N-CSRS 1 d516345dncsrs.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, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 12/31/2023

Date of reporting period: 06/30/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

|  | JUNE 30, 2023

|  | 2023 Semi-Annual Report (Unaudited)

BlackRock Energy and Resources Trust (BGR)

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

BlackRock Enhanced Equity Dividend Trust (BDJ)

BlackRock Enhanced Global Dividend Trust (BOE)

BlackRock Enhanced International Dividend Trust (BGY)

BlackRock Health Sciences Term Trust (BMEZ)

BlackRock Health Sciences Trust (BME)

BlackRock Innovation and Growth Term Trust (BIGZ)

BlackRock Resources & Commodities Strategy Trust (BCX)

BlackRock Science and Technology Term Trust (BSTZ)

BlackRock Science and Technology Trust (BST)

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information (unaudited) |  |

Section 19(a) Notices

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

June 30, 2023

|  | Total Cumulative Distributions for the Fiscal Period |  |  |  |  | % Breakdown of the Total Cumulative Distributions for the Fiscal Period |
Trust Name |  |  | Net Income |  |  |  | Net Realized Capital Gains Short-Term |  |  |  | Net Realized Capital Gains Long-Term |  |  |  | Return of Capital | (a) |  |  | Total Per Common Share |  |  |  |  |  | Net Income |  |  |  | Net Realized Capital Gains Short-Term |  |  |  | Net Realized Capital Gains Long-Term |  |  |  | Return of Capital |  |  |  | Total Per Common Share |
BGR |  | $ | 0.191790 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.188010 |  |  | $ | 0.379800 |  |  |  |  |  | 50 | % |  |  | — | % |  |  | — | % |  |  | 50 | % |  |  | 100 | %
CII |  |  | 0.052450 |  |  |  | — |  |  |  | 0.544550 |  |  |  | — |  |  |  | 0.597000 |  |  |  |  |  | 9 |  |  |  | — |  |  |  | 91 |  |  |  | — |  |  |  | 100 |
BDJ |  |  | 0.184630 |  |  |  | 0.042340 |  |  |  | 0.110230 |  |  |  | — |  |  |  | 0.337200 |  |  |  |  |  | 54 |  |  |  | 13 |  |  |  | 33 |  |  |  | — |  |  |  | 100 |
BOE |  |  | 0.125210 |  |  |  | — |  |  |  | — |  |  |  | 0.252790 |  |  |  | 0.378000 |  |  |  |  |  | 33 |  |  |  | — |  |  |  | — |  |  |  | 67 |  |  |  | 100 |
BGY |  |  | 0.060430 |  |  |  | — |  |  |  | 0.055540 |  |  |  | 0.086830 |  |  |  | 0.202800 |  |  |  |  |  | 30 |  |  |  | — |  |  |  | 27 |  |  |  | 43 |  |  |  | 100 |
BMEZ |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.870000 |  |  |  | 0.870000 |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | 100 |
BME |  |  | 0.069140 |  |  |  | — |  |  |  | 0.979780 |  |  |  | 0.229080 |  |  |  | 1.278000 |  |  |  |  |  | 5 |  |  |  | — |  |  |  | 77 |  |  |  | 18 |  |  |  | 100 |
BIGZ |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.420000 |  |  |  | 0.420000 |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | 100 |
BCX |  |  | 0.149910 |  |  |  | — |  |  |  | — |  |  |  | 0.160890 |  |  |  | 0.310800 |  |  |  |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | 52 |  |  |  | 100 |
BSTZ |  |  | — |  |  |  | — |  |  |  | 0.130650 |  |  |  | 0.898550 |  |  |  | 1.029200 |  |  |  |  |  | — |  |  |  | — |  |  |  | 13 |  |  |  | 87 |  |  |  | 100 |
BST |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.500000 |  |  |  | 1.500000 |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | 100 |
BUI |  |  | 0.239240 |  |  |  | 0.127710 |  |  |  | 0.359050 |  |  |  | — |  |  |  | 0.726000 |  |  |  |  |  | 33 |  |  |  | 18 |  |  |  | 49 |  |  |  | — |  |  |  | 100 |

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

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

Section 19(b) Disclosure

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

Trust Name |  | Amount Per Common Share |
BGR |  | $ | 0.065700 |
CII |  |  | 0.099500 |
BDJ |  |  | 0.056200 |
BOE |  |  | 0.063000 |
BGY |  |  | 0.033800 |
BMEZ |  |  | 0.145000 |
BME |  |  | 0.213000 |
BIGZ |  |  | 0.070000 |
BCX |  |  | 0.051800 |
BSTZ |  |  | 0.161300 |
BST |  |  | 0.250000 |
BUI |  |  | 0.121000 |

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

Shareholders should not draw any conclusions about 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 3 B L A C K R O C K S E M I - 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 BDJ, 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,

Despite an uncertain economic landscape during the 12-month reporting period ended June 30, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. Inflation remained elevated as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated substantially as the period continued, while ongoing strength in consumer spending backstopped the economy.

Equity returns were strong, as continued job growth eased investors’ concerns about the economy’s durability. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities advanced significantly, including large- and small-capitalization U.S. stocks and international equities from developed markets. Emerging market equities also gained, although at a substantially slower pace, pressured by high interest rates and falling commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, which made it the first meeting without a rate increase since the tightening cycle began in early 2022.

Supply constraints have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population exacerbate these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and most recently opted for a pause, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near-term as growth trends for emerging markets appear brighter. We also believe that stocks with an A.I. tilt should benefit from an investment cycle that is set to support revenues and margins. We are neutral on credit overall amid tightening credit and financial conditions, however there are selective opportunities in the near term. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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 June 30, 2023 |
|  | 6-Month |  |  | 12-Month |
U.S. large cap equities (S&P 500® Index) |  |  | 16.89% |  |  |  | 19.59% |
U.S. small cap equities (Russell 2000® Index) |  |  | 8.09 |  |  |  | 12.31 |
International equities (MSCI Europe, Australasia, Far East Index) |  |  | 11.67 |  |  |  | 18.77 |
Emerging market equities (MSCI Emerging Markets Index) |  |  | 4.89 |  |  |  | 1.75 |
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |  |  | 2.25 |  |  |  | 3.60 |
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |  |  | 1.70 |  |  |  | (3.97) |
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |  |  | 2.09 |  |  |  | (0.94) |
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |  |  | 2.67 |  |  |  | 3.19 |
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |  |  | 5.38 |  |  |  | 9.07 |
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 |
Option Over-Writing Strategy |  |  | 6 |
Derivative Financial Instruments |  |  | 6 |
Semi-Annual Report: |  |  |  |
Trust Summary |  |  | 7 |
Financial Statements: |  |  |  |
Schedules of Investments |  |  | 33 |
Statements of Assets and Liabilities |  |  | 123 |
Statements of Operations |  |  | 126 |
Statements of Changes in Net Assets |  |  | 129 |
Statements of Cash Flows |  |  | 135 |
Financial Highlights |  |  | 138 |
Notes to Financial Statements |  |  | 150 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement |  |  | 164 |
Additional Information |  |  | 169 |
Glossary of Terms Used in this Report |  |  | 172 |

|  | 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. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Trusts must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Trusts’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

6 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 June 30, 2023 |  | BlackRock Energy and Resources Trust (BGR)

Investment Objective

BlackRock Energy and Resources Trust’s (BGR) (the “Trust”) investment objective is to provide total return through a combination of current income and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.

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

Trust Information

Symbol on New York Stock Exchange |  | BGR
Initial Offering Date |  | December 29, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($12.04)(a) |  | 6.55%
Current Monthly Distribution per Common Share(b) |  | $0.065700
Current Annualized Distribution per Common Share(b) |  | $0.788400

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

| (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  |  |  |  | 12/31/22 |  |  |  |  |  | Change |  |  |  |  |  | High |  |  |  |  |  | Low |
Closing Market Price |  | $ | 12.04 |  |  |  |  |  |  | $ | 12.53 |  |  |  |  |  |  |  | (3.91 | )% |  |  |  |  |  | $ | 13.36 |  |  |  |  |  |  | $ | 11.23 |
Net Asset Value |  |  | 13.66 |  |  |  |  |  |  |  | 14.21 |  |  |  |  |  |  |  | (3.87 | ) |  |  |  |  |  |  | 14.91 |  |  |  |  |  |  |  | 12.71 |

Performance

Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | (0.87 | )% |  |  | 15.72 | % |  |  | 3.56 | % |  |  | 1.41 | %
Trust at Market Price(a)(b) |  |  | (0.92 | ) |  |  | 16.22 |  |  |  | 1.95 |  |  |  | 1.12 |
MSCI World Energy Call Overwrite Index(c) |  |  | (2.68 | ) |  |  | 12.49 |  |  |  | N/A |  |  |  | N/A |
MSCI World Energy Index(d) |  |  | (3.91 | ) |  |  | 13.18 |  |  |  | 3.46 |  |  |  | 2.77 |

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

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

| (c) | An index that incorporates an option overlay component on the MSCI World Energy Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns. |

| (d) | An index that is designed to capture the large- and mid-cap segments across developed markets countries. All securities in the index are classified in the energy sector as per the Global Industry Classification Standard. |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

Stock selection in the exploration and production (“E&P”) and integrated oil sub-sectors contributed to the Trust’s outperformance in the semiannual period. At the individual stock level, the Canadian E&P companies Tourmaline Oil Corp., Arc Resources Ltd. and Canadian Natural Resources Ltd. outperformed their United States shale-focused peers. The Trust’s zero weightings in the underperforming stocks Devon Energy Corp. and Neste Oyj also contributed to relative performance.

An underweight in oilfield services companies detracted from results. The sub-sector’s performance was supported by expectations for increased merger and acquisition activity following Patterson-UTI Energy Inc.’s announced merger with NexTier Oilfield Solutions, Inc. Among individual holdings in the sector, an overweight in Patterson-UTI contributed, while a zero weighting in Baker Hughes Co. detracted. A position in BP PLC, which fell from its highs of early 2023 after announcing a reduced pace of share buybacks, also detracted.

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

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Energy and Resources Trust (BGR)

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy contributed to results in the reporting period. The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

Describe recent portfolio activity.

The investment adviser sought to take advantage of market volatility by adjusting the portfolio’s positioning and selectively adding to some higher-beta E&P companies following share price weakness.

Describe portfolio positioning at period end.

The investment advisor maintained a bias towards higher-quality international oil producers and selective exposure to the United States shale industry. The investment adviser believed valuations remained attractive given that energy companies are expected to maintain capital discipline and deliver high free cash flows.

As of June 30, 2023, the Trust had in place an option overwriting program whereby 32.0% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 3.2% out of the money) and for maturities averaging 49 days.

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

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Exxon Mobil Corp. |  |  | 18.8 | %
Shell PLC |  |  | 10.7 |
TotalEnergies SE |  |  | 6.9 |
ConocoPhillips |  |  | 6.8 |
BP PLC |  |  | 6.8 |
Chevron Corp. |  |  | 4.8 |
Canadian Natural Resources Ltd. |  |  | 4.5 |
Williams Cos., Inc. |  |  | 4.4 |
EOG Resources, Inc. |  |  | 4.2 |
Hess Corp. |  |  | 3.7 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | Percentage of Total Investments |
Oil, Gas & Consumable Fuels |  |  | 95.5 | %
Energy Equipment & Services |  |  | 4.0 |
Food Products |  |  | 0.5 |

(a) | Excludes short-term securities.

(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.

8 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 June 30, 2023 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Investment Objective

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

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

Trust Information

Symbol on New York Stock Exchange |  | CII
Initial Offering Date |  | April 30, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($18.51)(a) |  | 6.45%
Current Monthly Distribution per Common Share(b) |  | $0.099500
Current Annualized Distribution per Common Share(b) |  | $1.194000

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

| (b) | The distribution rate is not constant and is subject to change. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  |  |  |  | 12/31/22 |  |  |  |  |  | Change |  |  |  |  |  | High |  |  |  |  |  | Low |
Closing Market Price |  | $ | 18.51 |  |  |  |  |  |  | $ | 17.12 |  |  |  |  |  |  |  | 8.12 | % |  |  |  |  |  | $ | 18.98 |  |  |  |  |  |  | $ | 16.88 |
Net Asset Value |  |  | 19.18 |  |  |  |  |  |  |  | 17.55 |  |  |  |  |  |  |  | 9.29 |  |  |  |  |  |  |  | 19.18 |  |  |  |  |  |  |  | 17.42 |

Performance

Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 12.93 | % |  |  | 16.93 | % |  |  | 10.19 | % |  |  | 11.18 | %
Trust at Market Price(a)(b) |  |  | 11.73 |  |  |  | 18.36 |  |  |  | 10.39 |  |  |  | 12.01 |
MSCI USA Call Overwrite Index(c) |  |  | 15.47 |  |  |  | 16.69 |  |  |  | N/A |  |  |  | N/A |
Russell 1000® Index(d) |  |  | 16.68 |  |  |  | 19.36 |  |  |  | 11.92 |  |  |  | 12.64 |

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

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

| (c) | An index that incorporates an option overlay component on the MSCI USA Index with a 55% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns. |

| (d) | An index that measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The index represents approximately 93% of the U.S. market. |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

Investment decisions within the information technology (“IT”) sector detracted the most from the Trust’s relative returns. Notably, stock selection and an underweight position to the semiconductors and semiconductor equipment industry proved costly, as did positioning among technology hardware, storage and peripherals companies. Within the consumer discretionary sector, stock selection detracted from performance, specifically in the automobiles and specialty retail industries. Other detractors included stock selection in the materials and industrials sectors.

Conversely, the largest contribution to the Trust’s relative performance came from investment decisions in the communication services sector. Most notably, stock selection and an overweight allocation to the interactive media & services industry boosted relative return, as did an underweight allocation to entertainment companies. Stock selection in the healthcare sector, specifically within the pharmaceuticals industry, also proved beneficial. Avoiding exposure to the utilities sector entirely added to relative performance, as did investment decisions within energy.

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

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance for the six-month period. The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.

Describe recent portfolio activity.

During the reporting period, a combination of portfolio trading activity and market price changes resulted in the Trust adding exposure to the IT, communication services, and consumer discretionary sectors. The Trust reduced exposure to financials, industrials, and real estate.

Describe portfolio positioning at period end.

At reporting period end, the Trust’s largest sector overweight positions in the public equity portion of the portfolio were in the communication services and consumer discretionary sectors, while the largest underweight positions were in IT and utilities.

As of June 30, 2023, the Trust had an options overwriting program in place whereby 58% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 3.1% 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.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Microsoft Corp. |  |  | 8.6 | %
Amazon.com, Inc. |  |  | 5.1 |
Apple, Inc. |  |  | 5.0 |
Alphabet, Inc. |  |  | 5.0 |
Meta Platforms, Inc. |  |  | 3.0 |
Comcast Corp. |  |  | 2.9 |
Berkshire Hathaway, Inc. |  |  | 2.7 |
Applied Materials, Inc. |  |  | 2.3 |
UnitedHealth Group, Inc. |  |  | 2.1 |
Sanofi |  |  | 2.1 |

SECTOR ALLOCATION

Sector(a)(b) |  | Percent of Total Investments |
Information Technology |  |  | 23.0 | %
Health Care |  |  | 14.7 |
Financials |  |  | 13.7 |
Consumer Discretionary |  |  | 12.9 |
Communication Services |  |  | 12.7 |
Consumer Staples |  |  | 7.3 |
Industrials |  |  | 6.9 |
Materials |  |  | 4.5 |
Energy |  |  | 4.3 |
Real Estate |  |  | — | (c)

(a) | Excludes short-term securities.

(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.

(c) | Rounds to less than 0.1%.

10 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 June 30, 2023 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Investment Objective

BlackRock Enhanced Equity Dividend Trust’s (BDJ) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing in common stocks that pay dividends and have the potential for capital appreciation and by utilizing an option writing strategy to enhance distributions to its shareholders. The Trust invests, under normal market conditions, at least 80% of its total assets in dividend paying equities and may invest up to 20% of its total assets in equity securities of issuers that do not pay dividends. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Trust Information

Symbol on New York Stock Exchange |  | BDJ
Initial Offering Date |  | August 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($ 8.34)(a) |  | 8.09%
Current Monthly Distribution per Common Share(b) |  | $0.056200
Current Annualized Distribution per Common Share(b) |  | $0.674400

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

| (b) | The distribution rate is not constant and is subject to change. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  |  |  |  | 12/31/22 |  |  |  |  |  | Change |  |  |  |  |  | High |  |  |  |  |  | Low |
Closing Market Price |  | $ | 8.34 |  |  |  |  |  |  | $ | 9.01 |  |  |  |  |  |  |  | (7.44 | )% |  |  |  |  |  | $ | 9.36 |  |  |  |  |  |  | $ | 8.03 |
Net Asset Value |  |  | 8.83 |  |  |  |  |  |  |  | 8.74 |  |  |  |  |  |  |  | 1.03 |  |  |  |  |  |  |  | 9.15 |  |  |  |  |  |  |  | 8.23 |

Performance

Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 5.07 | % |  |  | 10.06 | % |  |  | 7.27 | % |  |  | 8.48 | %
Trust at Market Price(a)(b) |  |  | (3.73 | ) |  |  | 7.01 |  |  |  | 7.05 |  |  |  | 9.08 |
MSCI USA Value Call Overwrite Index(c) |  |  | 1.14 |  |  |  | 5.09 |  |  |  | N/A |  |  |  | N/A |
Russell 1000® Value Index(d) |  |  | 5.12 |  |  |  | 11.54 |  |  |  | 8.11 |  |  |  | 9.22 |

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

| (b) | The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | An index that incorporates an option overlay component on the MSCI USA Value Index with a 55% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns. |

| (d) | An index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. |

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

The largest contributor to the Trust’s relative performance for the period was security selection in the healthcare sector. Specifically, stock decisions in the pharmaceuticals and healthcare equipment and supplies industries boosted relative results. Security selection in energy was also a key contributor, with decisions in the oil, gas and consumable fuels industry proving to be beneficial. Other notable contributors included stock selection within the financials and communication services sectors.

Conversely, the largest detractor from relative returns came from stock selection in the information technology (“IT”) sector. Particularly, stock selection in semiconductors proved costly, as did the Trust’s decision not to invest in the electronic equipment, instruments and components industry. Stock selection in consumer staples also hurt performance, with stock decisions in the consumer staples distribution and retail industry weighing on relative return. Other notable detractors included selection decisions in the materials and consumer discretionary sectors.

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

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed to relative performance. The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.

Describe recent portfolio activity.

During the period, a combination of portfolio trading activity and market price changes resulted in the Trust adding exposure to the healthcare, energy, and IT sectors. The Trust reduced exposure to the financials, consumer staples, and utilities sectors.

Describe portfolio positioning at period end.

At reporting period end, the Trust’s largest absolute allocations were to the financials, healthcare, and industrials sectors. Relative to the benchmark, the Trust’s most significant overweight exposures were to the financials, healthcare, and communication services sectors. The Trust maintained its most significant relative underweight sector exposures to real estate, IT, and materials.

As of June 30, 2023, the Trust had an options overwriting program in place whereby 49% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.8% out of the money) with an average time until expiration of 51 days.

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

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Wells Fargo & Co. |  |  | 3.1 | %
Laboratory Corp. of America Holdings |  |  | 3.1 |
Citigroup, Inc. |  |  | 2.7 |
Cognizant Technology Solutions Corp. |  |  | 2.6 |
Baxter International, Inc. |  |  | 2.6 |
American International Group, Inc. |  |  | 2.5 |
Kraft Heinz Co. |  |  | 2.4 |
Medtronic PLC |  |  | 2.4 |
Shell PLC |  |  | 2.3 |
Cisco Systems, Inc. |  |  | 2.3 |

SECTOR ALLOCATION

Sector(a)(b) |  | Percent of Total Investments |
Financials |  |  | 24.0 | %
Health Care |  |  | 22.0 |
Industrials |  |  | 9.4 |
Consumer Staples |  |  | 9.1 |
Energy |  |  | 9.0 |
Information Technology |  |  | 8.9 |
Communication Services |  |  | 6.2 |
Consumer Discretionary |  |  | 5.8 |
Utilities |  |  | 3.6 |
Materials |  |  | 2.0 |

(a) | Excludes short-term securities.

(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 3 B L A C K R O C K S E M I - 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 June 30, 2023 |  | BlackRock Enhanced Global Dividend Trust (BOE)

Investment Objective

BlackRock Enhanced Global Dividend Trust’s (BOE) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies located in countries throughout the world and by employing a strategy of writing (selling) call and put options. Under normal circumstances, the Trust invests at least 80% of its net assets in dividend-paying equity securities and at least 40% of its assets outside of the U.S. (unless market conditions are not deemed favorable by Trust management, in which case the Trust would invest at least 30% of its assets outside of the U.S.). The Trust may invest in securities of companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Trust Information

Symbol on New York Stock Exchange |  | BOE
Initial Offering Date |  | May 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($ 10.07)(a) |  | 7.51%
Current Monthly Distribution per Common Share(b) |  | $0.063000
Current Annualized Distribution per Common Share(b) |  | $0.756000

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

| (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  |  |  |  | 12/31/22 |  |  |  |  |  | Change |  |  |  |  |  | High |  |  |  |  |  | Low |
Closing Market Price |  | $ | 10.07 |  |  |  |  |  |  | $ | 9.56 |  |  |  |  |  |  |  | 5.33 | % |  |  |  |  |  | $ | 10.59 |  |  |  |  |  |  | $ | 9.42 |
Net Asset Value |  |  | 11.59 |  |  |  |  |  |  |  | 10.97 |  |  |  |  |  |  |  | 5.65 |  |  |  |  |  |  |  | 11.71 |  |  |  |  |  |  |  | 10.79 |

Performance

Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 9.67 | % |  |  | 12.00 | % |  |  | 6.85 | % |  |  | 6.16 | %
Trust at Market Price(a)(b) |  |  | 9.34 |  |  |  | 11.26 |  |  |  | 5.32 |  |  |  | 5.99 |
MSCI ACWI Call Overwrite Index(c) |  |  | 11.81 |  |  |  | 13.32 |  |  |  | N/A |  |  |  | N/A |
MSCI ACWI(d) |  |  | 13.93 |  |  |  | 16.53 |  |  |  | 8.10 |  |  |  | 8.75 |

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

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

| (c) | An index that incorporates an option overlay component on the MSCI ACWI Index with a 45% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns. |

| (d) | An index that captures large- and mid-cap representation across certain developed and emerging markets. |

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

An underweight allocation to, and stock selection within, the information technology (“IT”) sector detracted the most from relative returns, particularly within the semiconductors and semiconductor equipment industry. Stock selection within communication services and an underweight allocation to consumer discretionary stocks also detracted.

Among individual security decisions, the Trust’s lack of a position in Nvidia was the biggest detractor from relative performance, as companies linked to generative artificial intelligence (“AI”) performed strongly as investor sentiment grew favorable amid the potential implications of the technology for businesses across the economy. Citizens Financial Group also detracted, given the backdrop of tightening credit conditions and expectations for stricter regulation following the collapses of SVB Financial and Signature Bank in the first quarter 2023. Apple was a key detractor from performance due to the Trust’s average underweight position following its mid-March 2023 purchase

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

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Enhanced Global Dividend Trust (BOE)

of the stock, as the IT sector maintained a rather defensive posture during the first quarter. Lastly, International Flavors and Fragrances guided lower on full-year growth for 2023, given an uncertain market environment that has led to weaker sales volume and an industry-wide consumer destocking in the United States.

Conversely, stock selection among financials was the most significant contributor to the Trust’s relative performance. Stock selection within healthcare and an underweight allocation to utilities also contributed. At the individual stock level, Inditex was the top contributor, as the Spanish clothing retailer reported a greater-than-expected rise in profit due to robust sales of summer clothes. The retailer sported high profit margins and sales growth both in-store and online, and its strong performance stemmed from its strategic decision to maintain higher prices in markets outside the Eurozone. Also, Taiwan Semiconductor Manufacturing contributed, as the outlook for semiconductors strengthened on demand from the buildout of generative AI capabilities. Lastly, Microsoft was a key contributor to relative performance, following the strong rally in IT during the reporting period. The software company tapped into positive sentiment surrounding AI with the launch of new tools for developers to integrate generative AI into their business software, reflecting Big Tech’s race to commercialize AI technology.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed positively to relative performance. The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

Describe recent portfolio activity.

During the period, the Trust added exposure to the IT, communication services, and energy sectors. Conversely, the Trust reduced its exposure to the consumer discretionary sector, particularly in the specialty retail space. The Trust also reduced exposure to financials, notably within the bank industry.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector exposures were in IT, healthcare, and financials. Regionally, the majority of the portfolio was listed in the United States, with significant exposure in Europe.

As of June 30, 2023, the Trust had an options overwriting program in place whereby 43% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.8% 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.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Microsoft Corp. |  |  | 4.8 | %
Apple, Inc. |  |  | 3.7 |
Mondelez International, Inc. |  |  | 3.0 |
Sanofi |  |  | 2.9 |
Reckitt Benckiser Group PLC |  |  | 2.8 |
Accenture PLC |  |  | 2.8 |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 2.8 |
AstraZeneca PLC |  |  | 2.7 |
Paychex, Inc. |  |  | 2.6 |
Philip Morris International, Inc. |  |  | 2.6 |

GEOGRAPHIC ALLOCATION

Country/Geographic Region(a) |  | Percentage of Total Investments |
United States |  |  | 49.0 | %
United Kingdom |  |  | 13.3 |
France |  |  | 9.1 |
Switzerland |  |  | 5.0 |
Ireland |  |  | 4.7 |
Taiwan |  |  | 4.2 |
Netherlands |  |  | 3.5 |
Canada |  |  | 2.3 |
Mexico |  |  | 2.0 |
Denmark |  |  | 2.0 |
Japan |  |  | 1.5 |
Singapore |  |  | 1.3 |
Indonesia |  |  | 1.1 |
Spain |  |  | 1.0 |
India |  |  | — | (b)

(a) | Excludes short-term securities.

(b) | Rounds to less than 0.1%.

14 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 June 30, 2023 |  | BlackRock Enhanced International Dividend Trust (BGY)

Investment Objective

BlackRock Enhanced International Dividend Trust’s (BGY) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and by employing a strategy of writing (selling) call and put options. The Trust invests, under normal circumstances, at least 80% of its net assets in dividend-paying equity securities issued by non-U.S. companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Trust Information

Symbol on New York Stock Exchange |  | BGY
Initial Offering Date |  | May 30, 2007
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($ 5.44)(a) |  | 7.46%
Current Monthly Distribution per Common Share(b) |  | $0.033800
Current Annualized Distribution per Common Share(b) |  | $0.405600

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

| (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  |  |  |  | 12/31/22 |  |  |  |  |  | Change |  |  |  |  |  | High |  |  |  |  |  | Low |
Closing Market Price |  | $ | 5.44 |  |  |  |  |  |  | $ | 5.02 |  |  |  |  |  |  |  | 8.37 | % |  |  |  |  |  | $ | 5.64 |  |  |  |  |  |  | $ | 5.02 |
Net Asset Value |  |  | 6.24 |  |  |  |  |  |  |  | 5.78 |  |  |  |  |  |  |  | 7.96 |  |  |  |  |  |  |  | 6.40 |  |  |  |  |  |  |  | 5.78 |

Performance

Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 12.03 | % |  |  | 18.53 | % |  |  | 7.19 | % |  |  | 5.17 | %
Trust at Market Price(a)(b) |  |  | 12.45 |  |  |  | 16.19 |  |  |  | 6.45 |  |  |  | 4.87 |
MSCI ACWI ex USA Call Overwrite Index(c) |  |  | 6.62 |  |  |  | 8.64 |  |  |  | N/A |  |  |  | N/A |
MSCI ACWI ex USA Index(d) |  |  | 9.47 |  |  |  | 12.72 |  |  |  | 3.52 |  |  |  | 4.75 |

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

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

| (c) | An index that incorporates an option overlay component on the MSCI ACWI ex USA Index with a 45% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns. |

| (d) | An index that captures large- and mid-cap representation across certain developed markets countries (excluding the U.S.) and certain emerging markets countries. |

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

From a sector perspective, the Trust’s stock selection in healthcare, consumer discretionary, and materials stocks contributed the most to returns. Among individual stocks, Inditex was the top contributor, as the Spanish clothing company’s top-line growth remained extremely strong as it executed its business strategy well. Inditex continues to make good capital allocation decisions, in terms of both disciplined space management and cash deployment, and the current economics of the online business are better than expected. French luxury goods company LVMH also contributed to performance. Discretionary spending has remained strong overall among affluent consumers, leading to continued growth in margins in the luxury retail industry. Lastly, Ferguson also contributed, as the British-American plumbing and HVAC company reported quarterly results in line with expectations and exhibited solid fundamental performance even in a challenging macroeconomic environment.

By contrast, underweight positions in information technology were the most significant detractors from relative performance. An overweight allocation to financials and stock selection in consumer staples also detracted. Among individual stocks, Budweiser Brewing Company APAC was the leading detractor, as it came under pressure during the

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

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Enhanced International Dividend Trust (BGY)

period due to increasing concerns about the strength of China’s reopening, given the company’s sizable exposure to the on-premise and nightlife distribution channels in China. Diageo also detracted, as its financial reports showed a significant slowdown for the spirits company in the U.S. market, as volumes fell 6%. Diageo’s guidance was also marginally weaker as price and volume trends normalized. Management did reiterate medium-term growth targets, though, suggesting that Diageo expects any U.S. slowdown to be short-lived. Singapore’s United Overseas Bank also detracted amid broader concerns in the banking sector globally.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed to relative performance for the reporting period. The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.

Describe recent portfolio activity.

During the period, the Trust reduced its exposure to consumer staples stocks as it sold its sole position in the personal care products industry. The Trust also reduced exposure to industrials, notably through the sale of its position in the electrical equipment industry. Conversely, the Trust added exposure to the materials, energy, and communication services sectors.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector exposures were in healthcare, communication services, and industrials. Regionally, the majority of the portfolio’s securities were listed in Europe, with particularly significant exposure in Europe excluding the United Kingdom.

As of June 30, 2023, the Trust had an options overwriting program in place whereby 43% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 2.9% 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.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 4.0 | %
Lonza Group AG |  |  | 3.6 |
KDDI Corp. |  |  | 3.4 |
Kering SA |  |  | 3.3 |
Otis Worldwide Corp. |  |  | 3.3 |
Symrise AG |  |  | 3.2 |
Sanofi |  |  | 3.2 |
HDFC Bank Ltd. |  |  | 3.2 |
Industria de Diseno Textil SA |  |  | 3.2 |
Novo Nordisk A/S |  |  | 3.1 |

GEOGRAPHIC ALLOCATION

Country/Geographic Region(a) |  | Percentage of Total Investments |
United Kingdom |  |  | 17.7 | %
France |  |  | 13.0 |
United States |  |  | 10.1 |
Netherlands |  |  | 8.5 |
Japan |  |  | 6.9 |
Taiwan |  |  | 6.2 |
Switzerland |  |  | 5.5 |
Germany |  |  | 5.3 |
Singapore |  |  | 3.9 |
India |  |  | 3.2 |
Spain |  |  | 3.1 |
Denmark |  |  | 3.0 |
China |  |  | 2.9 |
Mexico |  |  | 2.7 |
Canada |  |  | 2.0 |
Italy |  |  | 2.0 |
Indonesia |  |  | 2.0 |
Sweden |  |  | 2.0 |

(a) | Excludes short-term securities.

16 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 June 30, 2023 |  | BlackRock Health Sciences Term Trust (BMEZ)

Investment Objective

BlackRock Health Sciences Term Trust’s (BMEZ) (the “Trust”) (formerly known as BlackRock Health Sciences Trust II) 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.

On March 31, 2023 the Board approved a proposal to change the name of BlackRock Health Sciences Trust II, effective as of April 5, 2023, to BlackRock Health Sciences Term Trust. There were no changes to the Trust’s investment policies or strategies in conjunction with the name change.

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

Trust Information

Symbol on New York Stock Exchange |  | BMEZ
Initial Offering Date |  | January 30, 2020
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($16.42)(a) |  | 10.60%
Current Monthly Distribution per Common Share(b) |  | $0.145000
Current Annualized Distribution per Common Share(b) |  | $1.740000

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

| (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  |  |  |  | 12/31/22 |  |  |  |  |  | Change |  |  |  |  |  | High |  |  |  |  |  | Low |
Closing Market Price |  | $ | 16.42 |  |  |  |  |  |  | $ | 15.43 |  |  |  |  |  |  |  | 6.42 | % |  |  |  |  |  | $ | 16.99 |  |  |  |  |  |  | $ | 15.22 |
Net Asset Value |  |  | 19.06 |  |  |  |  |  |  |  | 18.76 |  |  |  |  |  |  |  | 1.60 |  |  |  |  |  |  |  | 19.72 |  |  |  |  |  |  |  | 17.93 |

Performance

Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  |  | 6-month |  |  |  | 1 Year |  |  |  | Since Inception | (a)
Trust at NAV(b)(c) |  |  | 7.11 | % |  |  | 12.12 | % |  |  | 6.20 | %
Trust at Market Price(b)(c) |  |  | 12.18 |  |  |  | 11.18 |  |  |  | 1.66 |
MSCI Custom ACWI SMID Growth HC Call Overwrite Index(d) |  |  | 3.61 |  |  |  | 6.52 |  |  |  | (9.81 | )
MSCI ACWI(e) |  |  | 13.93 |  |  |  | 16.53 |  |  |  | 7.50 |

| (a) | BMEZ commenced operations on January 30, 2020. |

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

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

| (d) | An index representing the Health Care sector stocks within the MSCI ACWI SMID Cap Growth Index and incorporating an option overlay component with a 25% overwrite level. The MSCI ACWI SMID Cap Growth Index captures mid- and small-cap securities exhibiting overall growth style characteristics across certain developed and emerging markets countries. The index commenced on March 31, 2022 and therefore the since inception return presented is for the period March 31, 2022 through the current reporting period. |

| (e) | An index that captures large- and mid-cap representation across certain developed and emerging markets. |

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

Security selection in the biotechnology and medical devices & supplies sub-sectors made the largest sector-level contributions to relative performance.

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

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Health Sciences Term Trust (BMEZ)

An out-of-benchmark position in Intuitive Surgical, Inc. was the leading contributor at the individual stock level. The surgical robot manufacturer benefited from recovering elective procedure volumes in the post-COVID environment. An overweight position in the medication and drug delivery device manufacturer Gerresheimer AG, which benefited from headlines regarding weight loss treatments, was also a top contributor. An out-of-benchmark position in Abcam PLC further contributed to results. The United Kingdom-based antibody researcher indicated that it is exploring a potential sale, boosting its stock.

An underweight in the healthcare providers and services sub-sector detracted from relative performance, as did stock selection in the category. An underweight in the orthodontics company Align Technology, Inc., which rallied after reporting strong earnings, was the largest detractor at the individual security level. An overweight position in the biopharmaceutical company Rhythm Pharmaceuticals, Inc. also detracted amid questions about its near-term product pipeline. An overweight position in Novocure, a United States-based oncology treatment provider, was another notable detractor. The company released weaker-than-expected clinical trial data for its electric field-based lung cancer treatment in June 2023, weighing on its shares.

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy detracted to relative performance. The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

Describe recent portfolio activity.

The Trust’s allocations to the medical devices and supplies (40% to 44%) and healthcare providers and services (6% to 8%) sub-sectors increased, while its weightings in the biotechnology (40% to 38%) and pharmaceuticals (7% to 6%) sub-sectors decreased.

Describe portfolio positioning at period end.

The investment adviser continued to seek opportunities in companies with attractive valuations, stable growth, and promising product pipelines over the medium to long term. It also considered new innovations and technological developments for selective growth opportunities in the biotechnology, pharmaceuticals and medical devices industries.

The investment adviser was encouraged by the healthcare sector’s resilience in the midst of the extraordinary macroeconomic and geopolitical challenges that characterized the first half of the reporting period believing the longer-term, secular drivers for the sector—innovation in medical technology and aging demographics in both developed and developing countries—remained in place. The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the sector.

The Trust’s largest overweight positions in the biotechnology and medical devices and supplies sub-sectors, where it saw compelling innovation and new products.

As of June 30, 2023, the Trust had in place an option overwriting program whereby 24% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 7.6% out of the money) and for maturities averaging 57 days.

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

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Vertex Pharmaceuticals, Inc. |  |  | 3.1 | %
Alcon, Inc. |  |  | 3.0 |
West Pharmaceutical Services, Inc. |  |  | 2.5 |
Intuitive Surgical, Inc. |  |  | 2.3 |
Dexcom, Inc. |  |  | 2.3 |
Align Technology, Inc. |  |  | 2.1 |
Stryker Corp. |  |  | 1.9 |
Cooper Cos., Inc. |  |  | 1.9 |
Penumbra, Inc. |  |  | 1.8 |
AmerisourceBergen Corp. |  |  | 1.8 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | Percentage of Total Investments |
Biotechnology |  |  | 39.1 | %
Health Care Equipment & Supplies |  |  | 31.4 |
Life Sciences Tools & Services |  |  | 13.4 |
Health Care Providers & Services |  |  | 7.2 |
Pharmaceuticals |  |  | 6.3 |
Health Care Technology |  |  | 1.0 |
Other* |  |  | 1.6 |

(a) | Excludes short-term securities.

(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.

* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

18 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 June 30, 2023 |  | BlackRock Health Sciences Trust (BME)

Investment Objective

BlackRock Health Sciences Trust’s (BME) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and by employing a strategy of writing (selling) call and put options.

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

Trust Information

Symbol on New York Stock Exchange |  | BME
Initial Offering Date |  | March 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($40.64)(a) |  | 6.29%
Current Monthly Distribution per Common Share(b) |  | $0.213000
Current Annualized Distribution per Common Share(b) |  | $2.556000

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

| (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  |  |  |  | 12/31/22 |  |  |  |  |  | Change |  |  |  |  |  | High |  |  |  |  |  | Low |
Closing Market Price |  | $ | 40.64 |  |  |  |  |  |  | $ | 43.58 |  |  |  |  |  |  |  | (6.75 | )% |  |  |  |  |  | $ | 43.68 |  |  |  |  |  |  | $ | 39.34 |
Net Asset Value |  |  | 42.83 |  |  |  |  |  |  |  | 43.30 |  |  |  |  |  |  |  | (1.09 | ) |  |  |  |  |  |  | 43.30 |  |  |  |  |  |  |  | 40.12 |

Performance

Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 2.00 | % |  |  | 8.51 | % |  |  | 9.49 | % |  |  | 12.21 | %
Trust at Market Price(a)(b) |  |  | (3.83 | ) |  |  | 1.87 |  |  |  | 7.18 |  |  |  | 11.67 |
MSCI USA Investable Market Index Health Care Call Overwrite Index(c) |  |  | (0.84 | ) |  |  | 5.44 |  |  |  | N/A |  |  |  | N/A |
Russell 3000® Health Care Index(d) |  |  | 0.06 |  |  |  | 6.34 |  |  |  | 10.49 |  |  |  | 12.51 |

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

| (b) | The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | An index that incorporates an option overlay component on the MSCI USA IMI Health Care Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns. |

| (d) | An unmanaged index that features companies involved in medical services or health care in the Russell 3000® Index, which includes the largest 3,000 U.S. companies as determined by total market capitalization. |

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

Stock selection in the pharmaceuticals and medical devices and supplies sub-sectors made the largest sector-level contributions to relative performance.

An underweight in Pfizer, Inc. was the leading contributor at the individual stock level. The company stated that its 2023 revenues could potentially decrease by 33% as demand for its COVID-19 products wanes. A zero weighting in CVS Corp. also contributed to returns. Shares of the healthcare services company declined on concerns about its ability to integrate its acquisitions into its core business. An overweight in Boston Scientific Corp. was another top contributor in the reporting period. The medical device manufacturer reported strong earnings and revenue growth as elective procedure volumes continued to increase. Hospital staffing shortages and COVID-19 restrictions created a difficult environment for patients to receive non-urgent procedures, but individuals increasingly have sought elective surgeries as these headwinds have eased.

At a sub-sector level, an underweight in the pharmaceuticals industry and security selection in the health care providers and services sub-sector were the largest detractors.

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

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Health Sciences Trust (BME)

An overweight position in Novocure Ltd. was the most notable detractor among the Trust’s individual holdings. The company released weaker-than-expected clinical trial data for its electric field-based lung cancer treatment in June 2023, weighing on its shares. A zero weighting in the healthcare technology provider Veeva Systems, Inc., which reported strong earnings, also detracted from relative performance. An underweight position in HCA Healthcare Corp was a further detractor of note. The hospital operator reported robust earnings due in part to reduced pressure from labor shortages.

The Trust made use of options, principally writing call options on individual stocks, to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The option overlay strategy contributed to results. The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

Describe recent portfolio activity.

The Trust’s allocation to the medical devices and supplies (31% to 38%) sub-sector increased during the period, while its weightings in the pharmaceuticals (24% to 20%) and healthcare providers and supplies (21% to 17%) sub-sectors decreased. The Trust’s allocation to the biotechnology industry remained steady at 21%.

Describe portfolio positioning at period end.

The investment adviser continued to seek opportunities in companies with attractive valuations, stable growth, and promising product pipelines over the medium to long term. It also considered new innovations and technological developments for selective growth opportunities in the biotechnology, pharmaceuticals and medical devices industries.

The investment adviser was encouraged by the healthcare sector’s resilience in the midst of the extraordinary macroeconomic and geopolitical challenges that characterized the first half of the year believing the longer-term, secular drivers for the sector—innovation in medical technology and aging demographics in both developed and developing countries—remained in place. The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the sector.

As of June 30, 2023, the Trust’s largest overweight was in the medical devices and supplies sub-sector believing hospitals are particularly attractive in the post-COVID environment. The Trust also held a large overweight position in the biotechnology sub-sector. It continued to emphasize compelling areas of innovation within the category, especially in oncology. The Trust’s largest underweight was in the pharmaceuticals industry, where many flagship medications may face increased competition from biosimilars due to patent expirations.

As of June 30, 2023, the Trust had in place an option overwriting program whereby 36% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 4.9% out of the money) and for maturities averaging 55 days.

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

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
UnitedHealth Group, Inc. |  |  | 8.2 | %
Eli Lilly & Co. |  |  | 6.5 |
Merck & Co., Inc. |  |  | 4.9 |
Boston Scientific Corp. |  |  | 4.2 |
Intuitive Surgical, Inc. |  |  | 3.8 |
Thermo Fisher Scientific, Inc. |  |  | 3.7 |
Stryker Corp. |  |  | 3.6 |
Vertex Pharmaceuticals, Inc. |  |  | 3.0 |
AbbVie, Inc. |  |  | 2.7 |
Johnson & Johnson |  |  | 2.6 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | Percentage of Total Investments |
Health Care Equipment & Supplies |  |  | 29.5 | %
Biotechnology |  |  | 22.1 |
Pharmaceuticals |  |  | 20.4 |
Health Care Providers & Services |  |  | 17.8 |
Life Sciences Tools & Services |  |  | 10.0 |
Health Care Technology |  |  | 0.2 |

(a) | Excludes short-term securities.

(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.

20 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 June 30, 2023 |  | BlackRock Innovation and Growth Term Trust (BIGZ)

Investment Objective

BlackRock Innovation and Growth Term Trust’s (BIGZ) (the “Trust”) (formerly known as BlackRock Innovation and Growth Trust) investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust will invest primarily in equity securities issued by mid-and small-capitalization companies that the Trust’s adviser believes have above-average earnings growth potential. In selecting investments for the Trust, the Trust’s adviser focuses on mid- and small-capitalization growth companies that are “innovative.” These are companies that have introduced, or are seeking to introduce, a new product or service that potentially changes the marketplace. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.

On March 31, 2023 the Board approved a proposal to change the name of BlackRock Innovation and Growth Trust, effective as of April 5, 2023, to BlackRock Innovation and Growth Term Trust. There were no changes to the Trust’s investment policies or strategies in conjunction with the name change.

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

Trust Information

Symbol on New York Stock Exchange |  | BIGZ
Initial Offering Date |  | March 29, 2021
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($7.85)(a) |  | 10.70%
Current Monthly Distribution per Common Share(b) |  | $0.070000
Current Annualized Distribution per Common Share(b) |  | $0.840000

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

| (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  | 12/31/22 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 7.85 |  |  | $ | 6.81 |  |  |  | 15.27 | % |  | $ | 8.07 |  |  | $ | 6.81 |
Net Asset Value |  |  | 9.38 |  |  |  | 8.82 |  |  |  | 6.35 |  |  |  | 9.97 |  |  |  | 8.68 |

Performance

Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  |  | 6-month |  |  |  | 1 Year |  |  |  | Since Inception | (a)
Trust at NAV(b)(c) |  |  | 12.30 | % |  |  | 10.26 | % |  |  | (21.77 | )%
Trust at Market Price(b)(c) |  |  | 21.72 |  |  |  | 10.29 |  |  |  | (27.71 | )
MSCI USA SMID Growth Call Overwrite Index (d) |  |  | 14.25 |  |  |  | 19.74 |  |  |  | (1.40 | )
Russell 2500™ Growth Index(e) |  |  | 13.38 |  |  |  | 18.58 |  |  |  | (5.17 | )

| (a) | BIGZ commenced operations on March 29, 2021. |

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

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

| (d) | A custom benchmark that is made up of the MSCI USA SMID Growth Index, MSCI USA SMID Growth 25% Call Overwrite Cash and MSCI USA SMID Growth 25% Call Overwrite Option. The MSCI USA SMID Growth Index captures mid and small cap representations of securities exhibiting overall growth style characteristics in the U.S. |

| (e) | An index that measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential as defined by FTSE Russell’s leading style methodology. |

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Innovation and Growth Term Trust (BIGZ)

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

What factors influenced performance?

Positioning in the energy sector was the largest contributor to relative performance at the sector level, particularly due to the Trust’s decision to avoid investing in the oil, gas and consumable fuels industry. Within information technology (“IT”), a substantial overweight allocation to the semiconductors and semiconductor equipment industry proved beneficial, as an overweight allocation to Entegris Inc. boosted relative returns due to its status as a leading manufacturer of critical materials used in the semiconductor device fabrication process. Elsewhere, stock selection in industrials contributed to performance, most notably in the ground transportation and air freight and logistics industries. An overweight position in American less-than-truckload freight shipping specialist Saia Inc. led performance in the sector.

By contrast, the largest detractor from relative performance from a sector perspective was the Trust’s security selection within the healthcare sector. Most notably, the Trust’s decision to have an overweight position in the life sciences tools and services industry affected relative results negatively. Within this space, Azenta Inc. and Repligen Corp. were the most significant detractors among individual stocks, as both suffered significant share-price declines during the period. Elsewhere, an overweight position to the entertainment sub-sector within communication services also weighed on relative performance. Specifically, an off-benchmark position in upscale camping experience provider Under Canvas Inc. detracted. Stock selection in the consumer discretionary sector also detracted from performance, most notably through the Trust’s overweight exposure to fitness center chain Planet Fitness Inc. within the hotels, restaurants and leisure sub-sector.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed to relative performance for the period. The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy. However, the Trust’s distributions during the period were classified as a return of capital, which reduced the Trust’s net asset value.

Describe recent portfolio activity.

Due to a combination of market changes and portfolio activity, the Trust’s exposure to IT and financials increased. Conversely, the Trust’s exposure to the consumer discretionary and communication services sectors decreased. The Trust did not add new positions in any privately held companies during the period.

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector overweight positions in the public equity portion of the portfolio were in the IT and consumer discretionary sectors, while the largest underweight positions were in industrials and materials.

As of June 30, 2023, the Trust had an options overwriting program in place whereby 12.0% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 6.7% out of the money) with an average time until expiration of 58 days.

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

22 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 June 30, 2023 (continued) |  | BlackRock Innovation and Growth Term Trust (BIGZ)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Monolithic Power Systems, Inc. |  |  | 3.0 | %
Axon Enterprise, Inc. |  |  | 2.9 |
Saia, Inc. |  |  | 2.8 |
Entegris, Inc. |  |  | 2.8 |
Tradeweb Markets, Inc. |  |  | 2.6 |
West Pharmaceutical Services, Inc. |  |  | 2.3 |
Lattice Semiconductor Corp. |  |  | 2.3 |
HEICO Corp. |  |  | 2.2 |
MongoDB, Inc. |  |  | 2.2 |
HubSpot, Inc. |  |  | 2.2 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | Percentage of Total Investments |
Software |  |  | 20.6 | %
Semiconductors & Semiconductor Equipment |  |  | 11.8 |
Life Sciences Tools & Services |  |  | 8.2 |
Capital Markets |  |  | 7.7 |
IT Services |  |  | 7.0 |
Hotels, Restaurants & Leisure |  |  | 5.5 |
Aerospace & Defense |  |  | 5.3 |
Diversified Consumer Services |  |  | 4.2 |
Automobile Components |  |  | 3.3 |
Health Care Equipment & Supplies |  |  | 3.0 |
Ground Transportation |  |  | 2.8 |
Interactive Media & Services |  |  | 2.8 |
Machinery |  |  | 1.8 |
Entertainment |  |  | 1.8 |
Construction & Engineering |  |  | 1.6 |
Health Care Technology |  |  | 1.6 |
Air Freight & Logistics |  |  | 1.5 |
Health Care Providers & Services |  |  | 1.4 |
Wireless Telecommunication Services |  |  | 1.2 |
Food Products |  |  | 1.2 |
Professional Services |  |  | 1.1 |
Biotechnology |  |  | 1.0 |
Building Products |  |  | 1.0 |
Other* |  |  | 2.6 |

(a) | Excludes short-term securities.

(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.

* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details.

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

Trust Summary as of June 30, 2023 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Investment Objective

BlackRock Resources & Commodities Strategy Trust’s (BCX) (the “Trust”) primary investment objective is to seek high current income and current gains, with a secondary objective of capital appreciation. The Trust will seek to achieve its investment objectives, under normal market conditions, by investing at least 80% of its total assets in equity securities issued by commodity or natural resources companies, derivatives with exposure to commodity or natural resources companies or investments in securities and derivatives linked to the underlying price movement of commodities or natural resources. While permitted, the Trust does not currently expect to invest in securities and derivatives linked to the underlying price movement of commodities or natural resources. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.

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

Trust Information

Symbol on New York Stock Exchange |  | BCX
Initial Offering Date |  | March 30, 2011
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($9.07)(a) |  | 6.85%
Current Monthly Distribution per Common Share(b) |  | $0.051800
Current Annualized Distribution per Common Share(b) |  | $0.621600

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

| (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  | 12/31/22 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 9.07 |  |  | $ | 9.97 |  |  |  | (9.03 | )% |  | $ | 10.56 |  |  | $ | 8.72 |
Net Asset Value |  |  | 10.61 |  |  |  | 11.23 |  |  |  | (5.52 | ) |  |  | 11.90 |  |  |  | 10.03 |

Performance

Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  |  |  |  | Average Annual Total Returns |
|  |  | 6-month |  |  |  |  |  |  |  | 1 Year |  |  |  | 5 Years |  |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | (2.42 | )% |  |  |  |  |  |  | 13.56 | % |  |  | 7.64 | % |  |  | 5.70 | %
Trust at Market Price(a)(b) |  |  | (6.04 | ) |  |  |  |  |  |  | 7.57 |  |  |  | 6.49 |  |  |  | 5.08 |
MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index(c) |  |  | (3.25 | ) |  |  |  |  |  |  | 9.44 |  |  |  | N/A |  |  |  | N/A |
S&P Global Natural Resources Net Index(d) |  |  | (3.49 | ) |  |  |  |  |  |  | 7.64 |  |  |  | 5.18 |  |  |  | 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) | An index that incorporates an option overlay component on the MSCI ACWI Select Liquidity Natural Resources Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns. |

| (d) | An index that includes approximately 90 of the largest publicly-traded companies in the natural resources and commodities businesses that meet specific investability requirements across three primary commodity-related sectors: agribusiness, energy, and metals and mining. |

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

An overweight position in Teck Resources, Ltd., which rallied after receiving a takeover bid from Glencore PLC, was the leading contributor to performance. An overweight position in the gold royalty company Wheaton Precious Metals Corp. also contributed to results on the strength of rising gold prices. Kerry Group PLC, a nutrition company that reported a strong increase in revenues, was a further contributor of note.

On the other hand, an overweight position in Glencore detracted as easing supply constraints in the energy sector contributed to a decline in coal prices. CF Industries Holdings Ltd. also underperformed, as fertilizer prices declined amid a normalization of global supply chains. Weakness in exploration and production companies within the energy sector, particularly ConocoPhillips, also detracted.

24 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 June 30, 2023 (continued) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy contributed to results in the reporting period. The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

Describe recent portfolio activity.

The investment adviser maintained overweight positions in the energy and mining sectors, and it continued to have an underweight in agriculture.

Describe portfolio positioning at period end.

In the energy sector, the investment adviser maintained a bias toward higher-quality oil producers that it expects to benefit from long-term strength in energy prices, a potentially resurgent oilfield services sector and the need for increased liquified natural gas output to replace Russian gas exports into Europe. The investment adviser continued to prefer large-cap integrated companies, and it also added to positions in the midstream industry. In the mining sector, the investment adviser focused on companies with stronger balance sheets and lower costs. The Trust remained underweight in paper and packaging stocks in the agriculture sector, with a corresponding overweight in companies in the agricultural equipment and health and wellness space that it believed to have more attractive growth opportunities.

As of June 30, 2023, the Trust had in place an option overwriting program whereby 32.0% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 4.5% out of the money) and for maturities averaging 50 days.

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

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Shell PLC |  |  | 8.0 | %
Exxon Mobil Corp. |  |  | 6.6 |
Glencore PLC |  |  | 5.7 |
TotalEnergies SE |  |  | 5.5 |
BP PLC |  |  | 5.4 |
BHP Group Ltd. |  |  | 4.5 |
Teck Resources Ltd. |  |  | 3.9 |
Wheaton Precious Metals Corp. |  |  | 3.8 |
Vale SA |  |  | 3.7 |
Deere & Co. |  |  | 2.9 |

INDUSTRY ALLOCATION

Industry(a)(b) |  |  |  |  | Percentage of Total Investments |
Oil, Gas & Consumable Fuels |  |  |  |  |  |  | 38.8 | %
Metals & Mining |  |  |  |  |  |  | 34.9 |
Chemicals |  |  |  |  |  |  | 10.3 |
Food Products |  |  |  |  |  |  | 7.1 |
Machinery |  |  |  |  |  |  | 5.4 |
Energy Equipment & Services |  |  |  |  |  |  | 1.2 |
Containers & Packaging |  |  |  |  |  |  | 1.2 |
Paper & Forest Products |  |  |  |  |  |  | 1.1 |

(a) | Excludes short-term securities.

(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 |  | 25

Trust Summary as of June 30, 2023 |  | BlackRock Science and Technology Term Trust (BSTZ)

Investment Objective

BlackRock Science and Technology Term Trust’s (BSTZ) (the “Trust”) (formerly known as BlackRock Science and Technology Trust II) 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.

On March 31, 2023 the Board approved a proposal to change the name of BlackRock Science and Technology Trust II, effective as of April 5, 2023, to BlackRock Science and Technology Term Trust. There were no changes to the Trust’s investment policies or strategies in conjunction with the name change.

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

Trust Information

Symbol on New York Stock Exchange |  | BSTZ
Initial Offering Date |  | June 27, 2019
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($18.11)(a) |  | 10.69%
Current Monthly Distribution per Common Share(b) |  | $0.161300
Current Annualized Distribution per Common Share(b) |  | $1.935600

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

| (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  | 12/31/22 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 18.11 |  |  | $ | 15.64 |  |  |  | 15.79 | % |  | $ | 19.04 |  |  | $ | 15.64 |
Net Asset Value |  |  | 21.50 |  |  |  | 19.53 |  |  |  | 10.09 |  |  |  | 21.69 |  |  |  | 19.30 |

Performance

Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  |  | 6-month |  |  |  | 1 Year |  |  |  | Since Inception | (a)
Trust at NAV(b)(c) |  |  | 16.60 | % |  |  | 5.98 | % |  |  | 10.28 | %
Trust at Market Price(b)(c) |  |  | 22.64 |  |  |  | 4.26 |  |  |  | 5.66 |
MSCI Custom ACWI SMID Growth IT Call Overwrite Index(d) |  |  | 19.92 |  |  |  | 21.62 |  |  |  | (4.10 | )
MSCI ACWI(e) |  |  | 13.93 |  |  |  | 16.53 |  |  |  | 8.81 |

| (a) | BSTZ commenced operations on June 27, 2019. |

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

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

| (d) | An index representing the Information Technology (IT) sector stocks within the MSCI ACWI SMID Cap Growth Index and incorporating an option overlay component with a 25% overwrite level. An index that captures mid- and small-cap securities exhibiting overall growth style characteristics across certain developed and emerging markets. The index commenced on March 31, 2022 and therefore the since inception return presented is for the period March 31, 2022 through the current reporting period. |

| (e) | An index that captures large- and mid-cap representation across certain developed and emerging markets. |

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

26 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 June 30, 2023 (continued) |  | BlackRock Science and Technology Term Trust (BSTZ)

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

What factors influenced performance?

The largest detractor from the Trust’s relative performance was security selection within the software and new industries sub-sectors. At the individual position level, the Trust’s off-benchmark position in privately held Think & Learn as the most significant detractor, as weakness across the educational technology industry combined with idiosyncratic governance challenges at the company weighed on the privately held company’s valuation. Elsewhere, the Trust’s lack of a position in data analytics company Palantir Technologies was another notable detractor. In its first-quarter 2023 financial results, Palantir announced strong revenue growth and posted the second quarter of positive net income in its history, showing a path toward sustainable profitability. Lastly, not holding a position in Advantest was also a key detractor. The Japanese manufacturer’s stock climbed as optimism around artificial intelligence (“AI”) grew, which could lead to increased demand for Advantest’s chip-testing devices.

Conversely, an overweight allocation to the semiconductors sub-sector and security selection within the hardware sub-sector were the most significant contributors to the Trust’s relative performance. An off-benchmark position in Nvidia was the largest contributor at the individual position level, as the semiconductor designer’s stock jumped on optimism surrounding surging demand for its graphics processing units (“GPUs”), which are used extensively in artificial intelligence (“AI”) applications. First-quarter 2023 financial results showed substantial incremental revenue from generative AI, and Nvidia substantially upgraded its guidance for the remainder of the year. Elsewhere, an off-benchmark position in Tesla also contributed, as the electric vehicle (“EV”) maker’s stock appreciated after the company reported record revenue for 2022 and revealed that demand growth for its EVs continued to outpace supply growth. Tiered pricing appeared as an effective tool for supporting sales growth. Lastly, the Trust’s lack of a position in EPAM Systems was a key contributor, as the engineering software company experienced softening enterprise demand for its non-critical software tools. The company cut its guidance for earnings and profit margins for the remainder of the year.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance. The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.

Describe recent portfolio activity.

During the reporting period, the Trust increased its exposure to the semiconductors sub-sector, including companies that stand to benefit from increased capital expenditures on GPUs for generative AI. The Trust trimmed select holdings in the software and services sub-sectors, as enterprise IT spending appears weak in the near-term. From a regional perspective, the Trust reduced its exposure to Chinese equities, reflecting caution about the pace of the economic recovery in the region as well as geopolitical uncertainty. The Trust did not make any new investments in privately held technology companies during the period.

Describe portfolio positioning at period end.

The Trust continued to perform due diligence on multiple new opportunities with the expectation of managing exposure to private investments over the coming quarters, given the current allocation to private equity. As of June 30, 2023, the Trust held 22 private investments, comprising 32.9% of total assets for a total commitment of approximately $546 million. The Trust continued to seek opportunities to harvest the illiquidity premium by taking advantage of the “closed” structure and adding exposure to private investments as capacity increases.

At period end, the Trust held 33% of assets in semiconductors, 25% in software, 13% in hardware, 11% in internet, 11% in services, 5% in new industries, and 3% in content & infrastructure. These industry exposures were the result of bottom-up stock selection.

As of June 30, 2023, the Trust had an options overwriting program in place whereby 29.0% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 6.4% 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 |  | 27

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Science and Technology Term Trust (BSTZ)

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
NVIDIA Corp. |  |  | 4.1 | %
ByteDance Ltd. |  |  | 3.2 |
SambaNova Systems, Inc. |  |  | 3.1 |
Synopsys, Inc. |  |  | 3.1 |
Databricks, Inc. |  |  | 3.0 |
Tesla, Inc. |  |  | 2.9 |
PsiQuantum Corp. |  |  | 2.5 |
GrubMarket, Inc. |  |  | 2.5 |
Lattice Semiconductor Corp. |  |  | 2.3 |
Monolithic Power Systems, Inc. |  |  | 2.0 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | Percentage of Total Investments |
Semiconductors & Semiconductor Equipment |  |  | 28.8 | %
Software |  |  | 23.8 |
IT Services |  |  | 11.3 |
Electronic Equipment, Instruments & Components |  |  | 6.9 |
Entertainment |  |  | 3.8 |
Financial Services |  |  | 3.2 |
Automobiles |  |  | 2.9 |
Professional Services |  |  | 2.6 |
Consumer Staples Distribution & Retail |  |  | 2.5 |
Broadline Retail |  |  | 2.4 |
Technology Hardware, Storage & Peripherals |  |  | 2.0 |
Communications Equipment |  |  | 1.8 |
Diversified Consumer Services |  |  | 1.7 |
Media |  |  | 1.6 |
Hotels, Restaurants & Leisure |  |  | 1.2 |
Other* |  |  | 3.5 |

(a) | Excludes short-term securities.

(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.

* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Consolidated Schedule of Investments for details.

28 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 June 30, 2023 |  | BlackRock Science and Technology Trust (BST)

Investment Objective

BlackRock Science and Technology Trust’s (BST) (the “Trust”) investment objective is to provide income and total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of U.S. and non-U.S. science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology (high growth science and technology stocks), and/or potential to generate current income from advantageous dividend yields (cyclical science and technology stocks). The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.

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

Trust Information

Symbol on New York Stock Exchange |  | BST
Initial Offering Date |  | October 30, 2014
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($34.44)(a) |  | 8.71%
Current Monthly Distribution per Common Share(b) |  | $0.250000
Current Annualized Distribution per Common Share(b) |  | $3.000000

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

| (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  | 12/31/22 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 34.44 |  |  | $ | 28.37 |  |  |  | 21.40 | % |  | $ | 34.44 |  |  | $ | 28.37 |
Net Asset Value |  |  | 34.14 |  |  |  | 29.11 |  |  |  | 17.28 |  |  |  | 34.26 |  |  |  | 28.82 |

Performance

Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  |  |  | Average Annual Total Returns |
|  |  | 6-month |  |  |  |  |  | 1 Year |  |  |  | 5 Years |  |  |  | Since Inception | (a)
Trust at NAV(b)(c) |  |  | 22.90 | % |  |  |  |  | 11.69 | % |  |  | 10.41 | % |  |  | 14.99 | %
Trust at Market Price(b)(c) |  |  | 27.21 |  |  |  |  |  | 16.39 |  |  |  | 8.95 |  |  |  | 14.49 |
MSCI ACWI Information Technology Call Overwrite Index(d) |  |  | 33.87 |  |  |  |  |  | 29.22 |  |  |  | N/A |  |  |  | N/A |
MSCI ACWI Information Technology Index(e) |  |  | 36.90 |  |  |  |  |  | 34.28 |  |  |  | 17.71 |  |  |  | 17.85 |

| (a) | BST commenced operations on October 30, 2014. |

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

| (c) | The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (d) | An index that incorporates an option overlay component on the MSCI ACWI IT Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns. |

| (e) | An index that includes large- and mid-cap securities across certain Developed Markets countries and certain Emerging Markets countries. All securities in the index are classified in the Information Technology sector as per the Global Industry Classification Standard. |

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Science and Technology Trust (BST)

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

What factors influenced performance?

The largest detractor from the Trust’s relative performance was security selection within the software and semiconductor sub-sectors. At the individual position level, the Trust’s underweight position in Apple was the largest detractor, as the company’s stock benefited from the rotation toward mega-cap technology stocks as part of a broader flight to quality in equity markets. Additionally, iPhone sales held up better than anticipated despite macroeconomic headwinds. Elsewhere, an underweight position in Nvidia was another notable detractor. The semiconductor designer’s stock jumped on optimism surrounding anticipated demand for its graphics processing units (“GPUs”), which are used extensively in artificial intelligence (“AI”) applications. First-quarter 2023 financial results showed incremental revenue from generative AI, and Nvidia substantially upgraded its guidance for the remainder of the period. Lastly, an off-benchmark position in privately held Bolt Financial was among the largest detractors from relative performance. The financial software company’s valuation fell along with its publicly traded fintech peers amid weak demand in the industry.

Conversely, security selection within the hardware sub-sector was the most significant contributor to the Trust’s relative performance. Among individual positions, an off-benchmark position in Tesla was the largest contributor, as the electric vehicle (“EV”) maker’s stock appreciated after the company reported record revenue for 2022 and revealed that demand growth for its EVs continued to outpace supply growth. Tiered pricing appeared as an effective tool for supporting sales growth. Elsewhere, an off-benchmark position in Meta Platforms notably contributed to relative performance, as investors rewarded the social media company’s stock for committing to cost discipline by reducing headcount and cutting operating expenses. Lastly, an overweight position in MongoDB was a key contributor to performance. The data management company saw its stock climb after reporting positive earnings results and boosting full-year guidance due to strong customer acquisition and retention metrics.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted to relative performance. The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.

Describe recent portfolio activity.

During the reporting period, the Trust increased its exposure to the semiconductors sub-sector, including companies that stand to benefit from increased capital expenditures on GPUs for generative AI. The Trust trimmed select holdings in the services sub-sector, as enterprise IT spending appears weak in the near-term. From a regional perspective, the Trust reduced its exposure to Chinese equities, reflecting caution about the pace of the economic recovery in the region as well as geopolitical uncertainty. The Trust did not make any additional investments in privately held technology companies during the period.

Describe portfolio positioning at period end.

At period end, the Trust held 28% of its net asset value in the software sub-sector, 26% in semiconductors, 16% in internet, 14% in hardware, 11% in services, 4% in new industries, and 1% in content & infrastructure. These industry exposures were the result of bottom-up stock selection.

As of June 30, 2023, the Trust had an options overwriting program in place whereby 34.7% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 5.0% out of the money) with an average time until expiration of 47 days.

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

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
Microsoft Corp. |  |  | 8.6 | %
Apple, Inc. |  |  | 8.2 |
NVIDIA Corp. |  |  | 5.9 |
ASML Holding NV |  |  | 2.7 |
Tesla, Inc. |  |  | 2.4 |
Cadence Design Systems, Inc. |  |  | 2.4 |
Mastercard, Inc. |  |  | 2.3 |
Broadcom, Inc. |  |  | 2.2 |
Amazon.com, Inc. |  |  | 1.9 |
Meta Platforms, Inc. |  |  | 1.9 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | Percentage of Total Investments |
Software |  |  | 26.5 | %
Semiconductors & Semiconductor Equipment |  |  | 24.8 |
IT Services |  |  | 9.6 |
Technology Hardware, Storage & Peripherals |  |  | 8.6 |
Financial Services |  |  | 6.4 |
Interactive Media & Services |  |  | 4.5 |
Broadline Retail |  |  | 3.5 |
Automobiles |  |  | 2.4 |
Entertainment |  |  | 2.3 |
Diversified Consumer Services |  |  | 2.1 |
Electronic Equipment, Instruments & Components |  |  | 1.8 |
Consumer Staples Distribution & Retail |  |  | 1.4 |
Professional Services |  |  | 1.0 |
Other* |  |  | 5.1 |

(a) | Excludes short-term securities.

(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.

* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Consolidated Schedule of Investments for details.

30 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 June 30, 2023 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Investment Objective

BlackRock Utilities, Infrastructure & Power Opportunities Trust’s (BUI) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities issued by companies that are engaged in the Utilities, Infrastructure and Power Opportunities business segments anywhere in the world and by employing a strategy of writing (selling) call and put options. The Trust considers the “Utilities” business segment to include products, technologies and services connected to the management, ownership, operation, construction, development or financing of facilities used to generate, transmit or distribute electricity, water, natural resources or telecommunications, the “Infrastructure” business segment to include companies that own or operate infrastructure assets or that are involved in the development, construction, distribution or financing of infrastructure assets and the “Power Opportunities” business segment to include companies with a significant involvement in, supporting, or necessary to renewable energy technology and development, alternative fuels, energy efficiency, automotive and sustainable mobility and technologies that enable or support the growth and adoption of new power and energy sources. Under normal circumstances, the Trust invests a substantial amount of its total assets in foreign issuers, issuers that primarily trade in a market located outside the United States or issuers that do a substantial amount of business outside the United States. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Trust Information

Symbol on New York Stock Exchange |  | BUI
Initial Offering Date |  | November 25, 2011
Current Distribution Rate on Closing Market Price as of June 30, 2023 ($22.04)(a) |  | 6.59%
Current Monthly Distribution per Common Share(b) |  | $0.121000
Current Annualized Distribution per Common Share(b) |  | $1.452000

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

| (b) | The distribution rate is not constant and is subject to change. |

Market Price and Net Asset Value Per Share Summary

|  | 06/30/23 |  |  | 12/31/22 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 22.04 |  |  | $ | 20.77 |  |  |  | 6.11 | % |  | $ | 23.98 |  |  | $ | 20.77 |
Net Asset Value |  |  | 22.96 |  |  |  | 22.37 |  |  |  | 2.64 |  |  |  | 23.39 |  |  |  | 21.90 |

Performance

Returns for the period ended June 30, 2023 were as follows:

|  |  |  |  |  |  | Average Annual Total Returns |
|  |  | 6-month |  |  |  |  |  | 1 Year |  |  |  | 5 Years |  |  |  | 10 Years |
Trust at NAV(a)(b) |  |  | 5.97 | % |  |  |  |  | 13.18 | % |  |  | 9.52 | % |  |  | 8.96 | %
Trust at Market Price(a)(b) |  |  | 9.56 |  |  |  |  |  | 7.55 |  |  |  | 8.90 |  |  |  | 9.44 |
MSCI World Select Energy, Utilities and Industry Call Overwrite Index(c) |  |  | 8.68 |  |  |  |  |  | 11.62 |  |  |  | N/A |  |  |  | N/A |
MSCI ACWI(d) |  |  | 13.93 |  |  |  |  |  | 16.53 |  |  |  | 8.10 |  |  |  | 8.75 |

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

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

| (c) | An index that incorporates an option overlay component on the MSCI World Select Energy, Utilities and Industry Index with a 33% overwrite level. The benchmark commenced on December 31, 2018 and therefore the benchmark does not have 5- and 10-year returns. |

| (d) | An index that captures large- and mid-cap representation across certain developed and emerging markets. |

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

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

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

What factors influenced performance?

The largest detractors from relative returns were the Trust’s positions in clean power utility NextEra Energy and United States based rooftop solar company Sunrun. NextEra’s share price fell following an unexpected announcement of a change in management at its regulated utility subsidiary. Sunrun felt pressure from the collapse of SVB Financial’s Silicon Valley Bank, which could prompt a tightening of financial conditions more broadly.

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

Trust Summary as of June 30, 2023 (continued) |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Conversely, the most significant contributor to relative returns came from the interest among investors in areas related to artificial intelligence (“AI”), particularly among semiconductor companies. The Trust’s holdings in Infineon Technologies and STMicroelectronics benefited as a result. Data center and power management companies Eaton and Schneider Electric also outperformed, as investors expected increased demand for data centers to support AI efforts. Both companies reported bottom-line financial results above consensus forecasts. Power infrastructure specialist Quanta also performed strongly after reporting financial results that were stronger than expected and raising its earnings guidance for the remainder of 2023.

The Trust utilized an options overlay strategy in which calls are written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance for the six-month period. The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.

Describe recent portfolio activity.

During the period, the Trust added to its positions in clean power utility companies. It also purchased new positions, one in the electric vehicle supply chain business focused on batteries, and another in freight and logistics. The Trust also increased its exposure to select semiconductor manufacturers early in the period.

Describe portfolio positioning at period end.

At period end, the utilities sector accounted for 49.1% of the Trust’s assets. The Trust had 28.7% and 10.0% 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 June 30, 2023, the Trust had an options overwriting program in place whereby 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 2.8% 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.

Overview of the Trust’s Total Investments

TEN LARGEST HOLDINGS

Security(a) |  | Percent of Total Investments |
NextEra Energy, Inc. |  |  | 8.1 | %
Enel SpA |  |  | 4.8 |
RWE AG |  |  | 4.2 |
Vinci SA |  |  | 3.4 |
Waste Management, Inc. |  |  | 3.2 |
Williams Cos., Inc. |  |  | 3.1 |
Sempra Energy |  |  | 2.9 |
Cheniere Energy, Inc. |  |  | 2.7 |
Atlas Copco AB |  |  | 2.6 |
American Electric Power Co., Inc. |  |  | 2.6 |

INDUSTRY ALLOCATION

Industry(a)(b) |  | Percentage of Total Investments |
Electric Utilities |  |  | 31.0 | %
Oil, Gas & Consumable Fuels |  |  | 10.2 |
Multi-Utilities |  |  | 10.2 |
Independent Power and Renewable Electricity Producers |  |  | 8.8 |
Electrical Equipment |  |  | 5.7 |
Building Products |  |  | 5.7 |
Semiconductors & Semiconductor Equipment |  |  | 5.6 |
Machinery |  |  | 5.5 |
Commercial Services & Supplies |  |  | 5.3 |
Construction & Engineering |  |  | 5.3 |
Chemicals |  |  | 4.1 |
Electronic Equipment, Instruments & Components |  |  | 1.6 |
Ground Transportation |  |  | 1.0 |

(a) | Excludes short-term securities.

(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.

32 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) June 30, 2023 |  | BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Energy Equipment & Services — 3.9% |  |  |  |  |  |
Schlumberger NV(a) |  |  | 264,350 |  |  | $ | 12,984,872 |
Tenaris SA |  |  | 133,100 |  |  |  | 1,991,049 |
|  |  |  |  |  |  | 14,975,921 |
Food Products — 0.5% |  |  |  |  |  |
Darling Ingredients, Inc.(a)(b) |  |  | 29,524 |  |  |  | 1,883,336 |
Oil, Gas & Consumable Fuels — 94.8% |  |  |  |  |  |
ARC Resources Ltd. |  |  | 368,380 |  |  |  | 4,913,587 |
BP PLC |  |  | 4,394,600 |  |  |  | 25,587,005 |
Canadian Natural Resources Ltd. |  |  | 298,109 |  |  |  | 16,760,263 |
Cenovus Energy, Inc. |  |  | 579,006 |  |  |  | 9,834,033 |
Cheniere Energy, Inc.(a) |  |  | 79,100 |  |  |  | 12,051,676 |
Chevron Corp.(a) |  |  | 114,320 |  |  |  | 17,988,252 |
ConocoPhillips(a) |  |  | 248,993 |  |  |  | 25,798,125 |
Diamondback Energy, Inc.(a) |  |  | 59,650 |  |  |  | 7,835,624 |
Eni SpA |  |  | 550,750 |  |  |  | 7,928,810 |
EOG Resources, Inc.(a) |  |  | 137,929 |  |  |  | 15,784,595 |
Exxon Mobil Corp.(a)(c) |  |  | 661,895 |  |  |  | 70,988,239 |
Gazprom PJSC(d) |  |  | 879,200 |  |  |  | 98 |
Hess Corp.(a) |  |  | 102,440 |  |  |  | 13,926,718 |
Kinder Morgan, Inc.(a) |  |  | 587,500 |  |  |  | 10,116,750 |
Kosmos Energy Ltd.(a)(b) |  |  | 466,934 |  |  |  | 2,796,935 |
Marathon Petroleum Corp.(a) |  |  | 92,575 |  |  |  | 10,794,245 |
Santos Ltd. |  |  | 230,436 |  |  |  | 1,152,984 |
Shell PLC, ADR(a) |  |  | 667,722 |  |  |  | 40,317,054 |
TC Energy Corp. |  |  | 156,350 |  |  |  | 6,318,912 |
TotalEnergies SE |  |  | 455,498 |  |  |  | 26,147,691 |
Tourmaline Oil Corp. |  |  | 145,233 |  |  |  | 6,843,136 |
Valero Energy Corp.(a) |  |  | 81,374 |  |  |  | 9,545,170 |
Williams Cos., Inc.(a) |  |  | 511,232 |  |  |  | 16,681,500 |
|  |  |  |  |  |  | 360,111,402 |
Total Long-Term Investments — 99.2% (Cost: $265,831,324) |  |  |  |  |  |  | 376,970,659 |

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.5% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(e)(f) |  |  | 5,580,127 |  |  | $ | 5,580,127 |
Total Short-Term Securities — 1.5% (Cost: $5,580,127) |  |  |  |  |  |  | 5,580,127 |
Total Investments Before Options Written — 100.7% (Cost: $271,411,451) |  |  |  | 382,550,786 |
Options Written — (0.7)% (Premiums Received: $(2,918,083)) |  |  |  |  |  |  | (2,556,321 | )
Total Investments, Net of Options Written — 100.0% (Cost: $268,493,368) |  |  |  | 379,994,465 |
Other Assets Less Liabilities — 0.0% |  |  |  |  |  |  | 48,033 |
Net Assets — 100.0% |  |  |  |  |  | $ | 380,042,498 |

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

(e) | Affiliate of the Trust.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 7,695,475 |  |  | $ | — |  |  | $ | (2,115,348 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 5,580,127 |  |  |  | 5,580,127 |  |  | $ | 154,603 |  |  | $ | — |

| (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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ConocoPhillips |  |  | 208 |  |  |  |  |  | 07/07/23 |  |  |  |  |  | USD |  |  |  | 102.00 |  |  |  |  |  | USD |  |  |  | 2,155 |  |  |  |  |  |  | $ | (46,800 | )

S C H E D U L E O F I N V E S T M E N T S |  | 33

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Energy and Resources Trust (BGR)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  |  |  | Expiration Date |  |  |  |  | Exercise Price |  |  |  |  | Notional Amount (000) |  |  |  |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exxon Mobil Corp. |  |  | 301 |  |  |  |  |  | 07/07/23 |  |  |  |  |  | USD |  |  |  | 111.62 |  |  |  |  |  | USD |  |  |  | 3,228 |  |  |  |  |  |  | $ | (3,043 | )
Hess Corp. |  |  | 170 |  |  |  |  |  | 07/07/23 |  |  |  |  |  | USD |  |  |  | 133.00 |  |  |  |  |  | USD |  |  |  | 2,311 |  |  |  |  |  |  |  | (63,750 | )
Shell PLC, ADR |  |  | 414 |  |  |  |  |  | 07/07/23 |  |  |  |  |  | USD |  |  |  | 58.00 |  |  |  |  |  | USD |  |  |  | 2,500 |  |  |  |  |  |  |  | (102,465 | )
Diamondback Energy, Inc. |  |  | 97 |  |  |  |  |  | 07/11/23 |  |  |  |  |  | USD |  |  |  | 137.00 |  |  |  |  |  | USD |  |  |  | 1,274 |  |  |  |  |  |  |  | (5,556 | )
Cheniere Energy, Inc. |  |  | 86 |  |  |  |  |  | 07/14/23 |  |  |  |  |  | USD |  |  |  | 150.00 |  |  |  |  |  | USD |  |  |  | 1,310 |  |  |  |  |  |  |  | (34,400 | )
ConocoPhillips |  |  | 438 |  |  |  |  |  | 07/14/23 |  |  |  |  |  | USD |  |  |  | 108.00 |  |  |  |  |  | USD |  |  |  | 4,538 |  |  |  |  |  |  |  | (20,367 | )
Exxon Mobil Corp. |  |  | 337 |  |  |  |  |  | 07/14/23 |  |  |  |  |  | USD |  |  |  | 112.00 |  |  |  |  |  | USD |  |  |  | 3,614 |  |  |  |  |  |  |  | (9,436 | )
Hess Corp. |  |  | 52 |  |  |  |  |  | 07/14/23 |  |  |  |  |  | USD |  |  |  | 139.00 |  |  |  |  |  | USD |  |  |  | 707 |  |  |  |  |  |  |  | (8,320 | )
Kinder Morgan, Inc. |  |  | 488 |  |  |  |  |  | 07/14/23 |  |  |  |  |  | USD |  |  |  | 17.50 |  |  |  |  |  | USD |  |  |  | 840 |  |  |  |  |  |  |  | (3,416 | )
Schlumberger NV |  |  | 173 |  |  |  |  |  | 07/14/23 |  |  |  |  |  | USD |  |  |  | 50.00 |  |  |  |  |  | USD |  |  |  | 850 |  |  |  |  |  |  |  | (13,062 | )
Shell PLC, ADR |  |  | 728 |  |  |  |  |  | 07/14/23 |  |  |  |  |  | USD |  |  |  | 60.00 |  |  |  |  |  | USD |  |  |  | 4,396 |  |  |  |  |  |  |  | (81,900 | )
Valero Energy Corp. |  |  | 138 |  |  |  |  |  | 07/14/23 |  |  |  |  |  | USD |  |  |  | 119.00 |  |  |  |  |  | USD |  |  |  | 1,619 |  |  |  |  |  |  |  | (26,841 | )
Williams Cos., Inc. |  |  | 515 |  |  |  |  |  | 07/14/23 |  |  |  |  |  | USD |  |  |  | 31.00 |  |  |  |  |  | USD |  |  |  | 1,680 |  |  |  |  |  |  |  | (87,550 | )
Arc Resources Ltd. |  |  | 515 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | CAD |  |  |  | 17.00 |  |  |  |  |  | CAD |  |  |  | 910 |  |  |  |  |  |  |  | (36,932 | )
Canadian Natural Resources Ltd. |  |  | 249 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | CAD |  |  |  | 78.00 |  |  |  |  |  | CAD |  |  |  | 1,855 |  |  |  |  |  |  |  | (7,894 | )
Cenovus Energy, Inc. |  |  | 1,429 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | CAD |  |  |  | 22.50 |  |  |  |  |  | CAD |  |  |  | 3,215 |  |  |  |  |  |  |  | (71,194 | )
Cheniere Energy, Inc. |  |  | 47 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 150.00 |  |  |  |  |  | USD |  |  |  | 716 |  |  |  |  |  |  |  | (22,795 | )
Darling Ingredients, Inc. |  |  | 74 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 65.00 |  |  |  |  |  | USD |  |  |  | 472 |  |  |  |  |  |  |  | (9,805 | )
Diamondback Energy, Inc. |  |  | 91 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 135.00 |  |  |  |  |  | USD |  |  |  | 1,195 |  |  |  |  |  |  |  | (15,243 | )
EOG Resources, Inc. |  |  | 249 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 117.50 |  |  |  |  |  | USD |  |  |  | 2,850 |  |  |  |  |  |  |  | (34,860 | )
Exxon Mobil Corp. |  |  | 77 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 115.00 |  |  |  |  |  | USD |  |  |  | 826 |  |  |  |  |  |  |  | (1,463 | )
Kinder Morgan, Inc. |  |  | 640 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 17.00 |  |  |  |  |  | USD |  |  |  | 1,102 |  |  |  |  |  |  |  | (27,520 | )
Marathon Petroleum Corp. |  |  | 132 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 115.00 |  |  |  |  |  | USD |  |  |  | 1,539 |  |  |  |  |  |  |  | (51,810 | )
Schlumberger NV |  |  | 234 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 50.00 |  |  |  |  |  | USD |  |  |  | 1,149 |  |  |  |  |  |  |  | (28,899 | )
TC Energy Corp. |  |  | 262 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | CAD |  |  |  | 56.00 |  |  |  |  |  | CAD |  |  |  | 1,403 |  |  |  |  |  |  |  | (1,780 | )
Tourmaline Oil Corp. |  |  | 348 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | CAD |  |  |  | 62.50 |  |  |  |  |  | CAD |  |  |  | 2,172 |  |  |  |  |  |  |  | (42,950 | )
Cheniere Energy, Inc. |  |  | 124 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 155.00 |  |  |  |  |  | USD |  |  |  | 1,889 |  |  |  |  |  |  |  | (34,100 | )
Chevron Corp. |  |  | 374 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 160.00 |  |  |  |  |  | USD |  |  |  | 5,885 |  |  |  |  |  |  |  | (99,110 | )
ConocoPhillips |  |  | 172 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 104.00 |  |  |  |  |  | USD |  |  |  | 1,782 |  |  |  |  |  |  |  | (48,160 | )
EOG Resources, Inc. |  |  | 211 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 113.00 |  |  |  |  |  | USD |  |  |  | 2,415 |  |  |  |  |  |  |  | (84,400 | )
Exxon Mobil Corp. |  |  | 539 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 108.00 |  |  |  |  |  | USD |  |  |  | 5,781 |  |  |  |  |  |  |  | (133,402 | )
Hess Corp. |  |  | 110 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 141.00 |  |  |  |  |  | USD |  |  |  | 1,495 |  |  |  |  |  |  |  | (27,775 | )
Marathon Petroleum Corp. |  |  | 175 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 115.00 |  |  |  |  |  | USD |  |  |  | 2,041 |  |  |  |  |  |  |  | (77,875 | )
Schlumberger NV |  |  | 335 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 49.00 |  |  |  |  |  | USD |  |  |  | 1,646 |  |  |  |  |  |  |  | (64,822 | )
Shell PLC, ADR |  |  | 510 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 63.00 |  |  |  |  |  | USD |  |  |  | 3,079 |  |  |  |  |  |  |  | (24,225 | )
Valero Energy Corp. |  |  | 137 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 115.00 |  |  |  |  |  | USD |  |  |  | 1,607 |  |  |  |  |  |  |  | (78,432 | )
Williams Cos., Inc. |  |  | 557 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 31.40 |  |  |  |  |  | USD |  |  |  | 1,817 |  |  |  |  |  |  |  | (85,680 | )
Exxon Mobil Corp. |  |  | 540 |  |  |  |  |  | 08/04/23 |  |  |  |  |  | USD |  |  |  | 109.00 |  |  |  |  |  | USD |  |  |  | 5,792 |  |  |  |  |  |  |  | (129,600 | )
Schlumberger NV |  |  | 130 |  |  |  |  |  | 08/04/23 |  |  |  |  |  | USD |  |  |  | 50.00 |  |  |  |  |  | USD |  |  |  | 639 |  |  |  |  |  |  |  | (22,100 | )
Shell PLC, ADR |  |  | 551 |  |  |  |  |  | 08/04/23 |  |  |  |  |  | USD |  |  |  | 61.00 |  |  |  |  |  | USD |  |  |  | 3,327 |  |  |  |  |  |  |  | (77,140 | )
Williams Cos., Inc. |  |  | 556 |  |  |  |  |  | 08/04/23 |  |  |  |  |  | USD |  |  |  | 31.40 |  |  |  |  |  | USD |  |  |  | 1,814 |  |  |  |  |  |  |  | (94,073 | )
Arc Resources Ltd. |  |  | 273 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | CAD |  |  |  | 18.00 |  |  |  |  |  | CAD |  |  |  | 482 |  |  |  |  |  |  |  | (14,528 | )
Canadian Natural Resources Ltd. |  |  | 746 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | CAD |  |  |  | 76.00 |  |  |  |  |  | CAD |  |  |  | 5,556 |  |  |  |  |  |  |  | (126,422 | )
Cenovus Energy, Inc. |  |  | 359 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | CAD |  |  |  | 23.00 |  |  |  |  |  | CAD |  |  |  | 808 |  |  |  |  |  |  |  | (26,557 | )
Darling Ingredients, Inc. |  |  | 23 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 64.75 |  |  |  |  |  | USD |  |  |  | 147 |  |  |  |  |  |  |  | (7,199 | )
Exxon Mobil Corp. |  |  | 390 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 110.00 |  |  |  |  |  | USD |  |  |  | 4,183 |  |  |  |  |  |  |  | (94,770 | )
Kinder Morgan, Inc. |  |  | 810 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 17.00 |  |  |  |  |  | USD |  |  |  | 1,395 |  |  |  |  |  |  |  | (41,715 | )
TC Energy Corp. |  |  | 253 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | CAD |  |  |  | 56.00 |  |  |  |  |  | CAD |  |  |  | 1,355 |  |  |  |  |  |  |  | (8,785 | )
Tourmaline Oil Corp. |  |  | 131 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | CAD |  |  |  | 62.00 |  |  |  |  |  | CAD |  |  |  | 818 |  |  |  |  |  |  |  | (33,374 | )
Arc Resources Ltd. |  |  | 427 |  |  |  |  |  | 09/15/23 |  |  |  |  |  | CAD |  |  |  | 18.00 |  |  |  |  |  | CAD |  |  |  | 755 |  |  |  |  |  |  |  | (30,299 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,324,594 | )

34 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Energy and Resources Trust (BGR)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BP PLC |  | Morgan Stanley & Co. International PLC |  |  | 720,900 |  |  |  | 07/11/23 |  |  |  | GBP |  |  |  | 4.97 |  |  |  | GBP |  |  |  | 3,305 |  |  | $ | (760 | )
Tenaris SA |  | Morgan Stanley & Co. International PLC |  |  | 12,000 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 13.00 |  |  |  | EUR |  |  |  | 165 |  |  |  | (10,088 | )
TotalEnergies SE |  | UBS AG |  |  | 32,000 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 58.79 |  |  |  | EUR |  |  |  | 1,683 |  |  |  | (72 | )
Santos Ltd. |  | UBS AG |  |  | 117,400 |  |  |  | 07/13/23 |  |  |  | AUD |  |  |  | 7.48 |  |  |  | AUD |  |  |  | 882 |  |  |  | (11,857 | )
TotalEnergies SE |  | Barclays Bank PLC |  |  | 115,900 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 54.14 |  |  |  | EUR |  |  |  | 6,097 |  |  |  | (26,969 | )
Tenaris SA |  | Morgan Stanley & Co. International PLC |  |  | 70,300 |  |  |  | 07/25/23 |  |  |  | EUR |  |  |  | 12.94 |  |  |  | EUR |  |  |  | 964 |  |  |  | (71,033 | )
Santos Ltd. |  | UBS AG |  |  | 111,200 |  |  |  | 07/26/23 |  |  |  | AUD |  |  |  | 7.83 |  |  |  | AUD |  |  |  | 835 |  |  |  | (5,448 | )
BP PLC |  | Barclays Bank PLC |  |  | 618,600 |  |  |  | 08/02/23 |  |  |  | GBP |  |  |  | 5.02 |  |  |  | GBP |  |  |  | 2,836 |  |  |  | (12,711 | )
Eni SpA |  | Goldman Sachs International |  |  | 130,200 |  |  |  | 08/03/23 |  |  |  | EUR |  |  |  | 12.92 |  |  |  | EUR |  |  |  | 1,718 |  |  |  | (67,531 | )
Eni SpA |  | JPMorgan Chase Bank N.A. |  |  | 51,500 |  |  |  | 08/14/23 |  |  |  | EUR |  |  |  | 13.07 |  |  |  | EUR |  |  |  | 679 |  |  |  | (25,258 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (231,727 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 896,114 |  |  | $ | (534,352 | ) |  | $ | (2,556,321 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 2,556,321 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,556,321 |

For the period ended June 30, 2023, 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) |  | $ | — |  |  | $ | — |  |  | $ | (734,586 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (734,586 | )
Options written |  |  | — |  |  |  | — |  |  |  | 10,781,255 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,781,255 |
|  | $ | — |  |  | $ | — |  |  | $ | 10,046,669 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10,046,669 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (2,063,487 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,063,487 | )

| (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 |  | $ | 2,801,514 |

| (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.

