N-CSRS 1 d416307dncsrs.htm BLACKROCK UTILITY & INFRASTRUCTURE 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: 811-22606

Name of Fund: BlackRock Utility and Infrastructure Trust (BUI)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2017

Date of reporting period: 06/30/2017

Item 1 – | Report to Stockholders

JUNE 30, 2017

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 Trust (BME)

BlackRock Resources & Commodities Strategy Trust (BCX)

BlackRock Science and Technology Trust (BST)

BlackRock Utility and Infrastructure Trust (BUI)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended June 30, 2017, risk assets, such as stocks and high-yield bonds, delivered strong performance. These markets showed great resilience during a period with big surprises, including the aftermath of the U.K.’s vote to leave the European Union and the outcome of the U.S. presidential election, which brought only brief spikes in equity market volatility. However, interest rates rose, which worked against high-quality assets with more interest rate sensitivity. Aside from the shortest-term Treasury bills, most U.S. Treasuries posted negative returns, as rising energy prices, modest wage increases and steady job growth led to expectations of higher inflation and anticipation of interest rate increases by the U.S. Federal Reserve (the “Fed”).

The global reflationary theme — rising nominal growth, wages and inflation — was the dominant driver of asset returns during the period, outweighing significant political upheavals and economic uncertainty. Reflationary expectations accelerated after the U.S. election in November 2016 and continued into the beginning of 2017, stoked by expectations that the new administration’s policies would provide an extra boost to U.S. growth.

The Fed has responded to these positive developments by increasing interest rates three times in the last six months, setting expectations for additional interest rate increases and moving toward normalizing monetary policy. For its part, the European Central Bank also began to signal its intent to wind down asset purchases and begin the long move toward policy normalization, contingent upon further improvement in economic growth.

In recent months, growing skepticism about the near-term likelihood of significant U.S. tax reform and infrastructure spending has tempered enthusiasm around the reflation trade. Similarly, renewed concern about oversupply has weighed on energy prices. Nonetheless, financial markets — and to an extent the Fed — have adopted a “wait-and-see” approach to the economic data and potential fiscal stimulus. Although uncertainty has persisted, benign credit conditions, modest inflation and the outlook for economic growth have kept markets relatively tranquil.

In the fifth edition of our Global Investor Pulse Survey, we heard from 28,000 individuals across 18 countries, including more than 4,000 respondents from the United States. While retirement remains the single most important issue for American investors, only a third of respondents feel confident that they will have enough retirement income, and nearly 40% of respondents have yet to begin saving for retirement. 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, 2017 |
|  | 6-month |  |  | 12-month |
U.S. large cap equities (S&P 500® Index) |  |  | 9.34 | % |  |  | 17.90 | %
U.S. small cap equities (Russell 2000® Index) |  |  | 4.99 |  |  |  | 24.60 |
International equities (MSCI Europe, Australasia, Far East Index) |  |  | 13.81 |  |  |  | 20.27 |
Emerging market equities (MSCI Emerging Markets Index) |  |  | 18.43 |  |  |  | 23.75 |
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index) |  |  | 0.31 |  |  |  | 0.49 |
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index) |  |  | 2.08 |  |  |  | (5.58 | )
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index) |  |  | 2.27 |  |  |  | (0.31 | )
Tax-exempt municipal bonds (S&P Municipal Bond Index) |  |  | 3.26 |  |  |  | (0.28 | )
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index) |  |  | 4.92 |  |  |  | 12.69 |
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

2 |  | THIS PAGE NOT PART OF YOUR FUND REPORT |  |  |  |

Section 19(a) Notices

BlackRock Energy and Resources Trust’s (BGR), BlackRock Enhanced Capital and Income Fund, Inc.’s (CII), BlackRock Enhanced Equity Dividend Trust’s (BDJ), BlackRock Enhanced Global Dividend Trust’s (BOE), BlackRock Enhanced International Dividend Trust’s (BGY), BlackRock Health Sciences Trust’s (BME), BlackRock Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Trust’s (BST) and BlackRock Utility and Infrastructure Trust’s (BUI) (each, a “Trust” and collectively, the “Trusts”), amounts and sources of distributions reported are estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the 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, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Total Cumulative Distributions for the Fiscal Period |  |  | % Breakdown of the Total Cumulative Distributions for the Fiscal Period |
|  | Net Investment Income |  |  | Net Realized Capital Gains Short-Term |  |  | Net Realized Capital Gains Long-Term |  |  | Return of Capital |  |  | Total Per Common Share |  |  | Net Investment Income |  |  | Net Realized Capital Gains Short-Term |  |  | Net Realized Capital Gains Long-Term |  |  | Return of Capital |  |  | Total Per Common Share |
BGR* |  | $ | 0.129255 |  |  |  | — |  |  |  | — |  |  | $ | 0.336345 |  |  | $ | 0.465600 |  |  |  | 28% |  |  |  | 0% |  |  |  | 0% |  |  |  | 72% |  |  |  | 100% |
CII* |  | $ | 0.070837 |  |  |  | — |  |  |  | — |  |  | $ | 0.425963 |  |  | $ | 0.496800 |  |  |  | 14% |  |  |  | 0% |  |  |  | 0% |  |  |  | 86% |  |  |  | 100% |
BDJ |  | $ | 0.079221 |  |  | $ | 0.018831 |  |  | $ | 0.182147 |  |  |  | — |  |  | $ | 0.280200 |  |  |  | 28% |  |  |  | 7% |  |  |  | 65% |  |  |  | 0% |  |  |  | 100% |
BOE |  | $ | 0.046257 |  |  | $ | 0.421743 |  |  |  | — |  |  |  | — |  |  | $ | 0.468000 |  |  |  | 10% |  |  |  | 90% |  |  |  | 0% |  |  |  | 0% |  |  |  | 100% |
BGY* |  | $ | 0.047393 |  |  |  | — |  |  |  | — |  |  | $ | 0.180607 |  |  | $ | 0.228000 |  |  |  | 21% |  |  |  | 0% |  |  |  | 0% |  |  |  | 79% |  |  |  | 100% |
BME |  | $ | 0.022815 |  |  |  | — |  |  |  | — |  |  | $ | 1.177185 |  |  | $ | 1.200000 |  |  |  | 2% |  |  |  | 0% |  |  |  | 0% |  |  |  | 98% |  |  |  | 100% |
BCX* |  | $ | 0.076095 |  |  |  | — |  |  |  | — |  |  | $ | 0.219505 |  |  | $ | 0.295600 |  |  |  | 26% |  |  |  | 0% |  |  |  | 0% |  |  |  | 74% |  |  |  | 100% |
BST* |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 0.600000 |  |  | $ | 0.600000 |  |  |  | 0% |  |  |  | 0% |  |  |  | 0% |  |  |  | 100% |  |  |  | 100% |
BUI* |  | $ | 0.290489 |  |  |  | — |  |  | $ | 0.284039 |  |  | $ | 0.151472 |  |  | $ | 0.726000 |  |  |  | 40% |  |  |  | 0% |  |  |  | 39% |  |  |  | 21% |  |  |  | 100% |

| * |  | Certain Trusts estimate that they have distributed more than the amount of earned income and net realized 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 the Trust’s net asset value per share.

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website http://www.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/Directors (the “Board”), each have adopted a 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 distribute the following fixed amounts per share on a monthly basis as of June 30, 2017:

Exchange Symbol |  | Amount Per Common Share |
BGR |  | $ | 0.0776 |
CII |  | $ | 0.0828 |
BDJ |  | $ | 0.0467 |
BOE |  | $ | 0.0780 |
BGY |  | $ | 0.0380 |
BME |  | $ | 0.2000 |
BCX |  | $ | 0.0516 |
BST |  | $ | 0.1000 |
BUI |  | $ | 0.1210 |

The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Under its Plan, each Trust will distribute all available investment income to its shareholders, consistent with its primary investment objectives and as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient investment income is not available 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, except for extraordinary distributions and potential distribution rate increases or decreases to enable the Trusts to comply with the distribution requirements imposed by the Code.

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 on net asset value is presented in its financial highlights table.

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, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to each Trust’s prospectus for a more complete description of its risks.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 3

Table of Contents |  |

|  | Page |
The Markets in Review |  |  | 2 |
Section 19(a) Notices |  |  | 3 |
Section 19(b) Disclosure |  |  | 3 |
Semi-Annual Report: |  |  |  |
The Benefits and Risks of Option Over-Writing |  |  | 5 |
Trust Summaries |  |  | 6 |
Derivative Financial Instruments |  |  | 24 |
Financial Statements: |  |  |  |
Schedules of Investments |  |  | 25 |
Statements of Assets and Liabilities |  |  | 87 |
Statements of Operations |  |  | 89 |
Statements of Changes in Net Assets |  |  | 91 |
Statements of Cash Flows |  |  | 100 |
Financial Highlights |  |  | 102 |
Notes to Financial Statements |  |  | 111 |
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements |  |  | 123 |
Officers and Trustees |  |  | 130 |
Additional Information |  |  | 131 |

4 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

The Benefits and Risks of Option Over-Writing

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 this goal primarily by investing in a portfolio of equity securities and utilizing an option over-writing strategy in an effort to enhance the Trusts’ distribution rate and total return performance. However, these objectives cannot be achieved in all market conditions.

