 736,065 |  |  | $ | 33,690 |  |  | $ | 295,557 |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |
Collateral — OTC derivatives |  |  | 3,870,000 |  |  |  | 19,400,000 |  |  |  | 733,100 |
Foreign currency at value |  |  | 1,342 |  |  |  | 2,167 |  |  |  | — |
|  | $ | 4,607,407 |  |  | $ | 19,435,857 |  |  | $ | 1,028,657 |

(a) | Consolidated Statement of Cash Flows.

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 139

Financial Highlights

(For a share outstanding throughout each period)

|  | BGR |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of year |  | $ | 12.57 |  |  | $ | 11.98 |  |  | $ | 15.79 |  |  | $ | 16.33 |  |  | $ | 14.05 |
Net investment income(a) |  |  | 0.32 |  |  |  | 0.34 |  |  |  | 0.28 |  |  |  | 0.40 | (b) |  |  | 0.27 |
Net realized and unrealized gain (loss) |  |  | (4.06 | ) |  |  | 1.18 |  |  |  | (3.16 | ) |  |  | (0.01 | ) |  |  | 3.01 |
Net increase (decrease) from investment operations |  |  | (3.74 | ) |  |  | 1.52 |  |  |  | (2.88 | ) |  |  | 0.39 |  |  |  | 3.28 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.32 | ) |  |  | (0.34 | ) |  |  | (0.27 | ) |  |  | (0.40 | ) |  |  | (0.27 | )
Return of capital |  |  | (0.34 | ) |  |  | (0.59 | ) |  |  | (0.66 | ) |  |  | (0.53 | ) |  |  | (0.73 | )
Total distributions |  |  | (0.66 | ) |  |  | (0.93 | ) |  |  | (0.93 | ) |  |  | (0.93 | ) |  |  | (1.00 | )
Net asset value, end of year |  | $ | 8.17 |  |  | $ | 12.57 |  |  | $ | 11.98 |  |  | $ | 15.79 |  |  | $ | 16.33 |
Market price, end of year |  | $ | 7.10 |  |  | $ | 11.88 |  |  | $ | 10.45 |  |  | $ | 14.18 |  |  | $ | 14.44 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | (29.03 | )% |  |  | 13.74 | % |  |  | (18.84 | )% |  |  | 3.49 | % |  |  | 25.07 | %
Based on market price |  |  | (34.74 | )% |  |  | 23.23 | % |  |  | (21.16 | )% |  |  | 5.11 | % |  |  | 24.01 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.37 | %(e) |  |  | 1.35 | % |  |  | 1.29 | % |  |  | 1.31 | % |  |  | 1.31 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.15 | %(e) |  |  | 1.16 | % |  |  | 1.14 | % |  |  | 1.18 | % |  |  | 1.24 | %
Net investment income |  |  | 3.77 | %(e) |  |  | 2.67 | % |  |  | 1.87 | % |  |  | 2.69 | %(b) |  |  | 1.80 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 237,868 |  |  | $ | 374,896 |  |  | $ | 357,391 |  |  | $ | 471,062 |  |  | $ | 487,064 |
Portfolio turnover rate |  |  | 62 | % |  |  | 24 | % |  |  | 32 | % |  |  | 24 | % |  |  | 33 | %

(a) | Based on average shares outstanding.

(b) | Net investment income per share and the ratio of net investment income to average net assets include $0.15 per share and 0.99%, respectively, resulting from a special dividend from BakerHughes, Inc. in July 2017.

(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) | Excludes expenses incurred indirectly as a result of investments in underlying funds of 0.01%.

See notes to financial statements.

140 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | CII |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of year |  | $ | 17.96 |  |  | $ | 15.28 |  |  | $ | 17.19 |  |  | $ | 15.08 |  |  | $ | 15.11 |
Net investment income(a) |  |  | 0.13 |  |  |  | 0.18 |  |  |  | 0.17 |  |  |  | 0.15 |  |  |  | 0.13 |
Net realized and unrealized gain (loss) |  |  | 2.08 |  |  |  | 3.50 |  |  |  | (1.09 | ) |  |  | 2.95 |  |  |  | 0.99 |
Net increase (decrease) from investment operations |  |  | 2.21 |  |  |  | 3.68 |  |  |  | (0.92 | ) |  |  | 3.10 |  |  |  | 1.12 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.13 | ) |  |  | (0.19 | ) |  |  | (0.17 | )(c) |  |  | (0.15 | ) |  |  | (0.13 | )
From net realized gain |  |  | (0.92 | ) |  |  | (0.44 | ) |  |  | (0.28 | )(c) |  |  | — |  |  |  | (0.04 | )
Return of capital |  |  | — |  |  |  | (0.37 | ) |  |  | (0.54 | ) |  |  | (0.84 | ) |  |  | (0.98 | )
Total distributions |  |  | (1.05 | ) |  |  | (1.00 | ) |  |  | (0.99 | ) |  |  | (0.99 | ) |  |  | (1.15 | )
Net asset value, end of year |  | $ | 19.12 |  |  | $ | 17.96 |  |  | $ | 15.28 |  |  | $ | 17.19 |  |  | $ | 15.08 |
Market price, end of year |  | $ | 17.40 |  |  | $ | 17.25 |  |  | $ | 14.08 |  |  | $ | 16.38 |  |  | $ | 13.71 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 13.94 | % |  |  | 25.08 | % |  |  | (5.44 | )% |  |  | 21.69 | % |  |  | 8.66 | %
Based on market price |  |  | 7.97 | % |  |  | 30.38 | % |  |  | (8.56 | )% |  |  | 27.54 | % |  |  | 5.56 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 0.91 | % |  |  | 0.91 | % |  |  | 0.90 | % |  |  | 0.93 | % |  |  | 0.95 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.91 | % |  |  | 0.91 | % |  |  | 0.90 | % |  |  | 0.93 | % |  |  | 0.95 | %
Net investment income |  |  | 0.78 | % |  |  | 1.08 | % |  |  | 1.00 | % |  |  | 0.94 | % |  |  | 0.89 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 843,673 |  |  | $ | 792,638 |  |  | $ | 674,077 |  |  | $ | 758,400 |  |  | $ | 665,159 |
Portfolio turnover rate |  |  | 46 | % |  |  | 32 | % |  |  | 27 | % |  |  | 32 | % |  |  | 54 | %

(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.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 141

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BDJ |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of year |  | $ | 10.03 |  |  | $ | 8.74 |  |  | $ | 9.96 |  |  | $ | 9.22 |  |  | $ | 8.70 |
Net investment income(a) |  |  | 0.18 |  |  |  | 0.18 |  |  |  | 0.18 | (b) |  |  | 0.16 |  |  |  | 0.17 |
Net realized and unrealized gain (loss) |  |  | (0.26 | ) |  |  | 1.86 |  |  |  | (0.84 | ) |  |  | 1.14 |  |  |  | 0.91 |
Net increase (decrease) from investment operations |  |  | (0.08 | ) |  |  | 2.04 |  |  |  | (0.66 | ) |  |  | 1.30 |  |  |  | 1.08 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.15 | ) |  |  | (0.08 | ) |  |  | (0.18 | )(d) |  |  | (0.17 | ) |  |  | (0.17 | )
From net realized gain |  |  | (0.45 | ) |  |  | (0.67 | ) |  |  | (0.38 | )(d) |  |  | (0.39 | ) |  |  | — |
Return of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.39 | )
Total distributions |  |  | (0.60 | ) |  |  | (0.75 | ) |  |  | (0.56 | ) |  |  | (0.56 | ) |  |  | (0.56 | )
Net asset value, end of year |  | $ | 9.35 |  |  | $ | 10.03 |  |  | $ | 8.74 |  |  | $ | 9.96 |  |  | $ | 9.22 |
Market price, end of year |  | $ | 8.47 |  |  | $ | 9.92 |  |  | $ | 7.77 |  |  | $ | 9.23 |  |  | $ | 8.15 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 0.77 | % |  |  | 24.52 | % |  |  | (6.59 | )% |  |  | 15.06 | % |  |  | 13.90 | %
Based on market price |  |  | (7.70 | )% |  |  | 38.53 | % |  |  | (10.39 | )% |  |  | 20.63 | % |  |  | 15.11 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 0.86 | % |  |  | 0.87 | % |  |  | 0.85 | % |  |  | 0.86 | % |  |  | 0.87 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.86 | % |  |  | 0.87 | % |  |  | 0.85 | % |  |  | 0.86 | % |  |  | 0.85 | %
Net investment income |  |  | 2.15 | % |  |  | 1.99 | % |  |  | 1.85 | %(b) |  |  | 1.73 | % |  |  | 1.91 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 1,739,122 |  |  | $ | 1,881,675 |  |  | $ | 1,638,237 |  |  | $ | 1,868,457 |  |  | $ | 1,741,649 |
Portfolio turnover rate |  |  | 48 | % |  |  | 40 | % |  |  | 34 | % |  |  | 42 | % |  |  | 33 | %

(a) | Based on average Common 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.

See notes to financial statements.

142 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BOE |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of year |  | $ | 12.32 |  |  | $ | 11.07 |  |  | $ | 13.22 |  |  | $ | 13.38 |  |  | $ | 14.25 |
Net investment income(a) |  |  | 0.26 |  |  |  | 0.30 |  |  |  | 0.31 |  |  |  | 0.17 |  |  |  | 0.15 |
Net realized and unrealized gain (loss) |  |  | 0.46 |  |  |  | 1.71 |  |  |  | (1.61 | ) |  |  | 1.96 |  |  |  | 0.03 |
Net increase (decrease) from investment operations |  |  | 0.72 |  |  |  | 2.01 |  |  |  | (1.30 | ) |  |  | 2.13 |  |  |  | 0.18 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.26 | ) |  |  | (0.31 | ) |  |  | (0.31 | )(c) |  |  | (0.19 | ) |  |  | (0.10 | )
From net realized gain |  |  | — |  |  |  | — |  |  |  | (0.52 | )(c) |  |  | (2.10 | ) |  |  | — |
Return of capital |  |  | (0.50 | ) |  |  | (0.45 | ) |  |  | (0.02 | ) |  |  | — |  |  |  | (0.95 | )
Total distributions |  |  | (0.76 | ) |  |  | (0.76 | ) |  |  | (0.85 | ) |  |  | (2.29 | ) |  |  | (1.05 | )
Net asset value, end of year |  | $ | 12.28 |  |  | $ | 12.32 |  |  | $ | 11.07 |  |  | $ | 13.22 |  |  | $ | 13.38 |
Market price, end of year |  | $ | 10.91 |  |  | $ | 10.99 |  |  | $ | 9.37 |  |  | $ | 12.51 |  |  | $ | 11.57 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 7.65 | % |  |  | 19.54 | % |  |  | (9.63 | )% |  |  | 17.22 | %(e) |  |  | 2.62 | %
Based on market price |  |  | 7.22 | % |  |  | 25.98 | % |  |  | (19.16 | )% |  |  | 28.28 | % |  |  | (0.90 | )%
Ratios to Average Net Assets(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.09 | % |  |  | 1.12 | % |  |  | 1.08 | % |  |  | 1.09 | % |  |  | 1.10 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.92 | % |  |  | 0.94 | % |  |  | 0.94 | % |  |  | 1.02 | % |  |  | 1.05 | %
Net investment income |  |  | 2.33 | % |  |  | 2.62 | % |  |  | 2.52 | % |  |  | 1.20 | % |  |  | 1.15 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 786,230 |  |  | $ | 807,712 |  |  | $ | 754,602 |  |  | $ | 911,227 |  |  | $ | 929,897 |
Portfolio turnover rate |  |  | 61 | % |  |  | 26 | % |  |  | 28 | % |  |  | 133 | % |  |  | 64 | %

(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) | Includes payment from an affiliate, which had no impact on the Trust’s total return.