S C H E D U L E O F I N V E S T M E N T S |  | 35

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Energy and Resources Trust (BGR)

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 2,556,321 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 2,556,321 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (2,324,594 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 231,727 |

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 |  | $ | 39,680 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 39,680 |
Goldman Sachs International |  |  | 67,531 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 67,531 |
JPMorgan Chase Bank N.A. |  |  | 25,258 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25,258 |
Morgan Stanley & Co. International PLC |  |  | 81,881 |  |  |  | — |  |  |  | (81,881 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 17,377 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17,377 |
|  | $ | 231,727 |  |  | $ | — |  |  | $ | (81,881 | ) |  | $ | — |  |  | $ | 149,846 |

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

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Equipment & Services |  | $ | 12,984,872 |  |  | $ | 1,991,049 |  |  | $ | — |  |  | $ | 14,975,921 |
Food Products |  |  | 1,883,336 |  |  |  | — |  |  |  | — |  |  |  | 1,883,336 |
Oil, Gas & Consumable Fuels |  |  | 299,294,814 |  |  |  | 60,816,490 |  |  |  | 98 |  |  |  | 360,111,402 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 5,580,127 |  |  |  | — |  |  |  | — |  |  |  | 5,580,127 |
|  | $ | 319,743,149 |  |  | $ | 62,807,539 |  |  | $ | 98 |  |  | $ | 382,550,786 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (2,129,043 | ) |  | $ | (427,278 | ) |  | $ | — |  |  | $ | (2,556,321 | )

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

See notes to financial statements.

36 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) June 30, 2023 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Automobile Components — 1.5% |  |  |  |  |  |
Aptiv PLC(a) |  |  | 126,010 |  |  | $ | 12,864,361 |
Automobiles — 1.6% |  |  |  |  |  |
General Motors Co.(b) |  |  | 341,631 |  |  |  | 13,173,291 |
Banks — 1.7% |  |  |  |  |  |
JPMorgan Chase & Co.(b) |  |  | 99,251 |  |  |  | 14,435,065 |
Beverages — 1.5% |  |  |  |  |  |
Monster Beverage Corp.(a) |  |  | 216,910 |  |  |  | 12,459,310 |
Broadline Retail — 5.2% |  |  |  |  |  |
Amazon.com, Inc.(a)(b) |  |  | 335,180 |  |  |  | 43,694,065 |
Building Products — 0.8% |  |  |  |  |  |
Allegion PLC |  |  | 56,430 |  |  |  | 6,772,729 |
Capital Markets — 2.9% |  |  |  |  |  |
Intercontinental Exchange, Inc.(b) |  |  | 126,827 |  |  |  | 14,341,597 |
LPL Financial Holdings, Inc. |  |  | 47,640 |  |  |  | 10,358,365 |
|  |  |  |  |  |  | 24,699,962 |
Chemicals — 3.3% |  |  |  |  |  |
Axalta Coating Systems Ltd.(a) |  |  | 327,975 |  |  |  | 10,760,860 |
Corteva, Inc.(b) |  |  | 301,838 |  |  |  | 17,295,317 |
|  |  |  |  |  |  | 28,056,177 |
Communications Equipment — 1.4% |  |  |  |  |  |
Ciena Corp.(a) |  |  | 285,002 |  |  |  | 12,109,735 |
Consumer Staples Distribution & Retail(b) — 2.9% |  |  |  |
Dollar General Corp. |  |  | 73,048 |  |  |  | 12,402,089 |
Dollar Tree, Inc.(a) |  |  | 86,262 |  |  |  | 12,378,597 |
|  |  |  |  |  |  | 24,780,686 |
Containers & Packaging — 1.2% |  |  |  |  |  |
Sealed Air Corp.(b) |  |  | 246,250 |  |  |  | 9,850,000 |
Entertainment — 1.0% |  |  |  |  |  |
World Wrestling Entertainment, Inc., Class A(b) |  |  | 80,044 |  |  |  | 8,682,373 |
Financial Services — 6.2% |  |  |  |  |  |
Berkshire Hathaway, Inc., Class B(a)(b) |  |  | 68,608 |  |  |  | 23,395,328 |
FleetCor Technologies, Inc.(a) |  |  | 58,480 |  |  |  | 14,683,158 |
Visa, Inc., Class A(b) |  |  | 21,280 |  |  |  | 5,053,574 |
Voya Financial, Inc. |  |  | 125,650 |  |  |  | 9,010,362 |
|  |  |  |  |  |  | 52,142,422 |
Food Products — 1.7% |  |  |  |  |  |
Mondelez International, Inc., Class A(b) |  |  | 198,980 |  |  |  | 14,513,601 |
Health Care Equipment & Supplies — 1.3% |  |  |  |  |  |
Medtronic PLC |  |  | 122,460 |  |  |  | 10,788,726 |
Health Care Providers & Services — 7.6% |  |  |  |  |  |
Elevance Health, Inc. |  |  | 22,105 |  |  |  | 9,821,030 |
Humana, Inc.(b) |  |  | 21,748 |  |  |  | 9,724,183 |
Laboratory Corp. of America Holdings(b) |  |  | 63,675 |  |  |  | 15,366,688 |
Tenet Healthcare Corp.(a) |  |  | 137,120 |  |  |  | 11,158,826 |
UnitedHealth Group, Inc.(b) |  |  | 37,553 |  |  |  | 18,049,474 |
|  |  |  |  |  |  | 64,120,201 |
Health Care Technology — 1.0% |  |  |  |  |  |
Veeva Systems, Inc., Class A(a)(b) |  |  | 40,976 |  |  |  | 8,102,184 |

Security |  | Shares |  |  | Value |
Hotels, Restaurants & Leisure — 1.0% |  |  |  |  |  |
Las Vegas Sands Corp.(a)(b) |  |  | 148,428 |  |  | $ | 8,608,824 |
Household Durables — 1.3% |  |  |  |  |  |
Sony Group Corp., ADR |  |  | 126,340 |  |  |  | 11,375,654 |
Insurance — 3.0% |  |  |  |  |  |
Fidelity National Financial, Inc. |  |  | 238,540 |  |  |  | 8,587,440 |
Progressive Corp. |  |  | 68,340 |  |  |  | 9,046,166 |
Reinsurance Group of America, Inc.(b) |  |  | 56,480 |  |  |  | 7,833,211 |
|  |  |  |  |  |  | 25,466,817 |
Interactive Media & Services(a) — 8.0% |  |  |  |  |  |
Alphabet, Inc., Class A |  |  | 354,280 |  |  |  | 42,407,315 |
Meta Platforms, Inc., Class A(b) |  |  | 88,949 |  |  |  | 25,526,584 |
|  |  |  |  |  |  | 67,933,899 |
IT Services — 1.5% |  |  |  |  |  |
Cognizant Technology Solutions Corp., Class A |  |  | 199,360 |  |  |  | 13,014,221 |
Life Sciences Tools & Services — 1.2% |  |  |  |  |  |
Avantor, Inc.(a) |  |  | 493,590 |  |  |  | 10,138,339 |
Machinery(b) — 5.0% |  |  |  |  |  |
Caterpillar, Inc. |  |  | 64,230 |  |  |  | 15,803,792 |
Fortive Corp. |  |  | 231,873 |  |  |  | 17,337,144 |
Otis Worldwide Corp. |  |  | 103,577 |  |  |  | 9,219,389 |
|  |  |  |  |  |  | 42,360,325 |
Media(b) — 3.7% |  |  |  |  |  |
Comcast Corp., Class A |  |  | 596,952 |  |  |  | 24,803,356 |
Fox Corp., Class A |  |  | 196,008 |  |  |  | 6,664,272 |
|  |  |  |  |  |  | 31,467,628 |
Oil, Gas & Consumable Fuels — 4.3% |  |  |  |  |  |
BP PLC, ADR(c) |  |  | 332,140 |  |  |  | 11,721,221 |
ConocoPhillips(b) |  |  | 130,218 |  |  |  | 13,491,887 |
EQT Corp.(b) |  |  | 273,977 |  |  |  | 11,268,674 |
|  |  |  |  |  |  | 36,481,782 |
Personal Care Products — 1.2% |  |  |  |  |  |
Unilever PLC, ADR(b) |  |  | 197,048 |  |  |  | 10,272,112 |
Pharmaceuticals — 3.8% |  |  |  |  |  |
Novo Nordisk A/S, ADR(b) |  |  | 89,033 |  |  |  | 14,408,210 |
Sanofi, ADR |  |  | 334,050 |  |  |  | 18,005,295 |
|  |  |  |  |  |  | 32,413,505 |
Professional Services — 1.2% |  |  |  |  |  |
Dun & Bradstreet Holdings, Inc. |  |  | 859,540 |  |  |  | 9,944,878 |
Semiconductors & Semiconductor Equipment — 6.5% |  |  |  |
Advanced Micro Devices, Inc.(a) |  |  | 112,810 |  |  |  | 12,850,187 |
Analog Devices, Inc.(b) |  |  | 64,070 |  |  |  | 12,481,477 |
Applied Materials, Inc.(b) |  |  | 137,120 |  |  |  | 19,819,325 |
Marvell Technology, Inc. |  |  | 165,720 |  |  |  | 9,906,742 |
|  |  |  |  |  |  | 55,057,731 |
Software — 8.6% |  |  |  |  |  |
Microsoft Corp.(b) |  |  | 214,161 |  |  |  | 72,930,387 |
Specialty Retail — 1.7% |  |  |  |  |  |
Ross Stores, Inc.(b) |  |  | 126,968 |  |  |  | 14,236,922 |
Technology Hardware, Storage & Peripherals — 5.1% |  |  |  |
Apple, Inc.(b) |  |  | 220,458 |  |  |  | 42,762,238 |

S C H E D U L E O F I N V E S T M E N T S |  | 37

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Textiles, Apparel & Luxury Goods — 0.7% |  |  |  |  |  |
Skechers USA, Inc., Class A(a) |  |  | 118,530 |  |  | $ | 6,241,790 |
Total Long-Term Investments — 100.6% (Cost: $560,929,271) |  |  |  |  |  |  | 851,951,940 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.6% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(d)(e) |  |  | 13,210,705 |  |  |  | 13,210,705 |
SL Liquidity Series, LLC, Money Market Series, 5.28%(d)(e)(f) |  |  | 36 |  |  |  | 36 |
Total Short-Term Securities — 1.6% (Cost: $13,210,741) |  |  |  |  |  |  | 13,210,741 |
Total Investments Before Options Written — 102.2% (Cost: $574,140,012) |  |  |  | 865,162,681 |
Options Written — (2.1)% (Premiums Received: $(12,842,348)) |  |  |  |  |  |  | (17,316,604 | )
Total Investments, Net of Options Written — 100.1% (Cost: $561,297,664) |  |  |  | 847,846,077 |
Liabilities in Excess of Other Assets — (0.1)% |  |  |  | (1,184,989 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 846,661,088 |

(a) | Non-income producing security.

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

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

(d) | Affiliate of the Trust.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 14,661,156 |  |  | $ | — |  |  | $ | (1,450,451 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 13,210,705 |  |  |  | 13,210,705 |  |  | $ | 275,672 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | 550 | (a) |  |  | — |  |  |  | (514 | ) |  |  | — |  |  |  | 36 |  |  |  | 36 |  |  |  | 5,638 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (514 | ) |  | $ | — |  |  | $ | 13,210,741 |  |  |  |  |  |  | $ | 281,310 |  |  | $ | — |

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

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alphabet, Inc., Class A |  |  | 322 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 124.34 |  |  |  | USD |  |  |  | 3,854 |  |  | $ | (5,141 | )
Amazon.com, Inc. |  |  | 384 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 123.00 |  |  |  | USD |  |  |  | 5,006 |  |  |  | (286,080 | )
Analog Devices, Inc. |  |  | 148 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 2,883 |  |  |  | (150,960 | )
Apple, Inc. |  |  | 370 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 7,177 |  |  |  | (339,475 | )
Applied Materials, Inc. |  |  | 364 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 147.00 |  |  |  | USD |  |  |  | 5,261 |  |  |  | (30,940 | )
BP PLC, ADR |  |  | 459 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 36.00 |  |  |  | USD |  |  |  | 1,620 |  |  |  | (4,590 | )
Caterpillar, Inc. |  |  | 104 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 2,559 |  |  |  | (325,520 | )
ConocoPhillips |  |  | 77 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 102.00 |  |  |  | USD |  |  |  | 798 |  |  |  | (17,325 | )

38 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elevance Health, Inc. |  |  | 36 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 475.00 |  |  |  | USD |  |  |  | 1,599 |  |  | $ | (1,260 | )
EQT Corp. |  |  | 319 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 1,312 |  |  |  | (101,282 | )
Fox Corp., Class A |  |  | 684 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 34.00 |  |  |  | USD |  |  |  | 2,326 |  |  |  | (23,940 | )
General Motors Co. |  |  | 283 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 1,091 |  |  |  | (24,338 | )
Microsoft Corp. |  |  | 159 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 5,415 |  |  |  | (55,253 | )
Mondelez International, Inc., Class A |  |  | 377 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 2,750 |  |  |  | (3,770 | )
UnitedHealth Group, Inc. |  |  | 144 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 485.00 |  |  |  | USD |  |  |  | 6,921 |  |  |  | (28,224 | )
Cognizant Technology Solutions Corp., Class A |  |  | 189 |  |  |  | 07/10/23 |  |  |  | USD |  |  |  | 62.00 |  |  |  | USD |  |  |  | 1,234 |  |  |  | (64,600 | )
Alphabet, Inc., Class A |  |  | 153 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 1,831 |  |  |  | (7,344 | )
Amazon.com, Inc. |  |  | 380 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 129.00 |  |  |  | USD |  |  |  | 4,954 |  |  |  | (130,150 | )
Analog Devices, Inc. |  |  | 61 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 1,188 |  |  |  | (93,635 | )
Apple, Inc. |  |  | 330 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 6,401 |  |  |  | (311,850 | )
Applied Materials, Inc. |  |  | 539 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 141.00 |  |  |  | USD |  |  |  | 7,791 |  |  |  | (278,932 | )
BP PLC, ADR |  |  | 272 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 36.00 |  |  |  | USD |  |  |  | 960 |  |  |  | (6,936 | )
ConocoPhillips |  |  | 216 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 108.00 |  |  |  | USD |  |  |  | 2,238 |  |  |  | (10,044 | )
Dollar General Corp. |  |  | 266 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 4,516 |  |  |  | (268,660 | )
Dollar Tree, Inc. |  |  | 211 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 138.00 |  |  |  | USD |  |  |  | 3,028 |  |  |  | (130,292 | )
EQT Corp. |  |  | 326 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 37.00 |  |  |  | USD |  |  |  | 1,341 |  |  |  | (138,550 | )
General Motors Co. |  |  | 37 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 36.00 |  |  |  | USD |  |  |  | 143 |  |  |  | (10,138 | )
Las Vegas Sands Corp. |  |  | 296 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 59.00 |  |  |  | USD |  |  |  | 1,717 |  |  |  | (24,124 | )
Marvell Technology, Inc. |  |  | 331 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 1,979 |  |  |  | (36,079 | )
Meta Platforms, Inc., Class A |  |  | 165 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 285.00 |  |  |  | USD |  |  |  | 4,735 |  |  |  | (122,925 | )
Microsoft Corp. |  |  | 367 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 12,498 |  |  |  | (438,565 | )
Mondelez International, Inc., Class A |  |  | 356 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 73.00 |  |  |  | USD |  |  |  | 2,597 |  |  |  | (23,140 | )
Ross Stores, Inc. |  |  | 187 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 107.00 |  |  |  | USD |  |  |  | 2,097 |  |  |  | (104,720 | )
Advanced Micro Devices, Inc. |  |  | 190 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 113.00 |  |  |  | USD |  |  |  | 2,164 |  |  |  | (92,150 | )
Alphabet, Inc., Class A |  |  | 131 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,568 |  |  |  | (34,650 | )
Alphabet, Inc., Class A |  |  | 1,012 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 12,114 |  |  |  | (91,080 | )
Amazon.com, Inc. |  |  | 94 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,225 |  |  |  | (103,635 | )
Amazon.com, Inc. |  |  | 300 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 3,911 |  |  |  | (107,250 | )
Aptiv PLC |  |  | 444 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 97.03 |  |  |  | USD |  |  |  | 4,533 |  |  |  | (292,890 | )
Avantor, Inc. |  |  | 482 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 20.43 |  |  |  | USD |  |  |  | 990 |  |  |  | (38,405 | )
Axalta Coating Systems Ltd. |  |  | 465 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 33.00 |  |  |  | USD |  |  |  | 1,526 |  |  |  | (30,225 | )
Axalta Coating Systems Ltd. |  |  | 538 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 32.00 |  |  |  | USD |  |  |  | 1,765 |  |  |  | (65,905 | )
Berkshire Hathaway, Inc., Class B |  |  | 252 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 325.00 |  |  |  | USD |  |  |  | 8,593 |  |  |  | (437,850 | )
Caterpillar, Inc. |  |  | 104 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 2,559 |  |  |  | (380,380 | )
Ciena Corp. |  |  | 431 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,831 |  |  |  | (2,155 | )
Cognizant Technology Solutions Corp., Class A |  |  | 203 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 1,325 |  |  |  | (64,960 | )
Comcast Corp., Class A |  |  | 868 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 3,607 |  |  |  | (19,530 | )
Corteva, Inc. |  |  | 665 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 59.00 |  |  |  | USD |  |  |  | 3,810 |  |  |  | (36,324 | )
Dollar General Corp. |  |  | 208 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 3,531 |  |  |  | (2,080 | )
Dollar Tree, Inc. |  |  | 208 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 2,985 |  |  |  | (109,200 | )
Dun & Bradstreet Holdings, Inc. |  |  | 498 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 11.82 |  |  |  | USD |  |  |  | 576 |  |  |  | (15,440 | )
Elevance Health, Inc. |  |  | 62 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 490.00 |  |  |  | USD |  |  |  | 2,755 |  |  |  | (4,805 | )
EQT Corp. |  |  | 422 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 1,736 |  |  |  | (148,755 | )
Fidelity National Financial, Inc. |  |  | 851 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 3,064 |  |  |  | (125,522 | )
FleetCor Technologies, Inc. |  |  | 201 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 5,047 |  |  |  | (272,355 | )
Fortive Corp. |  |  | 545 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 66.32 |  |  |  | USD |  |  |  | 4,075 |  |  |  | (475,360 | )
Fox Corp., Class A |  |  | 305 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 33.00 |  |  |  | USD |  |  |  | 1,037 |  |  |  | (41,938 | )
General Motors Co. |  |  | 463 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 34.00 |  |  |  | USD |  |  |  | 1,785 |  |  |  | (219,925 | )
Humana, Inc. |  |  | 49 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 525.00 |  |  |  | USD |  |  |  | 2,191 |  |  |  | (2,573 | )
Intercontinental Exchange, Inc. |  |  | 354 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 109.00 |  |  |  | USD |  |  |  | 4,003 |  |  |  | (168,846 | )
JPMorgan Chase & Co. |  |  | 83 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 1,207 |  |  |  | (22,203 | )
Laboratory Corp. of America Holdings |  |  | 164 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 3,958 |  |  |  | (359,980 | )
Las Vegas Sands Corp. |  |  | 188 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,090 |  |  |  | (20,398 | )
LPL Financial Holdings, Inc. |  |  | 155 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 3,370 |  |  |  | (70,525 | )
Meta Platforms, Inc., Class A |  |  | 224 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 6,428 |  |  |  | (851,200 | )
Microsoft Corp. |  |  | 183 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 6,232 |  |  |  | (261,690 | )
Microsoft Corp. |  |  | 123 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 4,189 |  |  |  | (87,945 | )
Monster Beverage Corp. |  |  | 813 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 59.95 |  |  |  | USD |  |  |  | 4,670 |  |  |  | (31,648 | )
Otis Worldwide Corp. |  |  | 483 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 84.60 |  |  |  | USD |  |  |  | 4,299 |  |  |  | (246,810 | )
Progressive Corp. |  |  | 276 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 3,653 |  |  |  | (44,160 | )

S C H E D U L E O F I N V E S T M E N T S |  | 39

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinsurance Group of America, Inc. |  |  | 199 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 148.51 |  |  |  | USD |  |  |  | 2,760 |  |  | $ | (12,203 | )
Ross Stores, Inc. |  |  | 402 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 4,508 |  |  |  | (138,690 | )
Sanofi, ADR |  |  | 1,057 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 5,697 |  |  |  | (42,280 | )
Sanofi, ADR |  |  | 742 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 3,999 |  |  |  | (137,270 | )
Sealed Air Corp. |  |  | 757 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 3,028 |  |  |  | (162,755 | )
Skechers USA, Inc., Class A |  |  | 237 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,248 |  |  |  | (11,850 | )
Tenet Healthcare Corp. |  |  | 95 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 773 |  |  |  | (157,700 | )
Unilever PLC, ADR |  |  | 553 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 54.82 |  |  |  | USD |  |  |  | 2,883 |  |  |  | (1,888 | )
Veeva Systems, Inc., Class A |  |  | 166 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 3,282 |  |  |  | (164,340 | )
Visa, Inc., Class A |  |  | 69 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 1,639 |  |  |  | (61,928 | )
Voya Financial, Inc. |  |  | 420 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 3,012 |  |  |  | (42,000 | )
World Wrestling Entertainment, Inc., Class A |  |  | 389 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 4,219 |  |  |  | (204,225 | )
Advanced Micro Devices, Inc. |  |  | 354 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 127.00 |  |  |  | USD |  |  |  | 4,032 |  |  |  | (50,976 | )
Alphabet, Inc., Class A |  |  | 186 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 126.00 |  |  |  | USD |  |  |  | 2,226 |  |  |  | (34,038 | )
Amazon.com, Inc. |  |  | 353 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 137.00 |  |  |  | USD |  |  |  | 4,602 |  |  |  | (103,958 | )
Analog Devices, Inc. |  |  | 47 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 916 |  |  |  | (24,675 | )
Apple, Inc. |  |  | 103 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 1,998 |  |  |  | (110,467 | )
Berkshire Hathaway, Inc., Class B |  |  | 199 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 345.00 |  |  |  | USD |  |  |  | 6,786 |  |  |  | (62,387 | )
BP PLC, ADR |  |  | 597 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 36.00 |  |  |  | USD |  |  |  | 2,107 |  |  |  | (31,641 | )
Caterpillar, Inc. |  |  | 209 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 5,142 |  |  |  | (75,762 | )
Comcast Corp., Class A |  |  | 52 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 216 |  |  |  | (4,238 | )
ConocoPhillips |  |  | 227 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 104.00 |  |  |  | USD |  |  |  | 2,352 |  |  |  | (63,560 | )
Elevance Health, Inc. |  |  | 35 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 450.00 |  |  |  | USD |  |  |  | 1,555 |  |  |  | (28,175 | )
Fox Corp., Class A |  |  | 285 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 34.00 |  |  |  | USD |  |  |  | 969 |  |  |  | (24,225 | )
General Motors Co. |  |  | 127 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 39.00 |  |  |  | USD |  |  |  | 490 |  |  |  | (15,748 | )
Humana, Inc. |  |  | 107 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 470.00 |  |  |  | USD |  |  |  | 4,784 |  |  |  | (35,043 | )
Las Vegas Sands Corp. |  |  | 107 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 621 |  |  |  | (11,075 | )
Meta Platforms, Inc., Class A |  |  | 94 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 2,698 |  |  |  | (89,535 | )
Microsoft Corp. |  |  | 278 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 345.00 |  |  |  | USD |  |  |  | 9,467 |  |  |  | (230,740 | )
Mondelez International, Inc., Class A |  |  | 222 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 74.00 |  |  |  | USD |  |  |  | 1,619 |  |  |  | (19,980 | )
Novo Nordisk A/S, ADR |  |  | 363 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 5,874 |  |  |  | (114,345 | )
Sony Group Corp., ADR |  |  | 249 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 96.00 |  |  |  | USD |  |  |  | 2,242 |  |  |  | (11,205 | )
UnitedHealth Group, Inc. |  |  | 100 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 490.00 |  |  |  | USD |  |  |  | 4,806 |  |  |  | (75,000 | )
Visa, Inc., Class A |  |  | 136 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 3,230 |  |  |  | (143,820 | )
Advanced Micro Devices, Inc. |  |  | 189 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 2,153 |  |  |  | (119,542 | )
Alphabet, Inc., Class A |  |  | 203 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 121.00 |  |  |  | USD |  |  |  | 2,430 |  |  |  | (82,215 | )
Amazon.com, Inc. |  |  | 372 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 137.00 |  |  |  | USD |  |  |  | 4,849 |  |  |  | (125,550 | )
Apple, Inc. |  |  | 268 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 5,198 |  |  |  | (220,430 | )
Comcast Corp., Class A |  |  | 417 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 1,733 |  |  |  | (37,739 | )
EQT Corp. |  |  | 315 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 1,296 |  |  |  | (37,958 | )
General Motors Co. |  |  | 456 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 1,758 |  |  |  | (88,692 | )
JPMorgan Chase & Co. |  |  | 78 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 146.00 |  |  |  | USD |  |  |  | 1,134 |  |  |  | (23,010 | )
Las Vegas Sands Corp. |  |  | 174 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 59.00 |  |  |  | USD |  |  |  | 1,009 |  |  |  | (34,539 | )
Microsoft Corp. |  |  | 282 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 9,603 |  |  |  | (344,040 | )
Ross Stores, Inc. |  |  | 19 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 108.00 |  |  |  | USD |  |  |  | 213 |  |  |  | (11,020 | )
Sony Group Corp., ADR |  |  | 256 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 93.00 |  |  |  | USD |  |  |  | 2,305 |  |  |  | (35,200 | )
Ciena Corp. |  |  | 436 |  |  |  | 08/07/23 |  |  |  | USD |  |  |  | 46.50 |  |  |  | USD |  |  |  | 1,853 |  |  |  | (22,477 | )
Cognizant Technology Solutions Corp., Class A |  |  | 132 |  |  |  | 08/07/23 |  |  |  | USD |  |  |  | 63.75 |  |  |  | USD |  |  |  | 862 |  |  |  | (41,661 | )
Comcast Corp., Class A |  |  | 173 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 719 |  |  |  | (17,214 | )
JPMorgan Chase & Co. |  |  | 298 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 144.00 |  |  |  | USD |  |  |  | 4,334 |  |  |  | (131,865 | )
Ross Stores, Inc. |  |  | 217 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 112.00 |  |  |  | USD |  |  |  | 2,433 |  |  |  | (72,695 | )
Alphabet, Inc., Class A |  |  | 295 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 3,531 |  |  |  | (49,265 | )
Amazon.com, Inc. |  |  | 295 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 3,846 |  |  |  | (292,787 | )
Apple, Inc. |  |  | 361 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 7,002 |  |  |  | (314,972 | )
Aptiv PLC |  |  | 386 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 3,941 |  |  |  | (80,095 | )
Avantor, Inc. |  |  | 477 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 980 |  |  |  | (19,080 | )
Avantor, Inc. |  |  | 1,014 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 20.40 |  |  |  | USD |  |  |  | 2,083 |  |  |  | (124,177 | )
Axalta Coating Systems Ltd. |  |  | 1,130 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 33.00 |  |  |  | USD |  |  |  | 3,708 |  |  |  | (144,075 | )
Ciena Corp. |  |  | 519 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 44.32 |  |  |  | USD |  |  |  | 2,205 |  |  |  | (50,074 | )
Cognizant Technology Solutions Corp., Class A |  |  | 267 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 1,743 |  |  |  | (93,963 | )
Comcast Corp., Class A |  |  | 877 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 3,644 |  |  |  | (78,053 | )
Corteva, Inc. |  |  | 537 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 57.90 |  |  |  | USD |  |  |  | 3,077 |  |  |  | (89,375 | )

40 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elevance Health, Inc. |  |  | 10 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 470.00 |  |  |  | USD |  |  |  | 444 |  |  | $ | (5,750 | )
EQT Corp. |  |  | 398 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 39.00 |  |  |  | USD |  |  |  | 1,637 |  |  |  | (143,280 | )
Fidelity National Financial, Inc. |  |  | 480 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,728 |  |  |  | (98,400 | )
Fortive Corp. |  |  | 502 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 67.45 |  |  |  | USD |  |  |  | 3,753 |  |  |  | (412,491 | )
Intercontinental Exchange, Inc. |  |  | 472 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 5,337 |  |  |  | (101,480 | )
Laboratory Corp. of America Holdings |  |  | 4 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 97 |  |  |  | (9,560 | )
Laboratory Corp. of America Holdings |  |  | 251 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 6,057 |  |  |  | (235,940 | )
Las Vegas Sands Corp. |  |  | 199 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 1,154 |  |  |  | (22,487 | )
LPL Financial Holdings, Inc. |  |  | 154 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 3,348 |  |  |  | (145,530 | )
Meta Platforms, Inc., Class A |  |  | 94 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 2,698 |  |  |  | (115,385 | )
Monster Beverage Corp. |  |  | 616 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 57.95 |  |  |  | USD |  |  |  | 3,538 |  |  |  | (115,137 | )
Novo Nordisk A/S, ADR |  |  | 215 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 3,479 |  |  |  | (83,850 | )
Otis Worldwide Corp. |  |  | 278 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 80.23 |  |  |  | USD |  |  |  | 2,474 |  |  |  | (265,171 | )
Progressive Corp. |  |  | 174 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 2,303 |  |  |  | (100,920 | )
Reinsurance Group of America, Inc. |  |  | 168 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 2,330 |  |  |  | (60,480 | )
Sealed Air Corp. |  |  | 575 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 2,300 |  |  |  | (36,623 | )
Tenet Healthcare Corp. |  |  | 179 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 1,457 |  |  |  | (43,855 | )
Unilever PLC, ADR |  |  | 405 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 50.05 |  |  |  | USD |  |  |  | 2,111 |  |  |  | (98,376 | )
Medtronic PLC |  |  | 267 |  |  |  | 08/29/23 |  |  |  | USD |  |  |  | 89.00 |  |  |  | USD |  |  |  | 2,352 |  |  |  | (59,375 | )
Medtronic PLC |  |  | 262 |  |  |  | 09/08/23 |  |  |  | USD |  |  |  | 89.00 |  |  |  | USD |  |  |  | 2,308 |  |  |  | (64,697 | )
Fortive Corp. |  |  | 480 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 3,589 |  |  |  | (312,000 | )
Sealed Air Corp. |  |  | 290 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 41.75 |  |  |  | USD |  |  |  | 1,160 |  |  |  | (39,753 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (16,829,554 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
JPMorgan Chase & Co. |  | Citibank N.A. |  |  | 18,700 |  |  |  | 07/11/23 |  |  |  | USD |  |  |  | 138.69 |  |  |  | USD |  |  |  | 2,720 |  |  | $ | (116,588 | )
Corteva, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 78,600 |  |  |  | 07/25/23 |  |  |  | USD |  |  |  | 59.10 |  |  |  | USD |  |  |  | 4,504 |  |  |  | (48,280 | )
FleetCor Technologies, Inc. |  | Citibank N.A. |  |  | 18,400 |  |  |  | 07/31/23 |  |  |  | USD |  |  |  | 246.16 |  |  |  | USD |  |  |  | 4,620 |  |  |  | (165,247 | )
Voya Financial, Inc. |  | Citibank N.A. |  |  | 39,600 |  |  |  | 07/31/23 |  |  |  | USD |  |  |  | 73.46 |  |  |  | USD |  |  |  | 2,840 |  |  |  | (36,103 | )
Dun & Bradstreet Holdings, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 72,800 |  |  |  | 08/02/23 |  |  |  | USD |  |  |  | 12.19 |  |  |  | USD |  |  |  | 842 |  |  |  | (23,386 | )
Dun & Bradstreet Holdings, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 49,300 |  |  |  | 08/17/23 |  |  |  | USD |  |  |  | 10.32 |  |  |  | USD |  |  |  | 570 |  |  |  | (97,446 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (487,050 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 2,754,483 |  |  | $ | (7,228,739 | ) |  | $ | (17,316,604 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 17,316,604 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 17,316,604 |

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

For the period ended June 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (9,665,066 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (9,665,066 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (9,874,294 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (9,874,294 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | 16,946,760 |

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 |  | $ | — |  |  | $ | 17,316,604 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 17,316,604 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (16,829,554 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 487,050 |

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 |  |  |  | Net Amount of Derivative Liabilities | (a)
Citibank N.A. |  | $ | 317,938 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 317,938 |
JPMorgan Chase Bank N.A. |  |  | 169,112 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 169,112 |
|  | $ | 487,050 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 487,050 |

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 851,951,940 |  |  | $ | — |  |  | $ | — |  |  | $ | 851,951,940 |

42 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  | $ | 13,210,705 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,210,705 |
|  | $ | 865,162,645 |  |  | $ | — |  |  | $ | — |  |  |  | 865,162,645 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 865,162,681 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (13,926,649 | ) |  | $ | (3,389,955 | ) |  | $ | — |  |  | $ | (17,316,604 | )

| (a) | Certain investments of the Trust were fair valued using NAV as a practical expedient 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.

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

Consolidated Schedule of Investments (unaudited) June 30, 2023 |  | BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Aerospace & Defense(a) — 2.8% |  |  |  |  |  |
L3Harris Technologies, Inc.(b) |  |  | 169,635 |  |  | $ | 33,209,444 |
Raytheon Technologies Corp. |  |  | 127,232 |  |  |  | 12,463,647 |
|  |  |  |  |  |  | 45,673,091 |
Automobile Components — 0.4% |  |  |  |  |  |
Lear Corp.(a) |  |  | 47,800 |  |  |  | 6,861,690 |
Automobiles — 2.1% |  |  |  |  |  |
General Motors Co.(a)(b) |  |  | 914,947 |  |  |  | 35,280,356 |
Banks(a) — 10.2% |  |  |  |  |  |
Bank of America Corp. |  |  | 153,081 |  |  |  | 4,391,894 |
Citigroup, Inc. |  |  | 957,550 |  |  |  | 44,085,602 |
Citizens Financial Group, Inc. |  |  | 418,904 |  |  |  | 10,925,016 |
First Citizens BancShares, Inc., Class A(b) |  |  | 24,907 |  |  |  | 31,966,889 |
JPMorgan Chase & Co. |  |  | 181,778 |  |  |  | 26,437,793 |
Wells Fargo & Co. |  |  | 1,193,168 |  |  |  | 50,924,409 |
|  |  |  |  |  |  | 168,731,603 |
Beverages — 1.0% |  |  |  |  |  |
Constellation Brands, Inc., Class A(a) |  |  | 65,289 |  |  |  | 16,069,582 |
Capital Markets — 2.5% |  |  |  |  |  |
Carlyle Group, Inc. |  |  | 375,700 |  |  |  | 12,003,615 |
Charles Schwab Corp.(a) |  |  | 70,205 |  |  |  | 3,979,219 |
Intercontinental Exchange, Inc.(a) |  |  | 84,950 |  |  |  | 9,606,146 |
Raymond James Financial, Inc.(a) |  |  | 150,989 |  |  |  | 15,668,129 |
|  |  |  |  |  |  | 41,257,109 |
Chemicals — 0.5% |  |  |  |  |  |
PPG Industries, Inc.(a) |  |  | 60,439 |  |  |  | 8,963,104 |
Communications Equipment — 2.3% |  |  |  |  |  |
Cisco Systems, Inc.(a) |  |  | 719,630 |  |  |  | 37,233,656 |
Consumer Staples Distribution & Retail — 1.9% |  |  |  |
Dollar General Corp.(a) |  |  | 187,696 |  |  |  | 31,867,027 |
Containers & Packaging — 1.4% |  |  |  |  |  |
Sealed Air Corp.(a) |  |  | 593,272 |  |  |  | 23,730,880 |
Diversified Telecommunication Services(a) — 1.8% |  |  |  |
AT&T, Inc. |  |  | 713,382 |  |  |  | 11,378,443 |
Verizon Communications, Inc. |  |  | 484,060 |  |  |  | 18,002,191 |
|  |  |  |  |  |  | 29,380,634 |
Electric Utilities(a) — 2.0% |  |  |  |  |  |
American Electric Power Co., Inc. |  |  | 116,849 |  |  |  | 9,838,686 |
Exelon Corp. |  |  | 256,819 |  |  |  | 10,462,806 |
PG&E Corp.(c) |  |  | 763,531 |  |  |  | 13,193,816 |
|  |  |  |  |  |  | 33,495,308 |
Entertainment — 0.5% |  |  |  |  |  |
Activision Blizzard, Inc.(a)(c) |  |  | 99,436 |  |  |  | 8,382,455 |
Financial Services(a) — 3.9% |  |  |  |  |  |
Apollo Global Management, Inc. |  |  | 93,384 |  |  |  | 7,172,825 |
Equitable Holdings, Inc. |  |  | 227,446 |  |  |  | 6,177,434 |
Fidelity National Information Services, Inc.(b) |  |  | 575,110 |  |  |  | 31,458,517 |
Visa, Inc., Class A |  |  | 83,611 |  |  |  | 19,855,940 |
|  |  |  |  |  |  | 64,664,716 |
Food Products(a) — 2.7% |  |  |  |  |  |
Kraft Heinz Co.(b) |  |  | 1,111,094 |  |  |  | 39,443,837 |
Mondelez International, Inc., Class A |  |  | 66,289 |  |  |  | 4,835,120 |
|  |  |  |  |  |  | 44,278,957 |

Security |  | Shares |  |  | Value |
Ground Transportation — 0.6% |  |  |  |  |  |
Union Pacific Corp.(a) |  |  | 45,811 |  |  | $ | 9,373,847 |
Health Care Equipment & Supplies — 7.4% |  |  |  |
Baxter International, Inc.(a) |  |  | 934,402 |  |  |  | 42,571,355 |
Koninklijke Philips NV |  |  | 870,995 |  |  |  | 18,872,411 |
Medtronic PLC(a) |  |  | 436,130 |  |  |  | 38,423,053 |
Zimmer Biomet Holdings, Inc.(a)(b) |  |  | 154,589 |  |  |  | 22,508,158 |
|  |  |  |  |  |  | 122,374,977 |
Health Care Providers & Services(a) —8.8% |  |  |  |
AmerisourceBergen Corp. |  |  | 44,126 |  |  |  | 8,491,166 |
Cardinal Health, Inc. |  |  | 314,869 |  |  |  | 29,777,161 |
Cigna Group |  |  | 84,724 |  |  |  | 23,773,554 |
Elevance Health, Inc. |  |  | 52,686 |  |  |  | 23,407,863 |
Humana, Inc. |  |  | 23,368 |  |  |  | 10,448,534 |
Laboratory Corp. of America Holdings |  |  | 204,687 |  |  |  | 49,397,114 |
|  |  |  |  |  |  | 145,295,392 |
Household Durables — 2.0% |  |  |  |  |  |
Newell Brands, Inc.(a) |  |  | 747,674 |  |  |  | 6,504,764 |
Panasonic Holdings Corp. |  |  | 1,390,500 |  |  |  | 17,050,203 |
Sony Group Corp. |  |  | 105,400 |  |  |  | 9,514,475 |
|  |  |  |  |  |  | 33,069,442 |
Industrial Conglomerates — 0.4% |  |  |  |  |  |
Siemens AG, Registered Shares |  |  | 42,742 |  |  |  | 7,125,129 |
Insurance — 6.9% |  |  |  |  |  |
Allstate Corp.(a) |  |  | 95,457 |  |  |  | 10,408,631 |
American International Group, Inc.(a) |  |  | 703,484 |  |  |  | 40,478,469 |
Fidelity National Financial, Inc.(a) |  |  | 498,425 |  |  |  | 17,943,300 |
First American Financial Corp.(a) |  |  | 29,750 |  |  |  | 1,696,345 |
Prudential PLC |  |  | 864,805 |  |  |  | 12,213,975 |
Willis Towers Watson PLC(a) |  |  | 132,095 |  |  |  | 31,108,373 |
|  |  |  |  |  |  | 113,849,093 |
Interactive Media & Services — 0.7% |  |  |  |  |  |
Alphabet, Inc., Class A(a)(c) |  |  | 93,915 |  |  |  | 11,241,626 |
IT Services — 2.6% |  |  |  |  |  |
Cognizant Technology Solutions Corp., Class A(a) |  |  | 656,268 |  |  |  | 42,841,175 |
Machinery — 1.3% |  |  |  |  |  |
Fortive Corp.(a) |  |  | 74,754 |  |  |  | 5,589,357 |
Komatsu Ltd. |  |  | 499,200 |  |  |  | 13,502,367 |
Pentair PLC(a) |  |  | 22,700 |  |  |  | 1,466,420 |
|  |  |  |  |  |  | 20,558,144 |
Media(a) — 2.7% |  |  |  |  |  |
Comcast Corp., Class A |  |  | 749,197 |  |  |  | 31,129,135 |
Fox Corp., Class A |  |  | 380,307 |  |  |  | 12,930,438 |
|  |  |  |  |  |  | 44,059,573 |
Multi-Utilities(a) — 1.5% |  |  |  |  |  |
Public Service Enterprise Group, Inc. |  |  | 206,888 |  |  |  | 12,953,258 |
Sempra Energy |  |  | 78,141 |  |  |  | 11,376,548 |
|  |  |  |  |  |  | 24,329,806 |
Oil, Gas & Consumable Fuels — 8.9% |  |  |  |  |  |
BP PLC |  |  | 5,573,680 |  |  |  | 32,452,050 |
ConocoPhillips(a) |  |  | 105,233 |  |  |  | 10,903,191 |
Enterprise Products Partners LP(a) |  |  | 1,220,258 |  |  |  | 32,153,798 |
EQT Corp.(a) |  |  | 294,416 |  |  |  | 12,109,330 |
Formentera Partners Fund II LP(d)(e) |  |  | — | (f) |  |  | 10,037,117 |
Hess Corp.(a) |  |  | 77,798 |  |  |  | 10,576,638 |
Shell PLC |  |  | 1,263,772 |  |  |  | 37,700,422 |
|  |  |  |  |  |  | 145,932,546 |

44 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Personal Care Products — 2.0% |  |  |  |  |  |
Unilever PLC, ADR(a) |  |  | 635,218 |  |  | $ | 33,113,914 |
Pharmaceuticals — 5.4% |  |  |  |  |  |
AstraZeneca PLC |  |  | 102,205 |  |  |  | 14,651,516 |
Bayer AG, Registered Shares |  |  | 404,504 |  |  |  | 22,391,334 |
Eli Lilly & Co.(a) |  |  | 23,037 |  |  |  | 10,803,892 |
Novo Nordisk A/S, ADR(a) |  |  | 59,807 |  |  |  | 9,678,567 |
Sanofi |  |  | 293,812 |  |  |  | 31,630,553 |
|  |  |  |  |  |  | 89,155,862 |
Professional Services(a) — 4.2% |  |  |  |  |  |
Leidos Holdings, Inc. |  |  | 348,680 |  |  |  | 30,851,207 |
Robert Half International, Inc. |  |  | 65,910 |  |  |  | 4,957,750 |
SS&C Technologies Holdings, Inc. |  |  | 549,700 |  |  |  | 33,311,820 |
|  |  |  |  |  |  | 69,120,777 |
Semiconductors & Semiconductor Equipment — 0.5% |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR(a) |  |  | 79,144 |  |  |  | 7,987,212 |
Software — 2.1% |  |  |  |  |  |
Microsoft Corp.(a) |  |  | 101,563 |  |  |  | 34,586,264 |
Specialty Retail — 0.6% |  |  |  |  |  |
Ross Stores, Inc.(a) |  |  | 88,225 |  |  |  | 9,892,669 |
Technology Hardware, Storage & Peripherals — 1.4% |
Samsung Electronics Co. Ltd., GDR, Registered Shares |  |  | 16,024 |  |  |  | 22,212,817 |
Textiles, Apparel & Luxury Goods — 0.5% |  |  |  |  |  |
Ralph Lauren Corp.(a) |  |  | 68,473 |  |  |  | 8,442,721 |
Tobacco — 1.4% |  |  |  |  |  |
British American Tobacco PLC, ADR(a) |  |  | 692,946 |  |  |  | 23,005,808 |
Wireless Telecommunication Services — 0.5% |  |  |  |  |  |
Rogers Communications, Inc., Class B |  |  | 167,832 |  |  |  | 7,657,117 |
Total Long-Term Investments — 98.4% (Cost: $1,384,197,244) |  |  |  |  | 1,621,096,079 |

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 3.3% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(g)(h) |  |  | 54,579,536 |  |  | $ | 54,579,536 |
Total Short-Term Securities — 3.3% (Cost: $54,579,536) |  |  |  |  |  |  | 54,579,536 |
Total Investments Before Options Written — 101.7% (Cost: $1,438,776,780) |  |  |  | 1,675,675,615 |
Options Written — (1.5)% (Premiums Received: $(19,373,563)) |  |  |  |  |  |  | (24,895,659 | )
Total Investments, Net of Options Written — 100.2% (Cost: $1,419,403,217) |  |  |  | 1,650,779,956 |
Liabilities in Excess of Other Assets — (0.2)% |  |  |  | (4,025,420 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 1,646,754,536 |

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

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

(c) | Non-income producing security.

(d) | All or a portion of 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.

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

(f) | Investment does not issue shares.

(g) | Affiliate of the Trust.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 76,042,437 |  |  | $ | — |  |  | $ | (21,462,901 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 54,579,536 |  |  |  | 54,579,536 |  |  | $ | 1,609,010 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series(b) |  |  | — |  |  |  | 232 | (a) |  |  | — |  |  |  | (232 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 669 | (c) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (232 | ) |  | $ | — |  |  | $ | 54,579,536 |  |  |  |  |  |  | $ | 1,609,679 |  |  | $ | — |

(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.

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alphabet, Inc., Class A |  |  | 60 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 124.34 |  |  |  | USD |  |  |  | 718 |  |  | $ | (958 | )
American International Group, Inc. |  |  | 853 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 57.00 |  |  |  | USD |  |  |  | 4,908 |  |  |  | (78,902 | )
AmerisourceBergen Corp. |  |  | 74 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 1,424 |  |  |  | (131,350 | )
Cigna Group |  |  | 146 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 4,097 |  |  |  | (455,520 | )
Citigroup, Inc. |  |  | 733 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 49.00 |  |  |  | USD |  |  |  | 3,375 |  |  |  | (1,833 | )
Constellation Brands, Inc., Class A |  |  | 84 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 2,067 |  |  |  | (4,830 | )
Elevance Health, Inc. |  |  | 119 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 475.00 |  |  |  | USD |  |  |  | 5,287 |  |  |  | (4,165 | )
Enterprise Products Partners LP |  |  | 2,601 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 6,854 |  |  |  | (105,340 | )
EQT Corp. |  |  | 636 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 2,616 |  |  |  | (201,930 | )
Fox Corp., Class A |  |  | 1,264 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 34.00 |  |  |  | USD |  |  |  | 4,298 |  |  |  | (44,240 | )
General Motors Co. |  |  | 286 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 1,103 |  |  |  | (24,596 | )
Hess Corp. |  |  | 204 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 133.00 |  |  |  | USD |  |  |  | 2,773 |  |  |  | (76,500 | )
Humana, Inc. |  |  | 79 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 520.00 |  |  |  | USD |  |  |  | 3,532 |  |  |  | (2,765 | )
Kraft Heinz Co. |  |  | 1,592 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 38.35 |  |  |  | USD |  |  |  | 5,652 |  |  |  | (6 | )
Microsoft Corp. |  |  | 183 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 6,232 |  |  |  | (63,592 | )
Mondelez International, Inc., Class A |  |  | 263 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 1,918 |  |  |  | (2,630 | )
PG&E Corp. |  |  | 538 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 930 |  |  |  | (4,842 | )
PPG Industries, Inc. |  |  | 101 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 1,498 |  |  |  | (137,360 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 122 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 104.00 |  |  |  | USD |  |  |  | 1,231 |  |  |  | (3,782 | )
Visa, Inc., Class A |  |  | 93 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 2,209 |  |  |  | (30,458 | )
Cognizant Technology Solutions Corp., Class A |  |  | 1,019 |  |  |  | 07/10/23 |  |  |  | USD |  |  |  | 62.00 |  |  |  | USD |  |  |  | 6,652 |  |  |  | (348,291 | )
Alphabet, Inc., Class A |  |  | 105 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 1,257 |  |  |  | (5,040 | )
American International Group, Inc. |  |  | 1,082 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 57.00 |  |  |  | USD |  |  |  | 6,226 |  |  |  | (140,660 | )
AT&T, Inc. |  |  | 1,307 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 16.00 |  |  |  | USD |  |  |  | 2,085 |  |  |  | (18,298 | )
Baxter International, Inc. |  |  | 1,185 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 5,399 |  |  |  | (432,525 | )
Cisco Systems, Inc. |  |  | 1,022 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 51.00 |  |  |  | USD |  |  |  | 5,288 |  |  |  | (83,804 | )
Citigroup, Inc. |  |  | 734 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 49.00 |  |  |  | USD |  |  |  | 3,379 |  |  |  | (10,276 | )
ConocoPhillips |  |  | 355 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 108.00 |  |  |  | USD |  |  |  | 3,678 |  |  |  | (16,508 | )
Dollar General Corp. |  |  | 448 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 7,606 |  |  |  | (452,480 | )
Enterprise Products Partners LP |  |  | 2,037 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 26.52 |  |  |  | USD |  |  |  | 5,367 |  |  |  | (27,754 | )
EQT Corp. |  |  | 315 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 37.00 |  |  |  | USD |  |  |  | 1,296 |  |  |  | (133,875 | )
General Motors Co. |  |  | 963 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 36.00 |  |  |  | USD |  |  |  | 3,713 |  |  |  | (263,862 | )
Hess Corp. |  |  | 201 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 139.00 |  |  |  | USD |  |  |  | 2,733 |  |  |  | (32,160 | )
Kraft Heinz Co. |  |  | 1,240 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 4,402 |  |  |  | (3,100 | )
Microsoft Corp. |  |  | 66 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 2,248 |  |  |  | (78,870 | )
Mondelez International, Inc., Class A |  |  | 101 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 73.00 |  |  |  | USD |  |  |  | 737 |  |  |  | (6,565 | )
PG&E Corp. |  |  | 538 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 930 |  |  |  | (11,029 | )
Ross Stores, Inc. |  |  | 78 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 107.00 |  |  |  | USD |  |  |  | 875 |  |  |  | (43,680 | )
Verizon Communications, Inc. |  |  | 1,331 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 36.00 |  |  |  | USD |  |  |  | 4,950 |  |  |  | (163,047 | )
Visa, Inc., Class A |  |  | 124 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 2,945 |  |  |  | (103,540 | )
Allstate Corp. |  |  | 215 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 2,344 |  |  |  | (2,150 | )
Allstate Corp. |  |  | 310 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 3,380 |  |  |  | (11,625 | )
Alphabet, Inc., Class A |  |  | 132 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 1,580 |  |  |  | (11,880 | )
American Electric Power Co., Inc. |  |  | 357 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 90.50 |  |  |  | USD |  |  |  | 3,006 |  |  |  | (3,496 | )
American International Group, Inc. |  |  | 1,465 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 8,430 |  |  |  | (446,825 | )
AmerisourceBergen Corp. |  |  | 129 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 2,482 |  |  |  | (180,600 | )
Baxter International, Inc. |  |  | 2,159 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 9,836 |  |  |  | (712,470 | )
British American Tobacco PLC, ADR |  |  | 1,271 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 4,220 |  |  |  | (6,355 | )
Carlyle Group, Inc. |  |  | 853 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 29.00 |  |  |  | USD |  |  |  | 2,725 |  |  |  | (263,289 | )
Cigna Group |  |  | 80 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 2,245 |  |  |  | (178,000 | )
Citigroup, Inc. |  |  | 673 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 48.00 |  |  |  | USD |  |  |  | 3,098 |  |  |  | (26,920 | )
Citizens Financial Group, Inc. |  |  | 582 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 27.50 |  |  |  | USD |  |  |  | 1,518 |  |  |  | (29,100 | )
Citizens Financial Group, Inc. |  |  | 1,093 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 2,851 |  |  |  | (13,663 | )
Cognizant Technology Solutions Corp., Class A |  |  | 863 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 5,634 |  |  |  | (276,160 | )
Constellation Brands, Inc., Class A |  |  | 91 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 2,240 |  |  |  | (72,345 | )
Dollar General Corp. |  |  | 313 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 5,314 |  |  |  | (3,130 | )
Elevance Health, Inc. |  |  | 62 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 490.00 |  |  |  | USD |  |  |  | 2,755 |  |  |  | (4,805 | )
Enterprise Products Partners LP |  |  | 1,030 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 2,714 |  |  |  | (54,590 | )
Enterprise Products Partners LP |  |  | 1,043 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 26.33 |  |  |  | USD |  |  |  | 2,748 |  |  |  | (32,668 | )
EQT Corp. |  |  | 28 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 115 |  |  |  | (9,870 | )

46 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equitable Holdings, Inc. |  |  | 625 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 1,698 |  |  | $ | (162,500 | )
Exelon Corp. |  |  | 300 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 1,222 |  |  |  | (6,750 | )
Fidelity National Financial, Inc. |  |  | 960 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 3,456 |  |  |  | (141,600 | )
Fidelity National Information Services, Inc. |  |  | 855 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 4,677 |  |  |  | (34,200 | )
First American Financial Corp. |  |  | 163 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 929 |  |  |  | (6,113 | )
First Citizens BancShares, Inc., Class A |  |  | 46 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 1,340.00 |  |  |  | USD |  |  |  | 5,904 |  |  |  | (71,300 | )
Fortive Corp. |  |  | 188 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 66.32 |  |  |  | USD |  |  |  | 1,406 |  |  |  | (163,978 | )
Fox Corp., Class A |  |  | 791 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 33.00 |  |  |  | USD |  |  |  | 2,689 |  |  |  | (108,762 | )
General Motors Co. |  |  | 587 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 34.00 |  |  |  | USD |  |  |  | 2,263 |  |  |  | (278,825 | )
Humana, Inc. |  |  | 49 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 525.00 |  |  |  | USD |  |  |  | 2,191 |  |  |  | (2,573 | )
Intercontinental Exchange, Inc. |  |  | 132 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 109.00 |  |  |  | USD |  |  |  | 1,493 |  |  |  | (62,960 | )
JPMorgan Chase & Co. |  |  | 35 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 509 |  |  |  | (9,363 | )
Kraft Heinz Co. |  |  | 1,404 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 4,984 |  |  |  | (2,808 | )
L3Harris Technologies, Inc. |  |  | 418 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 8,183 |  |  |  | (169,290 | )
Laboratory Corp. of America Holdings |  |  | 370 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 8,929 |  |  |  | (812,150 | )
Lear Corp. |  |  | 174 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 129.50 |  |  |  | USD |  |  |  | 2,498 |  |  |  | (271,532 | )
Leidos Holdings, Inc. |  |  | 1,720 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 15,219 |  |  |  | (713,800 | )
Medtronic PLC |  |  | 568 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 5,004 |  |  |  | (32,376 | )
Microsoft Corp. |  |  | 33 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 1,124 |  |  |  | (47,190 | )
Microsoft Corp. |  |  | 146 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 4,972 |  |  |  | (104,390 | )
Newell Brands, Inc. |  |  | 2,069 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 9.00 |  |  |  | USD |  |  |  | 1,800 |  |  |  | (56,897 | )
PG&E Corp. |  |  | 1,510 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 17.00 |  |  |  | USD |  |  |  | 2,609 |  |  |  | (77,765 | )
PPG Industries, Inc. |  |  | 104 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 1,542 |  |  |  | (152,880 | )
Public Service Enterprise Group, Inc. |  |  | 142 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 64.85 |  |  |  | USD |  |  |  | 889 |  |  |  | (4,386 | )
Ralph Lauren Corp. |  |  | 376 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 4,636 |  |  |  | (75,200 | )
Robert Half International, Inc. |  |  | 181 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 1,361 |  |  |  | (96,835 | )
Rogers Communications, Inc., Class B |  |  | 460 |  |  |  | 07/21/23 |  |  |  | CAD |  |  |  | 66.00 |  |  |  | CAD |  |  |  | 2,780 |  |  |  | (2,083 | )
Sealed Air Corp. |  |  | 1,039 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 4,156 |  |  |  | (223,385 | )
Sempra Energy |  |  | 372 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 5,416 |  |  |  | (17,670 | )
SS&C Technologies Holdings, Inc. |  |  | 781 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 4,733 |  |  |  | (115,197 | )
SS&C Technologies Holdings, Inc. |  |  | 587 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 56.96 |  |  |  | USD |  |  |  | 3,557 |  |  |  | (244,294 | )
Unilever PLC, ADR |  |  | 1,505 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 54.82 |  |  |  | USD |  |  |  | 7,846 |  |  |  | (5,138 | )
Visa, Inc., Class A |  |  | 46 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 1,092 |  |  |  | (41,285 | )
Wells Fargo & Co. |  |  | 2,491 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 10,632 |  |  |  | (325,075 | )
Willis Towers Watson PLC |  |  | 249 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 5,864 |  |  |  | (44,820 | )
Willis Towers Watson PLC |  |  | 281 |  |  |  | 07/26/23 |  |  |  | USD |  |  |  | 234.00 |  |  |  | USD |  |  |  | 6,618 |  |  |  | (138,400 | )
Alphabet, Inc., Class A |  |  | 106 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 126.00 |  |  |  | USD |  |  |  | 1,269 |  |  |  | (19,398 | )
American International Group, Inc. |  |  | 469 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 58.00 |  |  |  | USD |  |  |  | 2,699 |  |  |  | (57,452 | )
AT&T, Inc. |  |  | 1,308 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 16.50 |  |  |  | USD |  |  |  | 2,086 |  |  |  | (24,852 | )
Bank of America Corp. |  |  | 841 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 2,413 |  |  |  | (29,856 | )
Baxter International, Inc. |  |  | 786 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 3,581 |  |  |  | (263,310 | )
Cardinal Health, Inc. |  |  | 724 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 93.00 |  |  |  | USD |  |  |  | 6,847 |  |  |  | (249,780 | )
Cigna Group |  |  | 178 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 280.00 |  |  |  | USD |  |  |  | 4,995 |  |  |  | (132,610 | )
CisCo Systems, Inc. |  |  | 1,408 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 52.00 |  |  |  | USD |  |  |  | 7,285 |  |  |  | (79,552 | )
Citigroup, Inc. |  |  | 509 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 47.00 |  |  |  | USD |  |  |  | 2,343 |  |  |  | (44,538 | )
Comcast Corp., Class A |  |  | 1,249 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 5,190 |  |  |  | (101,793 | )
ConocoPhillips |  |  | 223 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 104.00 |  |  |  | USD |  |  |  | 2,311 |  |  |  | (62,440 | )
Constellation Brands, Inc., Class A |  |  | 184 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 4,529 |  |  |  | (24,840 | )
Elevance Health, Inc. |  |  | 62 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 450.00 |  |  |  | USD |  |  |  | 2,755 |  |  |  | (49,910 | )
Eli Lilly & Co. |  |  | 44 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 470.00 |  |  |  | USD |  |  |  | 2,064 |  |  |  | (47,410 | )
Fox Corp., Class A |  |  | 36 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 34.00 |  |  |  | USD |  |  |  | 122 |  |  |  | (3,060 | )
General Motors Co. |  |  | 1,273 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 39.00 |  |  |  | USD |  |  |  | 4,909 |  |  |  | (157,852 | )
Hess Corp. |  |  | 22 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 141.00 |  |  |  | USD |  |  |  | 299 |  |  |  | (5,555 | )
Kraft Heinz Co. |  |  | 1,875 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 37.00 |  |  |  | USD |  |  |  | 6,656 |  |  |  | (20,625 | )
Medtronic PLC |  |  | 676 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 87.00 |  |  |  | USD |  |  |  | 5,956 |  |  |  | (157,508 | )
Microsoft Corp. |  |  | 33 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 345.00 |  |  |  | USD |  |  |  | 1,124 |  |  |  | (27,390 | )
Novo Nordisk A/S, ADR |  |  | 219 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 3,544 |  |  |  | (68,985 | )
PG&E Corp. |  |  | 1,613 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 2,787 |  |  |  | (59,681 | )
Union Pacific Corp. |  |  | 162 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 3,315 |  |  |  | (80,190 | )
Verizon Communications, Inc. |  |  | 1,331 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 37.00 |  |  |  | USD |  |  |  | 4,950 |  |  |  | (99,825 | )
Visa, Inc., Class A |  |  | 46 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 1,092 |  |  |  | (48,645 | )
Visa, Inc., Class A |  |  | 13 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 309 |  |  |  | (9,068 | )

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zimmer Biomet Holdings, Inc. |  |  | 365 |  |  |  | 08/01/23 |  |  |  | USD |  |  |  | 146.17 |  |  |  | USD |  |  |  | 5,314 |  |  | $ | (95,050 | )
Alphabet, Inc., Class A |  |  | 68 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 121.00 |  |  |  | USD |  |  |  | 814 |  |  |  | (27,540 | )
AmerisourceBergen Corp. |  |  | 39 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 750 |  |  |  | (14,820 | )
AT&T, Inc. |  |  | 1,308 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 16.00 |  |  |  | USD |  |  |  | 2,086 |  |  |  | (51,012 | )
Baxter International, Inc. |  |  | 1,008 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 47.00 |  |  |  | USD |  |  |  | 4,592 |  |  |  | (115,920 | )
Cardinal Health, Inc. |  |  | 503 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 94.00 |  |  |  | USD |  |  |  | 4,757 |  |  |  | (135,810 | )
Charles Schwab Corp. |  |  | 386 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 58.00 |  |  |  | USD |  |  |  | 2,188 |  |  |  | (71,796 | )
Cisco Systems, Inc. |  |  | 325 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 51.00 |  |  |  | USD |  |  |  | 1,682 |  |  |  | (57,037 | )
Citigroup, Inc. |  |  | 509 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 48.00 |  |  |  | USD |  |  |  | 2,343 |  |  |  | (31,049 | )
Comcast Corp., Class A |  |  | 1,011 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 4,201 |  |  |  | (91,495 | )
Eli Lilly & Co. |  |  | 48 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 475.00 |  |  |  | USD |  |  |  | 2,251 |  |  |  | (50,040 | )
EQT Corp. |  |  | 425 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 1,748 |  |  |  | (51,213 | )
General Motors Co. |  |  | 550 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 2,121 |  |  |  | (106,975 | )
JPMorgan Chase & Co. |  |  | 189 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 146.00 |  |  |  | USD |  |  |  | 2,749 |  |  |  | (55,755 | )
Microsoft Corp. |  |  | 97 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 3,303 |  |  |  | (118,340 | )
Ross Stores, Inc. |  |  | 284 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 108.00 |  |  |  | USD |  |  |  | 3,184 |  |  |  | (164,720 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 122 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 1,231 |  |  |  | (28,548 | )
Union Pacific Corp. |  |  | 89 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 1,821 |  |  |  | (49,395 | )
Visa, Inc., Class A |  |  | 137 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 3,253 |  |  |  | (64,390 | )
Cognizant Technology Solutions Corp., Class A |  |  | 863 |  |  |  | 08/07/23 |  |  |  | USD |  |  |  | 63.75 |  |  |  | USD |  |  |  | 5,634 |  |  |  | (272,372 | )
Public Service Enterprise Group, Inc. |  |  | 412 |  |  |  | 08/10/23 |  |  |  | USD |  |  |  | 61.75 |  |  |  | USD |  |  |  | 2,580 |  |  |  | (87,585 | )
Cardinal Health, Inc. |  |  | 503 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 94.00 |  |  |  | USD |  |  |  | 4,757 |  |  |  | (169,762 | )
Cisco Systems, Inc. |  |  | 325 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 52.00 |  |  |  | USD |  |  |  | 1,682 |  |  |  | (26,813 | )
Comcast Corp., Class A |  |  | 611 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 2,539 |  |  |  | (60,794 | )
JPMorgan Chase & Co. |  |  | 484 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 144.00 |  |  |  | USD |  |  |  | 7,039 |  |  |  | (214,170 | )
Ross Stores, Inc. |  |  | 123 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 112.00 |  |  |  | USD |  |  |  | 1,379 |  |  |  | (41,205 | )
Alphabet, Inc., Class A |  |  | 45 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 539 |  |  |  | (7,515 | )
American Electric Power Co., Inc. |  |  | 163 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 1,372 |  |  |  | (31,785 | )
Apollo Global Management, Inc. |  |  | 513 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 77.50 |  |  |  | USD |  |  |  | 3,940 |  |  |  | (151,335 | )
British American Tobacco PLC, ADR |  |  | 1,284 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 33.25 |  |  |  | USD |  |  |  | 4,263 |  |  |  | (53,100 | )
Carlyle Group, Inc. |  |  | 1,209 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 34.00 |  |  |  | USD |  |  |  | 3,863 |  |  |  | (54,346 | )
Cigna Group |  |  | 61 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 280.00 |  |  |  | USD |  |  |  | 1,712 |  |  |  | (71,675 | )
Cisco Systems, Inc. |  |  | 877 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 4,538 |  |  |  | (103,486 | )
Citigroup, Inc. |  |  | 672 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 49.00 |  |  |  | USD |  |  |  | 3,094 |  |  |  | (31,248 | )
Cognizant Technology Solutions Corp., Class A |  |  | 864 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 5,640 |  |  |  | (304,061 | )
Comcast Corp., Class A |  |  | 1,249 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 5,190 |  |  |  | (111,161 | )
Elevance Health, Inc. |  |  | 46 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 470.00 |  |  |  | USD |  |  |  | 2,044 |  |  |  | (26,450 | )
EQT Corp. |  |  | 484 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 39.00 |  |  |  | USD |  |  |  | 1,991 |  |  |  | (174,240 | )
Equitable Holdings, Inc. |  |  | 624 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 28.00 |  |  |  | USD |  |  |  | 1,695 |  |  |  | (45,188 | )
Exelon Corp. |  |  | 188 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 766 |  |  |  | (11,280 | )
Exelon Corp. |  |  | 924 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 40.46 |  |  |  | USD |  |  |  | 3,764 |  |  |  | (105,433 | )
Fidelity National Financial, Inc. |  |  | 1,033 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 3,719 |  |  |  | (211,765 | )
Fidelity National Information Services, Inc. |  |  | 1,445 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 56.74 |  |  |  | USD |  |  |  | 7,904 |  |  |  | (199,020 | )
First Citizens BancShares, Inc., Class A |  |  | 90 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 1,300.00 |  |  |  | USD |  |  |  | 11,551 |  |  |  | (585,900 | )
Fortive Corp. |  |  | 112 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 67.45 |  |  |  | USD |  |  |  | 837 |  |  |  | (92,030 | )
Intercontinental Exchange, Inc. |  |  | 335 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 3,788 |  |  |  | (72,025 | )
Laboratory Corp. of America Holdings |  |  | 437 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 10,546 |  |  |  | (1,044,430 | )
Laboratory Corp. of America Holdings |  |  | 11 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 265 |  |  |  | (10,340 | )
Lear Corp. |  |  | 88 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 1,263 |  |  |  | (50,160 | )
Medtronic PLC |  |  | 316 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 86.25 |  |  |  | USD |  |  |  | 2,784 |  |  |  | (112,269 | )
Newell Brands, Inc. |  |  | 921 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 9.33 |  |  |  | USD |  |  |  | 801 |  |  |  | (42,467 | )
Novo Nordisk A/S, ADR |  |  | 109 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 1,764 |  |  |  | (42,510 | )
Pentair PLC |  |  | 124 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 801 |  |  |  | (52,080 | )
PPG Industries, Inc. |  |  | 130 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 1,928 |  |  |  | (90,350 | )
Public Service Enterprise Group, Inc. |  |  | 583 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 62.63 |  |  |  | USD |  |  |  | 3,650 |  |  |  | (102,405 | )
Raymond James Financial, Inc. |  |  | 285 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 2,957 |  |  |  | (95,475 | )
Robert Half International, Inc. |  |  | 181 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 1,361 |  |  |  | (25,793 | )
Rogers Communications, Inc., Class B |  |  | 463 |  |  |  | 08/18/23 |  |  |  | CAD |  |  |  | 60.00 |  |  |  | CAD |  |  |  | 2,798 |  |  |  | (71,298 | )
Sealed Air Corp. |  |  | 1,263 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 5,052 |  |  |  | (80,444 | )
SS&C Technologies Holdings, Inc. |  |  | 1,655 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 61.59 |  |  |  | USD |  |  |  | 10,029 |  |  |  | (314,953 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 191 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 1,928 |  |  |  | (54,340 | )
Unilever PLC, ADR |  |  | 1,988 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 50.05 |  |  |  | USD |  |  |  | 10,363 |  |  |  | (482,893 | )

48 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wells Fargo & Co. |  |  | 2,281 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 9,735 |  |  | $ | (393,472 | )
Willis Towers Watson PLC |  |  | 196 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 4,616 |  |  |  | (103,880 | )
Zimmer Biomet Holdings, Inc. |  |  | 305 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 4,441 |  |  |  | (158,600 | )
Medtronic PLC |  |  | 368 |  |  |  | 08/29/23 |  |  |  | USD |  |  |  | 89.00 |  |  |  | USD |  |  |  | 3,242 |  |  |  | (81,835 | )
Medtronic PLC |  |  | 470 |  |  |  | 09/08/23 |  |  |  | USD |  |  |  | 89.00 |  |  |  | USD |  |  |  | 4,141 |  |  |  | (116,059 | )
Fortive Corp. |  |  | 111 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 830 |  |  |  | (72,150 | )
Raymond James Financial, Inc. |  |  | 318 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 103.80 |  |  |  | USD |  |  |  | 3,300 |  |  |  | (158,558 | )
Sealed Air Corp. |  |  | 960 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 41.75 |  |  |  | USD |  |  |  | 3,840 |  |  |  | (131,595 | )
Zimmer Biomet Holdings, Inc. |  |  | 180 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 2,621 |  |  |  | (113,400 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (21,539,204 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Samsung Electronics Co. Ltd., GDR, Registered Shares |  | UBS AG |  |  | 1,500 |  |  |  | 07/06/23 |  |  |  | USD |  |  |  | 1,277.12 |  |  |  | USD |  |  |  | 2,079 |  |  | $ | (165,047 | )
BP PLC |  | Morgan Stanley & Co. International PLC |  |  | 732,200 |  |  |  | 07/11/23 |  |  |  | GBP |  |  |  | 4.97 |  |  |  | GBP |  |  |  | 3,357 |  |  |  | (772 | )
JPMorgan Chase & Co. |  | Citibank N.A. |  |  | 29,100 |  |  |  | 07/11/23 |  |  |  | USD |  |  |  | 138.70 |  |  |  | USD |  |  |  | 4,232 |  |  |  | (181,427 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 282,000 |  |  |  | 07/11/23 |  |  |  | GBP |  |  |  | 12.00 |  |  |  | GBP |  |  |  | 3,136 |  |  |  | (3,696 | )
Samsung Electronics Co. Ltd., GDR, Registered Shares |  | UBS AG |  |  | 1,700 |  |  |  | 07/11/23 |  |  |  | USD |  |  |  | 1,273.60 |  |  |  | USD |  |  |  | 2,357 |  |  |  | (195,294 | )
Sony Group Corp. |  | Morgan Stanley & Co. International PLC |  |  | 33,600 |  |  |  | 07/11/23 |  |  |  | JPY |  |  |  | 13,332.80 |  |  |  | JPY |  |  |  | 437,658 |  |  |  | (26,501 | )
Koninklijke Philips NV |  | Goldman Sachs International |  |  | 217,800 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 18.35 |  |  |  | EUR |  |  |  | 4,325 |  |  |  | (363,970 | )
Sanofi |  | Goldman Sachs International |  |  | 103,700 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 97.63 |  |  |  | EUR |  |  |  | 10,231 |  |  |  | (167,055 | )
Shell PLC |  | Morgan Stanley & Co. International PLC |  |  | 236,500 |  |  |  | 07/13/23 |  |  |  | GBP |  |  |  | 23.04 |  |  |  | GBP |  |  |  | 5,555 |  |  |  | (184,367 | )
Siemens AG, Registered Shares |  | Barclays Bank PLC |  |  | 23,600 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 157.94 |  |  |  | EUR |  |  |  | 3,605 |  |  |  | (13,146 | )
Sony Group Corp. |  | UBS AG |  |  | 24,300 |  |  |  | 07/13/23 |  |  |  | JPY |  |  |  | 13,812.30 |  |  |  | JPY |  |  |  | 316,520 |  |  |  | (9,230 | )
AstraZeneca PLC |  | UBS AG |  |  | 36,500 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 122.66 |  |  |  | GBP |  |  |  | 4,120 |  |  |  | (14,695 | )
AstraZeneca PLC |  | UBS AG |  |  | 19,800 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 124.57 |  |  |  | GBP |  |  |  | 2,235 |  |  |  | (4,523 | )
Sanofi |  | Goldman Sachs International |  |  | 57,900 |  |  |  | 07/18/23 |  |  |  | EUR |  |  |  | 97.09 |  |  |  | EUR |  |  |  | 5,712 |  |  |  | (129,526 | )
Panasonic Holdings Corp. |  | BNP Paribas SA |  |  | 170,000 |  |  |  | 07/19/23 |  |  |  | JPY |  |  |  | 1,504.36 |  |  |  | JPY |  |  |  | 300,787 |  |  |  | (303,339 | )
Bayer AG, Registered Shares |  | Goldman Sachs International |  |  | 75,900 |  |  |  | 07/25/23 |  |  |  | EUR |  |  |  | 53.58 |  |  |  | EUR |  |  |  | 3,850 |  |  |  | (13,086 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 96,800 |  |  |  | 07/26/23 |  |  |  | GBP |  |  |  | 11.44 |  |  |  | GBP |  |  |  | 1,076 |  |  |  | (23,570 | )
Panasonic Holdings Corp. |  | Citibank N.A. |  |  | 116,200 |  |  |  | 08/01/23 |  |  |  | JPY |  |  |  | 1,740.44 |  |  |  | JPY |  |  |  | 205,597 |  |  |  | (57,260 | )
Komatsu Ltd. |  | Citibank N.A. |  |  | 159,700 |  |  |  | 08/03/23 |  |  |  | JPY |  |  |  | 3,976.98 |  |  |  | JPY |  |  |  | 623,292 |  |  |  | (84,896 | )
Shell PLC |  | Goldman Sachs International |  |  | 213,800 |  |  |  | 08/03/23 |  |  |  | GBP |  |  |  | 23.39 |  |  |  | GBP |  |  |  | 5,022 |  |  |  | (183,378 | )
Panasonic Holdings Corp. |  | Citibank N.A. |  |  | 261,500 |  |  |  | 08/08/23 |  |  |  | JPY |  |  |  | 1,745.80 |  |  |  | JPY |  |  |  | 462,681 |  |  |  | (134,448 | )
Komatsu Ltd. |  | BNP Paribas SA |  |  | 114,900 |  |  |  | 08/10/23 |  |  |  | JPY |  |  |  | 3,920.70 |  |  |  | JPY |  |  |  | 448,442 |  |  |  | (88,394 | )
Samsung Electronics Co. Ltd., GDR, Registered Shares |  | Morgan Stanley & Co. International PLC |  |  | 3,100 |  |  |  | 08/10/23 |  |  |  | USD |  |  |  | 1,450.05 |  |  |  | USD |  |  |  | 4,297 |  |  |  | (75,511 | )
Prudential PLC |  | JPMorgan Chase Bank N.A. |  |  | 96,800 |  |  |  | 08/15/23 |  |  |  | GBP |  |  |  | 11.27 |  |  |  | GBP |  |  |  | 1,076 |  |  |  | (47,748 | )
Shell PLC |  | Barclays Bank PLC |  |  | 153,900 |  |  |  | 08/15/23 |  |  |  | GBP |  |  |  | 23.66 |  |  |  | GBP |  |  |  | 3,615 |  |  |  | (106,680 | )
Bayer AG, Registered Shares |  | Goldman Sachs International |  |  | 146,600 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 52.05 |  |  |  | EUR |  |  |  | 7,437 |  |  |  | (172,206 | )
BP PLC |  | Morgan Stanley & Co. International PLC |  |  | 2,333,400 |  |  |  | 08/16/23 |  |  |  | GBP |  |  |  | 4.72 |  |  |  | GBP |  |  |  | 10,697 |  |  |  | (249,816 | )
Koninklijke Philips NV |  | UBS AG |  |  | 130,500 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 19.12 |  |  |  | EUR |  |  |  | 2,591 |  |  |  | (203,448 | )
Panasonic Holdings Corp. |  | Societe Generale |  |  | 217,100 |  |  |  | 08/16/23 |  |  |  | JPY |  |  |  | 1,710.21 |  |  |  | JPY |  |  |  | 384,122 |  |  |  | (153,426 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,356,455 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 4,211,634 |  |  | $ | (9,733,730 | ) |  | $ | (24,895,659) |

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

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 |  | $ | — |  |  | $ | — |  |  | $ | 24,895,659 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 24,895,659 |

For the period ended June 30, 2023, 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) |  | $ | — |  |  | $ | — |  |  | $ | (8,278,345 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (8,278,345 | )
Options written |  |  | — |  |  |  | — |  |  |  | 4,987,132 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,987,132 |
|  | $ | — |  |  | $ | — |  |  | $ | (3,291,213 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,291,213 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (13,463,460 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (13,463,460 | )

| (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 |  | $ | 25,918,602 |

| (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 |  | $ | — |  |  | $ | 24,895,659 |
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities |  |  | — |  |  |  | 24,895,659 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (21,539,204 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 3,356,455 |

50 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged |  |  |  | Net Amount of Derivative Liabilities | (b)
Barclays Bank PLC |  | $ | 119,826 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 119,826 |
BNP Paribas SA |  |  | 391,733 |  |  |  | — |  |  |  | (391,733 | ) |  |  | — |  |  |  | — |
Citibank N.A. |  |  | 458,031 |  |  |  | — |  |  |  | (458,031 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 1,029,221 |  |  |  | — |  |  |  | (1,029,221 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 47,748 |  |  |  | — |  |  |  | (5,096 | ) |  |  | — |  |  |  | 42,652 |
Morgan Stanley & Co. International PLC |  |  | 564,233 |  |  |  | — |  |  |  | (564,233 | ) |  |  | — |  |  |  | — |
Societe Generale |  |  | 153,426 |  |  |  | — |  |  |  | (153,426 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 592,237 |  |  |  | — |  |  |  | (592,237 | ) |  |  | — |  |  |  | — |
|  | $ | 3,356,455 |  |  | $ | — |  |  | $ | (3,193,977 | ) |  | $ | — |  |  | $ | 162,478 |

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

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 45,673,091 |  |  | $ | — |  |  | $ | — |  |  | $ | 45,673,091 |
Automobile Components |  |  | 6,861,690 |  |  |  | — |  |  |  | — |  |  |  | 6,861,690 |
Automobiles |  |  | 35,280,356 |  |  |  | — |  |  |  | — |  |  |  | 35,280,356 |
Banks |  |  | 168,731,603 |  |  |  | — |  |  |  | — |  |  |  | 168,731,603 |
Beverages |  |  | 16,069,582 |  |  |  | — |  |  |  | — |  |  |  | 16,069,582 |
Capital Markets |  |  | 41,257,109 |  |  |  | — |  |  |  | — |  |  |  | 41,257,109 |
Chemicals |  |  | 8,963,104 |  |  |  | — |  |  |  | — |  |  |  | 8,963,104 |
Communications Equipment |  |  | 37,233,656 |  |  |  | — |  |  |  | — |  |  |  | 37,233,656 |
Consumer Staples Distribution & Retail |  |  | 31,867,027 |  |  |  | — |  |  |  | — |  |  |  | 31,867,027 |
Containers & Packaging |  |  | 23,730,880 |  |  |  | — |  |  |  | — |  |  |  | 23,730,880 |
Diversified Telecommunication Services |  |  | 29,380,634 |  |  |  | — |  |  |  | — |  |  |  | 29,380,634 |
Electric Utilities |  |  | 33,495,308 |  |  |  | — |  |  |  | — |  |  |  | 33,495,308 |
Entertainment |  |  | 8,382,455 |  |  |  | — |  |  |  | — |  |  |  | 8,382,455 |
Financial Services |  |  | 64,664,716 |  |  |  | — |  |  |  | — |  |  |  | 64,664,716 |
Food Products |  |  | 44,278,957 |  |  |  | — |  |  |  | — |  |  |  | 44,278,957 |
Ground Transportation |  |  | 9,373,847 |  |  |  | — |  |  |  | — |  |  |  | 9,373,847 |
Health Care Equipment & Supplies |  |  | 103,502,566 |  |  |  | 18,872,411 |  |  |  | — |  |  |  | 122,374,977 |
Health Care Providers & Services |  |  | 145,295,392 |  |  |  | — |  |  |  | — |  |  |  | 145,295,392 |
Household Durables |  |  | 6,504,764 |  |  |  | 26,564,678 |  |  |  | — |  |  |  | 33,069,442 |
Industrial Conglomerates |  |  | — |  |  |  | 7,125,129 |  |  |  | — |  |  |  | 7,125,129 |
Insurance |  |  | 101,635,118 |  |  |  | 12,213,975 |  |  |  | — |  |  |  | 113,849,093 |
Interactive Media & Services |  |  | 11,241,626 |  |  |  | — |  |  |  | — |  |  |  | 11,241,626 |
IT Services |  |  | 42,841,175 |  |  |  | — |  |  |  | — |  |  |  | 42,841,175 |
Machinery |  |  | 7,055,777 |  |  |  | 13,502,367 |  |  |  | — |  |  |  | 20,558,144 |
Media |  |  | 44,059,573 |  |  |  | — |  |  |  | — |  |  |  | 44,059,573 |
Multi-Utilities |  |  | 24,329,806 |  |  |  | — |  |  |  | — |  |  |  | 24,329,806 |
Oil, Gas & Consumable Fuels |  |  | 65,742,957 |  |  |  | 70,152,472 |  |  |  | 10,037,117 |  |  |  | 145,932,546 |
Personal Care Products |  |  | 33,113,914 |  |  |  | — |  |  |  | — |  |  |  | 33,113,914 |
Pharmaceuticals |  |  | 20,482,459 |  |  |  | 68,673,403 |  |  |  | — |  |  |  | 89,155,862 |
Professional Services |  |  | 69,120,777 |  |  |  | — |  |  |  | — |  |  |  | 69,120,777 |

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Common Stocks (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Semiconductors & Semiconductor Equipment |  | $ | 7,987,212 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,987,212 |
Software |  |  | 34,586,264 |  |  |  | — |  |  |  | — |  |  |  | 34,586,264 |
Specialty Retail |  |  | 9,892,669 |  |  |  | — |  |  |  | — |  |  |  | 9,892,669 |
Technology Hardware, Storage & Peripherals |  |  | — |  |  |  | 22,212,817 |  |  |  | — |  |  |  | 22,212,817 |
Textiles, Apparel & Luxury Goods |  |  | 8,442,721 |  |  |  | — |  |  |  | — |  |  |  | 8,442,721 |
Tobacco |  |  | 23,005,808 |  |  |  | — |  |  |  | — |  |  |  | 23,005,808 |
Wireless Telecommunication Services |  |  | 7,657,117 |  |  |  | — |  |  |  | — |  |  |  | 7,657,117 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 54,579,536 |  |  |  | — |  |  |  | — |  |  |  | 54,579,536 |
|  | $ | 1,426,321,246 |  |  | $ | 239,317,252 |  |  | $ | 10,037,117 |  |  | $ | 1,675,675,615 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (17,040,391 | ) |  | $ | (7,855,268 | ) |  | $ | — |  |  | $ | (24,895,659 | )

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

See notes to financial statements.

52 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) June 30, 2023 |  | BlackRock Enhanced Global Dividend Trust (BOE) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Canada — 2.3% |  |  |  |  |  |
TELUS Corp. |  |  | 854,087 |  |  | $ | 16,620,768 |
Denmark — 2.0% |  |  |  |  |  |
Novo Nordisk A/S, Class B |  |  | 88,367 |  |  |  | 14,274,779 |
France — 9.3% |  |  |  |  |  |
Air Liquide SA |  |  | 68,615 |  |  |  | 12,305,078 |
EssilorLuxottica SA |  |  | 82,291 |  |  |  | 15,517,630 |
Kering SA |  |  | 17,738 |  |  |  | 9,794,909 |
LVMH Moet Hennessy Louis Vuitton SE |  |  | 8,731 |  |  |  | 8,232,566 |
Sanofi |  |  | 192,899 |  |  |  | 20,766,688 |
|  |  |  |  |  |  | 66,616,871 |
India — 0.1% |  |  |  |  |  |
AceVector Limited, Series I, (Acquired 08/31/18, Cost: $2,637,143)(a)(b) |  |  | 566,400 |  |  |  | 437,040 |
Indonesia — 1.1% |  |  |  |  |  |
Bank Rakyat Indonesia Persero Tbk PT |  |  | 22,422,100 |  |  |  | 8,186,119 |
Ireland(c) — 4.8% |  |  |  |  |  |
Accenture PLC, Class A |  |  | 65,207 |  |  |  | 20,121,576 |
Medtronic PLC |  |  | 161,221 |  |  |  | 14,203,570 |
|  |  |  |  |  |  | 34,325,146 |
Japan — 1.5% |  |  |  |  |  |
KDDI Corp. |  |  | 352,200 |  |  |  | 10,877,033 |
Mexico — 2.0% |  |  |  |  |  |
Wal-Mart de Mexico SAB de CV |  |  | 3,624,607 |  |  |  | 14,340,035 |
Netherlands — 3.5% |  |  |  |  |  |
Koninklijke KPN NV |  |  | 3,096,591 |  |  |  | 11,054,747 |
Shell PLC |  |  | 477,667 |  |  |  | 14,388,861 |
|  |  |  |  |  |  | 25,443,608 |
Singapore — 1.3% |  |  |  |  |  |
DBS Group Holdings Ltd. |  |  | 405,168 |  |  |  | 9,461,794 |
Spain — 1.0% |  |  |  |  |  |
Industria de Diseno Textil SA |  |  | 191,048 |  |  |  | 7,410,331 |
Switzerland — 5.0% |  |  |  |  |  |
Lonza Group AG, Registered Shares |  |  | 17,163 |  |  |  | 10,258,540 |
TE Connectivity Ltd.(c) |  |  | 76,977 |  |  |  | 10,789,096 |
Zurich Insurance Group AG |  |  | 31,721 |  |  |  | 15,089,319 |
|  |  |  |  |  |  | 36,136,955 |
Taiwan — 4.2% |  |  |  |  |  |
MediaTek, Inc. |  |  | 480,000 |  |  |  | 10,625,204 |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 1,076,000 |  |  |  | 19,877,289 |
|  |  |  |  |  |  | 30,502,493 |
United Kingdom — 13.4% |  |  |  |  |  |
AstraZeneca PLC |  |  | 136,569 |  |  |  | 19,577,740 |
Ferguson PLC |  |  | 74,135 |  |  |  | 11,709,730 |
Prudential PLC |  |  | 1,065,116 |  |  |  | 15,043,044 |
Reckitt Benckiser Group PLC |  |  | 267,936 |  |  |  | 20,135,594 |
RELX PLC |  |  | 505,465 |  |  |  | 16,861,411 |
Taylor Wimpey PLC |  |  | 10,188,248 |  |  |  | 13,309,837 |
|  |  |  |  |  |  | 96,637,356 |

Security |  | Shares |  |  | Value |
United States — 48.4% |  |  |  |  |  |
AbbVie, Inc.(c)(d) |  |  | 131,096 |  |  | $ | 17,662,576 |
American Express Co.(c) |  |  | 70,189 |  |  |  | 12,226,924 |
Apple, Inc.(c)(d) |  |  | 135,913 |  |  |  | 26,363,045 |
Assurant, Inc.(c) |  |  | 89,681 |  |  |  | 11,274,695 |
Baker Hughes Co.(c)(d) |  |  | 504,799 |  |  |  | 15,956,696 |
Carrier Global Corp.(c) |  |  | 310,408 |  |  |  | 15,430,382 |
Citizens Financial Group, Inc.(c) |  |  | 392,831 |  |  |  | 10,245,033 |
Intercontinental Exchange, Inc.(c) |  |  | 160,687 |  |  |  | 18,170,486 |
International Flavors & Fragrances, Inc.(c)(d) |  |  | 173,549 |  |  |  | 13,812,765 |
M&T Bank Corp.(c) |  |  | 87,077 |  |  |  | 10,776,650 |
Microsoft Corp.(c) |  |  | 100,503 |  |  |  | 34,225,292 |
Mondelez International, Inc., Class A(c) |  |  | 294,985 |  |  |  | 21,516,206 |
Oracle Corp. |  |  | 153,421 |  |  |  | 18,270,907 |
Otis Worldwide Corp.(c)(d) |  |  | 173,733 |  |  |  | 15,463,974 |
Paychex, Inc.(c)(d) |  |  | 170,700 |  |  |  | 19,096,209 |
Philip Morris International, Inc.(c)(d) |  |  | 189,817 |  |  |  | 18,529,936 |
Republic Services, Inc.(c) |  |  | 74,667 |  |  |  | 11,436,744 |
Synchrony Financial(c) |  |  | 225,639 |  |  |  | 7,653,675 |
United Parcel Service, Inc., Class B(c)(d) |  |  | 83,321 |  |  |  | 14,935,289 |
UnitedHealth Group, Inc.(c) |  |  | 29,474 |  |  |  | 14,166,383 |
Walt Disney Co.(c)(d)(e) |  |  | 161,930 |  |  |  | 14,457,110 |
Williams Cos., Inc.(c) |  |  | 226,242 |  |  |  | 7,382,276 |
|  |  |  |  |  |  | 349,053,253 |
Total Long-Term Investments — 99.9% (Cost: $639,242,116) |  |  |  |  |  |  | 720,323,581 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.0% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(f)(g) |  |  | 7,220,667 |  |  |  | 7,220,667 |
Total Short-Term Securities — 1.0% (Cost: $7,220,667) |  |  |  |  |  |  | 7,220,667 |
Total Investments Before Options Written — 100.9% (Cost: $646,462,783) |  |  |  | 727,544,248 |
Options Written — (1.0)% (Premiums Received: $(6,795,289)) |  |  |  |  |  |  | (7,357,120 | )
Total Investments, Net of Options Written — 99.9% (Cost: $639,667,494) |  |  |  | 720,187,128 |
Other Assets Less Liabilities — 0.1% |  |  |  |  |  |  | 1,074,434 |
Net Assets — 100.0% |  |  |  |  |  | $ | 721,261,562 |

(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 $437,040, representing 0.1% of its net assets as of period end, and an original cost of $2,637,143.