The Trusts primarily write single stock covered call options, and may also from time to time write single stock put options. When writing (selling) a covered call option, the 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 Trusts receive 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 Trusts. 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 Trusts realize 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 the 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. As such, an option over-writing strategy may outperform the general equity market in flat or falling markets but underperform in rising markets.

Each Trust employs a plan to support a level distribution of income, capital gains and/or return of capital. The goal of the plan is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of the Trusts. Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value per share (“NAV”) and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets,

the Trust has available for long term investment. In order to make these distributions, a Trust may have to sell portfolio securities at less than opportune times.

The final tax characterization of distributions is determined after the fiscal year and is reported in the Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. The Trust’s taxable net investment income or 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. Distributions that exceed a Trust’s taxable income but do not exceed the Trust’s current and accumulated earnings and profits, may be classified as ordinary income which are taxable to shareholders. Such distributions are reported as distributions in excess of net investment income.

A return of capital distribution does not necessarily reflect a Trust’s investment performance and should not be confused with ‘yield’ or ‘income.’ A return of capital is a return of a portion of an investor’s original investment. A return of capital is not 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 or as distributions in excess of net investment income for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

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 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.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 5

Trust Summary as of June 30, 2017 |  | BlackRock Energy and Resources Trust

Trust Overview

BlackRock Energy and Resources Trust’s (BGR) (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 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 utilizing an option over-writing strategy in an effort to seek total return performance and enhance distributions.

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

Trust Information

Symbol on New York Stock Exchange (“NYSE”) |  | BGR
Initial Offering Date |  | December 29, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2017 ($13.00)1 |  | 7.16%
Current Monthly Distribution per Common Share 2 |  | $0.0776
Current Annualized Distribution per Common Share 2 |  | $0.9312

| 1 |  | 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 consists of income, net realized gains and/or a return of capital. See the Financial Highlights for the actual sources and character of distributions. Past performance does not guarantee future results.

| 2 |  | 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.

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BGR 1,2 |  |  | (6.87 | )% |  |  | (10.55 | )%
Lipper Natural Resources Funds 3 |  |  | (2.89 | )% |  |  | (7.32 | )%

| 1 |  | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

| 2 |  | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on price and performance based on NAV.

| 3 |  | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

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

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

What factors influenced performance?

• |  | Despite gains for the broader world equity markets, natural resources stocks generally lost ground in the first half of 2017. The downturn largely stemmed from the weakness in energy stocks, which lagged as an unfavorable balance of supply and demand put significant downward pressure on oil prices. In this environment, the Trust produced a negative absolute return at net asset value in the six-month period.

• |  | The investment adviser positioned the portfolio based on its expectation for rising oil prices. Given that oil in fact fell in the first half of the year, this aspect of the Trust’s positioning was a headwind to performance. Specifically, the Trust’s significant exposure to the exploration and production (“E&P”) sub-sector weighed on results.

• |  | The Trust’s position in the pressure pumping and service provider Superior Energy Services, Inc. detracted from absolute performance. The oil services companies Schlumberger Ltd. and Weatherford International Ltd.

|  | announced a joint venture focused on pressure pumping, which could potentially increase competition in this area.

• |  | Anadarko Petroleum Corp., which fell due to the company’s possible link to two operational incidents that involved fatalities, also detracted from absolute performance.

• |  | Tesoro Corp. contributed to absolute performance, as refiners outperformed on the strength of solid demand for petroleum products and weakening oil prices (their major input cost). The company also benefited from its recent acquisition of Western Refining Corp., as the market sees the potential for synergies from the deal.

• |  | A position in Cabot Oil and Gas Corp. made a positive contribution, as well. Natural gas prices held up better than oil, and the market responded positively to increased visibility regarding the expansion of pipelines near the areas in which the company operates. The major North American energy company TransCanada Corp., which rallied following the approval for the Keystone XL pipeline, also added value.

• |  | The Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The option overlay strategy had a positive impact on results at a time of weakness in the overall sector.

Describe recent portfolio activity.

• |  | The investment adviser increased the Trust’s exposure to U.S. onshore energy services companies and funded the purchases by taking profits in certain E&P holdings. The investment edviser also used the pullback in the broader energy sector to increase the portfolio’s beta somewhat, reflecting its belief that the fundamentals of the oil market could improve in the coming months. The investment adviser focused on companies that can be expected to generate earnings even with oil at $50 per barrel.

6 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

|  | BlackRock Energy and Resources Trust

Performance and Portfolio Management Commentary (concluded)

Describe portfolio positioning at period end.

• |  | The E&P sector represented the Trust’s largest allocation, followed by the integrated, oil services, distribution and refining & marketing industries,

|  | respectively. The investment adviser positioned the Trust with a higher-quality bias, focusing on companies with robust balance sheets, below-average costs and higher-quality management teams.

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.

Market Price and Net Asset Value Per Share Summary

|  | 6/30/17 |  |  | 12/31/16 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 13.00 |  |  | $ | 14.44 |  |  |  | (9.97 | )% |  | $ | 14.87 |  |  | $ | 12.60 |
Net Asset Value |  | $ | 14.12 |  |  | $ | 16.33 |  |  |  | (13.53 | )% |  | $ | 16.57 |  |  | $ | 13.83 |

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

Overview of the Trust’s Total Investments*

Ten Largest Holdings |  | 6/30/17 |
Exxon Mobil Corp. |  |  | 10 | %
Royal Dutch Shell PLC-ADR, Class A |  |  | 9 |
BP PLC |  |  | 7 |
Chevron Corp. |  |  | 6 |
EOG Resources, Inc. |  |  | 5 |
ConocoPhillips |  |  | 5 |
TransCanada Corp. |  |  | 4 |
Pioneer Natural Resources Co. |  |  | 4 |
Anadarko Petroleum Corp. |  |  | 3 |
Baker Hughes, Inc. |  |  | 3 |

| * |  | Excludes option positions and money market funds.

Industry Allocation |  | 6/30/17 |  |  | 12/31/16 |
Oil, Gas & Consumable Fuels |  |  | 89 | % |  |  | 91 | %
Energy Equipment & Services |  |  | 11 | % |  |  | 9 | %

|  |  | For Trust compliance purposes, the Trust’s industry classifications refer to any 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.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 7

Trust Summary as of June 30, 2017 |  | BlackRock Enhanced Capital and Income Fund, Inc.

Trust Overview

BlackRock Enhanced Capital and Income Fund, Inc.’s (CII) (the “Trust”) investment objective is to provide investors with a combination of 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 policy 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 NYSE |  | CII
Initial Offering Date |  | April 30, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2017 ($14.89)1 |  | 6.67%
Current Monthly Distribution per Common Share 2 |  | $0.0828
Current Annualized Distribution per Common Share 2 |  | $0.9936

| 1 |  | 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 consists of income, net realized gains and/or a return of capital. See the Financial Highlights for the actual sources and character of distributions. Past performance does not guarantee future results.

| 2 |  | 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.

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
CII 1,2 |  |  | 12.36% |  |  |  | 9.01% |
S&P 500® Index |  |  | N/A |  |  |  | 9.34% |

| 1 |  | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

| 2 |  | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on price and performance based on NAV.

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

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

The following discussion relates to the Trust’s relative performance based on the index cited above:

What factors influenced performance?

• |  | In sector terms, information technology (“IT”) was the prime contributor to relative performance due to strength among semiconductor and software holdings. Consumer discretionary also aided results, in particular household durables and hotels, restaurants & leisure. Selection in materials and underweight exposure to telecommunication services benefited as well. The main detractor from performance was health care due to weakness in biotechnology and pharmaceuticals. Financials and consumer staples were also a drag, namely capital markets and food & staples retailing.

• |  | On a stock-specific basis, IT holdings Lam Research Corp. and Activision Blizzard Inc. were the top individual contributors. Lam performed very well on the back of strong execution and growing demand for its products, driven by the build-out of 3D NAND capacity, for which the company is a key supplier. The valuation remained reasonable, reflecting ongoing concerns that this may be the peak of the cycle, resulting in strong stock performance while the fundamentals continued to improve. Activision

|  | outperformed amid consistently strong earnings results, allaying investor worries earlier in the period about weak Call of Duty sales. Investor excitement continued to grow around the company’s new content like Overwatch and Destiny 2, and the secular shifts in the industry such as the movement to digital monetization and eSports.

• |  | Cruise operator Carnival Corp. also added value. Carnival outperformed early in the period after a report from competitor Royal Caribbean confirmed strengthening demand in both the Caribbean and Mediterranean markets. Later, the company delivered strong earnings results, which indicated ongoing favorable supply/demand dynamics in all of the developed cruise markets, leading to continued improvement in pricing power.

• |  | Conversely, underweights to Facebook Inc. and Amazon.com Inc., two of the so-called “FANG” stocks, detracted from relative results as both posted gains of more than 25% during the six months.

• |  | The position in Goldman Sachs Group Inc. also weighed. The stock underperformed after the company reported an uncharacteristically weak quarter reflecting poor performance in its core FICC (fixed income, currencies and commodities) trading business.