(f) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Investments in underlying funds |  |  | — | % |  |  | — | % |  |  | — | % |  |  | 0.01 | % |  |  | — | %

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 143

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BGY |
|  | Year Ended December 31, |
|  |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |  |  |  | 2016 |
Net asset value, beginning of year |  | $ | 6.47 |  |  | $ | 5.79 |  |  | $ | 7.06 |  |  | $ | 6.28 |  |  | $ | 6.95 |
Net investment income(a) |  |  | 0.12 |  |  |  | 0.16 |  |  |  | 0.17 | (b) |  |  | 0.09 |  |  |  | 0.09 |
Net realized and unrealized gain (loss) |  |  | 0.31 |  |  |  | 0.93 |  |  |  | (1.00 | ) |  |  | 1.15 |  |  |  | (0.24 | )
Net increase (decrease) from investment operations |  |  | 0.43 |  |  |  | 1.09 |  |  |  | (0.83 | ) |  |  | 1.24 |  |  |  | (0.15 | )
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.13 | ) |  |  | (0.16 | ) |  |  | (0.16 | )(d) |  |  | (0.09 | ) |  |  | (0.07 | )
From net realized gain |  |  | — |  |  |  | (0.19 | ) |  |  | (0.28 | )(d) |  |  | — |  |  |  | — |
Return of capital |  |  | (0.28 | ) |  |  | (0.06 | ) |  |  | — |  |  |  | (0.37 | ) |  |  | (0.45 | )
Total distributions |  |  | (0.41 | ) |  |  | (0.41 | ) |  |  | (0.44 | ) |  |  | (0.46 | ) |  |  | (0.52 | )
Net asset value, end of year |  | $ | 6.49 |  |  | $ | 6.47 |  |  | $ | 5.79 |  |  | $ | 7.06 |  |  | $ | 6.28 |
Market price, end of year |  | $ | 5.87 |  |  | $ | 5.89 |  |  | $ | 4.98 |  |  | $ | 6.52 |  |  | $ | 5.51 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 8.18 | % |  |  | 20.20 | % |  |  | (11.48 | )% |  |  | 20.88 | %(f) |  |  | (1.12 | )%
Based on market price |  |  | 7.49 | % |  |  | 27.22 | % |  |  | (17.55 | )% |  |  | 27.23 | % |  |  | (3.37 | )%
Ratios to Average Net Assets(g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.10 | % |  |  | 1.13 | % |  |  | 1.09 | % |  |  | 1.12 | % |  |  | 1.12 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.00 | % |  |  | 1.03 | % |  |  | 0.99 | % |  |  | 1.02 | % |  |  | 1.02 | %
Net investment income |  |  | 1.99 | % |  |  | 2.57 | % |  |  | 2.59 | %(b) |  |  | 1.31 | % |  |  | 1.41 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 676,949 |  |  | $ | 683,247 |  |  | $ | 623,234 |  |  | $ | 769,678 |  |  | $ | 690,628 |
Portfolio turnover rate |  |  | 60 | % |  |  | 28 | % |  |  | 60 | % |  |  | 90 | % |  |  | 74 | %

(a) | Based on average shares outstanding.

(b) | Net investment income per share and the ratio of net investment income to average net assets includes $0.10 per share and 29%, respectively, resulting from a non-recurring 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.

(f) | Includes payment from an affiliate, which had no impact on the Trust’s total return.

(g) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

|  | Year Ended December 31, |
|  |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |  |  |  | 2016 |
Investments in underlying funds |  |  | — | % |  |  | — | % |  |  | — | % |  |  | 0.02 | % |  |  | 0.01 | %

See notes to financial statements.

144 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BME |
|  | Year Ended December 31, |
|  |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |  |  |  | 2016 |
Net asset value, beginning of year |  | $ | 41.19 |  |  | $ | 35.87 |  |  | $ | 35.69 |  |  | $ | 31.30 |  |  | $ | 36.19 |
Net investment income(a) |  |  | 0.01 |  |  |  | 0.06 |  |  |  | 0.07 |  |  |  | 0.02 |  |  |  | 0.02 |
Net realized and unrealized gain (loss) |  |  | 6.86 |  |  |  | 7.66 |  |  |  | 2.51 |  |  |  | 6.77 |  |  |  | (1.91 | )
Net increase (decrease) from investment operations |  |  | 6.87 |  |  |  | 7.72 |  |  |  | 2.58 |  |  |  | 6.79 |  |  |  | (1.89 | )
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.05 | ) |  |  | (0.12 | ) |  |  | (0.07 | )(c) |  |  | (0.04 | ) |  |  | (0.03 | )
From net realized gain |  |  | (2.35 | ) |  |  | (2.28 | ) |  |  | (2.33 | )(c) |  |  | (2.11 | ) |  |  | (2.97 | )
Return of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.25 | ) |  |  | — |
Total distributions |  |  | (2.40 | ) |  |  | (2.40 | ) |  |  | (2.40 | ) |  |  | (2.40 | ) |  |  | (3.00 | )
Net asset value, end of year |  | $ | 45.66 |  |  | $ | 41.19 |  |  | $ | 35.87 |  |  | $ | 35.69 |  |  | $ | 31.30 |
Market price, end of year |  | $ | 47.59 |  |  | $ | 42.50 |  |  | $ | 36.45 |  |  | $ | 36.50 |  |  | $ | 31.75 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 17.50 | % |  |  | 22.26 | % |  |  | 7.26 | % |  |  | 22.17 | % |  |  | (5.36 | )%
Based on market price |  |  | 18.69 | % |  |  | 24.15 | % |  |  | 6.57 | % |  |  | 23.17 | % |  |  | (11.71 | )%
Ratios to Average Net Assets(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.10 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.12 | % |  |  | 1.15 | %(f)
Total expenses after fees waived and/or reimbursed |  |  | 1.10 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.12 | % |  |  | 1.14 | %
Net investment income |  |  | 0.01 | % |  |  | 0.16 | % |  |  | 0.19 | % |  |  | 0.06 | % |  |  | 0.07 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 545,936 |  |  | $ | 446,773 |  |  | $ | 352,675 |  |  | $ | 331,858 |  |  | $ | 270,693 |
Portfolio turnover rate |  |  | 28 | % |  |  | 47 | % |  |  | 37 | % |  |  | 38 | % |  |  | 59 | %

(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 December 31, |
|  |  | 2020 |  |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |  |  |  | 2016 |
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%.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 145

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BMEZ |
|  |  | Period from 01/30/20 to 12/31/20 | (a)
Net asset value, beginning of period |  | $ | 20.00 |
Net investment loss(b) |  |  | (0.22 | )
Net realized and unrealized gain |  |  | 11.85 |
Net increase from investment operations |  |  | 11.63 |
Distributions from net realized gains(c) |  |  | (0.90 | )
Net asset value, end of period |  | $ | 30.73 |
Market price, end of period |  | $ | 28.65 |
Total Return(d) |  |  |  |
Based on net asset value |  |  | 59.62 | %(e)(f)
Based on market price |  |  | 48.82 | %(f)
Ratios to Average Net Assets |  |  |  |
Total expenses |  |  | 1.29 | %(g)(h)
Total expenses after fees waived and/or reimbursed |  |  | 1.28 | %(g)(h)
Net investment loss |  |  | (1.00 | )%(g)(h)
Supplemental Data |  |  |  |
Net assets, end of period (000) |  | $ | 3,462,638 |
Portfolio turnover rate |  |  | 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) | Aggregate total return.

(g) | Annualized.

(h) | Excludes expenses incurred indirectly as a result of investments in underlying funds of 0.02%.

See notes to financial statements.

146 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BCX |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of year |  | $ | 9.04 |  |  | $ | 8.44 |  |  | $ | 10.64 |  |  | $ | 9.86 |  |  | $ | 8.35 |
Net investment income(a) |  |  | 0.20 |  |  |  | 0.23 |  |  |  | 0.22 |  |  |  | 0.20 | (b) |  |  | 0.14 |
Net realized and unrealized gain (loss) |  |  | (0.26 | ) |  |  | 0.99 |  |  |  | (1.80 | ) |  |  | 1.19 |  |  |  | 1.95 |
Net increase (decrease) from investment operations |  |  | (0.06 | ) |  |  | 1.22 |  |  |  | (1.58 | ) |  |  | 1.39 |  |  |  | 2.09 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.23 | ) |  |  | (0.23 | ) |  |  | (0.19 | ) |  |  | (0.24 | ) |  |  | (0.15 | )
Return of capital |  |  | (0.30 | ) |  |  | (0.39 | ) |  |  | (0.43 | ) |  |  | (0.37 | ) |  |  | (0.43 | )
Total distributions |  |  | (0.53 | ) |  |  | (0.62 | ) |  |  | (0.62 | ) |  |  | (0.61 | ) |  |  | (0.58 | )
Net asset value, end of year |  | $ | 8.45 |  |  | $ | 9.04 |  |  | $ | 8.44 |  |  | $ | 10.64 |  |  | $ | 9.86 |
Market price, end of year |  | $ | 7.41 |  |  | $ | 8.07 |  |  | $ | 7.06 |  |  | $ | 9.77 |  |  | $ | 8.27 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 1.56 | % |  |  | 15.88 | % |  |  | (14.90 | )% |  |  | 15.60 | % |  |  | 27.41 | %
Based on market price |  |  | (0.23 | )% |  |  | 23.67 | % |  |  | (22.47 | )% |  |  | 26.55 | % |  |  | 25.50 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.08 | % |  |  | 1.08 | % |  |  | 1.08 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.08 | % |  |  | 1.08 | % |  |  | 1.08 | %
Net investment income |  |  | 2.62 | % |  |  | 2.56 | % |  |  | 2.17 | % |  |  | 2.06 | %(b) |  |  | 1.61 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 746,615 |  |  | $ | 822,754 |  |  | $ | 798,282 |  |  | $ | 1,027,472 |  |  | $ | 976,899 |
Portfolio turnover rate |  |  | 78 | % |  |  | 69 | % |  |  | 66 | % |  |  | 73 | % |  |  | 101 | %

(a) | Based on average shares outstanding.

(b) | Net investment income per share and the ratio of net investment income to average net assets include less than $0.04 per share and 0.39% respectively, resulting from a special dividend from Baker Hughes Inc. in July 2017.