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

(e) | Non-income producing security.

(f) | Affiliate of the Trust.

(g) | 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 |  | 53

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced Global Dividend Trust (BOE)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 6,643,752 |  |  | $ | 576,915 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,220,667 |  |  |  | 7,220,667 |  |  | $ | 227,151 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series(b) |  |  | — |  |  |  | — |  |  |  | (1,183 | )(a) |  |  | 1,183 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,629 | (c) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,183 |  |  | $ | — |  |  | $ | 7,220,667 |  |  |  |  |  |  | $ | 229,780 |  |  | $ | — |

| (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.

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
American Express Co. |  |  | 134 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 2,334 |  |  | $ | (124,285 | )
Apple, Inc. |  |  | 200 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 3,879 |  |  |  | (183,500 | )
Microsoft Corp. |  |  | 87 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 2,963 |  |  |  | (30,232 | )
Mondelez International, Inc., Class A |  |  | 368 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 2,684 |  |  |  | (3,680 | )
United Parcel Service, Inc., Class B |  |  | 203 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 3,639 |  |  |  | (98,455 | )
UnitedHealth Group, Inc. |  |  | 33 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 485.00 |  |  |  | USD |  |  |  | 1,586 |  |  |  | (6,468 | )
American Express Co. |  |  | 181 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 3,153 |  |  |  | (32,127 | )
Microsoft Corp. |  |  | 146 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 4,972 |  |  |  | (174,470 | )
Mondelez International, Inc., Class A |  |  | 23 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 73.00 |  |  |  | USD |  |  |  | 168 |  |  |  | (1,495 | )
Walt Disney Co. |  |  | 293 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 96.00 |  |  |  | USD |  |  |  | 2,616 |  |  |  | (3,370 | )
Williams Cos., Inc. |  |  | 280 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 31.00 |  |  |  | USD |  |  |  | 914 |  |  |  | (47,600 | )
AbbVie, Inc. |  |  | 268 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 3,611 |  |  |  | (1,206 | )
Assurant, Inc. |  |  | 145 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 129.90 |  |  |  | USD |  |  |  | 1,823 |  |  |  | (14,942 | )
Baker Hughes Co. |  |  | 753 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 32.00 |  |  |  | USD |  |  |  | 2,380 |  |  |  | (60,240 | )
Citizens Financial Group, Inc. |  |  | 660 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 27.50 |  |  |  | USD |  |  |  | 1,721 |  |  |  | (33,000 | )
Citizens Financial Group, Inc. |  |  | 1,107 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 2,887 |  |  |  | (13,838 | )
Intercontinental Exchange, Inc. |  |  | 565 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 109.00 |  |  |  | USD |  |  |  | 6,389 |  |  |  | (269,486 | )
International Flavors & Fragrances, Inc. |  |  | 322 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 2,563 |  |  |  | (56,350 | )
M&T Bank Corp. |  |  | 140 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 1,733 |  |  |  | (58,100 | )
M&T Bank Corp. |  |  | 251 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 3,106 |  |  |  | (26,355 | )
Medtronic PLC |  |  | 96 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 846 |  |  |  | (5,472 | )
Microsoft Corp. |  |  | 38 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 1,294 |  |  |  | (54,340 | )
Microsoft Corp. |  |  | 98 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 3,337 |  |  |  | (70,070 | )
Otis Worldwide Corp. |  |  | 607 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 84.60 |  |  |  | USD |  |  |  | 5,403 |  |  |  | (310,173 | )
Paychex, Inc. |  |  | 366 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 108.89 |  |  |  | USD |  |  |  | 4,094 |  |  |  | (147,686 | )
Paychex, Inc. |  |  | 402 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 4,497 |  |  |  | (26,130 | )
Philip Morris International, Inc. |  |  | 315 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 3,075 |  |  |  | (114,975 | )
Republic Services, Inc. |  |  | 168 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 2,573 |  |  |  | (70,560 | )
Synchrony Financial |  |  | 516 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,750 |  |  |  | (211,560 | )
TE Connectivity Ltd. |  |  | 186 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 2,607 |  |  |  | (293,880 | )
TELUS Corp. |  |  | 482 |  |  |  | 07/21/23 |  |  |  | CAD |  |  |  | 26.00 |  |  |  | CAD |  |  |  | 1,243 |  |  |  | (5,821 | )
AbbVie, Inc. |  |  | 94 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 1,266 |  |  |  | (6,674 | )
Accenture PLC, Class A |  |  | 146 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 4,505 |  |  |  | (10,220 | )
Medtronic PLC |  |  | 72 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 87.00 |  |  |  | USD |  |  |  | 634 |  |  |  | (16,776 | )
Microsoft Corp. |  |  | 120 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 345.00 |  |  |  | USD |  |  |  | 4,086 |  |  |  | (99,600 | )
Mondelez International, Inc., Class A |  |  | 486 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 76.00 |  |  |  | USD |  |  |  | 3,545 |  |  |  | (14,580 | )
Mondelez International, Inc., Class A |  |  | 450 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 74.00 |  |  |  | USD |  |  |  | 3,282 |  |  |  | (40,500 | )
UnitedHealth Group, Inc. |  |  | 99 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 490.00 |  |  |  | USD |  |  |  | 4,758 |  |  |  | (74,250 | )
Walt Disney Co. |  |  | 369 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 94.00 |  |  |  | USD |  |  |  | 3,294 |  |  |  | (25,461 | )
Williams Cos., Inc. |  |  | 230 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 31.40 |  |  |  | USD |  |  |  | 750 |  |  |  | (35,380 | )

54 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apple, Inc. |  |  | 294 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 5,703 |  |  | $ | (241,815 | )
Oracle Corp. |  |  | 345 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 124.00 |  |  |  | USD |  |  |  | 4,109 |  |  |  | (45,540 | )
United Parcel Service, Inc., Class B |  |  | 171 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 3,065 |  |  |  | (70,537 | )
Williams Cos., Inc. |  |  | 281 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 31.40 |  |  |  | USD |  |  |  | 917 |  |  |  | (47,544 | )
Baker Hughes Co. |  |  | 765 |  |  |  | 08/07/23 |  |  |  | USD |  |  |  | 29.75 |  |  |  | USD |  |  |  | 2,418 |  |  |  | (196,197 | )
Accenture PLC, Class A |  |  | 147 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 4,536 |  |  |  | (113,190 | )
Oracle Corp. |  |  | 345 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 124.00 |  |  |  | USD |  |  |  | 4,109 |  |  |  | (53,992 | )
AbbVie, Inc. |  |  | 176 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 2,371 |  |  |  | (13,992 | )
Apple, Inc. |  |  | 117 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 2,269 |  |  |  | (102,082 | )
Assurant, Inc. |  |  | 168 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 2,112 |  |  |  | (51,660 | )
Baker Hughes Co. |  |  | 753 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 31.60 |  |  |  | USD |  |  |  | 2,380 |  |  |  | (108,064 | )
Carrier Global Corp. |  |  | 698 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 3,470 |  |  |  | (120,405 | )
Intercontinental Exchange, Inc. |  |  | 33 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 373 |  |  |  | (7,095 | )
International Flavors & Fragrances, Inc. |  |  | 285 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 2,268 |  |  |  | (50,587 | )
Medtronic PLC |  |  | 234 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 86.25 |  |  |  | USD |  |  |  | 2,062 |  |  |  | (83,136 | )
Otis Worldwide Corp. |  |  | 69 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 80.23 |  |  |  | USD |  |  |  | 614 |  |  |  | (65,816 | )
Philip Morris International, Inc. |  |  | 539 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 5,262 |  |  |  | (242,550 | )
Republic Services, Inc. |  |  | 168 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 146.50 |  |  |  | USD |  |  |  | 2,573 |  |  |  | (142,944 | )
Synchrony Financial |  |  | 499 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 33.70 |  |  |  | USD |  |  |  | 1,693 |  |  |  | (77,965 | )
TE Connectivity Ltd. |  |  | 160 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 2,243 |  |  |  | (132,000 | )
TELUS Corp. |  |  | 482 |  |  |  | 08/18/23 |  |  |  | CAD |  |  |  | 26.00 |  |  |  | CAD |  |  |  | 1,243 |  |  |  | (14,554 | )
Medtronic PLC |  |  | 94 |  |  |  | 08/29/23 |  |  |  | USD |  |  |  | 89.00 |  |  |  | USD |  |  |  | 828 |  |  |  | (20,904 | )
Medtronic PLC |  |  | 68 |  |  |  | 09/08/23 |  |  |  | USD |  |  |  | 89.00 |  |  |  | USD |  |  |  | 599 |  |  |  | (16,792 | )
Carrier Global Corp. |  |  | 698 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 3,470 |  |  |  | (157,050 | )
Otis Worldwide Corp. |  |  | 105 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 935 |  |  |  | (30,450 | )
TELUS Corp. |  |  | 1,531 |  |  |  | 09/15/23 |  |  |  | CAD |  |  |  | 26.00 |  |  |  | CAD |  |  |  | 3,947 |  |  |  | (57,207 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (5,137,375 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industria de Diseno Textil SA |  | UBS AG |  |  | 13,300 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 32.16 |  |  |  | EUR |  |  |  | 472 |  |  | $ | (48,761 | )
Lonza Group AG, Registered Shares |  | Goldman Sachs International |  |  | 8,200 |  |  |  | 07/11/23 |  |  |  | CHF |  |  |  | 605.07 |  |  |  | CHF |  |  |  | 4,374 |  |  |  | (514 | )
Novo Nordisk A/S, Class B |  | Barclays Bank PLC |  |  | 21,400 |  |  |  | 07/11/23 |  |  |  | DKK |  |  |  | 1,191.22 |  |  |  | DKK |  |  |  | 23,527 |  |  |  | (1,632 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 175,500 |  |  |  | 07/11/23 |  |  |  | GBP |  |  |  | 12.00 |  |  |  | GBP |  |  |  | 1,945 |  |  |  | (2,300 | )
Zurich Insurance Group AG |  | Barclays Bank PLC |  |  | 7,600 |  |  |  | 07/11/23 |  |  |  | CHF |  |  |  | 442.18 |  |  |  | CHF |  |  |  | 3,229 |  |  |  | (1,577 | )
Taylor Wimpey PLC |  | UBS AG |  |  | 881,100 |  |  |  | 07/12/23 |  |  |  | GBP |  |  |  | 1.26 |  |  |  | GBP |  |  |  | 905 |  |  |  | (1 | )
Wal-Mart de Mexico SAB de CV |  | Citibank N.A. |  |  | 799,700 |  |  |  | 07/12/23 |  |  |  | MXN |  |  |  | 68.49 |  |  |  | MXN |  |  |  | 54,156 |  |  |  | (45,360 | )
Air Liquide SA |  | Goldman Sachs International |  |  | 30,900 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 159.49 |  |  |  | EUR |  |  |  | 5,074 |  |  |  | (176,547 | )
Koninklijke KPN NV |  | Barclays Bank PLC |  |  | 789,100 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 3.28 |  |  |  | EUR |  |  |  | 2,580 |  |  |  | (23,843 | )
Novo Nordisk A/S, Class B |  | Morgan Stanley & Co. International PLC |  |  | 10,900 |  |  |  | 07/13/23 |  |  |  | DKK |  |  |  | 1,149.69 |  |  |  | DKK |  |  |  | 11,983 |  |  |  | (7,593 | )
Reckitt Benckiser Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 28,800 |  |  |  | 07/13/23 |  |  |  | GBP |  |  |  | 64.10 |  |  |  | GBP |  |  |  | 1,703 |  |  |  | (384 | )
RELX PLC |  | Morgan Stanley & Co. International PLC |  |  | 33,750 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 30.21 |  |  |  | EUR |  |  |  | 1,031 |  |  |  | (20,018 | )
Sanofi |  | Goldman Sachs International |  |  | 19,500 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 97.63 |  |  |  | EUR |  |  |  | 1,915 |  |  |  | (31,414 | )
Taylor Wimpey PLC |  | Goldman Sachs International |  |  | 766,000 |  |  |  | 07/13/23 |  |  |  | GBP |  |  |  | 1.17 |  |  |  | GBP |  |  |  | 787 |  |  |  | (233 | )
Zurich Insurance Group AG |  | Barclays Bank PLC |  |  | 6,700 |  |  |  | 07/13/23 |  |  |  | CHF |  |  |  | 444.02 |  |  |  | CHF |  |  |  | 2,847 |  |  |  | (1,660 | )
AstraZeneca PLC |  | UBS AG |  |  | 38,000 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 124.57 |  |  |  | GBP |  |  |  | 4,285 |  |  |  | (8,680 | )
AstraZeneca PLC |  | UBS AG |  |  | 16,300 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 122.66 |  |  |  | GBP |  |  |  | 1,838 |  |  |  | (6,562 | )
Ferguson PLC |  | Morgan Stanley & Co. International PLC |  |  | 16,000 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 124.80 |  |  |  | GBP |  |  |  | 1,986 |  |  |  | (42,064 | )
Reckitt Benckiser Group PLC |  | Barclays Bank PLC |  |  | 59,000 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 67.68 |  |  |  | GBP |  |  |  | 3,488 |  |  |  | (578 | )
Sanofi |  | Goldman Sachs International |  |  | 48,100 |  |  |  | 07/18/23 |  |  |  | EUR |  |  |  | 97.09 |  |  |  | EUR |  |  |  | 4,723 |  |  |  | (107,603 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 68,500 |  |  |  | 07/19/23 |  |  |  | GBP |  |  |  | 11.63 |  |  |  | GBP |  |  |  | 759 |  |  |  | (7,919 | )
KDDI Corp. |  | BNP Paribas SA |  |  | 81,300 |  |  |  | 07/25/23 |  |  |  | JPY |  |  |  | 4,495.43 |  |  |  | JPY |  |  |  | 361,785 |  |  |  | (40,227 | )
Lonza Group AG, Registered Shares |  | UBS AG |  |  | 5,000 |  |  |  | 07/25/23 |  |  |  | CHF |  |  |  | 612.75 |  |  |  | CHF |  |  |  | 2,667 |  |  |  | (3,004 | )
Reckitt Benckiser Group PLC |  | UBS AG |  |  | 32,800 |  |  |  | 07/25/23 |  |  |  | GBP |  |  |  | 63.72 |  |  |  | GBP |  |  |  | 1,939 |  |  |  | (3,959 | )
RELX PLC |  | Morgan Stanley & Co. International PLC |  |  | 52,000 |  |  |  | 07/25/23 |  |  |  | EUR |  |  |  | 30.46 |  |  |  | EUR |  |  |  | 1,588 |  |  |  | (30,358 | )
Shell PLC |  | Morgan Stanley & Co. International PLC |  |  | 105,000 |  |  |  | 07/25/23 |  |  |  | EUR |  |  |  | 27.03 |  |  |  | EUR |  |  |  | 2,897 |  |  |  | (109,168 | )
Wal-Mart de Mexico SAB de CV |  | Citibank N.A. |  |  | 415,600 |  |  |  | 07/25/23 |  |  |  | MXN |  |  |  | 70.46 |  |  |  | MXN |  |  |  | 28,144 |  |  |  | (17,907 | )
KDDI Corp. |  | UBS AG |  |  | 112,500 |  |  |  | 07/26/23 |  |  |  | JPY |  |  |  | 4,492.08 |  |  |  | JPY |  |  |  | 500,625 |  |  |  | (58,164 | )

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 (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MediaTek, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 31,919 |  |  |  | 07/26/23 |  |  |  | TWD |  |  |  | 775.69 |  |  |  | TWD |  |  |  | 21,960 |  |  | $ | (851 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 152,100 |  |  |  | 07/26/23 |  |  |  | GBP |  |  |  | 11.44 |  |  |  | GBP |  |  |  | 1,686 |  |  |  | (37,036 | )
RELX PLC |  | Morgan Stanley & Co. International PLC |  |  | 52,000 |  |  |  | 07/26/23 |  |  |  | EUR |  |  |  | 30.29 |  |  |  | EUR |  |  |  | 1,588 |  |  |  | (38,062 | )
EssilorLuxottica SA |  | Barclays Bank PLC |  |  | 24,500 |  |  |  | 08/01/23 |  |  |  | EUR |  |  |  | 171.93 |  |  |  | EUR |  |  |  | 4,229 |  |  |  | (132,548 | )
RELX PLC |  | Barclays Bank PLC |  |  | 89,700 |  |  |  | 08/01/23 |  |  |  | EUR |  |  |  | 30.83 |  |  |  | EUR |  |  |  | 2,739 |  |  |  | (46,189 | )
Ferguson PLC |  | Barclays Bank PLC |  |  | 13,100 |  |  |  | 08/02/23 |  |  |  | GBP |  |  |  | 120.02 |  |  |  | GBP |  |  |  | 1,626 |  |  |  | (102,031 | )
Ferguson PLC |  | Morgan Stanley & Co. International PLC |  |  | 4,300 |  |  |  | 08/02/23 |  |  |  | GBP |  |  |  | 121.58 |  |  |  | GBP |  |  |  | 534 |  |  |  | (27,269 | )
Novo Nordisk A/S, Class B |  | Citibank N.A. |  |  | 7,500 |  |  |  | 08/02/23 |  |  |  | DKK |  |  |  | 1,117.35 |  |  |  | DKK |  |  |  | 8,246 |  |  |  | (32,128 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 180,000 |  |  |  | 08/02/23 |  |  |  | TWD |  |  |  | 601.80 |  |  |  | TWD |  |  |  | 103,680 |  |  |  | (47,365 | )
Taylor Wimpey PLC |  | Citibank N.A. |  |  | 766,000 |  |  |  | 08/02/23 |  |  |  | GBP |  |  |  | 1.12 |  |  |  | GBP |  |  |  | 787 |  |  |  | (11,168 | )
DBS Group Holdings Ltd. |  | Citibank N.A. |  |  | 71,500 |  |  |  | 08/03/23 |  |  |  | SGD |  |  |  | 31.84 |  |  |  | SGD |  |  |  | 2,253 |  |  |  | (28,212 | )
MediaTek, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 87,000 |  |  |  | 08/03/23 |  |  |  | TWD |  |  |  | 711.75 |  |  |  | TWD |  |  |  | 59,856 |  |  |  | (34,778 | )
Shell PLC |  | Goldman Sachs International |  |  | 62,100 |  |  |  | 08/03/23 |  |  |  | EUR |  |  |  | 27.40 |  |  |  | EUR |  |  |  | 1,714 |  |  |  | (56,206 | )
EssilorLuxottica SA |  | UBS AG |  |  | 12,500 |  |  |  | 08/08/23 |  |  |  | EUR |  |  |  | 171.20 |  |  |  | EUR |  |  |  | 2,158 |  |  |  | (83,145 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 82,000 |  |  |  | 08/08/23 |  |  |  | TWD |  |  |  | 582.61 |  |  |  | TWD |  |  |  | 47,232 |  |  |  | (44,141 | )
Industria de Diseno Textil SA |  | Goldman Sachs International |  |  | 117,000 |  |  |  | 08/10/23 |  |  |  | EUR |  |  |  | 35.47 |  |  |  | EUR |  |  |  | 4,149 |  |  |  | (108,714 | )
Koninklijke KPN NV |  | Goldman Sachs International |  |  | 604,400 |  |  |  | 08/10/23 |  |  |  | EUR |  |  |  | 3.27 |  |  |  | EUR |  |  |  | 1,976 |  |  |  | (26,295 | )
Taylor Wimpey PLC |  | Morgan Stanley & Co. International PLC |  |  | 535,500 |  |  |  | 08/10/23 |  |  |  | GBP |  |  |  | 1.14 |  |  |  | GBP |  |  |  | 550 |  |  |  | (7,556 | )
Prudential PLC |  | JPMorgan Chase Bank N.A. |  |  | 83,300 |  |  |  | 08/15/23 |  |  |  | GBP |  |  |  | 11.27 |  |  |  | GBP |  |  |  | 923 |  |  |  | (41,089 | )
Wal-Mart de Mexico SAB de CV |  | JPMorgan Chase Bank N.A. |  |  | 415,700 |  |  |  | 08/15/23 |  |  |  | MXN |  |  |  | 69.16 |  |  |  | MXN |  |  |  | 28,151 |  |  |  | (49,711 | )
AstraZeneca PLC |  | Goldman Sachs International |  |  | 20,800 |  |  |  | 08/16/23 |  |  |  | GBP |  |  |  | 117.36 |  |  |  | GBP |  |  |  | 2,345 |  |  |  | (57,916 | )
DBS Group Holdings Ltd. |  | Citibank N.A. |  |  | 110,800 |  |  |  | 08/16/23 |  |  |  | SGD |  |  |  | 31.68 |  |  |  | SGD |  |  |  | 3,491 |  |  |  | (42,486 | )
Kering SA |  | Goldman Sachs International |  |  | 6,200 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 523.06 |  |  |  | EUR |  |  |  | 3,135 |  |  |  | (81,080 | )
LVMH Moet Hennessy Louis Vuitton SE |  | Goldman Sachs International |  |  | 4,200 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 858.61 |  |  |  | EUR |  |  |  | 3,625 |  |  |  | (146,391 | )
MediaTek, Inc. |  | Bank of America N.A. |  |  | 48,700 |  |  |  | 08/16/23 |  |  |  | TWD |  |  |  | 727.65 |  |  |  | TWD |  |  |  | 33,506 |  |  |  | (18,208 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 115,000 |  |  |  | 08/16/23 |  |  |  | TWD |  |  |  | 592.62 |  |  |  | TWD |  |  |  | 66,240 |  |  |  | (53,588 | )
Taylor Wimpey PLC |  | Morgan Stanley & Co. International PLC |  |  | 535,500 |  |  |  | 08/16/23 |  |  |  | GBP |  |  |  | 1.14 |  |  |  | GBP |  |  |  | 550 |  |  |  | (9,168 | )
Taylor Wimpey PLC |  | Morgan Stanley & Co. International PLC |  |  | 1,100,600 |  |  |  | 08/22/23 |  |  |  | GBP |  |  |  | 1.05 |  |  |  | GBP |  |  |  | 1,131 |  |  |  | (58,384 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,219,745 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 2,027,722 |  |  | $ | (2,589,553) |  |  | $ | (7,357,120) |

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 |  | $ | — |  |  | $ | — |  |  | $ | 7,357,120 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,357,120 |

56 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced Global Dividend Trust (BOE)

For the period ended June 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | (7,590,001 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (7,590,001 | )
Options written |  |  | — |  |  |  | — |  |  |  | 6,365,169 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,365,169 |
|  | $ | — |  |  | $ | — |  |  | $ | (1,224,832 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,224,832 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (3,947,548 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,947,548 | )

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts purchased |  | $ | — | (a)
Average value of option contracts written |  | $ | 8,216,310 |

| (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 |  | $ | — |  |  | $ | 7,357,120 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 7,357,120 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (5,137,375 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 2,219,745 |

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. |  | $ | 18,208 |  |  | $ | — |  |  | $ | (18,208 | ) |  | $ | — |  |  | $ | — |
Barclays Bank PLC |  |  | 310,058 |  |  |  | — |  |  |  | (310,058 | ) |  |  | — |  |  |  | — |
BNP Paribas SA |  |  | 40,227 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40,227 |
Citibank N.A. |  |  | 177,261 |  |  |  | — |  |  |  | (177,261 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 792,913 |  |  |  | — |  |  |  | (792,913 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 90,800 |  |  |  | — |  |  |  | (90,800 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 578,002 |  |  |  | — |  |  |  | (578,002 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 212,276 |  |  |  | — |  |  |  | (212,276 | ) |  |  | — |  |  |  | — |
|  | $ | 2,219,745 |  |  | $ | — |  |  | $ | (2,179,518 | ) |  | $ | — |  |  | $ | 40,227 |

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

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

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced Global Dividend Trust (BOE)

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  | $ | 16,620,768 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,620,768 |
Denmark |  |  | — |  |  |  | 14,274,779 |  |  |  | — |  |  |  | 14,274,779 |
France |  |  | — |  |  |  | 66,616,871 |  |  |  | — |  |  |  | 66,616,871 |
India |  |  | — |  |  |  | — |  |  |  | 437,040 |  |  |  | 437,040 |
Indonesia |  |  | — |  |  |  | 8,186,119 |  |  |  | — |  |  |  | 8,186,119 |
Ireland |  |  | 34,325,146 |  |  |  | — |  |  |  | — |  |  |  | 34,325,146 |
Japan |  |  | — |  |  |  | 10,877,033 |  |  |  | — |  |  |  | 10,877,033 |
Mexico |  |  | 14,340,035 |  |  |  | — |  |  |  | — |  |  |  | 14,340,035 |
Netherlands |  |  | — |  |  |  | 25,443,608 |  |  |  | — |  |  |  | 25,443,608 |
Singapore |  |  | — |  |  |  | 9,461,794 |  |  |  | — |  |  |  | 9,461,794 |
Spain |  |  | — |  |  |  | 7,410,331 |  |  |  | — |  |  |  | 7,410,331 |
Switzerland |  |  | 10,789,096 |  |  |  | 25,347,859 |  |  |  | — |  |  |  | 36,136,955 |
Taiwan |  |  | — |  |  |  | 30,502,493 |  |  |  | — |  |  |  | 30,502,493 |
United Kingdom |  |  | — |  |  |  | 96,637,356 |  |  |  | — |  |  |  | 96,637,356 |
United States |  |  | 349,053,253 |  |  |  | — |  |  |  | — |  |  |  | 349,053,253 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 7,220,667 |  |  |  | — |  |  |  | — |  |  |  | 7,220,667 |
|  | $ | 432,348,965 |  |  | $ | 294,758,243 |  |  | $ | 437,040 |  |  | $ | 727,544,248 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (3,600,346 | ) |  | $ | (3,756,774 | ) |  | $ | — |  |  | $ | (7,357,120 | )

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

See notes to financial statements.

58 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) June 30, 2023 |  | BlackRock Enhanced International Dividend Trust (BGY) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Canada — 2.0% |
TELUS Corp. |  |  | 651,863 |  |  | $ | 12,685,433 |
China — 2.9% |  |  |  |  |  |
Budweiser Brewing Co. APAC Ltd.(a) |  |  | 4,826,400 |  |  |  | 12,489,081 |
Yum China Holdings, Inc.(b) |  |  | 100,923 |  |  |  | 5,702,149 |
|  |  |  |  |  |  | 18,191,230 |
Denmark — 3.0% |  |  |  |  |  |
Novo Nordisk A/S, Class B |  |  | 119,331 |  |  |  | 19,276,694 |
France — 13.0% |  |  |  |  |  |
Air Liquide SA |  |  | 70,541 |  |  |  | 12,650,477 |
EssilorLuxottica SA |  |  | 65,768 |  |  |  | 12,401,885 |
Kering SA |  |  | 37,887 |  |  |  | 20,921,170 |
LVMH Moet Hennessy Louis Vuitton SE |  |  | 17,294 |  |  |  | 16,306,724 |
Sanofi |  |  | 186,010 |  |  |  | 20,025,047 |
|  |  |  |  |  |  | 82,305,303 |
Germany — 5.4% |  |  |  |  |  |
MTU Aero Engines AG |  |  | 52,623 |  |  |  | 13,648,779 |
Symrise AG |  |  | 192,507 |  |  |  | 20,184,839 |
|  |  |  |  |  |  | 33,833,618 |
India — 3.2% |  |  |  |  |  |
AceVector Limited, Series I, (Acquired 01/25/22, Cost: $3,948,600)(c)(d) |  |  | 848,000 |  |  |  | 654,325 |
HDFC Bank Ltd. |  |  | 957,251 |  |  |  | 19,865,641 |
|  |  |  |  |  |  | 20,519,966 |
Indonesia — 2.0% |  |  |  |  |  |
Bank Rakyat Indonesia Persero Tbk PT |  |  | 33,956,300 |  |  |  | 12,397,158 |
Italy — 2.0% |  |  |  |  |  |
FinecoBank Banca Fineco SpA |  |  | 935,202 |  |  |  | 12,588,392 |
Japan — 6.9% |  |  |  |  |  |
Daiichi Sankyo Co. Ltd. |  |  | 170,900 |  |  |  | 5,430,221 |
KDDI Corp. |  |  | 681,000 |  |  |  | 21,031,401 |
Sony Group Corp. |  |  | 189,600 |  |  |  | 17,115,223 |
|  |  |  |  |  |  | 43,576,845 |
Mexico — 2.7% |  |  |  |  |  |
Wal-Mart de Mexico SAB de CV |  |  | 4,298,658 |  |  |  | 17,006,784 |
Netherlands — 8.5% |  |  |  |  |  |
Heineken NV |  |  | 152,431 |  |  |  | 15,675,480 |
Koninklijke KPN NV |  |  | 5,283,115 |  |  |  | 18,860,579 |
Shell PLC |  |  | 637,172 |  |  |  | 19,193,663 |
|  |  |  |  |  |  | 53,729,722 |
Singapore — 3.9% |  |  |  |  |  |
DBS Group Holdings Ltd. |  |  | 477,400 |  |  |  | 11,148,611 |
United Overseas Bank Ltd. |  |  | 653,100 |  |  |  | 13,552,637 |
|  |  |  |  |  |  | 24,701,248 |
Spain — 3.1% |  |  |  |  |  |
Industria de Diseno Textil SA |  |  | 511,009 |  |  |  | 19,820,913 |
Sweden — 1.9% |  |  |  |  |  |
Epiroc AB, Class A |  |  | 650,270 |  |  |  | 12,317,321 |
Switzerland — 5.5% |  |  |  |  |  |
Lonza Group AG, Registered Shares |  |  | 37,625 |  |  |  | 22,488,934 |
Zurich Insurance Group AG |  |  | 25,565 |  |  |  | 12,160,979 |
|  |  |  |  |  |  | 34,649,913 |

Security |  | Shares |  |  | Value |
Taiwan — 6.2% |  |  |  |  |  |
MediaTek, Inc. |  |  | 645,000 |  |  | $ | 14,277,618 |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 1,356,000 |  |  |  | 25,049,817 |
|  |  |  |  |  |  | 39,327,435 |
United Kingdom — 17.8% |  |  |  |  |  |
AstraZeneca PLC |  |  | 129,879 |  |  |  | 18,618,700 |
BAE Systems PLC |  |  | 1,094,795 |  |  |  | 12,908,985 |
Ferguson PLC |  |  | 106,107 |  |  |  | 16,759,754 |
Prudential PLC |  |  | 1,363,945 |  |  |  | 19,263,521 |
Reckitt Benckiser Group PLC |  |  | 250,225 |  |  |  | 18,804,599 |
RELX PLC |  |  | 571,799 |  |  |  | 19,074,195 |
Smith & Nephew PLC |  |  | 423,876 |  |  |  | 6,838,526 |
|  |  |  |  |  |  | 112,268,280 |
United States(b) — 8.8% |  |  |  |  |  |
Baker Hughes Co. |  |  | 599,573 |  |  |  | 18,952,503 |
Otis Worldwide Corp.(e) |  |  | 232,078 |  |  |  | 20,657,263 |
Visa, Inc., Class A(e) |  |  | 66,582 |  |  |  | 15,811,893 |
|  |  |  |  |  |  | 55,421,659 |
Total Long-Term Investments — 98.8% (Cost: $537,755,495) |  |  |  |  |  |  | 624,617,914 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.3% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(f)(g) |  |  | 8,600,233 |  |  |  | 8,600,233 |
Total Short-Term Securities — 1.3% (Cost: $8,600,233) |  |  |  | 8,600,233 |
Total Investments Before Options Written — 100.1% (Cost: $546,355,728) |  |  |  | 633,218,147 |
Options Written — (0.9)% (Premiums Received: $(6,096,040)) |  |  |  | (5,767,908 | )
Total Investments, Net of Options Written — 99.2% (Cost: $540,259,688) |  |  |  | 627,450,239 |
Other Assets Less Liabilities — 0.8% |  |  |  | 4,996,998 |
Net Assets — 100.0% |  |  |  |  |  | $ | 632,447,237 |

(a) | 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.

(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) | 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 $654,325, representing 0.1% of its net assets as of period end, and an original cost of $3,948,600.

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

(f) | Affiliate of the Trust.

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

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced International Dividend Trust (BGY)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 5,622,321 |  |  | $ | 2,977,912 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8,600,233 |  |  |  | 8,600,233 |  |  | $ | 242,490 |  |  | $ | — |

| (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 |  |  | 37 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 879 |  |  | $ | (12,118 | )
Visa, Inc., Class A |  |  | 34 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 807 |  |  |  | (28,390 | )
Baker Hughes Co. |  |  | 1,000 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 32.00 |  |  |  | USD |  |  |  | 3,161 |  |  |  | (80,000 | )
Otis Worldwide Corp. |  |  | 201 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 84.60 |  |  |  | USD |  |  |  | 1,789 |  |  |  | (102,710 | )
TELUS Corp. |  |  | 617 |  |  |  | 07/21/23 |  |  |  | CAD |  |  |  | 26.00 |  |  |  | CAD |  |  |  | 1,591 |  |  |  | (7,452 | )
Visa, Inc., Class A |  |  | 187 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 4,441 |  |  |  | (167,832 | )
Yum China Holdings, Inc. |  |  | 197 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,113 |  |  |  | (1,970 | )
Yum China Holdings, Inc. |  |  | 257 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,452 |  |  |  | (5,783 | )
Visa, Inc., Class A |  |  | 37 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 879 |  |  |  | (39,127 | )
Visa, Inc., Class A |  |  | 34 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 807 |  |  |  | (23,715 | )
Visa, Inc., Class A |  |  | 37 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 879 |  |  |  | (17,390 | )
Baker Hughes Co. |  |  | 1,000 |  |  |  | 08/07/23 |  |  |  | USD |  |  |  | 29.75 |  |  |  | USD |  |  |  | 3,161 |  |  |  | (256,467 | )
Baker Hughes Co. |  |  | 1,000 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 31.60 |  |  |  | USD |  |  |  | 3,161 |  |  |  | (143,511 | )
Otis Worldwide Corp. |  |  | 406 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 80.23 |  |  |  | USD |  |  |  | 3,614 |  |  |  | (387,264 | )
TELUS Corp. |  |  | 617 |  |  |  | 08/18/23 |  |  |  | CAD |  |  |  | 26.00 |  |  |  | CAD |  |  |  | 1,591 |  |  |  | (18,630 | )
Otis Worldwide Corp. |  |  | 437 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 3,890 |  |  |  | (126,730 | )
TELUS Corp. |  |  | 1,953 |  |  |  | 09/15/23 |  |  |  | CAD |  |  |  | 26.00 |  |  |  | CAD |  |  |  | 5,035 |  |  |  | (72,975 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,492,064 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industria de Diseno Textil SA |  | UBS AG |  |  | 142,100 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 32.16 |  |  |  | EUR |  |  |  | 5,051 |  |  | $ | (520,974) |
Lonza Group AG, Registered Shares |  | Goldman Sachs International |  |  | 9,200 |  |  |  | 07/11/23 |  |  |  | CHF |  |  |  | 605.07 |  |  |  | CHF |  |  |  | 4,922 |  |  |  | (577 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 185,900 |  |  |  | 07/11/23 |  |  |  | GBP |  |  |  | 12.00 |  |  |  | GBP |  |  |  | 2,067 |  |  |  | (2,436 | )
Zurich Insurance Group AG |  | Barclays Bank PLC |  |  | 6,300 |  |  |  | 07/11/23 |  |  |  | CHF |  |  |  | 442.18 |  |  |  | CHF |  |  |  | 2,682 |  |  |  | (1,307 | )
BAE Systems PLC |  | UBS AG |  |  | 246,300 |  |  |  | 07/12/23 |  |  |  | GBP |  |  |  | 9.84 |  |  |  | GBP |  |  |  | 2,287 |  |  |  | (3,547 | )
Smith & Nephew PLC |  | Morgan Stanley & Co. International PLC |  |  | 95,300 |  |  |  | 07/12/23 |  |  |  | GBP |  |  |  | 12.94 |  |  |  | GBP |  |  |  | 1,211 |  |  |  | (7,825 | )
Wal-Mart de Mexico SAB de CV |  | Citibank N.A. |  |  | 466,300 |  |  |  | 07/12/23 |  |  |  | MXN |  |  |  | 68.49 |  |  |  | MXN |  |  |  | 31,578 |  |  |  | (26,449 | )
Air Liquide SA |  | Goldman Sachs International |  |  | 22,400 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 159.49 |  |  |  | EUR |  |  |  | 3,681 |  |  |  | (127,982 | )
Budweiser Brewing Co. APAC Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 893,700 |  |  |  | 07/13/23 |  |  |  | HKD |  |  |  | 20.06 |  |  |  | HKD |  |  |  | 18,121 |  |  |  | (67,938 | )
Koninklijke KPN NV |  | Barclays Bank PLC |  |  | 937,100 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 3.28 |  |  |  | EUR |  |  |  | 3,066 |  |  |  | (28,315 | )
Novo Nordisk A/S, Class B |  | Morgan Stanley & Co. International PLC |  |  | 64,200 |  |  |  | 07/13/23 |  |  |  | DKK |  |  |  | 1,149.69 |  |  |  | DKK |  |  |  | 70,765 |  |  |  | (44,724 | )
Reckitt Benckiser Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 25,650 |  |  |  | 07/13/23 |  |  |  | GBP |  |  |  | 64.10 |  |  |  | GBP |  |  |  | 1,518 |  |  |  | (342 | )
Sanofi |  | Goldman Sachs International |  |  | 18,600 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 97.63 |  |  |  | EUR |  |  |  | 1,835 |  |  |  | (29,964 | )
Shell PLC |  | Barclays Bank PLC |  |  | 70,600 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 26.98 |  |  |  | EUR |  |  |  | 1,949 |  |  |  | (63,905 | )
United Overseas Bank Ltd. |  | BNP Paribas SA |  |  | 74,000 |  |  |  | 07/13/23 |  |  |  | SGD |  |  |  | 28.46 |  |  |  | SGD |  |  |  | 2,077 |  |  |  | (7,308 | )
Zurich Insurance Group AG |  | Barclays Bank PLC |  |  | 5,300 |  |  |  | 07/13/23 |  |  |  | CHF |  |  |  | 444.02 |  |  |  | CHF |  |  |  | 2,257 |  |  |  | (1,313 | )
AstraZeneca PLC |  | UBS AG |  |  | 55,300 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 124.57 |  |  |  | GBP |  |  |  | 6,242 |  |  |  | (12,632 | )
AstraZeneca PLC |  | UBS AG |  |  | 16,100 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 122.66 |  |  |  | GBP |  |  |  | 1,817 |  |  |  | (6,482 | )
BAE Systems PLC |  | UBS AG |  |  | 246,300 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 10.28 |  |  |  | GBP |  |  |  | 2,287 |  |  |  | (3,363 | )
Budweiser Brewing Co. APAC Ltd. |  | Bank of America N.A. |  |  | 751,100 |  |  |  | 07/18/23 |  |  |  | HKD |  |  |  | 21.75 |  |  |  | HKD |  |  |  | 15,230 |  |  |  | (16,002 | )

60 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ferguson PLC |  | Morgan Stanley & Co. International PLC |  |  | 25,400 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 124.80 |  |  |  | GBP |  |  |  | 3,159 |  |  | $ | (66,777 | )
Koninklijke KPN NV |  | Barclays Bank PLC |  |  | 372,900 |  |  |  | 07/18/23 |  |  |  | EUR |  |  |  | 3.36 |  |  |  | EUR |  |  |  | 1,220 |  |  |  | (9,672 | )
Reckitt Benckiser Group PLC |  | Barclays Bank PLC |  |  | 78,100 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 67.68 |  |  |  | GBP |  |  |  | 4,621 |  |  |  | (766 | )
Sanofi |  | Goldman Sachs International |  |  | 61,800 |  |  |  | 07/18/23 |  |  |  | EUR |  |  |  | 97.09 |  |  |  | EUR |  |  |  | 6,097 |  |  |  | (138,251 | )
Smith & Nephew PLC |  | Goldman Sachs International |  |  | 95,400 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 13.49 |  |  |  | GBP |  |  |  | 1,212 |  |  |  | (3,293 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 154,100 |  |  |  | 07/19/23 |  |  |  | GBP |  |  |  | 11.63 |  |  |  | GBP |  |  |  | 1,714 |  |  |  | (17,815 | )
Epiroc AB, Class A |  | Morgan Stanley & Co. International PLC |  |  | 45,800 |  |  |  | 07/25/23 |  |  |  | SEK |  |  |  | 208.40 |  |  |  | SEK |  |  |  | 9,357 |  |  |  | (20,652 | )
KDDI Corp. |  | BNP Paribas SA |  |  | 107,500 |  |  |  | 07/25/23 |  |  |  | JPY |  |  |  | 4,495.44 |  |  |  | JPY |  |  |  | 479,050 |  |  |  | (53,191 | )
KDDI Corp. |  | Citibank N.A. |  |  | 158,900 |  |  |  | 07/25/23 |  |  |  | JPY |  |  |  | 4,522.88 |  |  |  | JPY |  |  |  | 708,103 |  |  |  | (66,115 | )
Lonza Group AG, Registered Shares |  | UBS AG |  |  | 10,000 |  |  |  | 07/25/23 |  |  |  | CHF |  |  |  | 612.75 |  |  |  | CHF |  |  |  | 5,350 |  |  |  | (6,007 | )
Reckitt Benckiser Group PLC |  | UBS AG |  |  | 37,850 |  |  |  | 07/25/23 |  |  |  | GBP |  |  |  | 63.72 |  |  |  | GBP |  |  |  | 2,240 |  |  |  | (4,568 | )
RELX PLC |  | Morgan Stanley & Co. International PLC |  |  | 48,200 |  |  |  | 07/25/23 |  |  |  | EUR |  |  |  | 30.46 |  |  |  | EUR |  |  |  | 1,473 |  |  |  | (28,140 | )
Shell PLC |  | Morgan Stanley & Co. International PLC |  |  | 82,500 |  |  |  | 07/25/23 |  |  |  | EUR |  |  |  | 27.03 |  |  |  | EUR |  |  |  | 2,277 |  |  |  | (85,775 | )
Wal-Mart de Mexico SAB de CV |  | Citibank N.A. |  |  | 734,100 |  |  |  | 07/25/23 |  |  |  | MXN |  |  |  | 70.46 |  |  |  | MXN |  |  |  | 49,713 |  |  |  | (31,630 | )
Epiroc AB, Class A |  | Morgan Stanley & Co. International PLC |  |  | 32,800 |  |  |  | 07/26/23 |  |  |  | SEK |  |  |  | 209.19 |  |  |  | SEK |  |  |  | 6,701 |  |  |  | (14,090 | )
KDDI Corp. |  | UBS AG |  |  | 108,100 |  |  |  | 07/26/23 |  |  |  | JPY |  |  |  | 4,492.08 |  |  |  | JPY |  |  |  | 481,724 |  |  |  | (55,889 | )
MediaTek, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 49,052 |  |  |  | 07/26/23 |  |  |  | TWD |  |  |  | 775.69 |  |  |  | TWD |  |  |  | 33,817 |  |  |  | (1,308 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 183,300 |  |  |  | 07/26/23 |  |  |  | GBP |  |  |  | 11.44 |  |  |  | GBP |  |  |  | 2,038 |  |  |  | (44,633 | )
RELX PLC |  | Morgan Stanley & Co. International PLC |  |  | 90,000 |  |  |  | 07/26/23 |  |  |  | EUR |  |  |  | 30.29 |  |  |  | EUR |  |  |  | 2,751 |  |  |  | (65,877 | )
Sony Group Corp. |  | Citibank N.A. |  |  | 42,600 |  |  |  | 07/26/23 |  |  |  | JPY |  |  |  | 14,030.57 |  |  |  | JPY |  |  |  | 554,888 |  |  |  | (30,744 | )
Symrise AG |  | Morgan Stanley & Co. International PLC |  |  | 43,300 |  |  |  | 07/26/23 |  |  |  | EUR |  |  |  | 97.50 |  |  |  | EUR |  |  |  | 4,161 |  |  |  | (78,760 | )
Epiroc AB, Class A |  | UBS AG |  |  | 163,400 |  |  |  | 08/01/23 |  |  |  | SEK |  |  |  | 212.67 |  |  |  | SEK |  |  |  | 33,382 |  |  |  | (60,471 | )
EssilorLuxottica SA |  | Barclays Bank PLC |  |  | 29,600 |  |  |  | 08/01/23 |  |  |  | EUR |  |  |  | 171.93 |  |  |  | EUR |  |  |  | 5,115 |  |  |  | (160,139 | )
MTU Aero Engines AG |  | Morgan Stanley & Co. International PLC |  |  | 5,300 |  |  |  | 08/01/23 |  |  |  | EUR |  |  |  | 234.89 |  |  |  | EUR |  |  |  | 1,260 |  |  |  | (48,301 | )
RELX PLC |  | Barclays Bank PLC |  |  | 137,900 |  |  |  | 08/01/23 |  |  |  | EUR |  |  |  | 30.83 |  |  |  | EUR |  |  |  | 4,216 |  |  |  | (71,008 | )
Ferguson PLC |  | Barclays Bank PLC |  |  | 20,200 |  |  |  | 08/02/23 |  |  |  | GBP |  |  |  | 120.02 |  |  |  | GBP |  |  |  | 2,512 |  |  |  | (157,330 | )
Ferguson PLC |  | Morgan Stanley & Co. International PLC |  |  | 2,200 |  |  |  | 08/02/23 |  |  |  | GBP |  |  |  | 121.58 |  |  |  | GBP |  |  |  | 274 |  |  |  | (13,952 | )
Heineken NV |  | UBS AG |  |  | 37,000 |  |  |  | 08/02/23 |  |  |  | EUR |  |  |  | 94.55 |  |  |  | EUR |  |  |  | 3,487 |  |  |  | (69,874 | )
Shell PLC |  | Morgan Stanley & Co. International PLC |  |  | 70,000 |  |  |  | 08/02/23 |  |  |  | EUR |  |  |  | 28.07 |  |  |  | EUR |  |  |  | 1,932 |  |  |  | (34,555 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 133,000 |  |  |  | 08/02/23 |  |  |  | TWD |  |  |  | 601.80 |  |  |  | TWD |  |  |  | 76,521 |  |  |  | (34,998 | )
Daiichi Sankyo Co. Ltd. |  | Goldman Sachs International |  |  | 76,900 |  |  |  | 08/03/23 |  |  |  | JPY |  |  |  | 4,670.09 |  |  |  | JPY |  |  |  | 352,576 |  |  |  | (68,284 | )
DBS Group Holdings Ltd. |  | Citibank N.A. |  |  | 119,400 |  |  |  | 08/03/23 |  |  |  | SGD |  |  |  | 31.84 |  |  |  | SGD |  |  |  | 3,771 |  |  |  | (47,113 | )
MediaTek, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 10,000 |  |  |  | 08/03/23 |  |  |  | TWD |  |  |  | 711.75 |  |  |  | TWD |  |  |  | 6,894 |  |  |  | (3,997 | )
United Overseas Bank Ltd. |  | Bank of America N.A. |  |  | 156,600 |  |  |  | 08/03/23 |  |  |  | SGD |  |  |  | 27.57 |  |  |  | SGD |  |  |  | 4,395 |  |  |  | (91,151 | )
Sony Group Corp. |  | Citibank N.A. |  |  | 42,700 |  |  |  | 08/04/23 |  |  |  | JPY |  |  |  | 14,030.57 |  |  |  | JPY |  |  |  | 556,190 |  |  |  | (40,522 | )
Symrise AG |  | Morgan Stanley & Co. International PLC |  |  | 43,300 |  |  |  | 08/04/23 |  |  |  | EUR |  |  |  | 97.50 |  |  |  | EUR |  |  |  | 4,161 |  |  |  | (101,687 | )
Epiroc AB, Class A |  | Citibank N.A. |  |  | 50,600 |  |  |  | 08/08/23 |  |  |  | SEK |  |  |  | 208.08 |  |  |  | SEK |  |  |  | 10,337 |  |  |  | (29,100 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 197,000 |  |  |  | 08/08/23 |  |  |  | TWD |  |  |  | 582.61 |  |  |  | TWD |  |  |  | 113,342 |  |  |  | (106,047 | )
FinecoBank Banca Fineco SpA |  | Goldman Sachs International |  |  | 210,400 |  |  |  | 08/10/23 |  |  |  | EUR |  |  |  | 12.73 |  |  |  | EUR |  |  |  | 2,595 |  |  |  | (62,678 | )
Industria de Diseno Textil SA |  | Goldman Sachs International |  |  | 87,900 |  |  |  | 08/10/23 |  |  |  | EUR |  |  |  | 35.47 |  |  |  | EUR |  |  |  | 3,124 |  |  |  | (81,675 | )
Koninklijke KPN NV |  | Goldman Sachs International |  |  | 1,067,400 |  |  |  | 08/10/23 |  |  |  | EUR |  |  |  | 3.27 |  |  |  | EUR |  |  |  | 3,492 |  |  |  | (46,438 | )
Budweiser Brewing Co. APAC Ltd. |  | Citibank N.A. |  |  | 527,000 |  |  |  | 08/15/23 |  |  |  | HKD |  |  |  | 21.07 |  |  |  | HKD |  |  |  | 10,686 |  |  |  | (45,975 | )
Prudential PLC |  | JPMorgan Chase Bank N.A. |  |  | 90,400 |  |  |  | 08/15/23 |  |  |  | GBP |  |  |  | 11.27 |  |  |  | GBP |  |  |  | 1,005 |  |  |  | (44,591 | )
United Overseas Bank Ltd. |  | Citibank N.A. |  |  | 63,300 |  |  |  | 08/15/23 |  |  |  | SGD |  |  |  | 28.32 |  |  |  | SGD |  |  |  | 1,776 |  |  |  | (9,399 | )
Wal-Mart de Mexico SAB de CV |  | JPMorgan Chase Bank N.A. |  |  | 734,000 |  |  |  | 08/15/23 |  |  |  | MXN |  |  |  | 69.16 |  |  |  | MXN |  |  |  | 49,706 |  |  |  | (87,775 | )
Air Liquide SA |  | Morgan Stanley & Co. International PLC |  |  | 22,000 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 163.29 |  |  |  | EUR |  |  |  | 3,616 |  |  |  | (99,896 | )
DBS Group Holdings Ltd. |  | Citibank N.A. |  |  | 95,400 |  |  |  | 08/16/23 |  |  |  | SGD |  |  |  | 31.68 |  |  |  | SGD |  |  |  | 3,013 |  |  |  | (36,580 | )
FinecoBank Banca Fineco SpA |  | Goldman Sachs International |  |  | 210,400 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 12.73 |  |  |  | EUR |  |  |  | 2,595 |  |  |  | (69,916 | )
Heineken NV |  | Goldman Sachs International |  |  | 31,500 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 95.96 |  |  |  | EUR |  |  |  | 2,969 |  |  |  | (53,425 | )
Kering SA |  | Goldman Sachs International |  |  | 13,200 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 523.06 |  |  |  | EUR |  |  |  | 6,680 |  |  |  | (172,621 | )
LVMH Moet Hennessy Louis Vuitton SE |  | Goldman Sachs International |  |  | 7,800 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 858.61 |  |  |  | EUR |  |  |  | 6,740 |  |  |  | (271,868 | )
MediaTek, Inc. |  | Bank of America N.A. |  |  | 166,700 |  |  |  | 08/16/23 |  |  |  | TWD |  |  |  | 727.65 |  |  |  | TWD |  |  |  | 114,925 |  |  |  | (62,326 | )
MTU Aero Engines AG |  | UBS AG |  |  | 23,700 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 247.25 |  |  |  | EUR |  |  |  | 5,633 |  |  |  | (127,480 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 144,500 |  |  |  | 08/16/23 |  |  |  | TWD |  |  |  | 592.62 |  |  |  | TWD |  |  |  | 83,137 |  |  |  | (67,334 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,275,844 | )

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced International Dividend Trust (BGY)

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 2,045,138 |  |  | $ | (1,717,006) |  |  | $ | (5,767,908) |

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 |  | $ | — |  |  | $ | — |  |  | $ | 5,767,908 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,767,908 |

For the period ended June 30, 2023, 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) |  | $ | — |  |  | $ | — |  |  | $ | (11,196,135 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (11,196,135 | )
Options written |  |  | — |  |  |  | — |  |  |  | 10,247,181 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,247,181 |
|  | $ | — |  |  | $ | — |  |  | $ | (948,954 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (948,954 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (978,314 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (978,314 | )

| (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 |  | $ | 6,277,364 |

| (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 |  | $ | — |  |  | $ | 5,767,908 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 5,767,908 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (1,492,064 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 4,275,844 |

62 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Enhanced International Dividend Trust (BGY)

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. |  | $ | 169,479 |  |  | $ | — |  |  | $ | (169,479 | ) |  | $ | — |  |  | $ | — |
Barclays Bank PLC |  |  | 493,755 |  |  |  | — |  |  |  | — |  |  |  | (404,000 | ) |  |  | 89,755 |
BNP Paribas SA |  |  | 60,499 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 60,499 |
Citibank N.A. |  |  | 363,627 |  |  |  | — |  |  |  | (363,627 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 1,126,972 |  |  |  | — |  |  |  | (980,179 | ) |  |  | — |  |  |  | 146,793 |
JPMorgan Chase Bank N.A. |  |  | 132,366 |  |  |  | — |  |  |  | (8,876 | ) |  |  | — |  |  |  | 123,490 |
Morgan Stanley & Co. International PLC |  |  | 1,057,859 |  |  |  | — |  |  |  | (1,057,859 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 871,287 |  |  |  | — |  |  |  | (871,287 | ) |  |  | — |  |  |  | — |
|  | $ | 4,275,844 |  |  | $ | — |  |  | $ | (3,451,307 | ) |  | $ | (404,000 | ) |  | $ | 420,537 |

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

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  | $ | 12,685,433 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,685,433 |
China |  |  | 5,702,149 |  |  |  | 12,489,081 |  |  |  | — |  |  |  | 18,191,230 |
Denmark |  |  | — |  |  |  | 19,276,694 |  |  |  | — |  |  |  | 19,276,694 |
France |  |  | — |  |  |  | 82,305,303 |  |  |  | — |  |  |  | 82,305,303 |
Germany |  |  | — |  |  |  | 33,833,618 |  |  |  | — |  |  |  | 33,833,618 |
India |  |  | — |  |  |  | 19,865,641 |  |  |  | 654,325 |  |  |  | 20,519,966 |
Indonesia |  |  | — |  |  |  | 12,397,158 |  |  |  | — |  |  |  | 12,397,158 |
Italy |  |  | — |  |  |  | 12,588,392 |  |  |  | — |  |  |  | 12,588,392 |
Japan |  |  | — |  |  |  | 43,576,845 |  |  |  | — |  |  |  | 43,576,845 |
Mexico |  |  | 17,006,784 |  |  |  | — |  |  |  | — |  |  |  | 17,006,784 |
Netherlands |  |  | — |  |  |  | 53,729,722 |  |  |  | — |  |  |  | 53,729,722 |
Singapore |  |  | — |  |  |  | 24,701,248 |  |  |  | — |  |  |  | 24,701,248 |
Spain |  |  | — |  |  |  | 19,820,913 |  |  |  | — |  |  |  | 19,820,913 |
Sweden |  |  | — |  |  |  | 12,317,321 |  |  |  | — |  |  |  | 12,317,321 |
Switzerland |  |  | — |  |  |  | 34,649,913 |  |  |  | — |  |  |  | 34,649,913 |
Taiwan |  |  | — |  |  |  | 39,327,435 |  |  |  | — |  |  |  | 39,327,435 |
United Kingdom |  |  | — |  |  |  | 112,268,280 |  |  |  | — |  |  |  | 112,268,280 |
United States |  |  | 55,421,659 |  |  |  | — |  |  |  | — |  |  |  | 55,421,659 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 8,600,233 |  |  |  | — |  |  |  | — |  |  |  | 8,600,233 |
|  | $ | 99,416,258 |  |  | $ | 533,147,564 |  |  | $ | 654,325 |  |  | $ | 633,218,147 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (602,112 | ) |  | $ | (5,165,796 | ) |  | $ | — |  |  | $ | (5,767,908 | )

| (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 |  | 63

Schedule of Investments (unaudited) June 30, 2023 |  | BlackRock Health Sciences Term Trust (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Biotechnology — 35.8% |
4D Molecular Therapeutics, Inc.(a) |  |  | 95,330 |  |  | $ | 1,722,613 |
Abbisko Cayman Ltd., (Acquired 10/29/21, Cost: $14,841,983)(b) |  |  | 10,378,250 |  |  |  | 3,549,478 |
Abcam PLC, ADR(a) |  |  | 976,460 |  |  |  | 23,893,976 |
Acumen Pharmaceuticals, Inc.(a) |  |  | 167,468 |  |  |  | 805,521 |
Affinivax, Inc., (Acquired 08/18/22, Cost: $0)(b)(c) |  |  | 183,164 |  |  |  | 2,456,229 |
Alkermes PLC(a) |  |  | 1,056,985 |  |  |  | 33,083,630 |
Allakos, Inc.(a) |  |  | 136,405 |  |  |  | 594,726 |
Alnylam Pharmaceuticals, Inc.(a)(d) |  |  | 177,747 |  |  |  | 33,761,265 |
Annexon, Inc.(a) |  |  | 237,835 |  |  |  | 837,179 |
Antengene Corp. Ltd. |  |  | 5,019,274 |  |  |  | 995,507 |
Apellis Pharmaceuticals, Inc.(a) |  |  | 172,445 |  |  |  | 15,709,740 |
Arcus Biosciences, Inc.(a) |  |  | 169,790 |  |  |  | 3,448,435 |
Arcutis Biotherapeutics, Inc.(a) |  |  | 372,677 |  |  |  | 3,551,612 |
Argenx SE, ADR(a) |  |  | 18,944 |  |  |  | 7,383,045 |
Arrowhead Pharmaceuticals, Inc.(a) |  |  | 81,025 |  |  |  | 2,889,352 |
Aura Biosciences, Inc.(a) |  |  | 165,565 |  |  |  | 2,044,728 |
Bavarian Nordic A/S(a) |  |  | 75,320 |  |  |  | 2,145,591 |
BeiGene Ltd., ADR(a) |  |  | 68,555 |  |  |  | 12,223,357 |
Biogen, Inc.(a) |  |  | 83,480 |  |  |  | 23,779,278 |
Biohaven Ltd.(a) |  |  | 99,155 |  |  |  | 2,371,788 |
BioMarin Pharmaceutical, Inc.(a) |  |  | 286,338 |  |  |  | 24,819,778 |
Biomea Fusion, Inc.(a)(e) |  |  | 146,215 |  |  |  | 3,209,419 |
Black Diamond Therapeutics, Inc.(a)(e) |  |  | 774,175 |  |  |  | 3,909,584 |
Blueprint Medicines Corp.(a)(e) |  |  | 322,440 |  |  |  | 20,378,208 |
Bridgebio Pharma, Inc.(a) |  |  | 66,595 |  |  |  | 1,145,434 |
Cerevel Therapeutics Holdings, Inc.(a) |  |  | 266,656 |  |  |  | 8,476,994 |
Connect Biopharma Holdings Ltd.(a)(e) |  |  | 1,125,262 |  |  |  | 1,249,041 |
CRISPR Therapeutics AG(a)(e) |  |  | 47,805 |  |  |  | 2,683,773 |
CureVac NV(a)(e) |  |  | 257,233 |  |  |  | 2,680,368 |
Decibel Therapeutics, Inc.(a) |  |  | 793,527 |  |  |  | 3,055,079 |
Design Therapeutics, Inc.(a)(e) |  |  | 196,731 |  |  |  | 1,239,405 |
Everest Medicines Ltd. |  |  | 3,113,667 |  |  |  | 9,497,977 |
Exact Sciences Corp.(a)(e) |  |  | 152,750 |  |  |  | 14,343,225 |
Exelixis, Inc.(a) |  |  | 599,520 |  |  |  | 11,456,827 |
Frequency Therapeutics, Inc.(a) |  |  | 231,775 |  |  |  | 80,194 |
Galapagos NV, ADR(a) |  |  | 74,410 |  |  |  | 3,025,511 |
Galecto, Inc.(a) |  |  | 216,740 |  |  |  | 546,185 |
Genmab A/S(a) |  |  | 34,827 |  |  |  | 13,197,960 |
Genmab A/S, ADR(a)(e) |  |  | 114,086 |  |  |  | 4,336,409 |
Gilead Sciences, Inc. |  |  | 254,765 |  |  |  | 19,634,739 |
Halozyme Therapeutics, Inc.(a) |  |  | 224,005 |  |  |  | 8,079,860 |
Horizon Therapeutics PLC(a) |  |  | 75,466 |  |  |  | 7,761,678 |
Immuneering Corp., Class A(a)(e) |  |  | 696,696 |  |  |  | 7,064,497 |
Immunocore Holdings PLC, ADR(a) |  |  | 59,868 |  |  |  | 3,589,685 |
Immunocore Holdings PLC |  |  | 321,900 |  |  |  | 19,301,124 |
ImmunoGen, Inc.(a) |  |  | 584,344 |  |  |  | 11,026,571 |
Incyte Corp.(a) |  |  | 294,640 |  |  |  | 18,341,340 |
Ionis Pharmaceuticals, Inc.(a)(e) |  |  | 468,285 |  |  |  | 19,213,734 |
Iovance Biotherapeutics, Inc.(a) |  |  | 168,215 |  |  |  | 1,184,234 |
IVERIC bio, Inc.(a) |  |  | 86,080 |  |  |  | 3,386,387 |
Karuna Therapeutics, Inc.(a) |  |  | 21,650 |  |  |  | 4,694,803 |
Keros Therapeutics, Inc.(a) |  |  | 124,317 |  |  |  | 4,995,057 |
Kinnate Biopharma, Inc.(a) |  |  | 196,773 |  |  |  | 596,222 |
Kronos Bio, Inc.(a) |  |  | 284,272 |  |  |  | 488,948 |
Legend Biotech Corp., ADR(a)(e) |  |  | 316,032 |  |  |  | 21,815,689 |
LianBio, Series A, ADR(a) |  |  | 615,188 |  |  |  | 1,402,629 |
MacroGenics, Inc.(a) |  |  | 190,555 |  |  |  | 1,019,469 |
Merus NV(a)(e) |  |  | 354,445 |  |  |  | 9,332,537 |

Security |  | Shares |  |  | Value |
Biotechnology (continued) |
Mirati Therapeutics, Inc.(a) |  |  | 180,175 |  |  | $ | 6,509,723 |
Monte Rosa Therapeutics, Inc.(a)(e) |  |  | 764,573 |  |  |  | 5,237,325 |
MoonLake Immunotherapeutics(a)(e) |  |  | 256,816 |  |  |  | 13,097,616 |
Morphic Holding, Inc.(a)(e) |  |  | 153,665 |  |  |  | 8,809,614 |
MorphoSys AG(a) |  |  | 50,810 |  |  |  | 1,512,207 |
Neurocrine Biosciences, Inc.(a) |  |  | 196,010 |  |  |  | 18,483,743 |
Nuvalent, Inc., Class A(a) |  |  | 241,500 |  |  |  | 10,184,055 |
Omega Therapeutics, Inc.(a) |  |  | 151,887 |  |  |  | 850,567 |
PMV Pharmaceuticals, Inc.(a) |  |  | 305,830 |  |  |  | 1,914,496 |
Prime Medicine, Inc.(a)(e) |  |  | 412,139 |  |  |  | 6,037,836 |
Protagonist Therapeutics, Inc.(a) |  |  | 421,725 |  |  |  | 11,648,045 |
Prothena Corp. PLC(a) |  |  | 104,586 |  |  |  | 7,141,132 |
PTC Therapeutics, Inc.(a)(e) |  |  | 225,815 |  |  |  | 9,183,896 |
Relay Therapeutics, Inc.(a) |  |  | 33,915 |  |  |  | 425,972 |
Revolution Medicines, Inc.(a)(e) |  |  | 377,632 |  |  |  | 10,101,656 |
Rhythm Pharmaceuticals, Inc.(a)(e) |  |  | 683,675 |  |  |  | 11,273,801 |
Rocket Pharmaceuticals, Inc.(a) |  |  | 252,097 |  |  |  | 5,009,167 |
Sage Therapeutics, Inc.(a)(e) |  |  | 109,720 |  |  |  | 5,159,034 |
Sarepta Therapeutics, Inc.(a)(d) |  |  | 114,544 |  |  |  | 13,117,579 |
Seagen, Inc.(a)(d)(f) |  |  | 106,455 |  |  |  | 20,488,329 |
Tenaya Therapeutics, Inc.(a) |  |  | 165,729 |  |  |  | 972,829 |
TScan Therapeutics, Inc.(a) |  |  | 1,204,397 |  |  |  | 3,010,993 |
Twist Bioscience Corp.(a) |  |  | 204,550 |  |  |  | 4,185,093 |
Ultragenyx Pharmaceutical, Inc.(a)(e) |  |  | 99,375 |  |  |  | 4,584,169 |
United Therapeutics Corp.(a)(d) |  |  | 55,704 |  |  |  | 12,296,658 |
Vaxcyte, Inc.(a) |  |  | 148,645 |  |  |  | 7,423,331 |
Vertex Pharmaceuticals, Inc.(a)(d)(f) |  |  | 176,460 |  |  |  | 62,098,039 |
Viking Therapeutics, Inc.(a)(e) |  |  | 235,245 |  |  |  | 3,813,321 |
Viridian Therapeutics, Inc.(a) |  |  | 82,300 |  |  |  | 1,957,917 |
Voyager Therapeutics, Inc.(a) |  |  | 164,865 |  |  |  | 1,887,704 |
|  |  |  |  |  |  | 737,923,471 |
Electronic Equipment, Instruments & Components — 0.1% |
908 Devices, Inc.(a) |  |  | 274,084 |  |  |  | 1,880,216 |
Financial Services — 0.7% |  |  |  |  |  |
DA32 Life Science Tech Acquisition Corp., Class A(a)(g) |  |  | 1,496,819 |  |  |  | 15,357,363 |
Health Care Equipment & Supplies — 30.2% |  |  |  |  |  |
Alcon, Inc. |  |  | 736,189 |  |  |  | 60,448,479 |
Align Technology, Inc.(a) |  |  | 120,220 |  |  |  | 42,514,601 |
Bausch & Lomb Corp.(a)(e) |  |  | 523,547 |  |  |  | 10,507,588 |
Becton Dickinson & Co. |  |  | 40,325 |  |  |  | 10,646,203 |
Boston Scientific Corp.(a) |  |  | 455,830 |  |  |  | 24,655,845 |
CONMED Corp. |  |  | 98,215 |  |  |  | 13,346,436 |
ConvaTec Group PLC(h) |  |  | 4,411,215 |  |  |  | 11,504,749 |
Cooper Cos., Inc. |  |  | 99,160 |  |  |  | 38,020,919 |
Dexcom, Inc.(a) |  |  | 361,853 |  |  |  | 46,501,729 |
Glaukos Corp.(a) |  |  | 110,325 |  |  |  | 7,856,243 |
Hologic, Inc.(a)(d) |  |  | 194,620 |  |  |  | 15,758,381 |
Inspire Medical Systems, Inc.(a) |  |  | 48,555 |  |  |  | 15,762,895 |
Insulet Corp.(a) |  |  | 116,725 |  |  |  | 33,656,487 |
Intuitive Surgical, Inc.(a) |  |  | 136,568 |  |  |  | 46,698,062 |
iRhythm Technologies, Inc.(a) |  |  | 59,920 |  |  |  | 6,250,854 |
Masimo Corp.(a) |  |  | 145,470 |  |  |  | 23,937,089 |
Novocure Ltd.(a) |  |  | 213,335 |  |  |  | 8,853,403 |
Nyxoah SA(a)(e) |  |  | 648,041 |  |  |  | 5,313,936 |
Omnicell, Inc.(a) |  |  | 160,315 |  |  |  | 11,810,406 |
Orchestra BioMed Holdings, Inc.(a)(e) |  |  | 233,344 |  |  |  | 1,633,408 |
Penumbra, Inc.(a) |  |  | 108,648 |  |  |  | 37,381,431 |
Pulmonx Corp.(a) |  |  | 335,566 |  |  |  | 4,399,270 |
ResMed, Inc.(d) |  |  | 69,536 |  |  |  | 15,193,616 |

64 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Term Trust (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Health Care Equipment & Supplies (continued) |
Shockwave Medical, Inc.(a) |  |  | 53,670 |  |  | $ | 15,317,955 |
SI-BONE, Inc.(a) |  |  | 204,910 |  |  |  | 5,528,472 |
Silk Road Medical, Inc.(a) |  |  | 204,932 |  |  |  | 6,658,241 |
STAAR Surgical Co.(a) |  |  | 73,525 |  |  |  | 3,865,209 |
STERIS PLC |  |  | 158,875 |  |  |  | 35,743,697 |
Straumann Holding AG, Registered Shares |  |  | 110,675 |  |  |  | 17,996,413 |
Stryker Corp. |  |  | 127,940 |  |  |  | 39,033,215 |
Tandem Diabetes Care, Inc.(a)(d) |  |  | 167,245 |  |  |  | 4,104,192 |
|  |  |  |  |  |  | 620,899,424 |
Health Care Providers & Services — 5.1% |  |  |  |  |  |
Adicon Holdings Ltd. |  |  | 1,750,000 |  |  |  | 3,081,930 |
AmerisourceBergen Corp. |  |  | 193,455 |  |  |  | 37,226,546 |
Chemed Corp. |  |  | 10,662 |  |  |  | 5,775,285 |
Encompass Health Corp.(d) |  |  | 112,563 |  |  |  | 7,621,641 |
Guardant Health, Inc.(a) |  |  | 196,470 |  |  |  | 7,033,626 |
Kindstar Globalgene Technology, Inc.(a)(h) |  |  | 4,092,500 |  |  |  | 921,927 |
McKesson Corp. |  |  | 38,905 |  |  |  | 16,624,495 |
R1 RCM, Inc.(a)(e) |  |  | 690,615 |  |  |  | 12,741,847 |
UnitedHealth Group, Inc. |  |  | 26,765 |  |  |  | 12,864,330 |
|  |  |  |  |  |  | 103,891,627 |
Health Care Technology — 0.1% |  |  |  |  |  |
Sophia Genetics SA(a)(e) |  |  | 291,485 |  |  |  | 1,305,853 |
Life Sciences Tools & Services — 12.8% |  |  |  |  |  |
10X Genomics, Inc., Class A(a)(e) |  |  | 196,435 |  |  |  | 10,968,930 |
Avantor, Inc.(a)(d) |  |  | 664,444 |  |  |  | 13,647,680 |
Bio-Rad Laboratories, Inc., Class A(a) |  |  | 20,190 |  |  |  | 7,654,433 |
Bio-Techne Corp. |  |  | 201,360 |  |  |  | 16,437,017 |
Bruker Corp. |  |  | 185,257 |  |  |  | 13,694,197 |
Gerresheimer AG |  |  | 243,305 |  |  |  | 27,389,946 |
IQVIA Holdings, Inc.(a) |  |  | 127,062 |  |  |  | 28,559,726 |
Mettler-Toledo International, Inc.(a)(d) |  |  | 21,545 |  |  |  | 28,259,284 |
Pacific Biosciences of California, Inc.(a) |  |  | 428,585 |  |  |  | 5,700,180 |
QIAGEN NV(a) |  |  | 645,525 |  |  |  | 29,067,991 |
Rapid Micro Biosystems, Inc., Class A(a) |  |  | 549,778 |  |  |  | 549,778 |
Repligen Corp.(a) |  |  | 69,535 |  |  |  | 9,836,421 |
Waters Corp.(a) |  |  | 77,300 |  |  |  | 20,603,542 |
West Pharmaceutical Services, Inc.(f) |  |  | 134,085 |  |  |  | 51,283,490 |
|  |  |  |  |  |  | 263,652,615 |
Pharmaceuticals — 5.7% |  |  |  |  |  |
Arvinas, Inc.(a) |  |  | 232,960 |  |  |  | 5,782,067 |
Catalent, Inc.(a)(e) |  |  | 347,125 |  |  |  | 15,051,340 |
Novo Nordisk A/S, Class B |  |  | 61,540 |  |  |  | 9,941,153 |
Nuvation Bio, Inc.(a) |  |  | 200,496 |  |  |  | 360,893 |
Pliant Therapeutics, Inc.(a)(e) |  |  | 134,378 |  |  |  | 2,434,929 |
Reata Pharmaceuticals, Inc., Class A(a)(e) |  |  | 150,760 |  |  |  | 15,371,490 |
Roche Holding AG |  |  | 39,975 |  |  |  | 12,211,160 |
Structure Therapeutics, Inc.(a)(e) |  |  | 164,062 |  |  |  | 6,820,057 |
UCB SA |  |  | 344,377 |  |  |  | 30,531,932 |

Security |  | Shares |  |  | Value |
Pharmaceuticals (continued) |  |  |  |  |  |
Ventyx Biosciences, Inc.(a) |  |  | 29,855 |  |  | $ | 979,244 |
Zoetis, Inc.(d) |  |  | 101,710 |  |  |  | 17,515,479 |
|  |  |  |  |  |  | 116,999,744 |
Total Common Stocks — 90.5% (Cost: $1,749,353,805) |  |  |  |  |  |  | 1,861,910,313 |
|  | Benefical Interest (000) |  |  |  |
Other Interests |  |  |  |  |  |  |  |
Biotechnology — 0.1% |  |  |  |  |  |
Vividion Therapeutics, Inc.(b)(c)(i) |  | $ | 3,810 |  |  |  | 1,104,762 |
Total Other Interests — 0.1% |  |  |  |  |  |
(Cost: $ — ) |  |  |  |  |  |  | 1,104,762 |
|  | Shares |  |  |  |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 8.1% |  |  |  |  |  |
Biotechnology(b)(c) — 2.7% |  |  |  |  |  |  |  |
Amunix Pharmaceuticals, Inc., Series B, (Acquired 02/08/22, Cost: $0) |  |  | 5,657,068 |  |  |  | 3,563,953 |
Bright Peak Therapeutics, Inc., Series B, (Acquired 05/14/21, Cost: $8,000,004) |  |  | 2,048,132 |  |  |  | 4,219,152 |
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998) |  |  | 2,430,833 |  |  |  | 9,431,632 |
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $4,543,847) |  |  | 3,850,718 |  |  |  | 1,309,244 |
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $13,498,156) |  |  | 482,077 |  |  |  | 8,349,574 |
Mirvie, Inc., Series B, (Acquired 10/15/21, Cost: $6,250,000) |  |  | 2,793,833 |  |  |  | 5,783,234 |
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $9,549,916) |  |  | 3,913,900 |  |  |  | 9,510,777 |
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996) |  |  | 1,394,189 |  |  |  | 5,674,349 |
OnKure, Inc., Series C, (Acquired 03/24/23, Cost: $7,022,595) |  |  | 2,541,380 |  |  |  | 7,014,209 |
|  |  |  |  |  |  | 54,856,124 |
Health Care Equipment & Supplies(b)(c) — 0.8% |
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $13,225,003) |  |  | 2,257,597 |  |  |  | 6,321,272 |
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998) |  |  | 2,379,480 |  |  |  | 7,400,183 |
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $6,441,930) |  |  | 2,078,042 |  |  |  | 2,743,015 |
|  |  |  |  |  |  | 16,464,470 |
Health Care Providers & Services(b) — 2.1% |
Adicon Holdings Ltd., (Acquired 12/22/20, Cost: $17,840,000) |  |  | 10,696,226 |  |  |  | 17,862,697 |

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Term Trust (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Health Care Providers & Services (continued) |
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986)(c) |  |  | 382,775 |  |  | $ | 7,219,136 |
Numab Therapeutics AG, Series C, (Acquired 05/07/21, Cost: $7,770,441)(c) |  |  | 815,851 |  |  |  | 7,802,564 |
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $14,071,890)(c) |  |  | 115,766,240 |  |  |  | 9,703,521 |
|  |  |  |  |  |  | 42,587,918 |
Health Care Technology — 0.9% |  |  |  |  |  |
Carbon Health Technologies, Inc., Series D2, (Acquired 02/02/23, Cost: $17,100,000)(b)(c) |  |  | 1,694,781 |  |  |  | 19,117,130 |
Life Sciences Tools & Services — 0.4% |  |  |  |  |  |
Sartorius AG |  |  | 22,700 |  |  |  | 7,864,613 |
Pharmaceuticals(b)(c) — 0.5% |  |  |  |  |  |
Insitro, Inc. |  |  |  |  |  |  |  |
Series B, (Acquired 05/21/20, Cost: $4,999,999) |  |  | 802,478 |  |  |  | 9,252,571 |
Series C, (Acquired 03/10/21, Cost: $3,600,018) |  |  | 196,818 |  |  |  | 2,269,312 |
|  |  |  |  |  |  | 11,521,883 |
Semiconductors & Semiconductor Equipment — 0.7% |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $14,999,996)(b)(c) |  |  | 571,947 |  |  |  | 15,116,559 |
|  |  |  |  |  |  | 167,528,697 |
Total Preferred Securities — 8.1% (Cost: $198,800,588) |  |  |  |  |  |  | 167,528,697 |
Rights |  |  |  |  |  |  |  |
Health Care Equipment & Supplies — 0.0% |
Abiomed, Inc.(c) |  |  | 98,636 |  |  |  | 278,154 |
Total Rights — 0.0% (Cost: $100,609) |  |  |  |  |  |  | 278,154 |
Warrants |  |  |  |  |  |  |  |
Health Care Providers & Services — 0.0% |
CareMax, Inc., (Issued/Exercisable 09/15/20, 1 Share for 1 Warrant, Expires 07/16/25, Strike Price USD 11.50)(a) |  |  | 63,808 |  |  |  | 21,694 |
Pharmaceuticals — 0.0% |  |  |  |  |  |
Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 11.50)(a) |  |  | 68,880 |  |  |  | 11,393 |
Total Warrants — 0.0% (Cost: $227,724) |  |  |  |  |  |  | 33,087 |
Total Long-Term Investments — 98.7% (Cost: $1,948,482,726) |  |  |  |  |  |  | 2,030,855,013 |

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 5.1% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(g)(j) |  |  | 66,293,156 |  |  | $ | 66,293,156 |
SL Liquidity Series, LLC, Money Market Series, 5.28%(g)(j)(k) |  |  | 38,936,027 |  |  |  | 38,936,027 |
Total Short-Term Securities — 5.1% (Cost: $105,231,453) |  |  |  |  |  |  | 105,229,183 |
Options Purchased — 0.0% (Cost: $187) |  |  |  |  |  |  | 150 |
Total Investments Before Options Written — 103.8% (Cost: $2,053,714,366) |  |  |  | 2,136,084,346 |
Options Written — (1.0)% (Premiums Received: $(17,074,460)) |  |  |  |  |  |  | (19,267,653 | )
Total Investments, Net of Options Written — 102.8% (Cost: $2,036,639,906) |  |  |  | 2,116,816,693 |
Liabilities in Excess of Other Assets — (2.8)% |  |  |  | (58,209,171 | )
Net Assets — 100.0% |  |  |  |  | $2,058,607,522 |

(a) | Non-income producing security.

(b) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $166,774,553, representing 8.1% of its net assets as of period end, and an original cost of $203,270,756.

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

(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 this security is on loan.

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

(g) | Affiliate of the Trust.

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

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

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

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

For 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.