• |  | The Trust made use of options, principally written call options on individual stocks, in order to seek enhanced returns while continuing to participate in the performance of the underlying equities. The Trust’s option writing strategy had a negative impact on performance during the reporting period.

Describe recent portfolio activity.

• |  | Due to a combination of portfolio trading activity and market movement during the six-month period, the Trust’s exposure to the health care sector considerably increased, particularly within equipment & supplies and pharmaceuticals. Exposure to IT, industrials and materials increased as well. The largest reduction was in consumer staples, largely with respect to beverages and tobacco. Energy exposure also declined.

8 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

|  | BlackRock Enhanced Capital and Income Fund, Inc.

Performance and Portfolio Management Commentary (concluded)

Describe portfolio positioning at period end.

• |  | Relative to the S&P 500® Index, the Trust ended the period with its largest overweights in the IT and consumer discretionary sectors. The Trust’s largest relative underweights were in industrials, consumer staples and real estate.

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.

Market Price and Net Asset Value Per Share Summary

|  | 6/30/17 |  |  | 12/31/16 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 14.89 |  |  | $ | 13.71 |  |  |  | 8.61 | % |  | $ | 15.02 |  |  | $ | 13.63 |
Net Asset Value |  | $ | 15.89 |  |  | $ | 15.08 |  |  |  | 5.37 | % |  | $ | 15.98 |  |  | $ | 15.08 |

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

Overview of the Trust’s Total Investments*

Ten Largest Holdings |  | 6/30/17
Apple, Inc. |  |  |  | 5 | %
Alphabet, Inc., Class A |  |  |  | 4 |
JPMorgan Chase & Co. |  |  |  | 4 |
Microsoft Corp. |  |  |  | 4 |
Comcast Corp., Class A |  |  |  | 3 |
Bank of America Corp. |  |  |  | 3 |
Pfizer, Inc. |  |  |  | 3 |
Carnival Corp. |  |  |  | 3 |
Dow Chemical Co. |  |  |  | 2 |
Home Depot, Inc. |  |  |  | 2 |

| * |  | Excludes option positions and money market funds.

Sector Allocation |  | 6/30/17 |  | 12/31/16
Information Technology |  |  |  | 26 | % |  |  |  | 26 | %
Health Care |  |  |  | 16 |  |  |  |  | 14 |
Financials |  |  |  | 16 |  |  |  |  | 17 |
Consumer Discretionary |  |  |  | 16 |  |  |  |  | 15 |
Industrials |  |  |  | 7 |  |  |  |  | 6 |
Energy |  |  |  | 6 |  |  |  |  | 8 |
Consumer Staples |  |  |  | 6 |  |  |  |  | 9 |
Materials |  |  |  | 5 |  |  |  |  | 4 |
Utilities |  |  |  | 2 |  |  |  |  | 1 |

|  |  | For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector 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 sector sub-classifications for reporting ease.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 9

Trust Summary as of June 30, 2017 |  | BlackRock Enhanced Equity Dividend Trust

Trust Overview

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 (selling) strategy to seek total return performance and enhance distributions. The Trust invests, under normal market conditions, at least 80% of its total assets in dividend paying equities. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Trust Information

Symbol on NYSE |  | BDJ
Initial Offering Date |  | August 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2017 ($8.80)1 |  | 6.37%
Current Monthly Distribution per Common Share 2 |  | $0.0467
Current Annualized Distribution per Common Share 2 |  | $0.5604

| 1 |  | 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 consists of income, net realized gains and/or a return of capital. See the Financial Highlights for the actual sources and character of distributions. Past performance does not guarantee future results.

| 2 |  | 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.

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BDJ 1,2 |  |  | 11.53% |  |  |  | 6.32% |
Russell 1000® Value Index |  |  | N/A |  |  |  | 4.66% |

| 1 |  | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

| 2 |  | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on price and performance based on NAV.

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

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

The following discussion relates to the Trust’s relative performance based on the index cited above:

What factors influenced performance?

• |  | The largest contribution to performance for the six-month period came from an overweight to the health care sector. Most notably, an overweight to the health care providers & services industry provided strong relative returns. Within information technology, an overweight to software and stock selection in technology hardware, storage, & peripherals added to relative performance. Lastly, an underweight to telecommunication services (“telecom”) as well as stock selection within the sector contributed to performance, as did stock selection within financials, consumer discretionary and materials.

• |  | The largest detractor from relative return came from stock selection in the consumer staples sector. In particular, selection within the food & staples retailing industry detracted, as non-benchmark holding Kroger Co. sold off on concerns over increasing competition in the wake of the acquisition of Whole Foods by Amazon. Additionally, stock selection in utilities weighed on performance, mainly within the multi-utilities industry. Stock selection in the industrials sector detracted from returns as well, as a significant underweight to the machinery industry proved unfavorable.

• |  | The Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The Trust’s option writing strategy had a negative effect on performance.

Describe recent portfolio activity.

• |  | During the six-month period, the Trust’s exposure to the industrials, information technology (“IT”), health care, utilities and telecom sectors was increased. Conversely, exposure to consumer staples, consumer discretionary, energy, financials and real estate was decreased.

Describe portfolio positioning at period end.

• |  | The Trust’s largest allocations were in the financials, health care and industrials sectors. Relative to the benchmark, the Trust’s largest overweight positions were in the industrials, financials, IT, health care, materials and energy sectors. The Trust’s largest underweights were in the real estate, consumer staples, consumer discretionary, telecom and utilities segments.

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

10 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

|  | BlackRock Enhanced Equity Dividend Trust

Market Price and Net Asset Value Per Share Summary

|  | 6/30/17 |  |  | 12/31/16 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 8.80 |  |  | $ | 8.15 |  |  |  | 7.98 | % |  | $ | 8.84 |  |  | $ | 8.13 |
Net Asset Value |  | $ | 9.49 |  |  | $ | 9.22 |  |  |  | 2.93 | % |  | $ | 9.54 |  |  | $ | 9.16 |

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

Overview of the Trust’s Total Investments*

Ten Largest Holdings |  | 6/30/17
JPMorgan Chase & Co. |  |  |  | 4 | %
Citigroup, Inc. |  |  |  | 4 |
Bank of America Corp. |  |  |  | 4 |
Pfizer, Inc. |  |  |  | 3 |
Oracle Corp. |  |  |  | 3 |
Dow Chemical Co. |  |  |  | 3 |
Wells Fargo & Co. |  |  |  | 3 |
Anthem, Inc. |  |  |  | 2 |
General Electric Co. |  |  |  | 2 |
Merck & Co., Inc. |  |  |  | 2 |

| * |  | Excludes option positions and money market funds.

Sector Allocation |  | 6/30/17 |  | 12/31/16
Financials |  |  |  | 28 | % |  |  |  | 30 | %
Health Care |  |  |  | 16 |  |  |  |  | 14 |
Industrials |  |  |  | 12 |  |  |  |  | 12 |
Energy |  |  |  | 11 |  |  |  |  | 12 |
Information Technology |  |  |  | 11 |  |  |  |  | 9 |
Consumer Staples |  |  |  | 6 |  |  |  |  | 7 |
Utilities |  |  |  | 5 |  |  |  |  | 5 |
Consumer Discretionary |  |  |  | 5 |  |  |  |  | 6 |
Materials |  |  |  | 4 |  |  |  |  | 3 |
Telecommunication Services |  |  |  | 2 |  |  |  |  | 2 |

|  |  | For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector 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 sector sub-classifications for reporting ease.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 11

Trust Summary as of June 30, 2017 |  | BlackRock Enhanced Global Dividend Trust

Trust Overview

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 utilizing an option writing (selling) strategy to seek total return performance and enhance distributions. 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.

On March 22, 2017, the Trust’s Board approved a change to the Trust’s name from “BlackRock Global Opportunities Equity Trust” to “BlackRock Enhanced Global Dividend Trust.” The Board also approved changes to certain of the Trust’s non-fundamental investment policies. Please refer to the Additional Information section. These changes became effective on June 12, 2017.

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

Trust Information

Symbol on NYSE |  | BOE
Initial Offering Date |  | May 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2017 ($13.25)1 |  | 7.06%
Current Monthly Distribution per Common Share 2 |  | $0.0780
Current Annualized Distribution per Common Share 2 |  | $0.9360

| 1 |  | 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 consists of income, net realized gains and/or a return of capital. See the Financial Highlights for the actual sources and character of distributions. Past performance does not guarantee future results.

| 2 |  | 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.

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BOE 1,2 |  |  | 18.78% |  |  |  | 12.24% |
MSCI All Country World Index |  |  | N/A |  |  |  | 11.48% |

| 1 |  | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

| 2 |  | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on price and performance based on NAV.

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

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

The following discussion relates to the Trust’s relative performance based on the index cited above:

What factors influenced performance?

• |  | Positive stock selection within the financials sector led contributors for the period, in particular the Trust’s position in Federal Bank Ltd., an Indian retail bank, which benefited from an earnings report that exceeded analysts’ forecasts. Performance was also helped by the Trust’s positioning and security selection within the information technology (“IT”) sector, the top-performing segment during the period. Within IT, holdings in Skyworks Solutions, Inc., a mobile communications semiconductor company that reported favorable earnings, was a notable contributor.