(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.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 147

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BST |
|  | Year Ended December 31, |
|  | 2020(a) |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of year |  | $ | 32.45 |  |  | $ | 26.21 |  |  | $ | 27.73 |  |  | $ | 20.10 |  |  | $ | 19.70 |
Net investment loss(b) |  |  | (0.28 | ) |  |  | (0.17 | ) |  |  | (0.13 | ) |  |  | (0.05 | ) |  |  | 0.00 | (c)
Net realized and unrealized gain |  |  | 21.82 |  |  |  | 9.92 |  |  |  | 0.37 |  |  |  | 8.96 |  |  |  | 1.60 |
Net increase from investment operations |  |  | 21.54 |  |  |  | 9.75 |  |  |  | 0.24 |  |  |  | 8.91 |  |  |  | 1.60 |
Distributions(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | — |  |  |  | — |  |  |  | — | (e) |  |  | (0.05 | ) |  |  | — |
From net realized gain |  |  | (2.05 | ) |  |  | (3.51 | ) |  |  | (1.76 | )(e) |  |  | (0.22 | ) |  |  | — |
Return of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1.01 | ) |  |  | (1.20 | )
Total distributions |  |  | (2.05 | ) |  |  | (3.51 | ) |  |  | (1.76 | ) |  |  | (1.28 | ) |  |  | (1.20 | )
Net asset value, end of year |  | $ | 51.94 |  |  | $ | 32.45 |  |  | $ | 26.21 |  |  | $ | 27.73 |  |  | $ | 20.10 |
Market price, end of year |  | $ | 53.30 |  |  | $ | 33.27 |  |  | $ | 27.48 |  |  | $ | 26.69 |  |  | $ | 17.94 |
Total Return(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 68.76 | %(g) |  |  | 37.82 | % |  |  | 0.24 | % |  |  | 45.73 | % |  |  | 9.36 | %
Based on market price |  |  | 68.92 | % |  |  | 34.77 | % |  |  | 9.18 | % |  |  | 57.15 | % |  |  | 11.08 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.09 | % |  |  | 1.08 | % |  |  | 1.09 | % |  |  | 1.09 | % |  |  | 1.10 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.99 | % |  |  | 0.92 | % |  |  | 0.89 | % |  |  | 0.89 | % |  |  | 0.90 | %
Net investment income (loss) |  |  | (0.73 | )% |  |  | (0.52 | )% |  |  | (0.43 | )% |  |  | (0.19 | )% |  |  | 0.02 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 1,297,344 |  |  | $ | 742,672 |  |  | $ | 587,908 |  |  | $ | 620,300 |  |  | $ | 452,443 |
Portfolio turnover rate |  |  | 20 | % |  |  | 32 | % |  |  | 53 | % |  |  | 41 | % |  |  | 74 | %

(a) | Consolidated Financial Highlights.

(b) | Based on average shares outstanding.

(c) | Amount is less than $0.005 per share.

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

(e) | 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.

(f) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(g) | 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.

See notes to consolidated financial statements.

148 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BSTZ |
|  |  | Year Ended 12/31/20 | (a) |  |  | Period from 06/27/19 to 12/31/19 | (b)
Net asset value, beginning of period |  | $ | 20.95 |  |  | $ | 20.00 |
Net investment loss(c) |  |  | (0.30 | ) |  |  | (0.05 | )
Net realized and unrealized gain |  |  | 19.32 |  |  |  | 1.50 |
Net increase from investment operations |  |  | 19.02 |  |  |  | 1.45 |
Distributions(d) |  |  |  |  |  |  |  |
From net realized gain |  |  | (1.10 | ) |  |  | — |
Return of capital |  |  | (0.15 | ) |  |  | (0.50 | )
Total distributions |  |  | (1.25 | ) |  |  | (0.50 | )
Net asset value, end of period |  | $ | 38.72 |  |  | $ | 20.95 |
Market price, end of period |  | $ | 36.38 |  |  | $ | 20.50 |
Total Return(e) |  |  |  |  |  |  |  |
Based on net asset value |  |  | 94.60 | %(f) |  |  | 7.40 | %(g)
Based on market price |  |  | 86.85 | % |  |  | 5.10 | %(g)
Ratios to Average Net Assets |  |  |  |  |  |  |  |
Total expenses |  |  | 1.33 | % |  |  | 1.32 | %(h)(i)
Total expenses after fees waived and/or reimbursed |  |  | 1.33 | % |  |  | 1.30 | %(h)(i)
Net investment loss |  |  | (1.16 | )% |  |  | (0.48 | )%(h)(i)
Supplemental Data |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 3,023,744 |  |  | $ | 1,635,966 |
Portfolio turnover rate |  |  | 45 | % |  |  | 16 | %

(a) | Consolidated Financial Highlights.

(b) | Commencement of operations.

(c) | Based on average shares outstanding.

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

(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(f) | Includes payment from an affiliate, which had no impact on the Trust’s total return.

(g) | Aggregate total return.

(h) | Excludes expenses incurred indirectly as a result of investments in underlying funds of approximately 0.04%.

(i) | Annualized.

See notes to consolidated financial statements.

F I N A N C I A L H I G H L I G H T S |  | 149

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BUI |
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Net asset value, beginning of year |  | $ | 22.02 |  |  | $ | 18.77 |  |  | $ | 21.12 |  |  | $ | 19.42 |  |  | $ | 19.50 |
Net investment income(a) |  |  | 0.33 |  |  |  | 0.37 |  |  |  | 0.49 |  |  |  | 0.56 |  |  |  | 0.56 |
Net realized and unrealized gain (loss) |  |  | 2.90 |  |  |  | 4.33 |  |  |  | (1.39 | ) |  |  | 2.59 |  |  |  | 0.81 |
Net increase (decrease) from investment operations |  |  | 3.23 |  |  |  | 4.70 |  |  |  | (0.90 | ) |  |  | 3.15 |  |  |  | 1.37 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.20 | ) |  |  | (0.24 | ) |  |  | (0.63 | )(c) |  |  | (0.47 | ) |  |  | (0.49 | )
From net realized gain |  |  | (1.08 | ) |  |  | (1.06 | ) |  |  | (0.81 | )(c) |  |  | (0.98 | ) |  |  | (0.53 | )
Return of capital |  |  | (0.17 | ) |  |  | (0.15 | ) |  |  | (0.01 | ) |  |  | — |  |  |  | (0.43 | )
Total distributions |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | )
Net asset value, end of year |  | $ | 23.80 |  |  | $ | 22.02 |  |  | $ | 18.77 |  |  | $ | 21.12 |  |  | $ | 19.42 |
Market price, end of year |  | $ | 25.04 |  |  | $ | 22.31 |  |  | $ | 19.76 |  |  | $ | 21.62 |  |  | $ | 18.41 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 15.87 | % |  |  | 25.63 | % |  |  | (4.40 | )% |  |  | 16.62 | % |  |  | 7.57 | %
Based on market price |  |  | 20.32 | % |  |  | 20.91 | % |  |  | (1.68 | )% |  |  | 25.93 | % |  |  | 18.50 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.13 | % |  |  | 1.12 | % |  |  | 1.12 | % |  |  | 1.11 | % |  |  | 1.13 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.10 | % |  |  | 1.10 | % |  |  | 1.09 | % |  |  | 1.09 | % |  |  | 1.13 | %
Net investment income |  |  | 1.58 | % |  |  | 1.78 | % |  |  | 2.46 | % |  |  | 2.70 | % |  |  | 2.83 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 444,526 |  |  | $ | 383,337 |  |  | $ | 318,933 |  |  | $ | 357,776 |  |  | $ | 328,297 |
Portfolio turnover rate |  |  | 39 | % |  |  | 39 | % |  |  | 28 | % |  |  | 31 | % |  |  | 8 | %

(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.

See notes to financial statements.

150 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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 Capital and Income Fund, Inc. |  | CII |  | Maryland |  | Diversified
BlackRock Enhanced Equity Dividend Trust |  | BDJ |  | Delaware |  | Diversified
BlackRock Enhanced Global Dividend Trust |  | BOE |  | Delaware |  | Diversified
BlackRock Enhanced International Dividend Trust |  | BGY |  | Delaware |  | Diversified
BlackRock Health Sciences Trust |  | BME |  | Delaware |  | Diversified
BlackRock Health Sciences Trust II |  | BMEZ |  | Delaware |  | Non-diversified
BlackRock Resources & Commodities Strategy Trust |  | BCX |  | Delaware |  | Non-diversified
BlackRock Science and Technology Trust |  | BST |  | Delaware |  | Diversified
BlackRock Science and Technology Trust II |  | BSTZ |  | Delaware |  | Non-diversified
BlackRock Utilities, Infrastructure & Power Opportunities Trust |  | BUI |  | Delaware |  | Diversified

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

Prior to commencement of operations on January 30, 2020, BMEZ had no operations other than those relating to organizational matters and the sale of 5,000 common shares on November 6, 2019 to BlackRock Financial Management, Inc., an affiliate of BMEZ, for $100,000. Investment operations for BMEZ commenced on January 30, 2020.

Basis of Consolidation: 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 an investment in an operating partnership and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the BST Taxable Subsidiary are subject to US federal and state taxes 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. 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 $4,454,600, which is 0.3% 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.

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 an investment in an operating partnership and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the BSTZ Taxable Subsidiary are subject to US federal and state taxes 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. 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 $17,820,167, which is 0.6% 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.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Trusts are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. 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.

N O T E S T O F I N A N C I A L S T A T E M E N T S |  | 151

Notes to Financial Statements (continued)

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.

Segregation and Collateralization: In cases where a Trust enters into certain investments (e.g., futures contracts, forward foreign currency exchange contracts and options written) that would be treated as “senior securities” for 1940 Act purposes, a Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

Distributions: Distributions paid by the Trusts are recorded on the ex-dividend date. 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 period.

Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset BCX’s ordinary income and/or capital gains for that 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.

Organization and Offering Costs: Prior to commencement of operations, organization costs associated with the establishment of BMEZ and offering expenses of BMEZ with respect to the issuance of shares in the amounts of $140,500 and $4,295,804, respectively, were paid by the Manager. BMEZ is not obligated to repay any such organizational costs or offering expenses paid by the Manager.

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Trust’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

| • |  | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Trusts’ net assets. Each business day, the Trusts use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign

152 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

| • |  | 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. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

| • |  | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

| • |  | The Trusts value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets.

| • |  | 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. 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.

If events (e.g., a market closure, 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 Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global Valuation Committee and third party pricing services utilize one or a combination of, but not limited to, the following inputs.

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

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.

N O T E S T O F I N A N C I A L S T A T E M E N T S |  | 153

Notes to Financial Statements (continued)

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

| • |  | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access;

| • |  | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

| • |  | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global 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 Global 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.

As of December 31, 2020, certain investments of were fair valued using NAV as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Commitments: Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate the Trusts to make future cash payments. As of December 31, 2020, BME, BMEZ, and BSTZ had outstanding commitments of $1,742,350, $35,818,890, and $7,403,800, respectively. These commitments are not included in the net assets of the Trusts as of December 31, 2020.

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.

The market value of any securities on loan, all of which were classified as common stocks in the Trusts’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value -, and collateral on securities loaned at value, respectively. 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.

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 a Trust 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

154 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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:

Fund Name/Counterparty |  |  | Securities Loaned at Value |  |  |  | Cash Collateral Received | (a) |  |  | Net Amount |
BME |  |  |  |  |  |  |  |  |  |  |  |
Credit Suisse Securities (USA) LLC |  | $ | 97,092 |  |  | $ | (97,092 | ) |  | $ | — |
BMEZ |  |  |  |  |  |  |  |  |  |  |  |
Citigroup Global Markets, Inc. |  | $ | 737,334 |  |  | $ | (737,334 | ) |  | $ | — |
Credit Suisse Securities (USA) LLC |  |  | 1,474,669 |  |  |  | (1,474,669 | ) |  |  | — |
Goldman Sachs & Co. |  |  | 271,031 |  |  |  | (271,031 | ) |  |  | — |
Morgan Stanley & Co. LLC |  |  | 6,596,421 |  |  |  | (6,596,421 | ) |  |  | — |
|  | $ | 9,079,455 |  |  | $ | (9,079,455 | ) |  | $ | — |

| (a) | Collateral received 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 Statement 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, the Trusts benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Trust could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Trusts.