66 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Term Trust (BMEZ)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 83,001,707 |  |  | $ | — |  |  | $ | (16,708,551 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 66,293,156 |  |  |  | 66,293,156 |  |  | $ | 1,083,366 |  |  | $ | — |
DA32 Life Science Tech Acquisition Corp., Class A |  |  | 14,818,508 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 538,855 |  |  |  | 15,357,363 |  |  |  | 1,496,819 |  |  |  | — |  |  |  | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 1,828,050 |  |  |  | 37,106,765 | (a) |  |  | — |  |  |  | 3,681 |  |  |  | (2,469 | ) |  |  | 38,936,027 |  |  |  | 38,936,027 |  |  |  | 354,806 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,681 |  |  | $ | 536,386 |  |  | $ | 120,586,546 |  |  |  |  |  |  | $ | 1,438,172 |  |  | $ | — |

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

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased |  | Currency Sold |  |  | Counterparty |  |  |  | Settlement Date |  |  |  | Unrealized Appreciation (Depreciation) |
CHF |  | 5,337,000 |  |  |  |  | USD |  |  |  | 5,921,317 |  |  | BNP Paribas SA |  |  |  | 09/14/23 |  |  |  | $ | 85,772 |
EUR |  | 459,000 |  |  |  |  | USD |  |  |  | 493,608 |  |  | Citibank N.A. |  |  |  | 09/14/23 |  |  |  |  | 9,016 |
EUR |  | 44,141,000 |  |  |  |  | USD |  |  |  | 47,467,828 |  |  | Citibank N.A. |  |  |  | 09/14/23 |  |  |  |  | 868,333 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 963,121 |
JPY |  | 3,713,189,000 |  |  |  |  | USD |  |  |  | 26,903,112 |  |  | UBS AG |  |  |  | 09/14/23 |  |  |  |  | (886,235 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 76,886 |

Exchange-Traded Options Purchased

Description |  | Number of Contracts |  |  |  |  | Expiration Date |  |  |  |  | Exercise Price |  |  |  |  | Notional Amount (000) |  |  |  |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FibroGen, Inc. |  |  | 30 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 10.00 |  |  |  |  |  | USD |  |  |  | 8 |  |  |  |  |  |  | $ | 150 |

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  |  |  | Expiration Date |  |  |  |  | Exercise Price |  |  |  |  | Notional Amount (000) |  |  |  |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcon, Inc. |  |  | 821 |  |  |  |  |  | 07/05/23 |  |  |  |  |  | USD |  |  |  | 72.60 |  |  |  |  |  | USD |  |  |  | 6,741 |  |  |  |  |  |  | $ | (785,080 | )
Align Technology, Inc. |  |  | 57 |  |  |  |  |  | 07/07/23 |  |  |  |  |  | USD |  |  |  | 315.00 |  |  |  |  |  | USD |  |  |  | 2,016 |  |  |  |  |  |  |  | (221,445 | )
AmerisourceBergen Corp. |  |  | 115 |  |  |  |  |  | 07/07/23 |  |  |  |  |  | USD |  |  |  | 175.00 |  |  |  |  |  | USD |  |  |  | 2,213 |  |  |  |  |  |  |  | (204,125 | )
Reata Pharmaceuticals, Inc., Class A |  |  | 215 |  |  |  |  |  | 07/07/23 |  |  |  |  |  | USD |  |  |  | 101.00 |  |  |  |  |  | USD |  |  |  | 2,192 |  |  |  |  |  |  |  | (74,712 | )
Gilead Sciences, Inc. |  |  | 407 |  |  |  |  |  | 07/14/23 |  |  |  |  |  | USD |  |  |  | 78.00 |  |  |  |  |  | USD |  |  |  | 3,137 |  |  |  |  |  |  |  | (25,438 | )
Intuitive Surgical, Inc. |  |  | 92 |  |  |  |  |  | 07/14/23 |  |  |  |  |  | USD |  |  |  | 320.00 |  |  |  |  |  | USD |  |  |  | 3,146 |  |  |  |  |  |  |  | (201,480 | )
Vertex Pharmaceuticals, Inc. |  |  | 222 |  |  |  |  |  | 07/14/23 |  |  |  |  |  | USD |  |  |  | 340.00 |  |  |  |  |  | USD |  |  |  | 7,812 |  |  |  |  |  |  |  | (290,820 | )
Exelixis, Inc. |  |  | 958 |  |  |  |  |  | 07/17/23 |  |  |  |  |  | USD |  |  |  | 19.35 |  |  |  |  |  | USD |  |  |  | 1,831 |  |  |  |  |  |  |  | (41,525 | )
908 Devices, Inc. |  |  | 438 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 10.00 |  |  |  |  |  | USD |  |  |  | 300 |  |  |  |  |  |  |  | (10,950 | )
Abcam PLC, ADR |  |  | 1,562 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 25.00 |  |  |  |  |  | USD |  |  |  | 3,822 |  |  |  |  |  |  |  | (160,105 | )
Alcon, Inc. |  |  | 713 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 82.50 |  |  |  |  |  | USD |  |  |  | 5,854 |  |  |  |  |  |  |  | (87,342 | )
Align Technology, Inc. |  |  | 66 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 320.00 |  |  |  |  |  | USD |  |  |  | 2,334 |  |  |  |  |  |  |  | (234,630 | )
Alkermes PLC |  |  | 885 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 31.00 |  |  |  |  |  | USD |  |  |  | 2,770 |  |  |  |  |  |  |  | (90,712 | )
Alnylam Pharmaceuticals, Inc. |  |  | 284 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 210.00 |  |  |  |  |  | USD |  |  |  | 5,394 |  |  |  |  |  |  |  | (26,270 | )
AmerisourceBergen Corp. |  |  | 81 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 180.00 |  |  |  |  |  | USD |  |  |  | 1,559 |  |  |  |  |  |  |  | (113,400 | )
Apellis Pharmaceuticals, Inc. |  |  | 254 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 95.00 |  |  |  |  |  | USD |  |  |  | 2,314 |  |  |  |  |  |  |  | (67,945 | )

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Term Trust (BMEZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  |  |  | Expiration Date |  |  |  |  | Exercise Price |  |  |  |  | Notional Amount (000) |  |  |  |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Arcutis Biotherapeutics, Inc. |  |  | 596 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 10.92 |  |  |  |  |  | USD |  |  |  | 2,150 |  |  |  |  |  |  | $ | (23,409 | )
Arrowhead Pharmaceuticals, Inc. |  |  | 129 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 40.00 |  |  |  |  |  | USD |  |  |  | 460 |  |  |  |  |  |  |  | (6,450 | )
Avantor, Inc. |  |  | 448 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 20.43 |  |  |  |  |  | USD |  |  |  | 920 |  |  |  |  |  |  |  | (35,696 | )
Bausch & Lomb Corp. |  |  | 620 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 19.63 |  |  |  |  |  | USD |  |  |  | 1,244 |  |  |  |  |  |  |  | (60,186 | )
Becton Dickinson & Co. |  |  | 64 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 252.95 |  |  |  |  |  | USD |  |  |  | 1,690 |  |  |  |  |  |  |  | (79,611 | )
BeiGene Ltd., ADR |  |  | 94 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 240.00 |  |  |  |  |  | USD |  |  |  | 1,676 |  |  |  |  |  |  |  | (47,000 | )
BioMarin Pharmaceutical, Inc. |  |  | 581 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 100.00 |  |  |  |  |  | USD |  |  |  | 5,036 |  |  |  |  |  |  |  | (13,073 | )
Biomea Fusion, Inc. |  |  | 325 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 40.00 |  |  |  |  |  | USD |  |  |  | 713 |  |  |  |  |  |  |  | (2,438 | )
Bio-Techne Corp. |  |  | 244 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 85.00 |  |  |  |  |  | USD |  |  |  | 1,992 |  |  |  |  |  |  |  | (20,130 | )
Blueprint Medicines Corp. |  |  | 540 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 55.00 |  |  |  |  |  | USD |  |  |  | 3,413 |  |  |  |  |  |  |  | (496,800 | )
Boston Scientific Corp. |  |  | 705 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 53.40 |  |  |  |  |  | USD |  |  |  | 3,813 |  |  |  |  |  |  |  | (106,678 | )
Bruker Corp. |  |  | 332 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 77.50 |  |  |  |  |  | USD |  |  |  | 2,454 |  |  |  |  |  |  |  | (20,750 | )
Catalent, Inc. |  |  | 555 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 40.00 |  |  |  |  |  | USD |  |  |  | 2,406 |  |  |  |  |  |  |  | (252,525 | )
Catalent, Inc. |  |  | 555 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 50.00 |  |  |  |  |  | USD |  |  |  | 2,406 |  |  |  |  |  |  |  | (24,975 | )
Cerevel Therapeutics Holdings, Inc. |  |  | 398 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 35.00 |  |  |  |  |  | USD |  |  |  | 1,265 |  |  |  |  |  |  |  | (10,945 | )
Chemed Corp. |  |  | 34 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 560.00 |  |  |  |  |  | USD |  |  |  | 1,842 |  |  |  |  |  |  |  | (8,670 | )
CONMED Corp. |  |  | 314 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 120.00 |  |  |  |  |  | USD |  |  |  | 4,267 |  |  |  |  |  |  |  | (532,230 | )
Dexcom, Inc. |  |  | 577 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 124.95 |  |  |  |  |  | USD |  |  |  | 7,415 |  |  |  |  |  |  |  | (336,704 | )
Encompass Health Corp. |  |  | 360 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 65.00 |  |  |  |  |  | USD |  |  |  | 2,438 |  |  |  |  |  |  |  | (99,900 | )
Exact Sciences Corp. |  |  | 77 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 85.00 |  |  |  |  |  | USD |  |  |  | 723 |  |  |  |  |  |  |  | (75,460 | )
FibroGen, Inc. |  |  | 30 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 32.50 |  |  |  |  |  | USD |  |  |  | 8 |  |  |  |  |  |  |  | (150 | )
Galapagos NV, ADR |  |  | 238 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 45.00 |  |  |  |  |  | USD |  |  |  | 968 |  |  |  |  |  |  |  | (3,570 | )
Gilead Sciences, Inc. |  |  | 204 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 82.50 |  |  |  |  |  | USD |  |  |  | 1,572 |  |  |  |  |  |  |  | (1,938 | )
Glaukos Corp. |  |  | 91 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 60.00 |  |  |  |  |  | USD |  |  |  | 648 |  |  |  |  |  |  |  | (105,560 | )
Halozyme Therapeutics, Inc. |  |  | 339 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 34.89 |  |  |  |  |  | USD |  |  |  | 1,223 |  |  |  |  |  |  |  | (72,901 | )
Hologic, Inc. |  |  | 606 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 85.00 |  |  |  |  |  | USD |  |  |  | 4,907 |  |  |  |  |  |  |  | (21,210 | )
Hologic, Inc. |  |  | 16 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 80.00 |  |  |  |  |  | USD |  |  |  | 130 |  |  |  |  |  |  |  | (3,440 | )
Immunocore Holdings PLC, ADR |  |  | 95 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 60.00 |  |  |  |  |  | USD |  |  |  | 570 |  |  |  |  |  |  |  | (20,663 | )
Incyte Corp. |  |  | 415 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 68.00 |  |  |  |  |  | USD |  |  |  | 2,583 |  |  |  |  |  |  |  | (5,034 | )
Inspire Medical Systems, Inc. |  |  | 154 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 310.00 |  |  |  |  |  | USD |  |  |  | 4,999 |  |  |  |  |  |  |  | (310,310 | )
Insulet Corp. |  |  | 108 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 330.00 |  |  |  |  |  | USD |  |  |  | 3,114 |  |  |  |  |  |  |  | (4,050 | )
Intuitive Surgical, Inc. |  |  | 73 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 325.00 |  |  |  |  |  | USD |  |  |  | 2,496 |  |  |  |  |  |  |  | (158,410 | )
Ionis Pharmaceuticals, Inc. |  |  | 748 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 37.50 |  |  |  |  |  | USD |  |  |  | 3,069 |  |  |  |  |  |  |  | (295,460 | )
Ionis Pharmaceuticals, Inc. |  |  | 750 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 45.00 |  |  |  |  |  | USD |  |  |  | 3,077 |  |  |  |  |  |  |  | (9,375 | )
IQVIA Holdings, Inc. |  |  | 174 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 210.00 |  |  |  |  |  | USD |  |  |  | 3,911 |  |  |  |  |  |  |  | (281,880 | )
Karuna Therapeutics, Inc. |  |  | 69 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 240.00 |  |  |  |  |  | USD |  |  |  | 1,496 |  |  |  |  |  |  |  | (5,865 | )
Masimo Corp. |  |  | 170 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 175.00 |  |  |  |  |  | USD |  |  |  | 2,797 |  |  |  |  |  |  |  | (23,375 | )
McKesson Corp. |  |  | 4 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 400.00 |  |  |  |  |  | USD |  |  |  | 171 |  |  |  |  |  |  |  | (11,880 | )
Mettler-Toledo International, Inc. |  |  | 34 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 1,460.00 |  |  |  |  |  | USD |  |  |  | 4,460 |  |  |  |  |  |  |  | (8,330 | )
Morphic Holding, Inc. |  |  | 266 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 60.00 |  |  |  |  |  | USD |  |  |  | 1,525 |  |  |  |  |  |  |  | (72,485 | )
Neurocrine Biosciences, Inc. |  |  | 158 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 100.00 |  |  |  |  |  | USD |  |  |  | 1,490 |  |  |  |  |  |  |  | (17,380 | )
Omnicell, Inc. |  |  | 225 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 75.00 |  |  |  |  |  | USD |  |  |  | 1,658 |  |  |  |  |  |  |  | (59,062 | )
Penumbra, Inc. |  |  | 103 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 320.00 |  |  |  |  |  | USD |  |  |  | 3,544 |  |  |  |  |  |  |  | (281,705 | )
PTC Therapeutics, Inc. |  |  | 312 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 65.00 |  |  |  |  |  | USD |  |  |  | 1,269 |  |  |  |  |  |  |  | (149,760 | )
QIAGEN NV |  |  | 1,032 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 47.25 |  |  |  |  |  | USD |  |  |  | 4,647 |  |  |  |  |  |  |  | (81,129 | )
R1 RCM, Inc. |  |  | 1,105 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 17.50 |  |  |  |  |  | USD |  |  |  | 2,039 |  |  |  |  |  |  |  | (140,887 | )
Repligen Corp. |  |  | 331 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 170.00 |  |  |  |  |  | USD |  |  |  | 4,682 |  |  |  |  |  |  |  | (99,300 | )
ResMed, Inc. |  |  | 450 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 234.21 |  |  |  |  |  | USD |  |  |  | 9,833 |  |  |  |  |  |  |  | (46,400 | )
Revolution Medicines, Inc. |  |  | 661 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 30.00 |  |  |  |  |  | USD |  |  |  | 1,768 |  |  |  |  |  |  |  | (38,007 | )
Rhythm Pharmaceuticals, Inc. |  |  | 570 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 22.50 |  |  |  |  |  | USD |  |  |  | 940 |  |  |  |  |  |  |  | (42,750 | )
Rhythm Pharmaceuticals, Inc. |  |  | 636 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 20.00 |  |  |  |  |  | USD |  |  |  | 1,049 |  |  |  |  |  |  |  | (12,720 | )
Rocket Pharmaceuticals, Inc. |  |  | 403 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 22.50 |  |  |  |  |  | USD |  |  |  | 801 |  |  |  |  |  |  |  | (5,038 | )
Rocket Pharmaceuticals, Inc. |  |  | 403 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 25.00 |  |  |  |  |  | USD |  |  |  | 801 |  |  |  |  |  |  |  | (42,315 | )
Sage Therapeutics, Inc. |  |  | 424 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 52.50 |  |  |  |  |  | USD |  |  |  | 1,994 |  |  |  |  |  |  |  | (14,840 | )
Shockwave Medical, Inc. |  |  | 80 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 290.00 |  |  |  |  |  | USD |  |  |  | 2,283 |  |  |  |  |  |  |  | (80,800 | )
STAAR Surgical Co. |  |  | 117 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 65.50 |  |  |  |  |  | USD |  |  |  | 615 |  |  |  |  |  |  |  | (1,325 | )
STERIS PLC |  |  | 254 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 210.00 |  |  |  |  |  | USD |  |  |  | 5,714 |  |  |  |  |  |  |  | (397,510 | )
Stryker Corp. |  |  | 205 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 290.00 |  |  |  |  |  | USD |  |  |  | 6,254 |  |  |  |  |  |  |  | (338,250 | )
Tandem Diabetes Care, Inc. |  |  | 268 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 30.00 |  |  |  |  |  | USD |  |  |  | 658 |  |  |  |  |  |  |  | (2,680 | )
Ultragenyx Pharmaceutical, Inc. |  |  | 159 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 55.00 |  |  |  |  |  | USD |  |  |  | 733 |  |  |  |  |  |  |  | (4,770 | )
United Therapeutics Corp. |  |  | 84 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 230.00 |  |  |  |  |  | USD |  |  |  | 1,854 |  |  |  |  |  |  |  | (17,640 | )
Vaxcyte, Inc. |  |  | 325 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 55.00 |  |  |  |  |  | USD |  |  |  | 1,623 |  |  |  |  |  |  |  | (19,500 | )

68 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Term Trust (BMEZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  |  |  | Expiration Date |  |  |  |  | Exercise Price |  |  |  |  | Notional Amount (000) |  |  |  |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vertex Pharmaceuticals, Inc. |  |  | 166 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 350.00 |  |  |  |  |  | USD |  |  |  | 5,842 |  |  |  |  |  |  | $ | (122,010 | )
Viridian Therapeutics, Inc. |  |  | 263 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 30.00 |  |  |  |  |  | USD |  |  |  | 626 |  |  |  |  |  |  |  | (30,245 | )
Waters Corp. |  |  | 155 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 260.00 |  |  |  |  |  | USD |  |  |  | 4,131 |  |  |  |  |  |  |  | (161,200 | )
West Pharmaceutical Services, Inc. |  |  | 368 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 360.00 |  |  |  |  |  | USD |  |  |  | 14,075 |  |  |  |  |  |  |  | (920,000 | )
Zoetis, Inc. |  |  | 325 |  |  |  |  |  | 07/21/23 |  |  |  |  |  | USD |  |  |  | 170.00 |  |  |  |  |  | USD |  |  |  | 5,597 |  |  |  |  |  |  |  | (141,375 | )
Alkermes PLC |  |  | 976 |  |  |  |  |  | 07/25/23 |  |  |  |  |  | USD |  |  |  | 30.25 |  |  |  |  |  | USD |  |  |  | 3,055 |  |  |  |  |  |  |  | (163,083 | )
Align Technology, Inc. |  |  | 67 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 350.00 |  |  |  |  |  | USD |  |  |  | 2,369 |  |  |  |  |  |  |  | (139,360 | )
AmerisourceBergen Corp. |  |  | 148 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 185.00 |  |  |  |  |  | USD |  |  |  | 2,848 |  |  |  |  |  |  |  | (137,640 | )
Biogen, Inc. |  |  | 152 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 300.00 |  |  |  |  |  | USD |  |  |  | 4,330 |  |  |  |  |  |  |  | (64,600 | )
McKesson Corp. |  |  | 120 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 405.00 |  |  |  |  |  | USD |  |  |  | 5,128 |  |  |  |  |  |  |  | (313,800 | )
Reata Pharmaceuticals, Inc., Class A |  |  | 150 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 98.00 |  |  |  |  |  | USD |  |  |  | 1,529 |  |  |  |  |  |  |  | (112,500 | )
UnitedHealth Group, Inc. |  |  | 85 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 490.00 |  |  |  |  |  | USD |  |  |  | 4,085 |  |  |  |  |  |  |  | (63,750 | )
Vertex Pharmaceuticals, Inc. |  |  | 176 |  |  |  |  |  | 07/28/23 |  |  |  |  |  | USD |  |  |  | 355.00 |  |  |  |  |  | USD |  |  |  | 6,194 |  |  |  |  |  |  |  | (147,840 | )
AmerisourceBergen Corp. |  |  | 161 |  |  |  |  |  | 08/04/23 |  |  |  |  |  | USD |  |  |  | 190.00 |  |  |  |  |  | USD |  |  |  | 3,098 |  |  |  |  |  |  |  | (99,015 | )
AmerisourceBergen Corp. |  |  | 114 |  |  |  |  |  | 08/04/23 |  |  |  |  |  | USD |  |  |  | 195.00 |  |  |  |  |  | USD |  |  |  | 2,194 |  |  |  |  |  |  |  | (43,320 | )
CRISPR Therapeutics AG |  |  | 160 |  |  |  |  |  | 08/04/23 |  |  |  |  |  | USD |  |  |  | 62.00 |  |  |  |  |  | USD |  |  |  | 898 |  |  |  |  |  |  |  | (34,400 | )
Gilead Sciences, Inc. |  |  | 204 |  |  |  |  |  | 08/04/23 |  |  |  |  |  | USD |  |  |  | 79.00 |  |  |  |  |  | USD |  |  |  | 1,572 |  |  |  |  |  |  |  | (24,378 | )
Intuitive Surgical, Inc. |  |  | 165 |  |  |  |  |  | 08/04/23 |  |  |  |  |  | USD |  |  |  | 330.00 |  |  |  |  |  | USD |  |  |  | 5,642 |  |  |  |  |  |  |  | (344,025 | )
10X Genomics, Inc., Class A |  |  | 628 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 70.00 |  |  |  |  |  | USD |  |  |  | 3,507 |  |  |  |  |  |  |  | (51,810 | )
908 Devices, Inc. |  |  | 438 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 10.00 |  |  |  |  |  | USD |  |  |  | 300 |  |  |  |  |  |  |  | (14,235 | )
Abcam PLC, ADR |  |  | 781 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 25.00 |  |  |  |  |  | USD |  |  |  | 1,911 |  |  |  |  |  |  |  | (187,440 | )
Alcon, Inc. |  |  | 821 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 80.00 |  |  |  |  |  | USD |  |  |  | 6,741 |  |  |  |  |  |  |  | (369,450 | )
Alkermes PLC |  |  | 637 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 32.00 |  |  |  |  |  | USD |  |  |  | 1,994 |  |  |  |  |  |  |  | (74,847 | )
Alnylam Pharmaceuticals, Inc. |  |  | 284 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 220.00 |  |  |  |  |  | USD |  |  |  | 5,394 |  |  |  |  |  |  |  | (78,810 | )
Apellis Pharmaceuticals, Inc. |  |  | 297 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 95.00 |  |  |  |  |  | USD |  |  |  | 2,706 |  |  |  |  |  |  |  | (163,350 | )
Arcutis Biotherapeutics, Inc. |  |  | 596 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 11.57 |  |  |  |  |  | USD |  |  |  | 2,150 |  |  |  |  |  |  |  | (16,400 | )
Argenx SE, ADR |  |  | 60 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 450.00 |  |  |  |  |  | USD |  |  |  | 2,338 |  |  |  |  |  |  |  | (102,300 | )
Arrowhead Pharmaceuticals, Inc. |  |  | 130 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 40.00 |  |  |  |  |  | USD |  |  |  | 464 |  |  |  |  |  |  |  | (24,375 | )
Avantor, Inc. |  |  | 897 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 22.50 |  |  |  |  |  | USD |  |  |  | 1,842 |  |  |  |  |  |  |  | (35,880 | )
Avantor, Inc. |  |  | 781 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 20.40 |  |  |  |  |  | USD |  |  |  | 1,604 |  |  |  |  |  |  |  | (95,644 | )
Bausch & Lomb Corp. |  |  | 621 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 20.00 |  |  |  |  |  | USD |  |  |  | 1,246 |  |  |  |  |  |  |  | (69,862 | )
Becton Dickinson & Co. |  |  | 65 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 260.00 |  |  |  |  |  | USD |  |  |  | 1,716 |  |  |  |  |  |  |  | (66,300 | )
BeiGene Ltd., ADR |  |  | 94 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 230.00 |  |  |  |  |  | USD |  |  |  | 1,676 |  |  |  |  |  |  |  | (20,210 | )
Biogen, Inc. |  |  | 115 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 305.00 |  |  |  |  |  | USD |  |  |  | 3,276 |  |  |  |  |  |  |  | (52,900 | )
BioMarin Pharmaceutical, Inc. |  |  | 335 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 105.00 |  |  |  |  |  | USD |  |  |  | 2,904 |  |  |  |  |  |  |  | (24,288 | )
Biomea Fusion, Inc. |  |  | 305 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 40.00 |  |  |  |  |  | USD |  |  |  | 669 |  |  |  |  |  |  |  | (7,625 | )
Bio-Techne Corp. |  |  | 400 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 80.50 |  |  |  |  |  | USD |  |  |  | 3,265 |  |  |  |  |  |  |  | (175,463 | )
Boston Scientific Corp. |  |  | 753 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 57.50 |  |  |  |  |  | USD |  |  |  | 4,073 |  |  |  |  |  |  |  | (28,237 | )
Cerevel Therapeutics Holdings, Inc. |  |  | 455 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 35.00 |  |  |  |  |  | USD |  |  |  | 1,446 |  |  |  |  |  |  |  | (39,812 | )
Cooper Cos., Inc. |  |  | 317 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 380.00 |  |  |  |  |  | USD |  |  |  | 12,155 |  |  |  |  |  |  |  | (431,120 | )
Dexcom, Inc. |  |  | 580 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 131.00 |  |  |  |  |  | USD |  |  |  | 7,454 |  |  |  |  |  |  |  | (262,697 | )
Exact Sciences Corp. |  |  | 411 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 91.00 |  |  |  |  |  | USD |  |  |  | 3,859 |  |  |  |  |  |  |  | (275,086 | )
Exelixis, Inc. |  |  | 960 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 20.00 |  |  |  |  |  | USD |  |  |  | 1,835 |  |  |  |  |  |  |  | (52,800 | )
Halozyme Therapeutics, Inc. |  |  | 377 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 35.73 |  |  |  |  |  | USD |  |  |  | 1,360 |  |  |  |  |  |  |  | (92,570 | )
Immunocore Holdings PLC, ADR |  |  | 96 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 65.00 |  |  |  |  |  | USD |  |  |  | 576 |  |  |  |  |  |  |  | (19,440 | )
Incyte Corp. |  |  | 527 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 64.00 |  |  |  |  |  | USD |  |  |  | 3,281 |  |  |  |  |  |  |  | (105,978 | )
Inspire Medical Systems, Inc. |  |  | 1 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 340.00 |  |  |  |  |  | USD |  |  |  | 32 |  |  |  |  |  |  |  | (1,245 | )
Insulet Corp. |  |  | 265 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 299.00 |  |  |  |  |  | USD |  |  |  | 7,641 |  |  |  |  |  |  |  | (258,853 | )
Intuitive Surgical, Inc. |  |  | 75 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 330.00 |  |  |  |  |  | USD |  |  |  | 2,565 |  |  |  |  |  |  |  | (163,875 | )
IQVIA Holdings, Inc. |  |  | 232 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 230.00 |  |  |  |  |  | USD |  |  |  | 5,215 |  |  |  |  |  |  |  | (146,160 | )
iRhythm Technologies, Inc. |  |  | 191 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 120.00 |  |  |  |  |  | USD |  |  |  | 1,993 |  |  |  |  |  |  |  | (49,660 | )
Legend Biotech Corp., ADR |  |  | 352 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 75.00 |  |  |  |  |  | USD |  |  |  | 2,430 |  |  |  |  |  |  |  | (78,320 | )
Masimo Corp. |  |  | 295 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 165.50 |  |  |  |  |  | USD |  |  |  | 4,854 |  |  |  |  |  |  |  | (226,397 | )
Merus NV |  |  | 622 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 30.00 |  |  |  |  |  | USD |  |  |  | 1,638 |  |  |  |  |  |  |  | (158,610 | )
Mettler-Toledo International, Inc. |  |  | 34 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 1,385.00 |  |  |  |  |  | USD |  |  |  | 4,460 |  |  |  |  |  |  |  | (69,185 | )
Morphic Holding, Inc. |  |  | 225 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 60.00 |  |  |  |  |  | USD |  |  |  | 1,290 |  |  |  |  |  |  |  | (79,312 | )
Neurocrine Biosciences, Inc. |  |  | 469 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 105.00 |  |  |  |  |  | USD |  |  |  | 4,423 |  |  |  |  |  |  |  | (83,247 | )
Omnicell, Inc. |  |  | 288 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 75.00 |  |  |  |  |  | USD |  |  |  | 2,122 |  |  |  |  |  |  |  | (120,960 | )
Penumbra, Inc. |  |  | 244 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 330.50 |  |  |  |  |  | USD |  |  |  | 8,395 |  |  |  |  |  |  |  | (533,274 | )
Prothena Corp. PLC |  |  | 400 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 80.00 |  |  |  |  |  | USD |  |  |  | 2,731 |  |  |  |  |  |  |  | (73,000 | )
Pulmonx Corp. |  |  | 540 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 15.00 |  |  |  |  |  | USD |  |  |  | 708 |  |  |  |  |  |  |  | (93,150 | )
R1 RCM, Inc. |  |  | 1,104 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 17.50 |  |  |  |  |  | USD |  |  |  | 2,037 |  |  |  |  |  |  |  | (187,680 | )

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Term Trust (BMEZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  |  |  | Expiration Date |  |  |  |  | Exercise Price |  |  |  |  | Notional Amount (000) |  |  |  |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reata Pharmaceuticals, Inc., Class A |  |  | 117 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 110.00 |  |  |  |  |  | USD |  |  |  | 1,193 |  |  |  |  |  |  | $ | (42,120 | )
Rhythm Pharmaceuticals, Inc. |  |  | 981 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 20.00 |  |  |  |  |  | USD |  |  |  | 1,618 |  |  |  |  |  |  |  | (49,050 | )
Sage Therapeutics, Inc. |  |  | 449 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 60.00 |  |  |  |  |  | USD |  |  |  | 2,111 |  |  |  |  |  |  |  | (49,390 | )
Seagen, Inc. |  |  | 159 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 200.00 |  |  |  |  |  | USD |  |  |  | 3,060 |  |  |  |  |  |  |  | (58,432 | )
Shockwave Medical, Inc. |  |  | 91 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 320.00 |  |  |  |  |  | USD |  |  |  | 2,597 |  |  |  |  |  |  |  | (55,055 | )
STAAR Surgical Co. |  |  | 118 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 60.00 |  |  |  |  |  | USD |  |  |  | 620 |  |  |  |  |  |  |  | (16,520 | )
STERIS PLC |  |  | 254 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 207.50 |  |  |  |  |  | USD |  |  |  | 5,714 |  |  |  |  |  |  |  | (531,085 | )
Stryker Corp. |  |  | 204 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 292.00 |  |  |  |  |  | USD |  |  |  | 6,224 |  |  |  |  |  |  |  | (399,168 | )
Tandem Diabetes Care, Inc. |  |  | 268 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 30.00 |  |  |  |  |  | USD |  |  |  | 658 |  |  |  |  |  |  |  | (19,430 | )
Ultragenyx Pharmaceutical, Inc. |  |  | 159 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 55.00 |  |  |  |  |  | USD |  |  |  | 733 |  |  |  |  |  |  |  | (25,043 | )
United Therapeutics Corp. |  |  | 94 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 240.00 |  |  |  |  |  | USD |  |  |  | 2,075 |  |  |  |  |  |  |  | (27,025 | )
Viking Therapeutics, Inc. |  |  | 752 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 26.00 |  |  |  |  |  | USD |  |  |  | 1,219 |  |  |  |  |  |  |  | (26,320 | )
West Pharmaceutical Services, Inc. |  |  | 62 |  |  |  |  |  | 08/18/23 |  |  |  |  |  | USD |  |  |  | 380.00 |  |  |  |  |  | USD |  |  |  | 2,371 |  |  |  |  |  |  |  | (106,950 | )
Bausch & Lomb Corp. |  |  | 434 |  |  |  |  |  | 08/21/23 |  |  |  |  |  | USD |  |  |  | 18.56 |  |  |  |  |  | USD |  |  |  | 871 |  |  |  |  |  |  |  | (91,973 | )
Bruker Corp. |  |  | 260 |  |  |  |  |  | 09/15/23 |  |  |  |  |  | USD |  |  |  | 82.50 |  |  |  |  |  | USD |  |  |  | 1,922 |  |  |  |  |  |  |  | (71,500 | )
Seagen, Inc. |  |  | 159 |  |  |  |  |  | 09/15/23 |  |  |  |  |  | USD |  |  |  | 200.00 |  |  |  |  |  | USD |  |  |  | 3,060 |  |  |  |  |  |  |  | (76,320 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (18,169,042 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Straumann Holding AG, Registered Shares |  | Goldman Sachs International |  |  | 35,400 |  |  |  | 07/11/23 |  |  |  | CHF |  |  |  | 144.61 |  |  |  | CHF |  |  |  | 5,152 |  |  | $ | (111,304 | )
ConvaTec Group PLC |  | UBS AG |  |  | 490,000 |  |  |  | 07/13/23 |  |  |  | GBP |  |  |  | 2.11 |  |  |  | GBP |  |  |  | 1,006 |  |  |  | (8,812 | )
Genmab A/S |  | Morgan Stanley & Co. International PLC |  |  | 9,200 |  |  |  | 07/13/23 |  |  |  | DKK |  |  |  | 2,806.75 |  |  |  | DKK |  |  |  | 23,790 |  |  |  | (1,747 | )
Gerresheimer AG |  | UBS AG |  |  | 20,000 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 107.43 |  |  |  | EUR |  |  |  | 2,063 |  |  |  | (34,200 | )
Roche Holding AG |  | UBS AG |  |  | 10,400 |  |  |  | 07/13/23 |  |  |  | CHF |  |  |  | 294.44 |  |  |  | CHF |  |  |  | 2,843 |  |  |  | (1,229 | )
UCB SA |  | Morgan Stanley & Co. International PLC |  |  | 27,600 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 83.60 |  |  |  | EUR |  |  |  | 2,242 |  |  |  | (31,648 | )
Genmab A/S |  | UBS AG |  |  | 1,900 |  |  |  | 07/18/23 |  |  |  | DKK |  |  |  | 2,776.72 |  |  |  | DKK |  |  |  | 4,913 |  |  |  | (1,423 | )
UCB SA |  | Goldman Sachs International |  |  | 27,600 |  |  |  | 07/19/23 |  |  |  | EUR |  |  |  | 88.77 |  |  |  | EUR |  |  |  | 2,242 |  |  |  | (10,506 | )
Gerresheimer AG |  | JPMorgan Chase Bank N.A. |  |  | 14,900 |  |  |  | 07/25/23 |  |  |  | EUR |  |  |  | 112.79 |  |  |  | EUR |  |  |  | 1,537 |  |  |  | (18,586 | )
Sartorius AG |  | Goldman Sachs International |  |  | 7,200 |  |  |  | 07/25/23 |  |  |  | EUR |  |  |  | 358.54 |  |  |  | EUR |  |  |  | 2,286 |  |  |  | (8,508 | )
UCB SA |  | Morgan Stanley & Co. International PLC |  |  | 55,000 |  |  |  | 07/25/23 |  |  |  | EUR |  |  |  | 86.63 |  |  |  | EUR |  |  |  | 4,469 |  |  |  | (55,708 | )
Gerresheimer AG |  | UBS AG |  |  | 14,900 |  |  |  | 07/26/23 |  |  |  | EUR |  |  |  | 110.03 |  |  |  | EUR |  |  |  | 1,537 |  |  |  | (30,108 | )
MorphoSys AG |  | Barclays Bank PLC |  |  | 16,200 |  |  |  | 07/26/23 |  |  |  | EUR |  |  |  | 28.88 |  |  |  | EUR |  |  |  | 442 |  |  |  | (11,619 | )
Glaukos Corp. |  | Morgan Stanley & Co. International PLC |  |  | 26,200 |  |  |  | 07/31/23 |  |  |  | USD |  |  |  | 69.83 |  |  |  | USD |  |  |  | 1,866 |  |  |  | (104,427 | )
Revolution Medicines, Inc |  | Citibank N.A. |  |  | 54,700 |  |  |  | 07/31/23 |  |  |  | USD |  |  |  | 25.25 |  |  |  | USD |  |  |  | 1,463 |  |  |  | (134,277 | )
Vaxcyte, Inc |  | Morgan Stanley & Co. International PLC |  |  | 15,000 |  |  |  | 07/31/23 |  |  |  | USD |  |  |  | 54.78 |  |  |  | USD |  |  |  | 749 |  |  |  | (14,921 | )
Waters Corp. |  | Morgan Stanley & Co. International PLC |  |  | 9,200 |  |  |  | 07/31/23 |  |  |  | USD |  |  |  | 278.78 |  |  |  | USD |  |  |  | 2,452 |  |  |  | (29,408 | )
Novo Nordisk A/S, Class B |  | Citibank N.A. |  |  | 19,700 |  |  |  | 08/02/23 |  |  |  | DKK |  |  |  | 1,117.35 |  |  |  | DKK |  |  |  | 21,715 |  |  |  | (84,388 | )
ConvaTec Group PLC |  | UBS AG |  |  | 411,500 |  |  |  | 08/03/23 |  |  |  | GBP |  |  |  | 2.11 |  |  |  | GBP |  |  |  | 845 |  |  |  | (18,960 | )
ConvaTec Group PLC |  | UBS AG |  |  | 510,000 |  |  |  | 08/16/23 |  |  |  | GBP |  |  |  | 2.13 |  |  |  | GBP |  |  |  | 1,047 |  |  |  | (27,909 | )
Gerresheimer AG |  | UBS AG |  |  | 28,000 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 110.39 |  |  |  | EUR |  |  |  | 2,889 |  |  |  | (77,664 | )
Genmab A/S, ADR |  | Morgan Stanley & Co. International PLC |  |  | 36,500 |  |  |  | 08/23/23 |  |  |  | USD |  |  |  | 39.39 |  |  |  | USD |  |  |  | 1,387 |  |  |  | (44,232 | )
Alkermes PLC |  | Citibank N.A. |  |  | 88,400 |  |  |  | 08/29/23 |  |  |  | USD |  |  |  | 33.63 |  |  |  | USD |  |  |  | 2,767 |  |  |  | (77,853 | )
Legend Biotech Corp., ADR |  | UBS AG |  |  | 49,600 |  |  |  | 09/08/23 |  |  |  | USD |  |  |  | 75.79 |  |  |  | USD |  |  |  | 3,424 |  |  |  | (159,174 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,098,611 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 4,866,815 |  |  | $ | (7,060,008 | ) |  | $ | (19,267,653) |

70 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Term Trust (BMEZ)

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on forward foreign currency exchange contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 963,121 |  |  | $ | — |  |  | $ | — |  |  | $ | 963,121 |
Options purchased |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments at value — unaffiliated |  |  | — |  |  |  | — |  |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 150 |
|  | $ | — |  |  | $ | — |  |  | $ | 150 |  |  | $ | 963,121 |  |  | $ | — |  |  | $ | — |  |  | $ | 963,271 |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on forward foreign currency exchange contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 886,235 |  |  | $ | — |  |  | $ | — |  |  | $ | 886,235 |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  |  | — |  |  |  | — |  |  |  | 19,267,653 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 19,267,653 |
|  | $ | — |  |  | $ | — |  |  | $ | 19,267,653 |  |  | $ | 886,235 |  |  | $ | — |  |  | $ | — |  |  | $ | 20,153,888 |

For the period ended June 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,506,894 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,506,894 |
Options purchased(a) |  |  | — |  |  |  | — |  |  |  | (2,929,435 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,929,435 | )
Options written |  |  | — |  |  |  | — |  |  |  | 10,910,202 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,910,202 |
|  | $ | — |  |  | $ | — |  |  | $ | 7,980,767 |  |  | $ | 1,506,894 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,487,661 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4,887,669 | ) |  | $ | — |  |  | $ | — |  |  | $ | (4,887,669 | )
Options purchased |  |  | — |  |  |  | — |  |  |  | (37 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (37 | )
Options written |  |  | — |  |  |  | — |  |  |  | (4,568,856 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,568,856 | )
|  | $ | — |  |  | $ | — |  |  | $ | (4,568,893 | ) |  | $ | (4,887,669 | ) |  | $ | — |  |  | $ | — |  |  | $ | (9,456,562 | )

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts: |  |  |  |
Average amounts sold — in USD |  | $ | 115,944,905 |
Options: |  |  |  |
Average value of option contracts purchased |  | $ | 75 |
Average value of option contracts written |  | $ | 19,839,452 |

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Term Trust (BMEZ)

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Forward foreign currency exchange contracts |  | $ | 963,121 |  |  | $ | 886,235 |
Options |  |  | 150 |  |  |  | 19,267,653 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | 963,271 |  |  |  | 20,153,888 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | (150 | ) |  |  | (18,169,042 | )
Total derivative assets and liabilities subject to an MNA |  | $ | 963,121 |  |  | $ | 1,984,846 |

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

Counterparty |  |  | Derivative Assets Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset | (a) |  |  | Non-Cash Collateral Received |  |  |  | Cash Collateral Received |  |  |  | Net Amount of Derivative Assets | (b)(c)
BNP Paribas SA |  | $ | 85,772 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 85,772 |
Citibank N.A. |  |  | 877,349 |  |  |  | (296,518 | ) |  |  | — |  |  |  | — |  |  |  | 580,831 |
|  | $ | 963,121 |  |  | $ | (296,518 | ) |  | $ | — |  |  | $ | — |  |  | $ | 666,603 |

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset | (a) |  |  | Non-Cash Collateral Pledged | (d) |  |  | Cash Collateral Pledged | (d) |  |  | Net Amount of Derivative Liabilities | (b)(e)
Barclays Bank PLC |  | $ | 11,619 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11,619 |
Citibank N.A. |  |  | 296,518 |  |  |  | (296,518 | ) |  |  | — |  |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 130,318 |  |  |  | — |  |  |  | (130,318 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 18,586 |  |  |  | — |  |  |  | (18,586 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 282,091 |  |  |  | — |  |  |  | (154,160 | ) |  |  | (16,000 | ) |  |  | 111,931 |
UBS AG |  |  | 1,245,714 |  |  |  | — |  |  |  | (635,198 | ) |  |  | — |  |  |  | 610,516 |
|  | $ | 1,984,846 |  |  | $ | (296,518 | ) |  | $ | (938,262 | ) |  | $ | (16,000 | ) |  | $ | 734,066 |

| (a) | The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. |

| (b) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |

| (c) | Net amount represents the net amount receivable from the counterparty in the event of default. |

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

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Biotechnology |  | $ | 685,267,398 |  |  | $ | 50,199,844 |  |  | $ | 2,456,229 |  |  | $ | 737,923,471 |
Electronic Equipment, Instruments & Components |  |  | 1,880,216 |  |  |  | — |  |  |  | — |  |  |  | 1,880,216 |
Financial Services |  |  | 15,357,363 |  |  |  | — |  |  |  | — |  |  |  | 15,357,363 |
Health Care Equipment & Supplies |  |  | 591,398,262 |  |  |  | 29,501,162 |  |  |  | — |  |  |  | 620,899,424 |
Health Care Providers & Services |  |  | 102,969,700 |  |  |  | 921,927 |  |  |  | — |  |  |  | 103,891,627 |

72 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Term Trust (BMEZ)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Common Stocks (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Health Care Technology |  | $ | 1,305,853 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,305,853 |
Life Sciences Tools & Services |  |  | 236,262,669 |  |  |  | 27,389,946 |  |  |  | — |  |  |  | 263,652,615 |
Pharmaceuticals |  |  | 64,315,499 |  |  |  | 52,684,245 |  |  |  | — |  |  |  | 116,999,744 |
Other Interests |  |  | — |  |  |  | — |  |  |  | 1,104,762 |  |  |  | 1,104,762 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | 25,727,310 |  |  |  | 141,801,387 |  |  |  | 167,528,697 |
Rights |  |  | — |  |  |  | — |  |  |  | 278,154 |  |  |  | 278,154 |
Warrants |  |  | 33,087 |  |  |  | — |  |  |  | — |  |  |  | 33,087 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 66,293,156 |  |  |  | — |  |  |  | — |  |  |  | 66,293,156 |
Options Purchased |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | 150 |
|  | $ | 1,765,083,353 |  |  | $ | 186,424,434 |  |  | $ | 145,640,532 |  |  |  | 2,097,148,319 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 38,936,027 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,136,084,346 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign Currency Exchange Contracts |  | $ | — |  |  | $ | 963,121 |  |  | $ | — |  |  | $ | 963,121 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  |  | (13,196,508 | ) |  |  | (6,071,145 | ) |  |  | — |  |  |  | (19,267,653 | )
Foreign Currency Exchange Contracts |  |  | — |  |  |  | (886,235 | ) |  |  | — |  |  |  | (886,235 | )
|  | $ | (13,196,508 | ) |  | $ | (5,994,259 | ) |  | $ | — |  |  | $ | (19,190,767 | )

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

| (b) | Derivative financial instruments are forward foreign currency exchange contracts and options written. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. |

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

|  | Common Stocks |  |  | Other Interests |  |  | Preferred Stocks |  |  | Rights |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2022 |  | $ | 12,093,187 |  |  | $ | 4,076,191 |  |  | $ | 158,791,702 |  |  | $ | — |  |  | $ | 174,961,080 |
Transfers into Level 3(a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3(b) |  |  | — |  |  |  | — |  |  |  | (22,889,924 | ) |  |  | — |  |  |  | (22,889,924 | )
Other(c) |  |  | (9,726,707 | ) |  |  | — |  |  |  | 9,626,098 |  |  |  | 100,609 |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)(d)(e) |  |  | 89,749 |  |  |  | (2,971,429 | ) |  |  | (6,249,086 | ) |  |  | 177,545 |  |  |  | (8,953,221 | )
Purchases |  |  | — |  |  |  | — |  |  |  | 24,122,598 |  |  |  | — |  |  |  | 24,122,598 |
Sales |  |  | — |  |  |  | — |  |  |  | (21,600,001 | ) |  |  | — |  |  |  | (21,600,001 | )
Closing balance, as of June 30, 2023 |  | $ | 2,456,229 |  |  | $ | 1,104,762 |  |  | $ | 141,801,387 |  |  | $ | 278,154 |  |  | $ | 145,640,532 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023(e) |  | $ | 89,749 |  |  | $ | (2,971,429 | ) |  | $ | (5,842,670 | ) |  | $ | 177,545 |  |  | $ | (8,546,805 | )

| (a) | As of December 31, 2022, the Trust used observable inputs in determining the value of certain investments. As of June 30, 2023, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. |

| (b) | As of December 31, 2022, the Trust used significant unobservable inputs in determining the value of certain investments. As of June 30, 2023, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. |

| (c) | Certain Level 3 investments were re-classified between Common Stocks, Preferred Stocks and Rights. |

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

| (e) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023 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 |  | 73

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Term Trust (BMEZ)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end.

|  |  | Value |  |  |  | Valuation Approach |  |  | Unobservable Inputs |  |  | Range of Unobservable Inputs Utilized | (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 2,456,229 |  |  |  | Income |  |  | Discount Rate |  |  | 5% |  |  |  | — |
Preferred Stocks |  |  | 141,801,387 |  |  |  | Market |  |  | Revenue Multiple |  |  | 3.00x - 8.00x |  |  |  | 5.20x |
|  |  |  |  |  |  |  |  |  | Volatility |  |  | 50% - 100% |  |  |  | 68% |
|  |  |  |  |  |  |  |  |  | Time to Exit |  |  | 1.0 - 4.0 years |  |  |  | 2.3 years |
|  |  |  |  |  |  |  |  |  | Market Adjustment Multiple |  |  | 0.45x - 1.10x |  |  |  | 0.88x |
|  |  |  |  |  |  | Income |  |  | Discount Rate |  |  | 5% - 5% |  |  |  | 5% |
Other Interests |  |  | 1,104,762 |  |  |  | Income |  |  | Discount Rate |  |  | 7% |  |  |  | — |
Rights |  |  | 278,154 |  |  |  | Income |  |  | Discount Rate |  |  | 4% |  |  |  | — |
|  | $ | 145,640,532 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

See notes to financial statements.

74 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) June 30, 2023 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Biotechnology — 21.2% |
AbbVie, Inc. |  |  | 115,564 |  |  | $ | 15,569,938 |
Abcam PLC, ADR(a) |  |  | 57,415 |  |  |  | 1,404,945 |
Affinivax, Inc., (Acquired 08/18/22, Cost: $0)(b)(c) |  |  | 6,331 |  |  |  | 84,899 |
Alkermes PLC(a) |  |  | 32,331 |  |  |  | 1,011,960 |
Alnylam Pharmaceuticals, Inc.(a) |  |  | 17,051 |  |  |  | 3,238,667 |
Amgen, Inc.(d) |  |  | 61,050 |  |  |  | 13,554,321 |
Apellis Pharmaceuticals, Inc.(a) |  |  | 13,695 |  |  |  | 1,247,615 |
Argenx SE, ADR(a) |  |  | 5,466 |  |  |  | 2,130,264 |
BeiGene Ltd., ADR(a) |  |  | 6,630 |  |  |  | 1,182,129 |
Biogen, Inc.(a) |  |  | 38,487 |  |  |  | 10,963,022 |
BioMarin Pharmaceutical, Inc.(a) |  |  | 26,700 |  |  |  | 2,314,356 |
Biomea Fusion, Inc.(a) |  |  | 9,387 |  |  |  | 206,045 |
Blueprint Medicines Corp.(a) |  |  | 26,725 |  |  |  | 1,689,020 |
Cerevel Therapeutics Holdings, Inc.(a) |  |  | 16,785 |  |  |  | 533,595 |
CureVac NV(a) |  |  | 20,488 |  |  |  | 213,485 |
Decibel Therapeutics, Inc.(a) |  |  | 46,884 |  |  |  | 180,503 |
Design Therapeutics, Inc.(a) |  |  | 13,967 |  |  |  | 87,992 |
Exact Sciences Corp.(a) |  |  | 18,951 |  |  |  | 1,779,499 |
Frequency Therapeutics, Inc.(a) |  |  | 28,060 |  |  |  | 9,709 |
Genmab A/S(a) |  |  | 2,498 |  |  |  | 946,636 |
Genmab A/S, ADR(a)(e) |  |  | 16,911 |  |  |  | 642,787 |
Gilead Sciences, Inc. |  |  | 184,370 |  |  |  | 14,209,396 |
Horizon Therapeutics PLC(a) |  |  | 7,410 |  |  |  | 762,119 |
Immuneering Corp., Class A(a)(e) |  |  | 14,456 |  |  |  | 146,584 |
Immunocore Holdings PLC, ADR(a) |  |  | 9,668 |  |  |  | 579,693 |
ImmunoGen, Inc.(a) |  |  | 18,174 |  |  |  | 342,943 |
Incyte Corp.(a) |  |  | 33,358 |  |  |  | 2,076,535 |
Ionis Pharmaceuticals, Inc.(a) |  |  | 28,425 |  |  |  | 1,166,278 |
IVERIC bio, Inc.(a) |  |  | 12,230 |  |  |  | 481,128 |
Karuna Therapeutics, Inc.(a) |  |  | 2,610 |  |  |  | 565,979 |
Legend Biotech Corp., ADR(a) |  |  | 31,816 |  |  |  | 2,196,258 |
Merus NV(a) |  |  | 14,810 |  |  |  | 389,947 |
Mirati Therapeutics, Inc.(a) |  |  | 15,380 |  |  |  | 555,679 |
Moderna, Inc.(a) |  |  | 15,623 |  |  |  | 1,898,194 |
Monte Rosa Therapeutics, Inc.(a)(e) |  |  | 28,575 |  |  |  | 195,739 |
MoonLake Immunotherapeutics(a) |  |  | 15,432 |  |  |  | 787,032 |
Morphic Holding, Inc.(a) |  |  | 12,685 |  |  |  | 727,231 |
Neurocrine Biosciences, Inc.(a) |  |  | 20,029 |  |  |  | 1,888,735 |
Nuvalent, Inc., Class A(a) |  |  | 13,773 |  |  |  | 580,807 |
PMV Pharmaceuticals, Inc.(a) |  |  | 17,490 |  |  |  | 109,487 |
Prime Medicine, Inc.(a) |  |  | 22,929 |  |  |  | 335,910 |
Protagonist Therapeutics, Inc.(a) |  |  | 27,270 |  |  |  | 753,197 |
Prothena Corp. PLC(a) |  |  | 8,639 |  |  |  | 589,871 |
PTC Therapeutics, Inc.(a) |  |  | 19,555 |  |  |  | 795,302 |
Regeneron Pharmaceuticals, Inc.(a) |  |  | 10,742 |  |  |  | 7,718,557 |
Revolution Medicines, Inc.(a) |  |  | 18,874 |  |  |  | 504,880 |
Rhythm Pharmaceuticals, Inc.(a) |  |  | 48,130 |  |  |  | 793,664 |
Rocket Pharmaceuticals, Inc.(a) |  |  | 17,213 |  |  |  | 342,022 |
Sage Therapeutics, Inc.(a) |  |  | 6,345 |  |  |  | 298,342 |
Sarepta Therapeutics, Inc.(a) |  |  | 22,463 |  |  |  | 2,572,463 |
Seagen, Inc.(a) |  |  | 23,289 |  |  |  | 4,482,201 |
Tenaya Therapeutics, Inc.(a) |  |  | 25,502 |  |  |  | 149,697 |
Ultragenyx Pharmaceutical, Inc.(a) |  |  | 6,140 |  |  |  | 283,238 |
Vaxcyte, Inc.(a) |  |  | 12,030 |  |  |  | 600,778 |
Vertex Pharmaceuticals, Inc.(a)(e) |  |  | 48,713 |  |  |  | 17,142,592 |
Viking Therapeutics, Inc.(a) |  |  | 16,970 |  |  |  | 275,084 |
|  |  |  |  |  |  | 126,288,949 |

Security |  | Shares |  |  | Value |
Health Care Equipment & Supplies — 28.1% |  |  |  |  |  |
Abbott Laboratories(d) |  |  | 119,326 |  |  | $ | 13,008,920 |
Alcon, Inc. |  |  | 94,504 |  |  |  | 7,759,723 |
Align Technology, Inc.(a) |  |  | 6,080 |  |  |  | 2,150,131 |
Bausch & Lomb Corp.(a)(e) |  |  | 75,830 |  |  |  | 1,521,908 |
Baxter International, Inc. |  |  | 111,827 |  |  |  | 5,094,838 |
Becton Dickinson & Co. |  |  | 40,270 |  |  |  | 10,631,683 |
Boston Scientific Corp.(a) |  |  | 447,569 |  |  |  | 24,209,007 |
Cooper Cos., Inc. |  |  | 12,951 |  |  |  | 4,965,802 |
Dexcom, Inc.(a) |  |  | 54,892 |  |  |  | 7,054,171 |
Edwards Lifesciences Corp.(a) |  |  | 37,566 |  |  |  | 3,543,601 |
Envista Holdings Corp.(a) |  |  | 21,195 |  |  |  | 717,239 |
GE HealthCare, Inc.(a) |  |  | 68,490 |  |  |  | 5,564,128 |
Glaukos Corp.(a) |  |  | 4,880 |  |  |  | 347,505 |
Hologic, Inc.(a) |  |  | 10,990 |  |  |  | 889,860 |
IDEXX Laboratories, Inc.(a) |  |  | 7,185 |  |  |  | 3,608,523 |
Inspire Medical Systems, Inc.(a) |  |  | 5,650 |  |  |  | 1,834,216 |
Insulet Corp.(a) |  |  | 8,555 |  |  |  | 2,466,749 |
Intuitive Surgical, Inc.(a) |  |  | 63,429 |  |  |  | 21,688,912 |
iRhythm Technologies, Inc.(a) |  |  | 2,280 |  |  |  | 237,850 |
Masimo Corp.(a) |  |  | 12,760 |  |  |  | 2,099,658 |
Medtronic PLC |  |  | 144,255 |  |  |  | 12,708,865 |
Novocure Ltd.(a) |  |  | 27,700 |  |  |  | 1,149,550 |
Omnicell, Inc.(a) |  |  | 8,385 |  |  |  | 617,723 |
Orchestra BioMed Holdings, Inc.(a) |  |  | 13,696 |  |  |  | 95,872 |
Penumbra, Inc.(a) |  |  | 17,840 |  |  |  | 6,138,030 |
ResMed, Inc. |  |  | 13,234 |  |  |  | 2,891,629 |
STERIS PLC |  |  | 9,590 |  |  |  | 2,157,558 |
Stryker Corp. |  |  | 68,196 |  |  |  | 20,805,918 |
Zimmer Biomet Holdings, Inc. |  |  | 14,617 |  |  |  | 2,128,235 |
|  |  |  |  |  |  | 168,087,804 |
Health Care Providers & Services — 17.1% |  |  |  |  |  |
Agiliti, Inc.(a) |  |  | 40,496 |  |  |  | 668,184 |
AmerisourceBergen Corp. |  |  | 59,256 |  |  |  | 11,402,632 |
Centene Corp.(a) |  |  | 29,311 |  |  |  | 1,977,027 |
Cigna Group |  |  | 22,809 |  |  |  | 6,400,205 |
Elevance Health, Inc.(d) |  |  | 12,737 |  |  |  | 5,658,922 |
Guardant Health, Inc.(a) |  |  | 12,702 |  |  |  | 454,732 |
HCA Healthcare, Inc. |  |  | 21,285 |  |  |  | 6,459,572 |
Humana, Inc. |  |  | 11,855 |  |  |  | 5,300,726 |
McKesson Corp. |  |  | 26,075 |  |  |  | 11,142,108 |
Quest Diagnostics, Inc. |  |  | 40,564 |  |  |  | 5,701,676 |
UnitedHealth Group, Inc.(d) |  |  | 97,709 |  |  |  | 46,962,854 |
|  |  |  |  |  |  | 102,128,638 |
Life Sciences Tools & Services — 9.7% |  |  |  |  |  |
10X Genomics, Inc., Class A(a) |  |  | 9,740 |  |  |  | 543,882 |
Agilent Technologies, Inc. |  |  | 25,861 |  |  |  | 3,109,785 |
Avantor, Inc.(a) |  |  | 78,897 |  |  |  | 1,620,544 |
Bio-Techne Corp. |  |  | 10,625 |  |  |  | 867,319 |
Danaher Corp. |  |  | 43,329 |  |  |  | 10,398,960 |
Icon PLC(a) |  |  | 8,210 |  |  |  | 2,054,142 |
Illumina, Inc.(a) |  |  | 11,735 |  |  |  | 2,200,195 |
IQVIA Holdings, Inc.(a) |  |  | 26,058 |  |  |  | 5,857,057 |
Mettler-Toledo International, Inc.(a) |  |  | 1,055 |  |  |  | 1,383,780 |
Nautilus Biotechnology, Inc.(a) |  |  | 16,560 |  |  |  | 64,087 |
QIAGEN NV(a) |  |  | 31,011 |  |  |  | 1,396,425 |
Rapid Micro Biosystems, Inc., Class A(a) |  |  | 20,561 |  |  |  | 20,561 |
Repligen Corp.(a) |  |  | 8,070 |  |  |  | 1,141,582 |

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Life Sciences Tools & Services (continued) |
Thermo Fisher Scientific, Inc.(f) |  |  | 40,468 |  |  | $ | 21,114,179 |
West Pharmaceutical Services, Inc. |  |  | 15,420 |  |  |  | 5,897,688 |
|  |  |  |  |  |  | 57,670,186 |
Pharmaceuticals — 19.6% |  |  |  |  |  |
Arvinas, Inc.(a) |  |  | 13,163 |  |  |  | 326,706 |
AstraZeneca PLC |  |  | 26,401 |  |  |  | 3,784,694 |
Bristol-Myers Squibb Co. |  |  | 39,106 |  |  |  | 2,500,829 |
Catalent, Inc.(a) |  |  | 20,045 |  |  |  | 869,151 |
Daiichi Sankyo Co. Ltd. |  |  | 33,900 |  |  |  | 1,077,147 |
Elanco Animal Health, Inc.(a) |  |  | 51,800 |  |  |  | 521,108 |
Eli Lilly & Co. |  |  | 79,376 |  |  |  | 37,225,756 |
Johnson & Johnson(d) |  |  | 90,509 |  |  |  | 14,981,050 |
Merck & Co., Inc.(d) |  |  | 243,775 |  |  |  | 28,129,197 |
Novo Nordisk A/S, Class B |  |  | 17,765 |  |  |  | 2,869,753 |
Pfizer, Inc.(d) |  |  | 178,976 |  |  |  | 6,564,840 |
Pliant Therapeutics, Inc.(a) |  |  | 12,594 |  |  |  | 228,203 |
Reata Pharmaceuticals, Inc., Class A(a) |  |  | 6,625 |  |  |  | 675,485 |
Roche Holding AG |  |  | 11,601 |  |  |  | 3,543,756 |
Sanofi |  |  | 24,587 |  |  |  | 2,646,932 |
Structure Therapeutics, Inc.(a)(e) |  |  | 13,208 |  |  |  | 549,057 |
Zoetis, Inc. |  |  | 61,919 |  |  |  | 10,663,071 |
|  |  |  |  |  |  | 117,156,735 |
Total Common Stocks — 95.7% (Cost: $384,440,043) |  |  |  | 571,332,312 |
|  | Benefical Interest (000) |  |  |  |
Other Interests |  |  |  |  |  |  |  |
Health Care Providers & Services — 0.0% |
Afferent Pharmaceuticals, Inc.(b)(c)(g) |  | $ | 190 |  |  |  | 152,128 |
Total Other Interests — 0.0% (Cost: $ — ) |  |  |  | 152,128 |
|  | Shares |  |  |  |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 0.7%(b)(c) |  |  |  |  |  |
Biotechnology — 0.1% |  |  |  |  |  |
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $265,002) |  |  | 44,167 |  |  |  | 171,368 |
Goldfinch Bio, Inc., Series B, (Acquired 06/26/20, Cost: $224,200) |  |  | 190,000 |  |  |  | 64,600 |
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $590,800) |  |  | 21,100 |  |  |  | 365,452 |
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $260,568) |  |  | 106,790 |  |  |  | 259,500 |
|  |  |  |  |  |  | 860,920 |
Health Care Equipment & Supplies — 0.3% |
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $595,999) |  |  | 101,741 |  |  |  | 284,875 |

Security |  | Shares |  |  | Value |
Health Care Equipment & Supplies (continued) |
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $1,070,001) |  |  | 367,395 |  |  | $ | 1,142,598 |
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $286,998) |  |  | 92,580 |  |  |  | 122,206 |
|  |  |  |  |  |  | 1,549,679 |
Health Care Providers & Services — 0.1% |  |  |  |  |  |
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $515,759) |  |  | 4,243,029 |  |  |  | 355,650 |
Health Care Technology — 0.2% |  |  |  |  |  |
Carbon Health Technologies, Inc., Series D2, (Acquired 02/02/23, Cost: $907,000) |  |  | 89,892 |  |  |  | 1,013,982 |
Pharmaceuticals — 0.0% |  |  |  |  |  |
Insitro, Inc., Series C, (Acquired 03/10/21, Cost: $560,000) |  |  | 30,616 |  |  |  | 353,002 |
|  |  |  |  |  |  | 4,133,233 |
Total Preferred Securities — 0.7% (Cost: $5,276,327) |  |  |  |  |  |  | 4,133,233 |
Rights |  |  |  |  |  |  |  |
Health Care Equipment & Supplies — 0.0% |
Abiomed, Inc.(a)(b) |  |  | 14,359 |  |  |  | 40,493 |
Total Rights — 0.0% (Cost: $14,646) |  |  |  |  |  |  | 40,493 |
Warrants |  |  |  |  |  |  |  |
Health Care Providers & Services — 0.0% |
CareMax, Inc., (Issued/Exercisable 09/15/20, 1 Share for 1 Warrant, Expires 07/16/25, Strike Price USD 11.50)(a) |  |  | 4,201 |  |  |  | 1,428 |
Pharmaceuticals — 0.0% |  |  |  |  |  |
Nuvation Bio, Inc., (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 11.50)(a) |  |  | 4,050 |  |  |  | 670 |
Total Warrants — 0.0% (Cost: $14,030) |  |  |  | 2,098 |
Total Long-Term Investments — 96.4% (Cost: $389,745,046) |  |  |  | 575,660,264 |

76 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 4.7% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(h)(i) |  |  | 25,514,114 |  |  | $ | 25,514,114 |
SL Liquidity Series, LLC, Money Market Series, 5.28%(h)(i)(j) |  |  | 2,540,085 |  |  |  | 2,540,085 |
Total Short-Term Securities — 4.7% (Cost: $28,054,559) |  |  |  | 28,054,199 |
Total Investments Before Options Written — 101.1% (Cost: $417,799,605) |  |  |  |  |  |  | 603,714,463 |
Options Written — (1.0)% (Premiums Received: $(4,910,324)) |  |  |  | (6,153,073 | )
Total Investments, Net of Options Written — 100.1% (Cost: $412,889,281) |  |  |  |  |  |  | 597,561,390 |
Liabilities in Excess of Other Assets — (0.1)% |  |  |  | (312,144 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 597,249,246 |

(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 $4,370,260, representing 0.7% of its net assets as of period end, and an original cost of $5,276,327.

(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 this security is on loan.

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

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

(h) | Affiliate of the Trust.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 23,195,315 |  |  | $ | 2,318,799 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25,514,114 |  |  |  | 25,514,114 |  |  | $ | 571,208 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 675,980 |  |  |  | 1,863,501 | (a) |  |  | — |  |  |  | 1,229 |  |  |  | (625 | ) |  |  | 2,540,085 |  |  |  | 2,540,085 |  |  |  | 20,778 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,229 |  |  | $ | (625 | ) |  | $ | 28,054,199 |  |  |  |  |  |  | $ | 591,986 |  |  | $ | — |

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

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcon, Inc. |  |  | 136 |  |  |  | 07/05/23 |  |  |  | USD |  |  |  | 72.60 |  |  |  | USD |  |  |  | 1,117 |  |  | $ | (130,050 | )
Abbott Laboratories |  |  | 245 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 104.00 |  |  |  | USD |  |  |  | 2,671 |  |  |  | (126,175 | )
Align Technology, Inc. |  |  | 15 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 315.00 |  |  |  | USD |  |  |  | 530 |  |  |  | (58,275 | )
AmerisourceBergen Corp. |  |  | 52 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 1,001 |  |  |  | (92,300 | )
Danaher Corp. |  |  | 126 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 3,024 |  |  |  | (78,120 | )
Humana, Inc. |  |  | 32 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 520.00 |  |  |  | USD |  |  |  | 1,431 |  |  |  | (1,120 | )
McKesson Corp. |  |  | 22 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 390.00 |  |  |  | USD |  |  |  | 940 |  |  |  | (83,600 | )
Pfizer, Inc. |  |  | 340 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 39.00 |  |  |  | USD |  |  |  | 1,247 |  |  |  | (510 | )
Reata Pharmaceuticals, Inc., Class A |  |  | 25 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 101.00 |  |  |  | USD |  |  |  | 255 |  |  |  | (8,687 | )
UnitedHealth Group, Inc. |  |  | 209 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 485.00 |  |  |  | USD |  |  |  | 10,045 |  |  |  | (40,964 | )
AbbVie, Inc. |  |  | 101 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 1,361 |  |  |  | (14,796 | )
Baxter International, Inc. |  |  | 177 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 806 |  |  |  | (64,605 | )
Bristol-Myers Squibb Co. |  |  | 74 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 68.00 |  |  |  | USD |  |  |  | 473 |  |  |  | (259 | )
Eli Lilly & Co. |  |  | 123 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 460.00 |  |  |  | USD |  |  |  | 5,768 |  |  |  | (153,750 | )

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 (unaudited) (continued) June 30, 2023 |  | 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. |  |  | 141 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 78.00 |  |  |  | USD |  |  |  | 1,087 |  |  | $ | (8,812 | )
Illumina, Inc. |  |  | 20 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 375 |  |  |  | (3,500 | )
Intuitive Surgical, Inc. |  |  | 63 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 2,154 |  |  |  | (137,970 | )
Merck & Co., Inc. |  |  | 260 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 114.00 |  |  |  | USD |  |  |  | 3,000 |  |  |  | (65,650 | )
Pfizer, Inc. |  |  | 340 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,247 |  |  |  | (680 | )
Thermo Fisher Scientific, Inc. |  |  | 89 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 530.00 |  |  |  | USD |  |  |  | 4,644 |  |  |  | (38,270 | )
Vertex Pharmaceuticals, Inc. |  |  | 70 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 2,463 |  |  |  | (91,700 | )
Abbott Laboratories |  |  | 208 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 2,268 |  |  |  | (97,760 | )
AbbVie, Inc. |  |  | 105 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,415 |  |  |  | (473 | )
Abcam PLC, ADR |  |  | 109 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 267 |  |  |  | (11,172 | )
Alcon, Inc. |  |  | 87 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 82.50 |  |  |  | USD |  |  |  | 714 |  |  |  | (10,657 | )
Alkermes PLC |  |  | 19 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 31.00 |  |  |  | USD |  |  |  | 59 |  |  |  | (1,948 | )
Alnylam Pharmaceuticals, Inc. |  |  | 29 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 551 |  |  |  | (2,683 | )
AmerisourceBergen Corp. |  |  | 23 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 443 |  |  |  | (32,200 | )
Amgen, Inc. |  |  | 118 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 2,620 |  |  |  | (4,130 | )
Apellis Pharmaceuticals, Inc. |  |  | 26 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 237 |  |  |  | (6,955 | )
Avantor, Inc. |  |  | 75 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 20.43 |  |  |  | USD |  |  |  | 154 |  |  |  | (5,976 | )
Bausch & Lomb Corp. |  |  | 107 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 19.63 |  |  |  | USD |  |  |  | 215 |  |  |  | (10,387 | )
Baxter International, Inc. |  |  | 194 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 884 |  |  |  | (64,020 | )
Becton Dickinson & Co. |  |  | 48 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 252.95 |  |  |  | USD |  |  |  | 1,267 |  |  |  | (59,708 | )
BioMarin Pharmaceutical, Inc. |  |  | 52 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 451 |  |  |  | (1,170 | )
Biomea Fusion, Inc. |  |  | 66 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 145 |  |  |  | (495 | )
Bio-Techne Corp. |  |  | 20 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 163 |  |  |  | (1,650 | )
Blueprint Medicines Corp. |  |  | 60 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 379 |  |  |  | (55,200 | )
Boston Scientific Corp. |  |  | 767 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 53.40 |  |  |  | USD |  |  |  | 4,149 |  |  |  | (116,059 | )
Catalent, Inc. |  |  | 38 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 165 |  |  |  | (17,290 | )
Catalent, Inc. |  |  | 38 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 165 |  |  |  | (1,710 | )
Centene Corp. |  |  | 56 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 67.50 |  |  |  | USD |  |  |  | 378 |  |  |  | (8,540 | )
Cerevel Therapeutics Holdings, Inc. |  |  | 32 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 102 |  |  |  | (880 | )
Dexcom, Inc. |  |  | 99 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 124.95 |  |  |  | USD |  |  |  | 1,272 |  |  |  | (57,771 | )
Edwards Lifesciences Corp. |  |  | 42 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 88.72 |  |  |  | USD |  |  |  | 396 |  |  |  | (25,756 | )
Edwards Lifesciences Corp. |  |  | 53 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 500 |  |  |  | (26,765 | )
Elevance Health, Inc. |  |  | 48 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 490.00 |  |  |  | USD |  |  |  | 2,133 |  |  |  | (3,720 | )
Envista Holdings Corp. |  |  | 80 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 32.24 |  |  |  | USD |  |  |  | 271 |  |  |  | (16,214 | )
Exact Sciences Corp. |  |  | 37 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 347 |  |  |  | (36,260 | )
Gilead Sciences, Inc. |  |  | 226 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 82.50 |  |  |  | USD |  |  |  | 1,742 |  |  |  | (2,147 | )
Glaukos Corp. |  |  | 9 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 64 |  |  |  | (10,440 | )
HCA Healthcare, Inc. |  |  | 50 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 285.00 |  |  |  | USD |  |  |  | 1,517 |  |  |  | (99,250 | )
Hologic, Inc. |  |  | 26 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 211 |  |  |  | (910 | )
Hologic, Inc. |  |  | 15 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 121 |  |  |  | (3,225 | )
Humana, Inc. |  |  | 15 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 525.00 |  |  |  | USD |  |  |  | 671 |  |  |  | (788 | )
IDEXX Laboratories, Inc. |  |  | 27 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 490.00 |  |  |  | USD |  |  |  | 1,356 |  |  |  | (53,595 | )
Immunocore Holdings PLC, ADR |  |  | 18 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 108 |  |  |  | (3,915 | )
Incyte Corp. |  |  | 63 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 68.00 |  |  |  | USD |  |  |  | 392 |  |  |  | (764 | )
Insulet Corp. |  |  | 12 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 346 |  |  |  | (450 | )
Intuitive Surgical, Inc. |  |  | 48 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 325.00 |  |  |  | USD |  |  |  | 1,641 |  |  |  | (104,160 | )
Ionis Pharmaceuticals, Inc. |  |  | 29 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 37.50 |  |  |  | USD |  |  |  | 119 |  |  |  | (11,455 | )
Ionis Pharmaceuticals, Inc. |  |  | 79 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 324 |  |  |  | (988 | )
IQVIA Holdings, Inc. |  |  | 30 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 674 |  |  |  | (48,600 | )
Karuna Therapeutics, Inc. |  |  | 6 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 130 |  |  |  | (510 | )
Masimo Corp. |  |  | 16 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 263 |  |  |  | (2,200 | )
McKesson Corp. |  |  | 45 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 400.00 |  |  |  | USD |  |  |  | 1,923 |  |  |  | (133,650 | )
Medtronic PLC |  |  | 126 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,110 |  |  |  | (7,182 | )
Mettler-Toledo International, Inc. |  |  | 2 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 1,460.00 |  |  |  | USD |  |  |  | 262 |  |  |  | (490 | )
Moderna, Inc. |  |  | 41 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 498 |  |  |  | (882 | )
Moderna, Inc. |  |  | 18 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 219 |  |  |  | (1,449 | )
Morphic Holding, Inc. |  |  | 31 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 178 |  |  |  | (8,447 | )
Neurocrine Biosciences, Inc. |  |  | 32 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 302 |  |  |  | (3,520 | )
Omnicell, Inc. |  |  | 12 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 88 |  |  |  | (3,150 | )
Penumbra, Inc. |  |  | 30 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 1,032 |  |  |  | (82,050 | )
PTC Therapeutics, Inc. |  |  | 24 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 98 |  |  |  | (11,520 | )
QIAGEN NV |  |  | 58 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 47.25 |  |  |  | USD |  |  |  | 261 |  |  |  | (4,560 | )

78 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quest Diagnostics, Inc. |  |  | 77 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 1,082 |  |  | $ | (44,660 | )
Regeneron Pharmaceuticals, Inc. |  |  | 20 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 785.00 |  |  |  | USD |  |  |  | 1,437 |  |  |  | (2,850 | )
Regeneron Pharmaceuticals, Inc. |  |  | 21 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 760.00 |  |  |  | USD |  |  |  | 1,509 |  |  |  | (6,772 | )
Repligen Corp. |  |  | 33 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 467 |  |  |  | (9,900 | )
ResMed, Inc. |  |  | 21 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 234.21 |  |  |  | USD |  |  |  | 459 |  |  |  | (2,165 | )
ResMed, Inc. |  |  | 29 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 634 |  |  |  | (14,210 | )
Revolution Medicines, Inc. |  |  | 38 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 102 |  |  |  | (2,185 | )
Rhythm Pharmaceuticals, Inc. |  |  | 54 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 89 |  |  |  | (4,050 | )
Rhythm Pharmaceuticals, Inc. |  |  | 44 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 73 |  |  |  | (880 | )
Rocket Pharmaceuticals, Inc. |  |  | 32 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 64 |  |  |  | (400 | )
Rocket Pharmaceuticals, Inc. |  |  | 33 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 66 |  |  |  | (3,465 | )
Sage Therapeutics, Inc. |  |  | 43 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 202 |  |  |  | (1,505 | )
STERIS PLC |  |  | 18 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 405 |  |  |  | (28,170 | )
Stryker Corp. |  |  | 233 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 7,109 |  |  |  | (384,450 | )
Ultragenyx Pharmaceutical, Inc. |  |  | 11 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 51 |  |  |  | (330 | )
Vaxcyte, Inc. |  |  | 23 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 115 |  |  |  | (1,380 | )
Vertex Pharmaceuticals, Inc. |  |  | 40 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 350.00 |  |  |  | USD |  |  |  | 1,408 |  |  |  | (29,400 | )
West Pharmaceutical Services, Inc. |  |  | 48 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 360.00 |  |  |  | USD |  |  |  | 1,836 |  |  |  | (120,000 | )
Zoetis, Inc. |  |  | 235 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 4,047 |  |  |  | (102,225 | )
Alkermes PLC |  |  | 22 |  |  |  | 07/25/23 |  |  |  | USD |  |  |  | 30.25 |  |  |  | USD |  |  |  | 69 |  |  |  | (3,676 | )
AbbVie, Inc. |  |  | 115 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 1,549 |  |  |  | (8,165 | )
AmerisourceBergen Corp. |  |  | 95 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 1,828 |  |  |  | (88,350 | )
Amgen, Inc. |  |  | 113 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 2,509 |  |  |  | (6,723 | )
Baxter International, Inc. |  |  | 27 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 123 |  |  |  | (9,045 | )
Biogen, Inc. |  |  | 128 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 3,646 |  |  |  | (54,400 | )
Bristol-Myers Squibb Co. |  |  | 74 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 67.00 |  |  |  | USD |  |  |  | 473 |  |  |  | (1,776 | )
Centene Corp. |  |  | 55 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 68.00 |  |  |  | USD |  |  |  | 371 |  |  |  | (16,362 | )
Cigna Group |  |  | 14 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 280.00 |  |  |  | USD |  |  |  | 393 |  |  |  | (10,430 | )
Eli Lilly & Co. |  |  | 120 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 470.00 |  |  |  | USD |  |  |  | 5,628 |  |  |  | (129,300 | )
GE HealthCare, Inc. |  |  | 260 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 2,112 |  |  |  | (81,900 | )
Humana, Inc. |  |  | 11 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 470.00 |  |  |  | USD |  |  |  | 492 |  |  |  | (3,603 | )
Johnson & Johnson |  |  | 86 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 1,423 |  |  |  | (27,305 | )
McKesson Corp. |  |  | 32 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 425.00 |  |  |  | USD |  |  |  | 1,367 |  |  |  | (31,520 | )
Medtronic PLC |  |  | 65 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 87.00 |  |  |  | USD |  |  |  | 573 |  |  |  | (15,145 | )
Merck & Co., Inc. |  |  | 223 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 112.00 |  |  |  | USD |  |  |  | 2,573 |  |  |  | (104,810 | )
UnitedHealth Group, Inc. |  |  | 162 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 490.00 |  |  |  | USD |  |  |  | 7,786 |  |  |  | (121,500 | )
Vertex Pharmaceuticals, Inc. |  |  | 75 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 355.00 |  |  |  | USD |  |  |  | 2,639 |  |  |  | (63,000 | )
Zimmer Biomet Holdings, Inc. |  |  | 27 |  |  |  | 08/01/23 |  |  |  | USD |  |  |  | 146.17 |  |  |  | USD |  |  |  | 393 |  |  |  | (7,031 | )
AmerisourceBergen Corp. |  |  | 3 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 58 |  |  |  | (1,845 | )
AmerisourceBergen Corp. |  |  | 52 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 1,001 |  |  |  | (19,760 | )
Baxter International, Inc. |  |  | 26 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 47.00 |  |  |  | USD |  |  |  | 118 |  |  |  | (2,990 | )
Danaher Corp. |  |  | 38 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 912 |  |  |  | (30,400 | )
Eli Lilly & Co. |  |  | 58 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 475.00 |  |  |  | USD |  |  |  | 2,720 |  |  |  | (60,465 | )
Gilead Sciences, Inc. |  |  | 333 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 79.00 |  |  |  | USD |  |  |  | 2,566 |  |  |  | (39,793 | )
Illumina, Inc. |  |  | 24 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 450 |  |  |  | (7,440 | )
Intuitive Surgical, Inc. |  |  | 72 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 2,462 |  |  |  | (150,120 | )
Johnson & Johnson |  |  | 96 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 1,589 |  |  |  | (10,752 | )
Merck & Co., Inc. |  |  | 209 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 116.00 |  |  |  | USD |  |  |  | 2,412 |  |  |  | (56,430 | )
Thermo Fisher Scientific, Inc. |  |  | 72 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 550.00 |  |  |  | USD |  |  |  | 3,757 |  |  |  | (36,000 | )
10X Genomics, Inc., Class A |  |  | 37 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 207 |  |  |  | (3,053 | )
AbbVie, Inc. |  |  | 118 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 1,590 |  |  |  | (9,381 | )
Abcam PLC, ADR |  |  | 55 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 135 |  |  |  | (13,200 | )
Agilent Technologies, Inc. |  |  | 98 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,178 |  |  |  | (47,040 | )
Alcon, Inc. |  |  | 136 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 1,117 |  |  |  | (61,200 | )
Alkermes PLC |  |  | 22 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 32.00 |  |  |  | USD |  |  |  | 69 |  |  |  | (2,585 | )
Alnylam Pharmaceuticals, Inc. |  |  | 35 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 665 |  |  |  | (9,712 | )
Apellis Pharmaceuticals, Inc. |  |  | 26 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 237 |  |  |  | (14,300 | )
Argenx SE, ADR |  |  | 20 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 450.00 |  |  |  | USD |  |  |  | 779 |  |  |  | (34,100 | )
Avantor, Inc. |  |  | 149 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 306 |  |  |  | (5,960 | )
Avantor, Inc. |  |  | 75 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 20.40 |  |  |  | USD |  |  |  | 154 |  |  |  | (9,185 | )
Bausch & Lomb Corp. |  |  | 107 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 215 |  |  |  | (12,037 | )
Becton Dickinson & Co. |  |  | 105 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 2,772 |  |  |  | (107,100 | )

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BeiGene Ltd., ADR |  |  | 19 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 339 |  |  | $ | (4,085 | )
Biogen, Inc. |  |  | 18 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 305.00 |  |  |  | USD |  |  |  | 513 |  |  |  | (8,280 | )
BioMarin Pharmaceutical, Inc. |  |  | 61 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 529 |  |  |  | (4,423 | )
Bio-Techne Corp. |  |  | 20 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 80.50 |  |  |  | USD |  |  |  | 163 |  |  |  | (8,773 | )
Boston Scientific Corp. |  |  | 933 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 57.50 |  |  |  | USD |  |  |  | 5,047 |  |  |  | (34,987 | )
Cerevel Therapeutics Holdings, Inc. |  |  | 31 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 99 |  |  |  | (2,713 | )
Cigna Group |  |  | 72 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 280.00 |  |  |  | USD |  |  |  | 2,020 |  |  |  | (84,600 | )
Cooper Cos., Inc. |  |  | 49 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 1,879 |  |  |  | (66,640 | )
Dexcom, Inc. |  |  | 109 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 131.00 |  |  |  | USD |  |  |  | 1,401 |  |  |  | (49,369 | )
Edwards Lifesciences Corp. |  |  | 47 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 87.20 |  |  |  | USD |  |  |  | 443 |  |  |  | (44,689 | )
Exact Sciences Corp. |  |  | 35 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 91.00 |  |  |  | USD |  |  |  | 329 |  |  |  | (23,426 | )
HCA Healthcare, Inc. |  |  | 30 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 910 |  |  |  | (61,050 | )
Icon PLC |  |  | 31 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 776 |  |  |  | (56,420 | )
Immunocore Holdings PLC, ADR |  |  | 18 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 108 |  |  |  | (3,645 | )
Incyte Corp. |  |  | 63 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 392 |  |  |  | (12,669 | )
Inspire Medical Systems, Inc. |  |  | 21 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 682 |  |  |  | (26,145 | )
Insulet Corp. |  |  | 20 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 299.00 |  |  |  | USD |  |  |  | 577 |  |  |  | (19,536 | )
Intuitive Surgical, Inc. |  |  | 58 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 1,983 |  |  |  | (126,730 | )
IQVIA Holdings, Inc. |  |  | 69 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 1,551 |  |  |  | (43,470 | )
iRhythm Technologies, Inc. |  |  | 8 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 83 |  |  |  | (2,080 | )
Johnson & Johnson |  |  | 161 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 2,665 |  |  |  | (66,010 | )
Legend Biotech Corp., ADR |  |  | 48 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 331 |  |  |  | (10,680 | )
Masimo Corp. |  |  | 32 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 165.50 |  |  |  | USD |  |  |  | 527 |  |  |  | (24,558 | )
Medtronic PLC |  |  | 85 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 86.25 |  |  |  | USD |  |  |  | 749 |  |  |  | (30,199 | )
Merck & Co., Inc. |  |  | 234 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 2,700 |  |  |  | (88,920 | )
Merus NV |  |  | 28 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 74 |  |  |  | (7,140 | )
Mettler-Toledo International, Inc. |  |  | 2 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 1,385.00 |  |  |  | USD |  |  |  | 262 |  |  |  | (4,070 | )
Morphic Holding, Inc. |  |  | 17 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 97 |  |  |  | (5,993 | )
Neurocrine Biosciences, Inc. |  |  | 44 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 415 |  |  |  | (7,810 | )
Omnicell, Inc. |  |  | 19 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 140 |  |  |  | (7,980 | )
Penumbra, Inc. |  |  | 37 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 330.50 |  |  |  | USD |  |  |  | 1,273 |  |  |  | (80,865 | )
Prothena Corp. PLC |  |  | 33 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 225 |  |  |  | (6,023 | )
Quest Diagnostics, Inc. |  |  | 77 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 1,082 |  |  |  | (32,725 | )
Regeneron Pharmaceuticals, Inc. |  |  | 26 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 800.00 |  |  |  | USD |  |  |  | 1,868 |  |  |  | (12,090 | )
Rhythm Pharmaceuticals, Inc. |  |  | 84 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 139 |  |  |  | (4,200 | )
Sage Therapeutics, Inc. |  |  | 20 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 94 |  |  |  | (2,200 | )
Seagen, Inc. |  |  | 41 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 789 |  |  |  | (15,067 | )
STERIS PLC |  |  | 18 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 207.50 |  |  |  | USD |  |  |  | 405 |  |  |  | (37,636 | )
Stryker Corp. |  |  | 14 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 292.00 |  |  |  | USD |  |  |  | 427 |  |  |  | (27,394 | )
Ultragenyx Pharmaceutical, Inc. |  |  | 11 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 51 |  |  |  | (1,733 | )
Viking Therapeutics, Inc. |  |  | 64 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 104 |  |  |  | (2,240 | )
West Pharmaceutical Services, Inc. |  |  | 10 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 382 |  |  |  | (17,250 | )
Zimmer Biomet Holdings, Inc. |  |  | 28 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 408 |  |  |  | (14,560 | )
Bausch & Lomb Corp. |  |  | 74 |  |  |  | 08/21/23 |  |  |  | USD |  |  |  | 18.56 |  |  |  | USD |  |  |  | 149 |  |  |  | (15,682 | )
Medtronic PLC |  |  | 122 |  |  |  | 08/29/23 |  |  |  | USD |  |  |  | 89.00 |  |  |  | USD |  |  |  | 1,075 |  |  |  | (27,130 | )
Medtronic PLC |  |  | 150 |  |  |  | 09/08/23 |  |  |  | USD |  |  |  | 89.00 |  |  |  | USD |  |  |  | 1,322 |  |  |  | (37,040 | )
Seagen, Inc. |  |  | 41 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 789 |  |  |  | (19,680 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,056,130 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Roche Holding AG |  | Barclays Bank PLC |  |  | 1,200 |  |  |  | 07/11/23 |  |  |  | CHF |  |  |  | 290.77 |  |  |  | CHF |  |  |  | 328 |  |  | $ | (145 | )
Genmab A/S |  | Morgan Stanley & Co. International PLC |  |  | 900 |  |  |  | 07/13/23 |  |  |  | DKK |  |  |  | 2,806.75 |  |  |  | DKK |  |  |  | 2,327 |  |  |  | (171 | )
Novo Nordisk A/S, Class B |  | Morgan Stanley & Co. International PLC |  |  | 5,000 |  |  |  | 07/13/23 |  |  |  | DKK |  |  |  | 1,149.69 |  |  |  | DKK |  |  |  | 5,511 |  |  |  | (3,483 | )
Roche Holding AG |  | UBS AG |  |  | 1,000 |  |  |  | 07/13/23 |  |  |  | CHF |  |  |  | 294.45 |  |  |  | CHF |  |  |  | 273 |  |  |  | (118 | )
Sanofi |  | Goldman Sachs International |  |  | 4,700 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 97.63 |  |  |  | EUR |  |  |  | 464 |  |  |  | (7,572 | )
AstraZeneca PLC |  | UBS AG |  |  | 6,700 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 124.57 |  |  |  | GBP |  |  |  | 756 |  |  |  | (1,531 | )
Sanofi |  | Goldman Sachs International |  |  | 4,700 |  |  |  | 07/18/23 |  |  |  | EUR |  |  |  | 97.09 |  |  |  | EUR |  |  |  | 464 |  |  |  | (10,514 | )

80 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Trust (BME)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Roche Holding AG |  | JPMorgan Chase Bank N.A. |  |  | 1,300 |  |  |  | 07/25/23 |  |  | CHF | 296.53 |  |  | CHF | 355 |  |  | $ | (619 | )
Glaukos Corp. |  | Morgan Stanley & Co. International PLC |  |  | 900 |  |  |  | 07/31/23 |  |  | USD | 69.83 |  |  | USD | 64 |  |  |  | (3,587 | )
Revolution Medicines, Inc. |  | Citibank N.A. |  |  | 3,300 |  |  |  | 07/31/23 |  |  | USD | 25.25 |  |  | USD | 88 |  |  |  | (8,101 | )
Vaxcyte, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 2,200 |  |  |  | 07/31/23 |  |  | USD | 54.78 |  |  | USD | 110 |  |  |  | (2,188 | )
Novo Nordisk A/S, Class B |  | Citibank N.A. |  |  | 1,800 |  |  |  | 08/02/23 |  |  | DKK | 1,117.35 |  |  | DKK | 1,984 |  |  |  | (7,711 | )
Daiichi Sankyo Co. Ltd. |  | Goldman Sachs International |  |  | 12,900 |  |  |  | 08/03/23 |  |  | JPY | 4,670.09 |  |  | JPY | 59,145 |  |  |  | (11,455 | )
AstraZeneca PLC |  | Goldman Sachs International |  |  | 3,400 |  |  |  | 08/16/23 |  |  | GBP | 117.36 |  |  | GBP | 384 |  |  |  | (9,467 | )
Genmab A/S, ADR |  | Morgan Stanley & Co. International PLC |  |  | 6,400 |  |  |  | 08/23/23 |  |  | USD | 39.39 |  |  | USD | 243 |  |  |  | (7,756 | )
Alkermes PLC |  | Citibank N.A. |  |  | 5,900 |  |  |  | 08/29/23 |  |  | USD | 33.63 |  |  | USD | 185 |  |  |  | (5,196 | )
Legend Biotech Corp., ADR |  | UBS AG |  |  | 5,400 |  |  |  | 09/08/23 |  |  | USD | 75.80 |  |  | USD | 373 |  |  |  | (17,329 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (96,943 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  |  | $ N/A |  |  |  | $ N/A |  |  |  | $ 1,220,682 |  |  |  | $ (2,463,431 | ) |  |  | $ (6,153,073 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 6,153,073 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,153,073 |

For the period ended June 30, 2023, 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) |  | $ | — |  |  | $ | — |  |  | $ | (209,469 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (209,469 | )
Options written |  |  | — |  |  |  | — |  |  |  | 4,698,971 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,698,971 |
|  | $ | — |  |  | $ | — |  |  | $ | 4,489,502 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,489,502 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (3,421,738 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,421,738 | )

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts purchased |  | $ | — | (a)
Average value of option contracts written |  | $ | 5,024,703 |

| (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.

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Trust (BME)

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 6,153,073 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 6,153,073 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (6,056,130 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 96,943 |

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 |  | $ | 145 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 145 |
Citibank N.A. |  |  | 21,008 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,008 |
Goldman Sachs International |  |  | 39,008 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 39,008 |
JPMorgan Chase Bank N.A. |  |  | 619 |  |  |  | — |  |  |  | (619 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 17,185 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17,185 |
UBS AG |  |  | 18,978 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,978 |
|  | $ | 96,943 |  |  | $ | — |  |  | $ | (619 | ) |  | $ | — |  |  | $ | 96,324 |

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

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Biotechnology |  | $ | 125,257,414 |  |  | $ | 946,636 |  |  | $ | 84,899 |  |  | $ | 126,288,949 |
Health Care Equipment & Supplies |  |  | 168,087,804 |  |  |  | — |  |  |  | — |  |  |  | 168,087,804 |
Health Care Providers & Services |  |  | 102,128,638 |  |  |  | — |  |  |  | — |  |  |  | 102,128,638 |
Life Sciences Tools & Services |  |  | 57,670,186 |  |  |  | — |  |  |  | — |  |  |  | 57,670,186 |
Pharmaceuticals |  |  | 103,234,453 |  |  |  | 13,922,282 |  |  |  | — |  |  |  | 117,156,735 |
Other Interests |  |  | — |  |  |  | — |  |  |  | 152,128 |  |  |  | 152,128 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 4,133,233 |  |  |  | 4,133,233 |
Rights |  |  | — |  |  |  | — |  |  |  | 40,493 |  |  |  | 40,493 |
Warrants |  |  | 2,098 |  |  |  | — |  |  |  | — |  |  |  | 2,098 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 25,514,114 |  |  |  | — |  |  |  | — |  |  |  | 25,514,114 |
|  | $ | 581,894,707 |  |  | $ | 14,868,918 |  |  | $ | 4,410,753 |  |  |  | 601,174,378 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,540,085 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 603,714,463 |

82 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Health Sciences Trust (BME)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (5,163,792) |  |  | $ | (989,281) |  |  | $ | — |  |  | $ | (6,153,073) |

| (a) | Certain investments of the Trust were fair valued using NAV as a practical expedient 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.