• |  | Conversely, stock selection within the industrials and consumer discretionary sectors detracted from performance. Within industrials, the Trust’s

| position in Acuity Brands, Inc., a manufacturer of energy efficient lighting solutions, led detractors due to a weak earnings report. The company’s management has continued to cite the negative impact of macroeconomic uncertainty on its business, particularly with the recent U.S. election result. Unfavorable stock selection in the consumer discretionary sector was driven by the Trust’s position in Jasper Infotech Private Ltd., a private Indian e-commerce company, which saw its valuation negatively impacted by a more competitive business environment and challenged funding terms.

• |  | Also, during the period, the Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The Trust’s options writing strategy detracted from performance.

Describe recent portfolio activity.

• |  | The Trust increased exposure to the consumer staples and health care sectors, funded by reductions to holdings in information technology and consumer discretionary. Regionally, these changes resulted in added exposure to Europe and reduced exposure within the emerging markets, the Pacific Basin and North America.

Describe portfolio positioning at period end.

• |  | The Trust’s largest sector overweights were in the consumer staples, health care and telecommunication services sectors, funded by underweights to financials and IT. Regionally, the Trust was significantly overweight in Europe funded by underweight exposures to Emerging Markets and the Pacific Basin.

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.

12 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

|  | BlackRock Enhanced Global Dividend Trust

Market Price and Net Asset Value Per Share Summary

|  | 6/30/17 |  |  | 12/31/16 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 13.25 |  |  | $ | 11.57 |  |  |  | 14.52 | % |  | $ | 13.48 |  |  | $ | 11.57 |
Net Asset Value |  | $ | 14.48 |  |  | $ | 13.38 |  |  |  | 8.22 | % |  | $ | 14.61 |  |  | $ | 13.38 |

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

Overview of the Trust’s Total Investments*

Ten Largest Holdings |  | 6/30/17
Altria Group, Inc. |  |  |  | 4 | %
British American Tobacco PLC |  |  |  | 4 |
AstraZeneca PLC |  |  |  | 4 |
Imperial Brands PLC |  |  |  | 3 |
Johnson & Johnson |  |  |  | 3 |
Novartis AG, Registered Shares |  |  |  | 3 |
Pfizer, Inc. |  |  |  | 3 |
Rogers Communications, Inc., Class B |  |  |  | 3 |
TELUS Corp. |  |  |  | 3 |
Philip Morris International, Inc. |  |  |  | 3 |

| * |  | Excludes option positions and money market funds.

Geographic Allocation |  | 6/30/17 |  | 12/31/16
United States |  |  |  | 46 | % |  |  |  | 59 | %
United Kingdom |  |  |  | 17 |  |  |  |  | 6 |
Switzerland |  |  |  | 10 |  |  |  |  | 2 |
Canada |  |  |  | 6 |  |  |  |  | 1 |
Taiwan |  |  |  | 3 |  |  |  |  | — |
France |  |  |  | 3 |  |  |  |  | 2 |
Germany |  |  |  | 3 |  |  |  |  | 2 |
Australia |  |  |  | 2 |  |  |  |  | — |
Finland |  |  |  | 2 |  |  |  |  | — |
Belgium |  |  |  | 2 |  |  |  |  | 2 |
Japan |  |  |  | 1 |  |  |  |  | 6 |
China |  |  |  | 1 |  |  |  |  | 3 |
India |  |  |  | — |  |  |  |  | 3 |
Italy |  |  |  | — |  |  |  |  | 2 |
Spain |  |  |  | — |  |  |  |  | 1 |
Other |  |  |  | 4 | 1 |  |  |  | 11 | 2

| 1 |  | Other includes a 1% holding or less in each of the following countries: Denmark, Hong Kong, Netherlands and Sweden.

| 2 |  | Other includes a 1% holding or less in each of the following countries: Australia, Denmark, Hong Kong, Indonesia, Ireland, Israel, Mexico, Netherlands, New Zealand, Norway, Peru, Philippines, Portugal, South Africa, South Korea, Sweden, Taiwan and Thailand.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 13

Trust Summary as of June 30, 2017 |  | BlackRock Enhanced International Dividend Trust

Trust Overview

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 utilizing an option writing (selling) strategy to seek total return performance and enhance distributions. 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.

On March 22, 2017, the Trust’s Board approved a change to the Trust’s name from “BlackRock International Growth & Income Trust” to “BlackRock Enhanced International Dividend Trust.” The Board also approved changes to certain of the Trust’s non-fundamental investment policies. Please refer to the Additional Information section. These changes became effective on June 12, 2017.

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

Trust Information

Symbol on NYSE |  | BGY
Initial Offering Date |  | May 30, 2007
Current Distribution Rate on Closing Market Price as of June 30, 2017 ($6.28)1 |  | 7.26%
Current Monthly Distribution per Common Share 2 |  | $0.0380
Current Annualized Distribution per Common Share 2 |  | $0.4560

| 1 |  | 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 consists of income, net realized gains and/or a return of capital. See the Financial Highlights for the actual sources and character of distributions. Past performance does not guarantee future results.

| 2 |  | 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.

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BGY 1,2 |  |  | 18.36% |  |  |  | 12.28% |
MSCI All Country World Index ex-USA |  |  | N/A |  |  |  | 14.10% |

| 1 |  | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

| 2 |  | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on price and performance based on NAV.

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

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

The following discussion relates to the Trust’s relative performance based on the index cited above:

What factors influenced performance?

• |  | Unfavorable stock selection within the internet & direct marketing retail sub-industry of the consumer discretionary sector detracted from performance during the period. This was led by the Trust’s position in Jasper Infotech Private Ltd., a private Indian e-commerce company, which saw its valuation negatively impacted by a more competitive business environment and challenged funding terms. In addition, the Trust’s overweight position in Shire PLC, a global biotechnology company, detracted after the FDA approved a generic equivalent for one of Shire’s popular brand-name therapies.

• |  | For the period, favorable stock selection within the diversified banks sub-industry of the financials sector led relative gains. This was driven by

|  | the Trust’s position in HDFC Bank Ltd., India’s second largest private bank, after HDFC’s shares rallied following a strong earnings report. The next largest contribution came from stock selection in the technology hardware & equipment sub-industry group, most notably holdings of Catcher Technology Co., Ltd., an important supplier of parts for Apple’s iPhone. The stock has performed well year to date on news of strong demand from additional smartphone providers, including Google and Samsung.

• |  | Also, during the period, the Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The Trust’s options writing strategy detracted from relative returns.

Describe recent portfolio activity.

• |  | Over the six-month period, the Trust added to positions in the health care and consumer staples sectors, funded by reductions in the Trust’s financials and consumer discretionary holdings. Regionally, these changes resulted in increased exposure to North America and Europe, and reduced exposure to the emerging markets and the Pacific Basin.

Describe portfolio positioning at period end.

• |  | Relative to the MSCI All Country World Index ex-US, the Trust’s largest sector overweights were in health care and consumer staples, while the largest underweight positions were in financials and consumer discretionary. Regionally, the Trust’s largest overweights were in Europe and North America, while the largest regional underweights were in the Pacific Basin and the emerging markets.

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

14 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

|  | BlackRock Enhanced International Dividend Trust

Market Price and Net Asset Value Per Share Summary

|  | 6/30/17 |  |  | 12/31/16 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 6.28 |  |  | $ | 5.51 |  |  |  | 13.97 | % |  | $ | 6.45 |  |  | $ | 5.45 |
Net Asset Value |  | $ | 6.79 |  |  | $ | 6.28 |  |  |  | 8.12 | % |  | $ | 6.89 |  |  | $ | 6.28 |

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

Overview of the Trust’s Total Investments*

Ten Largest Holdings |  | 6/30/17 |
British American Tobacco PLC |  |  | 5 | %
Imperial Brands PLC |  |  | 4 |
AstraZeneca PLC |  |  | 4 |
Novartis AG, Registered Shares |  |  | 4 |
Rogers Communications, Inc., Class B |  |  | 4 |
TELUS Corp. |  |  | 4 |
Nestle SA, Registered Shares |  |  | 3 |
Deutsche Post AG, Registered Shares |  |  | 3 |
Sanofi |  |  | 3 |
WisdomTree Japan Hedged Equity Fund |  |  | 3 |

| * |  | Excludes option positions and money market funds.