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Options: Certain Trusts 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 counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trust 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

N O T E S T O F I N A N C I A L S T A T E M E N T S |  | 155

Notes to Financial Statements (continued)

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 |  |  | 1.20% |  |  |  | 0.80% |  |  |  | 1.00% |  |  |  | 1.00% |

Average daily value of each Trusts’s net assets:

|  |  |  |  | CII |  |  | BGY |  |  | BUI |
Investment advisory fees |  |  |  |  |  |  | 0.85% |  |  |  | 1.00% |  |  |  | 1.00% |

Average daily value of each Trusts’s managed assets:

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

For such services, BCX pays the Manager a monthly fee of 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 Subsidiary) and the average daily value of the net assets of its subsidiary, which fee is allocated pro rata between the Trust and the 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 Subsidiary).

For purposes of calculating these fees, “net assets” mean the total assets of BGR, BDJ, BOE, BGY, BME, CII, BCX and BUI minus the sum of its accrued liabilities.

For purposes of calculating these fees, “managed assets” are determined as total assets of BST, BSTZ and BMEZ (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

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.

The Manager provides investment management and other services to BST and BSTZ Subsidiary. The Manager does not receive separate compensation from the Subsidiary for providing investment management or administrative services. However, BST and BSTZ pays the Manager based on the Trust’s net assets, which includes the assets of the Subsidiary.

Distribution Fees: BME, BST and BUI have entered into Distribution Agreements with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of 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, BME, BST and BUI will compensate BRIL with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of 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, 2020 amounted to $91,491, $55,741, and $162,963 for each of BME, BST and BUI, respectively.

Expense Limitations, Waivers and Reimbursements: The Manager contractually agreed to waive a portion of the investment advisory fees on BST as a percentage of its average daily managed assets as follows:

|  |  |  |  | Expiration Date |
BST |  |  | 0.10 | % |  |  | December 31, 2020 |
|  |  | 0.05 |  |  |  | December 31, 2021 |

156 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

The Manager voluntarily agreed to waive a portion of the investment advisory fees on the following Trusts as a percentage of their average weekly net assets (BGR and BOE) or average daily net assets (BUI and BGY), as follows:

|  | BGR |  |  | BOE |  |  | BGY |  |  | BUI |
|  |  | 0.220 | % |  |  | 0.175 | % |  |  | 0.100 | % |  |  | 0.025 | %

These voluntary waivers may be reduced or discontinued at any time without notice.

For the year ended December 31, 2020, 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 |  | Amounts Waived |
BGR |  | $ | 547,543 |
BOE |  |  | 1,269,999 |
BGY |  |  | 631,893 |
BST |  |  | 922,300 |
BUI |  |  | 94,041 |

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, 2022. 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, 2020, the amounts waived were as follows:

Trust Name |  | Amounts Waived |
BGR |  | $ | 6,397 |
CII |  |  | 7,381 |
BDJ |  |  | 10,209 |
BOE |  |  | 5,574 |
BGY |  |  | 7,749 |
BME |  |  | 6,655 |
BMEZ |  |  | 211,250 |
BCX |  |  | 7,408 |
BST |  |  | 5,179 |
BSTZ |  |  | 19,394 |
BUI |  |  | 6,996 |

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, 2022. 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, 2020, 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 BlackRock Investment Management, LLC (“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 expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company, SL Liquidity Series, LLC (“Money Market Series”), managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Trusts. The Money Market Series may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Trust retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level (such securities, the “specials only securities”). Each Trust retains 82% of securities lending income (which excludes collateral investment expenses).

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, each Trust, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income (which excludes collateral investment expenses) in an amount equal to 85% of securities lending income.

N O T E S T O F I N A N C I A L S T A T E M E N T S |  | 157

Notes to Financial Statements (continued)

The share of securities lending income earned by each Trust is shown as securities lending income — affiliated – net in the Statements of Operations. For the year ended December 31, 2020, each Trust paid BIM the following amounts for securities lending agent services:

Trust Name |  | Amounts |
BME |  | $ | 1,998 |
BMEZ |  |  | 29,923 |
BCX |  |  | 1,337 |
BST |  |  | 5,220 |
BSTZ |  |  | 81,848 |

BSTZ and BMEZ recorded a payment from an affiliate to compensate for foregone securities lending revenue in the amount of $25,547 and $18,746, respectively, which is included in Other income-affiliated in the Statements of Operations.

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: The Trusts may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended December 31, 2020, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

Trust Name |  | Purchases |  |  | Sales |  |  | Net Realized Gain (Loss) |
BST |  | $ | — |  |  | $ | 19,456 |  |  | $ | (9,222) |
BSTZ |  |  | 4,681,538 |  |  |  | 20,687,465 |  |  |  | 6,750,083 |

7. PURCHASES AND SALES

For the year ended December 31, 2020, purchases and sales of investments, excluding short-term investments, were as follows:

Trust Name |  | Purchases |  |  | Sales |
BGR |  | $ | 152,984,490 |  |  | $ | 160,232,008 |
CII |  |  | 341,452,003 |  |  |  | 430,489,530 |
BDJ |  |  | 779,378,886 |  |  |  | 923,012,270 |
BOE |  |  | 442,944,912 |  |  |  | 494,496,158 |
BGY |  |  | 368,119,885 |  |  |  | 401,906,867 |
BME |  |  | 133,198,471 |  |  |  | 132,144,807 |
BMEZ |  |  | 3,125,137,390 |  |  |  | 1,011,854,953 |
BCX |  |  | 527,164,888 |  |  |  | 589,018,896 |
BST |  |  | 182,717,532 |  |  |  | 234,337,327 |
BSTZ |  |  | 925,859,425 |  |  |  | 1,164,076,901 |
BUI |  |  | 143,501,470 |  |  |  | 146,995,127 |

8. INCOME TAX INFORMATION

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for a period of three fiscal 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, 2020, 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 Funds’ financial statements.

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, the following permanent differences attributable to non-deductible expenses and net operating losses were reclassified to the following accounts:

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |  |  | BGY |  |  | BME |  |  | BMEZ |  |  | BCX |  |  | BST |  |  | BSTZ |  |  | BUI |
Paid-in capital |  | $ | — |  |  | $ | — |  |  | $ | (5,845 | ) |  | $ | — |  |  | $ | — |  |  | $ | (34,000 | ) |  | $ | — |  |  | $ | — |  |  | $ | (6,830,674 | ) |  | $ | 3,578 |  |  | $ | (34,085 | )
Accumulated earnings (loss) |  |  | — |  |  |  | — |  |  |  | 5,845 |  |  |  | — |  |  |  | — |  |  |  | 34,000 |  |  |  | — |  |  |  | — |  |  |  | 6,830,674 |  |  |  | (3,578 | ) |  |  | 34,085 |

158 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

|  | Periods |  |  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |  |  | BGY |  |  | BME |  |  | BMEZ |  |  | BCX |  |  | BST |  |  | BSTZ |  |  | BUI |
Ordinary income |  |  | 12/31/20 |  |  | $ | 9,329,536 |  |  | $ | 5,824,766 |  |  | $ | 27,765,611 |  |  | $ | 16,818,451 |  |  | $ | 12,744,924 |  |  | $ | 7,153,739 |  |  | $ | 101,402,843 |  |  | $ | 20,310,556 |  |  | $ | — |  |  | $ | 6,255,953 |  |  | $ | 8,067,250 |
|  |  | 12/31/19 |  |  |  | 10,080,237 |  |  |  | 8,072,143 |  |  |  | 22,868,103 |  |  |  | 20,682,389 |  |  |  | 16,830,492 |  |  |  | 1,199,799 |  |  |  | — |  |  |  | 21,302,066 |  |  |  | — |  |  |  | — |  |  |  | 4,110,805 |
Long-term capital gains |  |  | 12/31/20 |  |  |  | — |  |  |  | 40,502,704 |  |  |  | 84,576,713 |  |  |  | — |  |  |  | — |  |  |  | 20,237,062 |  |  |  | — |  |  |  | — |  |  |  | 49,046,315 |  |  |  | 79,117,211 |  |  |  | 14,792,342 |
|  |  | 12/31/19 |  |  |  | — |  |  |  | 19,624,499 |  |  |  | 118,011,126 |  |  |  | — |  |  |  | 19,966,623 |  |  |  | 23,802,204 |  |  |  | — |  |  |  | — |  |  |  | 78,918,792 |  |  |  | — |  |  |  | 18,122,922 |
Return of capital |  |  | 12/31/20 |  |  |  | 10,213,545 |  |  |  | — |  |  |  | — |  |  |  | 32,343,267 |  |  |  | 29,856,975 |  |  |  | — |  |  |  | — |  |  |  | 27,173,604 |  |  |  | — |  |  |  | 11,848,839 |  |  |  | 3,077,573 |
|  |  | 12/31/19 |  |  |  | 17,693,107 |  |  |  | 16,349,752 |  |  |  | — |  |  |  | 29,979,719 |  |  |  | 6,617,930 |  |  |  | — |  |  |  | — |  |  |  | 36,208,319 |  |  |  | — |  |  |  | 39,001,740 |  |  |  | 2,538,581 |
Total |  |  | 12/31/20 |  |  | $ | 19,543,081 |  |  | $ | 46,327,470 |  |  | $ | 112,342,324 |  |  | $ | 49,161,718 |  |  | $ | 42,601,899 |  |  | $ | 27,390,801 |  |  | $ | 101,402,843 |  |  | $ | 47,484,160 |  |  | $ | 49,046,315 |  |  | $ | 97,222,003 |  |  | $ | 25,937,165 |
|  |  | 12/31/19 |  |  | $ | 27,773,344 |  |  | $ | 44,046,394 |  |  | $ | 140,879,229 |  |  | $ | 50,662,108 |  |  | $ | 43,415,045 |  |  | $ | 25,002,003 |  |  | $ | 0 |  |  | $ | 57,510,385 |  |  | $ | 78,918,792 |  |  | $ | 39,001,740 |  |  | $ | 24,772,308 |

As of period end, the tax components of accumulated earnings (loss) were as follows:

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |  |  | BGY |  |  | BME |  |  | BMEZ |  |  | BCX |  |  | BST |  |  | BSTZ |  |  | BUI |
Undistributed ordinary income |  | $ | — |  |  | $ | — |  |  | $ | 25,399,594 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45,158,499 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Undistributed long-term capital gains |  |  | — |  |  |  | — |  |  |  | 46,187,968 |  |  |  | — |  |  |  | — |  |  |  | 805,059 |  |  |  | — |  |  |  | — |  |  |  | 16,479,083 |  |  |  | — |  |  |  | — |
Non-expiring capital loss carryforwards(a) |  |  | (249,097,412 | ) |  |  | — |  |  |  | — |  |  |  | (36,829,140 | ) |  |  | (34,422,227 | ) |  |  | — |  |  |  | — |  |  |  | (459,136,748 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net unrealized gains (losses)(b) |  |  | (60,221,881 | ) |  |  | 286,707,545 |  |  |  | 358,265,876 |  |  |  | 104,316,745 |  |  |  | 93,047,099 |  |  |  | 206,023,009 |  |  |  | 1,164,083,045 |  |  |  | 90,776,211 |  |  |  | 850,251,326 |  |  |  | 1,516,903,233 |  |  |  | 130,545,444 |
Qualified late- year losses(c) |  |  | — |  |  |  | (4,356,339 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,406,613 | ) |  |  | — |  |  |  | (890,169 | )
|  | $ | (309,319,293 | ) |  | $ | 282,351,206 |  |  | $ | 429,853,438 |  |  | $ | 67,487,605 |  |  | $ | 58,624,872 |  |  | $ | 206,828,068 |  |  | $ | 1,209,241,544 |  |  | $ | (368,360,537) |  |  | $ | 864,323,796 |  |  | $ | 1,516,903,233 |  |  | $ | 129,655,275 |

| (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 options 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 and the deferral of compensation to Trustees. |

| (c) | The Trust has elected to defer certain qualified late-year losses and recognize such losses in the next taxable period. |

During the year ended December 31, 2020, the Trusts listed below utilized the following amounts of their respective capital loss carryforward:

Trust Name |  | Amounts |
BSTZ |  | $ | 16,443,626 |

As of December 31, 2020, 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:

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |  |  | BGY |  |  | BME |  |  | BMEZ |  |  | BCX |  |  | BST |  |  | BSTZ |  |  | BUI |
Tax cost |  | $ | 300,645,046 |  |  | $ | 559,631,232 |  |  | $ | 1,380,994,216 |  |  | $ | 669,893,362 |  |  | $ | 555,076,969 |  |  | $ | 336,946,386 |  |  | $ | 2,332,040,982 |  |  | $ | 646,507,710 |  |  | $ | 422,928,390 |  |  | $ | 1,459,793,681 |  |  | $ | 298,062,211 |
Gross unrealized appreciation |  | $ | 9,872,015 |  |  | $ | 310,613,415 |  |  | $ | 433,245,269 |  |  | $ | 139,749,910 |  |  | $ | 135,741,867 |  |  | $ | 219,636,376 |  |  | $ | 1,246,445,000 |  |  | $ | 166,131,916 |  |  | $ | 900,295,749 |  |  | $ | 1,628,165,038 |  |  | $ | 156,946,689 |
Gross unrealized depreciation |  |  | (67,223,459 | ) |  |  | (13,939,354 | ) |  |  | (47,655,911 | ) |  |  | (19,034,758 | ) |  |  | (18,622,379 | ) |  |  | (4,788,467 | ) |  |  | (52,504,184 | ) |  |  | (59,759,898 | ) |  |  | (16,353,656 | ) |  |  | (46,550,492 | ) |  |  | (8,180,953 | )
Net unrealized appreciation (depreciation) |  | $ | (57,351,444 | ) |  | $ | 296,674,061 |  |  | $ | 385,589,358 |  |  | $ | 120,715,152 |  |  | $ | 117,119,488 |  |  | $ | 214,847,909 |  |  | $ | 1,193,940,816 |  |  | $ | 106,372,018 |  |  | $ | 883,942,093 |  |  | $ | 1,581,614,546 |  |  | $ | 148,765,736 |

9. PRINCIPAL RISKS

In the normal course of business, certain 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

N O T E S T O F I N A N C I A L S T A T E M E N T S |  | 159

Notes to Financial Statements (continued)

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. 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 redemption gates or liquidity fees under certain circumstances.

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 net asset value 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.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.

The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

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 futures, 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). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.

Concentration 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 certain Trust’s portfolio are disclosed in its Schedule of Investments.

As of period end, the Trusts listed below invested a significant portion of their assets in securities in the following sectors:

Sectors |  | Trust Name |
Energy |  |  | BGR, BCX |

160 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

Sectors |  | Trust Name |
Financials |  |  | BDJ |
Health Care |  |  | BME, BMEZ |
Information Technology |  |  | BST, BSTZ |
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 substantial amount of their assets in issuers located in a single country or a limited number of countries. When a Trust 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. 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 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. 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. In addition, 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. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Trusts may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Trusts is uncertain.

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.

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 |  | 12/31/20 |  |  | 12/31/19 |
BME |  |  | 1,066,906 |  |  |  | 969,840 |
BST |  |  | 2,038,416 |  |  |  | 304,272 |
BUI |  |  | 1,205,766 |  |  |  | 349,552 |

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

|  | Year Ended |
Trust Name |  | 12/31/20 |  |  | 12/31/19 |
BME |  |  | 42,015 |  |  |  | 46,035 |
BST |  |  | 52,101 |  |  |  | 150,491 |
BSTZ |  |  | — |  |  |  | 210,006 |
BUI |  |  | 59,571 |  |  |  | 75,584 |

For the year ended December 31, 2020 and year ended December 31, 2019, shares issued and outstanding remained constant for CII. For the year ended December 31, 2020, shares issued and outstanding remained constant for BSTZ.

Shares of BMEZ issued and outstanding for the period January 30, 2020 to December 31, 2020, increased by 105,000,000 from the Trust’s initial public offering and 7,664,825 from the underwriters’ overallotment option. As of December 31, 2020, BlackRock Financial Management, Inc., an affiliate of BMEZ, owned 5,000 shares of BMEZ.

BME, BST and BUI have each filed a prospectus with the SEC allowing it to issue an additional 5,000,000, 12,067,384 and 4,347,047 Common Shares, respectively, through an equity Shelf Offering. Under the Shelf Offerings, 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 Fund’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 3,446,855,

N O T E S T O F I N A N C I A L S T A T E M E N T S |  | 161

Notes to Financial Statements (continued)

10,657,312 and 3,444,682 Common Shares, respectively, remain available for issuance under the Shelf Offerings. See Additional Information — Shelf Offering Program for additional information about the Shelf Offerings.

Initial costs incurred by each of BME, BST and BUI in connection with its Shelf Offering are recorded as “Deferred offering cost” 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. Any subsequent costs incurred to keep the filing active will be charged to expense as incurred.

From December 1, 2019 through November 30, 2020, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2019, subject to certain conditions. On September 28, 2020, each Trust (other than BSTZ and BMEZ) announced a continuation of its open market share repurchase program. Commencing on December 1, 2020, each Trust (other than BSTZ and BMEZ) may repurchase through November 30, 2021, up to 5% of its common shares outstanding as of the close of business on November 30, 2020, subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts.

The total cost of the shares repurchased is reflected in the Trusts’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:

|  | BGR |
|  | Shares |  |  | Amounts |
Year Ended December 31, 2020 |  |  | 716,855 |  |  | $ | 4,813,281 |
Year Ended December 31, 2019 |  |  | — |  |  |  | — |

|  | BDJ |
|  | Shares |  |  | Amounts |
Year Ended December 31, 2020 |  |  | 1,538,971 |  |  | $ | 11,354,242 |
Year Ended December 31, 2019 |  |  | — |  |  |  | — |

|  | BOE |
|  | Shares |  |  | Amounts |
Year Ended December 31, 2020 |  |  | 1,539,117 |  |  | $ | 14,886,112 |
Year Ended December 31, 2019 |  |  | 2,600,735 |  |  |  | 27,037,545 |

|  | BGY |
|  | Shares |  |  | Amounts |
Year Ended December 31, 2020 |  |  | 1,441,544 |  |  | $ | 7,486,085 |
Year Ended December 31, 2019 |  |  | 2,027,081 |  |  |  | 11,037,544 |

|  | BCX |
|  | Shares |  |  | Amounts |
Year Ended December 31, 2020 |  |  | 2,744,110 |  |  | $ | 17,262,335 |
Year Ended December 31, 2019 |  |  | 3,485,024 |  |  |  | 27,004,375 |

11. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

The Trusts declared and paid distributions to Common Shareholders as follows:

|  | Dividend Per Common Share |
Trust Name |  |  | Paid | (a) |  |  | Declared | (b)
BGR |  | $ | 0.037500 |  |  | $ | 0.037500 |
CII |  |  | 0.087500 |  |  |  | 0.087500 |
BDJ |  |  | 0.050000 |  |  |  | 0.050000 |
BOE |  |  | 0.063000 |  |  |  | 0.063000 |
BGY |  |  | 0.033800 |  |  |  | 0.033800 |
BME |  |  | 0.200000 |  |  |  | 0.200000 |
BMEZ |  |  | 0.100000 |  |  |  | 0.100000 |
BCX |  |  | 0.040000 |  |  |  | 0.040000 |
BST |  |  | 0.187000 |  |  |  | 0.187000 |
BSTZ |  |  | 0.115000 |  |  |  | 0.115000 |
BUI |  |  | 0.121000 |  |  |  | 0.121000 |

| (a) | Net investment income dividend paid on January 29, 2021 to Common Shareholders of record on January 15, 2021. |

| (b) | Net investment income dividend declared on February 1, 2021, payable to Common Shareholders of record on February 16, 2021. |

162 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees/Directors of BlackRock Energy and Resources Trust, BlackRock Enhanced Capital and Income Fund, Inc., BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Health Sciences Trust, BlackRock Health Sciences Trust II, BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Trust, BlackRock Science and Technology Trust II 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 Capital and Income Fund, Inc., BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Health Sciences Trust, BlackRock Health Sciences Trust II, BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Trust, BlackRock Science and Technology Trust II and BlackRock Utilities, Infrastructure & Power Opportunities Trust, (the “Funds”), including the schedules of investments, as of December 31, 2020, the related statements of operations, cash flows, changes in net assets 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 Trust II are consolidated as of and for the year ended December 31, 2020. 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, 2020, and the results of their operations, their cash flows, changes in their net assets 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 |  | Statements of Operations and Statements of Cash Flows |  |  | Statements of Changes in Net Assets |  | Financial Highlights
BlackRock Energy and Resources Trust, BlackRock Enhanced Capital and Income Fund, Inc., BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Health Sciences Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Trust and BlackRock Utilities, Infrastructure & Power Opportunities Trust |  |  | For the year ended December 31, 2020 |  |  | For each of the two years in the period ended December 31, 2020 |  | For each of the five years in the period ended December 31, 2020
BlackRock Science and Technology Trust II |  |  | For the year ended December 31, 2020 |  |  | For the year ended December 31, 2020 and for the period from June 27, 2019 (commencement of operations) through December 31, 2019
BlackRock Health Sciences Trust II |  |  | For the period from January 30, 2020 (commencement of operations) through December 31, 2020

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, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2021

We have served as the auditor of one or more BlackRock investment companies since 1992.