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 (unaudited) June 30, 2023 |  | BlackRock Innovation and Growth Term Trust (BIGZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |
Aerospace & Defense — 5.2% |  |  |  |  |  |
Axon Enterprise, Inc.(a)(b) |  |  | 323,772 |  |  | $ | 63,174,392 |
HEICO Corp.(c) |  |  | 269,930 |  |  |  | 47,761,414 |
|  |  |  |  |  |  | 110,935,806 |
Air Freight & Logistics — 1.6% |  |  |  |  |  |
GXO Logistics, Inc.(b) |  |  | 529,641 |  |  |  | 33,272,048 |
Automobile Components — 1.6% |  |  |  |  |  |
Fox Factory Holding Corp.(b)(c) |  |  | 317,209 |  |  |  | 34,420,349 |
Biotechnology — 1.0% |  |  |  |  |  |
Halozyme Therapeutics, Inc.(b) |  |  | 610,181 |  |  |  | 22,009,229 |
Broadline Retail — 0.3% |  |  |  |  |  |
Etsy, Inc.(b) |  |  | 68,408 |  |  |  | 5,788,001 |
Building Products — 1.0% |  |  |  |  |  |
AZEK Co., Inc.(b) |  |  | 725,567 |  |  |  | 21,977,425 |
Capital Markets — 4.8% |  |  |  |  |  |
MarketAxess Holdings, Inc. |  |  | 78,856 |  |  |  | 20,614,535 |
TPG, Inc. |  |  | 913,473 |  |  |  | 26,728,220 |
Tradeweb Markets, Inc., Class A(d) |  |  | 804,964 |  |  |  | 55,123,935 |
|  |  |  |  |  |  | 102,466,690 |
Construction & Engineering — 1.6% |  |  |  |  |  |
Comfort Systems USA, Inc. |  |  | 207,799 |  |  |  | 34,120,596 |
Diversified Consumer Services — 3.9% |  |  |  |  |  |
Duolingo, Inc.(b) |  |  | 237,302 |  |  |  | 33,919,948 |
Grammarly, Inc., (Acquired 11/17/21, Cost: $26,250,012)(e)(f) |  |  | 1,001,454 |  |  |  | 17,164,922 |
Ideal Image, Class A, (Acquired 05/05/21, Cost: $50,000,000)(e)(f) |  |  | 6,224 |  |  |  | 32,480,436 |
|  |  |  |  |  |  | 83,565,306 |
Entertainment — 0.6% |  |  |  |  |  |
Kahoot! ASA(b) |  |  | 4,666,896 |  |  |  | 12,729,395 |
Food Products — 0.3% |  |  |  |  |  |
Freshpet, Inc.(b)(c) |  |  | 90,230 |  |  |  | 5,938,036 |
Ground Transportation — 2.8% |  |  |  |  |  |
Saia, Inc.(b) |  |  | 175,878 |  |  |  | 60,222,386 |
Health Care Equipment & Supplies(b) — 3.0% |  |  |  |
Inmode Ltd. |  |  | 148,982 |  |  |  | 5,564,478 |
Inspire Medical Systems, Inc. |  |  | 110,525 |  |  |  | 35,880,836 |
Insulet Corp. |  |  | 78,734 |  |  |  | 22,702,161 |
|  |  |  |  |  |  | 64,147,475 |
Health Care Providers & Services — 1.4% |  |  |  |  |  |
Surgery Partners, Inc.(b) |  |  | 655,839 |  |  |  | 29,506,197 |
Health Care Technology(b) — 1.6% |  |  |  |  |  |
Certara, Inc. |  |  | 396,935 |  |  |  | 7,228,186 |
Doximity, Inc., Class A(c) |  |  | 407,869 |  |  |  | 13,875,704 |
Phreesia, Inc. |  |  | 419,312 |  |  |  | 13,002,865 |
|  |  |  |  |  |  | 34,106,755 |
Hotels, Restaurants & Leisure — 4.3% |  |  |  |  |  |
Domino’s Pizza, Inc. |  |  | 19,401 |  |  |  | 6,537,943 |
Evolution AB(g) |  |  | 300,297 |  |  |  | 38,054,766 |

Security |  | Shares |  |  | Value |
Hotels, Restaurants & Leisure (continued) |  |  |  |  |  |
Penn Entertainment, Inc.(b) |  |  | 170,486 |  |  | $ | 4,096,779 |
Planet Fitness, Inc., Class A(b)(d) |  |  | 624,948 |  |  |  | 42,146,493 |
|  |  |  |  |  |  | 90,835,981 |
Industrial REITs — 0.3% |  |  |  |  |  |
Innovative Industrial Properties, Inc. |  |  | 33,866 |  |  |  | 2,472,557 |
Rexford Industrial Realty, Inc. |  |  | 88,153 |  |  |  | 4,603,349 |
|  |  |  |  |  |  | 7,075,906 |
Interactive Media & Services — 2.3% |  |  |  |  |  |
Match Group, Inc.(b)(c) |  |  | 1,035,971 |  |  |  | 43,355,386 |
Patreon, Inc., (Acquired 08/19/21, Cost: $11,732,736)(e)(f) |  |  | 208,333 |  |  |  | 5,435,408 |
|  |  |  |  |  |  | 48,790,794 |
IT Services — 5.7% |  |  |  |  |  |
DigitalOcean Holdings, Inc.(b) |  |  | 407,658 |  |  |  | 16,363,392 |
Globant SA(b) |  |  | 221,257 |  |  |  | 39,764,308 |
MongoDB, Inc.(b) |  |  | 116,170 |  |  |  | 47,744,708 |
Teya Services Ltd., Series C, (Acquired 11/16/21, Cost: $49,999,974)(e)(f) |  |  | 25,742 |  |  |  | 17,073,897 |
|  |  |  |  |  |  | 120,946,305 |
Life Sciences Tools & Services — 8.3% |  |  |  |  |  |
10X Genomics, Inc., Class A(b)(c)(d) |  |  | 88,021 |  |  |  | 4,915,092 |
Azenta, Inc.(b) |  |  | 305,275 |  |  |  | 14,250,237 |
Bio-Techne Corp. |  |  | 511,281 |  |  |  | 41,735,868 |
Charles River Laboratories International, Inc.(b) |  |  | 127,516 |  |  |  | 26,810,239 |
Olink Holding AB, ADR(b) |  |  | 65,984 |  |  |  | 1,237,200 |
Repligen Corp.(b) |  |  | 260,878 |  |  |  | 36,903,802 |
West Pharmaceutical Services, Inc. |  |  | 130,655 |  |  |  | 49,971,618 |
|  |  |  |  |  |  | 175,824,056 |
Machinery(b) — 1.9% |  |  |  |  |  |
AutoStore Holdings Ltd.(c)(g) |  |  | 9,492,782 |  |  |  | 20,779,611 |
Chart Industries, Inc. |  |  | 118,174 |  |  |  | 18,883,024 |
|  |  |  |  |  |  | 39,662,635 |
Personal Care Products — 0.1% |  |  |  |  |  |
Beauty Health Co.(b) |  |  | 223,147 |  |  |  | 1,867,740 |
Professional Services(b) — 1.1% |  |  |  |  |  |
Fiverr International Ltd. |  |  | 357,463 |  |  |  | 9,297,613 |
Paylocity Holding Corp.(d) |  |  | 80,236 |  |  |  | 14,805,949 |
|  |  |  |  |  |  | 24,103,562 |
Semiconductors & Semiconductor Equipment — 9.6% |  |  |  |
Ambarella, Inc.(b) |  |  | 205,175 |  |  |  | 17,166,992 |
ASM International NV |  |  | 24,372 |  |  |  | 10,348,453 |
Entegris, Inc.(a)(c)(d) |  |  | 541,178 |  |  |  | 59,973,346 |
Lattice Semiconductor Corp.(b)(c) |  |  | 503,092 |  |  |  | 48,332,048 |
Monolithic Power Systems, Inc.(a)(d) |  |  | 120,729 |  |  |  | 65,221,428 |
SolarEdge Technologies, Inc.(b)(c) |  |  | 16,083 |  |  |  | 4,327,131 |
|  |  |  |  |  |  | 205,369,398 |
Software — 13.7% |  |  |  |  |  |
Aspen Technology, Inc.(b)(c) |  |  | 161,072 |  |  |  | 26,997,278 |
Bentley Systems, Inc., Class B |  |  | 786,253 |  |  |  | 42,638,500 |
Bill Holding, Inc.(b) |  |  | 173,026 |  |  |  | 20,218,088 |
Confluent, Inc., Class A(b) |  |  | 1,134,927 |  |  |  | 40,074,272 |
Five9, Inc.(b) |  |  | 158,993 |  |  |  | 13,108,973 |
HubSpot, Inc.(b) |  |  | 88,402 |  |  |  | 47,037,820 |
JFrog Ltd.(b) |  |  | 847,689 |  |  |  | 23,480,985 |

84 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Innovation and Growth Term Trust (BIGZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |  |  |
PagerDuty, Inc.(b) |  |  | 334,226 |  |  | $ | 7,513,401 |
SiteMinder Ltd.(b) |  |  | 8,522,830 |  |  |  | 16,612,241 |
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $2,999,997)(e)(f) |  |  | 199,738 |  |  |  | 2,211,100 |
Snyk Ltd., (Acquired 09/02/21, Cost: $25,961,537)(e)(f) |  |  | 1,809,860 |  |  |  | 20,795,291 |
Zscaler, Inc.(b) |  |  | 213,972 |  |  |  | 31,304,104 |
|  |  |  |  |  |  | 291,992,053 |
Textiles, Apparel & Luxury Goods — 0.8% |  |  |  |  |  |
Figs, Inc., Class A(b) |  |  | 2,000,216 |  |  |  | 16,541,786 |
Total Common Stocks — 78.8% (Cost: $1,747,200,322) |  |  |  |  |  |  | 1,678,215,910 |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 21.8%(e)(f) |  |  |  |  |  |
Aerospace & Defense — 0.1% |  |  |  |  |  |
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: $4,999,999) |  |  | 909,438 |  |  |  | 2,337,256 |
Automobile Components — 1.7% |  |  |  |  |  |
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $50,000,009) |  |  | 2,189,612 |  |  |  | 36,435,144 |
Capital Markets — 2.9% |  |  |  |  |  |
Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost: $9,999,995) |  |  | 428,785 |  |  |  | 2,765,663 |
The Production Board LLC, Series A3, (Acquired 06/04/21, Cost: $50,000,001) |  |  | 16,666,667 |  |  |  | 42,166,668 |
Varo Money, Inc., Series E, (Acquired 08/27/21, Cost: $40,000,001) |  |  | 4,316,904 |  |  |  | 17,353,954 |
|  |  |  |  |  |  | 62,286,285 |
Diversified Consumer Services — 0.3% |  |  |  |  |  |
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $8,750,004) |  |  | 333,818 |  |  |  | 5,721,640 |
Diversified Telecommunication Services — 0.6% |  |  |  |
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $17,999,912) |  |  | 32,690 |  |  |  | 12,276,496 |
Entertainment — 1.2% |  |  |  |  |  |
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: $49,999,982) |  |  | 2,172,486 |  |  |  | 24,918,414 |
Food Products — 0.9% |  |  |  |  |  |
Motif Food Works, Inc., Series B, (Acquired 06/08/21, Cost: $39,999,986) |  |  | 1,972,240 |  |  |  | 19,485,731 |
Hotels, Restaurants & Leisure — 1.3% |  |  |  |  |  |
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: $29,999,946) |  |  | 191,067 |  |  |  | 8,009,529 |
Underdog Sports, Inc., Series B, (Acquired 01/11/22, Cost: $14,999,974) |  |  | 291,061 |  |  |  | 19,180,920 |
|  |  |  |  |  |  | 27,190,449 |
Interactive Media & Services — 0.5% |  |  |  |  |  |
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $23,333,352) |  |  | 416,667 |  |  |  | 10,870,842 |

Security |  | Shares |  |  | Value |
IT Services — 1.4% |  |  |  |  |  |
Via Transportation, Inc., Series G, (Acquired 11/05/21, Cost: $24,999,974) |  |  | 549,357 |  |  | $ | 25,001,237 |
Wagestream Holdings Ltd., Series C, (Acquired 02/11/22, Cost: $10,024,684) |  |  | 762,746 |  |  |  | 4,804,687 |
|  |  |  |  |  |  | 29,805,924 |
Semiconductors & Semiconductor Equipment — 2.2% |  |  |  |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $39,999,990) |  |  | 1,525,192 |  |  |  | 40,310,825 |
Rivos, Inc., Series A, (Acquired 12/03/21, Cost: $7,996,292) |  |  | 2,997,684 |  |  |  | 7,404,279 |
|  |  |  |  |  |  | 47,715,104 |
Software — 7.0% |  |  |  |  |  |
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: $14,999,995) |  |  | 2,745,894 |  |  |  | 11,642,591 |
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $44,999,983) |  |  | 898,024 |  |  |  | 22,019,548 |
Deepgram, Inc., Series B, (Acquired 10/22/21, Cost: $11,999,997) |  |  | 2,165,400 |  |  |  | 13,403,826 |
Dragos, Inc., Series D, (Acquired 09/28/21, Cost: $39,999,959) |  |  | 900,760 |  |  |  | 30,625,840 |
Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: $30,000,101) |  |  | 4,651,163 |  |  |  | 18,883,722 |
Open Space Labs, Inc., Series D, (Acquired 01/31/22, Cost: $15,000,003) |  |  | 1,687,916 |  |  |  | 15,056,211 |
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,994) |  |  | 732,373 |  |  |  | 8,107,369 |
Snyk Ltd., Series F, (Acquired 09/02/21, Cost: $24,038,470) |  |  | 1,685,092 |  |  |  | 19,361,707 |
Validere Technologies, Inc., Series B, (Acquired 10/21/21, Cost: $10,000,000) |  |  | 4,684,060 |  |  |  | 9,930,207 |
|  |  |  |  |  |  | 149,031,021 |
Specialty Retail — 0.5% |  |  |  |  |  |
Super73, Inc., Series C-1, (Acquired 10/25/22, Cost: $12,000,000) |  |  | 1,400,669 |  |  |  | 10,799,158 |
Wireless Telecommunication Services — 1.2% |  |  |  |
Loft Orbital Solutions, Inc., Series B, (Acquired 10/14/21, Cost: $24,999,992) |  |  | 1,365,305 |  |  |  | 25,708,693 |
|  |  |  |  |  |  | 464,582,157 |
Total Preferred Securities — 21.8% (Cost: $662,142,595) |  |  |  |  |  |  | 464,582,157 |
Total Long-Term Investments — 100.6% (Cost: $2,409,342,917) |  |  |  |  |  |  | 2,142,798,067 |

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Innovation and Growth Term Trust (BIGZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 2.0% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(h)(i) |  |  | 22,789,372 |  |  | $ | 22,789,372 |
SL Liquidity Series, LLC, Money Market Series, 5.28%(h)(i)(j) |  |  | 20,792,167 |  |  |  | 20,792,167 |
Total Short-Term Securities — 2.0% (Cost: $43,582,102) |  |  |  |  |  |  | 43,581,539 |
Total Investments Before Options Written — 102.6% (Cost: $2,452,925,019) |  |  |  | 2,186,379,606 |
Options Written — (0.7)% (Premiums Received: $(10,673,712)) |  |  |  |  |  |  | (15,626,686 | )
Total Investments, Net of Options Written — 101.9% (Cost: $2,442,251,307) |  |  |  | 2,170,752,920 |
Liabilities in Excess of Other Assets — (1.9)% |  |  |  |  |  |  | (41,344,001 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 2,129,408,919 |

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

(b) | Non-income producing security.

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

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

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

(f) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $559,743,211, representing 26.3% of its net assets as of period end, and an original cost of $829,086,851.

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

(h) | Affiliate of the Trust.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 20,778,628 |  |  | $ | 2,010,744 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 22,789,372 |  |  |  | 22,789,372 |  |  | $ | 254,336 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 184,600 |  |  |  | 20,612,476 | (a) |  |  | — |  |  |  | (4,346 | ) |  |  | (563 | ) |  |  | 20,792,167 |  |  |  | 20,792,167 |  |  |  | 38,615 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,346 | ) |  | $ | (563 | ) |  | $ | 43,581,539 |  |  |  |  |  |  | $ | 292,951 |  |  | $ | — |

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

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ambarella, Inc. |  |  | 218 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 76.00 |  |  |  | USD |  |  |  | 1,824 |  |  | $ | (178,760 | )
Bill Holding, Inc. |  |  | 184 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 101.00 |  |  |  | USD |  |  |  | 2,150 |  |  |  | (299,000 | )
Etsy, Inc. |  |  | 110 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 91.00 |  |  |  | USD |  |  |  | 931 |  |  |  | (2,365 | )
Match Group, Inc. |  |  | 301 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 37.00 |  |  |  | USD |  |  |  | 1,260 |  |  |  | (147,490 | )
MongoDB, Inc. |  |  | 47 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 420.00 |  |  |  | USD |  |  |  | 1,932 |  |  |  | (21,503 | )
Penn Entertainment, Inc. |  |  | 136 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 28.00 |  |  |  | USD |  |  |  | 327 |  |  |  | (272 | )
Domino’s Pizza, Inc. |  |  | 18 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 607 |  |  |  | (50,130 | )
Match Group, Inc. |  |  | 700 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 41.00 |  |  |  | USD |  |  |  | 2,930 |  |  |  | (117,950 | )
Zscaler, Inc. |  |  | 180 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 2,633 |  |  |  | (90,900 | )
Aspen Technology, Inc. |  |  | 59 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 989 |  |  |  | (14,308 | )
Axon Enterprise, Inc. |  |  | 259 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 5,054 |  |  |  | (23,958 | )
AZEK Co., Inc. |  |  | 617 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 1,869 |  |  |  | (336,265 | )
Azenta, Inc. |  |  | 396 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,849 |  |  |  | (99,000 | )
Bio-Techne Corp. |  |  | 259 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 2,114 |  |  |  | (21,368 | )

86 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Innovation and Growth Term Trust (BIGZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chart Industries, Inc. |  |  | 54 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 125.50 |  |  |  | USD |  |  |  | 863 |  |  | $ | (188,532 | )
Chart Industries, Inc. |  |  | 40 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 639 |  |  |  | (50,000 | )
Comfort Systems USA, Inc. |  |  | 141 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 2,315 |  |  |  | (83,190 | )
Confluent, Inc., Class A |  |  | 617 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 27.00 |  |  |  | USD |  |  |  | 2,179 |  |  |  | (524,450 | )
Confluent, Inc., Class A |  |  | 305 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 28.00 |  |  |  | USD |  |  |  | 1,077 |  |  |  | (227,225 | )
DigitalOcean Holdings, Inc. |  |  | 228 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 35.80 |  |  |  | USD |  |  |  | 915 |  |  |  | (110,173 | )
Doximity, Inc., Class A |  |  | 326 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 33.91 |  |  |  | USD |  |  |  | 1,109 |  |  |  | (40,054 | )
Duolingo, Inc. |  |  | 184 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 2,630 |  |  |  | (58,420 | )
Entegris, Inc. |  |  | 600 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 93.00 |  |  |  | USD |  |  |  | 6,649 |  |  |  | (1,100,353 | )
Figs, Inc., Class A |  |  | 1,700 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 8.45 |  |  |  | USD |  |  |  | 1,406 |  |  |  | (68,770 | )
Fiverr International Ltd. |  |  | 350 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 910 |  |  |  | (2,625 | )
Fox Factory Holding Corp. |  |  | 194 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 105.50 |  |  |  | USD |  |  |  | 2,105 |  |  |  | (95,950 | )
Freshpet, Inc. |  |  | 72 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 474 |  |  |  | (7,200 | )
Globant SA |  |  | 134 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 2,408 |  |  |  | (79,730 | )
GXO Logistics, Inc. |  |  | 307 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,929 |  |  |  | (239,460 | )
GXO Logistics, Inc. |  |  | 117 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 735 |  |  |  | (41,535 | )
GXO Logistics, Inc. |  |  | 423 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 2,657 |  |  |  | (34,897 | )
Halozyme Therapeutics, Inc. |  |  | 373 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 34.89 |  |  |  | USD |  |  |  | 1,345 |  |  |  | (80,212 | )
HEICO Corp. |  |  | 231 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 4,087 |  |  |  | (38,115 | )
Inmode Ltd. |  |  | 238 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 889 |  |  |  | (11,305 | )
Innovative Industrial Properties, Inc. |  |  | 54 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 394 |  |  |  | (7,155 | )
Inspire Medical Systems, Inc. |  |  | 66 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 2,143 |  |  |  | (132,990 | )
Insulet Corp. |  |  | 50 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 1,442 |  |  |  | (1,875 | )
JFrog Ltd. |  |  | 264 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 731 |  |  |  | (70,620 | )
JFrog Ltd. |  |  | 470 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 27.33 |  |  |  | USD |  |  |  | 1,302 |  |  |  | (68,859 | )
MarketAxess Holdings, Inc. |  |  | 55 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 1,438 |  |  |  | (26,400 | )
Monolithic Power Systems, Inc. |  |  | 98 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 431.00 |  |  |  | USD |  |  |  | 5,294 |  |  |  | (1,087,435 | )
Olink Holding AB, ADR |  |  | 52 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 98 |  |  |  | (26,000 | )
Paylocity Holding Corp. |  |  | 130 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 2,399 |  |  |  | (18,200 | )
Phreesia, Inc. |  |  | 226 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 701 |  |  |  | (22,600 | )
Planet Fitness, Inc., Class A |  |  | 600 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 4,046 |  |  |  | (18,000 | )
Repligen Corp. |  |  | 60 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 849 |  |  |  | (18,000 | )
Rexford Industrial Realty, Inc. |  |  | 70 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 366 |  |  |  | (3,150 | )
Saia, Inc. |  |  | 150 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 5,136 |  |  |  | (673,500 | )
Surgery Partners, Inc. |  |  | 525 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 2,362 |  |  |  | (90,562 | )
TPG, Inc. |  |  | 661 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 29.00 |  |  |  | USD |  |  |  | 1,934 |  |  |  | (76,788 | )
Tradeweb Markets, Inc., Class A |  |  | 428 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 2,931 |  |  |  | (12,840 | )
West Pharmaceutical Services, Inc. |  |  | 104 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 360.00 |  |  |  | USD |  |  |  | 3,978 |  |  |  | (260,000 | )
Lattice Semiconductor Corp. |  |  | 85 |  |  |  | 07/27/23 |  |  |  | USD |  |  |  | 91.00 |  |  |  | USD |  |  |  | 817 |  |  |  | (64,270 | )
Ambarella, Inc. |  |  | 55 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 93.00 |  |  |  | USD |  |  |  | 460 |  |  |  | (8,525 | )
Bill Holding, Inc. |  |  | 92 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 1,075 |  |  |  | (33,120 | )
Domino’s Pizza, Inc. |  |  | 13 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 438 |  |  |  | (30,420 | )
Match Group, Inc. |  |  | 270 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 1,130 |  |  |  | (36,315 | )
Match Group, Inc. |  |  | 507 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 2,122 |  |  |  | (28,899 | )
MongoDB, Inc. |  |  | 120 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 4,932 |  |  |  | (481,800 | )
Penn Entertainment, Inc. |  |  | 136 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 27.00 |  |  |  | USD |  |  |  | 327 |  |  |  | (2,312 | )
Axon Enterprise, Inc. |  |  | 259 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 211.00 |  |  |  | USD |  |  |  | 5,054 |  |  |  | (74,001 | )
Tradeweb Markets, Inc., Class A |  |  | 430 |  |  |  | 08/09/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 2,945 |  |  |  | (27,637 | )
SolarEdge Technologies, Inc. |  |  | 38 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 1,022 |  |  |  | (43,700 | )
10X Genomics, Inc., Class A |  |  | 140 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 782 |  |  |  | (11,550 | )
Ambarella, Inc. |  |  | 159 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 87.50 |  |  |  | USD |  |  |  | 1,330 |  |  |  | (52,470 | )
Aspen Technology, Inc. |  |  | 198 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 172.00 |  |  |  | USD |  |  |  | 3,319 |  |  |  | (85,088 | )
AZEK Co., Inc. |  |  | 543 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,645 |  |  |  | (104,527 | )
Azenta, Inc. |  |  | 100 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 467 |  |  |  | (18,250 | )
Bio-Techne Corp. |  |  | 559 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 80.50 |  |  |  | USD |  |  |  | 4,563 |  |  |  | (245,209 | )
Certara, Inc. |  |  | 385 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 701 |  |  |  | (97,212 | )
Charles River Laboratories International, Inc. |  |  | 204 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 4,289 |  |  |  | (240,720 | )
Chart Industries, Inc. |  |  | 95 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 1,518 |  |  |  | (138,225 | )
Comfort Systems USA, Inc. |  |  | 191 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 3,136 |  |  |  | (122,240 | )
Confluent, Inc., Class A |  |  | 580 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 33.00 |  |  |  | USD |  |  |  | 2,048 |  |  |  | (272,600 | )
Confluent, Inc., Class A |  |  | 400 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 36.00 |  |  |  | USD |  |  |  | 1,412 |  |  |  | (97,885 | )
DigitalOcean Holdings, Inc. |  |  | 424 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,702 |  |  |  | (72,080 | )

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Innovation and Growth Term Trust (BIGZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Doximity, Inc., Class A |  |  | 326 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,109 |  |  | $ | (65,200 | )
Duolingo, Inc. |  |  | 200 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 2,859 |  |  |  | (122,000 | )
Entegris, Inc. |  |  | 479 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 5,308 |  |  |  | (93,405 | )
Figs, Inc., Class A |  |  | 1,500 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 8.55 |  |  |  | USD |  |  |  | 1,241 |  |  |  | (113,377 | )
Five9, Inc. |  |  | 260 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 2,144 |  |  |  | (204,100 | )
Fiverr International Ltd. |  |  | 221 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 32.00 |  |  |  | USD |  |  |  | 575 |  |  |  | (11,077 | )
Fox Factory Holding Corp. |  |  | 313 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 96.50 |  |  |  | USD |  |  |  | 3,396 |  |  |  | (437,245 | )
Freshpet, Inc. |  |  | 72 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 474 |  |  |  | (10,800 | )
Globant SA |  |  | 220 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 3,954 |  |  |  | (74,800 | )
Halozyme Therapeutics, Inc. |  |  | 603 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 35.73 |  |  |  | USD |  |  |  | 2,175 |  |  |  | (148,062 | )
HEICO Corp. |  |  | 200 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 3,539 |  |  |  | (204,000 | )
HubSpot, Inc. |  |  | 64 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 530.00 |  |  |  | USD |  |  |  | 3,405 |  |  |  | (223,040 | )
Inspire Medical Systems, Inc. |  |  | 110 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 3,571 |  |  |  | (136,950 | )
Insulet Corp. |  |  | 75 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 299.00 |  |  |  | USD |  |  |  | 2,163 |  |  |  | (73,260 | )
Lattice Semiconductor Corp. |  |  | 108 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 1,038 |  |  |  | (79,920 | )
MarketAxess Holdings, Inc. |  |  | 71 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 1,856 |  |  |  | (19,880 | )
MongoDB, Inc. |  |  | 18 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 390.00 |  |  |  | USD |  |  |  | 740 |  |  |  | (72,990 | )
Monolithic Power Systems, Inc. |  |  | 101 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 530.00 |  |  |  | USD |  |  |  | 5,456 |  |  |  | (429,755 | )
Olink Holding AB, ADR |  |  | 53 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 99 |  |  |  | (26,500 | )
PagerDuty, Inc. |  |  | 534 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 1,200 |  |  |  | (25,365 | )
Planet Fitness, Inc., Class A |  |  | 400 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 2,698 |  |  |  | (65,000 | )
Repligen Corp. |  |  | 357 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 5,050 |  |  |  | (106,207 | )
Rexford Industrial Realty, Inc. |  |  | 71 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 53.42 |  |  |  | USD |  |  |  | 371 |  |  |  | (12,107 | )
Saia, Inc. |  |  | 151 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 313.50 |  |  |  | USD |  |  |  | 5,170 |  |  |  | (615,917 | )
Surgery Partners, Inc. |  |  | 525 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 2,362 |  |  |  | (165,375 | )
TPG, Inc. |  |  | 400 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 32.50 |  |  |  | USD |  |  |  | 1,170 |  |  |  | (24,000 | )
Tradeweb Markets, Inc., Class A |  |  | 429 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 2,938 |  |  |  | (98,670 | )
West Pharmaceutical Services, Inc. |  |  | 105 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 4,016 |  |  |  | (181,125 | )
Zscaler, Inc. |  |  | 162 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 2,370 |  |  |  | (89,910 | )
HubSpot, Inc. |  |  | 77 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 520.00 |  |  |  | USD |  |  |  | 4,097 |  |  |  | (374,220 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (13,793,751 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bentley Systems, Inc., Class B |  | Goldman Sachs International |  |  | 50,000 |  |  |  | 07/06/23 |  |  |  | USD |  |  |  | 45.44 |  |  |  | USD |  |  |  | 2,712 |  |  |  | $ (441,672 | )
AutoStore Holdings Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 267,000 |  |  |  | 07/11/23 |  |  |  | NOK |  |  |  | 22.86 |  |  |  | NOK |  |  |  | 6,273 |  |  |  | (24,415 | )
Kahoot! ASA |  | Goldman Sachs International |  |  | 110,800 |  |  |  | 07/11/23 |  |  |  | NOK |  |  |  | 24.63 |  |  |  | NOK |  |  |  | 3,244 |  |  |  | (48,613 | )
Lattice Semiconductor Corp. |  | Citibank N.A. |  |  | 8,800 |  |  |  | 07/11/23 |  |  |  | USD |  |  |  | 85.77 |  |  |  | USD |  |  |  | 845 |  |  |  | (93,336 | )
SiteMinder Ltd. |  | UBS AG |  |  | 25,000 |  |  |  | 07/12/23 |  |  |  | AUD |  |  |  | 3.34 |  |  |  | AUD |  |  |  | 73 |  |  |  | (161 | )
AutoStore Holdings Ltd. |  | Goldman Sachs International |  |  | 250,000 |  |  |  | 07/13/23 |  |  |  | NOK |  |  |  | 24.56 |  |  |  | NOK |  |  |  | 5,874 |  |  |  | (7,950 | )
Kahoot! ASA |  | Morgan Stanley & Co. International PLC |  |  | 285,000 |  |  |  | 07/19/23 |  |  |  | NOK |  |  |  | 25.63 |  |  |  | NOK |  |  |  | 8,344 |  |  |  | (103,526 | )
Certara, Inc. |  | Citibank N.A. |  |  | 25,000 |  |  |  | 07/24/23 |  |  |  | USD |  |  |  | 22.31 |  |  |  | USD |  |  |  | 455 |  |  |  | (10,701 | )
AutoStore Holdings Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 250,000 |  |  |  | 07/26/23 |  |  |  | NOK |  |  |  | 24.58 |  |  |  | NOK |  |  |  | 5,874 |  |  |  | (14,730 | )
SiteMinder Ltd. |  | Citibank N.A. |  |  | 25,000 |  |  |  | 07/26/23 |  |  |  | AUD |  |  |  | 3.22 |  |  |  | AUD |  |  |  | 73 |  |  |  | (987 | )
Confluent, Inc., Class A |  | Morgan Stanley & Co. International PLC |  |  | 20,700 |  |  |  | 07/31/23 |  |  |  | USD |  |  |  | 38.53 |  |  |  | USD |  |  |  | 731 |  |  |  | (20,827 | )
Lattice Semiconductor Corp. |  | Citibank N.A. |  |  | 56,000 |  |  |  | 07/31/23 |  |  |  | USD |  |  |  | 95.73 |  |  |  | USD |  |  |  | 5,380 |  |  |  | (291,428 | )
AutoStore Holdings Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 250,000 |  |  |  | 08/01/23 |  |  |  | NOK |  |  |  | 26.95 |  |  |  | NOK |  |  |  | 5,874 |  |  |  | (6,401 | )
SiteMinder Ltd. |  | Citibank N.A. |  |  | 36,200 |  |  |  | 08/02/23 |  |  |  | AUD |  |  |  | 3.33 |  |  |  | AUD |  |  |  | 106 |  |  |  | (1,312 | )
AutoStore Holdings Ltd. |  | Goldman Sachs International |  |  | 250,900 |  |  |  | 08/10/23 |  |  |  | NOK |  |  |  | 26.77 |  |  |  | NOK |  |  |  | 5,895 |  |  |  | (9,432 | )
Kahoot! ASA |  | UBS AG |  |  | 351,000 |  |  |  | 08/10/23 |  |  |  | NOK |  |  |  | 32.56 |  |  |  | NOK |  |  |  | 10,276 |  |  |  | (27,052 | )
Evolution AB |  | UBS AG |  |  | 48,100 |  |  |  | 08/11/23 |  |  |  | SEK |  |  |  | 1,417.50 |  |  |  | SEK |  |  |  | 65,741 |  |  |  | (152,597 | )
Bentley Systems, Inc., Class B |  | Goldman Sachs International |  |  | 75,000 |  |  |  | 08/14/23 |  |  |  | USD |  |  |  | 53.45 |  |  |  | USD |  |  |  | 4,067 |  |  |  | (223,314 | )
Phreesia, Inc. |  | Citibank N.A. |  |  | 44,400 |  |  |  | 08/14/23 |  |  |  | USD |  |  |  | 31.25 |  |  |  | USD |  |  |  | 1,377 |  |  |  | (99,625 | )
AutoStore Holdings Ltd. |  | Barclays Bank PLC |  |  | 250,900 |  |  |  | 08/16/23 |  |  |  | NOK |  |  |  | 26.04 |  |  |  | NOK |  |  |  | 5,895 |  |  |  | (14,336 | )
JFrog Ltd. |  | Bank of America N.A. |  |  | 62,200 |  |  |  | 08/22/23 |  |  |  | USD |  |  |  | 27.91 |  |  |  | USD |  |  |  | 1,723 |  |  |  | (117,962 | )

88 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Innovation and Growth Term Trust (BIGZ)

OTC Options Written (continued)

Description |  | Counterparty |  |  |  |  |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ASM International NV |  |  | Barclays Bank PLC |  |  |  |  |  |  |  | 4,000 |  |  |  | 08/24/23 |  |  |  | EUR |  |  |  | 414.85 |  |  |  | EUR |  |  |  | 1,556 |  |  | $ | (52,569 | )
TPG, Inc. |  |  | BNP Paribas SA |  |  |  |  |  |  |  | 40,000 |  |  |  | 09/08/23 |  |  |  | USD |  |  |  | 29.71 |  |  |  | USD |  |  |  | 1,170 |  |  |  | (69,989 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,832,935 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 1,928,768 |  |  | $ | (6,881,742 | ) |  |  | $ (15,626,686) |

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 |  | $ | — |  |  | $ | — |  |  | $ | 15,626,686 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15,626,686 |

For the period ended June 30, 2023, 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) |  | $ | — |  |  | $ | — |  |  | $ | (1,549,151 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,549,151 | )
Options written |  |  | — |  |  |  | — |  |  |  | 1,213,830 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,213,830 |
|  | $ | — |  |  | $ | — |  |  | $ | (335,321 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (335,321 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (10,524,710 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (10,524,710 | )

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |
Average value of option contracts purchased |  | $ | — | (a)
Average value of option contracts written |  | $ | 14,252,452 |

| (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.

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Innovation and Growth Term Trust (BIGZ)

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments Options |  | $ | — |  |  | $ | 15,626,686 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 15,626,686 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (13,793,751 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 1,832,935 |

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. |  | $ | 117,962 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 117,962 |
Barclays Bank PLC |  |  | 66,905 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 66,905 |
BNP Paribas SA |  |  | 69,989 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 69,989 |
Citibank N.A. |  |  | 497,389 |  |  |  | — |  |  |  | (497,389 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 730,981 |  |  |  | — |  |  |  | (730,981 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 169,899 |  |  |  | — |  |  |  | (169,899 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 179,810 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 179,810 |
|  | $ | 1,832,935 |  |  | $ | — |  |  | $ | (1,398,269 | ) |  | $ | — |  |  | $ | 434,666 |

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

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 110,935,806 |  |  | $ | — |  |  | $ | — |  |  | $ | 110,935,806 |
Air Freight & Logistics |  |  | 33,272,048 |  |  |  | — |  |  |  | — |  |  |  | 33,272,048 |
Automobile Components |  |  | 34,420,349 |  |  |  | — |  |  |  | — |  |  |  | 34,420,349 |
Biotechnology |  |  | 22,009,229 |  |  |  | — |  |  |  | — |  |  |  | 22,009,229 |
Broadline Retail |  |  | 5,788,001 |  |  |  | — |  |  |  | — |  |  |  | 5,788,001 |
Building Products |  |  | 21,977,425 |  |  |  | — |  |  |  | — |  |  |  | 21,977,425 |
Capital Markets |  |  | 102,466,690 |  |  |  | — |  |  |  | — |  |  |  | 102,466,690 |
Construction & Engineering |  |  | 34,120,596 |  |  |  | — |  |  |  | — |  |  |  | 34,120,596 |
Diversified Consumer Services |  |  | 33,919,948 |  |  |  | — |  |  |  | 49,645,358 |  |  |  | 83,565,306 |
Entertainment |  |  | — |  |  |  | 12,729,395 |  |  |  | — |  |  |  | 12,729,395 |
Food Products |  |  | 5,938,036 |  |  |  | — |  |  |  | — |  |  |  | 5,938,036 |
Ground Transportation |  |  | 60,222,386 |  |  |  | — |  |  |  | — |  |  |  | 60,222,386 |
Health Care Equipment & Supplies |  |  | 64,147,475 |  |  |  | — |  |  |  | — |  |  |  | 64,147,475 |
Health Care Providers & Services |  |  | 29,506,197 |  |  |  | — |  |  |  | — |  |  |  | 29,506,197 |
Health Care Technology |  |  | 34,106,755 |  |  |  | — |  |  |  | — |  |  |  | 34,106,755 |
Hotels, Restaurants & Leisure |  |  | 52,781,215 |  |  |  | 38,054,766 |  |  |  | — |  |  |  | 90,835,981 |
Industrial REITs |  |  | 7,075,906 |  |  |  | — |  |  |  | — |  |  |  | 7,075,906 |
Interactive Media & Services |  |  | 43,355,386 |  |  |  | — |  |  |  | 5,435,408 |  |  |  | 48,790,794 |
IT Services |  |  | 103,872,408 |  |  |  | — |  |  |  | 17,073,897 |  |  |  | 120,946,305 |

90 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Innovation and Growth Term Trust (BIGZ)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Common Stocks (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Life Sciences Tools & Services |  | $ | 175,824,056 |  |  | $ | — |  |  | $ | — |  |  | $ | 175,824,056 |
Machinery |  |  | 18,883,024 |  |  |  | 20,779,611 |  |  |  | — |  |  |  | 39,662,635 |
Personal Care Products |  |  | 1,867,740 |  |  |  | — |  |  |  | — |  |  |  | 1,867,740 |
Professional Services |  |  | 24,103,562 |  |  |  | — |  |  |  | — |  |  |  | 24,103,562 |
Semiconductors & Semiconductor Equipment |  |  | 195,020,945 |  |  |  | 10,348,453 |  |  |  | — |  |  |  | 205,369,398 |
Software |  |  | 252,373,421 |  |  |  | 16,612,241 |  |  |  | 23,006,391 |  |  |  | 291,992,053 |
Textiles, Apparel & Luxury Goods |  |  | 16,541,786 |  |  |  | — |  |  |  | — |  |  |  | 16,541,786 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 464,582,157 |  |  |  | 464,582,157 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 22,789,372 |  |  |  | — |  |  |  | — |  |  |  | 22,789,372 |
|  | $ | 1,507,319,762 |  |  | $ | 98,524,466 |  |  | $ | 559,743,211 |  |  |  | 2,165,587,439 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,792,167 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,186,379,606 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (8,871,490 | ) |  | $ | (6,755,196 | ) |  | $ | — |  |  | $ | (15,626,686 | )

| (a) | Certain investments of the Trust were fair valued using NAV as a practical expedient 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 and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

|  | Common Stocks |  |  | Preferred Stocks |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2022 |  | $ | 102,169,910 |  |  | $ | 471,282,347 |  |  | $ | 573,452,257 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | (7,008,856 | ) |  |  | (6,700,190 | ) |  |  | (13,709,046 | )
Purchases |  |  | — |  |  |  | — |  |  |  | — |
Sales |  |  | — |  |  |  | — |  |  |  | — |
Closing balance, as of June 30, 2023 |  | $ | 95,161,054 |  |  | $ | 464,582,157 |  |  | $ | 559,743,211 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023(b) |  | $ | (7,008,856 | ) |  | $ | (6,700,190 | ) |  | $ | (13,709,046 | )

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

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Innovation and Growth Term Trust (BIGZ)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end.

|  | Value |  |  | Valuation Approach |  |  | Unobservable Inputs |  |  | Range of Unobservable Inputs Utilized(a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 95,161,054 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 2.30x - 25.09x |  |  |  | 11.48x |
|  |  |  |  |  |  |  |  |  |  | Gross Profit Multiple |  |  |  | 18.00x |  |  |  | — |
Preferred Stocks |  |  | 464,582,157 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 1.05x - 25.09x |  |  |  | 9.53x |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 1.0 - 5.0 years |  |  |  | 3.1 years |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 45% - 100% |  |  |  | 68% |
|  |  |  |  |  |  |  |  |  |  | Market Adjustment Multiple |  |  |  | 0.80x - 1.10x |  |  |  | 0.95x |
|  | $ | 559,743,211 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

| (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 3 B L A C K R O C K S E M I - 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 (unaudited) June 30, 2023 |  | BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Chemicals(a) — 9.9% |
Albemarle Corp. |  |  | 82,387 |  |  | $ | 18,379,716 |
CF Industries Holdings, Inc. |  |  | 330,113 |  |  |  | 22,916,444 |
FMC Corp. |  |  | 164,846 |  |  |  | 17,200,032 |
Nutrien Ltd. |  |  | 341,937 |  |  |  | 20,191,380 |
Sociedad Quimica y Minera de Chile SA, ADR |  |  | 159,969 |  |  |  | 11,616,949 |
|  |  |  |  |  |  | 90,304,521 |
Containers & Packaging — 1.1% |  |  |  |  |  |
Packaging Corp. of America(a) |  |  | 31,281 |  |  |  | 4,134,097 |
Smurfit Kappa Group PLC |  |  | 182,189 |  |  |  | 6,080,572 |
|  |  |  |  |  |  | 10,214,669 |
Energy Equipment & Services — 1.2% |  |  |  |  |  |
Schlumberger NV(a) |  |  | 221,279 |  |  |  | 10,869,225 |
Food Products — 6.8% |  |  |  |  |  |
Archer-Daniels-Midland Co.(a) |  |  | 264,359 |  |  |  | 19,974,966 |
Bunge Ltd.(a) |  |  | 180,149 |  |  |  | 16,997,058 |
Darling Ingredients, Inc.(a)(b) |  |  | 125,274 |  |  |  | 7,991,228 |
Hofseth International, (Acquired 05/26/21, Cost: $10,198,057)(c)(d) |  |  | 18,993,283 |  |  |  | 7,662,007 |
Kerry Group PLC, Class A |  |  | 99,575 |  |  |  | 9,718,826 |
|  |  |  |  |  |  | 62,344,085 |
Machinery(a) — 5.2% |  |  |  |  |  |
AGCO Corp.(e) |  |  | 171,009 |  |  |  | 22,473,992 |
Deere & Co. |  |  | 62,048 |  |  |  | 25,141,229 |
|  |  |  |  |  |  | 47,615,221 |
Metals & Mining — 33.7% |  |  |  |  |  |
Alcoa Corp.(a) |  |  | 218,238 |  |  |  | 7,404,815 |
Anglo American PLC |  |  | 79,302 |  |  |  | 2,258,004 |
ArcelorMittal SA, Registered Shares(a) |  |  | 363,884 |  |  |  | 9,948,589 |
Barrick Gold Corp.(a) |  |  | 237,052 |  |  |  | 4,013,290 |
BHP Group Ltd., ADR(a) |  |  | 669,209 |  |  |  | 39,931,701 |
Filo Corp. |  |  | 110,335 |  |  |  | 2,149,648 |
Filo Mining |  |  | 175,560 |  |  |  | 3,319,709 |
First Quantum Minerals Ltd. |  |  | 765,284 |  |  |  | 18,104,549 |
Franco-Nevada Corp.(a) |  |  | 80,287 |  |  |  | 11,448,926 |
Freeport-McMoRan, Inc.(a)(e) |  |  | 237,961 |  |  |  | 9,518,440 |
Glencore PLC |  |  | 8,912,751 |  |  |  | 50,534,208 |
Newmont Corp.(a) |  |  | 420,482 |  |  |  | 17,937,762 |
Norsk Hydro ASA |  |  | 2,792,496 |  |  |  | 16,646,796 |
Polyus PJSC(b)(c) |  |  | 104,732 |  |  |  | 21 |
Stelco Holdings, Inc. |  |  | 435,274 |  |  |  | 14,200,825 |
Teck Resources Ltd., Class B(a) |  |  | 806,513 |  |  |  | 33,954,197 |
Vale SA, ADR(a) |  |  | 2,448,198 |  |  |  | 32,854,817 |
Wheaton Precious Metals Corp.(f) |  |  | 765,463 |  |  |  | 33,083,311 |
|  |  |  |  |  |  | 307,309,608 |
Oil, Gas & Consumable Fuels — 37.5% |  |  |  |  |  |
BP PLC |  |  | 8,195,494 |  |  |  | 47,717,233 |
Canadian Natural Resources Ltd. |  |  | 366,839 |  |  |  | 20,624,396 |
Cenovus Energy, Inc. |  |  | 560,932 |  |  |  | 9,527,058 |

Security |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |
Cheniere Energy, Inc.(a) |  |  | 96,050 |  |  | $ | 14,634,178 |
Chevron Corp.(a) |  |  | 83,772 |  |  |  | 13,181,524 |
ConocoPhillips(a) |  |  | 242,611 |  |  |  | 25,136,926 |
Eni SpA |  |  | 988,891 |  |  |  | 14,236,457 |
EOG Resources, Inc.(a) |  |  | 95,521 |  |  |  | 10,931,423 |
Exxon Mobil Corp.(a) |  |  | 541,991 |  |  |  | 58,128,535 |
Gazprom PJSC(c) |  |  | 5,430,000 |  |  |  | 606 |
Hess Corp.(a) |  |  | 60,404 |  |  |  | 8,211,924 |
Shell PLC, ADR(a) |  |  | 1,161,523 |  |  |  | 70,132,768 |
TotalEnergies SE |  |  | 847,349 |  |  |  | 48,641,749 |
|  |  |  |  |  |  | 341,104,777 |
Paper & Forest Products — 1.1% |  |  |  |  |  |
Precious Woods Holding AG, Registered Shares(b) |  |  | 20,000 |  |  |  | 189,933 |
UPM-Kymmene OYJ |  |  | 323,144 |  |  |  | 9,628,663 |
|  |  |  |  |  |  | 9,818,596 |
Total Long-Term Investments — 96.5% (Cost: $763,798,215) |  |  |  |  |  |  | 879,580,702 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 4.7% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(g)(h) |  |  | 35,301,139 |  |  |  | 35,301,139 |
SL Liquidity Series, LLC, Money Market Series, 5.28%(g)(h)(i) |  |  | 7,296,133 |  |  |  | 7,296,133 |
Total Short-Term Securities — 4.7% (Cost: $42,597,889) |  |  |  | 42,597,272 |
Total Investments Before Options Written — 101.2% (Cost: $806,396,104) |  |  |  | 922,177,974 |
Options Written — (0.6)% (Premiums Received: $(7,646,569)) |  |  |  | (5,496,164 | )
Total Investments, Net of Options Written — 100.6% (Cost: $798,749,535) |  |  |  | 916,681,810 |
Liabilities in Excess of Other Assets — (0.6)% |  |  |  | (5,889,096 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 910,792,714 |

(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 $7,662,007, representing 0.8% of its net assets as of period end, and an original cost of $10,198,057.

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

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

(g) | Affiliate of the Trust.

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

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

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.

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 19,404,102 |  |  | $ | 15,897,037 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 35,301,139 |  |  |  | 35,301,139 |  |  | $ | 704,650 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | 7,293,782 | (a) |  |  | — |  |  |  | 2,968 |  |  |  | (617 | ) |  |  | 7,296,133 |  |  |  | 7,296,133 |  |  |  | 11,156 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,968 |  |  | $ | (617 | ) |  | $ | 42,597,272 |  |  |  |  |  |  | $ | 715,806 |  |  | $ | — |

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

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcoa Corp. |  |  | 143 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 485 |  |  | $ | (3,361 | )
Archer-Daniels-Midland Co. |  |  | 272 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 74.00 |  |  |  | USD |  |  |  | 2,055 |  |  |  | (48,960 | )
CF Industries Holdings, Inc. |  |  | 463 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 3,214 |  |  |  | (210,665 | )
ConocoPhillips |  |  | 27 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 102.00 |  |  |  | USD |  |  |  | 280 |  |  |  | (6,075 | )
Exxon Mobil Corp. |  |  | 430 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 111.62 |  |  |  | USD |  |  |  | 4,612 |  |  |  | (4,346 | )
Hess Corp. |  |  | 95 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 133.00 |  |  |  | USD |  |  |  | 1,292 |  |  |  | (35,625 | )
Newmont Corp. |  |  | 415 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 1,770 |  |  |  | (40,255 | )
Shell PLC, ADR |  |  | 1,093 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 58.00 |  |  |  | USD |  |  |  | 6,600 |  |  |  | (270,517 | )
Vale SA, ADR |  |  | 1,241 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 13.50 |  |  |  | USD |  |  |  | 1,665 |  |  |  | (22,338 | )
Albemarle Corp. |  |  | 108 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 2,409 |  |  |  | (80,460 | )
Alcoa Corp. |  |  | 281 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 953 |  |  |  | (2,529 | )
ArcelorMittal SA, Registered Shares |  |  | 541 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 29.00 |  |  |  | USD |  |  |  | 1,479 |  |  |  | (5,410 | )
Archer-Daniels-Midland Co. |  |  | 269 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 74.00 |  |  |  | USD |  |  |  | 2,033 |  |  |  | (57,162 | )
Cheniere Energy, Inc. |  |  | 128 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,950 |  |  |  | (51,200 | )
Chevron Corp. |  |  | 221 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 3,477 |  |  |  | (24,200 | )
ConocoPhillips |  |  | 574 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 108.00 |  |  |  | USD |  |  |  | 5,947 |  |  |  | (26,691 | )
Exxon Mobil Corp. |  |  | 693 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 112.00 |  |  |  | USD |  |  |  | 7,432 |  |  |  | (19,404 | )
Hess Corp. |  |  | 42 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 139.00 |  |  |  | USD |  |  |  | 571 |  |  |  | (6,720 | )
Newmont Corp. |  |  | 570 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 2,432 |  |  |  | (41,895 | )
Schlumberger NV |  |  | 237 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,164 |  |  |  | (17,894 | )
Shell PLC, ADR |  |  | 1,153 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 6,962 |  |  |  | (129,712 | )
Teck Resources Ltd., Class B |  |  | 778 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 3,275 |  |  |  | (11,281 | )
Vale SA, ADR |  |  | 1,510 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 14.00 |  |  |  | USD |  |  |  | 2,026 |  |  |  | (19,630 | )
AGCO Corp. |  |  | 296 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 124.00 |  |  |  | USD |  |  |  | 3,890 |  |  |  | (284,083 | )
Alcoa Corp. |  |  | 192 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 40.50 |  |  |  | USD |  |  |  | 651 |  |  |  | (3,062 | )
Archer-Daniels-Midland Co. |  |  | 211 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 77.50 |  |  |  | USD |  |  |  | 1,594 |  |  |  | (12,660 | )
BHP Group Ltd., ADR |  |  | 765 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 61.50 |  |  |  | USD |  |  |  | 4,565 |  |  |  | (54,993 | )
Bunge Ltd. |  |  | 333 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 3,142 |  |  |  | (71,595 | )
Canadian Natural Resources Ltd. |  |  | 1,051 |  |  |  | 07/21/23 |  |  |  | CAD |  |  |  | 78.00 |  |  |  | CAD |  |  |  | 7,828 |  |  |  | (33,321 | )
Cenovus Energy, Inc. |  |  | 611 |  |  |  | 07/21/23 |  |  |  | CAD |  |  |  | 22.50 |  |  |  | CAD |  |  |  | 1,375 |  |  |  | (30,440 | )
CF Industries Holdings, Inc. |  |  | 295 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 2,048 |  |  |  | (58,262 | )
Cheniere Energy, Inc. |  |  | 227 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 3,459 |  |  |  | (110,095 | )
Darling Ingredients, Inc. |  |  | 264 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,684 |  |  |  | (34,980 | )
EOG Resources, Inc. |  |  | 158 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 117.50 |  |  |  | USD |  |  |  | 1,808 |  |  |  | (22,120 | )
Exxon Mobil Corp. |  |  | 44 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 472 |  |  |  | (836 | )
FMC Corp. |  |  | 304 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 3,172 |  |  |  | (9,120 | )
Franco-Nevada Corp. |  |  | 149 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 2,125 |  |  |  | (1,863 | )
Packaging Corp. of America |  |  | 57 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 753 |  |  |  | (7,268 | )
Sociedad Quimica y Minera de Chile SA, ADR |  |  | 295 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 2,142 |  |  |  | (5,900 | )
Stelco Holdings, Inc. |  |  | 415 |  |  |  | 07/21/23 |  |  |  | CAD |  |  |  | 48.00 |  |  |  | CAD |  |  |  | 1,794 |  |  |  | (4,856 | )
Teck Resources Ltd., Class B |  |  | 740 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 3,115 |  |  |  | (30,710 | )

94 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vale SA, ADR |  |  | 654 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 14.00 |  |  |  | USD |  |  |  | 878 |  |  | $ | (15,042 | )
Vale SA, ADR |  |  | 653 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 15.00 |  |  |  | USD |  |  |  | 876 |  |  |  | (4,245 | )
Albemarle Corp. |  |  | 88 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 1,963 |  |  |  | (36,960 | )
ArcelorMittal SA, Registered Shares |  |  | 542 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 29.00 |  |  |  | USD |  |  |  | 1,482 |  |  |  | (17,615 | )
Archer-Daniels-Midland Co. |  |  | 226 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 1,708 |  |  |  | (53,675 | )
Barrick Gold Corp. |  |  | 439 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 18.00 |  |  |  | USD |  |  |  | 743 |  |  |  | (6,805 | )
Chevron Corp. |  |  | 93 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 1,463 |  |  |  | (24,645 | )
ConocoPhillips |  |  | 188 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 104.00 |  |  |  | USD |  |  |  | 1,948 |  |  |  | (52,640 | )
EOG Resources, Inc. |  |  | 195 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 113.00 |  |  |  | USD |  |  |  | 2,232 |  |  |  | (78,000 | )
Exxon Mobil Corp. |  |  | 257 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 108.00 |  |  |  | USD |  |  |  | 2,756 |  |  |  | (63,607 | )
Freeport-McMoRan, Inc. |  |  | 880 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 3,520 |  |  |  | (73,480 | )
Hess Corp. |  |  | 88 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 141.00 |  |  |  | USD |  |  |  | 1,196 |  |  |  | (22,220 | )
Newmont Corp. |  |  | 570 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 2,432 |  |  |  | (75,525 | )
Nutrien Ltd. |  |  | 363 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 63.00 |  |  |  | USD |  |  |  | 2,144 |  |  |  | (20,873 | )
Shell PLC, ADR |  |  | 1,092 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 63.00 |  |  |  | USD |  |  |  | 6,593 |  |  |  | (51,870 | )
Teck Resources Ltd., Class B |  |  | 534 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 2,248 |  |  |  | (29,637 | )
Vale SA, ADR |  |  | 1,000 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 15.00 |  |  |  | USD |  |  |  | 1,342 |  |  |  | (12,000 | )
Vale SA, ADR |  |  | 570 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 14.50 |  |  |  | USD |  |  |  | 765 |  |  |  | (10,545 | )
Alcoa Corp. |  |  | 191 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 36.00 |  |  |  | USD |  |  |  | 648 |  |  |  | (21,774 | )
ArcelorMittal SA, Registered Shares |  |  | 263 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 29.00 |  |  |  | USD |  |  |  | 719 |  |  |  | (10,520 | )
Barrick Gold Corp. |  |  | 438 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 17.00 |  |  |  | USD |  |  |  | 742 |  |  |  | (24,528 | )
CF Industries Holdings, Inc. |  |  | 463 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 3,214 |  |  |  | (56,717 | )
ConocoPhillips |  |  | 133 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 104.00 |  |  |  | USD |  |  |  | 1,378 |  |  |  | (46,218 | )
Deere & Co. |  |  | 115 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 410.00 |  |  |  | USD |  |  |  | 4,660 |  |  |  | (106,950 | )
Exxon Mobil Corp. |  |  | 257 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 109.00 |  |  |  | USD |  |  |  | 2,756 |  |  |  | (61,680 | )
Nutrien Ltd. |  |  | 902 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 5,326 |  |  |  | (153,340 | )
Schlumberger NV |  |  | 242 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,189 |  |  |  | (41,140 | )
Shell PLC, ADR |  |  | 936 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 5,652 |  |  |  | (131,040 | )
Vale SA, ADR |  |  | 1,715 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 14.50 |  |  |  | USD |  |  |  | 2,302 |  |  |  | (41,160 | )
Albemarle Corp. |  |  | 108 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 2,409 |  |  |  | (153,360 | )
AGCO Corp. |  |  | 176 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 2,313 |  |  |  | (79,200 | )
BHP Group Ltd., ADR |  |  | 956 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 62.50 |  |  |  | USD |  |  |  | 5,704 |  |  |  | (109,940 | )
Bunge Ltd. |  |  | 333 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 3,142 |  |  |  | (57,442 | )
Canadian Natural Resources Ltd. |  |  | 324 |  |  |  | 08/18/23 |  |  |  | CAD |  |  |  | 76.00 |  |  |  | CAD |  |  |  | 2,413 |  |  |  | (54,907 | )
Cenovus Energy, Inc. |  |  | 1,464 |  |  |  | 08/18/23 |  |  |  | CAD |  |  |  | 23.00 |  |  |  | CAD |  |  |  | 3,294 |  |  |  | (108,301 | )
Darling Ingredients, Inc. |  |  | 199 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 64.75 |  |  |  | USD |  |  |  | 1,269 |  |  |  | (62,289 | )
Deere & Co. |  |  | 57 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 420.00 |  |  |  | USD |  |  |  | 2,310 |  |  |  | (56,430 | )
Deere & Co. |  |  | 58 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 410.00 |  |  |  | USD |  |  |  | 2,350 |  |  |  | (83,230 | )
Exxon Mobil Corp. |  |  | 393 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 4,215 |  |  |  | (95,499 | )
FMC Corp. |  |  | 305 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 112.00 |  |  |  | USD |  |  |  | 3,182 |  |  |  | (19,789 | )
Franco-Nevada Corp. |  |  | 148 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 152.00 |  |  |  | USD |  |  |  | 2,110 |  |  |  | (24,608 | )
Schlumberger NV |  |  | 339 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,665 |  |  |  | (71,359 | )
Sociedad Quimica y Minera de Chile SA, ADR |  |  | 295 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 76.00 |  |  |  | USD |  |  |  | 2,142 |  |  |  | (48,450 | )
Stelco Holdings, Inc. |  |  | 780 |  |  |  | 08/18/23 |  |  |  | CAD |  |  |  | 50.00 |  |  |  | CAD |  |  |  | 3,371 |  |  |  | (26,201 | )
Teck Resources Ltd., Class B |  |  | 343 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,444 |  |  |  | (44,076 | )
Vale SA, ADR |  |  | 1,715 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 15.20 |  |  |  | USD |  |  |  | 2,302 |  |  |  | (22,919 | )
Packaging Corp. of America |  |  | 58 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 767 |  |  |  | (14,065 | )
Stelco Holdings, Inc. |  |  | 415 |  |  |  | 09/15/23 |  |  |  | CAD |  |  |  | 46.00 |  |  |  | CAD |  |  |  | 1,794 |  |  |  | (55,761 | )
Teck Resources Ltd., Class B |  |  | 589 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 46.00 |  |  |  | USD |  |  |  | 2,480 |  |  |  | (89,822 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,534,593 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BP PLC |  | Morgan Stanley & Co. International PLC |  |  | 1,842,400 |  |  |  | 07/11/23 |  |  |  | GBP |  |  |  | 4.97 |  |  |  | GBP |  |  |  | 8,446 |  |  | $ | (1,942 | )
Smurfit Kappa Group PLC |  | UBS AG |  |  | 34,000 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 35.84 |  |  |  | EUR |  |  |  | 1,040 |  |  |  | (91 | )
TotalEnergies SE |  | Morgan Stanley & Co. International PLC |  |  | 149,200 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 57.90 |  |  |  | EUR |  |  |  | 7,849 |  |  |  | (588 | )
TotalEnergies SE |  | UBS AG |  |  | 54,800 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 58.79 |  |  |  | EUR |  |  |  | 2,883 |  |  |  | (123 | )
Glencore PLC |  | Barclays Bank PLC |  |  | 1,657,735 |  |  |  | 07/12/23 |  |  |  | GBP |  |  |  | 4.50 |  |  |  | GBP |  |  |  | 7,401 |  |  |  | (128,277 | )

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 (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kerry Group PLC, Class A |  | Morgan Stanley & Co. International PLC |  |  | 36,800 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 94.06 |  |  |  | EUR |  |  |  | 3,292 |  |  | $ | (3,232 | )
TotalEnergies SE |  | Barclays Bank PLC |  |  | 105,000 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 54.14 |  |  |  | EUR |  |  |  | 5,524 |  |  |  | (24,432 | )
AGCO Corp. |  | JPMorgan Chase Bank N.A. |  |  | 16,000 |  |  |  | 07/25/23 |  |  |  | USD |  |  |  | 123.49 |  |  |  | USD |  |  |  | 2,103 |  |  |  | (165,867 | )
BP PLC |  | Barclays Bank PLC |  |  | 971,000 |  |  |  | 08/02/23 |  |  |  | GBP |  |  |  | 5.02 |  |  |  | GBP |  |  |  | 4,452 |  |  |  | (19,953 | )
Eni SpA |  | Goldman Sachs International |  |  | 332,900 |  |  |  | 08/03/23 |  |  |  | EUR |  |  |  | 12.92 |  |  |  | EUR |  |  |  | 4,392 |  |  |  | (172,665 | )
UPM-Kymmene OYJ |  | Morgan Stanley & Co. International PLC |  |  | 37,300 |  |  |  | 08/03/23 |  |  |  | EUR |  |  |  | 27.66 |  |  |  | EUR |  |  |  | 1,019 |  |  |  | (28,190 | )
Smurfit Kappa Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 33,500 |  |  |  | 08/10/23 |  |  |  | EUR |  |  |  | 33.95 |  |  |  | EUR |  |  |  | 1,025 |  |  |  | (4,383 | )
Eni SpA |  | JPMorgan Chase Bank N.A. |  |  | 55,800 |  |  |  | 08/14/23 |  |  |  | EUR |  |  |  | 13.07 |  |  |  | EUR |  |  |  | 736 |  |  |  | (27,367 | )
Anglo American PLC |  | Morgan Stanley & Co. International PLC |  |  | 29,400 |  |  |  | 08/16/23 |  |  |  | GBP |  |  |  | 24.45 |  |  |  | GBP |  |  |  | 659 |  |  |  | (23,760 | )
Glencore PLC |  | Bank of America N.A. |  |  | 1,640,000 |  |  |  | 08/16/23 |  |  |  | GBP |  |  |  | 4.60 |  |  |  | GBP |  |  |  | 7,322 |  |  |  | (246,333 | )
UPM-Kymmene OYJ |  | Bank of America N.A. |  |  | 82,300 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 28.19 |  |  |  | EUR |  |  |  | 2,247 |  |  |  | (59,583 | )
BHP Group Ltd., ADR |  | Morgan Stanley & Co. International PLC |  |  | 75,500 |  |  |  | 09/01/23 |  |  |  | USD |  |  |  | 63.44 |  |  |  | USD |  |  |  | 4,505 |  |  |  | (54,785 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (961,571 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 3,105,586 |  |  | $ | (955,181 | ) |  | $ | (5,496,164 | )

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 |  | $ | — |  |  | $ | — |  |  | $ | 5,496,164 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,496,164 |

For the period ended June 30, 2023, 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) |  | $ | — |  |  | $ | — |  |  | $ | (1,777,915 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,777,915 | )
Options written |  |  | — |  |  |  | — |  |  |  | 20,987,215 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,987,215 |
|  | $ | — |  |  | $ | — |  |  | $ | 19,209,300 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19,209,300 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (1,324,185 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,324,185 | )

| (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 |  | $ | 6,183,235 |

| (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.

96 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

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 |  | $ | — |  |  | $ | 5,496,164 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 5,496,164 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (4,534,593 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 961,571 |

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. |  | $ | 305,916 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 305,916 |
Barclays Bank PLC |  |  | 172,662 |  |  |  | — |  |  |  | (172,662 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 172,665 |  |  |  | — |  |  |  | (172,665 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 193,234 |  |  |  | — |  |  |  | (193,234 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 116,880 |  |  |  | — |  |  |  | (86,800 | ) |  |  | — |  |  |  | 30,080 |
UBS AG |  |  | 214 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 214 |
|  | $ | 961,571 |  |  | $ | — |  |  | $ | (625,361 | ) |  | $ | — |  |  | $ | 336,210 |

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

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chemicals |  | $ | 90,304,521 |  |  | $ | — |  |  | $ | — |  |  | $ | 90,304,521 |
Containers & Packaging |  |  | 4,134,097 |  |  |  | 6,080,572 |  |  |  | — |  |  |  | 10,214,669 |
Energy Equipment & Services |  |  | 10,869,225 |  |  |  | — |  |  |  | — |  |  |  | 10,869,225 |
Food Products |  |  | 44,963,252 |  |  |  | 9,718,826 |  |  |  | 7,662,007 |  |  |  | 62,344,085 |
Machinery |  |  | 47,615,221 |  |  |  | — |  |  |  | — |  |  |  | 47,615,221 |
Metals & Mining |  |  | 234,550,870 |  |  |  | 72,758,717 |  |  |  | 21 |  |  |  | 307,309,608 |
Oil, Gas & Consumable Fuels |  |  | 230,508,732 |  |  |  | 110,595,439 |  |  |  | 606 |  |  |  | 341,104,777 |
Paper & Forest Products |  |  | — |  |  |  | 9,818,596 |  |  |  | — |  |  |  | 9,818,596 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 35,301,139 |  |  |  | — |  |  |  | — |  |  |  | 35,301,139 |
|  | $ | 698,247,057 |  |  | $ | 208,972,150 |  |  | $ | 7,662,634 |  |  |  | 914,881,841 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,296,133 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 922,177,974 |

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (4,010,054) |  |  | $ | (1,486,110) |  |  | $ | — |  |  | $ | (5,496,164) |

| (a) | Certain investments of the Trust were fair valued using NAV as a practical expedient 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. |

|  |  | Value |  |  | Valuation Approach |  | Unobservable Inputs(a) |  |  | Range of Unobservable Inputs Utilized | (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 7,662,007 |  |  | Market |  | EBITDA Multiple |  |  | 10.75x |  |  |  | — |

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

See notes to financial statements.

98 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) June 30, 2023 |  | BlackRock Science and Technology Term Trust (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Automobiles — 3.0% |
Tesla, Inc.(a)(b) |  |  | 187,958 |  |  | $ | 49,201,766 |
Broadline Retail — 2.4% |  |  |  |  |  |  |  |
Coupang, Inc.(b) |  |  | 615,525 |  |  |  | 10,710,135 |
MercadoLibre, Inc.(b) |  |  | 17,814 |  |  |  | 21,102,464 |
Prosus NV |  |  | 120,538 |  |  |  | 8,827,494 |
|  |  |  |  |  |  | 40,640,093 |
Communications Equipment — 0.8% |  |  |  |  |  |
Accton Technology Corp. |  |  | 1,169,000 |  |  |  | 13,149,146 |
Consumer Finance — 0.7% |  |  |  |  |  |
Kaspi.KZ JSC, GDR, Registered Shares(c) |  |  | 150,312 |  |  |  | 11,990,607 |
Diversified Consumer Services — 0.2% |  |  |  |  |  |
Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $7,113,729)(d)(e) |  |  | 4,651 |  |  |  | 3,401,837 |
Electrical Equipment — 0.5% |  |  |  |  |  |
Array Technologies, Inc.(b) |  |  | 351,496 |  |  |  | 7,943,810 |
Electronic Equipment, Instruments & Components — 7.1% |
Delta Electronics, Inc. |  |  | 1,394,000 |  |  |  | 15,448,763 |
Ibiden Co. Ltd. |  |  | 193,900 |  |  |  | 11,032,411 |
Jabil, Inc. |  |  | 304,355 |  |  |  | 32,849,035 |
Lotes Co. Ltd. |  |  | 247,000 |  |  |  | 6,839,447 |
Samsung SDI Co. Ltd. |  |  | 44,074 |  |  |  | 22,505,700 |
Unimicron Technology Corp. |  |  | 2,063,000 |  |  |  | 11,731,586 |
Yageo Corp. |  |  | 690,000 |  |  |  | 10,931,266 |
Zhejiang Supcon Technology Co. Ltd., Class A |  |  | 641,074 |  |  |  | 5,554,962 |
|  |  |  |  |  |  | 116,893,170 |
Entertainment — 3.5% |  |  |  |  |  |
CTS Eventim AG & Co. KGaA |  |  | 139,432 |  |  |  | 8,818,535 |
Nexon Co. Ltd. |  |  | 391,900 |  |  |  | 7,515,335 |
Roku, Inc.(b) |  |  | 92,872 |  |  |  | 5,940,093 |
Spotify Technology SA(b) |  |  | 85,051 |  |  |  | 13,654,938 |
Take-Two Interactive Software, Inc.(b) |  |  | 148,131 |  |  |  | 21,798,958 |
|  |  |  |  |  |  | 57,727,859 |
Financial Services — 3.2% |  |  |  |  |  |
Adyen NV(b)(f) |  |  | 12,935 |  |  |  | 22,399,125 |
GMO Payment Gateway, Inc. |  |  | 180,200 |  |  |  | 14,134,799 |
Shift4 Payments, Inc., Class A(b)(g) |  |  | 146,133 |  |  |  | 9,923,892 |
Wise PLC, Class A(b) |  |  | 825,079 |  |  |  | 6,896,488 |
|  |  |  |  |  |  | 53,354,304 |
Health Care Technology — 0.3% |  |  |  |  |  |
M3, Inc. |  |  | 260,200 |  |  |  | 5,673,558 |
Hotels, Restaurants & Leisure(b) — 1.2% |  |  |  |  |  |
Expedia Group, Inc. |  |  | 51,482 |  |  |  | 5,631,616 |
Trip.com Group Ltd., ADR(h) |  |  | 425,602 |  |  |  | 14,896,070 |
|  |  |  |  |  |  | 20,527,686 |
Household Durables — 0.5% |  |  |  |  |  |
Nikon Corp. |  |  | 653,300 |  |  |  | 8,481,717 |
Interactive Media & Services — 0.6% |  |  |  |  |  |
Pinterest, Inc., Class A(b) |  |  | 352,060 |  |  |  | 9,625,320 |
IT Services — 5.1% |  |  |  |  |  |
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $34,000,000)(d)(e) |  |  | 400,000 |  |  |  | 19,668,000 |
CNEX Labs, Inc., (Acquired 12/14/21, Cost: $5,699,998)(d)(e) |  |  | 1,161,804 |  |  |  | 3,287,905 |

Security |  | Shares |  |  | Value |
IT Services (continued) |  |  |  |  |  |
Klarna Holdings AB, (Acquired 08/07/19, Cost: $23,354,997)(d)(e) |  |  | 86,839 |  |  | $ | 19,109,032 |
MongoDB, Inc.(b)(h) |  |  | 67,482 |  |  |  | 27,734,427 |
TRAX Ltd., Series D, (Acquired 09/12/19, Cost: $10,999,987)(d)(e) |  |  | 293,333 |  |  |  | 8,635,724 |
TRAX Ltd., Series E, (Acquired 02/18/21, Cost: $9,999,998)(d)(e) |  |  | 191,806 |  |  |  | 5,646,769 |
|  |  |  |  |  |  | 84,081,857 |
Machinery — 0.4% |  |  |  |  |  |
Shenzhen Inovance Technology Co. Ltd., Class A |  |  | 723,000 |  |  |  | 6,403,338 |
Media — 1.6% |  |  |  |  |  |
Informa PLC |  |  | 2,885,996 |  |  |  | 26,646,882 |
Professional Services — 1.8% |  |  |  |  |  |
Legalzoom.com, Inc.(b) |  |  | 784,927 |  |  |  | 9,481,918 |
Wolters Kluwer NV |  |  | 164,401 |  |  |  | 20,874,567 |
|  |  |  |  |  |  | 30,356,485 |
Semiconductors & Semiconductor Equipment — 25.7% |
Alchip Technologies Ltd. |  |  | 175,000 |  |  |  | 10,136,733 |
Alphawave IP Group PLC(b) |  |  | 4,942,789 |  |  |  | 9,001,704 |
Amkor Technology, Inc. |  |  | 232,073 |  |  |  | 6,904,172 |
ASM International NV |  |  | 78,086 |  |  |  | 33,155,641 |
ASPEED Technology, Inc. |  |  | 131,000 |  |  |  | 12,065,722 |
Axcelis Technologies, Inc.(b) |  |  | 69,303 |  |  |  | 12,705,319 |
BE Semiconductor Industries NV |  |  | 209,531 |  |  |  | 22,724,506 |
Credo Technology Group Holding Ltd.(b) |  |  | 1,784,875 |  |  |  | 30,949,732 |
eMemory Technology, Inc. |  |  | 100,000 |  |  |  | 7,157,457 |
First Solar, Inc.(b) |  |  | 46,293 |  |  |  | 8,799,836 |
Lasertec Corp. |  |  | 117,200 |  |  |  | 17,710,855 |
Lattice Semiconductor Corp.(b) |  |  | 408,294 |  |  |  | 39,224,805 |
Marvell Technology, Inc.(h) |  |  | 371,856 |  |  |  | 22,229,552 |
Monolithic Power Systems, Inc.(h) |  |  | 62,212 |  |  |  | 33,608,789 |
NVIDIA Corp.(a) |  |  | 163,249 |  |  |  | 69,057,592 |
Rambus, Inc.(b) |  |  | 306,150 |  |  |  | 19,645,645 |
Silergy Corp. |  |  | 553,000 |  |  |  | 6,888,826 |
SK Hynix, Inc. |  |  | 190,602 |  |  |  | 16,747,127 |
SOITEC(b) |  |  | 152,404 |  |  |  | 25,782,997 |
Wolfspeed, Inc.(b)(h) |  |  | 360,998 |  |  |  | 20,067,879 |
|  |  |  |  |  |  | 424,564,889 |
Software — 13.9% |  |  |  |  |  |
Altium Ltd. |  |  | 762,952 |  |  |  | 18,893,698 |
Appier Group, Inc.(b) |  |  | 510,800 |  |  |  | 6,266,516 |
Databricks, Inc., (Acquired 07/24/20, Cost: $5,501,686)(d)(e) |  |  | 343,659 |  |  |  | 19,090,257 |
DataRobot, Inc., (Acquired 03/01/21, Cost: $1,384,813)(d)(e) |  |  | 92,093 |  |  |  | 493,619 |
Freee KK(b) |  |  | 469,300 |  |  |  | 10,693,625 |
Glodon Co. Ltd., Class A |  |  | 1,215,236 |  |  |  | 5,439,334 |
Kinaxis, Inc.(b) |  |  | 79,191 |  |  |  | 11,315,989 |
Manhattan Associates, Inc.(b) |  |  | 30,524 |  |  |  | 6,101,137 |
Palo Alto Networks, Inc.(b) |  |  | 107,009 |  |  |  | 27,341,870 |
Rapid7, Inc.(b) |  |  | 176,285 |  |  |  | 7,982,185 |
Samsara, Inc., Class A(b) |  |  | 193,735 |  |  |  | 5,368,397 |
SiteMinder Ltd.(b) |  |  | 3,570,959 |  |  |  | 6,960,321 |
Snorkel AI, Inc., (Acquired 10/13/20, Cost: $2,017,593)(d)(e) |  |  | 500,250 |  |  |  | 5,537,768 |
Snyk Ltd., (Acquired 11/02/ 20, Cost: $9,287,400)(d)(e) |  |  | 1,267,643 |  |  |  | 14,565,218 |
Synopsys, Inc.(b)(h) |  |  | 120,923 |  |  |  | 52,651,083 |

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Science and Technology Term Trust (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |  |  |
Unity Software, Inc.(b) |  |  | 314,022 |  |  | $ | 13,634,835 |
Xero Ltd.(b) |  |  | 210,116 |  |  |  | 16,834,479 |
|  |  |  |  |  |  | 229,170,331 |
Specialty Retail — 0.5% |  |  |  |  |  |
Farfetch Ltd., Class A(b) |  |  | 1,310,577 |  |  |  | 7,915,885 |
Technology Hardware, Storage & Peripherals — 2.1% |  |  |  |
Pure Storage, Inc., Class A(b) |  |  | 737,933 |  |  |  | 27,170,693 |
Wiwynn Corp. |  |  | 161,000 |  |  |  | 7,358,093 |
|  |  |  |  |  |  | 34,528,786 |
Total Common Stocks — 75.1% (Cost: $904,437,318) |  |  | 1,242,279,326 |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 27.0%(d)(e) |  |  |  |  |  |
Communications Equipment — 1.0% |  |  |  |  |  |
Astranis Space Technologies Corp., Series C, (Acquired 03/19/21, Cost: $17,000,010) |  |  | 775,515 |  |  |  | 16,999,289 |
Consumer Staples Distribution & Retail — 2.5% |  |  |  |
GrubMarket, Inc., Series D, (Acquired 07/23/20, Cost: $8,000,001) |  |  | 1,762,969 |  |  |  | 41,905,773 |
Diversified Consumer Services — 1.5% |  |  |  |  |  |
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $16,947,253) |  |  | 850 |  |  |  | 21,798,406 |
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $14,251,080) |  |  | 4,920 |  |  |  | 3,598,589 |
|  |  |  |  |  |  | 25,396,995 |
Entertainment — 0.4% |  |  |  |  |  |
ResearchGate GmbH, Series D, (Acquired 09/24/20, Cost: $6,999,988) |  |  | 424,688 |  |  |  | 6,247,161 |
IT Services — 6.5% |  |  |  |  |  |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $33,777,337) |  |  | 308,260 |  |  |  | 54,193,360 |
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $12,000,008) |  |  | 1,974,374 |  |  |  | 14,412,930 |
Farmer’s Business Network, Inc., Series F, (Acquired 07/31/20, Cost: $11,961,002) |  |  | 361,834 |  |  |  | 15,602,282 |
Trumid Holdings LLC(i) |  |  |  |  |  |  |  |
Class J-A, (Acquired 07/24/20, Cost: $9,999,857) |  |  | 20,154 |  |  |  | 11,153,627 |
Class J-B, (Acquired 07/24/20, Cost: $5,999,914) |  |  | 20,154 |  |  |  | 11,153,627 |
|  |  |  |  |  |  | 106,515,826 |
Professional Services — 0.8% |  |  |  |  |  |
Rapyd Financial Network Ltd., Series E, (Acquired 03/31/21, Cost: $13,999,978) |  |  | 190,705 |  |  |  | 13,391,305 |
Semiconductors & Semiconductor Equipment — 3.8% |  |  |  |  |
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $7,000,000) |  |  | 1,018,908 |  |  |  | 10 |
PsiQuantum Corp. |  |  |  |  |  |  |  |
Series C, (Acquired 09/09/19, Cost: $9,101,310) |  |  | 1,962,335 |  |  |  | 42,680,786 |
Series D, (Acquired 05/21/21, Cost: $19,999,969) |  |  | 762,595 |  |  |  | 20,155,386 |
|  |  |  |  |  |  | 62,836,182 |
Software — 10.5% |  |  |  |  |  |
Databricks, Inc. |  |  |  |  |  |  |  |
Series F, (Acquired 10/22/19, Cost: $13,200,019) |  |  | 922,038 |  |  |  | 51,219,211 |
Series G, (Acquired 02/01/21, Cost: $18,500,004) |  |  | 312,909 |  |  |  | 17,382,095 |

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |  |  |
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $11,499,999) |  |  | 875,059 |  |  | $ | 5,696,634 |
SambaNova Systems, Inc. |  |  |  |  |  |  |  |
Series C, (Acquired 02/20/20, Cost: $33,904,161) |  |  | 636,800 |  |  |  | 52,949,920 |
Series D, (Acquired 04/09/21, Cost: $6,999,979) |  |  | 73,670 |  |  |  | 6,125,660 |
Snorkel AI, Inc., Series B, (Acquired 10/13/20, Cost: $999,996) |  |  | 247,943 |  |  |  | 2,744,729 |
Snyk Ltd., (Acquired 11/02/20, Cost: $13,212,590) |  |  | 2,663,936 |  |  |  | 30,608,625 |
Unqork, Inc. |  |  |  |  |  |  |  |
Series B, (Acquired 09/19/19, Cost: $6,801,016) |  |  | 597,680 |  |  |  | 4,267,435 |
Series C, (Acquired 09/18/20, Cost: $7,994,787) |  |  | 292,000 |  |  |  | 2,575,440 |
|  |  |  |  |  |  | 173,569,749 |
|  |  |  |  |  |  | 446,862,280 |
Total Preferred Securities — 27.0% (Cost: $300,150,258) |  |  |  |  |  |  | 446,862,280 |
Warrants |  |  |  |  |  |  |  |
IT Services — 0.0% |  |  |  |  |  |
TRAX Ltd., (Acquired 09/12/19, Cost: $0), (Issued 09/23/19, Exercisable 07/12/23, 1 Share for 1 Warrant, Expires 09/15/23, Strike Price USD 46.88)(b)(d)(e) |  |  | 46,928 |  |  |  | — |
Total Warrants — 0.0% (Cost: $ — ) |  |  |  |  |  |  | — |
Total Long-Term Investments — 102.1% (Cost: $1,204,587,576) |  |  |  |  |  |  | 1,689,141,606 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 0.3% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(j)(k) |  |  | 3,399,844 |  |  |  | 3,399,844 |
SL Liquidity Series, LLC, Money Market Series, 5.28%(j)(k)(l) |  |  | 2,600,319 |  |  |  | 2,600,319 |
Total Short-Term Securities — 0.3% (Cost: $6,000,142) |  |  |  |  |  |  | 6,000,163 |
Total Investments Before Options Written — 102.4% (Cost: $1,210,587,718) |  |  |  | 1,695,141,769 |
Options Written — (1.9)% |  |  |  |  |  |  |  |
(Premiums Received: $(16,740,064)) |  |  |  |  |  |  | (32,484,997 | )
Total Investments, Net of Options Written — 100.5% (Cost: $1,193,847,654) |  |  |  | 1,662,656,772 |
Liabilities in Excess of Other Assets — (0.5)% |  |  |  |  |  |  | (8,951,978 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 1,653,704,794 |

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

(b) | Non-income producing security.

(c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

(e) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $546,298,409, representing 33.0% of its net assets as of period end, and an original cost of $409,510,459.

(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 this security is on loan.

100 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Science and Technology Term Trust (BSTZ)

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

(i) | 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.