Geographic Allocation |  | 6/30/17 |  |  | 12/31/16 |
United Kingdom |  |  | 23 | % |  |  | 16 | %
Switzerland |  |  | 13 |  |  |  | 5 |
United States |  |  | 8 |  |  |  | 8 |
Canada |  |  | 7 |  |  |  | 5 |
France |  |  | 5 |  |  |  | 9 |
Netherlands |  |  | 5 |  |  |  | 6 |
Germany |  |  | 5 |  |  |  | 6 |
China |  |  | 5 |  |  |  | 5 |
Japan |  |  | 4 |  |  |  | 8 |
Taiwan |  |  | 3 |  |  |  | — |
Sweden |  |  | 3 |  |  |  | 1 |
Australia |  |  | 3 |  |  |  | — |
Finland |  |  | 3 |  |  |  | — |
Hong Kong |  |  | 2 |  |  |  | 2 |
South Korea |  |  | 2 |  |  |  | 3 |
Belgium |  |  | 2 |  |  |  | 2 |
India |  |  | 2 |  |  |  | 4 |
Ireland |  |  | 1 |  |  |  | 2 |
Italy |  |  | 1 |  |  |  | 6 |
Spain |  |  | — |  |  |  | 1 |
Mexico |  |  | — |  |  |  | 1 |
Other |  |  | 3 | 1 |  |  | 10 | 2

| 1 |  | Other includes a 1% holding or less in each of the following countries: Denmark, Norway, Portugal and South Africa.

| 2 |  | Other includes a 1% holding or less in each of the following countries: Australia, Denmark, Indonesia, Israel, New Zealand, Norway, Peru, Philippines, Portugal, South Africa, Taiwan and Thailand.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 15

Trust Summary as of June 30, 2017 |  | BlackRock Health Sciences Trust

Trust Overview

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 utilizing an option over-writing strategy in an effort to seek total return performance and enhance distributions.

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

Trust Information

Symbol on NYSE |  | BME
Initial Offering Date |  | March 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2017 ($36.65)1 |  | 6.55%
Current Monthly Distribution per Common Share 2 |  | $0.2000
Current Annualized Distribution per Common Share 2 |  | $2.4000

| 1 |  | 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 consists of income, net realized gains and/or a return of capital. See the Financial Highlights for the actual sources and character of distributions. Past performance does not guarantee future results.

| 2 |  | 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.

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BME 1,2 |  |  | 19.59% |  |  |  | 16.71% |
Russell 3000® Healthcare Index |  |  | N/A |  |  |  | 16.82% |

| 1 |  | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

| 2 |  | The Trust’s premium to NAV widened during the period, which accounts for the difference between performance based on price and performance based on NAV.

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

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

The following discussion relates to the Trust’s relative performance based on the index cited above:

What factors influenced performance?

• |  | Underweight positions in the outperforming pharmaceutical stocks Johnson & Johnson and Eli Lilly & Co. detracted from Trust results during the period. Out-of-benchmark positions in the European companies Roche Holding AG and Sanofi SA, which lagged the overall pharmaceutical industry, were additional detractors. In addition, several small- to medium-capitalization holdings in the biotechnology sector hurt performance for the full period despite their strong showing in June.

• |  | On the positive side, the Trust’s positioning in all four health care sub-sectors contributed to relative performance, led by the health care providers & services, biotechnology and pharmaceuticals sub-sectors.

• |  | In healthcare providers & services, the Trust benefited from stock selection in the managed care and healthcare services industries. In the latter group, Amedisys, Inc. and Quest Diagnostics, Inc. reported strong financial results and were leading contributors to performance.

• |  | In biotechnology, the Trust benefited from the outperformance of Vertex Pharmaceuticals, Inc. and AveXis, Inc., both of which reported positive clinical developments. An underweight in Gilead Sciences, Inc., which was hampered by mixed financial results, and the lack of a position in Alexion Pharmaceuticals, Inc., which was pressured by an investigation into its sales practices, also aided performance.

• |  | Jazz Pharmaceuticals PLC — which was boosted by positive clinical results — was a top contributor in the pharmaceuticals industry. A position in AstraZeneca PLC and an underweight in Pfizer, Inc. also aided the Trust’s return in this sub-sector.

• |  | The health care equipment industry was the key source of outperformance in the medical devices area. Several holdings generated positive returns thanks to their solid earnings, including C.R. Bard, Inc. (which was bid for by Becton Dickinson & Co.), Baxter International, Inc., Intuitive Surgical, Inc., Masimo Corp. and Boston Scientific Corp.

• |  | The Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income returns while continuing to participate in the performance of the underlying equities. This strategy detracted from performance given the double-digit absolute return for health care stocks during the six-month period. The Trust also owned private securities during the time period, although this is not a principal strategy.

Describe recent portfolio activity.

• |  | The Trust increased its allocation in the medical devices & supplies sub-sector, while slightly reducing its weightings in the health care providers & services and pharmaceutical sub-sectors.

Describe portfolio positioning at period end.

• |  | The Trust continued to employ a bottom-up, fundamental investment process in an effort to construct a balanced, diversified portfolio of health care stocks.

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.

16 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

|  | BlackRock Health Sciences Trust

Market Price and Net Asset Value Per Share Summary

|  | 6/30/17 |  |  | 12/31/16 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 36.65 |  |  | $ | 31.75 |  |  |  | 15.43 | % |  | $ | 36.73 |  |  | $ | 31.75 |
Net Asset Value |  | $ | 35.26 |  |  | $ | 31.30 |  |  |  | 12.65 | % |  | $ | 35.72 |  |  | $ | 31.30 |

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

Overview of the Trust’s Total Investments*

Ten Largest Holdings |  | 6/30/17 |
UnitedHealth Group, Inc. |  |  | 8 | %
Medtronic PLC |  |  | 5 |
Celgene Corp |  |  | 4 |
Amgen, Inc. |  |  | 3 |
Boston Scientific Corp. |  |  | 3 |
Stryker Corp. |  |  | 3 |
Anthem, Inc. |  |  | 3 |
Humana, Inc. |  |  | 3 |
Allergan PLC |  |  | 3 |
Johnson & Johnson |  |  | 3 |

| * |  | Excludes option positions and money market funds.

Industry Allocation |  | 6/30/17 |  |  | 12/31/16 |
Health Care Providers & Services |  |  | 28 | % |  |  | 30 | %
Health Care Equipment & Supplies |  |  | 25 |  |  |  | 21 |
Biotechnology |  |  | 24 |  |  |  | 24 |
Pharmaceuticals |  |  | 21 |  |  |  | 23 |
Life Sciences Tools & Services |  |  | 2 |  |  |  | 1 |
Diversified Consumer Services |  |  | — |  |  |  | 1 |

|  |  | For Trust compliance purposes, the Trust’s industry classifications refer to any 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.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 17

Trust Summary as of June 30, 2017 |  | BlackRock Resources & Commodities Strategy Trust

Trust Overview

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 utilizing an option overwriting strategy in an effort to seek total return performance and enhance distributions.

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

Trust Information

Symbol on NYSE |  | BCX
Initial Offering Date |  | March 30, 2011
Current Distribution Rate on Closing Market Price as of June 30, 2017 ($8.01)1 |  | 7.73%
Current Monthly Distribution per Common Share 2 |  | $0.0516
Current Annualized Distribution per Common Share 2 |  | $0.6192

| 1 |  | 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 consists of income, net realized gains and/or a return of capital. See the Financial Highlights for the actual sources and character of distributions. Past performance does not guarantee future results.

| 2 |  | 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.

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BCX 1,2 |  |  | 0.28% |  |  |  | (3.19)% |
Lipper Natural Resources Funds 3 |  |  | (2.89)% |  |  |  | (7.32)% |

| 1 |  | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

| 2 |  | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on price and performance based on NAV.

| 3 |  | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

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

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

What factors influenced performance?

• |  | Despite gains for the broader world equity markets, natural resources stocks generally lost ground in the first half of 2017. The downturn largely stemmed from the weakness in energy stocks, which lagged as an unfavorable balance of supply and demand put significant downward pressure on oil prices. In this environment, the Trust produced a negative absolute return at net asset value in the six-month period.

• |  | At a time of weak returns for the broader natural resources sector, only certain stocks contributed positively to the Trust’s absolute performance. A position in Packaging Corp of America, which was boosted by an improving demand outlook for U.S. packaging — as demonstrated by increasing utilization rates across the industry — made the largest

|  | contribution at the individual stock level. The Trust’s position in the agriculture science company Monsanto Co. also performed well. Monsanto was bid for in 2016 by the German pharmaceutical company Bayer AG, and its share price subsequently increased toward the bid price as the market grew more confident the deal would receive regulatory approval.

• |  | The Trust’s position in energy stocks was the most significant drag on absolute performance. The oil & gas exploration & production companies Anadarko Petroleum Corp., Cimarex Energy Co. and Devon Energy Corp. were the largest detractors. Anadarko’s stock price was also hurt by the company’s possible link to two operational incidents that involved fatalities.

• |  | The Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The option overlay strategy had a positive impact on results at a time of weakness in the overall sector.

Describe recent portfolio activity.

• |  | The investment adviser sought to capitalize on the downturn in the energy sector by modestly increasing the Trust’s exposure to higher-quality exploration & production companies. The Trust also initiated a position in the diversified mining company BHP Billiton Ltd. on the belief that the company can generate cash and de-lever its balance sheet with iron ore prices in their current range.

Describe portfolio positioning at period end.

• |  | The energy sector represented the Trust’s largest allocation, followed by mining and agriculture, respectively.

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.