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M |  | 163

Important Tax Information (unaudited)

For corporate shareholders, the percentage of ordinary income distributions paid during the fiscal year ended December 31, 2020 that qualified for the dividends-received deduction were as follows:

Trust Name |  | Dividends-Received Deduction |
BGR |  |  | 53.96 | %
CII |  |  | 100.00 |
BDJ |  |  | 98.54 |
BOE |  |  | 65.03 |
BGY |  |  | 1.50 |
BME |  |  | 56.67 |
BMEZ |  |  | 1.12 |
BCX |  |  | 31.53 |
BSTZ |  |  | 8.15 |
BUI |  |  | 62.82 |

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2020:

Trust Name |  | Qualified Dividend Income |
BGR |  | $ | 10,928,474 |
CII |  |  | 11,402,991 |
BDJ |  |  | 41,700,651 |
BOE |  |  | 18,526,051 |
BGY |  |  | 11,921,160 |
BME |  |  | 4,975,260 |
BMEZ |  |  | 3,800,404 |
BCX |  |  | 19,145,405 |
BSTZ |  |  | 1,701,989 |
BUI |  |  | 8,761,695 |

For the fiscal year ended December 31, 2020, the Trusts earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:

Trust Name |  | Foreign Source Income Earned |  |  | Foreign Taxes Paid |
BGR |  | $ | 5,436,687 |  |  | $ | 886,637 |
BGY |  |  | 13,016,191 |  |  |  | 1,453,906 |
BCX |  |  | 12,565,054 |  |  |  | 1,374,984 |

The following distribution amounts are hereby designated for the fiscal year ended December 31, 2020:

Trust Name |  | Short-Term Capital Gain Dividends |  |  | 20% Rate Long-Term Capital Gain Dividends |
CII |  | $ | — |  |  | $ | 40,502,704 |
BDJ |  |  | — |  |  |  | 84,576,713 |
BME |  |  | 6,582,570 |  |  |  | 20,237,069 |
BMEZ |  |  | 101,402,843 |  |  |  | — |
BST |  |  | — |  |  |  | 49,046,315 |
BSTZ |  |  | 6,255,953 |  |  |  | 79,117,211 |
BUI |  |  | 4,518,493 |  |  |  | 14,792,342 |

164 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objectives, Policies and Risks

Recent Changes

The following information is a summary of certain changes since December 31, 2019 (for each Trust other than BMEZ) and since January 28, 2020 (the effective date of the registration statement relating to BMEZ’s initial public offering). This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.

Effective July 11, 2020, BST’s classification changed from non-diversified to diversified.

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.

Investment Objectives and Policies

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”) 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 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.). Equity securities in which the Trust invests include common stocks, preferred stocks, convertible securities, warrants, depository 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 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 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 Manager combines fundamental research with a top-down strategy, analyzing 70 sub-industry groups on an ongoing basis. The Manager seeks to identify companies that it believes have the potential to outperform the market. The Manager’s investment techniques for the Trust include assessing

I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |  | 165

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

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 Manager seeks 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.

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 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).

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. The Trust currently intends to invest up to 25% of its total assets, measured at the time of investment, in companies that do not have a class of securities registered, or that are not subject to periodic reporting, pursuant the Securities Exchange Act of 1934, as amended. 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.

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

166 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

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.

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 of Trustees of the Trust; 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.

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 transactions that have economic 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 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 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, depository 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.”

I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |  | 167

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

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.

BlackRock International Limited, the Trust’s sub-advisor (the “Sub-Advisor”), believes inefficient pricing in the energy sector provides the opportunity for enhanced investment returns. The Sub-Advisor seeks to take advantage of value dislocations through the combination of top-down macro analysis and bottom-up security selection. The Sub-Advisor’s Energy Team’s knowledge and experience enable it to evaluate the macro environment and assess its impact on the various industries within the energy sector. Within this framework, the Sub-Advisor seeks to identify attractively valued securities with strong growth prospects through rigorous bottom-up fundamental research.

The top-down component of the investment process is designed to assess the various interrelated macro variables affecting the energy sector as a whole. These variables generally include the supply, demand, inventory, raw material and transportation factors for crude oil, natural gas, coal and electricity on a worldwide basis. By comparing the market’s perception of these factors relative to the Sub-Advisor’s outlook, the Sub-Advisor seeks to identify value dislocations. The greater the conviction and value dislocation, the greater the potential investment returns.

Risk/reward analysis is a key component of the Sub-Advisor’s macro view. The Sub-Advisor’s evaluate energy sub-sectors (i.e., oil, gas, coal, pipes, etc.) to determine optimal portfolio positioning. Industry selection is a direct result of the Sub-Advisor’s sub-sector analysis. Once the evaluation of the various energy industries is complete, the Sub-Advisor identifies those that are most attractive based on its long-term macro view.

Bottom-up security selection is focused on identifying the most compelling investment opportunities within each industry. The Sub-Advisor seeks to identify reasonably priced companies with attractive long-term prospects, quality management and strong cash-flow growth.

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 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.

BlackRock Enhanced Capital and Income Fund, Inc. (CII)

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 Acquiring Fund (as defined in the 1940 Act).

The Trust seeks to achieve its investment objective by investing in a portfolio of equity securities of U.S. and foreign issuers. 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.

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

168 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

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.

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 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 and may invest up to 20% of its total assets in equity securities of issuers that do not pay dividends.

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 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 also 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.

I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |  | 169

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

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.

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 investment objective 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 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 depository 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.

170 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

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 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 Investor’s Service, Inc. (“Moody’s”) and “BB” or below by S&P Global Ratings (“S&P”), 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 1940 Act. The 1940 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.

I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |  | 171

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

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 transactions that have economic leverage embedded in them.

The Trust may enter into reverse repurchase agreements and “dollar roll” transactions.

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 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, depository 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”), 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.

172 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

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 BlackRock Advisors LLC (the “Manager”) (in accordance with procedures established by the board of trustees)) 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 Manager 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 Manager (in accordance with procedures established by the board of trustees) 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 Manager 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 of trustees of the Trust.

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 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: Although the Agreement and Declaration of Trust of the Trust provides that the Board of Trustees 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.

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.

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. 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

I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |  | 173

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

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, depository 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 assets of the Subsidiary and the assets of the Trust, taken as a whole, are subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Trust.

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”) 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 Manager or BlackRock International Limited, the Trust’s sub-advisor, determines 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.

174 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

Unless otherwise stated herein, the Trust’s investment objectives and investment policies are non-fundamental policies and may be changed by the Board of Trustees of the Trust. 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 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 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 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, 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 of Trustees of the Trust 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 of Trustees of the Trust; however, if this policy changes, the Trust will provide shareholders at least 60 days’ written notice before implementation of the change in compliance with the SEC.

I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |  | 175

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

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 transactions that have economic 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 & Technology Trust II (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 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.

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 1943, 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 such 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.

176 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

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 of Trustees of the Trust 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 of Trustees; 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 transactions that have economic 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 Health Sciences Trust II (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 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.

I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |  | 177

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

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 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 depository 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. Under normal market conditions, the Trust currently intends to invest up to 25% of its total assets, measured at the time of investment, in such 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 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.

178 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objectives, Policies and Risks (continued)

Investment Objectives and Policies (continued)

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 of Trustees of the Trust 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 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 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 transactions that have economic 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.

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.

Non-Diversification Risk (BGR, BCX, BSTZ and BMEZ): 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 (BSTZ and BMEZ): 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 of Trustees of the Trust (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 twelfth anniversary of the effective date of the Trust’s initial registration statement (the “Dissolution Date”). The Trust is not a so called “target date” or “life cycle” fund whose asset

I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |  | 179

Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

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 will be required 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. See “Tax Matters” below.

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 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 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

180 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

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 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 (BOE, BST, BDJ, BGR, BME, BGY, BCX, BUI, BSTZ and BMEZ): 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 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.

Warrants Risk (BOE, BST, BGR, BME, BGY, BCX, BUI, BSTZ and BMEZ): 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 (BOE, BST, BGR, BME, BGY, BCX, BUI, BSTZ and BMEZ): 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.

REIT Investment Risk (BOE, BST, BDJ, BME, BGY, BUI, BSTZ and BMEZ): 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 (BST, BGR, BCX, BUI and BSTZ): 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, BST, BME, BSTZ and BMEZ): 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 (BOE, BDJ, BME, BGY, BCX, BSTZ and BMEZ): 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

I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |  | 181

Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

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 (BOE, CII, BDJ and BGY): 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.

| • |  | 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 and is further limited by the fact that all options represent 100 share lots of the underlying common stock. Furthermore, the Trust’s options transactions will be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such options are traded.

182 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

| • |  | 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 distribution requirements.

Debt Securities Risk (BOE, BST, BGR, BME, BCX, BUI, BSTZ and BMEZ): Debt securities, such as bonds, involve interest rate risk, credit risk, extension risk, and prepayment risk, among other things.

| • |  | 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.

The Trust may be subject to a greater risk of rising interest rates due to the current period of historically low 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%. 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.

| • |  | 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.

| • |  | 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.

Junk Bonds Risk (BOE, BST, BGR, BME, BCX, BUI, BSTZ and BMEZ): 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, BME, BCX, BUI, BSTZ and BMEZ): 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.

Structured Products Risk (BST, BME, BCX, BSTZ and BMEZ): Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Trust may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. Certain structured products may be thinly traded or have a limited trading market. In addition to the general risks associated with debt securities discussed herein, structured products 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 products are subordinate to other classes. Structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and

I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |  | 183

Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

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 note to be reduced to zero.

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:

| • |  | Volatility 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.

| • |  | Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation.

| • |  | Market and 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.

| • |  | Valuation Risk — 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.

| • |  | Regulatory Risk — Derivative contracts, including, without limitation, swaps, currency forwards and non-deliverable forwards, are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, certain derivatives are subject to margin requirements and swap dealers are required to collect margin from the Trust with respect to such derivatives. Specifically, regulations are now in effect that require swap dealers to post and collect variation margin (comprised of specified liquid instruments and subject to a required haircut) in connection with trading of OTC swaps with the Trust. Shares of investment companies (other than certain money market funds) may not be posted as collateral under these regulations. Requirements for posting of initial margin in connection with OTC swaps will be phased-in through at least 2021. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Trust, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the Trust of trading in these instruments and, as a result, may affect returns to investors in the Trust.

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Trust will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), treat derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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 may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.

| • |  | 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.

184 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

| • |  | 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.

Foreign Currency Transactions Risk (BGR, BDJ, BME, 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 (BST, BGR, BME, BCX, BSTZ and BMEZ): The Trust’s strategy of concentrating 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 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 (BST and BSTZ): 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. Additionally, science and technology companies are dependent upon consumer and business acceptance as new technologies evolve.

Health Sciences and Healthcare Companies Risk (BME and BMEZ): 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 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

I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |  | 185

Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

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.

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 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 utilizes leverage for investment purposes by entering into reverse repurchase agreements, derivative instruments with leverage embedded in then and dollar rolls, as applicable. 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 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 (BST, BDJ, BME, BCX, BUI, BSTZ and BMEZ): 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 (BST, BME, BSTZ and BMEZ): 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, BME, BCX, BSTZ and BMEZ): 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.

186 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objectives, Policies and Risks (continued)

Risk Factors (continued)

Short Sales Risk (BST, BDJ, BGY, BCX, BUI, BSTZ and BMEZ): 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, BME, BCX, BSTZ and BMEZ): 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.

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 (BST, BME, BCX, BUI, BSTZ and BMEZ): Subject to the limitations set forth in the Investment Company Act, or as otherwise limited by the SEC, the Trust may acquire shares in other investment companies and in exchange-traded funds (“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 1940 Act, and, unless otherwise noted, is not subject to all the investor protections of the 1940 Act. However, the Trust wholly owns and controls the Subsidiary, and the Trust and the Subsidiary are both managed by 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 (BST, BJD, BME, BGY, BCX, BUI, BSTZ and BMEZ): Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, the Trust may lose money and there may be a delay in recovering the loaned securities. The Trust could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. These events could trigger adverse tax consequences for the Trust.

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.