(j) | Affiliate of the Trust.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 20,683,361 |  |  | $ | — |  |  | $ | (17,283,517 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 3,399,844 |  |  |  | 3,399,844 |  |  | $ | 221,875 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | 2,592,612 | (a) |  |  | — |  |  |  | 7,686 |  |  |  | 21 |  |  |  | 2,600,319 |  |  |  | 2,600,319 |  |  |  | 32,129 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,686 |  |  | $ | 21 |  |  | $ | 6,000,163 |  |  |  |  |  |  | $ | 254,004 |  |  | $ | — |

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

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Coupang, Inc. |  |  | 645 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 17.00 |  |  |  | USD |  |  |  | 1,122 |  |  | $ | (36,120 | )
Expedia Group, Inc. |  |  | 53 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 580 |  |  |  | (345 | )
Marvell Technology, Inc. |  |  | 400 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 62.75 |  |  |  | USD |  |  |  | 2,391 |  |  |  | (6,645 | )
MongoDB, Inc. |  |  | 42 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 420.00 |  |  |  | USD |  |  |  | 1,726 |  |  |  | (19,215 | )
NVIDIA Corp. |  |  | 120 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 5,076 |  |  |  | (523,200 | )
Palo Alto Networks, Inc. |  |  | 164 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 4,190 |  |  |  | (259,940 | )
Spotify Technology SA |  |  | 128 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 2,055 |  |  |  | (139,520 | )
Tesla, Inc. |  |  | 162 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 4,241 |  |  |  | (680,400 | )
Coupang, Inc. |  |  | 900 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 1,566 |  |  |  | (39,600 | )
Expedia Group, Inc. |  |  | 53 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 580 |  |  |  | (1,087 | )
Farfetch Ltd., Class A |  |  | 1,534 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 5.50 |  |  |  | USD |  |  |  | 927 |  |  |  | (95,875 | )
Marvell Technology, Inc. |  |  | 479 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 2,863 |  |  |  | (52,211 | )
MercadoLibre, Inc. |  |  | 43 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 1,290.00 |  |  |  | USD |  |  |  | 5,094 |  |  |  | (35,475 | )
NVIDIA Corp. |  |  | 246 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 400.00 |  |  |  | USD |  |  |  | 10,406 |  |  |  | (664,200 | )
Palo Alto Networks, Inc. |  |  | 203 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 5,187 |  |  |  | (730,800 | )
Pinterest, Inc., Class A |  |  | 244 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 667 |  |  |  | (59,902 | )
Roku, Inc. |  |  | 185 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 1,183 |  |  |  | (1,665 | )
Spotify Technology SA |  |  | 109 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 157.50 |  |  |  | USD |  |  |  | 1,750 |  |  |  | (59,405 | )
Take-Two Interactive Software, Inc. |  |  | 196 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 136.00 |  |  |  | USD |  |  |  | 2,884 |  |  |  | (227,360 | )
Tesla, Inc. |  |  | 215 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 5,628 |  |  |  | (632,637 | )
Unity Software, Inc. |  |  | 325 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,411 |  |  |  | (134,062 | )
Amkor Technology, Inc. |  |  | 400 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 28.00 |  |  |  | USD |  |  |  | 1,190 |  |  |  | (88,000 | )
Amkor Technology, Inc. |  |  | 125 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 31.00 |  |  |  | USD |  |  |  | 372 |  |  |  | (7,500 | )
Array Technologies, Inc. |  |  | 859 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 1,941 |  |  |  | (27,918 | )
Axcelis Technologies, Inc. |  |  | 91 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,668 |  |  |  | (317,135 | )
Axcelis Technologies, Inc. |  |  | 100 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 1,833 |  |  |  | (120,000 | )
Coupang, Inc. |  |  | 950 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 1,653 |  |  |  | (52,725 | )
Credo Technology Group Holding Ltd. |  |  | 1,015 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 8.36 |  |  |  | USD |  |  |  | 1,760 |  |  |  | (914,048 | )
Credo Technology Group Holding Ltd. |  |  | 505 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 9.73 |  |  |  | USD |  |  |  | 876 |  |  |  | (385,804 | )

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Science and Technology Term Trust (BSTZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credo Technology Group Holding Ltd. |  |  | 1,322 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 2,292 |  |  | $ | (19,830 | )
Farfetch Ltd., Class A |  |  | 2,180 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 6.00 |  |  |  | USD |  |  |  | 1,317 |  |  |  | (82,840 | )
Jabil, Inc. |  |  | 446 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 4,814 |  |  |  | (593,180 | )
Kinaxis, Inc. |  |  | 165 |  |  |  | 07/21/23 |  |  |  | CAD |  |  |  | 190.00 |  |  |  | CAD |  |  |  | 3,123 |  |  |  | (52,935 | )
Lattice Semiconductor Corp. |  |  | 217 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 2,085 |  |  |  | (163,835 | )
Legalzoom.com, Inc. |  |  | 600 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 12.50 |  |  |  | USD |  |  |  | 725 |  |  |  | (22,500 | )
MongoDB, Inc. |  |  | 57 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 280.00 |  |  |  | USD |  |  |  | 2,343 |  |  |  | (753,825 | )
Monolithic Power Systems, Inc. |  |  | 125 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 431.00 |  |  |  | USD |  |  |  | 6,753 |  |  |  | (1,387,034 | )
NVIDIA Corp. |  |  | 122 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 390.00 |  |  |  | USD |  |  |  | 5,161 |  |  |  | (464,515 | )
Pinterest, Inc., Class A |  |  | 274 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 749 |  |  |  | (46,580 | )
Pure Storage, Inc., Class A |  |  | 1,779 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 24.44 |  |  |  | USD |  |  |  | 6,550 |  |  |  | (2,216,027 | )
Rambus, Inc. |  |  | 784 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 50.75 |  |  |  | USD |  |  |  | 5,031 |  |  |  | (1,069,356 | )
Rapid7, Inc. |  |  | 360 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,630 |  |  |  | (19,800 | )
Roku, Inc. |  |  | 185 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 1,183 |  |  |  | (4,070 | )
Shift4 Payments, Inc., Class A |  |  | 131 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 890 |  |  |  | (9,825 | )
Synopsys, Inc. |  |  | 321 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 410.00 |  |  |  | USD |  |  |  | 13,977 |  |  |  | (905,220 | )
Take-Two Interactive Software, Inc. |  |  | 197 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 2,899 |  |  |  | (87,173 | )
Tesla, Inc. |  |  | 179 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 4,686 |  |  |  | (1,213,620 | )
Trip.com Group Ltd., ADR |  |  | 1,300 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 37.00 |  |  |  | USD |  |  |  | 4,550 |  |  |  | (52,000 | )
Unity Software, Inc. |  |  | 304 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,320 |  |  |  | (263,720 | )
Wolfspeed, Inc. |  |  | 817 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 4,542 |  |  |  | (526,965 | )
Lattice Semiconductor Corp. |  |  | 509 |  |  |  | 07/27/23 |  |  |  | USD |  |  |  | 91.00 |  |  |  | USD |  |  |  | 4,890 |  |  |  | (384,862 | )
Expedia Group, Inc. |  |  | 112 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 1,225 |  |  |  | (40,600 | )
Farfetch Ltd., Class A |  |  | 1,528 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 6.50 |  |  |  | USD |  |  |  | 923 |  |  |  | (38,964 | )
First Solar, Inc. |  |  | 97 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 1,844 |  |  |  | (46,075 | )
Marvell Technology, Inc. |  |  | 180 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 66.00 |  |  |  | USD |  |  |  | 1,076 |  |  |  | (11,700 | )
MercadoLibre, Inc. |  |  | 30 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 1,290.00 |  |  |  | USD |  |  |  | 3,554 |  |  |  | (54,750 | )
MongoDB, Inc. |  |  | 70 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 2,877 |  |  |  | (281,050 | )
NVIDIA Corp. |  |  | 207 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 425.00 |  |  |  | USD |  |  |  | 8,757 |  |  |  | (366,907 | )
Palo Alto Networks, Inc. |  |  | 61 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 255.00 |  |  |  | USD |  |  |  | 1,559 |  |  |  | (51,240 | )
Pinterest, Inc., Class A |  |  | 480 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 1,312 |  |  |  | (130,560 | )
Shift4 Payments, Inc., Class A |  |  | 306 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 73.00 |  |  |  | USD |  |  |  | 2,078 |  |  |  | (47,733 | )
Spotify Technology SA |  |  | 103 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 167.50 |  |  |  | USD |  |  |  | 1,654 |  |  |  | (63,345 | )
Take-Two Interactive Software, Inc. |  |  | 199 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 143.00 |  |  |  | USD |  |  |  | 2,928 |  |  |  | (125,867 | )
Tesla, Inc. |  |  | 122 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 280.00 |  |  |  | USD |  |  |  | 3,194 |  |  |  | (126,270 | )
Tesla, Inc. |  |  | 103 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 295.00 |  |  |  | USD |  |  |  | 2,696 |  |  |  | (70,040 | )
Unity Software, Inc. |  |  | 404 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,754 |  |  |  | (92,516 | )
Coupang, Inc. |  |  | 630 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 1,096 |  |  |  | (50,715 | )
Marvell Technology, Inc. |  |  | 428 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 2,559 |  |  |  | (100,580 | )
NVIDIA Corp. |  |  | 121 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 455.00 |  |  |  | USD |  |  |  | 5,119 |  |  |  | (116,765 | )
Pinterest, Inc., Class A |  |  | 275 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 28.00 |  |  |  | USD |  |  |  | 752 |  |  |  | (38,775 | )
Tesla, Inc. |  |  | 165 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 4,319 |  |  |  | (146,850 | )
First Solar, Inc. |  |  | 134 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 2,547 |  |  |  | (106,865 | )
MercadoLibre, Inc. |  |  | 16 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 1,290.00 |  |  |  | USD |  |  |  | 1,895 |  |  |  | (62,960 | )
Unity Software, Inc. |  |  | 223 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 968 |  |  |  | (84,740 | )
Array Technologies, Inc. |  |  | 577 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 1,304 |  |  |  | (70,683 | )
Credo Technology Group Holding Ltd. |  |  | 1,520 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 10.00 |  |  |  | USD |  |  |  | 2,636 |  |  |  | (1,147,600 | )
Credo Technology Group Holding Ltd. |  |  | 2,813 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 4,878 |  |  |  | (126,585 | )
Jabil, Inc. |  |  | 771 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 8,321 |  |  |  | (693,900 | )
Kinaxis, Inc. |  |  | 151 |  |  |  | 08/18/23 |  |  |  | CAD |  |  |  | 190.00 |  |  |  | CAD |  |  |  | 2,858 |  |  |  | (102,015 | )
Lattice Semiconductor Corp. |  |  | 452 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 4,342 |  |  |  | (334,480 | )
Legalzoom.com, Inc. |  |  | 870 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 12.50 |  |  |  | USD |  |  |  | 1,051 |  |  |  | (73,950 | )
Manhattan Associates, Inc. |  |  | 122 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 2,439 |  |  |  | (164,090 | )
MongoDB, Inc. |  |  | 100 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 390.00 |  |  |  | USD |  |  |  | 4,110 |  |  |  | (405,500 | )
Monolithic Power Systems, Inc. |  |  | 126 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 530.00 |  |  |  | USD |  |  |  | 6,807 |  |  |  | (536,130 | )
Pinterest, Inc., Class A |  |  | 274 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 749 |  |  |  | (73,021 | )
Pure Storage, Inc., Class A |  |  | 1,190 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 37.00 |  |  |  | USD |  |  |  | 4,382 |  |  |  | (199,325 | )
Rambus, Inc. |  |  | 440 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 2,823 |  |  |  | (99,000 | )
Rapid7, Inc. |  |  | 360 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,630 |  |  |  | (129,600 | )
Samsara, Inc., Class A |  |  | 387 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,072 |  |  |  | (50,310 | )
Shift4 Payments, Inc., Class A |  |  | 306 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 68.50 |  |  |  | USD |  |  |  | 2,078 |  |  |  | (129,197 | )
Trip.com Group Ltd., ADR |  |  | 458 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 39.00 |  |  |  | USD |  |  |  | 1,603 |  |  |  | (24,045 | )

102 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Science and Technology Term Trust (BSTZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wolfspeed, Inc. |  |  | 589 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 3,274 |  |  | $ | (223,820 | )
Pinterest, Inc., Class A |  |  | 220 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 29.00 |  |  |  | USD |  |  |  | 601 |  |  |  | (34,980 | )
Samsara, Inc., Class A |  |  | 387 |  |  |  | 09/15/23 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,072 |  |  |  | (87,075 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (23,613,679 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adyen NV |  | Goldman Sachs International |  |  | 5,600 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 1,489.94 |  |  |  | EUR |  |  |  | 8,887 |  |  | $ | (624,711 | )
Delta Electronics, Inc. |  | BNP Paribas SA |  |  | 479,000 |  |  |  | 07/11/23 |  |  |  | TWD |  |  |  | 309.73 |  |  |  | TWD |  |  |  | 165,329 |  |  |  | (536,514 | )
GMO Payment Gateway, Inc. |  | UBS AG |  |  | 25,600 |  |  |  | 07/11/23 |  |  |  | JPY |  |  |  | 11,720.91 |  |  |  | JPY |  |  |  | 289,752 |  |  |  | (12,048 | )
Lattice Semiconductor Corp. |  | Citibank N.A. |  |  | 46,200 |  |  |  | 07/11/23 |  |  |  | USD |  |  |  | 85.77 |  |  |  | USD |  |  |  | 4,438 |  |  |  | (490,013 | )
Prosus NV |  | Goldman Sachs International |  |  | 17,000 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 72.62 |  |  |  | EUR |  |  |  | 1,141 |  |  |  | (1,925 | )
ASM International NV |  | Goldman Sachs International |  |  | 33,000 |  |  |  | 07/12/23 |  |  |  | EUR |  |  |  | 356.48 |  |  |  | EUR |  |  |  | 12,841 |  |  |  | (1,196,303 | )
Glodon Co. Ltd., Class A |  | Morgan Stanley & Co. International PLC |  |  | 350,000 |  |  |  | 07/12/23 |  |  |  | CNY |  |  |  | 39.93 |  |  |  | CNY |  |  |  | 11,389 |  |  |  | (619 | )
Informa PLC |  | Goldman Sachs International |  |  | 336,300 |  |  |  | 07/12/23 |  |  |  | GBP |  |  |  | 7.34 |  |  |  | GBP |  |  |  | 2,445 |  |  |  | (29,154 | )
Lotes Co. Ltd. |  | UBS AG |  |  | 40,000 |  |  |  | 07/12/23 |  |  |  | TWD |  |  |  | 934.28 |  |  |  | TWD |  |  |  | 34,496 |  |  |  | (5,692 | )
Shenzhen Inovance Technology Co. Ltd., Class A |  | Morgan Stanley & Co. International PLC |  |  | 452,000 |  |  |  | 07/12/23 |  |  |  | CNY |  |  |  | 62.03 |  |  |  | CNY |  |  |  | 29,102 |  |  |  | (159,900 | )
SiteMinder Ltd. |  | UBS AG |  |  | 35,000 |  |  |  | 07/12/23 |  |  |  | AUD |  |  |  | 3.34 |  |  |  | AUD |  |  |  | 102 |  |  |  | (225 | )
Wise PLC, Class A |  | JPMorgan Chase Bank N.A. |  |  | 135,000 |  |  |  | 07/12/23 |  |  |  | GBP |  |  |  | 6.26 |  |  |  | GBP |  |  |  | 889 |  |  |  | (85,334 | )
Alphawave IP Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 100,000 |  |  |  | 07/13/23 |  |  |  | GBP |  |  |  | 1.28 |  |  |  | GBP |  |  |  | 143 |  |  |  | (21,445 | )
Ibiden Co. Ltd. |  | Citibank N.A. |  |  | 23,500 |  |  |  | 07/13/23 |  |  |  | JPY |  |  |  | 8,413.65 |  |  |  | JPY |  |  |  | 192,935 |  |  |  | (18,988 | )
Ibiden Co. Ltd. |  | UBS AG |  |  | 52,800 |  |  |  | 07/13/23 |  |  |  | JPY |  |  |  | 7,799.04 |  |  |  | JPY |  |  |  | 433,489 |  |  |  | (153,402 | )
Nikon Corp. |  | UBS AG |  |  | 230,800 |  |  |  | 07/13/23 |  |  |  | JPY |  |  |  | 1,602.07 |  |  |  | JPY |  |  |  | 432,373 |  |  |  | (420,446 | )
Unimicron Technology Corp. |  | Goldman Sachs International |  |  | 674,000 |  |  |  | 07/13/23 |  |  |  | TWD |  |  |  | 187.53 |  |  |  | TWD |  |  |  | 119,371 |  |  |  | (22,781 | )
Wiwynn Corp. |  | Goldman Sachs International |  |  | 8,000 |  |  |  | 07/13/23 |  |  |  | TWD |  |  |  | 1,234.90 |  |  |  | TWD |  |  |  | 11,387 |  |  |  | (48,983 | )
Wolters Kluwer NV |  | Goldman Sachs International |  |  | 65,700 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 112.99 |  |  |  | EUR |  |  |  | 7,645 |  |  |  | (282,393 | )
BE Semiconductor Industries NV |  | Morgan Stanley & Co. International PLC |  |  | 44,400 |  |  |  | 07/18/23 |  |  |  | EUR |  |  |  | 97.93 |  |  |  | EUR |  |  |  | 4,413 |  |  |  | (172,056 | )
Lotes Co. Ltd. |  | Citibank N.A. |  |  | 47,000 |  |  |  | 07/18/23 |  |  |  | TWD |  |  |  | 988.98 |  |  |  | TWD |  |  |  | 40,532 |  |  |  | (3,477 | )
Wise PLC, Class A |  | Morgan Stanley & Co. International PLC |  |  | 51,000 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 6.33 |  |  |  | GBP |  |  |  | 336 |  |  |  | (33,744 | )
Xero Ltd. |  | Goldman Sachs International |  |  | 41,150 |  |  |  | 07/18/23 |  |  |  | AUD |  |  |  | 107.07 |  |  |  | AUD |  |  |  | 4,949 |  |  |  | (337,181 | )
Altium Ltd. |  | UBS AG |  |  | 70,000 |  |  |  | 07/19/23 |  |  |  | AUD |  |  |  | 38.48 |  |  |  | AUD |  |  |  | 2,602 |  |  |  | (15,072 | )
Altium Ltd. |  | UBS AG |  |  | 43,900 |  |  |  | 07/19/23 |  |  |  | AUD |  |  |  | 40.34 |  |  |  | AUD |  |  |  | 1,632 |  |  |  | (1,875 | )
SK Hynix, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 43,400 |  |  |  | 07/19/23 |  |  |  | KRW |  |  |  | 106,605.00 |  |  |  | KRW |  |  |  | 5,024,613 |  |  |  | (308,139 | )
SOITEC |  | Morgan Stanley & Co. International PLC |  |  | 7,200 |  |  |  | 07/19/23 |  |  |  | EUR |  |  |  | 131.26 |  |  |  | EUR |  |  |  | 1,116 |  |  |  | (190,319 | )
SOITEC |  | Morgan Stanley & Co. International PLC |  |  | 6,600 |  |  |  | 07/19/23 |  |  |  | EUR |  |  |  | 144.13 |  |  |  | EUR |  |  |  | 1,023 |  |  |  | (88,666 | )
Wiwynn Corp. |  | Morgan Stanley & Co. International PLC |  |  | 70,000 |  |  |  | 07/19/23 |  |  |  | TWD |  |  |  | 1,175.93 |  |  |  | TWD |  |  |  | 99,637 |  |  |  | (559,313 | )
Altium Ltd. |  | UBS AG |  |  | 63,000 |  |  |  | 07/25/23 |  |  |  | AUD |  |  |  | 39.63 |  |  |  | AUD |  |  |  | 2,342 |  |  |  | (8,617 | )
CTS Eventim AG & Co. KGaA |  | Goldman Sachs International |  |  | 13,700 |  |  |  | 07/25/23 |  |  |  | EUR |  |  |  | 72.20 |  |  |  | EUR |  |  |  | 794 |  |  |  | (14 | )
Freee KK |  | BNP Paribas SA |  |  | 94,600 |  |  |  | 07/25/23 |  |  |  | JPY |  |  |  | 3,729.71 |  |  |  | JPY |  |  |  | 311,040 |  |  |  | (31,527 | )
GMO Payment Gateway, Inc. |  | BNP Paribas SA |  |  | 25,000 |  |  |  | 07/25/23 |  |  |  | JPY |  |  |  | 11,462.45 |  |  |  | JPY |  |  |  | 282,961 |  |  |  | (43,092 | )
Informa PLC |  | Goldman Sachs International |  |  | 377,800 |  |  |  | 07/25/23 |  |  |  | GBP |  |  |  | 7.22 |  |  |  | GBP |  |  |  | 2,747 |  |  |  | (89,700 | )
Lasertec Corp. |  | BNP Paribas SA |  |  | 89,700 |  |  |  | 07/25/23 |  |  |  | JPY |  |  |  | 23,385.53 |  |  |  | JPY |  |  |  | 1,955,940 |  |  |  | (199,215 | )
Alphawave IP Group PLC |  | Goldman Sachs International |  |  | 200,000 |  |  |  | 07/26/23 |  |  |  | GBP |  |  |  | 1.26 |  |  |  | GBP |  |  |  | 287 |  |  |  | (52,738 | )
BE Semiconductor Industries NV |  | Goldman Sachs International |  |  | 21,000 |  |  |  | 07/26/23 |  |  |  | EUR |  |  |  | 109.12 |  |  |  | EUR |  |  |  | 2,087 |  |  |  | (12,811 | )
CTS Eventim AG & Co. KGaA |  | Barclays Bank PLC |  |  | 10,000 |  |  |  | 07/26/23 |  |  |  | EUR |  |  |  | 72.98 |  |  |  | EUR |  |  |  | 580 |  |  |  | (7 | )
Kaspi.KZ JSC, GDR, Registered Shares |  | Morgan Stanley & Co. International PLC |  |  | 30,000 |  |  |  | 07/26/23 |  |  |  | USD |  |  |  | 83.53 |  |  |  | USD |  |  |  | 2,393 |  |  |  | (38,892 | )
M3, Inc. |  | UBS AG |  |  | 104,000 |  |  |  | 07/26/23 |  |  |  | JPY |  |  |  | 3,281.90 |  |  |  | JPY |  |  |  | 327,215 |  |  |  | (30,645 | )
SiteMinder Ltd. |  | Citibank N.A. |  |  | 24,500 |  |  |  | 07/26/23 |  |  |  | AUD |  |  |  | 3.22 |  |  |  | AUD |  |  |  | 72 |  |  |  | (967 | )
SOITEC |  | Morgan Stanley & Co. International PLC |  |  | 12,200 |  |  |  | 07/26/23 |  |  |  | EUR |  |  |  | 140.88 |  |  |  | EUR |  |  |  | 1,891 |  |  |  | (211,168 | )
Wise PLC, Class A |  | Goldman Sachs International |  |  | 47,200 |  |  |  | 07/26/23 |  |  |  | GBP |  |  |  | 6.29 |  |  |  | GBP |  |  |  | 311 |  |  |  | (36,441 | )
Zhejiang Supcon Technology Co. Ltd., Class A |  | Morgan Stanley & Co. International PLC |  |  | 256,343 |  |  |  | 07/26/23 |  |  |  | CNY |  |  |  | 71.33 |  |  |  | CNY |  |  |  | 16,148 |  |  |  | (10,372 | )
Amkor Technology, Inc. |  | Citibank N.A. |  |  | 40,300 |  |  |  | 07/31/23 |  |  |  | USD |  |  |  | 27.56 |  |  |  | USD |  |  |  | 1,199 |  |  |  | (109,814 | )
Axcelis Technologies, Inc. |  | Citibank N.A. |  |  | 8,600 |  |  |  | 07/31/23 |  |  |  | USD |  |  |  | 191.10 |  |  |  | USD |  |  |  | 1,577 |  |  |  | (45,903 | )
Legalzoom.com, Inc. |  | Citibank N.A. |  |  | 80,000 |  |  |  | 07/31/23 |  |  |  | USD |  |  |  | 12.98 |  |  |  | USD |  |  |  | 966 |  |  |  | (27,043 | )
Synopsys, Inc. |  | Citibank N.A. |  |  | 16,200 |  |  |  | 07/31/23 |  |  |  | USD |  |  |  | 467.88 |  |  |  | USD |  |  |  | 7,054 |  |  |  | (63,423 | )
Alphawave IP Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 100,000 |  |  |  | 08/01/23 |  |  |  | GBP |  |  |  | 1.35 |  |  |  | GBP |  |  |  | 143 |  |  |  | (19,460 | )

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Science and Technology Term Trust (BSTZ)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Altium Ltd. |  | UBS AG |  |  | 54,000 |  |  |  | 08/01/23 |  |  |  | AUD |  |  |  | 39.19 |  |  |  | AUD |  |  |  | 2,007 |  |  | $ | (14,393 | )
CTS Eventim AG & Co. KGaA |  | UBS AG |  |  | 17,100 |  |  |  | 08/01/23 |  |  |  | EUR |  |  |  | 62.84 |  |  |  | EUR |  |  |  | 991 |  |  |  | (10,728 | )
Delta Electronics, Inc. |  | Citibank N.A. |  |  | 80,000 |  |  |  | 08/01/23 |  |  |  | TWD |  |  |  | 349.86 |  |  |  | TWD |  |  |  | 27,612 |  |  |  | (20,802 | )
Freee KK |  | Bank of America N.A. |  |  | 93,100 |  |  |  | 08/01/23 |  |  |  | JPY |  |  |  | 3,648.39 |  |  |  | JPY |  |  |  | 306,108 |  |  |  | (52,181 | )
Informa PLC |  | Morgan Stanley & Co. International PLC |  |  | 377,800 |  |  |  | 08/01/23 |  |  |  | GBP |  |  |  | 7.22 |  |  |  | GBP |  |  |  | 2,747 |  |  |  | (104,103 | )
Kaspi.KZ JSC, GDR, Registered Shares |  | Morgan Stanley & Co. International PLC |  |  | 30,000 |  |  |  | 08/01/23 |  |  |  | USD |  |  |  | 84.33 |  |  |  | USD |  |  |  | 2,393 |  |  |  | (40,435 | )
SOITEC |  | Morgan Stanley & Co. International PLC |  |  | 15,000 |  |  |  | 08/01/23 |  |  |  | EUR |  |  |  | 160.16 |  |  |  | EUR |  |  |  | 2,326 |  |  |  | (56,281 | )
SOITEC |  | Morgan Stanley & Co. International PLC |  |  | 9,600 |  |  |  | 08/01/23 |  |  |  | EUR |  |  |  | 143.71 |  |  |  | EUR |  |  |  | 1,488 |  |  |  | (147,706 | )
Yageo Corp. |  | Goldman Sachs International |  |  | 60,000 |  |  |  | 08/01/23 |  |  |  | TWD |  |  |  | 510.24 |  |  |  | TWD |  |  |  | 29,604 |  |  |  | (9,985 | )
Accton Technology Corp. |  | BNP Paribas SA |  |  | 350,000 |  |  |  | 08/02/23 |  |  |  | TWD |  |  |  | 395.90 |  |  |  | TWD |  |  |  | 122,612 |  |  |  | (34,569 | )
Alchip Technologies Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 87,000 |  |  |  | 08/02/23 |  |  |  | TWD |  |  |  | 1,936.00 |  |  |  | TWD |  |  |  | 156,950 |  |  |  | (205,118 | )
Appier Group, Inc. |  | Societe Generale |  |  | 204,300 |  |  |  | 08/02/23 |  |  |  | JPY |  |  |  | 1,921.70 |  |  |  | JPY |  |  |  | 361,655 |  |  |  | (85,213 | )
ASPEED Technology, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 43,000 |  |  |  | 08/02/23 |  |  |  | TWD |  |  |  | 2,874.41 |  |  |  | TWD |  |  |  | 123,348 |  |  |  | (228,597 | )
eMemory Technology, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 39,000 |  |  |  | 08/02/23 |  |  |  | TWD |  |  |  | 2,461.00 |  |  |  | TWD |  |  |  | 86,937 |  |  |  | (47,927 | )
Nexon Co. Ltd. |  | Societe Generale |  |  | 160,000 |  |  |  | 08/02/23 |  |  |  | JPY |  |  |  | 3,046.83 |  |  |  | JPY |  |  |  | 442,736 |  |  |  | (11,956 | )
SiteMinder Ltd. |  | Citibank N.A. |  |  | 37,300 |  |  |  | 08/02/23 |  |  |  | AUD |  |  |  | 3.33 |  |  |  | AUD |  |  |  | 109 |  |  |  | (1,352 | )
SK Hynix, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 10,600 |  |  |  | 08/02/23 |  |  |  | KRW |  |  |  | 124,740.00 |  |  |  | KRW |  |  |  | 1,227,210 |  |  |  | (10,703 | )
Wise PLC, Class A |  | Goldman Sachs International |  |  | 84,400 |  |  |  | 08/02/23 |  |  |  | GBP |  |  |  | 6.82 |  |  |  | GBP |  |  |  | 555 |  |  |  | (39,696 | )
Altium Ltd. |  | Citibank N.A. |  |  | 37,100 |  |  |  | 08/08/23 |  |  |  | AUD |  |  |  | 36.92 |  |  |  | AUD |  |  |  | 1,379 |  |  |  | (35,451 | )
Alphawave IP Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 150,000 |  |  |  | 08/10/23 |  |  |  | GBP |  |  |  | 1.50 |  |  |  | GBP |  |  |  | 215 |  |  |  | (17,435 | )
BE Semiconductor Industries NV |  | Morgan Stanley & Co. International PLC |  |  | 39,400 |  |  |  | 08/10/23 |  |  |  | EUR |  |  |  | 110.42 |  |  |  | EUR |  |  |  | 3,916 |  |  |  | (54,300 | )
CTS Eventim AG & Co. KGaA |  | Morgan Stanley & Co. International PLC |  |  | 17,000 |  |  |  | 08/10/23 |  |  |  | EUR |  |  |  | 59.82 |  |  |  | EUR |  |  |  | 985 |  |  |  | (28,454 | )
GMO Payment Gateway, Inc. |  | Societe Generale |  |  | 22,200 |  |  |  | 08/10/23 |  |  |  | JPY |  |  |  | 12,629.90 |  |  |  | JPY |  |  |  | 251,269 |  |  |  | (11,264 | )
SOITEC |  | Goldman Sachs International |  |  | 10,300 |  |  |  | 08/10/23 |  |  |  | EUR |  |  |  | 157.04 |  |  |  | EUR |  |  |  | 1,597 |  |  |  | (72,066 | )
Wise PLC, Class A |  | Goldman Sachs International |  |  | 95,000 |  |  |  | 08/10/23 |  |  |  | GBP |  |  |  | 6.39 |  |  |  | GBP |  |  |  | 625 |  |  |  | (72,895 | )
Samsung SDI Co. Ltd. |  | BNP Paribas SA |  |  | 18,600 |  |  |  | 08/14/23 |  |  |  | KRW |  |  |  | 700,667.27 |  |  |  | KRW |  |  |  | 12,514,775 |  |  |  | (189,004 | )
Prosus NV |  | JPMorgan Chase Bank N.A. |  |  | 31,300 |  |  |  | 08/15/23 |  |  |  | EUR |  |  |  | 66.12 |  |  |  | EUR |  |  |  | 2,101 |  |  |  | (127,598 | )
Xero Ltd. |  | UBS AG |  |  | 42,800 |  |  |  | 08/15/23 |  |  |  | AUD |  |  |  | 116.91 |  |  |  | AUD |  |  |  | 5,148 |  |  |  | (193,722 | )
Altium Ltd. |  | Goldman Sachs International |  |  | 37,100 |  |  |  | 08/16/23 |  |  |  | AUD |  |  |  | 38.27 |  |  |  | AUD |  |  |  | 1,379 |  |  |  | (24,144 | )
Informa PLC |  | Bank of America N.A. |  |  | 69,600 |  |  |  | 08/16/23 |  |  |  | GBP |  |  |  | 7.29 |  |  |  | GBP |  |  |  | 506 |  |  |  | (19,242 | )
Yageo Corp. |  | Morgan Stanley & Co. International PLC |  |  | 212,000 |  |  |  | 08/16/23 |  |  |  | TWD |  |  |  | 512.12 |  |  |  | TWD |  |  |  | 104,602 |  |  |  | (51,431 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (8,871,318 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 2,852,790 |  |  | $ | (18,597,723 | ) |  | $ | (32,484,997 | )

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 |  | $ | — |  |  | $ | — |  |  | $ | 32,484,997 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 32,484,997 |

104 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Science and Technology Term Trust (BSTZ)

For the period ended June 30, 2023, 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) |  | $ | — |  |  | $ | — |  |  | $ | (4,070,240 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4,070,240 | )
Options written |  |  | — |  |  |  | — |  |  |  | (10,876,120 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,876,120 | )
|  | $ | — |  |  | $ | — |  |  | $ | (14,946,360 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (14,946,360 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (25,448,128 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (25,448,128 | )

| (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 |  | $ | 27,055,570 |

| (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 |  | $ | — |  |  | $ | 32,484,997 |
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities |  |  | — |  |  |  | 32,484,997 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (23,613,679 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 8,871,318 |

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 |  |  |  | Net Amount of Derivative Liabilities | (a)
Bank of America N.A |  | $ | 71,423 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 71,423 |
Barclays Bank PLC |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7 |
BNP Paribas SA |  |  | 1,033,921 |  |  |  | — |  |  |  | (582,507 | ) |  |  | (440,000 | ) |  |  | 11,414 |
Citibank N.A. |  |  | 817,233 |  |  |  | — |  |  |  | — |  |  |  | (540,000 | ) |  |  | 277,233 |
Goldman Sachs International |  |  | 2,953,921 |  |  |  | — |  |  |  | (2,490,385 | ) |  |  | — |  |  |  | 463,536 |
JPMorgan Chase Bank N.A. |  |  | 212,932 |  |  |  | — |  |  |  | (122,510 | ) |  |  | — |  |  |  | 90,422 |
Morgan Stanley & Co. International PLC |  |  | 2,806,583 |  |  |  | — |  |  |  | (1,979,318 | ) |  |  | — |  |  |  | 827,265 |
Societe Generale |  |  | 108,433 |  |  |  | — |  |  |  | (106,709 | ) |  |  | — |  |  |  | 1,724 |
UBS AG |  |  | 866,865 |  |  |  | — |  |  |  | (616,842 | ) |  |  | — |  |  |  | 250,023 |
|  | $ | 8,871,318 |  |  | $ | — |  |  | $ | (5,898,271 | ) |  | $ | (980,000 | ) |  | $ | 1,993,047 |

| (a) | 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.

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Science and Technology Term Trust (BSTZ)

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobiles |  | $ | 49,201,766 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,201,766 |
Broadline Retail |  |  | 31,812,599 |  |  |  | 8,827,494 |  |  |  | — |  |  |  | 40,640,093 |
Communications Equipment |  |  | — |  |  |  | 13,149,146 |  |  |  | — |  |  |  | 13,149,146 |
Consumer Finance |  |  | — |  |  |  | 11,990,607 |  |  |  | — |  |  |  | 11,990,607 |
Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 3,401,837 |  |  |  | 3,401,837 |
Electrical Equipment |  |  | 7,943,810 |  |  |  | — |  |  |  | — |  |  |  | 7,943,810 |
Electronic Equipment, Instruments & Components |  |  | 32,849,035 |  |  |  | 84,044,135 |  |  |  | — |  |  |  | 116,893,170 |
Entertainment |  |  | 41,393,989 |  |  |  | 16,333,870 |  |  |  | — |  |  |  | 57,727,859 |
Financial Services |  |  | 9,923,892 |  |  |  | 43,430,412 |  |  |  | — |  |  |  | 53,354,304 |
Health Care Technology |  |  | — |  |  |  | 5,673,558 |  |  |  | — |  |  |  | 5,673,558 |
Hotels, Restaurants & Leisure |  |  | 20,527,686 |  |  |  | — |  |  |  | — |  |  |  | 20,527,686 |
Household Durables |  |  | — |  |  |  | 8,481,717 |  |  |  | — |  |  |  | 8,481,717 |
Interactive Media & Services |  |  | 9,625,320 |  |  |  | — |  |  |  | — |  |  |  | 9,625,320 |
IT Services |  |  | 27,734,427 |  |  |  | — |  |  |  | 56,347,430 |  |  |  | 84,081,857 |
Machinery |  |  | — |  |  |  | 6,403,338 |  |  |  | — |  |  |  | 6,403,338 |
Media |  |  | — |  |  |  | 26,646,882 |  |  |  | — |  |  |  | 26,646,882 |
Professional Services |  |  | 9,481,918 |  |  |  | 20,874,567 |  |  |  | — |  |  |  | 30,356,485 |
Semiconductors & Semiconductor Equipment |  |  | 272,195,025 |  |  |  | 152,369,864 |  |  |  | — |  |  |  | 424,564,889 |
Software |  |  | 124,395,496 |  |  |  | 65,087,973 |  |  |  | 39,686,862 |  |  |  | 229,170,331 |
Specialty Retail |  |  | 7,915,885 |  |  |  | — |  |  |  | — |  |  |  | 7,915,885 |
Technology Hardware, Storage & Peripherals |  |  | 27,170,693 |  |  |  | 7,358,093 |  |  |  | — |  |  |  | 34,528,786 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 446,862,280 |  |  |  | 446,862,280 |
Warrants |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 3,399,844 |  |  |  | — |  |  |  | — |  |  |  | 3,399,844 |
|  | $ | 675,571,385 |  |  | $ | 470,671,656 |  |  | $ | 546,298,409 |  |  |  | 1,692,541,450 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,600,319 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,695,141,769 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (17,072,973 | ) |  | $ | (15,412,024 | ) |  | $ | — |  |  | $ | (32,484,997 | )

| (a) | Certain investments of the Trust were fair valued using NAV as a practical expedient 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 and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

|  | Common Stocks |  |  | Preferred Stocks |  |  | Warrants |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2022 |  | $ | 94,490,236 |  |  | $ | 413,908,201 |  |  | $ | 44,581 |  |  | $ | 508,443,018 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | 4,945,893 |  |  |  | 32,954,079 |  |  |  | (44,581 | ) |  |  | 37,855,391 |

106 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Science and Technology Term Trust (BSTZ)

|  | Common Stocks |  |  | Preferred Stocks |  |  | Warrants |  |  | Total |
Purchases |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Sales |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Closing balance, as of June 30, 2023 |  | $ | 99,436,129 |  |  | $ | 446,862,280 |  |  | $ | — | (c) |  | $ | 546,298,409 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023(b) |  | $ | 4,945,893 |  |  | $ | 32,954,079 |  |  | $ | (44,581 | ) |  | $ | 37,855,391 |

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

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.

| (c) | Rounds to less than $1.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end.

|  | Value |  |  | Valuation Approach |  |  | Unobservable Inputs |  |  | Range of Unobservable Inputs Utilized(a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 99,436,129 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 1.80x - 28.00x |  |  |  | 13.48x |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 60% - 70% |  |  |  | 61% |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 1.0 - 3.0 years |  |  |  | 1.3 years |
Preferred Stocks |  |  | 446,862,280 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 1.80x - 29.00x |  |  |  | 16.30x |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 3.0 - 4.0 years |  |  |  | 3.9 years |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 40% - 70% |  |  |  | 52% |
|  |  |  |  |  |  |  |  |  |  | Market Adjustment Multiple |  |  |  | 1.10x-1.10x |  |  |  | 1.10x |
|  |  |  |  |  |  |  |  |  |  | Gross Profit Multiple |  |  |  | 6.75x |  |  |  | — |
|  | $ | 546,298,409 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

See notes to 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 |  | 107

Consolidated Schedule of Investments (unaudited) June 30, 2023 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Automobiles — 2.5% |  |  |  |  |  |
Tesla, Inc.(a)(b) |  |  | 109,155 |  |  | $ | 28,573,504 |
Broadline Retail(a)(b) — 3.5% |  |  |  |  |  |
Alibaba Group Holding Ltd., ADR(c) |  |  | 61,846 |  |  |  | 5,154,864 |
Amazon.com, Inc. |  |  | 167,904 |  |  |  | 21,887,965 |
MercadoLibre, Inc. |  |  | 11,296 |  |  |  | 13,381,242 |
|  |  |  |  |  |  | 40,424,071 |
Capital Markets — 0.7% |  |  |  |  |  |
S&P Global, Inc.(a) |  |  | 21,150 |  |  |  | 8,478,824 |
Communications Equipment(a) — 0.9% |  |  |  |  |  |
Arista Networks, Inc.(b) |  |  | 32,419 |  |  |  | 5,253,823 |
Motorola Solutions, Inc. |  |  | 18,742 |  |  |  | 5,496,654 |
|  |  |  |  |  |  | 10,750,477 |
Diversified Consumer Services(d)(e) — 1.1% |
Grammarly, Inc., (Acquired 11/17/21, Cost: $18,749,975) |  | 715,323 |  |  | 12,260,636 |
Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $1,524,948) |  |  | 997 |  |  |  | 729,227 |
|  |  |  |  |  |  | 12,989,863 |
Electrical Equipment — 0.6% |  |  |  |  |  |  |  |
NEXTracker, Inc., Class A(a)(b) |  |  | 169,000 |  |  |  | 6,727,890 |
Electronic Equipment, Instruments & Components — 1.8% |
Flex Ltd.(a)(b) |  |  | 331,320 |  |  |  | 9,157,685 |
Keyence Corp. |  |  | 8,900 |  |  |  | 4,228,892 |
Samsung SDI Co. Ltd. |  |  | 15,649 |  |  |  | 7,990,917 |
|  |  |  |  |  |  | 21,377,494 |
Entertainment(a)(b) — 2.3% |  |  |  |  |  |
Netflix, Inc. |  |  | 18,894 |  |  |  | 8,322,618 |
ROBLOX Corp., Class A |  |  | 100,227 |  |  |  | 4,039,148 |
Spotify Technology SA |  |  | 49,956 |  |  |  | 8,020,436 |
Take-Two Interactive Software, Inc. |  |  | 41,735 |  |  |  | 6,141,723 |
|  |  |  |  |  |  | 26,523,925 |
Financial Services — 6.0% |  |  |  |  |  |
Adyen NV(b)(f) |  |  | 6,260 |  |  |  | 10,840,241 |
GMO Payment Gateway, Inc. |  |  | 83,100 |  |  |  | 6,518,323 |
Mastercard, Inc., Class A(a)(g) |  |  | 69,644 |  |  |  | 27,390,985 |
Visa, Inc., Class A(a) |  |  | 84,576 |  |  |  | 20,085,109 |
Wise PLC, Class A(b) |  |  | 524,987 |  |  |  | 4,388,146 |
|  |  |  |  |  |  | 69,222,804 |
Ground Transportation — 0.8% |  |  |  |  |  |
Uber Technologies, Inc.(a)(b) |  |  | 223,554 |  |  |  | 9,650,826 |
Health Care Technology — 0.4% |  |  |  |  |  |
M3, Inc. |  |  | 216,700 |  |  |  | 4,725,058 |
Hotels, Restaurants & Leisure — 0.5% |  |  |  |  |  |
Trip.com Group Ltd.(b) |  |  | 183,250 |  |  |  | 6,397,146 |
Interactive Media & Services — 4.3% |  |  |  |  |  |
Alphabet, Inc., Class A(a)(b) |  |  | 165,033 |  |  |  | 19,754,450 |
Meta Platforms, Inc., Class A(a)(b) |  |  | 76,259 |  |  |  | 21,884,808 |
Patreon, Inc., (Acquired 08/19/21, Cost: $3,352,226)(d)(e) |  |  | 59,524 |  |  |  | 1,552,981 |
Tencent Holdings Ltd. |  |  | 159,400 |  |  |  | 6,758,747 |
|  |  |  |  |  |  | 49,950,986 |

Security |  | Shares |  |  | Value |
IT Services — 4.1% |  |  |  |  |  |
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $7,999,945)(d)(e) |  |  | 94,117 |  |  | $ | 4,627,733 |
Klarna Holdings AB, (Acquired 08/07/19, Cost: $7,971,978)(d)(e) |  |  | 26,430 |  |  |  | 5,815,955 |
MongoDB, Inc.(a)(b) |  |  | 34,887 |  |  |  | 14,338,208 |
Shopify, Inc., Class A(a)(b) |  |  | 95,452 |  |  |  | 6,166,199 |
Snowflake, Inc., Class A(a)(b) |  |  | 19,997 |  |  |  | 3,519,072 |
Teya Services Ltd., Series C, (Acquired 12/17/21, Cost: $24,999,987)(d)(e) |  |  | 12,871 |  |  |  | 8,536,948 |
TRAX Ltd., Series D, (Acquired 09/12/19, Cost: $4,000,012)(d)(e) |  |  | 106,667 |  |  |  | 3,140,277 |
TRAX Ltd., Series E, (Acquired 02/18/21, Cost: $1,999,989)(d)(e) |  |  | 38,361 |  |  |  | 1,129,348 |
|  |  |  |  |  |  | 47,273,740 |
Professional Services — 1.0% |  |  |  |  |  |
Ant Group Co., Ltd., Series C, (Acquired 05/18/18, Cost: $6,492,862)(d)(e) |  |  | 1,703,548 |  |  |  | 5,604,673 |
RELX PLC |  |  | 190,385 |  |  |  | 6,351,373 |
|  |  |  |  |  |  | 11,956,046 |
Semiconductors & Semiconductor Equipment — 22.4% |
Advanced Micro Devices, Inc.(a)(b) |  |  | 157,505 |  |  |  | 17,941,395 |
ASM International NV |  |  | 30,899 |  |  |  | 13,119,843 |
ASML Holding NV |  |  | 43,842 |  |  |  | 31,799,863 |
Broadcom, Inc.(a) |  |  | 30,124 |  |  |  | 26,130,461 |
Credo Technology Group Holding Ltd.(a)(b) |  |  | 575,627 |  |  |  | 9,981,372 |
First Solar, Inc.(a)(b) |  |  | 25,696 |  |  |  | 4,884,553 |
Lam Research Corp.(a) |  |  | 18,864 |  |  |  | 12,126,911 |
Marvell Technology, Inc.(a) |  |  | 168,624 |  |  |  | 10,080,343 |
Micron Technology, Inc.(a) |  |  | 120,238 |  |  |  | 7,588,220 |
Monolithic Power Systems, Inc.(a) |  |  | 23,218 |  |  |  | 12,543,060 |
NVIDIA Corp.(a)(g) |  |  | 163,532 |  |  |  | 69,177,307 |
Renesas Electronics Corp.(b) |  |  | 286,700 |  |  |  | 5,410,690 |
SOITEC(b) |  |  | 67,686 |  |  |  | 11,450,802 |
STMicroelectronics NV |  |  | 159,584 |  |  |  | 7,958,994 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR(a) . |  |  | 80,676 |  |  |  | 8,141,822 |
Wolfspeed, Inc.(a)(b)(c) |  |  | 208,765 |  |  |  | 11,605,246 |
|  |  |  |  |  |  | 259,940,882 |
Software — 21.2% |  |  |  |  |  |
Adobe, Inc.(a)(b) |  |  | 12,508 |  |  |  | 6,116,287 |
ANSYS, Inc.(a)(b) |  |  | 33,940 |  |  |  | 11,209,364 |
Autodesk, Inc.(a)(b) |  |  | 24,894 |  |  |  | 5,093,561 |
Cadence Design Systems, Inc.(a)(b) |  |  | 117,682 |  |  |  | 27,598,783 |
Constellation Software, Inc. |  |  | 3,923 |  |  |  | 8,128,095 |
Crowdstrike Holdings, Inc., Class A(a)(b) |  |  | 33,034 |  |  |  | 4,851,704 |
Dassault Systemes SE |  |  | 154,850 |  |  |  | 6,861,551 |
Databricks, Inc., (Acquired 07/24/20, Cost: $960,476)(d)(e) |  |  | 59,997 |  |  |  | 3,332,833 |
DataRobot, Inc., (Acquired 03/01/21, Cost: $583,275)(d)(e) |  |  | 38,789 |  |  |  | 207,909 |
Intuit, Inc.(a) |  |  | 26,351 |  |  |  | 12,073,765 |
Microsoft Corp.(a) |  |  | 295,517 |  |  |  | 100,635,359 |
Oracle Corp.(a) |  |  | 162,983 |  |  |  | 19,409,645 |
Salesforce, Inc.(a)(b) |  |  | 55,935 |  |  |  | 11,816,828 |
ServiceNow, Inc.(a)(b) |  |  | 15,190 |  |  |  | 8,536,324 |
SiteMinder Ltd.(b) |  |  | 1,082,492 |  |  |  | 2,109,935 |
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $997,636)(d)(e) |  |  | 66,422 |  |  |  | 735,292 |
Snyk Ltd., (Acquired 09/02/21, Cost: $5,192,307)(d)(e) |  |  | 361,972 |  |  |  | 4,159,058 |

108 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |  |  |
Unity Software, Inc.(a)(b) |  |  | 150,439 |  |  | $ | 6,532,061 |
Xero Ltd.(b) |  |  | 80,662 |  |  |  | 6,462,634 |
|  |  |  |  |  |  | 245,870,988 |
Specialty Retail — 0.0% |  |  |  |  |  |
AceVector Limited, Series I, (Acquired 08/31/18, Cost: $1,998,435)(d)(e) |  |  | 168,640 |  |  |  | 130,124 |
Technology Hardware, Storage & Peripherals —8.7% |
Apple, Inc.(a) |  |  | 497,410 |  |  |  | 96,482,618 |
Samsung Electronics Co. Ltd. |  |  | 82,578 |  |  |  | 4,547,011 |
|  |  |  |  |  |  | 101,029,629 |
Total Common Stocks — 82.8% (Cost: $518,661,506) |  |  |  |  | 961,994,277 |
|  | Par (000) |  |  |  |
Convertible Notes |  |  |  |  |  |  |  |
Financial Services — 0.0% |  |  |  |  |  |
Wyre, Inc., (Acquired: 12/14/21, Cost: $8,000,000), 0.00%(d)(e) |  | $ | 80 |  |  |  | 1 |
Total Convertible Notes — 0.0% (Cost: $8,000,000) 1 |
|  | Shares |  |  |  |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 18.4%(d)(e) |  |  |  |  |  |
Chemicals — 0.7% |  |  |  |  |  |
Solugen, Inc., Series C, (Acquired 09/02/21, Cost: $9,999,977) |  |  | 269,284 |  |  |  | 8,048,899 |
Consumer Staples Distribution & Retail — 1.5% |
Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost: $6,999,994) |  |  | 709,724 |  |  |  | 16,870,140 |
Diversified Consumer Services — 1.0% |
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $5,482,937) |  |  | 275 |  |  |  | 7,052,425 |
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $6,249,992) |  |  | 238,441 |  |  |  | 4,086,879 |
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $3,052,975) |  |  | 1,054 |  |  |  | 770,917 |
|  |  |  |  |  |  | 11,910,221 |
Diversified Telecommunication Services — 0.4% |
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $7,000,088) |  |  | 12,713 |  |  |  | 4,774,276 |
Financial Services — 0.5% Trumid Holdings LLC, Class L, (Acquired 09/15/21, Cost: $9,999,695)(h) |  |  | 11,420 |  |  |  | 6,320,056 |
Interactive Media & Services — 0.3% |
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $6,666,632) |  |  | 119,047 |  |  |  | 3,105,936 |

Security |  | Shares |  |  | Value |
IT Services — 5.7% |  |  |  |  |  |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $9,650,746) |  |  | 88,075 |  |  | $ | 15,483,943 |
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $2,999,391) |  |  | 493,493 |  |  |  | 3,602,499 |
Farmer’s Business Network, Inc. |  |  |  |  |  |  |  |
Series F, (Acquired 07/31/20, Cost: $2,999,886) |  |  | 90,750 |  |  |  | 3,913,140 |
Series G, (Acquired 09/15/21, Cost: $6,999,963) |  |  | 112,616 |  |  |  | 4,856,002 |
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $24,999,980) |  |  | 1,088,598 |  |  |  | 14,315,063 |
Trumid Holdings LLC(h) |  |  |  |  |  |  |  |
Class J-A, (Acquired 07/24/20, Cost: $2,499,716) |  |  | 5,038 |  |  |  | 2,788,130 |
Class J-B, (Acquired 07/24/20, Cost: $1,499,830) |  |  | 5,038 |  |  |  | 2,788,130 |
Voltron Data, Inc. |  |  |  |  |  |  |  |
Seed Shares, (Acquired 07/14/21, Cost: $5,000,000) |  |  | 9,090,909 |  |  |  | 9,272,727 |
Series A, (Acquired 01/18/22, Cost: $10,000,000) |  |  | 6,201,935 |  |  |  | 8,682,709 |
|  |  |  |  |  |  | 65,702,343 |
Semiconductors & Semiconductor Equipment — 2.7% |
PsiQuantum Corp. |  |  |  |  |  |  |  |
Series C, (Acquired 09/09/19, Cost: $3,200,234) |  |  | 690,003 |  |  |  | 15,007,565 |
Series D, (Acquired 05/21/21, Cost: $5,000,025) |  |  | 190,650 |  |  |  | 5,038,880 |
Rivos, Inc., Series A, (Acquired 12/03/21, Cost: $12,003,705) |  |  | 4,500,000 |  |  |  | 11,115,000 |
|  |  |  |  |  |  | 31,161,445 |
Software — 5.6% |  |  |  |  |  |
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $29,999,955) |  |  | 598,682 |  |  |  | 14,679,683 |
Databricks, Inc. |  |  |  |  |  |  |  |
Series F, (Acquired 10/22/19, Cost: $3,999,999) |  |  | 279,405 |  |  |  | 15,520,948 |
Series G, (Acquired 02/01/21, Cost: $4,500,001) |  |  | 76,113 |  |  |  | 4,228,077 |
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $2,999,996) |  |  | 228,276 |  |  |  | 1,486,077 |
Prosimo, Inc., Series B, (Acquired 11/04/21, Cost: $4,999,998) |  |  | 2,515,811 |  |  |  | 4,025,297 |
SambaNova Systems, Inc., Series C, (Acquired 02/20/20, Cost: $9,972,125) |  |  | 187,300 |  |  |  | 15,573,995 |
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $4,999,985) |  |  | 332,896 |  |  |  | 3,685,159 |
Snyk Ltd., Series F, (Acquired 09/02/21, Cost: $4,807,688) |  |  | 337,018 |  |  |  | 3,872,337 |
Unqork, Inc. |  |  |  |  |  |  |  |
Series B, (Acquired 09/19/19, Cost: $3,198,417) |  |  | 281,080 |  |  |  | 2,006,911 |
Series C, (Acquired 09/18/20, Cost: $1,303,260) |  |  | 47,600 |  |  |  | 419,832 |
|  |  |  |  |  |  | 65,498,316 |
|  |  |  |  |  |  | 213,391,632 |
Total Preferred Securities — 18.4% (Cost: $213,087,190) |  |  | 213,391,632 |

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Warrants |  |  |  |  |  |  |  |
IT Services — 0.0% |  |  |  |  |  |
TRAX Ltd., (Acquired 09/12/19, Cost: $0), (Issued 09/23/19, Exercisable 07/12/23, 1 Share for 1 Warrant, Expires 09/15/23, Strike Price USD 46.88)(b)(d)(e) |  |  | 17,065 |  |  | $ | — |
Total Warrants — 0.0% (Cost: $—) |  |  | — |
Total Long-Term Investments — 101.2% (Cost: $739,748,696) |  |  | 1,175,385,910 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 0.3% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(i)(j) |  |  | 359,934 |  |  |  | 359,934 |
SL Liquidity Series, LLC, Money Market Series, 5.28%(i)(j)(k) |  |  | 2,573,433 |  |  |  | 2,573,433 |
Total Short-Term Securities — 0.3% (Cost: $2,933,194) |  |  | 2,933,367 |
Total Investments Before Options Written — 101.5% (Cost: $742,681,890) |  |  | 1,178,319,277 |
Options Written — (1.6)% (Premiums Received: $(12,549,700)) |  |  | (19,101,911) |
Total Investments, Net of Options Written — 99.9% (Cost: $730,132,190) |  |  | 1,159,217,366 |
Other Assets Less Liabilities — 0.1% |  |  | 1,703,406 |
Net Assets — 100.0% |  |  |  |  | $ 1,160,920,772 |

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

(b) | Non-income producing security.

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

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

(e) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $265,354,627, representing 22.9% of its net assets as of period end, and an original cost of $307,911,241.

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

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

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

(i) | Affiliate of the Trust.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 5,779,501 |  |  | $ | — |  |  | $ | (5,419,567 | )(a) |  | $ | — |  |  | $ | — |  |  | $ | 359,934 |  |  |  | 359,934 |  |  | $ | 161,024 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 825,025 |  |  |  | 1,747,720 | (a) |  |  | — |  |  |  | 595 |  |  |  | 93 |  |  |  | 2,573,433 |  |  |  | 2,573,433 |  |  |  | 8,501 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 595 |  |  | $ | 93 |  |  | $ | 2,933,367 |  |  |  |  |  |  | $ | 169,525 |  |  | $ | — |

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

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adobe, Inc. |  |  | 28 |  |  |  | 07/07/23 |  |  |  | USD 440.00 |  |  |  | USD 1,369 |  |  | $ | (138,670 | )

110 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alibaba Group Holding Ltd., ADR |  |  | 184 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 1,534 |  |  | $ | (16,376 | )
Alphabet, Inc., Class A |  |  | 176 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 124.34 |  |  |  | USD |  |  |  | 2,107 |  |  |  | (2,810 | )
Amazon.com, Inc. |  |  | 48 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 123.00 |  |  |  | USD |  |  |  | 626 |  |  |  | (35,760 | )
Apple, Inc. |  |  | 359 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 6,964 |  |  |  | (329,382 | )
Intuit, Inc. |  |  | 59 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 440.00 |  |  |  | USD |  |  |  | 2,703 |  |  |  | (112,100 | )
Marvell Technology, Inc. |  |  | 160 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 62.75 |  |  |  | USD |  |  |  | 956 |  |  |  | (2,658 | )
Microsoft Corp. |  |  | 273 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 9,297 |  |  |  | (94,868 | )
MongoDB, Inc. |  |  | 34 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 420.00 |  |  |  | USD |  |  |  | 1,397 |  |  |  | (15,555 | )
NVIDIA Corp. |  |  | 211 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 8,926 |  |  |  | (919,960 | )
S&P Global, Inc. |  |  | 46 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 1,844 |  |  |  | (99,130 | )
Salesforce, Inc. |  |  | 128 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 2,704 |  |  |  | (12,160 | )
Shopify, Inc., Class A |  |  | 218 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 67.00 |  |  |  | USD |  |  |  | 1,408 |  |  |  | (10,464 | )
Spotify Technology SA |  |  | 105 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,686 |  |  |  | (114,450 | )
Tesla, Inc. |  |  | 110 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 2,879 |  |  |  | (462,000 | )
Advanced Micro Devices, Inc. |  |  | 51 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 581 |  |  |  | (6,911 | )
Alphabet, Inc., Class A |  |  | 115 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 1,377 |  |  |  | (5,520 | )
Amazon.com, Inc. |  |  | 56 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 129.00 |  |  |  | USD |  |  |  | 730 |  |  |  | (19,180 | )
Apple, Inc. |  |  | 376 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 7,293 |  |  |  | (355,320 | )
Arista Networks, Inc. |  |  | 54 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 875 |  |  |  | (6,210 | )
Crowdstrike Holdings, Inc., Class A |  |  | 72 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 162.50 |  |  |  | USD |  |  |  | 1,057 |  |  |  | (2,556 | )
Lam Research Corp. |  |  | 39 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 620.00 |  |  |  | USD |  |  |  | 2,507 |  |  |  | (116,317 | )
Marvell Technology, Inc. |  |  | 218 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 1,303 |  |  |  | (23,762 | )
Mastercard, Inc., Class A |  |  | 137 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 385.00 |  |  |  | USD |  |  |  | 5,388 |  |  |  | (136,315 | )
MercadoLibre, Inc. |  |  | 31 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 1,290.00 |  |  |  | USD |  |  |  | 3,672 |  |  |  | (25,575 | )
Meta Platforms, Inc., Class A |  |  | 28 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 285.00 |  |  |  | USD |  |  |  | 804 |  |  |  | (20,860 | )
Micron Technology, Inc. |  |  | 12 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 72.00 |  |  |  | USD |  |  |  | 76 |  |  |  | (84 | )
Micron Technology, Inc. |  |  | 142 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 68.00 |  |  |  | USD |  |  |  | 896 |  |  |  | (3,550 | )
Microsoft Corp. |  |  | 199 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 6,777 |  |  |  | (237,805 | )
Netflix, Inc. |  |  | 32 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 420.00 |  |  |  | USD |  |  |  | 1,410 |  |  |  | (77,920 | )
NVIDIA Corp. |  |  | 200 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 400.00 |  |  |  | USD |  |  |  | 8,460 |  |  |  | (540,000 | )
Oracle Corp. |  |  | 171 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 2,036 |  |  |  | (157,747 | )
ROBLOX Corp., Class A |  |  | 227 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 915 |  |  |  | (13,393 | )
ServiceNow, Inc. |  |  | 32 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 545.00 |  |  |  | USD |  |  |  | 1,798 |  |  |  | (72,320 | )
Snowflake, Inc., Class A |  |  | 24 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 422 |  |  |  | (2,052 | )
Spotify Technology SA |  |  | 51 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 157.50 |  |  |  | USD |  |  |  | 819 |  |  |  | (27,795 | )
Take-Two Interactive Software, Inc. |  |  | 76 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 136.00 |  |  |  | USD |  |  |  | 1,118 |  |  |  | (88,160 | )
Tesla, Inc. |  |  | 141 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 3,691 |  |  |  | (414,892 | )
Uber Technologies, Inc. |  |  | 501 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 41.00 |  |  |  | USD |  |  |  | 2,163 |  |  |  | (124,749 | )
Unity Software, Inc. |  |  | 187 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 812 |  |  |  | (77,138 | )
Visa, Inc., Class A |  |  | 34 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 807 |  |  |  | (28,390 | )
Cadence Design Systems, Inc. |  |  | 300 |  |  |  | 07/17/23 |  |  |  | USD |  |  |  | 211.00 |  |  |  | USD |  |  |  | 7,036 |  |  |  | (728,624 | )
Advanced Micro Devices, Inc. |  |  | 223 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 113.00 |  |  |  | USD |  |  |  | 2,540 |  |  |  | (108,155 | )
Alphabet, Inc., Class A |  |  | 222 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 2,657 |  |  |  | (19,980 | )
Amazon.com, Inc. |  |  | 106 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,382 |  |  |  | (116,865 | )
Amazon.com, Inc. |  |  | 149 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 1,942 |  |  |  | (53,268 | )
ANSYS, Inc. |  |  | 85 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 2,807 |  |  |  | (114,750 | )
Credo Technology Group Holding Ltd. |  |  | 417 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 8.36 |  |  |  | USD |  |  |  | 723 |  |  |  | (375,525 | )
Credo Technology Group Holding Ltd. |  |  | 667 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 1,157 |  |  |  | (10,005 | )
Crowdstrike Holdings, Inc., Class A |  |  | 76 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 1,116 |  |  |  | (8,246 | )
Flex Ltd. |  |  | 800 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 24.00 |  |  |  | USD |  |  |  | 2,211 |  |  |  | (292,000 | )
Lam Research Corp. |  |  | 45 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 615.00 |  |  |  | USD |  |  |  | 2,893 |  |  |  | (165,262 | )
Mastercard, Inc., Class A |  |  | 185 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 385.00 |  |  |  | USD |  |  |  | 7,276 |  |  |  | (210,900 | )
Micron Technology, Inc. |  |  | 266 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 1,679 |  |  |  | (3,059 | )
Microsoft Corp. |  |  | 86 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 330.00 |  |  |  | USD |  |  |  | 2,929 |  |  |  | (122,980 | )
Microsoft Corp. |  |  | 185 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 6,300 |  |  |  | (132,275 | )
MongoDB, Inc. |  |  | 28 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 280.00 |  |  |  | USD |  |  |  | 1,151 |  |  |  | (370,300 | )
Monolithic Power Systems, Inc. |  |  | 37 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 431.00 |  |  |  | USD |  |  |  | 1,999 |  |  |  | (410,562 | )
Motorola Solutions, Inc. |  |  | 45 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 1,320 |  |  |  | (7,313 | )
Motorola Solutions, Inc. |  |  | 44 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 1,290 |  |  |  | (28,820 | )
Netflix, Inc. |  |  | 25 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 360.00 |  |  |  | USD |  |  |  | 1,101 |  |  |  | (207,750 | )
NEXTracker, Inc., Class A |  |  | 378 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,505 |  |  |  | (11,340 | )
NVIDIA Corp. |  |  | 127 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 390.00 |  |  |  | USD |  |  |  | 5,372 |  |  |  | (483,552 | )

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 (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oracle Corp. |  |  | 197 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 2,346 |  |  | $ | (280,232 | )
Salesforce, Inc. |  |  | 47 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 993 |  |  |  | (26,673 | )
ServiceNow, Inc. |  |  | 18 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 570.00 |  |  |  | USD |  |  |  | 1,012 |  |  |  | (20,430 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 280 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 2,826 |  |  |  | (45,500 | )
Take-Two Interactive Software, Inc. |  |  | 93 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 1,369 |  |  |  | (41,153 | )
Tesla, Inc. |  |  | 125 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 3,272 |  |  |  | (847,500 | )
Uber Technologies, Inc. |  |  | 516 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 2,228 |  |  |  | (183,180 | )
Unity Software, Inc. |  |  | 116 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 504 |  |  |  | (100,630 | )
Visa, Inc., Class A |  |  | 20 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 230.00 |  |  |  | USD |  |  |  | 475 |  |  |  | (17,950 | )
Wolfspeed, Inc. |  |  | 533 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 2,963 |  |  |  | (343,785 | )
Advanced Micro Devices, Inc. |  |  | 210 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 127.00 |  |  |  | USD |  |  |  | 2,392 |  |  |  | (30,240 | )
Alibaba Group Holding Ltd., ADR |  |  | 118 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 92.00 |  |  |  | USD |  |  |  | 984 |  |  |  | (12,685 | )
Alphabet, Inc., Class A |  |  | 97 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 126.00 |  |  |  | USD |  |  |  | 1,161 |  |  |  | (17,751 | )
Amazon.com, Inc. |  |  | 48 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 137.00 |  |  |  | USD |  |  |  | 626 |  |  |  | (14,136 | )
Apple, Inc. |  |  | 357 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 6,925 |  |  |  | (382,882 | )
Arista Networks, Inc. |  |  | 95 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 1,540 |  |  |  | (42,275 | )
Autodesk, Inc. |  |  | 114 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 2,333 |  |  |  | (15,390 | )
Broadcom, Inc. |  |  | 135 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 890.00 |  |  |  | USD |  |  |  | 11,710 |  |  |  | (226,800 | )
First Solar, Inc. |  |  | 81 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 1,540 |  |  |  | (38,475 | )
Marvell Technology, Inc. |  |  | 130 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 66.00 |  |  |  | USD |  |  |  | 777 |  |  |  | (8,450 | )
MercadoLibre, Inc. |  |  | 17 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 1,290.00 |  |  |  | USD |  |  |  | 2,014 |  |  |  | (31,025 | )
Meta Platforms, Inc., Class A |  |  | 216 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 280.00 |  |  |  | USD |  |  |  | 6,199 |  |  |  | (398,520 | )
Microsoft Corp. |  |  | 120 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 345.00 |  |  |  | USD |  |  |  | 4,086 |  |  |  | (99,600 | )
MongoDB, Inc. |  |  | 30 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 1,233 |  |  |  | (120,450 | )
Netflix, Inc. |  |  | 29 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 465.00 |  |  |  | USD |  |  |  | 1,277 |  |  |  | (38,933 | )
NVIDIA Corp. |  |  | 180 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 425.00 |  |  |  | USD |  |  |  | 7,614 |  |  |  | (319,050 | )
Oracle Corp. |  |  | 205 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 127.00 |  |  |  | USD |  |  |  | 2,441 |  |  |  | (10,763 | )
ROBLOX Corp., Class A |  |  | 236 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 951 |  |  |  | (28,674 | )
S&P Global, Inc. |  |  | 49 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 400.00 |  |  |  | USD |  |  |  | 1,964 |  |  |  | (40,915 | )
Shopify, Inc., Class A |  |  | 219 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 68.00 |  |  |  | USD |  |  |  | 1,415 |  |  |  | (56,831 | )
Spotify Technology SA |  |  | 68 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 167.50 |  |  |  | USD |  |  |  | 1,092 |  |  |  | (41,820 | )
Take-Two Interactive Software, Inc. |  |  | 18 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 143.00 |  |  |  | USD |  |  |  | 265 |  |  |  | (11,385 | )
Tesla, Inc. |  |  | 68 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 280.00 |  |  |  | USD |  |  |  | 1,780 |  |  |  | (70,380 | )
Tesla, Inc. |  |  | 46 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 295.00 |  |  |  | USD |  |  |  | 1,204 |  |  |  | (31,280 | )
Unity Software, Inc. |  |  | 200 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 868 |  |  |  | (45,800 | )
Visa, Inc., Class A |  |  | 114 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 235.00 |  |  |  | USD |  |  |  | 2,707 |  |  |  | (79,515 | )
Adobe, Inc. |  |  | 28 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 500.00 |  |  |  | USD |  |  |  | 1,369 |  |  |  | (35,280 | )
Advanced Micro Devices, Inc. |  |  | 224 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 2,552 |  |  |  | (141,680 | )
Alphabet, Inc., Class A |  |  | 58 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 121.00 |  |  |  | USD |  |  |  | 694 |  |  |  | (23,490 | )
Amazon.com, Inc. |  |  | 291 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 137.00 |  |  |  | USD |  |  |  | 3,793 |  |  |  | (98,212 | )
Apple, Inc. |  |  | 280 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 5,431 |  |  |  | (230,300 | )
Intuit, Inc. |  |  | 59 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 470.00 |  |  |  | USD |  |  |  | 2,703 |  |  |  | (60,770 | )
Marvell Technology, Inc. |  |  | 250 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 61.00 |  |  |  | USD |  |  |  | 1,495 |  |  |  | (58,750 | )
Microsoft Corp. |  |  | 173 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 340.00 |  |  |  | USD |  |  |  | 5,891 |  |  |  | (211,060 | )
NVIDIA Corp. |  |  | 181 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 455.00 |  |  |  | USD |  |  |  | 7,657 |  |  |  | (174,665 | )
Salesforce, Inc. |  |  | 76 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 1,606 |  |  |  | (25,270 | )
ServiceNow, Inc. |  |  | 18 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 570.00 |  |  |  | USD |  |  |  | 1,012 |  |  |  | (39,510 | )
Snowflake, Inc., Class A |  |  | 38 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 669 |  |  |  | (21,660 | )
Tesla, Inc. |  |  | 117 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 3,063 |  |  |  | (104,130 | )
Visa, Inc., Class A |  |  | 226 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 5,367 |  |  |  | (106,220 | )
First Solar, Inc. |  |  | 60 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 1,141 |  |  |  | (47,850 | )
MercadoLibre, Inc. |  |  | 14 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 1,290.00 |  |  |  | USD |  |  |  | 1,658 |  |  |  | (55,090 | )
Snowflake, Inc., Class A |  |  | 27 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 475 |  |  |  | (11,340 | )
Unity Software, Inc. |  |  | 173 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 751 |  |  |  | (65,740 | )
Alphabet, Inc., Class A |  |  | 78 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 934 |  |  |  | (13,026 | )
Amazon.com, Inc. |  |  | 57 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 743 |  |  |  | (56,573 | )
ANSYS, Inc. |  |  | 69 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 341.00 |  |  |  | USD |  |  |  | 2,279 |  |  |  | (63,587 | )
Apple, Inc. |  |  | 377 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 7,313 |  |  |  | (328,932 | )
Cadence Design Systems, Inc. |  |  | 229 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 240.00 |  |  |  | USD |  |  |  | 5,371 |  |  |  | (170,605 | )
Credo Technology Group Holding Ltd. |  |  | 420 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 10.00 |  |  |  | USD |  |  |  | 728 |  |  |  | (317,100 | )
Credo Technology Group Holding Ltd. |  |  | 1,086 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 1,883 |  |  |  | (48,870 | )
Flex Ltd. |  |  | 710 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 26.55 |  |  |  | USD |  |  |  | 1,962 |  |  |  | (116,999 | )

112 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Meta Platforms, Inc., Class A |  |  | 99 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 2,841 |  |  | $ | (121,522 | )
MongoDB, Inc. |  |  | 66 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 390.00 |  |  |  | USD |  |  |  | 2,713 |  |  |  | (267,630 | )
Monolithic Power Systems, Inc. |  |  | 68 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 530.00 |  |  |  | USD |  |  |  | 3,674 |  |  |  | (289,340 | )
NEXTracker, Inc., Class A |  |  | 600 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 2,389 |  |  |  | (88,500 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 83 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 838 |  |  |  | (11,952 | )
Wolfspeed, Inc. |  |  | 361 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 2,007 |  |  |  | (137,180 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (16,596,286 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adyen NV |  | Goldman Sachs International |  |  | 3,000 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 1,489.94 |  |  |  | EUR |  |  |  | 4,761 |  |  | $ | (334,667 | )
GMO Payment Gateway, Inc. |  | UBS AG |  |  | 17,400 |  |  |  | 07/11/23 |  |  |  | JPY |  |  |  | 11,720.91 |  |  |  | JPY |  |  |  | 196,941 |  |  |  | (8,189 | )
Renesas Electronics Corp. |  | Citibank N.A. |  |  | 67,300 |  |  |  | 07/12/23 |  |  |  | JPY |  |  |  | 2,192.87 |  |  |  | JPY |  |  |  | 183,270 |  |  |  | (244,332 | )
SiteMinder Ltd. |  | UBS AG |  |  | 15,000 |  |  |  | 07/12/23 |  |  |  | AUD |  |  |  | 3.34 |  |  |  | AUD |  |  |  | 44 |  |  |  | (97 | )
Wise PLC, Class A |  | JPMorgan Chase Bank N.A. |  |  | 97,700 |  |  |  | 07/12/23 |  |  |  | GBP |  |  |  | 6.26 |  |  |  | GBP |  |  |  | 643 |  |  |  | (61,757 | )
Keyence Corp. |  | UBS AG |  |  | 4,000 |  |  |  | 07/13/23 |  |  |  | JPY |  |  |  | 69,721.80 |  |  |  | JPY |  |  |  | 274,251 |  |  |  | (21,601 | )
ASM International NV |  | Morgan Stanley & Co. International PLC |  |  | 15,100 |  |  |  | 07/18/23 |  |  |  | EUR |  |  |  | 415.64 |  |  |  | EUR |  |  |  | 5,876 |  |  |  | (40,305 | )
Dassault Systemes SE |  | Morgan Stanley & Co. International PLC |  |  | 70,800 |  |  |  | 07/18/23 |  |  |  | EUR |  |  |  | 42.75 |  |  |  | EUR |  |  |  | 2,875 |  |  |  | (9,126 | )
Renesas Electronics Corp. |  | Goldman Sachs International |  |  | 67,300 |  |  |  | 07/18/23 |  |  |  | JPY |  |  |  | 2,256.97 |  |  |  | JPY |  |  |  | 183,270 |  |  |  | (219,312 | )
STMicroelectronics NV |  | Morgan Stanley & Co. International PLC |  |  | 43,800 |  |  |  | 07/18/23 |  |  |  | EUR |  |  |  | 41.38 |  |  |  | EUR |  |  |  | 2,002 |  |  |  | (209,416 | )
STMicroelectronics NV |  | Morgan Stanley & Co. International PLC |  |  | 30,200 |  |  |  | 07/18/23 |  |  |  | EUR |  |  |  | 42.64 |  |  |  | EUR |  |  |  | 1,380 |  |  |  | (107,585 | )
Wise PLC, Class A |  | Morgan Stanley & Co. International PLC |  |  | 41,500 |  |  |  | 07/18/23 |  |  |  | GBP |  |  |  | 6.32 |  |  |  | GBP |  |  |  | 273 |  |  |  | (27,458 | )
Xero Ltd. |  | Goldman Sachs International |  |  | 18,150 |  |  |  | 07/18/23 |  |  |  | AUD |  |  |  | 107.07 |  |  |  | AUD |  |  |  | 2,183 |  |  |  | (148,720 | )
Samsung Electronics Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 38,000 |  |  |  | 07/19/23 |  |  |  | KRW |  |  |  | 69,488.00 |  |  |  | KRW |  |  |  | 2,757,055 |  |  |  | (91,297 | )
GMO Payment Gateway, Inc. |  | BNP Paribas SA |  |  | 600 |  |  |  | 07/25/23 |  |  |  | JPY |  |  |  | 11,462.45 |  |  |  | JPY |  |  |  | 6,791 |  |  |  | (1,034 | )
M3, Inc. |  | UBS AG |  |  | 99,800 |  |  |  | 07/26/23 |  |  |  | JPY |  |  |  | 3,281.90 |  |  |  | JPY |  |  |  | 314,000 |  |  |  | (29,407 | )
RELX PLC |  | Morgan Stanley & Co. International PLC |  |  | 85,600 |  |  |  | 07/26/23 |  |  |  | GBP |  |  |  | 26.04 |  |  |  | GBP |  |  |  | 2,249 |  |  |  | (70,801 | )
SiteMinder Ltd. |  | Citibank N.A. |  |  | 11,000 |  |  |  | 07/26/23 |  |  |  | AUD |  |  |  | 3.22 |  |  |  | AUD |  |  |  | 32 |  |  |  | (434 | )
SOITEC |  | Morgan Stanley & Co. International PLC |  |  | 5,800 |  |  |  | 07/26/23 |  |  |  | EUR |  |  |  | 140.88 |  |  |  | EUR |  |  |  | 899 |  |  |  | (100,391 | )
Wise PLC, Class A |  | Goldman Sachs International |  |  | 27,700 |  |  |  | 07/26/23 |  |  |  | GBP |  |  |  | 6.28 |  |  |  | GBP |  |  |  | 182 |  |  |  | (21,386 | )
ASML Holding NV |  | Goldman Sachs International |  |  | 20,100 |  |  |  | 08/01/23 |  |  |  | EUR |  |  |  | 701.02 |  |  |  | EUR |  |  |  | 13,361 |  |  |  | (213,844 | )
SOITEC |  | Morgan Stanley & Co. International PLC |  |  | 13,000 |  |  |  | 08/01/23 |  |  |  | EUR |  |  |  | 160.16 |  |  |  | EUR |  |  |  | 2,015 |  |  |  | (48,777 | )
SOITEC |  | Morgan Stanley & Co. International PLC |  |  | 5,800 |  |  |  | 08/01/23 |  |  |  | EUR |  |  |  | 143.71 |  |  |  | EUR |  |  |  | 899 |  |  |  | (89,239 | )
Trip.com Group Ltd. |  | BNP Paribas SA |  |  | 88,300 |  |  |  | 08/01/23 |  |  |  | HKD |  |  |  | 317.70 |  |  |  | HKD |  |  |  | 24,154 |  |  |  | (15,841 | )
SiteMinder Ltd. |  | Citibank N.A. |  |  | 16,400 |  |  |  | 08/02/23 |  |  |  | AUD |  |  |  | 3.33 |  |  |  | AUD |  |  |  | 48 |  |  |  | (594 | )
Wise PLC, Class A |  | Goldman Sachs International |  |  | 61,100 |  |  |  | 08/02/23 |  |  |  | GBP |  |  |  | 6.82 |  |  |  | GBP |  |  |  | 402 |  |  |  | (28,737 | )
GMO Payment Gateway, Inc. |  | Societe Generale |  |  | 19,400 |  |  |  | 08/10/23 |  |  |  | JPY |  |  |  | 12,629.90 |  |  |  | JPY |  |  |  | 219,578 |  |  |  | (9,844 | )
SOITEC |  | Goldman Sachs International |  |  | 5,800 |  |  |  | 08/10/23 |  |  |  | EUR |  |  |  | 157.04 |  |  |  | EUR |  |  |  | 899 |  |  |  | (40,581 | )
Wise PLC, Class A |  | Goldman Sachs International |  |  | 70,000 |  |  |  | 08/10/23 |  |  |  | GBP |  |  |  | 6.39 |  |  |  | GBP |  |  |  | 461 |  |  |  | (53,712 | )
Samsung SDI Co. Ltd. |  | BNP Paribas SA |  |  | 7,700 |  |  |  | 08/14/23 |  |  |  | KRW |  |  |  | 700,667.26 |  |  |  | KRW |  |  |  | 5,180,848 |  |  |  | (78,243 | )
Tencent Holdings Ltd. |  | Citibank N.A. |  |  | 77,800 |  |  |  | 08/15/23 |  |  |  | HKD |  |  |  | 344.60 |  |  |  | HKD |  |  |  | 25,849 |  |  |  | (96,973 | )
Xero Ltd. |  | UBS AG |  |  | 18,100 |  |  |  | 08/15/23 |  |  |  | AUD |  |  |  | 116.91 |  |  |  | AUD |  |  |  | 2,177 |  |  |  | (81,925 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,505,625 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  |  | $ N/A |  |  |  | $ N/A |  |  |  | $ 2,663,738 |  |  |  | $ (9,215,949) |  |  |  | $ (19,101,911 | )

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Science and Technology Trust (BST)

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 19,101,911 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19,101,911 |

For the period ended June 30, 2023, 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) |  | $ | — |  |  | $ | — |  |  | $ | (2,858,012 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,858,012 | )
Options written |  |  | — |  |  |  | — |  |  |  | (27,510,651 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (27,510,651 | )
|  | $ | — |  |  | $ | — |  |  | $ | (30,368,663 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (30,368,663 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (13,957,447 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (13,957,447 | )

| (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 |  | $ | 18,056,104 |

| (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 |  | $ | — |  |  | $ | 19,101,911 |
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities |  |  | — |  |  |  | 19,101,911 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (16,596,286 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 2,505,625 |

114 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Science and Technology Trust (BST)

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged |  |  |  | Cash Collateral Pledged | (a) |  |  | Net Amount of Derivative Liabilities | (b)
BNP Paribas SA |  | $ | 95,118 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 95,118 |
Citibank N.A. |  |  | 342,333 |  |  |  | — |  |  |  | — |  |  |  | (330,000 | ) |  |  | 12,333 |
Goldman Sachs International |  |  | 1,060,959 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,060,959 |
JPMorgan Chase Bank N.A. |  |  | 61,757 |  |  |  | — |  |  |  | — |  |  |  | (61,757 | ) |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 794,395 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 794,395 |
Societe Generale |  |  | 9,844 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,844 |
UBS AG |  |  | 141,219 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 141,219 |
|  | $ | 2,505,625 |  |  | $ | — |  |  | $ | — |  |  | $ | (391,757 | ) |  | $ | 2,113,868 |

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

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobiles |  | $ | 28,573,504 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,573,504 |
Broadline Retail |  |  | 40,424,071 |  |  |  | — |  |  |  | — |  |  |  | 40,424,071 |
Capital Markets |  |  | 8,478,824 |  |  |  | — |  |  |  | — |  |  |  | 8,478,824 |
Communications Equipment |  |  | 10,750,477 |  |  |  | — |  |  |  | — |  |  |  | 10,750,477 |
Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 12,989,863 |  |  |  | 12,989,863 |
Electrical Equipment |  |  | 6,727,890 |  |  |  | — |  |  |  | — |  |  |  | 6,727,890 |
Electronic Equipment, Instruments & Components |  |  | 9,157,685 |  |  |  | 12,219,809 |  |  |  | — |  |  |  | 21,377,494 |
Entertainment |  |  | 26,523,925 |  |  |  | — |  |  |  | — |  |  |  | 26,523,925 |
Financial Services |  |  | 47,476,094 |  |  |  | 21,746,710 |  |  |  | — |  |  |  | 69,222,804 |
Ground Transportation |  |  | 9,650,826 |  |  |  | — |  |  |  | — |  |  |  | 9,650,826 |
Health Care Technology |  |  | — |  |  |  | 4,725,058 |  |  |  | — |  |  |  | 4,725,058 |
Hotels, Restaurants & Leisure |  |  | — |  |  |  | 6,397,146 |  |  |  | — |  |  |  | 6,397,146 |
Interactive Media & Services |  |  | 41,639,258 |  |  |  | 6,758,747 |  |  |  | 1,552,981 |  |  |  | 49,950,986 |
IT Services |  |  | 24,023,479 |  |  |  | — |  |  |  | 23,250,261 |  |  |  | 47,273,740 |
Professional Services |  |  | — |  |  |  | 6,351,373 |  |  |  | 5,604,673 |  |  |  | 11,956,046 |
Semiconductors & Semiconductor Equipment |  |  | 190,200,690 |  |  |  | 69,740,192 |  |  |  | — |  |  |  | 259,940,882 |
Software |  |  | 222,001,776 |  |  |  | 15,434,120 |  |  |  | 8,435,092 |  |  |  | 245,870,988 |
Specialty Retail |  |  | — |  |  |  | — |  |  |  | 130,124 |  |  |  | 130,124 |
Technology Hardware, Storage & Peripherals |  |  | 96,482,618 |  |  |  | 4,547,011 |  |  |  | — |  |  |  | 101,029,629 |
Convertible Notes |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 213,391,632 |  |  |  | 213,391,632 |
Warrants |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 359,934 |  |  |  | — |  |  |  | — |  |  |  | 359,934 |
|  | $ | 762,471,051 |  |  | $ | 147,920,166 |  |  | $ | 265,354,627 |  |  |  | 1,175,745,844 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,573,433 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,178,319,277 |

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Science and Technology Trust (BST)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (14,895,521 | ) |  | $ | (4,206,390 | ) |  | $ | — |  |  | $ | (19,101,911 | )

| (a) | Certain investments of the Trust were fair valued using NAV as a practical expedient 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 and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

|  | Common Stocks |  |  | Convertible Notes |  |  | Preferred Stocks |  |  | Warrants |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2022 |  | $ | 60,069,300 |  |  | $ | 1,920,000 |  |  | $ | 195,967,596 |  |  | $ | 16,212 |  |  | $ | 257,973,108 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other(a) |  |  | (7,504,341 | ) |  |  | — |  |  |  | 7,504,341 |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)(b)(c) |  |  | (601,965 | ) |  |  | (1,919,999 | ) |  |  | 9,919,695 |  |  |  | (16,212 | ) |  |  | 7,381,519 |
Purchases |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Sales |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Closing balance, as of June 30, 2023 |  | $ | 51,962,994 |  |  | $ | 1 |  |  | $ | 213,391,632 |  |  | $ | — | (d) |  | $ | 265,354,627 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023 |  | $ | (601,965 | ) |  | $ | (1,919,999 | ) |  | $ | 9,919,695 |  |  | $ | (16,212 | ) |  | $ | 7,381,519 |

| (a) | Certain Level 3 investments were re-classified between Common Stocks and Preferred Stocks.

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

| (c) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.

| (d) | Rounds to less than $1.

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

|  |  | Value |  |  |  | Valuation Approach |  |  | Unobservable Inputs |  |  | Range of Unobservable Inputs Utilized | (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 51,962,994 |  |  |  | Market |  |  | Revenue Multiple |  |  | 1.80x - 28.00x |  |  |  | 10.99x |
|  |  |  |  |  |  |  |  |  | Volatility |  |  | 70% |  |  |  | — |
|  |  |  |  |  |  |  |  |  | Time to Exit |  |  | 3.0 years |  |  |  | — |
|  |  |  |  |  |  |  |  |  | Gross Profit Multiple |  |  | 18.00x |  |  |  | — |
|  |  |  |  |  |  | Income |  |  | Discount |  |  | 11% |  |  |  | — |
Preferred Stocks |  |  | 213,391,632 |  |  |  | Market |  |  | Revenue Multiple |  |  | 1.80x - 29.00x |  |  |  | 15.21x |
|  |  |  |  |  |  |  |  |  | Volatility |  |  | 50% - 75% |  |  |  | 65% |
|  |  |  |  |  |  |  |  |  | Time to Exit |  |  | 3.0 - 5.0 years |  |  |  | 4.1 years |
|  |  |  |  |  |  |  |  |  | Market Adjustment Multiple |  |  | 1.10x - 1.10x |  |  |  | 1.10x |
|  |  |  |  |  |  |  |  |  | Gross Profit Multiple |  |  | 6.75x |  |  |  | — |
|  | $ | 265,354,626 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

See notes to financial statements.

116 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) June 30, 2023 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Building Products — 5.6% |  |  |  |  |  |  |  |
Johnson Controls International PLC(a) |  |  | 167,509 |  |  | $ | 11,414,063 |
Kingspan Group PLC |  |  | 99,765 |  |  |  | 6,640,739 |
Trane Technologies PLC(a) |  |  | 56,900 |  |  |  | 10,882,694 |
|  |  |  |  |  |  | 28,937,496 |
Chemicals — 4.1% |  |  |  |  |  |  |  |
Air Liquide SA |  |  | 45,218 |  |  |  | 8,109,175 |
LG Chem Ltd. |  |  | 9,200 |  |  |  | 4,683,368 |
Linde PLC |  |  | 21,328 |  |  |  | 8,134,281 |
|  |  |  |  |  |  | 20,926,824 |
Commercial Services & Supplies(a) — 5.2% |  |  |  |  |  |  |  |
Republic Services, Inc. |  |  | 69,750 |  |  |  | 10,683,607 |
Waste Management, Inc. |  |  | 94,200 |  |  |  | 16,336,164 |
|  |  |  |  |  |  | 27,019,771 |
Construction & Engineering — 5.2% |  |  |  |  |  |  |  |
Quanta Services, Inc.(a) |  |  | 48,460 |  |  |  | 9,519,967 |
Vinci SA |  |  | 148,150 |  |  |  | 17,214,351 |
|  |  |  |  |  |  | 26,734,318 |
Electric Utilities — 30.5% |  |  |  |  |  |  |  |
American Electric Power Co., Inc.(a) |  |  | 155,650 |  |  |  | 13,105,730 |
Duke Energy Corp.(a) |  |  | 118,418 |  |  |  | 10,626,831 |
EDP - Energias de Portugal SA |  |  | 1,804,300 |  |  |  | 8,818,815 |
Enel SpA |  |  | 3,587,775 |  |  |  | 24,190,298 |
Exelon Corp.(a) |  |  | 312,408 |  |  |  | 12,727,502 |
FirstEnergy Corp.(a) |  |  | 87,550 |  |  |  | 3,403,944 |
Iberdrola SA |  |  | 893,763 |  |  |  | 11,671,476 |
Neoenergia SA |  |  | 902,200 |  |  |  | 4,000,189 |
NextEra Energy, Inc.(a)(b) |  |  | 552,380 |  |  |  | 40,986,596 |
Orsted A/S(c) |  |  | 74,600 |  |  |  | 7,072,250 |
PG&E Corp.(a)(d) |  |  | 655,400 |  |  |  | 11,325,312 |
SSE PLC |  |  | 167,800 |  |  |  | 3,934,923 |
Xcel Energy, Inc.(a) |  |  | 87,390 |  |  |  | 5,433,036 |
|  |  |  |  |  |  | 157,296,902 |
Electrical Equipment — 5.6% |
Eaton Corp. PLC(a) |  |  | 27,240 |  |  |  | 5,477,964 |
Prysmian SpA |  |  | 135,350 |  |  |  | 5,660,838 |
Schneider Electric SE |  |  | 29,782 |  |  |  | 5,410,693 |
Sunrun, Inc.(d)(e) |  |  | 132,650 |  |  |  | 2,369,129 |
Vestas Wind Systems A/S(d) |  |  | 379,121 |  |  |  | 10,079,814 |
|  |  |  |  |  |  | 28,998,438 |
Electronic Equipment, Instruments & Components — 1.6% |
Rogers Corp.(d) |  |  | 21,600 |  |  |  | 3,497,688 |
Samsung SDI Co. Ltd. |  |  | 9,150 |  |  |  | 4,672,305 |
|  |  |  |  |  |  | 8,169,993 |
Ground Transportation — 1.0% |  |  |  |  |  |  |  |
Union Pacific Corp.(a) |  |  | 25,800 |  |  |  | 5,279,196 |
Independent Power and Renewable Electricity Producers — 8.7% |
AES Corp.(a) |  |  | 229,590 |  |  |  | 4,759,402 |
China Longyuan Power Group Corp. Ltd., Class H |  |  | 3,620,000 |  |  |  | 3,739,005 |
EDP Renovaveis SA |  |  | 503,430 |  |  |  | 10,060,290 |
Orron Energy AB(d) |  |  | 2,103,600 |  |  |  | 2,215,723 |
RWE AG |  |  | 489,545 |  |  |  | 21,332,554 |
Sunnova Energy International, Inc.(d)(e) |  |  | 140,150 |  |  |  | 2,566,147 |
|  |  |  |  |  |  | 44,673,121 |
Machinery — 5.4% |  |  |  |  |  |  |  |
Atlas Copco AB, B Shares |  |  | 1,064,300 |  |  |  | 13,270,199 |

Security |  | Shares |  |  | Value |
Machinery (continued) |  |  |  |  |  |  |  |
Ingersoll Rand, Inc.(a) |  |  | 144,050 |  |  | $ | 9,415,108 |
Spirax-Sarco Engineering PLC |  |  | 37,650 |  |  |  | 4,962,423 |
|  |  |  |  |  |  | 27,647,730 |
Multi-Utilities — 10.0% |  |  |  |  |  |  |  |
CMS Energy Corp.(a) |  |  | 130,410 |  |  |  | 7,661,588 |
Dominion Energy, Inc.(a) |  |  | 176,898 |  |  |  | 9,161,547 |
National Grid PLC |  |  | 564,774 |  |  |  | 7,487,977 |
Public Service Enterprise Group, Inc.(a) |  |  | 200,142 |  |  |  | 12,530,891 |
Sempra Energy(a)(b) |  |  | 100,350 |  |  |  | 14,609,956 |
|  |  |  |  |  |  | 51,451,959 |
Oil, Gas & Consumable Fuels — 10.1% |  |  |  |  |  |  |  |
Cheniere Energy, Inc.(a) |  |  | 90,400 |  |  |  | 13,773,344 |
Enterprise Products Partners LP(a) |  |  | 198,313 |  |  |  | 5,225,547 |
Kinder Morgan, Inc.(a) |  |  | 615,200 |  |  |  | 10,593,744 |
TC Energy Corp. |  |  | 159,550 |  |  |  | 6,448,241 |
Williams Cos., Inc.(a)(b) |  |  | 481,655 |  |  |  | 15,716,403 |
|  |  |  |  |  |  | 51,757,279 |
Semiconductors & Semiconductor Equipment — 5.5% |
Analog Devices, Inc.(a) |  |  | 28,224 |  |  |  | 5,498,317 |
ASML Holding NV |  |  | 7,050 |  |  |  | 5,113,568 |
Canadian Solar, Inc.(a)(d)(e) |  |  | 82,140 |  |  |  | 3,177,997 |
First Solar, Inc.(a)(d) |  |  | 19,584 |  |  |  | 3,722,723 |
Infineon Technologies AG |  |  | 132,850 |  |  |  | 5,471,059 |
STMicroelectronics NV |  |  | 109,950 |  |  |  | 5,483,578 |
|  |  |  |  |  |  | 28,467,242 |
Total Long-Term Investments — 98.5% (Cost: $356,356,062) |  |  |  |  |  |  | 507,360,269 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 2.9% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%(f)(g) |  |  | 12,129,346 |  |  |  | 12,129,346 |
SL Liquidity Series, LLC, Money Market Series, 5.28%(f)(g)(h) |  |  | 2,504,624 |  |  |  | 2,504,624 |
Total Short-Term Securities — 2.9% (Cost: $14,633,993) |  |  |  | 14,633,970 |
Total Investments Before Options Written — 101.4% (Cost: $370,990,055) |  |  |  | 521,994,239 |
Options Written — (0.9)% (Premiums Received: $(4,020,391)) |  |  |  | (4,647,061 | )
Total Investments, Net of Options Written — 100.5% (Cost: $366,969,664) |  |  |  | 517,347,178 |
Liabilities in Excess of Other Assets — (0.5)% |  |  |  | (2,349,892 | )
Net Assets — 100.0% |  |  | $ | 514,997,286 |

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

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

(c) | Security 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.

(d) | Non-income producing security.

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

(f) | Affiliate of the Trust.