18 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

|  | BlackRock Resources & Commodities Strategy Trust

Market Price and Net Asset Value Per Share Summary

|  | 6/30/17 |  |  | 12/31/16 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 8.01 |  |  | $ | 8.27 |  |  |  | (3.14 | )% |  | $ | 8.99 |  |  | $ | 7.76 |
Net Asset Value |  | $ | 9.22 |  |  | $ | 9.86 |  |  |  | (6.49 | )% |  | $ | 10.50 |  |  | $ | 9.00 |

Market Price and Net Asset Value History For Past Five Years

Overview of the Trust’s Total Investments*

Ten Largest Holdings |  | 6/30/17 |
Royal Dutch Shell PLC, A Shares — ADR |  |  | 6 | %
BP PLC — ADR |  |  | 5 |
Monsanto Co. |  |  | 5 |
Glencore PLC |  |  | 5 |
Rio Tinto PLC — ADR |  |  | 4 |
BHP Billiton PLC |  |  | 3 |
Exxon Mobil Corp. |  |  | 3 |
Newcrest Mining Ltd. |  |  | 3 |
Packaging Corp. of America |  |  | 3 |
Chevron Corp. |  |  | 3 |

| * |  | Excludes option positions and money market funds.

Industry Allocation |  | 6/30/17 |  |  | 12/31/16 |
Oil, Gas & Consumable Fuels |  |  | 36 | % |  |  | 34 | %
Metals & Mining |  |  | 34 |  |  |  | 30 |
Chemicals |  |  | 14 |  |  |  | 18 |
Food Products |  |  | 5 |  |  |  | 5 |
Energy Equipment & Services |  |  | 4 |  |  |  | 3 |
Containers & Packaging |  |  | 3 |  |  |  | 6 |
Real Estate Investment Trusts (REITs) |  |  | 2 |  |  |  | — |
Paper & Forest Products |  |  | 1 |  |  |  | 1 |
Machinery |  |  | 1 |  |  |  | — |
Food & Staples Retailing |  |  | — |  |  |  | 2 |
Other |  |  | — |  |  |  | 1 | 1

| 1 |  | Other includes less than 1% in each of the following industries: Building Products, Electric Utilities, Electrical Equipment, Electronic Equipment, Independent Power and Renewable Electricity Producers, Instruments & Components, Machinery, Multi-Utilities, Real Estate Investment Trusts (REITs), Semiconductors & Semiconductor Equipment and Water Utilities.

For Trust compliance purposes, the Trust’s industry classifications refer to any 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.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 19

Trust Summary as of June 30, 2017 |  | BlackRock Science and Technology Trust

Trust Overview

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 science and technology companies. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and utilizing an option over-writing strategy in an effort to seek total return performance and enhance distributions.

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

Trust Information

Symbol on NYSE |  | BST
Initial Offering Date |  | October 30, 2014
Current Distribution Rate on Closing Market Price as of June 30, 2017 ($22.21)1 |  | 5.40%
Current Monthly Distribution per Common Share 2 |  | $0.1000
Current Annualized Distribution per Common Share 2 |  | $1.2000

| 1 |  | 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 consists of income, net realized gains and/or a return of capital. See the Financial Highlights for the actual sources and character of distributions. Past performance does not guarantee future results.

| 2 |  | The monthly distribution per Common Share, declared on July 3, 2017, was increased to $0.1100 per share. The current distribution rate on closing market price, current monthly distribution per Common Share and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BST 1,2 |  |  | 27.34% |  |  |  | 22.88% |
MSCI World Information Technology Index |  |  | N/A |  |  |  | 17.71% |

| 1 |  | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

| 2 |  | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on price and performance based on NAV.

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

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

The following discussion relates to the Trust’s relative performance based on the index cited above:

What factors influenced performance?

• |  | Within software & services, the Trust’s positions in the internet software companies Alibaba Group Holding Ltd. and Tencent Holdings Ltd. led contributors for the period. Both operate as e-commerce companies in China, and benefited from strong earnings reports.

• |  | Conversely, the Trust’s position in Jasper Infotech Private Ltd., a private Indian e-commerce company, led detractors for the period, as the company’s valuation was negatively impacted by a more competitive business environment and challenged funding terms. Within the internet & direct marketing retail sub-industry, shares of NetShoes, a

| Brazilian online retailer of sporting goods, also meaningfully detracted following the company’s initial public stock offering amid heightened political turmoil in the region.

• |  | During the period, the Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The Trust’s options writing strategy detracted from returns.

Describe recent portfolio activity.

• |  | The Trust added to positions in the technology hardware & equipment sub-sector, and reduced its holdings in the real estate and consumer durables & apparel sub-sectors. Regionally, the Trust added to positions in the emerging markets, funded by reductions within Europe, the Pacific Basin and North America.

Describe portfolio positioning at period end.

• |  | The Trust held its largest allocation within the software & services industry group, particularly idiosyncratic opportunities within the internet software & services and application software sub-industries. The Trust also held large allocations in more stable cash flow businesses within the semiconductor & semiconductor equipment and technology hardware & equipment industries segments. Regionally, the Trust maintained most of its exposure in North America, followed by notable weights to the emerging markets and Europe.

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

20 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

|  | BlackRock Science and Technology Trust

Market Price and Net Asset Value Per Share Summary

|  | 6/30/17 |  |  | 12/31/16 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 22.21 |  |  | $ | 17.94 |  |  |  | 23.80 | % |  | $ | 23.67 |  |  | $ | 17.94 |
Net Asset Value |  | $ | 24.01 |  |  | $ | 20.10 |  |  |  | 19.45 | % |  | $ | 25.01 |  |  | $ | 20.10 |

Market Price and Net Asset Value History Since Inception

| 1 | Commencement of operations.

Overview of the Trust’s Total Investments*

Ten Largest Holdings |  | 6/30/17
Alphabet, Inc., Class A |  |  |  | 6 | %
Apple, Inc. |  |  |  | 6 |
Microsoft Corp. |  |  |  | 5 |
Tencent Holdings Ltd. |  |  |  | 5 |
Amazon.com, Inc. |  |  |  | 5 |
Facebook, Inc., Class A |  |  |  | 4 |
Alibaba Group Holding Ltd. — ADR |  |  |  | 4 |
Broadcom Ltd. |  |  |  | 3 |
Visa, Inc., A Shares |  |  |  | 2 |
Mastercard, Inc., Class A |  |  |  | 2 |

| * |  | Excludes option positions and money market funds.

Industry Allocation |  | 6/30/17 |  |  | 12/31/16 |
Internet Software & Services |  |  | 23 | % |  |  | 23 | %
Software |  |  | 21 |  |  |  | 21 |
Semiconductors & Semiconductor Equipment |  |  | 20 |  |  |  | 19 |
Internet & Direct Marketing Retail |  |  | 11 |  |  |  | 7 |
Technology Hardware, Storage & Peripherals |  |  | 9 |  |  |  | 7 |
IT Services |  |  | 8 |  |  |  | 11 |
Real Estate Investment Trusts (REITs) |  |  | 3 |  |  |  | — |
Electronic Equipment, Instruments & Components |  |  | 2 |  |  |  | 2 |
Media |  |  | 2 |  |  |  | 2 |
Communications Equipment |  |  | 1 |  |  |  | — |
Equity Real Estate Investment Trusts (REITs) |  |  | — |  |  |  | 4 |
Diversified Telecommunication Services |  |  | — |  |  |  | 1 |
Other |  |  | — |  |  |  | 3 | 1

| 1 |  | Other includes a 1% holding or less in each of the following industries; Communications Equipment, Hotels, Restaurants & Leisure, Professional Services, Household Durables and Wireless Telecommunication Services.

For Trust compliance purposes, the Trust’s industry classifications refer to any 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.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 21

Trust Summary as of June 30, 2017 |  | BlackRock Utility and Infrastructure Trust

Trust Overview

BlackRock Utility and Infrastructure Trust’s (BUI) (the “Trust”) investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing primarily in equity securities issued by companies that are engaged in the Utilities and Infrastructure business segments anywhere in the world and by utilizing an option writing (selling) strategy in an effort to seek total return performance and enhance distributions. 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 and 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. 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 NYSE |  | BUI
Initial Offering Date |  | November 25, 2011
Current Distribution Rate on Closing Market Price as of June 30, 2017 ($20.55)1 |  | 7.07%
Current Monthly Distribution per Common Share 2 |  | $0.1210
Current Annualized Distribution per Common Share 2 |  | $1.4520

| 1 |  | 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 consists of income, net realized gains and/or a return of capital. See the Financial Highlights for the actual sources and character of distributions. Past performance does not guarantee future results.

| 2 |  | 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.

Performance and Portfolio Management Commentary

Returns for the six months ended June 30, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BUI 1,2 |  |  | 15.67% |  |  |  | 10.51% |
Lipper Utility Funds 3 |  |  | 17.89% |  |  |  | 10.24% |

| 1 |  | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices.

| 2 |  | The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on price and performance based on NAV.

| 3 |  | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

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

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

What factors influenced performance?

• |  | The largest contributor to absolute return was the Trust’s stock selection in utilities. Utilities performed strongly during the period, as investors continued to seek higher-yielding equities. From an industry standpoint, stock selection in electric utilities and independent power & renewable electricity producers were the most noteworthy contributors to performance. Within the electric utilities industry, the Trust’s performance benefitted from its lack of exposure to Southern Co., as well as from overweight positions in NextEra Energy, Inc. and Italian utility operator Enel SpA.