A recent outbreak of an infectious coronavirus has 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. 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.

I N V E S T M E N T O B J E C T I V E S, P O L I C I E S A N D R I S K S |  | 187

Automatic Dividend Reinvestment Plan

Pursuant to BGR, CII, BDJ, BOE, BGY, BME, BMEZ, BCX, BST, BSTZ 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, CII, BDJ, BOE, BGY, BME, BMEZ, BCX, BST, BSTZ 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 per share (“NAV”) 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 BGR, CII, BDJ, BOE, BGY, BME, BMEZ, BCX, BST, BSTZ and BUI that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission fee. Participants in BGR, CII, BDJ, BOE, BGY, BME, BMEZ, BCX, BST, BSTZ 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 505000, Louisville, KY 40233, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 462 South 4th Street, Suite 1600, Louisville, KY 40202.

188 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trustee and Officer Information

Independent Trustees(a)
Name Year of Birth(b) |  | Position(s) Held (Length of Service)(c) |  | Principal Occupation(s) During Past Five 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 Five Years
Richard E. Cavanagh 1946 |  | Co-Chair of the Board and Trustee (Since 2007) |  | Director, The Guardian Life Insurance Company of America since 1998; Board Chair, Volunteers of America (a not-for-profit organization) from 2015 to 2018 (board member since 2009); Director, Arch Chemicals (chemical and allied products) from 1999 to 2011; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Faculty Member/Adjunct Lecturer, Harvard University since 2007 and Executive Dean from 1987 to 1995; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007. |  | 84 RICs consisting of 108 Portfolios |  | None
Karen P. Robards 1950 |  | Co-Chair of the Board and Trustee (Since 2007) |  | Principal of Robards & Company, LLC (consulting and private investing) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Director of Enable Injections, LLC (medical devices) since 2019; Investment Banker at Morgan Stanley from 1976 to 1987. |  | 84 RICs consisting of 108 Portfolios |  | Greenhill & Co., Inc.; AtriCure, Inc. (medical devices) from 2000 until 2017
Michael J. Castellano 1946 |  | Trustee (Since 2011) |  | Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from 2004 to 2011; Director, Support Our Aging Religious (non-profit) from 2009 to June 2015 and from 2017 to September 2020; Director, National Advisory Board of Church Management at Villanova University since 2010; Trustee, Domestic Church Media Foundation since 2012; Director, CircleBlack Inc. (financial technology company) from 2015 to July 2020. |  | 84 RICs consisting of 108 Portfolios |  | None
Cynthia L. Egan 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. |  | 84 RICs consisting of 108 Portfolios |  | Unum (insurance); The Hanover Insurance Group (Board Chair) (insurance); Huntsman Corporation (chemical products); Envestnet (investment platform) from 2013 until 2016
Frank J. Fabozzi(d) 1948 |  | Trustee (Since 2007) |  | Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) since 2011; Visiting Professor, Princeton University for the 2013 to 2014 academic year and Spring 2017 semester; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; Board Member, BlackRock Equity-Liquidity Funds from 2014 to 2016; affiliated professor Karlsruhe Institute of Technology from 2008 to 2011; Visiting Professor, Rutgers University for the Spring 2019 semester; Visiting Professor, New York University for the 2019 academic year. |  | 85 RICs consisting of 109 Portfolios |  | None

T R U S T E E A N D O F F I C E R I N F O R M A T I O N |  | 189

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 Five 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 Five Years
R. Glenn Hubbard 1958 |  | Trustee (Since 2007) |  | Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. |  | 84 RICs consisting of 108 Portfolios |  | ADP (data and information services); Metropolitan Life Insurance Company (insurance); KKR Financial Corporation (finance) from 2004 until 2014
W. Carl Kester(d) 1951 |  | Trustee (Since 2007) |  | George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008; 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. |  | 85 RICs consisting of 109 Portfolios |  | None
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. |  | 85 RICs consisting of 109 Portfolios |  | None

Interested Trustees(a)(e)
Name Year of Birth(b) |  | Position(s) Held (Length of Service)(c) |  | Principal Occupation(s) During Past Five 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 Five 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. |  | 117 RICs consisting of 267 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. |  | 118 RICs consisting of 268 Portfolios |  | None

(a) |  | The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

(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.

190 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Trustee and Officer Information (continued)

(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: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; W. Carl Kester, 1995; and Karen P. Robards, 1998.

(d) |  | Dr. Fabozzi, Dr. Kester, Ms. Lynch and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund.

(e) |  | Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Fund 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.

Officers Who Are Not Trustees(a)
Name Year of Birth(b) |  | Position(s) Held (Length of Service) |  | Principal Occupation(s) During Past Five Years
Jonathan Diorio 1980 |  | Vice President (Since 2015) |  | Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015.
Neal J. Andrews 1966 |  | Chief Financial Officer (Since 2007) |  | Chief Financial Officer of the iShares® exchange traded funds from 2019 to 2020; Managing Director of BlackRock, Inc. since 2006.
Jay M. Fife 1970 |  | Treasurer (Since 2007) |  | Managing Director of BlackRock, Inc. since 2007.
Charles Park 1967 |  | Chief Compliance Officer (Since 2014) |  | Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Janey Ahn 1975 |  | Secretary (Since 2012) |  | Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.

(a) |  | The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

(b) |  | Officers of the Trust serve at the pleasure of the Board.

Neal J. Andrews retired as the Chief Financial Officer effective December 31, 2020, and Trent Walker was elected as the Chief Financial Officer effective January 1, 2021.

Effective June 1, 2020, the portfolio managers of BMEZ and BME are Erin Xie, Kyle McClements, Christopher Accettella, Xiang Liu and Jeffrey Lee. Messrs. Liu and Lee joined BMEZ’s and BME’s portfolio management team effective June 1, 2020. Mr. Liu has been a Director of BlackRock, Inc. since 2016 and Vice President thereof from 2008 to 2016. Mr. Lee has been a Vice President of BlackRock, Inc. since 2011. Effective June 1, 2020, the portfolio managers of BSTZ and BST are Tony Kim, Kyle McClements, Christopher Accettella and Reid Menge. Mr. Menge joined BSTZ’s and BST’s portfolio management team effective June 1, 2020. Mr. Menge has been a Director of BlackRock, Inc. since 2014.

Effective February 1, 2020, the portfolio managers of BOE and BGY are Andrew Wheatley-Hubbard, CFA, Kyle G. McClements, CFA, Christopher Accettella and Olivia Treharne, CFA. Ms. Treharne joined the Funds’ portfolio management team effective February 1, 2020. Ms. Treharne has been a Director of BlackRock, Inc. since 2019. Effective February 1, 2020, the portfolio managers of CII are Todd Burnside, Kyle G. McClements, CFA, Christopher Accettella and Joseph Wolfe, CFA. Mr. Wolfe joined the Fund’s portfolio management team effective February 1, 2020. Mr. Wolfe has been a Director of BlackRock, Inc. since 2012.

T R U S T E E A N D O F F I C E R I N F O R M A T I O N |  | 191

Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on July 27, 2020 for shareholders of record on May 29, 2020, to elect trustee nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.

Shareholders elected the Class I Trustees as follows:

|  | Michael J. Castellano |  |  | R. Glenn Hubbard |  |  | John M. Perlowski |  |  | W. Carl Kester |
Trust Name |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
BDJ |  |  | 153,842,634 |  |  |  | 9,556,399 |  |  |  | 159,960,898 |  |  |  | 3,438,135 |  |  |  | 160,672,011 |  |  |  | 2,727,022 |  |  |  | 160,565,584 |  |  |  | 2,833,449 |
BGR |  |  | 24,311,885 |  |  |  | 883,852 |  |  |  | 24,304,929 |  |  |  | 890,808 |  |  |  | 24,312,187 |  |  |  | 883,550 |  |  |  | 24,286,559 |  |  |  | 909,178 |
BOE |  |  | 47,803,164 |  |  |  | 10,672,716 |  |  |  | 55,589,148 |  |  |  | 2,886,732 |  |  |  | 55,555,634 |  |  |  | 2,920,246 |  |  |  | 55,487,459 |  |  |  | 2,988,421 |
BME |  |  | 9,473,833 |  |  |  | 285,853 |  |  |  | 9,465,135 |  |  |  | 294,551 |  |  |  | 9,515,774 |  |  |  | 243,912 |  |  |  | 9,506,892 |  |  |  | 252,794 |
BGY |  |  | 81,885,830 |  |  |  | 14,695,328 |  |  |  | 91,783,060 |  |  |  | 4,798,098 |  |  |  | 91,741,182 |  |  |  | 4,839,976 |  |  |  | 91,724,728 |  |  |  | 4,856,430 |
BCX |  |  | 75,888,003 |  |  |  | 4,662,592 |  |  |  | 78,582,693 |  |  |  | 1,967,902 |  |  |  | 78,569,203 |  |  |  | 1,981,392 |  |  |  | 78,427,715 |  |  |  | 2,122,880 |
BUI |  |  | 14,874,523 |  |  |  | 330,070 |  |  |  | 14,836,687 |  |  |  | 367,906 |  |  |  | 14,836,171 |  |  |  | 368,422 |  |  |  | 14,811,137 |  |  |  | 393,456 |
BST |  |  | 20,559,115 |  |  |  | 504,078 |  |  |  | 20,570,331 |  |  |  | 492,862 |  |  |  | 20,596,667 |  |  |  | 466,526 |  |  |  | 20,583,304 |  |  |  | 479,889 |

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 Richard E. Cavanagh, Cynthia L. Egan, Robert Fairbairn, Catherine A. Lynch, Karen P. Robards and Frank J. Fabozzi.

Shareholders elected the Class I Trustees as follows:

|  | Cynthia L. Egan |  |  | Michael J. Castellano |  |  | Catherine A. Lynch |
Trust Name |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
BMEZ |  |  | 101,484,554 |  |  |  | 1,118,815 |  |  |  | 101,456,053 |  |  |  | 1,147,316 |  |  |  | 101,565,689 |  |  |  | 1,037,680 |
BSTZ |  |  | 69,435,268 |  |  |  | 1,370,326 |  |  |  | 69,415,311 |  |  |  | 1,390,283 |  |  |  | 69,470,538 |  |  |  | 1,335,056 |
CII |  |  | 37,179,489 |  |  |  | 1,708,345 |  |  |  | 36,895,915 |  |  |  | 1,991,919 |  |  |  | 37,210,067 |  |  |  | 1,677,767 |

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 Richard E. Cavanagh, Robert Fairbairn, R. Glenn Hubbard, John M. Perlowski, Karen P. Robards, Frank J. Fabozzi and W. Carl Kester.

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.

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Trusts will be required to implement and comply with Rule 18f-4 by the third quarter of 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Environmental, Social and Governance (“ESG”) Integration

Although a Trust does not seek to implement a specific ESG, impact or sustainability strategy unless otherwise disclosed, Trust management will consider ESG characteristics as part of the investment process for actively managed Trusts. These considerations will vary depending on a Trust’s 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. Trust management will consider those ESG characteristics it deems relevant or additive when making investment decisions for a Trust. The ESG characteristics utilized in a Trust’s 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. ESG characteristics are not the sole considerations when making investment decisions for a Trust. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Trust may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Trust’s exposure to certain companies or industries and a Trust may forego certain investment opportunities. While Trust management views ESG considerations as having the potential to contribute to a Trust’s 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.