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

(h) | 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 |  | 117

Schedule of Investments (unaudited) (continued) June 30, 2023 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/22 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/23 |  |  | Shares Held at 06/30/23 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 11,042,199 |  |  | $ | 1,087,147 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12,129,346 |  |  |  | 12,129,346 |  |  | $ | 304,175 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 225,179 |  |  |  | 2,278,780 | (a) |  |  | — |  |  |  | 810 |  |  |  | (145 | ) |  |  | 2,504,624 |  |  |  | 2,504,624 |  |  |  | 6,757 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 810 |  |  | $ | (145 | ) |  | $ | 14,633,970 |  |  |  |  |  |  | $ | 310,932 |  |  | $ | — |

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

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Analog Devices, Inc. |  |  | 24 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 468 |  |  | $ | (24,481 | )
Enterprise Products Partners LP |  |  | 216 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 569 |  |  |  | (8,748 | )
PG&E Corp. |  |  | 271 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 468 |  |  |  | (2,439 | )
Waste Management, Inc. |  |  | 175 |  |  |  | 07/07/23 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 3,035 |  |  |  | (238,000 | )
Analog Devices, Inc. |  |  | 23 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 448 |  |  |  | (35,305 | )
Cheniere Energy, Inc. |  |  | 97 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,478 |  |  |  | (38,800 | )
Enterprise Products Partners LP |  |  | 369 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 26.52 |  |  |  | USD |  |  |  | 972 |  |  |  | (5,028 | )
Kinder Morgan, Inc. |  |  | 768 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 1,322 |  |  |  | (5,376 | )
PG&E Corp. |  |  | 272 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 470 |  |  |  | (5,576 | )
Williams Cos., Inc. |  |  | 493 |  |  |  | 07/14/23 |  |  |  | USD |  |  |  | 31.00 |  |  |  | USD |  |  |  | 1,609 |  |  |  | (83,810 | )
AES Corp. |  |  | 570 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 21.26 |  |  |  | USD |  |  |  | 1,182 |  |  |  | (15,677 | )
American Electric Power Co., Inc. |  |  | 509 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 90.50 |  |  |  | USD |  |  |  | 4,286 |  |  |  | (4,984 | )
Cheniere Energy, Inc. |  |  | 144 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 2,194 |  |  |  | (69,840 | )
CMS Energy Corp. |  |  | 456 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 61.56 |  |  |  | USD |  |  |  | 2,679 |  |  |  | (7,019 | )
Dominion Energy, Inc. |  |  | 310 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,605 |  |  |  | (5,425 | )
Duke Energy Corp. |  |  | 205 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 1,840 |  |  |  | (1,025 | )
Duke Energy Corp. |  |  | 219 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 92.50 |  |  |  | USD |  |  |  | 1,965 |  |  |  | (9,307 | )
Eaton Corp. PLC |  |  | 46 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 925 |  |  |  | (145,360 | )
Enterprise Products Partners LP |  |  | 89 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 235 |  |  |  | (4,717 | )
Enterprise Products Partners LP |  |  | 198 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 26.33 |  |  |  | USD |  |  |  | 522 |  |  |  | (6,202 | )
Exelon Corp. |  |  | 390 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 1,589 |  |  |  | (3,900 | )
Exelon Corp. |  |  | 457 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 42.00 |  |  |  | USD |  |  |  | 1,862 |  |  |  | (10,282 | )
FirstEnergy Corp. |  |  | 150 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 583 |  |  |  | (3,000 | )
FirstEnergy Corp. |  |  | 156 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 39.00 |  |  |  | USD |  |  |  | 607 |  |  |  | (9,360 | )
Ingersoll Rand, Inc. |  |  | 192 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 58.80 |  |  |  | USD |  |  |  | 1,255 |  |  |  | (129,492 | )
Johnson Controls International PLC |  |  | 100 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 681 |  |  |  | (35,500 | )
Kinder Morgan, Inc. |  |  | 1,055 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 17.00 |  |  |  | USD |  |  |  | 1,817 |  |  |  | (45,365 | )
Linde PLC |  |  | 39 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 375.00 |  |  |  | USD |  |  |  | 1,486 |  |  |  | (38,025 | )
NextEra Energy, Inc. |  |  | 1,298 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 77.50 |  |  |  | USD |  |  |  | 9,631 |  |  |  | (38,940 | )
PG&E Corp. |  |  | 272 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 17.00 |  |  |  | USD |  |  |  | 470 |  |  |  | (14,008 | )
Public Service Enterprise Group, Inc. |  |  | 207 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 64.85 |  |  |  | USD |  |  |  | 1,296 |  |  |  | (6,394 | )
Quanta Services, Inc. |  |  | 84 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 1,650 |  |  |  | (146,580 | )
Sempra Energy |  |  | 351 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 5,110 |  |  |  | (16,672 | )
TC Energy Corp. |  |  | 279 |  |  |  | 07/21/23 |  |  |  | CAD |  |  |  | 56.00 |  |  |  | CAD |  |  |  | 1,494 |  |  |  | (1,895 | )
Trane Technologies PLC |  |  | 139 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 2,659 |  |  |  | (236,300 | )
Waste Management, Inc. |  |  | 170 |  |  |  | 07/21/23 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 2,948 |  |  |  | (79,050 | )

118 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Analog Devices, Inc. |  |  | 51 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 994 |  |  | $ | (26,775 | )
Cheniere Energy, Inc. |  |  | 75 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 1,143 |  |  |  | (20,625 | )
First Solar, Inc. |  |  | 32 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 608 |  |  |  | (15,200 | )
Johnson Controls International PLC |  |  | 357 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 65.05 |  |  |  | USD |  |  |  | 2,433 |  |  |  | (136,578 | )
PG&E Corp. |  |  | 1,478 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 2,554 |  |  |  | (54,686 | )
Williams Cos., Inc. |  |  | 478 |  |  |  | 07/28/23 |  |  |  | USD |  |  |  | 31.40 |  |  |  | USD |  |  |  | 1,560 |  |  |  | (73,528 | )
Canadian Solar, Inc. |  |  | 143 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 553 |  |  |  | (21,092 | )
Union Pacific Corp. |  |  | 89 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 1,821 |  |  |  | (49,395 | )
Williams Cos., Inc. |  |  | 670 |  |  |  | 08/04/23 |  |  |  | USD |  |  |  | 31.40 |  |  |  | USD |  |  |  | 2,186 |  |  |  | (113,361 | )
Public Service Enterprise Group, Inc. |  |  | 218 |  |  |  | 08/10/23 |  |  |  | USD |  |  |  | 61.75 |  |  |  | USD |  |  |  | 1,365 |  |  |  | (46,344 | )
First Solar, Inc. |  |  | 36 |  |  |  | 08/11/23 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 684 |  |  |  | (28,710 | )
AES Corp. |  |  | 330 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 21.00 |  |  |  | USD |  |  |  | 684 |  |  |  | (23,100 | )
American Electric Power Co., Inc. |  |  | 66 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 556 |  |  |  | (12,870 | )
Canadian Solar, Inc. |  |  | 144 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 41.00 |  |  |  | USD |  |  |  | 557 |  |  |  | (25,200 | )
Dominion Energy, Inc. |  |  | 309 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 54.01 |  |  |  | USD |  |  |  | 1,600 |  |  |  | (27,253 | )
Eaton Corp. PLC |  |  | 50 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 189.50 |  |  |  | USD |  |  |  | 1,006 |  |  |  | (70,680 | )
Exelon Corp. |  |  | 340 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 40.46 |  |  |  | USD |  |  |  | 1,385 |  |  |  | (38,796 | )
Ingersoll Rand, Inc. |  |  | 310 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 64.00 |  |  |  | USD |  |  |  | 2,026 |  |  |  | (80,266 | )
Johnson Controls International PLC |  |  | 129 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 63.75 |  |  |  | USD |  |  |  | 879 |  |  |  | (34,929 | )
Kinder Morgan, Inc. |  |  | 339 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 17.00 |  |  |  | USD |  |  |  | 584 |  |  |  | (17,458 | )
Linde PLC |  |  | 35 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 378.00 |  |  |  | USD |  |  |  | 1,334 |  |  |  | (46,761 | )
Public Service Enterprise Group, Inc. |  |  | 275 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 62.63 |  |  |  | USD |  |  |  | 1,722 |  |  |  | (48,304 | )
Quanta Services, Inc. |  |  | 85 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 1,670 |  |  |  | (99,875 | )
Republic Services, Inc. |  |  | 122 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,869 |  |  |  | (70,760 | )
Republic Services, Inc. |  |  | 122 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 146.50 |  |  |  | USD |  |  |  | 1,869 |  |  |  | (103,804 | )
TC Energy Corp. |  |  | 279 |  |  |  | 08/18/23 |  |  |  | CAD |  |  |  | 56.00 |  |  |  | CAD |  |  |  | 1,494 |  |  |  | (9,688 | )
Trane Technologies PLC |  |  | 60 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 186.00 |  |  |  | USD |  |  |  | 1,148 |  |  |  | (60,248 | )
Xcel Energy, Inc. |  |  | 153 |  |  |  | 08/18/23 |  |  |  | USD |  |  |  | 66.00 |  |  |  | USD |  |  |  | 951 |  |  |  | (6,952 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,895,120 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Neoenergia SA |  | JPMorgan Chase Bank N.A. |  |  | 157,900 |  |  |  | 07/06/23 |  |  |  | BRL |  |  |  | 16.27 |  |  |  | BRL |  |  |  | 3,352 |  |  | $ | (154,185 | )
NextEra Energy, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 62,900 |  |  |  | 07/06/23 |  |  |  | USD |  |  |  | 78.35 |  |  |  | USD |  |  |  | 4,667 |  |  |  | (543 | )
Atlas Copco AB, B Shares |  | Goldman Sachs International |  |  | 282,000 |  |  |  | 07/11/23 |  |  |  | SEK |  |  |  | 139.18 |  |  |  | SEK |  |  |  | 37,922 |  |  |  | (36,917 | )
EDP Renovaveis SA |  | Morgan Stanley & Co. International PLC |  |  | 29,600 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 21.20 |  |  |  | EUR |  |  |  | 542 |  |  |  | — |
Enel SpA |  | Goldman Sachs International |  |  | 668,700 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 6.26 |  |  |  | EUR |  |  |  | 4,132 |  |  |  | (19,220 | )
Infineon Technologies AG |  | Barclays Bank PLC |  |  | 19,200 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 36.13 |  |  |  | EUR |  |  |  | 725 |  |  |  | (39,636 | )
Orron Energy AB |  | UBS AG |  |  | 264,000 |  |  |  | 07/11/23 |  |  |  | SEK |  |  |  | 10.69 |  |  |  | SEK |  |  |  | 2,999 |  |  |  | (20,863 | )
Orsted A/S |  | Goldman Sachs International |  |  | 6,900 |  |  |  | 07/11/23 |  |  |  | DKK |  |  |  | 677.46 |  |  |  | DKK |  |  |  | 4,463 |  |  |  | (1,585 | )
Schneider Electric SE |  | UBS AG |  |  | 4,600 |  |  |  | 07/11/23 |  |  |  | EUR |  |  |  | 164.71 |  |  |  | EUR |  |  |  | 766 |  |  |  | (17,167 | )
Vestas Wind Systems A/S |  | UBS AG |  |  | 51,000 |  |  |  | 07/11/23 |  |  |  | DKK |  |  |  | 222.55 |  |  |  | DKK |  |  |  | 9,252 |  |  |  | (24 | )
Neoenergia SA |  | Citibank N.A. |  |  | 157,900 |  |  |  | 07/12/23 |  |  |  | BRL |  |  |  | 16.64 |  |  |  | BRL |  |  |  | 3,352 |  |  |  | (143,206 | )
Prysmian SpA |  | Goldman Sachs International |  |  | 22,800 |  |  |  | 07/12/23 |  |  |  | EUR |  |  |  | 35.96 |  |  |  | EUR |  |  |  | 874 |  |  |  | (61,131 | )
Air Liquide SA |  | Goldman Sachs International |  |  | 15,200 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 159.49 |  |  |  | EUR |  |  |  | 2,498 |  |  |  | (86,845 | )
EDP Renovaveis SA |  | UBS AG |  |  | 63,200 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 19.00 |  |  |  | EUR |  |  |  | 1,157 |  |  |  | (4,765 | )
Enel SpA |  | Morgan Stanley & Co. International PLC |  |  | 570,700 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 5.98 |  |  |  | EUR |  |  |  | 3,526 |  |  |  | (134,046 | )
Iberdrola SA |  | Goldman Sachs International |  |  | 107,700 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 11.52 |  |  |  | EUR |  |  |  | 1,289 |  |  |  | (22,481 | )
Infineon Technologies AG |  | Barclays Bank PLC |  |  | 6,200 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 36.76 |  |  |  | EUR |  |  |  | 234 |  |  |  | (9,918 | )
National Grid PLC |  | Morgan Stanley & Co. International PLC |  |  | 129,400 |  |  |  | 07/13/23 |  |  |  | GBP |  |  |  | 10.61 |  |  |  | GBP |  |  |  | 1,351 |  |  |  | (4,675 | )
RWE AG |  | Morgan Stanley & Co. International PLC |  |  | 133,700 |  |  |  | 07/13/23 |  |  |  | EUR |  |  |  | 39.89 |  |  |  | EUR |  |  |  | 5,339 |  |  |  | (73,110 | )
Xcel Energy, Inc. |  | Citibank N.A. |  |  | 15,200 |  |  |  | 07/17/23 |  |  |  | USD |  |  |  | 68.89 |  |  |  | USD |  |  |  | 945 |  |  |  | (31 | )
STMicroelectronics NV |  | Morgan Stanley & Co. International PLC |  |  | 43,300 |  |  |  | 07/18/23 |  |  |  | EUR |  |  |  | 42.64 |  |  |  | EUR |  |  |  | 1,979 |  |  |  | (154,253 | )
EDP - Energias de Portugal SA |  | UBS AG |  |  | 183,500 |  |  |  | 07/25/23 |  |  |  | EUR |  |  |  | 4.71 |  |  |  | EUR |  |  |  | 822 |  |  |  | (3,392 | )
ASML Holding NV |  | Goldman Sachs International |  |  | 2,400 |  |  |  | 08/01/23 |  |  |  | EUR |  |  |  | 701.02 |  |  |  | EUR |  |  |  | 1,595 |  |  |  | (25,534 | )
EDP Renovaveis SA |  | Goldman Sachs International |  |  | 83,400 |  |  |  | 08/02/23 |  |  |  | EUR |  |  |  | 19.81 |  |  |  | EUR |  |  |  | 1,527 |  |  |  | (5,655 | )
Infineon Technologies AG |  | Citibank N.A. |  |  | 21,100 |  |  |  | 08/02/23 |  |  |  | EUR |  |  |  | 40.03 |  |  |  | EUR |  |  |  | 796 |  |  |  | (11,956 | )
Vestas Wind Systems A/S |  | UBS AG |  |  | 81,700 |  |  |  | 08/02/23 |  |  |  | DKK |  |  |  | 210.13 |  |  |  | DKK |  |  |  | 14,822 |  |  |  | (21,436 | )

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 (unaudited) (continued) June 30, 2023 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
China Longyuan Power Group Corp. Ltd., Class H |  | Morgan Stanley & Co. International PLC |  |  | 670,000 |  |  |  | 08/03/23 |  |  |  | HKD |  |  |  | 8.23 |  |  |  | HKD |  |  |  | 5,423 |  |  | $ | (31,172 | )
EDP - Energias de Portugal SA |  | Goldman Sachs International |  |  | 243,700 |  |  |  | 08/03/23 |  |  |  | EUR |  |  |  | 4.51 |  |  |  | EUR |  |  |  | 1,092 |  |  |  | (23,654 | )
Kingspan Group PLC |  | Goldman Sachs International |  |  | 20,600 |  |  |  | 08/03/23 |  |  |  | EUR |  |  |  | 60.64 |  |  |  | EUR |  |  |  | 1,257 |  |  |  | (41,315 | )
EDP - Energias de Portugal SA |  | Morgan Stanley & Co. International PLC |  |  | 204,300 |  |  |  | 08/10/23 |  |  |  | EUR |  |  |  | 4.79 |  |  |  | EUR |  |  |  | 915 |  |  |  | (4,494 | )
Iberdrola SA |  | Goldman Sachs International |  |  | 205,000 |  |  |  | 08/10/23 |  |  |  | EUR |  |  |  | 12.18 |  |  |  | EUR |  |  |  | 2,453 |  |  |  | (19,390 | )
Orron Energy AB |  | UBS AG |  |  | 472,000 |  |  |  | 08/10/23 |  |  |  | SEK |  |  |  | 12.81 |  |  |  | SEK |  |  |  | 5,362 |  |  |  | (18,191 | )
Schneider Electric SE |  | UBS AG |  |  | 5,900 |  |  |  | 08/10/23 |  |  |  | EUR |  |  |  | 167.52 |  |  |  | EUR |  |  |  | 982 |  |  |  | (31,029 | )
Atlas Copco AB, B Shares |  | UBS AG |  |  | 90,600 |  |  |  | 08/11/23 |  |  |  | SEK |  |  |  | 140.80 |  |  |  | SEK |  |  |  | 12,184 |  |  |  | (31,990 | )
LG Chem Ltd. |  | BNP Paribas SA |  |  | 3,300 |  |  |  | 08/14/23 |  |  |  | KRW |  |  |  | 727,560.39 |  |  |  | KRW |  |  |  | 2,213,525 |  |  |  | (29,178 | )
Samsung SDI Co. Ltd. |  | BNP Paribas SA |  |  | 3,300 |  |  |  | 08/14/23 |  |  |  | KRW |  |  |  | 700,667.27 |  |  |  | KRW |  |  |  | 2,220,363 |  |  |  | (33,533 | )
Orsted A/S |  | Barclays Bank PLC |  |  | 19,200 |  |  |  | 08/15/23 |  |  |  | DKK |  |  |  | 643.32 |  |  |  | DKK |  |  |  | 12,420 |  |  |  | (77,353 | )
RWE AG |  | UBS AG |  |  | 37,700 |  |  |  | 08/15/23 |  |  |  | EUR |  |  |  | 40.74 |  |  |  | EUR |  |  |  | 1,506 |  |  |  | (31,725 | )
Spirax-Sarco Engineering PLC |  | Morgan Stanley & Co. International PLC |  |  | 13,200 |  |  |  | 08/15/23 |  |  |  | GBP |  |  |  | 103.66 |  |  |  | GBP |  |  |  | 1,370 |  |  |  | (64,743 | )
China Longyuan Power Group Corp. Ltd., Class H |  | Societe Generale |  |  | 597,000 |  |  |  | 08/16/23 |  |  |  | HKD |  |  |  | 8.80 |  |  |  | HKD |  |  |  | 4,832 |  |  |  | (18,332 | )
Kingspan Group PLC |  | UBS AG |  |  | 14,400 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 58.07 |  |  |  | EUR |  |  |  | 878 |  |  |  | (63,249 | )
Prysmian SpA |  | Goldman Sachs International |  |  | 24,500 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 37.25 |  |  |  | EUR |  |  |  | 939 |  |  |  | (52,299 | )
Vinci SA |  | Goldman Sachs International |  |  | 51,800 |  |  |  | 08/16/23 |  |  |  | EUR |  |  |  | 107.49 |  |  |  | EUR |  |  |  | 5,516 |  |  |  | (127,720 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,751,941 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 1,321,604 |  |  | $ | (1,948,274 | ) |  | $ | (4,647,061 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 4,647,061 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,647,061 |

For the period ended June 30, 2023, 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) |  | $ | — |  |  | $ | — |  |  | $ | (2,511,082 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,511,082 | )
Options written |  |  | — |  |  |  | — |  |  |  | 7,355,793 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,355,793 |
|  | $ | — |  |  | $ | — |  |  | $ | 4,844,711 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,844,711 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (2,148,041 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,148,041 | )

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

120 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) June 30, 2023 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts purchased |  | $ | — | (a)
Average value of option contracts written |  | $ | 4,767,092 |

| (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 |  | $ | — |  |  | $ | 4,647,061 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 4,647,061 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (2,895,120 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 1,751,941 |

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 |  | $ | 126,907 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 126,907 |
BNP Paribas SA |  |  | 62,711 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 62,711 |
Citibank N.A. |  |  | 155,193 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 155,193 |
Goldman Sachs International |  |  | 523,746 |  |  |  | — |  |  |  | (523,746 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 154,728 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 154,728 |
Morgan Stanley & Co. International PLC |  |  | 466,493 |  |  |  | — |  |  |  | (466,493 | ) |  |  | — |  |  |  | — |
Societe Generale |  |  | 18,332 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,332 |
UBS AG |  |  | 243,831 |  |  |  | — |  |  |  | (101,605 | ) |  |  | — |  |  |  | 142,226 |
|  | $ | 1,751,941 |  |  | $ | — |  |  | $ | (1,091,844 | ) |  | $ | — |  |  | $ | 660,097 |

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

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Building Products |  | $ | 22,296,757 |  |  | $ | 6,640,739 |  |  | $ | — |  |  | $ | 28,937,496 |
Chemicals |  |  | — |  |  |  | 20,926,824 |  |  |  | — |  |  |  | 20,926,824 |
Commercial Services & Supplies |  |  | 27,019,771 |  |  |  | — |  |  |  | — |  |  |  | 27,019,771 |
Construction & Engineering |  |  | 9,519,967 |  |  |  | 17,214,351 |  |  |  | — |  |  |  | 26,734,318 |
Electric Utilities |  |  | 101,609,140 |  |  |  | 55,687,762 |  |  |  | — |  |  |  | 157,296,902 |
Electrical Equipment |  |  | 7,847,093 |  |  |  | 21,151,345 |  |  |  | — |  |  |  | 28,998,438 |
Electronic Equipment, Instruments & Components |  |  | 3,497,688 |  |  |  | 4,672,305 |  |  |  | — |  |  |  | 8,169,993 |

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 (unaudited) (continued) June 30, 2023 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Common Stocks (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ground Transportation |  | $ | 5,279,196 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,279,196 |
Independent Power and Renewable Electricity Producers |  |  | 7,325,549 |  |  |  | 37,347,572 |  |  |  | — |  |  |  | 44,673,121 |
Machinery |  |  | 9,415,108 |  |  |  | 18,232,622 |  |  |  | — |  |  |  | 27,647,730 |
Multi-Utilities |  |  | 43,963,982 |  |  |  | 7,487,977 |  |  |  | — |  |  |  | 51,451,959 |
Oil, Gas & Consumable Fuels |  |  | 51,757,279 |  |  |  | — |  |  |  | — |  |  |  | 51,757,279 |
Semiconductors & Semiconductor Equipment |  |  | 12,399,037 |  |  |  | 16,068,205 |  |  |  | — |  |  |  | 28,467,242 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 12,129,346 |  |  |  | — |  |  |  | — |  |  |  | 12,129,346 |
|  | $ | 314,059,913 |  |  | $ | 205,429,702 |  |  | $ | — |  |  |  | 519,489,615 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,504,624 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 521,994,239 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (1,832,520 | ) |  | $ | (2,814,541 | ) |  | $ | — |  |  | $ | (4,647,061 | )

| (a) | Certain investments of the Trust were fair valued using NAV as a practical expedient 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.

122 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited)

June 30, 2023

|  | BGR |  |  | CII |  |  | BDJ(a) |  |  | BOE |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated(b)(c) |  | $ | 376,970,659 |  |  | $ | 851,951,940 |  |  | $ | 1,621,096,079 |  |  | $ | 720,323,581 |
Investments, at value — affiliated(d) |  |  | 5,580,127 |  |  |  | 13,210,741 |  |  |  | 54,579,536 |  |  |  | 7,220,667 |
Cash |  |  | — |  |  |  | 78,854 |  |  |  | 618,995 |  |  |  | — |
Foreign currency, at value(e) |  |  | 72,920 |  |  |  | — |  |  |  | 350 |  |  |  | 24 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | — |  |  |  | — |  |  |  | 2,007,008 |  |  |  | 18,593,884 |
Options written |  |  | 351,823 |  |  |  | 292,952 |  |  |  | 468,222 |  |  |  | 267,733 |
Securities lending income — affiliated |  |  | — |  |  |  | 185 |  |  |  | 176 |  |  |  | — |
Dividends — unaffiliated |  |  | 1,003,830 |  |  |  | 598,232 |  |  |  | 1,841,336 |  |  |  | 3,087,670 |
Dividends — affiliated |  |  | 26,148 |  |  |  | 52,053 |  |  |  | 234,948 |  |  |  | 30,931 |
Deferred offering costs |  |  | — |  |  |  | — |  |  |  | 183,545 |  |  |  | — |
Total assets |  |  | 384,005,507 |  |  |  | 866,184,957 |  |  |  | 1,681,030,195 |  |  |  | 749,524,490 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 121,987 |
Collateral on securities loaned |  |  | — |  |  |  | 36 |  |  |  | — |  |  |  | — |
Options written, at value(f) |  |  | 2,556,321 |  |  |  | 17,316,604 |  |  |  | 24,895,659 |  |  |  | 7,357,120 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | — |  |  |  | — |  |  |  | 4,943,264 |  |  |  | 18,180,386 |
Accounting services fees |  |  | 7,138 |  |  |  | 6,688 |  |  |  | 13,969 |  |  |  | 8,304 |
Capital shares redeemed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 244,425 |
Custodian fees |  |  | 7,693 |  |  |  | 5,415 |  |  |  | 28,105 |  |  |  | 22,097 |
Income dividend distributions |  |  | 104,091 |  |  |  | 239,245 |  |  |  | 360,396 |  |  |  | 134,236 |
Investment advisory fees |  |  | 611,666 |  |  |  | 1,173,263 |  |  |  | 2,152,635 |  |  |  | 985,770 |
Offering costs |  |  | — |  |  |  | — |  |  |  | 40,169 |  |  |  | — |
Trustees’ and Officer’s fees |  |  | 388,227 |  |  |  | 222,722 |  |  |  | 906,967 |  |  |  | 619,214 |
Options written |  |  | 183,102 |  |  |  | 399,610 |  |  |  | 660,151 |  |  |  | 422,366 |
Other accrued expenses |  |  | 35,165 |  |  |  | 54,902 |  |  |  | 88,843 |  |  |  | 37,299 |
Professional fees |  |  | 42,005 |  |  |  | 71,543 |  |  |  | 113,986 |  |  |  | 92,030 |
Transfer agent fees |  |  | 27,601 |  |  |  | 33,841 |  |  |  | 71,515 |  |  |  | 37,694 |
Total liabilities |  |  | 3,963,009 |  |  |  | 19,523,869 |  |  |  | 34,275,659 |  |  |  | 28,262,928 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NET ASSETS |  | $ | 380,042,498 |  |  | $ | 846,661,088 |  |  | $ | 1,646,754,536 |  |  | $ | 721,261,562 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(g)(h)(i) |  | $ | 522,651,015 |  |  | $ | 561,558,505 |  |  | $ | 1,313,614,608 |  |  | $ | 691,062,562 |
Accumulated earnings (loss) |  |  | (142,608,517 | ) |  |  | 285,102,583 |  |  |  | 333,139,928 |  |  |  | 30,199,000 |
NET ASSETS |  | $ | 380,042,498 |  |  | $ | 846,661,088 |  |  | $ | 1,646,754,536 |  |  | $ | 721,261,562 |
Net asset value(g)(h)(i) |  | $ | 13.66 |  |  | $ | 19.18 |  |  | $ | 8.83 |  |  | $ | 11.59 |
(a)Consolidated Statement of Assets and Liabilities. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b)Investments, at cost — unaffiliated |  | $ | 265,831,324 |  |  | $ | 560,929,271 |  |  | $ | 1,384,197,244 |  |  | $ | 639,242,116 |
(c)Securities loaned, at value |  | $ | — |  |  | $ | 35 |  |  | $ | — |  |  | $ | — |
(d)Investments, at cost — affiliated |  | $ | 5,580,127 |  |  | $ | 13,210,741 |  |  | $ | 54,579,536 |  |  | $ | 7,220,667 |
(e)Foreign currency, at cost |  | $ | 72,915 |  |  | $ | — |  |  | $ | 500 |  |  | $ | 29 |
(f)Premiums received |  | $ | 2,918,083 |  |  | $ | 12,842,348 |  |  | $ | 19,373,563 |  |  | $ | 6,795,289 |
(g)Shares outstanding |  |  | 27,827,910 |  |  |  | 44,132,101 |  |  |  | 186,494,195 |  |  |  | 62,231,328 |
(h)Shares authorized |  |  | Unlimited |  |  |  | 200 million |  |  |  | Unlimited |  |  |  | Unlimited |
(i)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 |  | 123

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2023

|  | BGY |  |  | BMEZ |  |  | BME |  |  | BIGZ |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated(a)(b) |  | $ | 624,617,914 |  |  | $ | 2,015,497,800 |  |  | $ | 575,660,264 |  |  | $ | 2,142,798,067 |
Investments, at value — affiliated(c) |  |  | 8,600,233 |  |  |  | 120,586,546 |  |  |  | 28,054,199 |  |  |  | 43,581,539 |
Cash |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 44,727 |
Cash pledged as collateral for OTC derivatives |  |  | 404,000 |  |  |  | 36,000 |  |  |  | — |  |  |  | — |
Foreign currency, at value(d) |  |  | 2,773 |  |  |  | 1,095 |  |  |  | 606 |  |  |  | 327 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 5,329,011 |  |  |  | 16,433,865 |  |  |  | 3,211,272 | (e) |  |  | 33,407 |
Options written |  |  | 105,310 |  |  |  | 282,459 |  |  |  | 81,434 |  |  |  | 44,947 |
Securities lending income — affiliated |  |  | — |  |  |  | 73,468 |  |  |  | 4,588 |  |  |  | 5,848 |
Dividends — unaffiliated |  |  | 2,856,514 |  |  |  | 843,067 |  |  |  | 587,611 |  |  |  | 242,179 |
Dividends — affiliated |  |  | 51,397 |  |  |  | 238,313 |  |  |  | 106,171 |  |  |  | 26,238 |
Unrealized appreciation on forward foreign currency exchange contracts |  |  | — |  |  |  | 963,121 |  |  |  | — |  |  |  | — |
Deferred offering costs |  |  | — |  |  |  | — |  |  |  | 76,536 |  |  |  | — |
Total assets |  |  | 641,967,152 |  |  |  | 2,154,955,734 |  |  |  | 607,782,681 |  |  |  | 2,186,777,279 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | — |  |  |  | — |  |  |  | 96,188 |  |  |  | — |
Collateral on securities loaned |  |  | — |  |  |  | 38,936,758 |  |  |  | 2,539,395 |  |  |  | 20,797,076 |
Options written, at value(f) |  |  | 5,767,908 |  |  |  | 19,267,653 |  |  |  | 6,153,073 |  |  |  | 15,626,686 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 1,548,838 |  |  |  | 28,135,758 |  |  |  | 357,904 |  |  |  | 11,568,041 |
Accounting services fees |  |  | 6,688 |  |  |  | 92,858 |  |  |  | 3,461 |  |  |  | 96,429 |
Capital shares redeemed |  |  | 228,679 |  |  |  | 1,211,990 |  |  |  | — |  |  |  | — |
Custodian fees |  |  | 20,777 |  |  |  | 102,646 |  |  |  | 8,741 |  |  |  | 31,865 |
Deferred foreign capital gain tax |  |  | 4,332 |  |  |  | — |  |  |  | — |  |  |  | — |
Income dividend distributions |  |  | 160,242 |  |  |  | 2,405,897 |  |  |  | 170,169 |  |  |  | 2,278,542 |
Investment advisory fees |  |  | 1,056,434 |  |  |  | 4,284,886 |  |  |  | 984,655 |  |  |  | 4,273,155 |
Trustees’ and Officer’s fees |  |  | 515,415 |  |  |  | 166,734 |  |  |  | 24,402 |  |  |  | 136,660 |
Options written |  |  | 59,643 |  |  |  | 220,943 |  |  |  | 86,620 |  |  |  | — |
Other accrued expenses |  |  | 40,989 |  |  |  | 99,694 |  |  |  | 36,730 |  |  |  | 330,876 |
Professional fees |  |  | 75,066 |  |  |  | 137,702 |  |  |  | 44,816 |  |  |  | 205,938 |
Proxy fees |  |  | — |  |  |  | 336,238 |  |  |  | — |  |  |  | 1,925,064 |
Transfer agent fees |  |  | 34,904 |  |  |  | 62,220 |  |  |  | 27,281 |  |  |  | 98,028 |
Unrealized depreciation on forward foreign currency exchange contracts |  |  | — |  |  |  | 886,235 |  |  |  | — |  |  |  | — |
Total liabilities |  |  | 9,519,915 |  |  |  | 96,348,212 |  |  |  | 10,533,435 |  |  |  | 57,368,360 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NET ASSETS |  | $ | 632,447,237 |  |  | $ | 2,058,607,522 |  |  | $ | 597,249,246 |  |  | $ | 2,129,408,919 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(g)(h)(i) |  | $ | 569,568,227 |  |  | $ | 2,152,208,233 |  |  | $ | 427,832,253 |  |  | $ | 4,230,518,571 |
Accumulated earnings (loss) |  |  | 62,879,010 |  |  |  | (93,600,711 | ) |  |  | 169,416,993 |  |  |  | (2,101,109,652 | )
NET ASSETS |  | $ | 632,447,237 |  |  | $ | 2,058,607,522 |  |  | $ | 597,249,246 |  |  | $ | 2,129,408,919 |
Net asset value(g)(h)(i) |  | $ | 6.24 |  |  | $ | 19.06 |  |  | $ | 42.83 |  |  | $ | 9.38 |
(a)Investments, at cost — unaffiliated |  | $ | 537,755,495 |  |  | $ | 1,933,514,723 |  |  | $ | 389,745,046 |  |  | $ | 2,409,342,917 |
(b)Securities loaned, at value |  | $ | — |  |  | $ | 38,179,428 |  |  | $ | 2,525,185 |  |  | $ | 20,635,627 |
(c)Investments, at cost — affiliated |  | $ | 8,600,233 |  |  | $ | 120,199,643 |  |  | $ | 28,054,559 |  |  | $ | 43,582,102 |
(d)Foreign currency, at cost |  | $ | 2,787 |  |  | $ | 1,090 |  |  | $ | 610 |  |  | $ | 324 |
(e)$866,058 is expected to be collected after 01/05/24. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(f)Premiums received |  | $ | 6,096,040 |  |  | $ | 17,074,460 |  |  | $ | 4,910,324 |  |  | $ | 10,673,712 |
(g)Shares outstanding |  |  | 101,375,400 |  |  |  | 108,030,011 |  |  |  | 13,943,973 |  |  |  | 226,909,123 |
(h)Shares authorized |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |
(i)Par value |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |

See notes to financial statements.

124 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued)

June 30, 2023

|  | BCX |  |  | BSTZ(a) |  |  | BST(a) |  |  | BUI |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated(b)(c) |  | $ | 879,580,702 |  |  | $ | 1,689,141,606 |  |  | $ | 1,175,385,910 |  |  | $ | 507,360,269 |
Investments, at value — affiliated(d) |  |  | 42,597,272 |  |  |  | 6,000,163 |  |  |  | 2,933,367 |  |  |  | 14,633,970 |
Cash |  |  | 64,297 |  |  |  | 125 |  |  |  | 28,769 |  |  |  | — |
Cash pledged as collateral for OTC derivatives |  |  | — |  |  |  | 980,000 |  |  |  | 400,000 |  |  |  | — |
Foreign currency, at value(e) |  |  | 50,418 |  |  |  | 1,671 |  |  |  | 2,124 |  |  |  | — |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 6,387,022 |  |  |  | 3,326,093 |  |  |  | 5,319,863 |  |  |  | — |
Options written |  |  | 446,216 |  |  |  | 65,354 |  |  |  | 110,273 |  |  |  | — |
Securities lending income — affiliated |  |  | 1,925 |  |  |  | 1,625 |  |  |  | 1,196 |  |  |  | 770 |
Capital shares sold |  |  | — |  |  |  | — |  |  |  | 1,536,058 |  |  |  | — |
Dividends — unaffiliated |  |  | 2,132,508 |  |  |  | 1,201,580 |  |  |  | 127,268 |  |  |  | 1,107,904 |
Dividends — affiliated |  |  | 165,945 |  |  |  | 19,542 |  |  |  | 4,193 |  |  |  | 54,044 |
Deferred offering costs |  |  | — |  |  |  | — |  |  |  | 195,238 |  |  |  | 101,917 |
Total assets |  |  | 931,426,305 |  |  |  | 1,700,737,759 |  |  |  | 1,186,044,259 |  |  |  | 523,258,874 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,339 |
Collateral on securities loaned |  |  | 7,295,540 |  |  |  | 2,592,613 |  |  |  | 2,572,576 |  |  |  | 2,503,830 |
Options written, at value(f) |  |  | 5,496,164 |  |  |  | 32,484,997 |  |  |  | 19,101,911 |  |  |  | 4,647,061 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 4,845,418 |  |  |  | 3,400,010 |  |  |  | 1,141,084 |  |  |  | — |
Accounting services fees |  |  | 9,552 |  |  |  | 79,162 |  |  |  | 7,914 |  |  |  | 7,914 |
Capital shares redeemed |  |  | 553,530 |  |  |  | 738,534 |  |  |  | — |  |  |  | — |
Custodian fees |  |  | 12,875 |  |  |  | 66,845 |  |  |  | 23,777 |  |  |  | 15,167 |
Deferred capital gain tax |  |  | — |  |  |  | 1,703,021 |  |  |  | — |  |  |  | — |
Income dividend distributions |  |  | 160,684 |  |  |  | 1,957,192 |  |  |  | — |  |  |  | 32,429 |
Investment advisory fees |  |  | 1,518,608 |  |  |  | 3,315,023 |  |  |  | 1,842,774 |  |  |  | 851,316 |
Offering costs |  |  | — |  |  |  | — |  |  |  | 125,910 |  |  |  | — |
Trustees’ and Officer’s fees |  |  | 240,376 |  |  |  | 163,207 |  |  |  | 859 |  |  |  | 292 |
Options written |  |  | 207,254 |  |  |  | — |  |  |  | 21,411 |  |  |  | — |
Other accrued expenses |  |  | 146,928 |  |  |  | 172,984 |  |  |  | 124,428 |  |  |  | 131,606 |
Professional fees |  |  | 95,792 |  |  |  | 293,780 |  |  |  | 99,913 |  |  |  | 36,646 |
Transfer agent fees |  |  | 50,870 |  |  |  | 65,597 |  |  |  | 60,930 |  |  |  | 25,988 |
Total liabilities |  |  | 20,633,591 |  |  |  | 47,032,965 |  |  |  | 25,123,487 |  |  |  | 8,261,588 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NET ASSETS |  | $ | 910,792,714 |  |  | $ | 1,653,704,794 |  |  | $ | 1,160,920,772 |  |  | $ | 514,997,286 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(g)(h)(i) |  | $ | 1,060,084,926 |  |  | $ | 1,352,097,543 |  |  | $ | 822,271,047 |  |  | $ | 386,968,032 |
Accumulated earnings (loss) |  |  | (149,292,212 | ) |  |  | 301,607,251 |  |  |  | 338,649,725 |  |  |  | 128,029,254 |
NET ASSETS |  | $ | 910,792,714 |  |  | $ | 1,653,704,794 |  |  | $ | 1,160,920,772 |  |  | $ | 514,997,286 |
Net asset value(g)(h)(i) |  | $ | 10.61 |  |  | $ | 21.50 |  |  | $ | 34.14 |  |  | $ | 22.96 |
(a)Consolidated Statement of Assets and Liabilities. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b)Investments, at cost — unaffiliated |  | $ | 763,798,215 |  |  | $ | 1,204,587,576 |  |  | $ | 739,748,696 |  |  | $ | 356,356,062 |
(c)Securities loaned, at value |  | $ | 7,265,282 |  |  | $ | 2,587,371 |  |  | $ | 2,534,680 |  |  | $ | 2,513,264 |
(d)Investments, at cost — affiliated |  | $ | 42,597,889 |  |  | $ | 6,000,142 |  |  | $ | 2,933,194 |  |  | $ | 14,633,993 |
(e)Foreign currency, at cost |  | $ | 50,418 |  |  | $ | 1,667 |  |  | $ | 2,228 |  |  | $ | — |
(f)Premiums received |  | $ | 7,646,569 |  |  | $ | 16,740,064 |  |  | $ | 12,549,700 |  |  | $ | 4,020,391 |
(g)Shares outstanding |  |  | 85,858,746 |  |  |  | 76,915,834 |  |  |  | 34,003,298 |  |  |  | 22,426,304 |
(h)Shares authorized |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |
(i)Par value |  | $ | 0.001 |  |  | $ | 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 |  | 125

Statements of Operations (unaudited)

Six Months Ended June 30, 2023

|  | BGR |  |  | CII |  |  | BDJ(a) |  |  | BOE |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 7,972,248 |  |  | $ | 5,135,481 |  |  | $ | 22,276,272 |  |  | $ | 13,025,511 |
Dividends — affiliated |  |  | 154,603 |  |  |  | 275,672 |  |  |  | 1,609,010 |  |  |  | 227,151 |
Securities lending income — affiliated — net |  |  | — |  |  |  | 5,638 |  |  |  | 669 |  |  |  | 2,629 |
Foreign taxes withheld |  |  | (395,535 | ) |  |  | (206,030 | ) |  |  | (497,815 | ) |  |  | (949,374 | )
Total investment income |  |  | 7,731,316 |  |  |  | 5,210,761 |  |  |  | 23,388,136 |  |  |  | 12,305,917 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 2,304,590 |  |  |  | 3,418,010 |  |  |  | 6,477,962 |  |  |  | 3,542,495 |
Transfer agent |  |  | 34,200 |  |  |  | 42,608 |  |  |  | 83,465 |  |  |  | 47,944 |
Professional |  |  | 31,628 |  |  |  | 31,677 |  |  |  | 29,502 |  |  |  | 40,806 |
Trustees and Officer |  |  | 29,138 |  |  |  | 28,754 |  |  |  | 95,554 |  |  |  | 44,111 |
Accounting services |  |  | 21,838 |  |  |  | 25,107 |  |  |  | 47,405 |  |  |  | 30,046 |
Custodian |  |  | 21,563 |  |  |  | 15,390 |  |  |  | 64,292 |  |  |  | 54,123 |
Registration |  |  | 4,918 |  |  |  | 7,479 |  |  |  | 31,274 |  |  |  | 10,818 |
Printing and postage |  |  | 4,170 |  |  |  | 1,091 |  |  |  | 1,425 |  |  |  | 4,509 |
Miscellaneous |  |  | 22,015 |  |  |  | 25,904 |  |  |  | 76,315 |  |  |  | 51,835 |
Total expenses |  |  | 2,474,060 |  |  |  | 3,596,020 |  |  |  | 6,907,194 |  |  |  | 3,826,687 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (424,975 | ) |  |  | (4,353 | ) |  |  | (25,644 | ) |  |  | (623,534 | )
Total expenses after fees waived and/or reimbursed |  |  | 2,049,085 |  |  |  | 3,591,667 |  |  |  | 6,881,550 |  |  |  | 3,203,153 |
Net investment income |  |  | 5,682,231 |  |  |  | 1,619,094 |  |  |  | 16,506,586 |  |  |  | 9,102,764 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 7,344,860 |  |  |  | 15,670,075 |  |  |  | 49,788,460 |  |  |  | 2,532,070 |
Investments — affiliated |  |  | — |  |  |  | (514 | ) |  |  | (232 | ) |  |  | 1,183 |
Foreign currency transactions |  |  | 6,581 |  |  |  | — |  |  |  | 35,951 |  |  |  | 53,088 |
Options written |  |  | 10,781,255 |  |  |  | (9,665,066 | ) |  |  | 4,987,132 |  |  |  | 6,365,169 |
|  |  | 18,132,696 |  |  |  | 6,004,495 |  |  |  | 54,811,311 |  |  |  | 8,951,510 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (26,803,427 | ) |  |  | 100,591,585 |  |  |  | 21,435,577 |  |  |  | 47,384,704 |
Foreign currency translations |  |  | 1,904 |  |  |  | — |  |  |  | (144 | ) |  |  | 11,837 |
Options written |  |  | (2,063,487 | ) |  |  | (9,874,294 | ) |  |  | (13,463,460 | ) |  |  | (3,947,548 | )
|  |  | (28,865,010 | ) |  |  | 90,717,291 |  |  |  | 7,971,973 |  |  |  | 43,448,993 |
Net realized and unrealized gain (loss) |  |  | (10,732,314 | ) |  |  | 96,721,786 |  |  |  | 62,783,284 |  |  |  | 52,400,503 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | (5,050,083 | ) |  | $ | 98,340,880 |  |  | $ | 79,289,870 |  |  | $ | 61,503,267 |

(a) | Consolidated Statement of Operations.

See notes to financial statements.

126 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued)

Six Months Ended June 30, 2023

|  | BGY |  |  | BMEZ |  |  | BME |  |  | BIGZ |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 11,803,041 |  |  | $ | 3,210,565 |  |  | $ | 3,695,294 |  |  | $ | 2,497,916 |
Dividends — affiliated |  |  | 242,490 |  |  |  | 1,083,366 |  |  |  | 571,208 |  |  |  | 254,336 |
Securities lending income — affiliated — net |  |  | — |  |  |  | 354,806 |  |  |  | 20,778 |  |  |  | 38,615 |
Foreign taxes withheld |  |  | (1,241,131 | ) |  |  | (189,015 | ) |  |  | (29,580 | ) |  |  | (103,356 | )
Total investment income |  |  | 10,804,400 |  |  |  | 4,459,722 |  |  |  | 4,257,700 |  |  |  | 2,687,511 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 3,121,413 |  |  |  | 12,726,811 |  |  |  | 2,919,113 |  |  |  | 12,893,415 |
Custodian |  |  | 66,370 |  |  |  | 60,528 |  |  |  | 23,591 |  |  |  | 35,088 |
Professional |  |  | 51,724 |  |  |  | 54,936 |  |  |  | 46,893 |  |  |  | 98,309 |
Transfer agent |  |  | 44,594 |  |  |  | 72,990 |  |  |  | 36,917 |  |  |  | 107,482 |
Trustees and Officer |  |  | 33,414 |  |  |  | 59,527 |  |  |  | 17,026 |  |  |  | 57,562 |
Accounting services |  |  | 25,107 |  |  |  | 106,747 |  |  |  | 15,173 |  |  |  | 106,033 |
Registration |  |  | 17,616 |  |  |  | 19,347 |  |  |  | 3,384 |  |  |  | 41,576 |
Printing and postage |  |  | 4,865 |  |  |  | 847 |  |  |  | 3,922 |  |  |  | 2,685 |
Proxy |  |  | — |  |  |  | 339,023 |  |  |  | — |  |  |  | 1,955,280 |
Miscellaneous |  |  | 51,022 |  |  |  | 97,108 |  |  |  | 26,932 |  |  |  | 378,963 |
Total expenses |  |  | 3,416,125 |  |  |  | 13,537,864 |  |  |  | 3,092,951 |  |  |  | 15,676,393 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (3,762 | ) |  |  | (17,262 | ) |  |  | (8,990 | ) |  |  | (4,023 | )
Total expenses after fees waived and/or reimbursed |  |  | 3,412,363 |  |  |  | 13,520,602 |  |  |  | 3,083,961 |  |  |  | 15,672,370 |
Net investment income (loss) |  |  | 7,392,037 |  |  |  | (9,060,880 | ) |  |  | 1,173,739 |  |  |  | (12,984,859 | )
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 16,415,062 | (a) |  |  | (14,994,932 | ) |  |  | 7,647,313 |  |  |  | (211,505,456 | )
Investments — affiliated |  |  | — |  |  |  | 3,681 |  |  |  | 1,229 |  |  |  | (4,346 | )
Forward foreign currency exchange contracts |  |  | — |  |  |  | 1,506,894 |  |  |  | — |  |  |  | — |
Foreign currency transactions |  |  | 164,635 |  |  |  | (202,000 | ) |  |  | (6,236 | ) |  |  | 9,819 |
Options written |  |  | 10,247,181 |  |  |  | 10,910,202 |  |  |  | 4,698,971 |  |  |  | 1,213,830 |
|  |  | 26,826,878 |  |  |  | (2,776,155 | ) |  |  | 12,341,277 |  |  |  | (210,286,153 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 33,878,445 | (b) |  |  | 143,002,051 |  |  |  | 1,215,104 |  |  |  | 452,889,940 |
Investments — affiliated |  |  | — |  |  |  | 536,386 |  |  |  | (625 | ) |  |  | (563 | )
Forward foreign currency exchange contracts |  |  | — |  |  |  | (4,887,669 | ) |  |  | — |  |  |  | — |
Foreign currency translations |  |  | 12,090 |  |  |  | 13,134 |  |  |  | 2,680 |  |  |  | (5,297 | )
Options written |  |  | (978,314 | ) |  |  | (4,568,856 | ) |  |  | (3,421,738 | ) |  |  | (10,524,710 | )
|  |  | 32,912,221 |  |  |  | 134,095,046 |  |  |  | (2,204,579 | ) |  |  | 442,359,370 |
Net realized and unrealized gain |  |  | 59,739,099 |  |  |  | 131,318,891 |  |  |  | 10,136,698 |  |  |  | 232,073,217 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | 67,131,136 |  |  | $ | 122,258,011 |  |  | $ | 11,310,437 |  |  | $ | 219,088,358 |
(a)Net of foreign capital gain tax and capital gain tax refund, if applicable of |  | $ | 1,918 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(b)Net of reduction in deferred foreign capital gain tax of |  | $ | 68,395 |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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 (unaudited) (continued)

Six Months Ended June 30, 2023

|  | BCX |  |  | BSTZ(a) |  |  | BST(a) |  |  | BUI |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 18,971,153 |  |  | $ | 3,483,653 |  |  | $ | 2,140,945 |  |  | $ | 7,956,228 |
Dividends — affiliated |  |  | 704,650 |  |  |  | 221,875 |  |  |  | 161,025 |  |  |  | 304,176 |
Securities lending income — affiliated — net |  |  | 11,156 |  |  |  | 32,129 |  |  |  | 8,500 |  |  |  | 6,756 |
Foreign taxes withheld |  |  | (995,151 | ) |  |  | (421,174 | ) |  |  | (83,205 | ) |  |  | (461,073 | )
Total investment income |  |  | 18,691,808 |  |  |  | 3,316,483 |  |  |  | 2,227,265 |  |  |  | 7,806,087 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 4,743,463 |  |  |  | 9,800,290 |  |  |  | 5,248,932 |  |  |  | 2,521,855 |
Transfer agent |  |  | 61,953 |  |  |  | 77,261 |  |  |  | 74,167 |  |  |  | 35,458 |
Custodian |  |  | 48,312 |  |  |  | 83,091 |  |  |  | 61,475 |  |  |  | 35,322 |
Trustees and Officer |  |  | 36,937 |  |  |  | 47,124 |  |  |  | 26,834 |  |  |  | 13,724 |
Professional |  |  | 35,056 |  |  |  | 53,931 |  |  |  | 54,755 |  |  |  | 35,807 |
Accounting services |  |  | 29,275 |  |  |  | 85,490 |  |  |  | 24,305 |  |  |  | 24,305 |
Registration |  |  | 14,921 |  |  |  | 14,111 |  |  |  | 5,815 |  |  |  | 9,524 |
Printing and postage |  |  | 4,319 |  |  |  | 4,023 |  |  |  | 4,121 |  |  |  | 4,018 |
Miscellaneous |  |  | 55,896 |  |  |  | 380,892 |  |  |  | 255,990 |  |  |  | 47,530 |
Total expenses |  |  | 5,030,132 |  |  |  | 10,546,213 |  |  |  | 5,756,394 |  |  |  | 2,727,543 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (10,865 | ) |  |  | (3,534 | ) |  |  | (2,612 | ) |  |  | (4,778 | )
Total expenses after fees waived and/or reimbursed |  |  | 5,019,267 |  |  |  | 10,542,679 |  |  |  | 5,753,782 |  |  |  | 2,722,765 |
Net investment income (loss) |  |  | 13,672,541 |  |  |  | (7,226,196 | ) |  |  | (3,526,517 | ) |  |  | 5,083,322 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 4,692,520 |  |  |  | (33,134,872 | ) |  |  | 7,717,881 |  |  |  | 8,009,466 |
Investments — affiliated |  |  | 2,968 |  |  |  | 7,686 |  |  |  | 595 |  |  |  | 810 |
Foreign currency transactions |  |  | (9,193 | ) |  |  | (260,677 | ) |  |  | (45,216 | ) |  |  | 40,314 |
Options written |  |  | 20,987,215 |  |  |  | (10,876,120 | ) |  |  | (27,510,651 | ) |  |  | 7,355,793 |
Payment by affiliate |  |  | — |  |  |  | 127,092 |  |  |  | — |  |  |  | — |
|  |  | 25,673,510 |  |  |  | (44,136,891 | ) |  |  | (19,837,391 | ) |  |  | 15,406,383 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (67,428,508 | ) |  |  | 305,904,026 | (b) |  |  | 255,357,301 | (b) |  |  | 11,000,594 |
Investments — affiliated |  |  | (617 | ) |  |  | 21 |  |  |  | 93 |  |  |  | (145 | )
Foreign currency translations |  |  | 10,699 |  |  |  | 6,820 |  |  |  | (240 | ) |  |  | 22,696 |
Options written |  |  | (1,324,185 | ) |  |  | (25,448,128 | ) |  |  | (13,957,447 | ) |  |  | (2,148,041 | )
|  |  | (68,742,611 | ) |  |  | 280,462,739 |  |  |  | 241,399,707 |  |  |  | 8,875,104 |
Net realized and unrealized gain (loss) |  |  | (43,069,101 | ) |  |  | 236,325,848 |  |  |  | 221,562,316 |  |  |  | 24,281,487 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | (29,396,560 | ) |  | $ | 229,099,652 |  |  | $ | 218,035,799 |  |  | $ | 29,364,809 |
(a)Consolidated Statement of Operations. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b)Net of reduction in deferred capital gain tax of |  | $ | — |  |  | $ | 1,756,279 |  |  | $ | 113,475 |  |  | $ | — |

See notes to financial statements.

128 |  | 2 0 2 3 B L A C K R O C K S E M I - 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
|  | Six Months Ended 06/30/23 (unaudited) |  |  |  | Year Ended 12/31/22 |  |  |  | Six Months Ended 06/30/23 (unaudited) |  |  |  | Year Ended 12/31/22
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | $ | 5,682,231 |  |  |  |  |  |  |  |  | $ | 12,071,039 |  |  |  |  |  |  |  |  | $ | 1,619,094 |  |  |  |  |  |  |  |  | $ | 2,696,846 |
Net realized gain |  |  |  | 18,132,696 |  |  |  |  |  |  |  |  |  | 34,809,940 |  |  |  |  |  |  |  |  |  | 6,004,495 |  |  |  |  |  |  |  |  |  | 100,213,617 |
Net change in unrealized appreciation (depreciation) |  |  |  | (28,865,010 | ) |  |  |  |  |  |  |  |  | 66,906,553 |  |  |  |  |  |  |  |  |  | 90,717,291 |  |  |  |  |  |  |  |  |  | (211,028,139 | )
Net increase (decrease) in net assets resulting from operations |  |  |  | (5,050,083 | ) |  |  |  |  |  |  |  |  | 113,787,532 |  |  |  |  |  |  |  |  |  | 98,340,880 |  |  |  |  |  |  |  |  |  | (108,117,676 | )
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  | (10,606,571 | )(b) |  |  |  |  |  |  |  |  | (11,890,970 | ) |  |  |  |  |  |  |  |  | (26,346,864 | ) |  |  |  |  |  |  |  |  | (92,693,757 | )
Return of capital |  |  |  | — |  |  |  |  |  |  |  |  |  | (4,610,793 | ) |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  |  | (10,606,571 | ) |  |  |  |  |  |  |  |  | (16,501,763 | ) |  |  |  |  |  |  |  |  | (26,346,864 | ) |  |  |  |  |  |  |  |  | (92,693,757 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  |  | (2,793,432 | ) |  |  |  |  |  |  |  |  | (12,296,655 | ) |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  | — |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  |  | (18,450,086 | ) |  |  |  |  |  |  |  |  | 84,989,114 |  |  |  |  |  |  |  |  |  | 71,994,016 |  |  |  |  |  |  |  |  |  | (200,811,433 | )
Beginning of period |  |  |  | 398,492,584 |  |  |  |  |  |  |  |  |  | 313,503,470 |  |  |  |  |  |  |  |  |  | 774,667,072 |  |  |  |  |  |  |  |  |  | 975,478,505 |
End of period |  |  | $ | 380,042,498 |  |  |  |  |  |  |  |  | $ | 398,492,584 |  |  |  |  |  |  |  |  | $ | 846,661,088 |  |  |  |  |  |  |  |  | $ | 774,667,072 |

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

(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 129

Statements of Changes in Net Assets (continued)

|  | BDJ(a) |  |  |  |  |  | BOE |
|  |  | Six Months Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Six Months Ended |  |  |  |  |  |  |  |  |
|  | 06/30/23 |  |  |  |  |  | Year Ended |  |  |  |  |  | 06/30/23 |  |  |  |  |  | Year Ended |
|  |  | (unaudited) |  |  |  |  |  |  |  | 12/31/22 |  |  |  |  |  |  |  | (unaudited | ) |  |  |  |  |  |  | 12/31/22 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 16,506,586 |  |  |  |  |  |  | $ | 30,038,016 |  |  |  |  |  |  | $ | 9,102,764 |  |  |  |  |  |  | $ | 12,760,469 |
Net realized gain |  |  | 54,811,311 |  |  |  |  |  |  |  | 147,475,079 |  |  |  |  |  |  |  | 8,951,510 |  |  |  |  |  |  |  | 15,653,551 |
Net change in unrealized appreciation (depreciation) |  |  | 7,971,973 |  |  |  |  |  |  |  | (250,207,024 | ) |  |  |  |  |  |  | 43,448,993 |  |  |  |  |  |  |  | (137,096,032 | )
Net increase (decrease) in net assets resulting from operations |  |  | 79,289,870 |  |  |  |  |  |  |  | (72,693,929 | ) |  |  |  |  |  |  | 61,503,267 |  |  |  |  |  |  |  | (108,682,012 | )
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (62,879,687 | ) |  |  |  |  |  |  | (204,152,869 | ) |  |  |  |  |  |  | (23,663,713 | )(c) |  |  |  |  |  |  | (38,142,002 | )
Return of capital |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (9,962,064 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (62,879,687 | ) |  |  |  |  |  |  | (204,152,869 | ) |  |  |  |  |  |  | (23,663,713 | ) |  |  |  |  |  |  | (48,104,066 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | 702,786 |  |  |  |  |  |  |  | 3,650,249 |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (5,041,877 | ) |  |  |  |  |  |  | (12,470,648 | )
Net increase (decrease) in net assets derived from capital share transactions |  |  | 702,786 |  |  |  |  |  |  |  | 3,650,249 |  |  |  |  |  |  |  | (5,041,877 | ) |  |  |  |  |  |  | (12,470,648 | )
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 17,112,969 |  |  |  |  |  |  |  | (273,196,549 | ) |  |  |  |  |  |  | 32,797,677 |  |  |  |  |  |  |  | (169,256,726 | )
Beginning of period |  |  | 1,629,641,567 |  |  |  |  |  |  |  | 1,902,838,116 |  |  |  |  |  |  |  | 688,463,885 |  |  |  |  |  |  |  | 857,720,611 |
End of period |  | $ | 1,646,754,536 |  |  |  |  |  |  | $ | 1,629,641,567 |  |  |  |  |  |  | $ | 721,261,562 |  |  |  |  |  |  | $ | 688,463,885 |

(a) | Consolidated Statement of Changes in Net Assets.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

130 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 |  |  |  |  |  |  |  | BMEZ |
|  | Six Months Ended |  |  |  |  |  |  |  |  |  |  |  | Six Months Ended |  |  |  |  |  |  |
|  |  |  |  | 06/30/23 |  |  |  |  |  | Year Ended |  |  |  |  |  | 06/30/23 |  |  |  |  |  | Year Ended |
|  |  |  |  | (unaudited) |  |  |  |  |  | 12/31/22 |  |  |  |  |  | (unaudited) |  |  |  |  |  | 12/31/22 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  |  |  | $ | 7,392,037 |  |  |  |  |  |  | $ | 10,518,833 |  |  |  |  |  |  | $ | (9,060,880 | ) |  |  |  |  |  | $ | (20,420,947 | )
Net realized gain |  |  |  |  |  |  | 26,826,878 |  |  |  |  |  |  |  | 14,980,788 |  |  |  |  |  |  |  | (2,776,155 | ) |  |  |  |  |  |  | (26,244,107 | )
Net change in unrealized appreciation (depreciation) |  |  |  |  |  |  | 32,912,221 |  |  |  |  |  |  |  | (92,154,694 | ) |  |  |  |  |  |  | 134,095,046 |  |  |  |  |  |  |  | (636,053,199 | )
Net increase in net assets resulting from operations |  |  |  |  |  |  | 67,131,136 |  |  |  |  |  |  |  | (66,655,073 | ) |  |  |  |  |  |  | 122,258,011 |  |  |  |  |  |  |  | (682,718,253 | )
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  |  |  |  |  | (20,711,473 | )(b) |  |  |  |  |  |  | (20,170,266 | ) |  |  |  |  |  |  | (94,535,074 | )(b) |  |  |  |  |  |  | (183,050,144 | )
Return of capital |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (21,930,456 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (11,869,565 | )
Decrease in net assets resulting from distributions to shareholders |  |  |  |  |  |  | (20,711,473 | ) |  |  |  |  |  |  | (42,100,722 | ) |  |  |  |  |  |  | (94,535,074 | ) |  |  |  |  |  |  | (194,919,709 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  |  |  |  |  | (7,443,801 | ) |  |  |  |  |  |  | (7,282,700 | ) |  |  |  |  |  |  | (25,534,135 | ) |  |  |  |  |  |  | (47,829,587 | )
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase in net assets |  |  |  |  |  |  | 38,975,862 |  |  |  |  |  |  |  | (116,038,495 | ) |  |  |  |  |  |  | 2,188,802 |  |  |  |  |  |  |  | (925,467,549 | )
Beginning of period |  |  |  |  |  |  | 593,471,375 |  |  |  |  |  |  |  | 709,509,870 |  |  |  |  |  |  |  | 2,056,418,720 |  |  |  |  |  |  |  | 2,981,886,269 |
End of period |  |  |  |  |  | $ | 632,447,237 |  |  |  |  |  |  | $ | 593,471,375 |  |  |  |  |  |  | $ | 2,058,607,522 |  |  |  |  |  |  | $ | 2,056,418,720 |

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

(b) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

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)

|  |  | BME |  |  |  |  |  |  |  | BIGZ |
|  | Six Months Ended |  |  |  |  |  |  |  |  |  |  |  | Six Months Ended |  |  |  |  |  |  |
|  |  | 06/30/23 |  |  |  |  |  |  |  | Year Ended |  |  |  |  |  |  |  | 06/30/23 |  |  |  |  |  |  |  | Year Ended |
|  |  | (unaudited) |  |  |  |  |  |  |  | 12/31/22 |  |  |  |  |  |  |  | (unaudited) |  |  |  |  |  |  |  | 12/31/22 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 1,173,739 |  |  |  |  |  |  | $ | 1,539,556 |  |  |  |  |  |  | $ | (12,984,859 | ) |  |  |  |  |  | $ | (31,271,483 | )
Net realized gain |  |  | 12,341,277 |  |  |  |  |  |  |  | 13,676,395 |  |  |  |  |  |  |  | (210,286,153 | ) |  |  |  |  |  |  | (1,316,372,963 | )
Net change in unrealized appreciation (depreciation) |  |  | (2,204,579 | ) |  |  |  |  |  |  | (41,687,030 | ) |  |  |  |  |  |  | 442,359,370 |  |  |  |  |  |  |  | (308,670,678 | )
Net increase in net assets resulting from operations |  |  | 11,310,437 |  |  |  |  |  |  |  | (26,471,079 | ) |  |  |  |  |  |  | 219,088,358 |  |  |  |  |  |  |  | (1,656,315,124 | )
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (17,790,290 | )(b) |  |  |  |  |  |  | (32,998,527 | ) |  |  |  |  |  |  | (95,613,895 | )(b) |  |  |  |  |  |  | — |
Return of capital |  |  | — |  |  |  |  |  |  |  | (1,403,564 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (233,929,900 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (17,790,290 | ) |  |  |  |  |  |  | (34,402,091 | ) |  |  |  |  |  |  | (95,613,895 | ) |  |  |  |  |  |  | (233,929,900 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | 3,020,683 |  |  |  |  |  |  |  | 33,618,939 |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
Reinvestment of distributions |  |  | 511,503 |  |  |  |  |  |  |  | 1,676,333 |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (20,553,458 | ) |  |  |  |  |  |  | (64,919,571 | )
Net increase in net assets derived from capital share transactions |  |  | 3,532,186 |  |  |  |  |  |  |  | 35,295,272 |  |  |  |  |  |  |  | (20,553,458 | ) |  |  |  |  |  |  | (64,919,571 | )
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase in net assets |  |  | (2,947,667 | ) |  |  |  |  |  |  | (25,577,898 | ) |  |  |  |  |  |  | 102,921,005 |  |  |  |  |  |  |  | (1,955,164,595 | )
Beginning of period |  |  | 600,196,913 |  |  |  |  |  |  |  | 625,774,811 |  |  |  |  |  |  |  | 2,026,487,914 |  |  |  |  |  |  |  | 3,981,652,509 |
End of period |  | $ | 597,249,246 |  |  |  |  |  |  | $ | 600,196,913 |  |  |  |  |  |  | $ | 2,129,408,919 |  |  |  |  |  |  | $ | 2,026,487,914 |

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

(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

132 |  | 2 0 2 3 B L A C K R O C K S E M I - 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)

|  |  | BCX |  |  |  |  |  |  |  | BSTZ(a) |
|  | Six Months Ended |  |  |  |  |  |  |  |  |  |  |  | Six Months Ended |  |  |  |  |  |  |
|  |  | 06/30/23 |  |  |  |  |  |  |  | Year Ended |  |  |  |  |  |  |  | 06/30/23 |  |  |  |  |  |  |  | Year Ended |
|  |  | (unaudited) |  |  |  |  |  |  |  | 12/31/22 |  |  |  |  |  |  |  | (unaudited) |  |  |  |  |  |  |  | 12/31/22 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 13,672,541 |  |  |  |  |  |  | $ | 26,122,375 |  |  |  |  |  |  | $ | (7,226,196 | ) |  |  |  |  |  | $ | (23,377,483 | )
Net realized gain |  |  | 25,673,510 |  |  |  |  |  |  |  | 164,961,884 |  |  |  |  |  |  |  | (44,136,891 | ) |  |  |  |  |  |  | 116,813,048 |
Net change in unrealized appreciation (depreciation) |  |  | (68,742,611 | ) |  |  |  |  |  |  | (53,573,504 | ) |  |  |  |  |  |  | 280,462,739 |  |  |  |  |  |  |  | (1,429,494,278 | )
Net increase in net assets resulting from operations |  |  | (29,396,560 | ) |  |  |  |  |  |  | 137,510,755 |  |  |  |  |  |  |  | 229,099,652 |  |  |  |  |  |  |  | (1,336,058,713 | )
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (26,971,653 | )(c) |  |  |  |  |  |  | (26,024,883 | ) |  |  |  |  |  |  | (79,787,564 | )(c) |  |  |  |  |  |  | (70,402,537 | )
Return of capital |  |  | — |  |  |  |  |  |  |  | (22,531,891 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (110,549,120 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (26,971,653 | ) |  |  |  |  |  |  | (48,556,774 | ) |  |  |  |  |  |  | (79,787,564 | ) |  |  |  |  |  |  | (180,951,657 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (16,020,113 | ) |  |  |  |  |  |  | (7,554,830 | ) |  |  |  |  |  |  | (20,264,931 | ) |  |  |  |  |  |  | (7,293,625 | )
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase in net assets |  |  | (72,388,326 | ) |  |  |  |  |  |  | 81,399,151 |  |  |  |  |  |  |  | 129,047,157 |  |  |  |  |  |  |  | (1,524,303,995 | )
Beginning of period |  |  | 983,181,040 |  |  |  |  |  |  |  | 901,781,889 |  |  |  |  |  |  |  | 1,524,657,637 |  |  |  |  |  |  |  | 3,048,961,632 |
End of period |  | $ | 910,792,714 |  |  |  |  |  |  | $ | 983,181,040 |  |  |  |  |  |  | $ | 1,653,704,794 |  |  |  |  |  |  | $ | 1,524,657,637 |

(a) | Consolidated Statement of Changes in Net Assets.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 133

Statements of Changes in Net Assets (continued)

|  |  | BST(a) |  |  |  |  |  |  |  | BUI |
|  |  | Six Months Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Six Months Ended |  |  |  |  |  |  |  |  |
|  |  | 06/30/23 |  |  |  |  |  |  |  | Year Ended |  |  |  |  |  |  |  | 06/30/23 |  |  |  |  |  |  |  | Year Ended |
|  |  | (unaudited) |  |  |  |  |  |  |  | 12/31/22 |  |  |  |  |  |  |  | (unaudited | ) |  |  |  |  |  |  | 12/31/22 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | (3,526,517 | ) |  |  |  |  |  | $ | (9,272,089 | ) |  |  |  |  |  | $ | 5,083,322 |  |  |  |  |  |  | $ | 7,295,744 |
Net realized gain |  |  | (19,837,391 | ) |  |  |  |  |  |  | 51,379,805 |  |  |  |  |  |  |  | 15,406,383 |  |  |  |  |  |  |  | 7,425,254 |
Net change in unrealized appreciation (depreciation) |  |  | 241,399,707 |  |  |  |  |  |  |  | (696,878,029 | ) |  |  |  |  |  |  | 8,875,104 |  |  |  |  |  |  |  | (59,248,817 | )
Net increase in net assets resulting from operations |  |  | 218,035,799 |  |  |  |  |  |  |  | (654,770,313 | ) |  |  |  |  |  |  | 29,364,809 |  |  |  |  |  |  |  | (44,527,819 | )
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (50,340,460 | )(c) |  |  |  |  |  |  | (69,684,200 | ) |  |  |  |  |  |  | (16,221,897 | ) |  |  |  |  |  |  | (18,983,124 | )
Return of capital |  |  | — |  |  |  |  |  |  |  | (27,306,002 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (13,135,583 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (50,340,460 | ) |  |  |  |  |  |  | (96,990,202 | ) |  |  |  |  |  |  | (16,221,897 | ) |  |  |  |  |  |  | (32,118,707 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | 28,980,927 |  |  |  |  |  |  |  | 28,525,537 |  |  |  |  |  |  |  | 2,884,055 |  |  |  |  |  |  |  | 14,467,890 |
Reinvestment of distributions |  |  | 3,541,305 |  |  |  |  |  |  |  | 2,771,741 |  |  |  |  |  |  |  | 577,353 |  |  |  |  |  |  |  | 766,909 |
Net increase in net assets derived from capital share transactions |  |  | 32,522,232 |  |  |  |  |  |  |  | 31,297,278 |  |  |  |  |  |  |  | 3,461,408 |  |  |  |  |  |  |  | 15,234,799 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase in net assets |  |  | 200,217,571 |  |  |  |  |  |  |  | (720,463,237 | ) |  |  |  |  |  |  | 16,604,320 |  |  |  |  |  |  |  | (61,411,727 | )
Beginning of period |  |  | 960,703,201 |  |  |  |  |  |  |  | 1,681,166,438 |  |  |  |  |  |  |  | 498,392,966 |  |  |  |  |  |  |  | 559,804,693 |
End of period |  | $ | 1,160,920,772 |  |  |  |  |  |  | $ | 960,703,201 |  |  |  |  |  |  | $ | 514,997,286 |  |  |  |  |  |  | $ | 498,392,966 |

(a) | Consolidated Statement of Changes in Net Assets.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

134 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited)

Six Months Ended June 30, 2023

|  | BGR |  | CII |  | BDJ |  | BOE
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  |  | $ | (5,050,083 | ) |  |  | $ | 98,340,880 |  |  |  | $ | 79,289,870 |  |  |  | $ | 61,503,267 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  |  | 74,992,878 |  |  |  |  | 157,003,741 |  |  |  |  | 401,294,041 |  |  |  |  | 197,423,412 |
Purchases of long-term investments |  |  |  | (77,631,130 | ) |  |  |  | (122,543,650 | ) |  |  |  | (381,054,163 | ) |  |  |  | (186,972,173 | )
Net proceeds from sales (purchases) of short-term securities |  |  |  | 2,115,348 |  |  |  |  | 1,449,901 |  |  |  |  | 21,462,669 |  |  |  |  | (575,732 | )
Premiums paid on closing options written |  |  |  | (6,030,822 | ) |  |  |  | (62,027,870 | ) |  |  |  | (78,834,704 | ) |  |  |  | (22,823,200 | )
Premiums received from options written |  |  |  | 14,660,411 |  |  |  |  | 52,247,149 |  |  |  |  | 82,073,435 |  |  |  |  | 28,471,419 |
Net realized gain on investments and options written |  |  |  | (18,125,343 | ) |  |  |  | (5,992,588 | ) |  |  |  | (54,732,505 | ) |  |  |  | (8,874,938 | )
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations |  |  |  | 28,866,914 |  |  |  |  | (90,717,291 | ) |  |  |  | (7,972,117 | ) |  |  |  | (43,437,156 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  |  | (2,297 | ) |  |  |  | 34,480 |  |  |  |  | 87,806 |  |  |  |  | (4,232 | )
Dividends — unaffiliated |  |  |  | (283,214 | ) |  |  |  | (41,410 | ) |  |  |  | 528,495 |  |  |  |  | (1,406,646 | )
Securities lending income — affiliated |  |  |  | — |  |  |  |  | (185 | ) |  |  |  | (176 | ) |  |  |  | — |
Deferred offering costs |  |  |  | — |  |  |  |  | — |  |  |  |  | (183,545 | ) |  |  |  | — |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral on securities loaned |  |  |  | — |  |  |  |  | 36 |  |  |  |  | — |  |  |  |  | — |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting services fees |  |  |  | (7,548 | ) |  |  |  | (8,970 | ) |  |  |  | (16,709 | ) |  |  |  | (10,705 | )
Custodian fees |  |  |  | (8,348 | ) |  |  |  | (2,539 | ) |  |  |  | (24,582 | ) |  |  |  | (19,012 | )
Investment advisory fees |  |  |  | 283,901 |  |  |  |  | 594,719 |  |  |  |  | 1,018,430 |  |  |  |  | 497,661 |
Trustees’ and Officer’s fees |  |  |  | (18,548 | ) |  |  |  | (5,713 | ) |  |  |  | (4,000 | ) |  |  |  | (27,612 | )
Other accrued expenses |  |  |  | 6,685 |  |  |  |  | 3,563 |  |  |  |  | 48,121 |  |  |  |  | 8,492 |
Professional fees |  |  |  | (28,787 | ) |  |  |  | (30,870 | ) |  |  |  | (58,601 | ) |  |  |  | (39,471 | )
Transfer agent fees |  |  |  | 5,085 |  |  |  |  | 6,652 |  |  |  |  | 11,090 |  |  |  |  | 6,459 |
Other liabilities |  |  |  | — |  |  |  |  | — |  |  |  |  | (666,808 | ) |  |  |  | — |
Net cash provided by operating activities |  |  |  | 13,745,102 |  |  |  |  | 28,310,035 |  |  |  |  | 62,266,047 |  |  |  |  | 23,719,833 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  |  | (10,594,053 | ) |  |  |  | (28,206,943 | ) |  |  |  | (61,816,505 | ) |  |  |  | (23,665,342 | )
Payments for offering costs |  |  |  | — |  |  |  |  | — |  |  |  |  | 40,169 |  |  |  |  | — |
Net payments on redemption of capital shares including change in redemptions payable |  |  |  | (3,053,269 | ) |  |  |  | — |  |  |  |  | — |  |  |  |  | (5,129,851 | )
Increase (decrease) in bank overdraft |  |  |  | (83,281 | ) |  |  |  | (24,238 | ) |  |  |  | — |  |  |  |  | 121,987 |
Net cash used for financing activities |  |  |  | (13,730,603 | ) |  |  |  | (28,231,181 | ) |  |  |  | (61,776,336 | ) |  |  |  | (28,673,206 | )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  |  | (4 | ) |  |  |  | — |  |  |  |  | (19 | ) |  |  |  | (155 | )
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency |  |  |  | 14,495 |  |  |  |  | 78,854 |  |  |  |  | 489,692 |  |  |  |  | (4,953,528 | )
Restricted and unrestricted cash and foreign currency at beginning of period |  |  |  | 58,425 |  |  |  |  | — |  |  |  |  | 129,653 |  |  |  |  | 4,953,552 |
Restricted and unrestricted cash and foreign currency at end of period |  |  | $ | 72,920 |  |  |  | $ | 78,854 |  |  |  | $ | 619,345 |  |  |  | $ | 24 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 702,786 |  |  |  | $ | — |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  | $ | — |  |  |  | $ | 78,854 |  |  |  | $ | 618,995 |  |  |  | $ | — |
Foreign currency at value |  |  |  | 72,920 |  |  |  |  | — |  |  |  |  | 350 |  |  |  |  | 24 |
|  |  | $ | 72,920 |  |  |  | $ | 78,854 |  |  |  | $ | 619,345 |  |  |  | $ | 24 |

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 Cash Flows (unaudited) (continued)

Six Months Ended June 30, 2023

|  | BGY |  | BMEZ |  | BME |  | BIGZ
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  |  | $ | 67,131,136 |  |  |  | $ | 122,258,011 |  |  |  | $ | 11,310,437 |  |  |  | $ | 219,088,358 |
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 |  |  |  | 180,371,258 |  |  |  |  | 592,584,440 |  |  |  |  | 127,546,373 |  |  |  |  | 499,748,974 |
Purchases of long-term investments |  |  |  | (172,426,499 | ) |  |  |  | (493,425,801 | ) |  |  |  | (115,885,086 | ) |  |  |  | (369,813,331 | )
Net purchases of short-term securities |  |  |  | (2,977,912 | ) |  |  |  | (20,398,213 | ) |  |  |  | (4,182,299 | ) |  |  |  | (22,623,220 | )
Premiums paid on closing options written |  |  |  | (12,561,917 | ) |  |  |  | (59,616,696 | ) |  |  |  | (18,700,573 | ) |  |  |  | (37,128,294 | )
Premiums received from options written |  |  |  | 23,076,227 |  |  |  |  | 66,945,476 |  |  |  |  | 21,840,501 |  |  |  |  | 37,092,362 |
Net realized (gain) loss on investments and options written |  |  |  | (26,653,193 | ) |  |  |  | 8,655,540 |  |  |  |  | (12,344,703 | ) |  |  |  | 210,296,050 |
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations |  |  |  | (32,831,736 | ) |  |  |  | (134,081,912 | ) |  |  |  | 2,207,259 |  |  |  |  | (442,364,666 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  |  | (35,525 | ) |  |  |  | (65,158 | ) |  |  |  | (34,120 | ) |  |  |  | (8,677 | )
Dividends — unaffiliated |  |  |  | (1,569,133 | ) |  |  |  | (47,744 | ) |  |  |  | (63,321 | ) |  |  |  | (34,182 | )
Securities lending income — affiliated |  |  |  | — |  |  |  |  | (31,642 | ) |  |  |  | (132 | ) |  |  |  | 1,740 |
Deferred offering costs |  |  |  | — |  |  |  |  | — |  |  |  |  | 1,638 |  |  |  |  | — |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral on securities loaned |  |  |  | — |  |  |  |  | 37,106,764 |  |  |  |  | 1,863,500 |  |  |  |  | 20,612,476 |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting services fees |  |  |  | (8,970 | ) |  |  |  | 17,720 |  |  |  |  | (5,553 | ) |  |  |  | 16,829 |
Custodian fees |  |  |  | (22,144 | ) |  |  |  | (15,700 | ) |  |  |  | (8,000 | ) |  |  |  | 3,753 |
Deferred foreign capital gain tax |  |  |  | (68,395 | ) |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Investment advisory fees |  |  |  | 548,025 |  |  |  |  | 2,073,943 |  |  |  |  | 473,307 |  |  |  |  | 2,064,720 |
Trustees’ and Officer’s fees |  |  |  | (32,695 | ) |  |  |  | 24,093 |  |  |  |  | 1,065 |  |  |  |  | 24,642 |
Other accrued expenses |  |  |  | 12,124 |  |  |  |  | 240,621 |  |  |  |  | (1,809 | ) |  |  |  | 1,921,240 |
Professional fees |  |  |  | (29,020 | ) |  |  |  | (29,171 | ) |  |  |  | (30,859 | ) |  |  |  | 740 |
Transfer agent fees |  |  |  | 7,062 |  |  |  |  | 9,695 |  |  |  |  | 5,062 |  |  |  |  | 19,240 |
Net cash provided by operating activities |  |  |  | 21,928,693 |  |  |  |  | 122,204,266 |  |  |  |  | 13,992,687 |  |  |  |  | 118,918,754 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  |  | (20,713,879 | ) |  |  |  | (94,666,536 | ) |  |  |  | (17,108,618 | ) |  |  |  | (95,733,591 | )
Payments for offering costs |  |  |  | — |  |  |  |  | — |  |  |  |  | (497 | ) |  |  |  | — |
Net payments on redemption of capital shares including change in redemptions payable |  |  |  | (7,215,122 | ) |  |  |  | (27,441,442 | ) |  |  |  | — |  |  |  |  | (23,140,455 | )
Increase (decrease) in bank overdraft |  |  |  | — |  |  |  |  | (95,313 | ) |  |  |  | 93,268 |  |  |  |  | — |
Proceeds from issuance of capital shares |  |  |  | — |  |  |  |  | — |  |  |  |  | 3,020,683 |  |  |  |  | — |
Net cash used for financing activities |  |  |  | (27,929,001 | ) |  |  |  | (122,203,291 | ) |  |  |  | (13,995,164 | ) |  |  |  | (118,874,046 | )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  |  | (1,815 | ) |  |  |  | 5 |  |  |  |  | (35 | ) |  |  |  | 11 |
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency |  |  |  | (6,002,123 | ) |  |  |  | 980 |  |  |  |  | (2,512 | ) |  |  |  | 44,719 |
Restricted and unrestricted cash and foreign currency at beginning of period |  |  |  | 6,408,896 |  |  |  |  | 36,115 |  |  |  |  | 3,118 |  |  |  |  | 335 |
Restricted and unrestricted cash and foreign currency at end of period |  |  | $ | 406,773 |  |  |  | $ | 37,095 |  |  |  | $ | 606 |  |  |  | $ | 45,054 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 511,503 |  |  |  | $ | — |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 44,727 |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — OTC derivatives |  |  |  | 404,000 |  |  |  |  | 36,000 |  |  |  |  | — |  |  |  |  | — |
Foreign currency at value |  |  |  | 2,773 |  |  |  |  | 1,095 |  |  |  |  | 606 |  |  |  |  | 327 |
|  |  | $ | 406,773 |  |  |  | $ | 37,095 |  |  |  | $ | 606 |  |  |  | $ | 45,054 |

See notes to financial statements.

136 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued)

Six Months Ended June 30, 2023

|  | BCX |  | BSTZ |  | BST |  | BUI
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  |  | $ | (29,396,560 | ) |  |  | $ | 229,099,652 |  |  |  | $ | 218,035,799 |  |  |  | $ | 29,364,809 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  |  | 179,903,562 |  |  |  |  | 440,553,865 |  |  |  |  | 209,447,723 |  |  |  |  | 75,952,652 |
Purchases of long-term investments |  |  |  | (152,715,617 | ) |  |  |  | (345,391,538 | ) |  |  |  | (168,497,320 | ) |  |  |  | (74,411,625 | )
Net proceeds from sales (purchases) of short-term securities |  |  |  | (23,190,818 | ) |  |  |  | 14,690,905 |  |  |  |  | 3,671,847 |  |  |  |  | (3,365,927 | )
Premiums paid on closing options written |  |  |  | (17,477,287 | ) |  |  |  | (80,333,905 | ) |  |  |  | (79,489,390 | ) |  |  |  | (9,371,170 | )
Premiums received from options written |  |  |  | 35,798,683 |  |  |  |  | 67,882,732 |  |  |  |  | 52,814,221 |  |  |  |  | 16,154,646 |
Net realized (gain) loss on investments and options written |  |  |  | (25,670,034 | ) |  |  |  | 44,519,071 |  |  |  |  | 19,927,729 |  |  |  |  | (15,366,023 | )
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations |  |  |  | 68,742,611 |  |  |  |  | (278,699,571 | ) |  |  |  | (240,917,450 | ) |  |  |  | (8,852,408 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  |  | (88,201 | ) |  |  |  | 38,971 |  |  |  |  | 29,669 |  |  |  |  | (15,289 | )
Dividends — unaffiliated |  |  |  | (530,534 | ) |  |  |  | (955,652 | ) |  |  |  | 246,448 |  |  |  |  | (101,325 | )
Securities lending income — affiliated |  |  |  | (1,925 | ) |  |  |  | (1,625 | ) |  |  |  | 78 |  |  |  |  | 1,362 |
Other assets |  |  |  | — |  |  |  |  | 680,607 |  |  |  |  | — |  |  |  |  | — |
Deferred offering costs |  |  |  | — |  |  |  |  | — |  |  |  |  | 10,137 |  |  |  |  | 1,420 |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral on securities loaned |  |  |  | 7,295,540 |  |  |  |  | 2,592,613 |  |  |  |  | 1,747,720 |  |  |  |  | 2,278,779 |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting services fees |  |  |  | (10,133 | ) |  |  |  | 11,456 |  |  |  |  | (8,419 | ) |  |  |  | (8,419 | )
Custodian fees |  |  |  | (13,437 | ) |  |  |  | 4,341 |  |  |  |  | (13,674 | ) |  |  |  | (11,020 | )
Deferred capital gain tax |  |  |  | — |  |  |  |  | (1,756,279 | ) |  |  |  | (113,475 | ) |  |  |  | — |
Investment advisory fees |  |  |  | 680,923 |  |  |  |  | 1,632,936 |  |  |  |  | 996,843 |  |  |  |  | 423,106 |
Trustees’ and Officer’s fees |  |  |  | (12,643 | ) |  |  |  | 17,658 |  |  |  |  | (2,127 | ) |  |  |  | (154 | )
Other accrued expenses |  |  |  | 27,589 |  |  |  |  | (10,367 | ) |  |  |  | (26,025 | ) |  |  |  | 21,117 |
Professional fees |  |  |  | (37,412 | ) |  |  |  | (81,577 | ) |  |  |  | (75,284 | ) |  |  |  | (26,352 | )
Transfer agent fees |  |  |  | 8,505 |  |  |  |  | 10,925 |  |  |  |  | 13,802 |  |  |  |  | 4,523 |
Net cash provided by operating activities |  |  |  | 43,312,812 |  |  |  |  | 94,505,218 |  |  |  |  | 17,798,852 |  |  |  |  | 12,672,702 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  |  | (26,978,948 | ) |  |  |  | (80,155,346 | ) |  |  |  | (47,374,981 | ) |  |  |  | (15,762,439 | )
Payments for offering costs |  |  |  | — |  |  |  |  | — |  |  |  |  | (4,000 | ) |  |  |  | — |
Net payments on redemption of capital shares including change in redemptions payable |  |  |  | (16,170,958 | ) |  |  |  | (21,466,837 | ) |  |  |  | — |  |  |  |  | — |
Increase (decrease) in bank overdraft |  |  |  | (117,583 | ) |  |  |  | — |  |  |  |  | (88,084 | ) |  |  |  | 9,339 |
Proceeds from issuance of capital shares |  |  |  | — |  |  |  |  | — |  |  |  |  | 27,444,869 |  |  |  |  | 2,884,055 |
Net cash used for financing activities |  |  |  | (43,267,489 | ) |  |  |  | (101,622,183 | ) |  |  |  | (20,022,196 | ) |  |  |  | (12,869,045 | )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  |  | (11 | ) |  |  |  | (68 | ) |  |  |  | (941 | ) |  |  |  | — |
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency |  |  |  | 45,312 |  |  |  |  | (7,117,033 | ) |  |  |  | (2,224,285 | ) |  |  |  | (196,343 | )
Restricted and unrestricted cash and foreign currency at beginning of period |  |  |  | 69,403 |  |  |  |  | 8,098,829 |  |  |  |  | 2,655,178 |  |  |  |  | 196,343 |
Restricted and unrestricted cash and foreign currency at end of period |  |  | $ | 114,715 |  |  |  | $ | 981,796 |  |  |  | $ | 430,893 |  |  |  | $ | — |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 3,541,305 |  |  |  | $ | 577,353 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  | $ | 64,297 |  |  |  | $ | 125 |  |  |  | $ | 28,769 |  |  |  | $ | — |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — OTC derivatives |  |  |  | — |  |  |  |  | 980,000 |  |  |  |  | 400,000 |  |  |  |  | — |
Foreign currency at value |  |  |  | 50,418 |  |  |  |  | 1,671 |  |  |  |  | 2,124 |  |  |  |  | — |
|  |  | $ | 114,715 |  |  |  | $ | 981,796 |  |  |  | $ | 430,893 |  |  |  | $ | — |

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

Financial Highlights

(For a share outstanding throughout each period)

|  |  |  |  |  |  |  |  |  |  | BGR |  |  |  |  |  |  |  |  |  |
|  | Six Months Ended 06/30/23 (unaudited) |  |  | Year Ended 12/31/22 |  |  | Year Ended 12/31/21 |  |  | Year Ended 12/31/20 |  |  | Year Ended 12/31/19 |  |  | Year Ended 12/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 14.21 |  |  | $ | 10.77 |  |  | $ | 8.17 |  |  | $ | 12.57 |  |  | $ | 11.98 |  |  | $ | 15.79 |
Net investment income(a) |  |  |  |  |  |  | 0.20 |  |  |  | 0.42 |  |  |  | 0.28 |  |  |  | 0.32 |  |  |  | 0.34 |  |  |  | 0.28 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | (0.37 | ) |  |  | 3.60 |  |  |  | 2.77 |  |  |  | (4.06 | ) |  |  | 1.18 |  |  |  | (3.16 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | (0.17 | ) |  |  | 4.02 |  |  |  | 3.05 |  |  |  | (3.74 | ) |  |  | 1.52 |  |  |  | (2.88 | )
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.38 | )(c) |  |  | (0.42 | ) |  |  | (0.28 | ) |  |  | (0.32 | ) |  |  | (0.34 | ) |  |  | (0.27 | )
Return of capital |  |  |  |  |  |  | — |  |  |  | (0.16 | ) |  |  | (0.17 | ) |  |  | (0.34 | ) |  |  | (0.59 | ) |  |  | (0.66 | )
Total distributions |  |  |  |  |  |  | (0.38 | ) |  |  | (0.58 | ) |  |  | (0.45 | ) |  |  | (0.66 | ) |  |  | (0.93 | ) |  |  | (0.93 | )
Net asset value, end of period |  |  |  |  |  | $ | 13.66 |  |  | $ | 14.21 |  |  | $ | 10.77 |  |  | $ | 8.17 |  |  | $ | 12.57 |  |  | $ | 11.98 |
Market price, end of period |  |  |  |  |  | $ | 12.04 |  |  | $ | 12.53 |  |  | $ | 9.48 |  |  | $ | 7.10 |  |  | $ | 11.88 |  |  | $ | 10.45 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | (0.87 | )%(e) |  |  | 38.51 | % |  |  | 38.36 | %(f) |  |  | (29.03 | )% |  |  | 13.74 | % |  |  | (18.84 | )%
Based on market price |  |  |  |  |  |  | (0.92 | )%(e) |  |  | 38.76 | % |  |  | 40.14 | % |  |  | (34.74 | )% |  |  | 23.23 | % |  |  | (21.16 | )%
Ratios to Average Net Assets(g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 1.29 | %(h) |  |  | 1.26 | % |  |  | 1.33 | % |  |  | 1.37 | % |  |  | 1.35 | % |  |  | 1.29 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 1.07 | %(h) |  |  | 1.04 | % |  |  | 1.11 | % |  |  | 1.15 | % |  |  | 1.16 | % |  |  | 1.14 | %
Net investment income |  |  |  |  |  |  | 2.96 | %(h) |  |  | 3.21 | % |  |  | 2.88 | % |  |  | 3.77 | % |  |  | 2.67 | % |  |  | 1.87 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 380,042 |  |  | $ | 398,493 |  |  | $ | 313,503 |  |  | $ | 237,868 |  |  | $ | 374,896 |  |  | $ | 357,391 |
Portfolio turnover rate |  |  |  |  |  |  | 20 | % |  |  | 76 | % |  |  | 61 | % |  |  | 62 | % |  |  | 24 | % |  |  | 32 | %

(a) | Based on average shares outstanding.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(e) | Not annualized.