• |  | The largest detractor from absolute returns was the Trust’s overweight position in the energy sector, which has been negatively impacted by

|  | weak crude oil prices. The Trust’s stock selection in the oil, gas, & consumable fuels industry detracted from performance, especially among midstream master limited partnerships Plains All American Pipeline, L.P., Energy Transfer Partners, L.P., and Dominion Energy Midstream Partners, LP. Also detracting from the Trust’s return was an underweight position in the industrials sector, particularly among transportation infrastructure industry stocks including airport services providers Aena, S.A. in Spain and Grupo Aeroportuario del Sureste, S.A.B. de C.V. in Mexico.

• |  | Also, during the period, the Trust made use of options, principally written call options on individual stocks, in order to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The Trust’s option writing strategy detracted from performance during the period.

Describe recent portfolio activity.

• |  | During the period, the Trust made few changes to its sector and industry allocations. In terms of individual positions, notable changes included adding to existing positions in Enel SpA and FirstEnergy Corp., while exiting the Trust’s position in Spanish renewable electricity company EDP Renovaveis S.A. and trimming exposure to multi-utility provider CMS Energy Corp.

Describe portfolio positioning at period end.

• |  | The utilities sector accounted for approximately 63% of the Trust’s assets, with holdings concentrated in U.S. electric and multi-utilities. Against a backdrop of historically low interest rates, the demand for equity yield has led to valuations for U.S. utilities that are high relative to their historical

22 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

|  | BlackRock Utility and Infrastructure Trust

Performance and Portfolio Management Commentary (concluded)

| levels, placing even greater importance on stock selection. As such, the Trust was focused on owning companies with strong management teams that offer the potential for above-sector growth in earnings and dividends.

|  | The Trust had a preference for regulated utilities over their non-regulated counterparts given their existing barriers to entry, strong balance sheets, and lower sensitivity to commodity prices.

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.

Market Price and Net Asset Value Per Share Summary

|  | 6/30/17 |  |  | 12/31/16 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 20.55 |  |  | $ | 18.41 |  |  |  | 11.62 | % |  | $ | 21.40 |  |  | $ | 18.36 |
Net Asset Value |  | $ | 20.71 |  |  | $ | 19.42 |  |  |  | 6.64 | % |  | $ | 21.24 |  |  | $ | 19.42 |

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

Overview of the Trust’s Total Investments*

Ten Largest Holdings |  | 6/30/17
NextEra Energy, Inc. |  |  |  | 9 | %
Dominion Resources, Inc. |  |  |  | 5 |
Enel SpA |  |  |  | 5 |
Atlantia SpA |  |  |  | 4 |
NextEra Energy Partners LP |  |  |  | 4 |
National Grid PLC |  |  |  | 4 |
Duke Energy Corp. |  |  |  | 3 |
Exelon Corp. |  |  |  | 3 |
Public Service Enterprise Group, Inc. |  |  |  | 3 |
Transurban Group |  |  |  | 3 |

| * |  | Excludes option positions and money market funds.

Industry Allocation |  | 6/30/17 |  | 12/31/16
Electric Utilities |  |  |  | 32 | % |  |  |  | 28 | %
Multi-Utilities |  |  |  | 22 |  |  |  |  | 22 |
Transportation Infrastructure |  |  |  | 16 |  |  |  |  | 14 |
Oil, Gas & Consumable Fuels |  |  |  | 15 |  |  |  |  | 20 |
Independent Power and Renewable Electricity Producers |  |  |  | 6 |  |  |  |  | 4 |
Construction & Engineering |  |  |  | 3 |  |  |  |  | 3 |
Gas Utilities |  |  |  | 2 |  |  |  |  | 1 |
Water Utilities |  |  |  | 2 |  |  |  |  | 2 |
Real Estate Investment Trusts (REITs) |  |  |  | 2 |  |  |  |  | 3 |
Diversified Telecommunication Services |  |  |  | — |  |  |  |  | 2 |
Other |  |  |  | — |  |  |  |  | 1 | 1

| 1 |  | Other includes a 1% holding or less in each of the following industries: Road & Rail and Wireless Telecommunication Services.

For Trust compliance purposes, the Trust’s industry classifications refer to any 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.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 23

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 asset without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the

transaction or illiquidity of the instrument. The Trusts’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

24 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments June 30, 2017 (Unaudited) |  | BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)

Common Stocks |  | Shares |  |  | Value |
Energy Equipment & Services — 11.3% |
Baker Hughes, Inc. (a) |  |  | 253,400 |  |  | $ | 13,812,834 |
Halliburton Co. (a) |  |  | 312,600 |  |  |  | 13,351,146 |
Precision Drilling Corp. (b) |  |  | 849,830 |  |  |  | 2,903,105 |
Schlumberger Ltd. (a) |  |  | 187,224 |  |  |  | 12,326,828 |
Superior Energy Services, Inc. (a)(b) |  |  | 517,100 |  |  |  | 5,393,353 |
|  |  |  |  |  |  | 47,787,266 |
Oil, Gas & Consumable Fuels — 87.9% |
Anadarko Petroleum Corp. (a) |  |  | 308,783 |  |  |  | 14,000,221 |
BP PLC |  |  | 4,732,250 |  |  |  | 27,315,359 |
Cabot Oil & Gas Corp. (a) |  |  | 283,900 |  |  |  | 7,120,212 |
Cairn Energy PLC (b) |  |  | 1,810,176 |  |  |  | 4,064,182 |
Canadian Natural Resources Ltd. |  |  | 428,484 |  |  |  | 12,364,182 |
Chevron Corp. (a)(c) |  |  | 229,800 |  |  |  | 23,975,034 |
Cimarex Energy Co. |  |  | 118,900 |  |  |  | 11,177,789 |
ConocoPhillips (a) |  |  | 493,050 |  |  |  | 21,674,478 |
Devon Energy Corp. (a) |  |  | 311,050 |  |  |  | 9,944,268 |
Enbridge, Inc. |  |  | 206,450 |  |  |  | 8,224,250 |
Encana Corp. |  |  | 1,141,000 |  |  |  | 10,039,181 |
Eni SpA |  |  | 533,450 |  |  |  | 8,016,613 |
EOG Resources, Inc. (a) |  |  | 247,900 |  |  |  | 22,439,908 |
EQT Corp. (a) |  |  | 115,900 |  |  |  | 6,790,581 |
Exxon Mobil Corp. (a) |  |  | 531,800 |  |  |  | 42,932,214 |
Hess Corp. (a) |  |  | 205,150 |  |  |  | 8,999,931 |
International Petroleum Corp. (b) |  |  | 48,925 |  |  |  | 145,183 |
Kosmos Energy Ltd. (b) |  |  | 721,207 |  |  |  | 4,622,937 |
Marathon Oil Corp. (a) |  |  | 706,300 |  |  |  | 8,369,655 |
Noble Energy, Inc. (a)(c) |  |  | 287,292 |  |  |  | 8,130,364 |
Oil Search Ltd. |  |  | 1,085,763 |  |  |  | 5,685,688 |
Phillips 66 (a) |  |  | 56,700 |  |  |  | 4,688,523 |
Pioneer Natural Resources Co. (a) |  |  | 94,550 |  |  |  | 15,088,289 |

Common Stocks |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |
Royal Dutch Shell PLC — ADR, Class A (a) |  |  | 698,200 |  |  | $ | 37,137,258 |
Royal Dutch Shell PLC, Class A |  |  | 511,048 |  |  |  | 13,577,881 |
Tesoro Corp. (a) |  |  | 82,050 |  |  |  | 7,679,880 |
TransCanada Corp. |  |  | 324,450 |  |  |  | 15,466,918 |
Valero Energy Corp. (a) |  |  | 156,200 |  |  |  | 10,537,252 |
|  |  |  |  |  |  | 370,208,231 |
Total Long-Term Investments (Cost — $437,491,469) — 99.2% |  |  |  |  |  |  | 417,995,497 |
Short-Term Securities |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (d)(e) |  |  | 6,214,460 |  |  |  | 6,214,460 |
Total Short-Term Securities (Cost — $6,214,460) — 1.5% |  |  |  | 6,214,460 |
Total Investments Before Options Written (Cost — $443,705,929) — 100.7% |  |  |  | 424,209,957 |
Options Written (Premiums Received — $3,341,898) — (0.5)% |  |  |  | (2,193,235 | )
Total Investments, Net of Options Written (Cost — $440,364,031) — 100.2% |  |  |  | 422,016,722 |
Liabilities in Excess of Other Assets — (0.2)% |  |  |  | (872,218 | )
Net Assets — 100.0% |  |  | $ | 421,144,504 |

Notes to Schedule of Investments

(a) |  | All or a portion of 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) |  | Current yield as of period end.