192 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Additional Information (continued)

Dividend Policy (continued)

The distributions paid by a Trust for any particular month may be more or less than the amount of net investment income earned by a 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.

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 per share (“NAV”) 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 BME, BST and BUI, do not make available copies of their Statements of Additional Information because the Trusts’ shares, other than BME, BST and BUI, are not continuously offered, which means that the Statement of Additional Information of each Trust, other than 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.

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, 2019. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.

Effective October 19, 2020, CII has elected to be subject to the Maryland Control Share Acquisition Act (the “MCSAA”). In general, the MCSAA limits the ability of holders of “control shares” to vote those shares above various threshold levels that start at 10% unless the other stockholders of CII, as applicable, reinstate those voting rights at a meeting of stockholders as provided in the MCSAA. “Control shares” are generally defined in the MCSAA as shares of stock that, if aggregated with all other shares of stock that are either (i) owned by a person or (ii) as to which that person is entitled to exercise or direct the exercise of voting power, except solely by virtue of a revocable proxy, would entitle that person to exercise voting power in electing directors above various thresholds of voting power starting at 10%. CII’s Bylaws also provide that the provisions of the MCSAA shall not apply to the voting rights of the holders of any shares of preferred stock of CII, but the MCSAA would apply to any common stock held by the same holder.

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, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for BME, BST and BUI only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for 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 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.

A D D I T I O N A L I N F O R M A T I O N |  | 193

Additional Information (continued)

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedule 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 and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Proxy Voting Record

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 upon request and without charge (1) at blackrock.com; or by calling (800) 882-0052 and (2) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Shelf Offering Program

From time-to-time, BME, BST and BUI may seek to raise additional equity capital through an equity shelf program (a “Shelf Offering”). In a Shelf Offering, 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 the 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 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.

None of the Trusts, other than BME, BST and BUI, have filed a registration statement with respect to any current Shelf Offerings. This report is not an offer to sell these Trusts’ Common Shares and is not a solicitation of an offer to buy these Trusts’ Common Shares. If any of the Trusts other than BME, BST and BUI file a registration statement with respect to any current Shelf Offering, the prospectus contained therein will contain more complete information about such Trusts and should be read carefully before investing. BME, BST and BUI each have filed a final base prospectus dated April 29, 2020 and BST and BUI each have filed a final prospectus supplement dated April 29, 2020 with the SEC in connection with their Shelf Offering. This report and the base prospectuses of BME, BST and BUI and prospectus supplements of BST and BUI are not offers to sell these Trusts’ Common Shares or solicitations of an offer to buy these Trusts’ Common Shares in any jurisdiction where such offers or sales are not permitted. The base prospectuses of these Trusts and prospectus supplements of BST and BUI contains important information about the Trusts, including its investment objective, risks, charges and expenses. Investors are urged to read the base prospectuses of these Trusts and prospectus supplements of BST and BUI carefully and in its entirety before investing. Copies of the base prospectuses for these Trusts and prospectus supplements of 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.

194 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Additional Information (continued)

(continued)

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 02111
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021

Distributor
BlackRock Investments, LLC(b)
New York, NY 10022
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Trusts
100 Bellevue Parkway
Wilmington, DE 19809

(a) For BGR, BOE, BGY, BCX and BUI.

(b) For BME, BST and BUI.

A D D I T I O N A L I N F O R M A T I O N |  | 195

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
CDI |  | CREST Depository Interest
CME |  | Chicago Mercantile Exchange
GDR |  | Global Depositary Receipt
LP |  | Limited Partnership
PJSC |  | Public Joint Stock Company

196 |  | 2 0 2 0 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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-BK9-12/20-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:

Michael Castellano

Frank J. Fabozzi

Catherine A. Lynch

Karen P. Robards

The registrant’s board of directors has determined that Karen P. Robards qualifies as an audit committee financial expert pursuant to Item 3(c)(4) of Form N-CSR.

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.

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:

2

|  | (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 Global Dividend Trust |  | $50,592 |  | $55,998 |  | $0 |  | $0 |  | $17,400 |  | $18,700 |  | $0 |  | $0

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 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 |  | $1,984,000 |  | $2,050,500

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 $1,984,000 and $2,050,500 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.

3

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.

(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 Global Dividend Trust |  | $17,400 |  | $18,700 |  |

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
$1,984,000 |  | $2,050,500

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.

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)):

|  | Michael Castellano

4

|  | Frank J. Fabozzi

|  | Catherine A. Lynch

|  | Karen P. Robards

(b) Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 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 – 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 Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL, a copy of the Fund’s Global Corporate Governance & Engagement Principles are attached as Exhibit 99.GLOBAL.CORP.GOV and a copy of the Fund’s Corporate Governance and Proxy Voting Guidelines for U.S. Securities are attached as Exhibit 99.US.CORP.GOV. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.

Item 8 – 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, Andrew Wheatley-Hubbard, Managing Director at BlackRock and Olivia Treharne, Director at BlackRock. Messrs. McClements, Accettella and Wheatley-Hubbard and Ms. Treharne are the Fund’s portfolio managers and are responsible for the day-to-day

5

management of the Fund’s portfolio and the selection of its investments. Messrs. McClements, Accettella and Wheatley-Hubbard and Ms. Treharne have been members of the Fund’s portfolio management team since 2005, 2012, 2017 and 2020, respectively.

Portfolio Manager |  | Biography
Kyle G. McClements, CFA |  | Managing Director of BlackRock since 2009; Director of BlackRock from 2006 to 2008; Vice President of BlackRock in 2005; Vice President of State Street Research & Management from 2004 to 2005.
Christopher Accettella |  | Director of BlackRock since 2008; Vice President of BlackRock, Inc. from 2005 to 2008.
Andrew Wheatley-Hubbard |  | Managing Director of BlackRock since 2020; Director of BlackRock from 2016 to 2019; Vice President of BlackRock from 2012 to 2015; Associate of BlackRock from 2010 to 2011; Analyst of BlackRock from 2007 to 2009.
Olivia Treharne |  | Director of BlackRock since 2019; Vice President of Legal & General Investment Management from 2015 to 2019; Associate of Goldman Sachs from 2013 to 2015; Analyst of Goldman Sachs from 2010 to 2013.

(a)(2) As of December 31, 2020:

|  | (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 |  | 11 |  | 9 |  | 1 |  | 0 |  | 0 |  | 0
|  | $13.35 Billion |  | $1.09 Billion |  | $534.6 Million |  | $0 |  | $0 |  | $0
Christopher Accettella |  | 11 |  | 6 |  | 1 |  | 0 |  | 0 |  | 0
|  | $13.35 Billion |  | $714.8 Million |  | $534.6 Million |  | $0 |  | $0 |  | $0
Andrew Wheatley-Hubbard |  | 6 |  | 10 |  | 2 |  | 0 |  | 0 |  | 0
|  | $4.19 Billion |  | $2.64 Billion |  | $255.3 Million |  | $0 |  | $0 |  | $0
Olivia Treharne |  | 5 |  | 8 |  | 0 |  | 0 |  | 0 |  | 0
|  | $3.21 Billion |  | $1.97 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

6

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 Mr. Wheatley-Hubbard and Ms. Treharne may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Mr. Wheatley-Hubbard and Ms. Treharne may therefore be entitled to receive a portion of any incentive fees earned on such 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, 2020:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of December 31, 2020.

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 – Mr. Wheatley-Hubbard and Ms. Treharne

Generally, discretionary incentive compensation for Active Equity portfolio managers is based on a formulaic compensation program. BlackRock’s formulaic portfolio manager compensation program is based on team revenue and pre-tax investment performance relative to appropriate competitors or benchmarks over 1-, 3- and 5-year performance periods, as applicable. In most cases, these benchmarks

7

are the same as the benchmark or benchmarks against which the performance of the funds or other accounts managed by the portfolio managers are measured. BlackRock’s Chief Investment Officers determine the benchmarks or rankings against which the performance of funds and other accounts managed by each portfolio management team is compared and the period of time over which performance is evaluated. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: 70% MSACWLDNET / 30% LIBOR_3MO Index; MSCI ACWI HIGH DIVIDEND YIELD—NET USD; MSCI All Country World Index (Net Total Return); MSCI All Country World Net TR Index—in GBP; MSCI World Ex Japan Gross TR Index—in JPY; MSCI ACWI Financials Index; MSCI All Country World ex US—Net Return.

A smaller element of portfolio manager discretionary compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation. These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.

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.

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.

8

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

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

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($285,000 for 2020). 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. Messrs. Accettella and McClements are eligible to participate in these plans.

United Kingdom-based portfolio managers are also eligible to participate in broad-based plans offered generally to BlackRock employees, including broad-based retirement, health and other employee benefit plans. For example, BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution to the RSP is between 10% and 15% of eligible pay capped at £150,000 per annum. The RSP offers a range of investment options, including several collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, in the absence of an investment election being made, 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 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 US dollar value of $25,000 based on its fair market value on the purchase date. Mr. Wheatley-Hubbard and Ms. Treharne are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of December 31, 2020.

Portfolio Manager |  | Dollar Range of Equity Securities of the Fund Beneficially Owned
Kyle G. McClements, CFA |  | $50,001 - $100,000
Christopher Accettella |  | $10,001 - $50,000

9

Andrew Wheatley-Hubbard |  | $50,001 - $100,000
Olivia Treharne |  | None

(b) Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Period |  | (a) Total Number of Shares Purchased1 |  | (b) Average Price Paid per Share |  | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1 |  | (d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs1
July 1-31, 2020 |  | 165,667 |  | $9.6480 |  | 165,667 |  | 2,567,378
August 1-31, 2020 |  | 134,659 |  | $9.8612 |  | 134,659 |  | 2,432,719
September 1-30, 2020 |  | 143,779 |  | $9.6291 |  | 143,779 |  | 2,288,940
October 1-31, 2020 |  | 168,880 |  | $9.6142 |  | 168,880 |  | 2,120,060
November 1-30, 2020 |  | 149,225 |  | $10.5144 |  | 149,225 |  | 1,970,835
December 1-31, 2020 |  | 175,837 |  | $10.7202 |  | 175,837 |  | 3,035,941
Total: |  | 938,047 |  | $10.0084 |  | 938,047 |  | 3,035,941

1 On September 5, 2019, the Fund announced a continuation of its open market share repurchase program. Commencing on December 1, 2019, the Fund may repurchase through November 30, 2020, up to 5% of its common shares outstanding as of the close of business on November 30, 2019, subject to certain conditions. On September 28, 2020, the Fund announced a further continuation of its open market share repurchase program. Commencing on December 1, 2020, the Fund may repurchase through November 30, 2021, up to 5% of its common shares outstanding as of the close of business on November 30, 2020, subject to certain conditions.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – 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 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) under the Securities Exchange Act of 1934, as amended.

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

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

10

Item 13 – Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

(a)(2) Section 302 Certifications are attached

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 20091

1 The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

11

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 Global Dividend Trust

By: |  | /s/ John M. Perlowski

|  | John M. Perlowski
|  | Chief Executive Officer (principal executive officer) of BlackRock Enhanced Global Dividend Trust

Date: March 5, 2021

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 Global Dividend Trust

Date: March 5, 2021

By: |  | /s/ Trent Walker

|  | Trent Walker
|  | Chief Financial Officer (principal financial officer) of BlackRock Enhanced Global Dividend Trust

Date: March 5, 2021

12