(f) | Includes payment from an affiliate, which had no impact on the Trust’s total return.

(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) | Annualized.

See notes to financial statements.

138 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 |
|  | Six Months Ended 06/30/23 (unaudited) |  |  | Year Ended 12/31/22 |  |  | Year Ended 12/31/21 |  |  | Year Ended 12/31/20 |  |  | Year Ended 12/31/19 |  |  | Year Ended 12/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 17.55 |  |  |  |  |  |  | $ | 22.10 |  |  |  |  |  |  | $ | 19.12 |  |  |  |  |  |  | $ | 17.96 |  |  |  |  |  |  | $ | 15.28 |  |  |  |  |  |  | $ | 17.19 |
Net investment income(a) |  |  |  |  |  |  | 0.04 |  |  |  |  |  |  |  | 0.06 |  |  |  |  |  |  |  | 0.04 |  |  |  |  |  |  |  | 0.13 |  |  |  |  |  |  |  | 0.18 |  |  |  |  |  |  |  | 0.17 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 2.19 |  |  |  |  |  |  |  | (2.51 | ) |  |  |  |  |  |  | 4.04 |  |  |  |  |  |  |  | 2.08 |  |  |  |  |  |  |  | 3.50 |  |  |  |  |  |  |  | (1.09 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | 2.23 |  |  |  |  |  |  |  | (2.45 | ) |  |  |  |  |  |  | 4.08 |  |  |  |  |  |  |  | 2.21 |  |  |  |  |  |  |  | 3.68 |  |  |  |  |  |  |  | (0.92 | )
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.60 | ) |  |  |  |  |  |  | (0.04 | ) |  |  |  |  |  |  | (0.04 | ) |  |  |  |  |  |  | (0.13 | ) |  |  |  |  |  |  | (0.19 | ) |  |  |  |  |  |  | (0.17 | )(c)
From net realized gain |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (2.06 | ) |  |  |  |  |  |  | (1.06 | ) |  |  |  |  |  |  | (0.92 | ) |  |  |  |  |  |  | (0.44 | ) |  |  |  |  |  |  | (0.28 | )(c)
Return of capital |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.37 | ) |  |  |  |  |  |  | (0.54 | )
Total distributions |  |  |  |  |  |  | (0.60 | ) |  |  |  |  |  |  | (2.10 | ) |  |  |  |  |  |  | (1.10 | ) |  |  |  |  |  |  | (1.05 | ) |  |  |  |  |  |  | (1.00 | ) |  |  |  |  |  |  | (0.99 | )
Net asset value, end of period |  |  |  |  |  | $ | 19.18 |  |  |  |  |  |  | $ | 17.55 |  |  |  |  |  |  | $ | 22.10 |  |  |  |  |  |  | $ | 19.12 |  |  |  |  |  |  | $ | 17.96 |  |  |  |  |  |  | $ | 15.28 |
Market price, end of period |  |  |  |  |  | $ | 18.51 |  |  |  |  |  |  | $ | 17.12 |  |  |  |  |  |  | $ | 22.12 |  |  |  |  |  |  | $ | 17.40 |  |  |  |  |  |  | $ | 17.25 |  |  |  |  |  |  | $ | 14.08 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 12.93 | %(e) |  |  |  |  |  |  | (10.95 | )% |  |  |  |  |  |  | 21.97 | % |  |  |  |  |  |  | 13.94 | % |  |  |  |  |  |  | 25.08 | % |  |  |  |  |  |  | (5.44 | )%
Based on market price |  |  |  |  |  |  | 11.73 | %(e) |  |  |  |  |  |  | (13.21 | )% |  |  |  |  |  |  | 34.15 | % |  |  |  |  |  |  | 7.97 | % |  |  |  |  |  |  | 30.38 | % |  |  |  |  |  |  | (8.56 | )%
Ratios to Average Net Assets(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 0.89 | %(g) |  |  |  |  |  |  | 0.89 | % |  |  |  |  |  |  | 0.90 | % |  |  |  |  |  |  | 0.91 | % |  |  |  |  |  |  | 0.91 | % |  |  |  |  |  |  | 0.90 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 0.89 | %(g) |  |  |  |  |  |  | 0.89 | % |  |  |  |  |  |  | 0.90 | % |  |  |  |  |  |  | 0.91 | % |  |  |  |  |  |  | 0.91 | % |  |  |  |  |  |  | 0.90 | %
Net investment income |  |  |  |  |  |  | 0.40 | %(g) |  |  |  |  |  |  | 0.31 | % |  |  |  |  |  |  | 0.21 | % |  |  |  |  |  |  | 0.78 | % |  |  |  |  |  |  | 1.08 | % |  |  |  |  |  |  | 1.00 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 846,661 |  |  |  |  |  |  | $ | 774,667 |  |  |  |  |  |  | $ | 975,479 |  |  |  |  |  |  | $ | 843,673 |  |  |  |  |  |  | $ | 792,638 |  |  |  |  |  |  | $ | 674,077 |
Portfolio turnover rate |  |  |  |  |  |  | 15 | % |  |  |  |  |  |  | 32 | % |  |  |  |  |  |  | 27 | % |  |  |  |  |  |  | 46 | % |  |  |  |  |  |  | 32 | % |  |  |  |  |  |  | 27 | %

(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) | Not annualized.

(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) | Annualized.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 139

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BDJ |
|  |  | Six Months Ended 06/30/23 (unaudited)(a) |  |  |  |  |  |  |  | Year Ended 12/31/22 | (a) |  |  |  |  |  |  | Year Ended 12/31/21 |  |  |  |  |  |  |  | Year Ended 12/31/20 |  |  |  |  |  |  |  | Year Ended 12/31/19 |  |  |  |  |  |  |  | Year Ended 12/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 8.74 |  |  |  |  |  |  | $ | 10.23 |  |  |  |  |  |  | $ | 9.35 |  |  |  |  |  |  | $ | 10.03 |  |  |  |  |  |  | $ | 8.74 |  |  |  |  |  |  | $ | 9.96 |
Net investment income(b) |  |  |  |  |  |  | 0.09 |  |  |  |  |  |  |  | 0.16 |  |  |  |  |  |  |  | 0.15 |  |  |  |  |  |  |  | 0.18 |  |  |  |  |  |  |  | 0.18 |  |  |  |  |  |  |  | 0.18 | (c)
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 0.34 |  |  |  |  |  |  |  | (0.56 | ) |  |  |  |  |  |  | 1.60 |  |  |  |  |  |  |  | (0.26 | ) |  |  |  |  |  |  | 1.86 |  |  |  |  |  |  |  | (0.84 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.43 |  |  |  |  |  |  |  | (0.40 | ) |  |  |  |  |  |  | 1.75 |  |  |  |  |  |  |  | (0.08 | ) |  |  |  |  |  |  | 2.04 |  |  |  |  |  |  |  | (0.66 | )
Distributions(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.34 | ) |  |  |  |  |  |  | (0.04 | ) |  |  |  |  |  |  | (0.28 | ) |  |  |  |  |  |  | (0.15 | ) |  |  |  |  |  |  | (0.08 | ) |  |  |  |  |  |  | (0.18 | )(e)
From net realized gain |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (1.05 | ) |  |  |  |  |  |  | (0.59 | ) |  |  |  |  |  |  | (0.45 | ) |  |  |  |  |  |  | (0.67 | ) |  |  |  |  |  |  | (0.38 | )(e)
Total distributions |  |  |  |  |  |  | (0.34 | ) |  |  |  |  |  |  | (1.09 | ) |  |  |  |  |  |  | (0.87 | ) |  |  |  |  |  |  | (0.60 | ) |  |  |  |  |  |  | (0.75 | ) |  |  |  |  |  |  | (0.56 | )
Net asset value, end of period |  |  |  |  |  | $ | 8.83 |  |  |  |  |  |  | $ | 8.74 |  |  |  |  |  |  | $ | 10.23 |  |  |  |  |  |  | $ | 9.35 |  |  |  |  |  |  | $ | 10.03 |  |  |  |  |  |  | $ | 8.74 |
Market price, end of period |  |  |  |  |  | $ | 8.34 |  |  |  |  |  |  | $ | 9.01 |  |  |  |  |  |  | $ | 10.08 |  |  |  |  |  |  | $ | 8.47 |  |  |  |  |  |  | $ | 9.92 |  |  |  |  |  |  | $ | 7.77 |
Total Return(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 5.07 | %(g) |  |  |  |  |  |  | (3.71 | )%(h) |  |  |  |  |  |  | 19.33 | % |  |  |  |  |  |  | 0.77 | % |  |  |  |  |  |  | 24.52 | % |  |  |  |  |  |  | (6.59 | )%
Based on market price |  |  |  |  |  |  | (3.73 | )%(g) |  |  |  |  |  |  | 0.74 | % |  |  |  |  |  |  | 29.80 | % |  |  |  |  |  |  | (7.70 | )% |  |  |  |  |  |  | 38.53 | % |  |  |  |  |  |  | (10.39 | )%
Ratios to Average Net Assets(i) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 0.85 | %(j) |  |  |  |  |  |  | 0.84 | % |  |  |  |  |  |  | 0.85 | % |  |  |  |  |  |  | 0.86 | % |  |  |  |  |  |  | 0.87 | % |  |  |  |  |  |  | 0.85 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 0.85 | %(j) |  |  |  |  |  |  | 0.84 | % |  |  |  |  |  |  | 0.85 | % |  |  |  |  |  |  | 0.86 | % |  |  |  |  |  |  | 0.87 | % |  |  |  |  |  |  | 0.85 | %
Net investment income |  |  |  |  |  |  | 2.04 | %(j) |  |  |  |  |  |  | 1.69 | % |  |  |  |  |  |  | 1.44 | % |  |  |  |  |  |  | 2.15 | % |  |  |  |  |  |  | 1.99 | % |  |  |  |  |  |  | 1.85 | %(c)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 1,646,755 |  |  |  |  |  |  | $ | 1,629,642 |  |  |  |  |  |  | $ | 1,902,838 |  |  |  |  |  |  | $ | 1,739,122 |  |  |  |  |  |  | $ | 1,881,675 |  |  |  |  |  |  | $ | 1,638,237 |
Portfolio turnover rate |  |  |  |  |  |  | 24 | % |  |  |  |  |  |  | 81 | % |  |  |  |  |  |  | 40 | % |  |  |  |  |  |  | 48 | % |  |  |  |  |  |  | 40 | % |  |  |  |  |  |  | 34 | %

(a) | Consolidated Financial Highlights.

(b) | Based on average shares outstanding.

(c) | 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.

(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) | Not annualized.

(h) | Includes payment from an affiliate, which had no impact on the Trust’s total return.

(i) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(j) | Annualized.

See notes to financial statements.

140 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 |
|  | Six Months Ended 06/30/23 (unaudited) |  |  |  |  |  | Year Ended 12/31/22 |  |  |  |  |  | Year Ended 12/31/21 |  |  |  |  |  | Year Ended 12/31/20 |  |  |  |  |  | Year Ended 12/31/19 |  |  |  |  |  | Year Ended 12/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 10.97 |  |  |  |  |  |  | $ | 13.40 |  |  |  |  |  |  | $ | 12.28 |  |  |  |  |  |  | $ | 12.32 |  |  |  |  |  |  | $ | 11.07 |  |  |  |  |  |  | $ | 13.22 |
Net investment income(a) |  |  |  |  |  |  | 0.15 |  |  |  |  |  |  |  | 0.20 |  |  |  |  |  |  |  | 0.19 |  |  |  |  |  |  |  | 0.26 |  |  |  |  |  |  |  | 0.30 |  |  |  |  |  |  |  | 0.31 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 0.85 |  |  |  |  |  |  |  | (1.87 | ) |  |  |  |  |  |  | 1.69 |  |  |  |  |  |  |  | 0.46 |  |  |  |  |  |  |  | 1.71 |  |  |  |  |  |  |  | (1.61 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | 1.00 |  |  |  |  |  |  |  | (1.67 | ) |  |  |  |  |  |  | 1.88 |  |  |  |  |  |  |  | 0.72 |  |  |  |  |  |  |  | 2.01 |  |  |  |  |  |  |  | (1.30 | )
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.38 | )(c) |  |  |  |  |  |  | (0.19 | ) |  |  |  |  |  |  | (0.19 | ) |  |  |  |  |  |  | (0.26 | ) |  |  |  |  |  |  | (0.31 | ) |  |  |  |  |  |  | (0.31 | )(d)
From net realized gain |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.41 | ) |  |  |  |  |  |  | (0.57 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.52 | )(d)
Return of capital |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.16 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.50 | ) |  |  |  |  |  |  | (0.45 | ) |  |  |  |  |  |  | (0.02 | )
Total distributions |  |  |  |  |  |  | (0.38 | ) |  |  |  |  |  |  | (0.76 | ) |  |  |  |  |  |  | (0.76 | ) |  |  |  |  |  |  | (0.76 | ) |  |  |  |  |  |  | (0.76 | ) |  |  |  |  |  |  | (0.85 | )
Net asset value, end of period |  |  |  |  |  | $ | 11.59 |  |  |  |  |  |  | $ | 10.97 |  |  |  |  |  |  | $ | 13.40 |  |  |  |  |  |  | $ | 12.28 |  |  |  |  |  |  | $ | 12.32 |  |  |  |  |  |  | $ | 11.07 |
Market price, end of period |  |  |  |  |  | $ | 10.07 |  |  |  |  |  |  | $ | 9.56 |  |  |  |  |  |  | $ | 12.18 |  |  |  |  |  |  | $ | 10.91 |  |  |  |  |  |  | $ | 10.99 |  |  |  |  |  |  | $ | 9.37 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 9.67 | %(f) |  |  |  |  |  |  | (11.87 | )% |  |  |  |  |  |  | 16.21 | % |  |  |  |  |  |  | 7.65 | % |  |  |  |  |  |  | 19.54 | % |  |  |  |  |  |  | (9.63 | )%
Based on market price |  |  |  |  |  |  | 9.34 | %(f) |  |  |  |  |  |  | (15.51 | )% |  |  |  |  |  |  | 18.89 | % |  |  |  |  |  |  | 7.22 | % |  |  |  |  |  |  | 25.98 | % |  |  |  |  |  |  | (19.16 | )%
Ratios to Average Net Assets(g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 1.08 | %(h) |  |  |  |  |  |  | 1.06 | % |  |  |  |  |  |  | 1.07 | % |  |  |  |  |  |  | 1.09 | % |  |  |  |  |  |  | 1.12 | % |  |  |  |  |  |  | 1.08 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 0.91 | %(h) |  |  |  |  |  |  | 0.89 | % |  |  |  |  |  |  | 0.90 | % |  |  |  |  |  |  | 0.92 | % |  |  |  |  |  |  | 0.94 | % |  |  |  |  |  |  | 0.94 | %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes |  |  |  |  |  |  | 0.90 | %(h) |  |  |  |  |  |  | 0.88 | % |  |  |  |  |  |  | 0.90 | % |  |  |  |  |  |  | 0.92 | % |  |  |  |  |  |  | 0.94 | % |  |  |  |  |  |  | 0.94 | %
Net investment income |  |  |  |  |  |  | 2.57 | %(h) |  |  |  |  |  |  | 1.72 | % |  |  |  |  |  |  | 1.46 | % |  |  |  |  |  |  | 2.33 | % |  |  |  |  |  |  | 2.62 | % |  |  |  |  |  |  | 2.52 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 721,262 |  |  |  |  |  |  | $ | 688,464 |  |  |  |  |  |  | $ | 857,721 |  |  |  |  |  |  | $ | 786,230 |  |  |  |  |  |  | $ | 807,712 |  |  |  |  |  |  | $ | 754,602 |
Portfolio turnover rate |  |  |  |  |  |  | 28 | % |  |  |  |  |  |  | 44 | % |  |  |  |  |  |  | 65 | % |  |  |  |  |  |  | 61 | % |  |  |  |  |  |  | 26 | % |  |  |  |  |  |  | 28 | %

(a) | Based on average shares outstanding.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(d) | 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) | Not annualized.

(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) | Annualized.

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)

|  | BGY |
|  | Six Months Ended 06/30/23 (unaudited) |  |  |  |  |  | Year Ended 12/31/22 |  |  |  |  |  | Year Ended 12/31/21 |  |  |  |  |  | Year Ended 12/31/20 |  |  |  |  |  | Year Ended 12/31/19 |  |  |  |  |  | Year Ended 12/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 5.78 |  |  |  |  |  |  | $ | 6.81 |  |  |  |  |  |  | $ | 6.49 |  |  |  |  |  |  | $ | 6.47 |  |  |  |  |  |  | $ | 5.79 |  |  |  |  |  |  | $ | 7.06 |
Net investment income(a) |  |  |  |  |  |  | 0.07 |  |  |  |  |  |  |  | 0.10 |  |  |  |  |  |  |  | 0.09 |  |  |  |  |  |  |  | 0.12 |  |  |  |  |  |  |  | 0.16 |  |  |  |  |  |  |  | 0.17 | (b)
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 0.59 |  |  |  |  |  |  |  | (0.72 | ) |  |  |  |  |  |  | 0.64 |  |  |  |  |  |  |  | 0.31 |  |  |  |  |  |  |  | 0.93 |  |  |  |  |  |  |  | (1.00 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.66 |  |  |  |  |  |  |  | (0.62 | ) |  |  |  |  |  |  | 0.73 |  |  |  |  |  |  |  | 0.43 |  |  |  |  |  |  |  | 1.09 |  |  |  |  |  |  |  | (0.83 | )
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.20 | )(d) |  |  |  |  |  |  | (0.10 | ) |  |  |  |  |  |  | (0.14 | ) |  |  |  |  |  |  | (0.13 | ) |  |  |  |  |  |  | (0.16 | ) |  |  |  |  |  |  | (0.16 | )(e)
From net realized gain |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.10 | ) |  |  |  |  |  |  | (0.15 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.19 | ) |  |  |  |  |  |  | (0.28 | )(e)
Return of capital |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.21 | ) |  |  |  |  |  |  | (0.12 | ) |  |  |  |  |  |  | (0.28 | ) |  |  |  |  |  |  | (0.06 | ) |  |  |  |  |  |  | — |
Total distributions |  |  |  |  |  |  | (0.20 | ) |  |  |  |  |  |  | (0.41 | ) |  |  |  |  |  |  | (0.41 | ) |  |  |  |  |  |  | (0.41 | ) |  |  |  |  |  |  | (0.41 | ) |  |  |  |  |  |  | (0.44 | )
Net asset value, end of period |  |  |  |  |  | $ | 6.24 |  |  |  |  |  |  | $ | 5.78 |  |  |  |  |  |  | $ | 6.81 |  |  |  |  |  |  | $ | 6.49 |  |  |  |  |  |  | $ | 6.47 |  |  |  |  |  |  | $ | 5.79 |
Market price, end of period |  |  |  |  |  | $ | 5.44 |  |  |  |  |  |  | $ | 5.02 |  |  |  |  |  |  | $ | 6.28 |  |  |  |  |  |  | $ | 5.87 |  |  |  |  |  |  | $ | 5.89 |  |  |  |  |  |  | $ | 4.98 |
Total Return(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 12.03 | %(g) |  |  |  |  |  |  | (8.33 | )% |  |  |  |  |  |  | 11.92 | % |  |  |  |  |  |  | 8.18 | % |  |  |  |  |  |  | 20.20 | % |  |  |  |  |  |  | (11.48 | )%
Based on market price |  |  |  |  |  |  | 12.45 | %(g) |  |  |  |  |  |  | (13.67 | )% |  |  |  |  |  |  | 14.11 | % |  |  |  |  |  |  | 7.49 | % |  |  |  |  |  |  | 27.22 | % |  |  |  |  |  |  | (17.55 | )%
Ratios to Average Net Assets(h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 1.09 | %(i) |  |  |  |  |  |  | 1.08 | % |  |  |  |  |  |  | 1.09 | % |  |  |  |  |  |  | 1.10 | % |  |  |  |  |  |  | 1.13 | % |  |  |  |  |  |  | 1.09 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 1.09 | %(i) |  |  |  |  |  |  | 1.03 | % |  |  |  |  |  |  | 0.99 | % |  |  |  |  |  |  | 1.00 | % |  |  |  |  |  |  | 1.03 | % |  |  |  |  |  |  | 0.99 | %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes |  |  |  |  |  |  | 1.09 | %(i) |  |  |  |  |  |  | 1.02 | % |  |  |  |  |  |  | 0.99 | % |  |  |  |  |  |  | 1.00 | % |  |  |  |  |  |  | 1.03 | % |  |  |  |  |  |  | 0.99 | %
Net investment income |  |  |  |  |  |  | 2.37 | %(i) |  |  |  |  |  |  | 1.71 | % |  |  |  |  |  |  | 1.34 | % |  |  |  |  |  |  | 1.99 | % |  |  |  |  |  |  | 2.57 | % |  |  |  |  |  |  | 2.59 | %(b)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 632,447 |  |  |  |  |  |  | $ | 593,471 |  |  |  |  |  |  | $ | 709,510 |  |  |  |  |  |  | $ | 676,949 |  |  |  |  |  |  | $ | 683,247 |  |  |  |  |  |  | $ | 623,234 |
Portfolio turnover rate |  |  |  |  |  |  | 26 | % |  |  |  |  |  |  | 41 | % |  |  |  |  |  |  | 71 | % |  |  |  |  |  |  | 60 | % |  |  |  |  |  |  | 28 | % |  |  |  |  |  |  | 60 | %

(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) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(e) | 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) | Not annualized.

(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) | Annualized.

See notes to financial statements.

142 |  | 2 0 2 3 B L A C K R O C K S E M I - 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)

|  | BMEZ |
|  |  | Six Months Ended 06/30/23 (unaudited) |  |  |  | Year Ended 12/31/22 |  |  |  | Year Ended 12/31/21 |  |  |  | Period from 01/30/20 to 12/31/20 | (a)
Net asset value, beginning of period |  |  |  |  |  | $ | 18.76 |  |  | $ | 26.47 |  |  | $ | 30.73 |  |  | $ | 20.00 |
Net investment loss(b) |  |  |  |  |  |  | (0.08 | ) |  |  | (0.18 | ) |  |  | (0.32 | ) |  |  | (0.22 | )
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 1.25 |  |  |  | (5.79 | ) |  |  | (2.23 | ) |  |  | 11.85 |
Net increase (decrease) from investment operations |  |  |  |  |  |  | 1.17 |  |  |  | (5.97 | ) |  |  | (2.55 | ) |  |  | 11.63 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.87 | )(d) |  |  | — |  |  |  | — |  |  |  | — |
From net realized gain |  |  |  |  |  |  | — |  |  |  | (1.63 | ) |  |  | (1.71 | ) |  |  | (0.90 | )
Return of capital |  |  |  |  |  |  | — |  |  |  | (0.11 | ) |  |  | — |  |  |  | — |
Total distributions |  |  |  |  |  |  | (0.87 | ) |  |  | (1.74 | ) |  |  | (1.71 | ) |  |  | (0.90 | )
Net asset value, end of period |  |  |  |  |  | $ | 19.06 |  |  | $ | 18.76 |  |  | $ | 26.47 |  |  | $ | 30.73 |
Market price, end of period |  |  |  |  |  | $ | 16.42 |  |  | $ | 15.43 |  |  | $ | 25.36 |  |  | $ | 28.65 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 7.11 | %(f) |  |  | (21.66 | )% |  |  | (8.31 | )% |  |  | 59.62 | %(f)(g)
Based on market price |  |  |  |  |  |  | 12.18 | %(f) |  |  | (32.75 | )% |  |  | (5.76 | )% |  |  | 48.82 | %(f)
Ratios to Average Net Assets(h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 1.32 | %(i)(j) |  |  | 1.32 | % |  |  | 1.30 | % |  |  | 1.29 | %(j)
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 1.32 | %(i)(j) |  |  | 1.32 | % |  |  | 1.30 | % |  |  | 1.28 | %(j)
Net investment loss |  |  |  |  |  |  | (0.89 | )%(j) |  |  | (0.91 | )% |  |  | (1.10 | )% |  |  | (1.00 | )%(j)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 2,058,608 |  |  | $ | 2,056,419 |  |  | $ | 2,981,886 |  |  | $ | 3,462,638 |
Portfolio turnover rate |  |  |  |  |  |  | 26 | % |  |  | 63 | % |  |  | 44 | % |  |  | 43 | %

(a) | Commencement of operations.

(b) | Based on average shares outstanding.

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

(d) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(f) | Not annualized.

(g) | Includes payment from an affiliate, which had no impact on the Trust’s total return.

(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.30% and 1.30%, respectively.

(j) | Annualized.

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)

|  | BME |
|  | Six Months Ended 06/30/23 (unaudited) |  |  |  |  |  | Year Ended 12/31/22 |  |  |  |  |  | Year Ended 12/31/21 |  |  |  |  |  | Year Ended 12/31/20 |  |  |  |  |  | Year Ended 12/31/19 |  |  |  |  |  | Year Ended 12/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 43.30 |  |  |  |  |  |  | $ | 47.96 |  |  |  |  |  |  | $ | 45.66 |  |  |  |  |  |  | $ | 41.19 |  |  |  |  |  |  | $ | 35.87 |  |  |  |  |  |  | $ | 35.69 |
Net investment income(a) |  |  |  |  |  |  | 0.08 |  |  |  |  |  |  |  | 0.11 |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | 0.01 |  |  |  |  |  |  |  | 0.06 |  |  |  |  |  |  |  | 0.07 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 0.73 |  |  |  |  |  |  |  | (2.21 | ) |  |  |  |  |  |  | 4.74 |  |  |  |  |  |  |  | 6.86 |  |  |  |  |  |  |  | 7.66 |  |  |  |  |  |  |  | 2.51 |
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.81 |  |  |  |  |  |  |  | (2.10 | ) |  |  |  |  |  |  | 4.74 |  |  |  |  |  |  |  | 6.87 |  |  |  |  |  |  |  | 7.72 |  |  |  |  |  |  |  | 2.58 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (1.28 | )(c) |  |  |  |  |  |  | (0.12 | ) |  |  |  |  |  |  | (0.00 | )(d) |  |  |  |  |  |  | (0.05 | ) |  |  |  |  |  |  | (0.12 | ) |  |  |  |  |  |  | (0.07 | )(e)
From net realized gain |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (2.34 | ) |  |  |  |  |  |  | (2.44 | ) |  |  |  |  |  |  | (2.35 | ) |  |  |  |  |  |  | (2.28 | ) |  |  |  |  |  |  | (2.33 | )(e)
Return of capital |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.10 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
Total distributions |  |  |  |  |  |  | (1.28 | ) |  |  |  |  |  |  | (2.56 | ) |  |  |  |  |  |  | (2.44 | ) |  |  |  |  |  |  | (2.40 | ) |  |  |  |  |  |  | (2.40 | ) |  |  |  |  |  |  | (2.40 | )
Net asset value, end of period |  |  |  |  |  | $ | 42.83 |  |  |  |  |  |  | $ | 43.30 |  |  |  |  |  |  | $ | 47.96 |  |  |  |  |  |  | $ | 45.66 |  |  |  |  |  |  | $ | 41.19 |  |  |  |  |  |  | $ | 35.87 |
Market price, end of period |  |  |  |  |  | $ | 40.64 |  |  |  |  |  |  | $ | 43.58 |  |  |  |  |  |  | $ | 48.50 |  |  |  |  |  |  | $ | 47.59 |  |  |  |  |  |  | $ | 42.50 |  |  |  |  |  |  | $ | 36.45 |
Total Return(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 2.00 | %(g) |  |  |  |  |  |  | (4.19 | )% |  |  |  |  |  |  | 10.66 | %(h) |  |  |  |  |  |  | 17.50 | % |  |  |  |  |  |  | 22.26 | % |  |  |  |  |  |  | 7.26 | %
Based on market price |  |  |  |  |  |  | (3.83 | )%(g) |  |  |  |  |  |  | (4.64 | )% |  |  |  |  |  |  | 7.37 | % |  |  |  |  |  |  | 18.69 | % |  |  |  |  |  |  | 24.15 | % |  |  |  |  |  |  | 6.57 | %
Ratios to Average Net Assets(i) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 1.06 | %(j) |  |  |  |  |  |  | 1.08 | % |  |  |  |  |  |  | 1.08 | % |  |  |  |  |  |  | 1.10 | % |  |  |  |  |  |  | 1.09 | % |  |  |  |  |  |  | 1.11 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 1.06 | %(j) |  |  |  |  |  |  | 1.07 | % |  |  |  |  |  |  | 1.08 | % |  |  |  |  |  |  | 1.10 | % |  |  |  |  |  |  | 1.09 | % |  |  |  |  |  |  | 1.11 | %
Net investment income |  |  |  |  |  |  | 0.40 | %(j) |  |  |  |  |  |  | 0.27 | % |  |  |  |  |  |  | 0.01 | % |  |  |  |  |  |  | 0.01 | % |  |  |  |  |  |  | 0.16 | % |  |  |  |  |  |  | 0.19 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 597,249 |  |  |  |  |  |  | $ | 600,197 |  |  |  |  |  |  | $ | 625,775 |  |  |  |  |  |  | $ | 545,936 |  |  |  |  |  |  | $ | 446,773 |  |  |  |  |  |  | $ | 352,675 |
Portfolio turnover rate |  |  |  |  |  |  | 20 | % |  |  |  |  |  |  | 41 | % |  |  |  |  |  |  | 49 | % |  |  |  |  |  |  | 28 | % |  |  |  |  |  |  | 47 | % |  |  |  |  |  |  | 37 | %

(a) | Based on average shares outstanding.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(d) | Amount is greater than $(0.005) per share.

(e) | 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) | Not annualized.

(h) | Includes payment from an affiliate, which had no impact on the Trust’s total return.

(i) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(j) | Annualized.

See notes to financial statements.

144 |  | 2 0 2 3 B L A C K R O C K S E M I - 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)

|  | BIGZ |
|  |  | Six Months Ended 06/30/23 (unaudited) |  |  |  |  |  |  |  | Year Ended 12/31/22 |  |  |  |  |  |  |  | Period from 03/29/21 to 12/31/21 | (a)
Net asset value, beginning of period |  |  |  |  |  | $ | 8.82 |  |  |  |  |  |  | $ | 16.72 |  |  |  |  |  |  | $ | 20.00 |
Net investment loss(b) |  |  |  |  |  |  | (0.06 | ) |  |  |  |  |  |  | (0.13 | ) |  |  |  |  |  |  | (0.15 | )
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 1.04 |  |  |  |  |  |  |  | (6.78 | ) |  |  |  |  |  |  | (2.43 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.98 |  |  |  |  |  |  |  | (6.91 | ) |  |  |  |  |  |  | (2.58 | )
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.42 | )(d) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
Return of capital |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.99 | ) |  |  |  |  |  |  | (0.70 | )
Total distributions |  |  |  |  |  |  | (0.42 | ) |  |  |  |  |  |  | (0.99 | ) |  |  |  |  |  |  | (0.70 | )
Net asset value, end of period |  |  |  |  |  | $ | 9.38 |  |  |  |  |  |  | $ | 8.82 |  |  |  |  |  |  | $ | 16.72 |
Market price, end of period |  |  |  |  |  | $ | 7.85 |  |  |  |  |  |  | $ | 6.81 |  |  |  |  |  |  | $ | 14.54 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 12.30 | %(f) |  |  |  |  |  |  | (41.14 | )%(g) |  |  |  |  |  |  | (13.03 | )%(f)
Based on market price |  |  |  |  |  |  | 21.72 | %(f) |  |  |  |  |  |  | (47.74 | )% |  |  |  |  |  |  | (24.37 | )%(f)
Ratios to Average Net Assets(h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 1.42 | %(i)(j)(k) |  |  |  |  |  |  | 1.36 | % |  |  |  |  |  |  | 1.29 | %(j)
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 1.42 | %(i)(j)(k) |  |  |  |  |  |  | 1.36 | % |  |  |  |  |  |  | 1.28 | %(j)
Net investment loss |  |  |  |  |  |  | (1.26 | )%(j) |  |  |  |  |  |  | (1.22 | )% |  |  |  |  |  |  | (1.02 | )%(j)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 2,129,409 |  |  |  |  |  |  | $ | 2,026,488 |  |  |  |  |  |  | $ | 3,981,653 |
Portfolio turnover rate |  |  |  |  |  |  | 18 | % |  |  |  |  |  |  | 41 | % |  |  |  |  |  |  | 55 | %

(a) | Commencement of operations.

(b) | Based on average shares outstanding.

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

(d) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(f) | Not annualized.

(g) | Includes payment from an affiliate, which had no impact on the Trust’s total return.

(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) | Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 1.33% and 1.33%, respectively.

(j) | Annualized.

(k) | The Proxy costs was not annualized in the calculation of the expense ratios. If these expense was annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.52% and 1.52% respectively.

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)

|  | BCX |
|  | Six Months Ended 06/30/23 (unaudited) |  |  |  |  |  | Year Ended 12/31/22 |  |  |  |  |  | Year Ended 12/31/21 |  |  |  |  |  | Year Ended 12/31/20 |  |  |  |  |  | Year Ended 12/31/19 |  |  |  |  |  | Year Ended 12/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 11.23 |  |  |  |  |  |  | $ | 10.21 |  |  |  |  |  |  | $ | 8.45 |  |  |  |  |  |  | $ | 9.04 |  |  |  |  |  |  | $ | 8.44 |  |  |  |  |  |  | $ | 10.64 |
Net investment income(a) |  |  |  |  |  |  | 0.16 |  |  |  |  |  |  |  | 0.30 |  |  |  |  |  |  |  | 0.29 |  |  |  |  |  |  |  | 0.20 |  |  |  |  |  |  |  | 0.23 |  |  |  |  |  |  |  | 0.22 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | (0.47 | ) |  |  |  |  |  |  | 1.27 |  |  |  |  |  |  |  | 1.95 |  |  |  |  |  |  |  | (0.26 | ) |  |  |  |  |  |  | 0.99 |  |  |  |  |  |  |  | (1.80 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | (0.31 | ) |  |  |  |  |  |  | 1.57 |  |  |  |  |  |  |  | 2.24 |  |  |  |  |  |  |  | (0.06 | ) |  |  |  |  |  |  | 1.22 |  |  |  |  |  |  |  | (1.58 | )
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.31 | )(c) |  |  |  |  |  |  | (0.29 | ) |  |  |  |  |  |  | (0.38 | ) |  |  |  |  |  |  | (0.23 | ) |  |  |  |  |  |  | (0.23 | ) |  |  |  |  |  |  | (0.19 | )
Return of capital |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.26 | ) |  |  |  |  |  |  | (0.10 | ) |  |  |  |  |  |  | (0.30 | ) |  |  |  |  |  |  | (0.39 | ) |  |  |  |  |  |  | (0.43 | )
Total distributions |  |  |  |  |  |  | (0.31 | ) |  |  |  |  |  |  | (0.55 | ) |  |  |  |  |  |  | (0.48 | ) |  |  |  |  |  |  | (0.53 | ) |  |  |  |  |  |  | (0.62 | ) |  |  |  |  |  |  | (0.62 | )
Net asset value, end of period |  |  |  |  |  | $ | 10.61 |  |  |  |  |  |  | $ | 11.23 |  |  |  |  |  |  | $ | 10.21 |  |  |  |  |  |  | $ | 8.45 |  |  |  |  |  |  | $ | 9.04 |  |  |  |  |  |  | $ | 8.44 |
Market price, end of period |  |  |  |  |  | $ | 9.07 |  |  |  |  |  |  | $ | 9.97 |  |  |  |  |  |  | $ | 9.35 |  |  |  |  |  |  | $ | 7.41 |  |  |  |  |  |  | $ | 8.07 |  |  |  |  |  |  | $ | 7.06 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | (2.42 | )%(e) |  |  |  |  |  |  | 16.31 | % |  |  |  |  |  |  | 27.20 | % |  |  |  |  |  |  | 1.56 | % |  |  |  |  |  |  | 15.88 | % |  |  |  |  |  |  | (14.90 | )%
Based on market price |  |  |  |  |  |  | (6.04 | )%(e) |  |  |  |  |  |  | 12.76 | % |  |  |  |  |  |  | 32.83 | % |  |  |  |  |  |  | (0.23 | )% |  |  |  |  |  |  | 23.67 | % |  |  |  |  |  |  | (22.47 | )%
Ratios to Average Net Assets(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 1.06 | %(g) |  |  |  |  |  |  | 1.05 | % |  |  |  |  |  |  | 1.07 | % |  |  |  |  |  |  | 1.09 | % |  |  |  |  |  |  | 1.11 | % |  |  |  |  |  |  | 1.08 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 1.06 | %(g) |  |  |  |  |  |  | 1.05 | % |  |  |  |  |  |  | 1.07 | % |  |  |  |  |  |  | 1.09 | % |  |  |  |  |  |  | 1.11 | % |  |  |  |  |  |  | 1.08 | %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes |  |  |  |  |  |  | 1.06 | %(g) |  |  |  |  |  |  | 1.05 | % |  |  |  |  |  |  | 1.07 | % |  |  |  |  |  |  | 1.09 | % |  |  |  |  |  |  | 1.11 | % |  |  |  |  |  |  | 1.08 | %
Net investment income |  |  |  |  |  |  | 2.88 | %(g) |  |  |  |  |  |  | 2.73 | % |  |  |  |  |  |  | 3.05 | % |  |  |  |  |  |  | 2.62 | % |  |  |  |  |  |  | 2.56 | % |  |  |  |  |  |  | 2.17 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 910,793 |  |  |  |  |  |  | $ | 983,181 |  |  |  |  |  |  | $ | 901,782 |  |  |  |  |  |  | $ | 746,615 |  |  |  |  |  |  | $ | 822,754 |  |  |  |  |  |  | $ | 798,282 |
Portfolio turnover rate |  |  |  |  |  |  | 17 | % |  |  |  |  |  |  | 92 | % |  |  |  |  |  |  | 66 | % |  |  |  |  |  |  | 78 | % |  |  |  |  |  |  | 69 | % |  |  |  |  |  |  | 66 | %

(a) | Based on average shares outstanding.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(e) | Not annualized.

(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) | Annualized.

See notes to financial statements.

146 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 |
|  |  |  |  |  |  | Six Months Ended 06/30/23 (unaudited) | (a) |  |  |  |  |  |  | Year Ended 12/31/22 | (a) |  |  |  |  |  |  | Year Ended 12/31/21 | (a) |  |  |  |  |  |  | Year Ended 12/31/20 | (a) |  |  |  |  |  |  | Period from 06/27/19 to 12/31/19 | (b)
Net asset value, beginning of period |  |  |  |  |  | $ | 19.53 |  |  |  |  |  |  | $ | 38.82 |  |  |  |  |  |  | $ | 38.72 |  |  |  |  |  |  | $ | 20.95 |  |  |  |  |  |  | $ | 20.00 |
Net investment loss(c) |  |  |  |  |  |  | (0.09 | ) |  |  |  |  |  |  | (0.30 | ) |  |  |  |  |  |  | (0.51 | ) |  |  |  |  |  |  | (0.30 | ) |  |  |  |  |  |  | (0.05 | )
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 3.09 |  |  |  |  |  |  |  | (16.69 | ) |  |  |  |  |  |  | 3.69 |  |  |  |  |  |  |  | 19.32 |  |  |  |  |  |  |  | 1.50 |
Net increase (decrease) from investment operations |  |  |  |  |  |  | 3.00 |  |  |  |  |  |  |  | (16.99 | ) |  |  |  |  |  |  | 3.18 |  |  |  |  |  |  |  | 19.02 |  |  |  |  |  |  |  | 1.45 |
Distributions(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (1.03 | )(e) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
From net realized gain |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.89 | ) |  |  |  |  |  |  | (3.08 | ) |  |  |  |  |  |  | (1.10 | ) |  |  |  |  |  |  | — |
Return of capital |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (1.41 | ) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.15 | ) |  |  |  |  |  |  | (0.50 | )
Total distributions |  |  |  |  |  |  | (1.03 | ) |  |  |  |  |  |  | (2.30 | ) |  |  |  |  |  |  | (3.08 | ) |  |  |  |  |  |  | (1.25 | ) |  |  |  |  |  |  | (0.50 | )
Net asset value, end of period |  |  |  |  |  | $ | 21.50 |  |  |  |  |  |  | $ | 19.53 |  |  |  |  |  |  | $ | 38.82 |  |  |  |  |  |  | $ | 38.72 |  |  |  |  |  |  | $ | 20.95 |
Market price, end of period |  |  |  |  |  | $ | 18.11 |  |  |  |  |  |  | $ | 15.64 |  |  |  |  |  |  | $ | 38.94 |  |  |  |  |  |  | $ | 36.38 |  |  |  |  |  |  | $ | 20.50 |
Total Return(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 16.60 | %(g)(h) |  |  |  |  |  |  | (43.98 | )% |  |  |  |  |  |  | 8.41 | % |  |  |  |  |  |  | 94.60 | %(g) |  |  |  |  |  |  | 7.40 | %(h)
Based on market price |  |  |  |  |  |  | 22.64 | %(h) |  |  |  |  |  |  | (55.27 | )% |  |  |  |  |  |  | 15.75 | % |  |  |  |  |  |  | 86.85 | % |  |  |  |  |  |  | 5.10 | %(h)
Ratios to Average Net Assets(i) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 1.35 | %(j) |  |  |  |  |  |  | 1.33 | % |  |  |  |  |  |  | 1.31 | % |  |  |  |  |  |  | 1.33 | % |  |  |  |  |  |  | 1.32 | %(j)
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 1.34 | %(j) |  |  |  |  |  |  | 1.33 | % |  |  |  |  |  |  | 1.31 | % |  |  |  |  |  |  | 1.33 | % |  |  |  |  |  |  | 1.30 | %(j)
Net investment loss |  |  |  |  |  |  | (0.92 | )%(j) |  |  |  |  |  |  | (1.16 | )% |  |  |  |  |  |  | (1.25 | )% |  |  |  |  |  |  | (1.16 | )% |  |  |  |  |  |  | (0.48 | )%(j)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 1,653,705 |  |  |  |  |  |  | $ | 1,524,658 |  |  |  |  |  |  | $ | 3,048,962 |  |  |  |  |  |  | $ | 3,023,744 |  |  |  |  |  |  | $ | 1,635,966 |
Portfolio turnover rate |  |  |  |  |  |  | 21 | % |  |  |  |  |  |  | 47 | % |  |  |  |  |  |  | 18 | % |  |  |  |  |  |  | 45 | % |  |  |  |  |  |  | 16 | %

(a) | Consolidated Financial Highlights.

(b) | Commencement of operations.

(c) | Based on average shares outstanding.

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

(e) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(f) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(g) | Includes payment from an affiliate, which had no impact on the Trust’s total return.

(h) | Not annualized.

(i) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(j) | Annualized.

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 |
|  |  | Six Months Ended 06/30/23 (unaudited)(a) |  |  |  | Year Ended 12/31/22(a) |  |  |  | Year Ended 12/31/21 | (a) |  |  | Year Ended 12/31/20 | (a) |  |  | Year Ended 12/31/19 |  |  |  | Year Ended 12/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 29.11 |  |  |  |  |  |  | $ | 52.40 |  |  | $ | 51.94 |  |  | $ | 32.45 |  |  |  |  |  |  | $ | 26.21 |  |  |  |  |  |  | $ | 27.73 |
Net investment loss(b) |  |  |  |  |  |  | (0.11 | ) |  |  |  |  |  |  | (0.29 | ) |  |  | (0.43 | ) |  |  | (0.28 | ) |  |  |  |  |  |  | (0.17 | ) |  |  |  |  |  |  | (0.13 | )
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 6.64 |  |  |  |  |  |  |  | (20.00 | ) |  |  | 5.84 |  |  |  | 21.82 |  |  |  |  |  |  |  | 9.92 |  |  |  |  |  |  |  | 0.37 |
Net increase (decrease) from investment operations |  |  |  |  |  |  | 6.53 |  |  |  |  |  |  |  | (20.29 | ) |  |  | 5.41 |  |  |  | 21.54 |  |  |  |  |  |  |  | 9.75 |  |  |  |  |  |  |  | 0.24 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (1.50 | )(d) |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — | (e)
From net realized gain |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (2.16 | ) |  |  | (4.27 | ) |  |  | (2.05 | ) |  |  |  |  |  |  | (3.51 | ) |  |  |  |  |  |  | (1.76 | )(e)
Return of capital |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.84 | ) |  |  | — |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
Total distributions |  |  |  |  |  |  | (1.50 | ) |  |  |  |  |  |  | (3.00 | ) |  |  | (4.27 | ) |  |  | (2.05 | ) |  |  |  |  |  |  | (3.51 | ) |  |  |  |  |  |  | (1.76 | )
Dilutive effect of rights offer (Note 10) |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  | (0.68 | ) |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |
Net asset value, end of period |  |  |  |  |  | $ | 34.14 |  |  |  |  |  |  | $ | 29.11 |  |  | $ | 52.40 |  |  | $ | 51.94 |  |  |  |  |  |  | $ | 32.45 |  |  |  |  |  |  | $ | 26.21 |
Market price, end of period |  |  |  |  |  | $ | 34.44 |  |  |  |  |  |  | $ | 28.37 |  |  | $ | 49.97 |  |  | $ | 53.30 |  |  |  |  |  |  | $ | 33.27 |  |  |  |  |  |  | $ | 27.48 |
Total Return(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 22.90 | %(g) |  |  |  |  |  |  | (39.56 | )%(h) |  |  | 9.44 | % |  |  | 68.76 | %(i) |  |  |  |  |  |  | 37.82 | % |  |  |  |  |  |  | 0.24 | %
Based on market price |  |  |  |  |  |  | 27.21 | %(g) |  |  |  |  |  |  | (38.23 | )% |  |  | 1.70 | % |  |  | 68.92 | % |  |  |  |  |  |  | 34.77 | % |  |  |  |  |  |  | 9.18 | %
Ratios to Average Net Assets(j) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 1.10 | %(k) |  |  |  |  |  |  | 1.11 | % |  |  | 1.05 | % |  |  | 1.09 | % |  |  |  |  |  |  | 1.08 | % |  |  |  |  |  |  | 1.09 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 1.10 | %(k) |  |  |  |  |  |  | 1.11 | % |  |  | 1.00 | % |  |  | 0.99 | % |  |  |  |  |  |  | 0.92 | % |  |  |  |  |  |  | 0.89 | %
Total expenses after fees waived and/or reimbursed and excluding dividend expense |  |  |  |  |  |  | 1.10 | %(k) |  |  |  |  |  |  | 1.10 | % |  |  | 1.00 | % |  |  | 0.99 | % |  |  |  |  |  |  | 0.92 | % |  |  |  |  |  |  | 0.89 | %
Net investment loss |  |  |  |  |  |  | (0.67 | )%(k) |  |  |  |  |  |  | (0.77 | )% |  |  | (0.78 | )% |  |  | (0.73 | )% |  |  |  |  |  |  | (0.52 | )% |  |  |  |  |  |  | (0.43 | )%
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 1,160,921 |  |  |  |  |  |  | $ | 960,703 |  |  | $ | 1,681,166 |  |  | $ | 1,297,344 |  |  |  |  |  |  | $ | 742,672 |  |  |  |  |  |  | $ | 587,908 |
Portfolio turnover rate |  |  |  |  |  |  | 16 | % |  |  |  |  |  |  | 38 | % |  |  | 31 | % |  |  | 20 | % |  |  |  |  |  |  | 32 | % |  |  |  |  |  |  | 53 | %

(a) | Consolidated Financial Highlights.

(b) | Based on average shares outstanding.

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

(d) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(e) | 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) | Not annualized.

(h) | Includes payment from an affiliate, which had no impact on the Trust’s total return.

(i) | 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.

(j) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(k) | Annualized.

See notes to financial statements.

148 |  | 2 0 2 3 B L A C K R O C K S E M I - 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)

|  | BUI |
|  |  | Six Months Ended 06/30/23 (unaudited) |  |  |  | Year Ended 12/31/22 |  |  |  | Year Ended 12/31/21 |  |  |  | Year Ended 12/31/20 |  |  |  | Year Ended 12/31/19 |  |  |  | Year Ended 12/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 22.37 |  |  |  |  |  |  | $ | 25.86 |  |  |  |  |  |  | $ | 23.80 |  |  |  |  |  |  | $ | 22.02 |  |  |  |  |  |  | $ | 18.77 |  |  |  |  |  |  | $ | 21.12 |
Net investment income(a) |  |  |  |  |  |  | 0.23 |  |  |  |  |  |  |  | 0.33 |  |  |  |  |  |  |  | 0.24 |  |  |  |  |  |  |  | 0.33 |  |  |  |  |  |  |  | 0.37 |  |  |  |  |  |  |  | 0.49 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 1.09 |  |  |  |  |  |  |  | (2.37 | ) |  |  |  |  |  |  | 3.27 |  |  |  |  |  |  |  | 2.90 |  |  |  |  |  |  |  | 4.33 |  |  |  |  |  |  |  | (1.39 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | 1.32 |  |  |  |  |  |  |  | (2.04 | ) |  |  |  |  |  |  | 3.51 |  |  |  |  |  |  |  | 3.23 |  |  |  |  |  |  |  | 4.70 |  |  |  |  |  |  |  | (0.90 | )
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.73 | ) |  |  |  |  |  |  | (0.30 | ) |  |  |  |  |  |  | (0.24 | ) |  |  |  |  |  |  | (0.20 | ) |  |  |  |  |  |  | (0.24 | ) |  |  |  |  |  |  | (0.63 | )(c)
From net realized gain |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.56 | ) |  |  |  |  |  |  | (0.76 | ) |  |  |  |  |  |  | (1.08 | ) |  |  |  |  |  |  | (1.06 | ) |  |  |  |  |  |  | (0.81 | )(c)
Return of capital |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (0.59 | ) |  |  |  |  |  |  | (0.45 | ) |  |  |  |  |  |  | (0.17 | ) |  |  |  |  |  |  | (0.15 | ) |  |  |  |  |  |  | (0.01 | )
Total distributions |  |  |  |  |  |  | (0.73 | ) |  |  |  |  |  |  | (1.45 | ) |  |  |  |  |  |  | (1.45 | ) |  |  |  |  |  |  | (1.45 | ) |  |  |  |  |  |  | (1.45 | ) |  |  |  |  |  |  | (1.45 | )
Net asset value, end of period |  |  |  |  |  | $ | 22.96 |  |  |  |  |  |  | $ | 22.37 |  |  |  |  |  |  | $ | 25.86 |  |  |  |  |  |  | $ | 23.80 |  |  |  |  |  |  | $ | 22.02 |  |  |  |  |  |  | $ | 18.77 |
Market price, end of period |  |  |  |  |  | $ | 22.04 |  |  |  |  |  |  | $ | 20.77 |  |  |  |  |  |  | $ | 26.62 |  |  |  |  |  |  | $ | 25.04 |  |  |  |  |  |  | $ | 22.31 |  |  |  |  |  |  | $ | 19.76 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 5.97 | %(e) |  |  |  |  |  |  | (7.73 | )% |  |  |  |  |  |  | 15.13 | % |  |  |  |  |  |  | 15.87 | % |  |  |  |  |  |  | 25.63 | % |  |  |  |  |  |  | (4.40 | )%
Based on market price |  |  |  |  |  |  | 9.56 | %(e) |  |  |  |  |  |  | (16.78 | )% |  |  |  |  |  |  | 12.65 | % |  |  |  |  |  |  | 20.32 | % |  |  |  |  |  |  | 20.91 | % |  |  |  |  |  |  | (1.68 | )%
Ratios to Average Net Assets(f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 1.08 | %(g) |  |  |  |  |  |  | 1.08 | % |  |  |  |  |  |  | 1.08 | % |  |  |  |  |  |  | 1.13 | % |  |  |  |  |  |  | 1.12 | % |  |  |  |  |  |  | 1.12 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 1.08 | %(g) |  |  |  |  |  |  | 1.08 | % |  |  |  |  |  |  | 1.07 | % |  |  |  |  |  |  | 1.10 | % |  |  |  |  |  |  | 1.10 | % |  |  |  |  |  |  | 1.09 | %
Net investment income |  |  |  |  |  |  | 2.02 | %(g) |  |  |  |  |  |  | 1.44 | % |  |  |  |  |  |  | 0.97 | % |  |  |  |  |  |  | 1.58 | % |  |  |  |  |  |  | 1.78 | % |  |  |  |  |  |  | 2.46 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  |  |  |  |  | $ | 514,997 |  |  |  |  |  |  | $ | 498,393 |  |  |  |  |  |  | $ | 559,805 |  |  |  |  |  |  | $ | 444,526 |  |  |  |  |  |  | $ | 383,337 |  |  |  |  |  |  | $ | 318,933 |
Portfolio turnover rate |  |  |  |  |  |  | 15 | % |  |  |  |  |  |  | 36 | % |  |  |  |  |  |  | 20 | % |  |  |  |  |  |  | 39 | % |  |  |  |  |  |  | 39 | % |  |  |  |  |  |  | 28 | %

(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) | Not annualized.

(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) | Annualized.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 149

Notes to Financial Statements (unaudited)

1. | ORGANIZATION

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

Trust Name |  | Herein Referred To As |  | Organized |  | Diversification Classification
BlackRock Energy and Resources Trust |  | BGR |  | Delaware |  | Non-diversified
BlackRock Enhanced Capital and Income Fund, Inc. |  | CII |  | Maryland |  | Diversified
BlackRock Enhanced Equity Dividend Trust |  | BDJ |  | Delaware |  | Diversified
BlackRock Enhanced Global Dividend Trust |  | BOE |  | Delaware |  | Diversified
BlackRock Enhanced International Dividend Trust |  | BGY |  | Delaware |  | Diversified
BlackRock Health Sciences Term Trust |  | BMEZ |  | Maryland |  | Non-diversified
BlackRock Health Sciences Trust |  | BME |  | Delaware |  | Diversified
BlackRock Innovation and Growth Term Trust |  | BIGZ |  | Maryland |  | Non-diversified
BlackRock Resources & Commodities Strategy Trust |  | BCX |  | Delaware |  | Non-diversified
BlackRock Science and Technology Term Trust |  | BSTZ |  | Delaware |  | Non-diversified
BlackRock Science and Technology Trust |  | BST |  | Delaware |  | 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 trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

On March 31, 2023, the Board approved a proposal to change the name of BlackRock Innovation and Growth Trust, BlackRock Health Sciences Trust II and BlackRock Science and Technology Trust II , effective as of April 5, 2023, to BlackRock Innovation and Growth Term Trust, BlackRock Health Sciences Term Trust and BlackRock Science and Technology Term Trust, respectively. There were no changes to the Trusts’ investment policies or strategies in conjunction with the name changes.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

Basis of Consolidation: The accompanying consolidated financial statements of BDJ include the accounts of BDJ Subsidiary, LLC (the “BDJ Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BDJ. The BDJ Taxable Subsidiary enables BDJ to hold certain pass-through investments and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the BDJ Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BDJ. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BDJ. Taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BDJ may invest up to 25% of its total assets in the BDJ Taxable Subsidiary. The net assets of the BDJ Taxable Subsidiary as of period end were $10,037,117, which is 0.6% of BDJ’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BDJ Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BDJ.

The accompanying consolidated financial statements of BSTZ include the accounts of BSTZ Subsidiary, LLC (the “BSTZ Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BSTZ. The BSTZ Taxable Subsidiary enables BSTZ to hold certain pass-through investments and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the BSTZ Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BSTZ. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BSTZ. Taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BSTZ may invest up to 25% of its total assets in the BSTZ Taxable Subsidiary. The net assets of the BSTZ Taxable Subsidiary as of period end were $22,333,200, which is 1.4% of BSTZ’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BSTZ Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BSTZ.

The accompanying consolidated financial statements of BST include the accounts of BST Subsidiary, LLC (the “BST Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BST. The BST Taxable Subsidiary enables BST to hold certain pass-through investments and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the BST Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BST. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BST. Taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Consolidated Statements of Assets and Liabilities. BST may invest up to 25% of its total assets in the BST Taxable Subsidiary. The net assets of the BST Taxable Subsidiary as of period end were $11,909,641, which is 1.0% of BST’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BST Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BST.

2. | SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

150 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) |  |

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trusts are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Trust does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Trust invests. These foreign taxes, if any, are paid by each Trust and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Trusts file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trusts may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

Distributions: Distributions paid by the Trusts are recorded on the ex-dividend dates. Subject to the Trusts’ managed distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Trust’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Trust’s Manager as the valuation designee for each Trust. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies.

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 (unaudited) (continued)

If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

| • |  | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

| • |  | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

| • |  | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

| • |  | 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.

| • |  | Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

| • |  | Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.

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

152 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued)

|  | Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
|  | (iv)   known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques 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.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

| • |  | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access;

| • |  | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

| • |  | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

As of June 30, 2023, certain investments of CII, BMEZ, BME, BIGZ, BCX, BSTZ, BST and BUI were fair valued using NAV as a practical expedient 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 a fund to make future cash payments. As of June 30, 2023, BDJ had outstanding commitments of $6,962,883. These commitments are not included in the net assets of BDJ as of June 30, 2023.

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.

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 (unaudited) (continued) |  |

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Trust, except in the event of borrower default. The securities on loan, if any, are disclosed in the Trusts’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Trusts under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Trusts, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Trusts can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Trusts’ securities on loan by counterparty which are subject to offset under an MSLA:

Trust Name/Counterparty |  |  | Securities Loaned at Value |  |  |  | Cash Collateral Received(a) |  |  |  | Non-Cash Collateral Received, at Fair Value | (a) |  |  | Net Amount | (b)
CII |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit Suisse Securities (USA) LLC |  |  |  |  |  | $ | 35 |  |  |  |  |  |  | $ | (35 | ) |  | $ | — |  |  | $ | — |
BMEZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Barclays Capital, Inc. |  |  |  |  |  | $ | 2,027,287 |  |  |  |  |  |  | $ | (2,027,287 | ) |  | $ | — |  |  | $ | — |
BNP Paribas SA |  |  |  |  |  |  | 150,130 |  |  |  |  |  |  |  | (150,130 | ) |  |  | — |  |  |  | — |
BofA Securities, Inc. |  |  |  |  |  |  | 1,678,329 |  |  |  |  |  |  |  | (1,678,329 | ) |  |  | — |  |  |  | — |
Citigroup Global Markets, Inc. |  |  |  |  |  |  | 3,121,460 |  |  |  |  |  |  |  | (3,121,460 | ) |  |  | — |  |  |  | — |
Goldman Sachs & Co. LLC |  |  |  |  |  |  | 11,691,085 |  |  |  |  |  |  |  | (11,691,085 | ) |  |  | — |  |  |  | — |
Jefferies LLC |  |  |  |  |  |  | 2,388,483 |  |  |  |  |  |  |  | (2,388,483 | ) |  |  | — |  |  |  | — |
Morgan Stanley |  |  |  |  |  |  | 12,652,155 |  |  |  |  |  |  |  | (12,652,155 | ) |  |  | — |  |  |  | — |
National Financial Services LLC |  |  |  |  |  |  | 963,376 |  |  |  |  |  |  |  | (955,432 | ) |  |  | — |  |  |  | 7,944 |
State Street Bank & Trust Co. |  |  |  |  |  |  | 2,966,935 |  |  |  |  |  |  |  | (2,966,935 | ) |  |  | — |  |  |  | — |
Toronto-Dominion Bank |  |  |  |  |  |  | 158,858 |  |  |  |  |  |  |  | (156,797 | ) |  |  | — |  |  |  | 2,061 |
UBS Securities LLC |  |  |  |  |  |  | 381,330 |  |  |  |  |  |  |  | (372,393 | ) |  |  | — |  |  |  | 8,937 |
|  |  |  |  |  | $ | 38,179,428 |  |  |  |  |  |  | $ | (38,160,486 | ) |  | $ | — |  |  | $ | 18,942 |
BME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BofA Securities, Inc. |  |  |  |  |  | $ | 78,090 |  |  |  |  |  |  | $ | (78,090 | ) |  | $ | — |  |  | $ | — |
Citigroup Global Markets, Inc. |  |  |  |  |  |  | 183,849 |  |  |  |  |  |  |  | (183,713 | ) |  |  | — |  |  |  | 136 |
J.P. Morgan Securities LLC |  |  |  |  |  |  | 1,478,022 |  |  |  |  |  |  |  | (1,478,022 | ) |  |  | — |  |  |  | — |
Jefferies LLC |  |  |  |  |  |  | 593,711 |  |  |  |  |  |  |  | (591,801 | ) |  |  | — |  |  |  | 1,910 |
Morgan Stanley |  |  |  |  |  |  | 191,513 |  |  |  |  |  |  |  | (191,243 | ) |  |  | — |  |  |  | 270 |
|  |  |  |  |  | $ | 2,525,185 |  |  |  |  |  |  | $ | (2,522,869 | ) |  | $ | — |  |  | $ | 2,316 |
BIGZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Barclays Capital, Inc. |  |  |  |  |  | $ | 3,091,878 |  |  |  |  |  |  | $ | (3,091,878 | ) |  | $ | — |  |  | $ | — |
J.P. Morgan Securities LLC |  |  |  |  |  |  | 2,530,590 |  |  |  |  |  |  |  | (2,530,590 | ) |  |  | — |  |  |  | — |
Jefferies LLC |  |  |  |  |  |  | 1,680,930 |  |  |  |  |  |  |  | (1,680,930 | ) |  |  | — |  |  |  | — |
Morgan Stanley |  |  |  |  |  |  | 12,017,819 |  |  |  |  |  |  |  | (12,017,819 | ) |  |  | — |  |  |  | — |
National Financial Services LLC |  |  |  |  |  |  | 565,182 |  |  |  |  |  |  |  | (565,182 | ) |  |  | — |  |  |  | — |
State Street Bank & Trust Co. |  |  |  |  |  |  | 749,228 |  |  |  |  |  |  |  | (749,228 | ) |  |  | — |  |  |  | — |
|  |  |  |  |  | $ | 20,635,627 |  |  |  |  |  |  | $ | (20,635,627 | ) |  | $ | — |  |  | $ | — |
BCX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Citigroup Global Markets, Inc. |  |  |  |  |  | $ | 7,265,282 |  |  |  |  |  |  | $ | (7,265,282 | ) |  | $ | — |  |  | $ | — |
BSTZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goldman Sachs & Co. LLC |  |  |  |  |  | $ | 1,195,216 |  |  |  |  |  |  | $ | (1,195,216 | ) |  | $ | — |  |  | $ | — |
J.P. Morgan Securities LLC |  |  |  |  |  |  | 1,392,155 |  |  |  |  |  |  |  | (1,392,155 | ) |  |  | — |  |  |  | — |
|  |  |  |  |  | $ | 2,587,371 |  |  |  |  |  |  | $ | (2,587,371 | ) |  | $ | — |  |  | $ | — |
BST |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goldman Sachs & Co. LLC |  |  |  |  |  | $ | 2,534,680 |  |  |  |  |  |  | $ | (2,534,680 | ) |  | $ | — |  |  | $ | — |
BUI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goldman Sachs & Co. LLC |  |  |  |  |  | $ | 684,038 |  |  |  |  |  |  | $ | (684,038 | ) |  | $ | — |  |  | $ | — |
J.P. Morgan Securities LLC |  |  |  |  |  |  | 1,269,032 |  |  |  |  |  |  |  | (1,246,795 | ) |  |  | — |  |  |  | 22,237 |

154 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) |  |

Trust Name/Counterparty |  |  | Securities Loaned at Value |  |  |  | Cash Collateral Received(a) |  |  |  | Non-Cash Collateral Received, at Fair Value | (a) |  |  | Net Amount | (b)
BUI (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jefferies LLC |  |  |  |  |  | $ | 236,107 |  |  |  |  |  |  | $ | (236,107 | ) |  | $ | — |  |  | $ | — |
Morgan Stanley |  |  |  |  |  |  | 324,087 |  |  |  |  |  |  |  | (323,127 | ) |  |  | — |  |  |  | 960 |
|  |  |  |  |  | $ | 2,513,264 |  |  |  |  |  |  | $ | (2,490,067 | ) |  | $ | — |  |  | $ | 23,197 |

| (a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Trust is disclosed in the Trust’s Statements of Assets and Liabilities. |

| (b) | The market value of the loaned securities is determined as of June 30, 2023. Additional collateral is delivered to each Trust on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. |

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Trusts benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Trust could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Trusts.

5. | DERIVATIVE FINANCIAL INSTRUMENTS

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trusts are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.

Options: The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its 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

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 (unaudited) (continued) |  |

permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trusts and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from the counterparties are not fully collateralized, each Trust bears the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, each Trust, except BCX, pays the Manager a monthly fee at the following annual rates:

Average weekly value of each Trust’s net assets:

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

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

|  | CII |
Investment advisory fees |  |  | 0.85 | %

Average daily value of each Trust’s net assets:

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

Average daily value of each Trust’s managed assets:

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

For such services, BCX pays the Manager a monthly fee at an annual rate equal to 1.00% of the sum of the average daily value of the net assets of the Trust (excluding the value of the Trust’s interest in the BCX Subsidiary, LLC (the “BCX Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BCX) and the average daily value of the net assets of its subsidiary, which fee is allocated pro rata between the Trust and the BCX Taxable Subsidiary based on the average daily value of their respective net assets (excluding, in the case of the Trust, the value of the Trust’s interest in the BCX Taxable Subsidiary). The BCX Taxable Subsidiary had no net assets or activity during the period ended June 30, 2023.

For purposes of calculating these fees, “net assets” mean the total assets of BGR, CII, BDJ, BOE, BGY, BME, BCX and BUI minus the sum of its accrued liabilities.

For purposes of calculating these fees, “managed assets” are determined as total assets of BMEZ, BIGZ, BSTZ and BST (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

The Manager provides investment management and other services to BDJ Taxable Subsidiary, BSTZ Taxable Subsidiary and BST Taxable Subsidiary. The Manager does not receive separate compensation from the BDJ Taxable Subsidiary, BSTZ Taxable Subsidiary or BST Taxable Subsidiary for providing investment management or administrative services. However, BDJ pays the Manager based on the Trust’s net assets, which includes the assets of the BDJ Taxable Subsidiary, and BSTZ and BST pay the Manager based on the Trust’s managed assets, which include the assets of the BSTZ Taxable Subsidiary and BST Taxable Subsidiary, respectively.

156 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) |  |

With respect to BGR, BOE, BGY, BCX and BUI, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of each Trust for which BIL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.

Distribution Fees: BDJ, BME, BST and BUI have each entered into Distribution Agreements with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BDJ’s, BME’s, BST’s and BUI’s common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BDJ’s, BME’s, BST’s and BUI’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the six months ended June 30, 2023 amounted to $0, $6,106, $58,596 and $5,829 for each of BDJ, BME, BST and BUI, respectively.

Expense Limitations, Waivers and Reimbursements: The Manager voluntarily agreed to waive a portion of the investment advisory fees on the following Trusts as a percentage of their average weekly net assets, as follows:

|  | BGR |  |  | BOE |
|  |  | 0.220 | % |  |  | 0.175 | %

These voluntary waivers may be reduced or discontinued at any time without notice.

For the six months ended June 30, 2023, the investment advisory fees waived, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations, were as follows:

Trust Name |  | Fees Waived and/or Reimbursed by the Manager |
BGR |  | $ | 422,508 |
BOE |  |  | 619,937 |

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, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2023, the amounts waived were as follows:

Trust Name |  | Fees Waived and/or Reimbursed by the Manager |
BGR |  | $ | 2,467 |
CII |  |  | 4,353 |
BDJ |  |  | 25,644 |
BOE |  |  | 3,597 |
BGY |  |  | 3,762 |
BMEZ |  |  | 17,262 |
BME |  |  | 8,990 |
BIGZ |  |  | 4,023 |
BCX |  |  | 10,865 |
BSTZ |  |  | 3,534 |
BST |  |  | 2,612 |
BUI |  |  | 4,778 |

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, 2024. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the six months ended June 30, 2023, there were no fees waived by the Manager pursuant to this arrangement.

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Trusts, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Trusts are responsible for 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, 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.

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 (unaudited) (continued) |  |

Pursuant to the current securities lending agreement, each of CII, BDJ, BMEZ, BME, BIGZ and BST retains 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, each of CII, BDJ, BMEZ, BME, BIGZ and BST, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

Pursuant to the current securities lending agreement, each of BGR, BOE, BGY, BCX, BSTZ and BUI retains 82% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, each of BGR, BOE, BGY, BCX, BSTZ and BUI, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

Prior to January 1, 2023, BIM was permitted to lend each Trust’s securities only when the difference between the borrower rebate rate (i.e., a negotiated interest rate payment for cash collateral pledged in connection with a securities lending transaction) and the risk free rate exceeded a certain level (such securities, the “specials only securities”). Effective January 1, 2023, this limitation no longer applies.

The share of securities lending income earned by each Trust is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended June 30, 2023, each Trust paid BIM the following amounts for securities lending agent services:

Trust Name |  | Amounts |
CII |  | $ | 1,296 |
BDJ |  |  | 150 |
BOE |  |  | 564 |
BMEZ |  |  | 83,136 |
BME |  |  | 4,853 |
BIGZ |  |  | 8,663 |
BCX |  |  | 2,413 |
BSTZ |  |  | 6,950 |
BST |  |  | 1,921 |
BUI |  |  | 1,477 |

Trustees and Officers: Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

Other Transactions: During the period ended June 30, 2023, BSTZ received a reimbursement of $127,092, from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.

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 six months ended June 30, 2023, 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) |
BOE |  | $ | — |  |  | $ | 1,624,132 |  |  | $ | (48,460 | )

7. | PURCHASES AND SALES

For the six months ended June 30, 2023, purchases and sales of investments, excluding short-term securities, were as follows:

Trust Name |  | Purchases |  |  | Sales |
BGR |  | $ | 76,896,544 |  |  | $ | 74,992,878 |
CII |  |  | 122,543,650 |  |  |  | 157,003,741 |
BDJ |  |  | 377,562,734 |  |  |  | 398,711,983 |
BOE |  |  | 197,359,484 |  |  |  | 215,814,242 |
BGY |  |  | 161,645,249 |  |  |  | 185,591,306 |
BMEZ |  |  | 518,044,823 |  |  |  | 608,804,401 |
BME |  |  | 115,800,323 |  |  |  | 128,989,929 |
BIGZ |  |  | 364,125,954 |  |  |  | 495,444,250 |
BCX |  |  | 155,777,579 |  |  |  | 181,213,465 |
BSTZ |  |  | 338,276,712 |  |  |  | 436,935,898 |
BST |  |  | 166,223,567 |  |  |  | 213,702,659 |
BUI |  |  | 71,878,479 |  |  |  | 75,930,588 |

158 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) |  |

8. | INCOME TAX INFORMATION

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of June 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.

As of December 31, 2022, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

Trust Name |  |  | Non-Expiring Capital Loss Carryforwards | (a) |  |  | Qualified Late-Year Losses | (b)
BGR |  | $ | (239,868,252 | ) |  | $ | (7,022 | )
BOE |  |  | — |  |  |  | (17,281,763 | )
BGY |  |  | — |  |  |  | (6,172,726 | )
BMEZ |  |  | (37,330,690 | ) |  |  | — |
BME |  |  | — |  |  |  | (2,023,853 | )
BIGZ |  |  | (1,492,285,027 | ) |  |  | (20,092 | )
BCX |  |  | (258,642,241 | ) |  |  | — |
BSTZ |  |  | — |  |  |  | (1,665,789 | )
BST |  |  | — |  |  |  | (33,095 | )
BUI |  |  | — |  |  |  | (2,097,980 | )

| (a) | Amounts available to offset future realized capital gains. |

| (b) | The Trust has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year. |

As of June 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Trust Name |  | Tax Cost |  |  | Gross Unrealized Appreciation |  |  | Gross Unrealized Depreciation |  |  | Net Unrealized Appreciation (Depreciation) |
BGR |  | $ | 288,857,480 |  |  | $ | 118,696,527 |  |  | $ | (24,641,459 | ) |  | $ | 94,055,068 |
CII |  |  | 578,234,755 |  |  |  | 305,426,078 |  |  |  | (22,972,408 | ) |  |  | 282,453,670 |
BDJ |  |  | 1,437,221,041 |  |  |  | 291,753,826 |  |  |  | (58,821,348 | ) |  |  | 232,932,478 |
BOE |  |  | 652,173,475 |  |  |  | 115,923,791 |  |  |  | (41,114,849 | ) |  |  | 74,808,942 |
BGY |  |  | 554,367,952 |  |  |  | 113,963,276 |  |  |  | (34,784,949 | ) |  |  | 79,178,327 |
BMEZ |  |  | 2,068,430,415 |  |  |  | 374,547,647 |  |  |  | (309,010,023 | ) |  |  | 65,537,624 |
BME |  |  | 418,375,552 |  |  |  | 201,712,199 |  |  |  | (17,616,037 | ) |  |  | 184,096,162 |
BIGZ |  |  | 2,466,080,087 |  |  |  | 267,167,074 |  |  |  | (551,820,529 | ) |  |  | (284,653,455 | )
BCX |  |  | 818,997,049 |  |  |  | 182,115,918 |  |  |  | (76,784,588 | ) |  |  | 105,331,330 |
BSTZ |  |  | 1,213,910,854 |  |  |  | 578,420,293 |  |  |  | (112,934,311 | ) |  |  | 465,485,982 |
BST |  |  | 744,895,015 |  |  |  | 542,255,221 |  |  |  | (115,383,170 | ) |  |  | 426,872,051 |
BUI |  |  | 369,807,530 |  |  |  | 160,968,443 |  |  |  | (9,408,404 | ) |  |  | 151,560,039 |

9. | PRINCIPAL RISKS

In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments. BDJ’s, BME’s, BST’s and BUI’s prospectuses provide details of the risks to which each Trust is subject.

The Trusts may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to 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 NAV and ability to make dividend

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 (unaudited) (continued) |  |

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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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 options purchased, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency).

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Trust’s portfolio are disclosed in its Schedule of Investments.

As of period end, the Trusts listed below invested a significant portion of their assets in securities in the following sectors:

Sectors |  | Trust Name |
Energy |  |  | BGR, BCX |
Financials |  |  | BDJ |
Health Care |  |  | 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 significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

Certain Trusts invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and

160 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) |  |

as a result adversely affect the Trust’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

Certain Trusts invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.

Certain Trusts invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Trusts’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

10. | CAPITAL SHARE TRANSACTIONS

Each Trust is authorized to issue an unlimited number of shares, with the exception of CII, all of which were initially classified as Common Shares. CII is authorized to issue 200 million Common Shares. The par value for each Trust’s Common Shares is $0.001, except for CII, which is $0.10. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

BDJ, BME, BST and BUI have each filed a prospectus with the SEC allowing them to issue an additional 40,000,000, 4,000,000, 18,000,000 and 8,000,000 Common Shares, respectively, through an equity Shelf Offering. Under the Shelf Offerings, BDJ, BME, BST and BUI, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Trust’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 40,000,000, 3,332,695, 16,272,467 and 7,700,504 Common Shares, respectively, remain available for issuance under the Shelf Offerings. During the period ended June 30, 2023, BDJ, BME, BST and BUI issued 0, 71,333, 892,174 and 125,560 shares, respectively, under the Trust’s respective current Shelf Offering and the Trust’s prior Shelf Offering. See Additional Information — Shelf Offering Program for additional information.

Initial costs incurred by each of BDJ, BME, BST and BUI in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.

For the periods shown, shares issued and outstanding increased by the following amounts as a result of shares issued through the Shelf Offering:

Trust Name |  | Six Months Ended 06/30/23 |  | Year Ended 12/31/22
BME |  | 71,333 |  | 774,304
BST |  | 892,174 |  | 835,359
BUI |  | 125,560 |  | 590,894

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

Trust Name |  | Six Months Ended 06/30/23 |  | Year Ended 12/31/22
BDJ |  | 78,103 |  | 412,658
BME |  | 12,112 |  | 38,955
BST |  | 111,117 |  | 81,277
BUI |  | 25,289 |  | 32,898

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2022 through November 30, 2023, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30,

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 (unaudited) (continued) |  |

2022, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Trust’s NAV. There is no assurance that the Trusts will purchase shares in any particular amounts. For the six months ended June 30, 2023, CII, BDJ, BME, BST and BUI did not repurchase any shares.

The total cost of the shares repurchased is reflected in the Trusts’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:

|  | BGR |
|  |  | Shares |  |  |  | Amounts |
Six Months Ended June 30, 2023 |  |  | 224,833 |  |  | $ | 2,793,432 |
Year Ended December 31, 2022 |  |  | 1,055,728 |  |  |  | 12,296,655 |
|  |  | BOE |
|  |  | Shares |  |  |  | Amounts |
Six Months Ended June 30, 2023 |  |  | 508,486 |  |  | $ | 5,041,877 |
Year Ended December 31, 2022 |  |  | 1,285,502 |  |  |  | 12,470,648 |
|  |  | BGY |
|  |  | Shares |  |  |  | Amounts |
Six Months Ended June 30, 2023 |  |  | 1,370,240 |  |  | $ | 7,443,801 |
Year Ended December 31, 2022 |  |  | 1,492,331 |  |  |  | 7,282,700 |
|  |  | BMEZ |
|  |  | Shares |  |  |  | Amounts |
Six Months Ended June 30, 2023 |  |  | 1,567,078 |  |  | $ | 25,534,135 |
Year Ended December 31, 2022 |  |  | 3,072,736 |  |  |  | 47,829,587 |
|  |  | BIGZ |
|  |  | Shares |  |  |  | Amounts |
Six Months Ended June 30, 2023 |  |  | 2,756,968 |  |  | $ | 20,553,458 |
Year Ended December 31, 2022 |  |  | 8,519,618 |  |  |  | 64,919,571 |
|  |  | BCX |
|  |  | Shares |  |  |  | Amounts |
Six Months Ended June 30, 2023 |  |  | 1,659,738 |  |  | $ | 16,020,113 |
Year Ended December 31, 2022 |  |  | 797,510 |  |  |  | 7,554,830 |
|  |  | BSTZ |
|  |  | Shares |  |  |  | Amounts |
Six Months Ended June 30, 2023 |  |  | 1,160,914 |  |  | $ | 20,264,931 |
Year Ended December 31, 2022 |  |  | 461,288 |  |  |  | 7,293,625 |

For the period ended June 30, 2023, and year ended December 31, 2022, shares issued and outstanding remained constant for CII.

As of June 30, 2023, BlackRock Financial Management, Inc., an affiliate of the Trust, owned 5,000 Shares of BIGZ.

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 or will pay distributions to Common Shareholders as follows:

Trust Name |  | Declaration Date |  |  | Record Date |  |  | Payable/ Paid Date |  |  | Dividend Per Common Share |
BGR |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  | $ | 0.065700 |
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  |  | 0.065700 |
CII |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  |  | 0.099500 |
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  |  | 0.099500 |
BDJ |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  |  | 0.056200 |
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  |  | 0.056200 |
BOE |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  |  | 0.063000 |
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  |  | 0.063000 |
BGY |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  |  | 0.033800 |
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  |  | 0.033800 |

162 |  | 2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued) |  |

Trust Name |  | Declaration Date |  |  | Record Date |  |  | Payable/ Paid Date |  |  | Dividend Per Common Share |
BMEZ |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  | $ | 0.145000 |
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  |  | 0.145000 |
BME |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  |  | 0.213000 |
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  |  | 0.213000 |
BIGZ |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  |  | 0.070000 |
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  |  | 0.070000 |
BCX |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  |  | 0.051800 |
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  |  | 0.051800 |
BSTZ |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  |  | 0.161300 |
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  |  | 0.161300 |
BST |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  |  | 0.250000 |
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  |  | 0.250000 |
BUI |  |  | 07/03/23 |  |  |  | 07/14/23 |  |  |  | 07/31/23 |  |  |  | 0.121000 |
|  |  | 08/01/23 |  |  |  | 08/15/23 |  |  |  | 08/31/23 |  |  |  | 0.121000 |

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 |  | 163

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Energy and Resources Trust (“BGR”), BlackRock Enhanced Capital and Income Fund, Inc. (“CII”), BlackRock Enhanced Equity Dividend Trust (“BDJ”), BlackRock Enhanced Global Dividend Trust (“BOE”), BlackRock Enhanced International Dividend Trust (“BGY”), BlackRock Health Sciences Trust (“BME”), BlackRock Health Sciences Term Trust (“BMEZ”), BlackRock Innovation and Growth Term Trust (“BIGZ”), BlackRock Resources & Commodities Strategy Trust (“BCX”), BlackRock Science and Technology Trust (“BST”), BlackRock Science and Technology Term Trust (“BSTZ”) and BlackRock Utilities, Infrastructure & Power Opportunities Trust (“BUI”) (collectively, the “Funds” and each, a “Fund”) met on May 4, 2023 (the “May Meeting”) and June 1-2, 2023 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between the Manager, BlackRock International Limited (the “Sub-Advisor”) and each of BGR, BOE, BGY, BCX and BUI. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each of which extended over a two-day period, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s market discount/premium compared to peer funds.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

164 |  | 2 0 2 3 B L A C K R O C K S E M I - 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

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to them on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, registration statements in connection with BDJ’s, BME’s, BST’s and BUI’s equity shelf programs, and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans.

The Board noted that the engagement of the Sub-Advisor with respect to BGR, BOE, BGY, BCX and BUI facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each Fund and its shareholders.

B. The Investment Performance of each Fund and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2022, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board reviewed and considered BGR’s performance relative to BGR’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGR generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGR, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered CII’s performance relative to CII’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, CII generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for CII, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BDJ’s performance relative to BDJ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BDJ generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BDJ, and that BlackRock has explained its rationale for this belief to the Board.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S A N D S U B - A D V I S O R Y A G R E E M E N T S |  | 165

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

The Board reviewed and considered BOE’s performance relative to BOE’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BOE generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BOE, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BGY’s performance relative to BGY’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGY generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGY, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BME’s performance relative to BME’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BME generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BME, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BMEZ’s performance relative to BMEZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BMEZ generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BMEZ, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BIGZ’s performance relative to BIGZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BIGZ generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BIGZ, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BIGZ’s underperformance relative to the Performance Metrics.

The Board reviewed and considered BCX’s performance relative to BCX’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BCX generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BCX, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BST’s performance relative to BST’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BST generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BST, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BST’s underperformance relative to the Performance Metrics.

The Board reviewed and considered BSTZ’s performance relative to BSTZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BSTZ generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BSTZ, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BUI’s performance relative to BUI’s Performance Metrics. Based on an overall rating relative to the Performance metrics, BUI generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BUI, and that BlackRock has explained its rationale for this belief to the Board.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2022 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to

166 |  | 2 0 2 3 B L A C K R O C K S E M I - 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

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that BGR’s contractual management fee rate ranked third out of four funds, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers. In addition, the Board noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BGR. An advisory fee waiver has been in effect since 2015, the amount of which may have varied from time to time. After discussions between the Board, including Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 22 basis points voluntary advisory fee waiver.

The Board noted that CII’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board noted that BDJ’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board noted that BOE’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers. In addition, the Board noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BOE. An advisory fee waiver has been in effect since 2015, the amount of which may have varied from time to time. After discussion between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 17.5 basis points voluntary advisory fee waiver.

The Board noted that BGY’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Expense Peers.

The Board noted that BME’s contractual management fee rate ranked first out of four funds, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board noted that BMEZ’s contractual management fee rate ranked third out of four funds, and that the actual management fee rate and total expense ratio ranked in the fourth and second quartiles, respectively, relative to the Expense Peers.

The Board noted that BIGZ’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Expense Peers.

The Board noted that BCX’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers.

The Board noted that BST’s contractual management fee rate ranked first out of four funds, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board noted that BSTZ’s contractual management fee rate ranked third out of four funds, and that the actual management fee rate and total expense ratio ranked in the fourth and second quartiles, respectively, relative to the Expense Peers.

The Board noted that BUI’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee was appropriate.

Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception. The Board noted that although each of BDJ, BME, BST and BUI may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of each Fund’s assets will occur primarily through the appreciation of its investment portfolio.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S A N D S U B - A D V I S O R Y A G R E E M E N T S |  | 167

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

Conclusion

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2024, and the Sub-Advisory Agreements among the Manager, the Sub-Advisor and each of BGR, BOE, BGY, BCX and BUI for a one-year term ending June 30, 2024. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

168 |  | 2 0 2 3 B L A C K R O C K S E M I - 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

Trust Certification

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

Environmental, Social and Governance (“ESG”) Integration

Although the Trusts do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Trust management will consider ESG factors as part of the investment process for the Trusts. Trust management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Trusts’ particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Trusts’ investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Trusts’ exposure to certain companies or industries. While Trust management views ESG considerations as having the potential to contribute to the Trusts’ long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

Each Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust.

The distributions paid by each Trust for any particular month may be more or less than the amount of net investment income earned by each Trust during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of a Trust and is reported in each Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.

A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.

General Information

The Trusts, other than BDJ, BME, BST and BUI, do not make available copies of their Statements of Additional Information because the Trusts’ shares, other than BDJ, BME, BST and BUI, are not continuously offered, which means that the Statement of Additional Information of each Trust, other than BDJ, BME, BST and BUI, has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

BDJ’s, BME’s, BST’s and BUI’s Statements of Additional Information include additional information about the Board and are available, without charge upon request by calling (800)882-0052.

The following information is a summary of certain changes since December 31, 2022. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.

Except if noted otherwise herein, there were no changes to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for BDJ, BME, BST and BUI only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BDJ, BME, BST and BUI only, prospectuses, are available on BlackRock’s website.

To enroll in electronic delivery:

A D D I T I O N A L I N F O R M A T I O N |  | 169

Additional Information (continued)

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, including for BDJ, BME, BST and BUI only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Shelf Offering Program

From time to time, BDJ, BME, BST and BUI may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BDJ, BME, BST and BUI may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BDJ’s, BME’s, BST’s and BUI’s NAV per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BDJ, BME, BST and BUI to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.

BDJ, BME, BST and BUI filed final prospectuses with the SEC in connection with its Shelf Offering on June 2, 2023, April 26, 2022, May 10, 2022 and March 10, 2022, respectively. This report and the prospectuses of BDJ, BME, BST and BUI are not offers to sell BDJ, BME, BST and BUI Common Shares or solicitations of an offer to buy BDJ, BME, BST and BUI Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of BDJ, BME, BST and BUI contains important information about BDJ, BME, BST and BUI, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of BDJ, BME, BST and BUI carefully and in their entirety before investing. Copies of the final prospectuses for BDJ, BME, BST and BUI can be obtained from BlackRock at blackrock.com.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

170 |  | 2 0 2 3 B L A C K R O C K S E M I - 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)

Trust and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited(a)

Edinburgh, EH3 8BL

United Kingdom

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02114

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

(a) For BGR, BOE, BGY, BCX and BUI.

(b) For BDJ, BME, BST and BUI.

Distributor

BlackRock Investments, LLC(b)

New York, NY 10001

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809

A D D I T I O N A L I N F O R M A T I O N |  | 171

Glossary of Terms Used in this Report

Currency Abbreviation

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

Portfolio Abbreviation

ADR |  | American Depositary Receipt
GDR |  | Global Depositary Receipt
JSC |  | Joint Stock Company
LP |  | Limited Partnership
PJSC |  | Public Joint Stock Company
S&P |  | Standard & Poor’s
SAB |  | Special Assessment Bonds

172 |  | 2 0 2 3 B L A C K R O C K S E M I - 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-BK9-06/23-SAR

(b) Not Applicable

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

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

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

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

Item 6 – | Investments

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

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

Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 – | Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

|  | Period |  | (a) Total Number of Shares Purchased |  | (b) Average Price Paid per Share |  | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | (d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs1 |  |  |
| January 1-31, 2023 |  | 0 |  | $- |  | 0 |  |  | 2,994,497 |
| February 1-28, 2023 |  | 0 |  | $- |  | 0 |  |  | 2,994,497 |
| March 1-31, 2023 |  | 154,833 |  | $9.6967 |  | 154,883 |  |  | 2,839,614 |
| April 1-30, 2023 |  | 122,066 |  | $10.1690 |  | 122,066 |  |  | 2,717,548 |
| May 1-31, 2023 |  | 115,618 |  | $9.8582 |  | 115,618 |  |  | 2,601,930 |
| June 1-30, 2023 |  | 115,919 |  | $9.9321 |  | 115,919 |  |  | 2,486,011 |
| Total: |  | 508,486 |  | 9.900469133 |  | 508,486 |  |  | 2,486,011 |

1 On September 8, 2022, the Fund announced a continuation of its open market share repurchase program. Commencing on December 1, 2022, the Fund may repurchase through November 30, 2023, up to 5% of its common shares outstanding as of the close of business on November 30, 2022, 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 to this semi-annual report

Item 13 – | Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 20091

1 |  | The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Enhanced Global Dividend Trust

|  | By: |  | /s/ John M. Perlowski
|  |  |  | John M. Perlowski
|  |  |  | Chief Executive Officer (principal executive officer) of
|  |  |  | BlackRock Enhanced Global Dividend Trust

Date: August 25, 2023

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: August 25, 2023

|  | By: |  | /s/ Trent Walker
|  |  |  | Trent Walker
|  |  |  | Chief Financial Officer (principal financial officer) of
|  |  |  | BlackRock Enhanced Global Dividend Trust

Date: August 25, 2023