(e) |  | During the period ended June 30, 2017, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at December 31, 2016 |  |  | Net Activity |  |  | Shares Held at June 30, 2017 |  |  | Value at June 30, 2017 |  |  | Income |  |  | Net Realized Gain |  |  | Change in Unrealized Appreciation (Depreciation) |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 3,936,617 |  |  |  | 2,277,843 |  |  |  | 6,214,460 |  |  | $ | 6,214,460 |  |  | $ | 16,781 |  |  |  | — |  |  |  | — |  |  |  |  |
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22,641 | 1 |  |  | — |  |  |  | — |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,214,460 |  |  | $ | 39,422 |  |  |  | — |  |  |  | — |  |  |  |  |
1 Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |

For Trust compliance purposes, the Trust’s industry classifications refer to any 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.

Portfolio Abbreviations

ADR |  | American Depositary Receipts
AUD |  | Australian Dollar
CAD |  | Canadian Dollar
CHF |  | Swiss Franc
EUR |  | Euro
GBP |  | British Pound

GDR |  | Global Depositary Receipt
HKD |  | Hong Kong Dollar
JPY |  | Japanese Yen
KRW |  | Korean Won
NOK |  | Norwegian Krone
NZD |  | New Zealand Dollar

OTC |  | Over-the-Counter
SEK |  | Swedish Krona
TWD |  | Taiwan Dollar
USD |  | U.S. Dollar
ZAR |  | South African Rand

See Notes to Financial Statements.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 25

Schedule of Investments (continued) |  | BlackRock Energy and Resources Trust (BGR)

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Marathon Oil Corp. |  | Call |  | 7/06/17 |  | USD |  |  | 15.50 |  |  |  | 58 |  |  | $ | — |
Anadarko Petroleum Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 53.50 |  |  |  | 176 |  |  |  | (704 | )
Baker Hughes, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 56.00 |  |  |  | 102 |  |  |  | (6,630 | )
Cabot Oil & Gas Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 23.00 |  |  |  | 548 |  |  |  | (117,820 | )
Chevron Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 107.00 |  |  |  | 218 |  |  |  | (981 | )
ConocoPhillips |  | Call |  | 7/07/17 |  | USD |  |  | 46.00 |  |  |  | 159 |  |  |  | (477 | )
Devon Energy Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 37.50 |  |  |  | 21 |  |  |  | (84 | )
EOG Resources, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 94.00 |  |  |  | 43 |  |  |  | (430 | )
Exxon Mobil Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 82.00 |  |  |  | 129 |  |  |  | (1,290 | )
Marathon Oil Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 14.00 |  |  |  | 244 |  |  |  | (488 | )
Pioneer Natural Resources Co. |  | Call |  | 7/07/17 |  | USD |  |  | 172.50 |  |  |  | 45 |  |  |  | (3,600 | )
Royal Dutch Shell PLC — ADR, Class A |  | Call |  | 7/07/17 |  | USD |  |  | 55.95 |  |  |  | 514 |  |  |  | (240 | )
Schlumberger Ltd. |  | Call |  | 7/07/17 |  | USD |  |  | 70.00 |  |  |  | 86 |  |  |  | (172 | )
Valero Energy Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 67.00 |  |  |  | 32 |  |  |  | (2,816 | )
Chevron Corp. |  | Call |  | 7/13/17 |  | USD |  |  | 107.50 |  |  |  | 218 |  |  |  | (4,121 | )
Anadarko Petroleum Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 52.50 |  |  |  | 208 |  |  |  | (832 | )
Baker Hughes, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 56.00 |  |  |  | 198 |  |  |  | (7,920 | )
Devon Energy Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 35.00 |  |  |  | 52 |  |  |  | (416 | )
EOG Resources, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 91.50 |  |  |  | 103 |  |  |  | (10,867 | )
Exxon Mobil Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 81.00 |  |  |  | 378 |  |  |  | (24,570 | )
Hess Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 46.00 |  |  |  | 203 |  |  |  | (6,800 | )
Pioneer Natural Resources Co. |  | Call |  | 7/14/17 |  | USD |  |  | 170.00 |  |  |  | 177 |  |  |  | (7,522 | )
Valero Energy Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 66.00 |  |  |  | 130 |  |  |  | (25,220 | )
Baker Hughes, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 56.25 |  |  |  | 102 |  |  |  | (6,736 | )
Canadian Natural Resources Ltd. |  | Call |  | 7/21/17 |  | CAD |  |  | 38.00 |  |  |  | 367 |  |  |  | (16,414 | )
ConocoPhillips |  | Call |  | 7/21/17 |  | USD |  |  | 46.00 |  |  |  | 290 |  |  |  | (7,830 | )
Devon Energy Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 33.00 |  |  |  | 86 |  |  |  | (4,988 | )
Encana Corp. |  | Call |  | 7/21/17 |  | CAD |  |  | 13.00 |  |  |  | 994 |  |  |  | (6,132 | )
Encana Corp. |  | Call |  | 7/21/17 |  | CAD |  |  | 15.00 |  |  |  | 290 |  |  |  | (1,118 | )
EOG Resources, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 97.50 |  |  |  | 21 |  |  |  | (357 | )
EQT Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 55.00 |  |  |  | 202 |  |  |  | (86,860 | )
Exxon Mobil Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 80.00 |  |  |  | 342 |  |  |  | (50,445 | )
Exxon Mobil Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 85.00 |  |  |  | 216 |  |  |  | (1,188 | )
Halliburton Co. |  | Call |  | 7/21/17 |  | USD |  |  | 43.50 |  |  |  | 142 |  |  |  | (9,727 | )
Halliburton Co. |  | Call |  | 7/21/17 |  | USD |  |  | 48.00 |  |  |  | 245 |  |  |  | (857 | )
Hess Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 52.50 |  |  |  | 288 |  |  |  | (576 | )
Noble Energy, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 30.00 |  |  |  | 580 |  |  |  | (11,600 | )
Precision Drilling Corp. |  | Call |  | 7/21/17 |  | CAD |  |  | 6.00 |  |  |  | 520 |  |  |  | (2,005 | )
Royal Dutch Shell PLC — ADR, Class A |  | Call |  | 7/21/17 |  | USD |  |  | 55.95 |  |  |  | 514 |  |  |  | (4,210 | )
Schlumberger Ltd. |  | Call |  | 7/21/17 |  | USD |  |  | 72.50 |  |  |  | 135 |  |  |  | (877 | )
Tesoro Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 90.00 |  |  |  | 87 |  |  |  | (38,715 | )
TransCanada Corp. |  | Call |  | 7/21/17 |  | CAD |  |  | 64.00 |  |  |  | 240 |  |  |  | (1,758 | )
Valero Energy Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 65.00 |  |  |  | 197 |  |  |  | (58,411 | )
Valero Energy Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 67.50 |  |  |  | 33 |  |  |  | (4,026 | )
Exxon Mobil Corp. |  | Call |  | 7/25/17 |  | USD |  |  | 83.25 |  |  |  | 192 |  |  |  | (4,596 | )
Baker Hughes, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 57.00 |  |  |  | 101 |  |  |  | (22,422 | )
Cabot Oil & Gas Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 23.00 |  |  |  | 220 |  |  |  | (53,350 | )
Canadian Natural Resources Ltd. |  | Call |  | 7/28/17 |  | CAD |  |  | 38.00 |  |  |  | 765 |  |  |  | (44,244 | )
Chevron Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 108.00 |  |  |  | 185 |  |  |  | (11,008 | )
Devon Energy Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 33.00 |  |  |  | 265 |  |  |  | (20,008 | )
EOG Resources, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 92.00 |  |  |  | 178 |  |  |  | (27,590 | )
Exxon Mobil Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 82.50 |  |  |  | 200 |  |  |  | (12,000 | )
Halliburton Co. |  | Call |  | 7/28/17 |  | USD |  |  | 44.00 |  |  |  | 143 |  |  |  | (11,583 | )
Marathon Oil Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 13.00 |  |  |  | 502 |  |  |  | (7,028 | )
Pioneer Natural Resources Co. |  | Call |  | 7/28/17 |  | USD |  |  | 167.50 |  |  |  | 47 |  |  |  | (8,812 | )
Schlumberger Ltd. |  | Call |  | 7/28/17 |  | USD |  |  | 70.00 |  |  |  | 189 |  |  |  | (6,048 | )
Valero Energy Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 65.50 |  |  |  | 65 |  |  |  | (18,850 | )
Royal Dutch Shell PLC — ADR, Class A |  | Call |  | 8/01/17 |  | USD |  |  | 55.50 |  |  |  | 1,415 |  |  |  | (31,683 | )
Anadarko Petroleum Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 47.50 |  |  |  | 233 |  |  |  | (21,320 | )
Baker Hughes, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 55.00 |  |  |  | 165 |  |  |  | (23,100 | )
Chevron Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 107.00 |  |  |  | 183 |  |  |  | (20,039 | )
Devon Energy Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 31.00 |  |  |  | 49 |  |  |  | (9,947 | )

See Notes to Financial Statements. |  |  |  |
26 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Energy and Resources Trust (BGR)

Exchange-Traded Options Written (continued) |
Description |  | Put/ Call |  |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
EOG Resources, Inc. |  |  | Call |  |  |  | 8/04/17 |  |  |  | USD |  |  |  | 89.00 |  |  |  | 522 |  |  | $ | (194,445 | )
Marathon Oil Corp. |  |  | Call |  |  |  | 8/04/17 |  |  |  | USD |  |  |  | 12.00 |  |  |  | 913 |  |  |  | (49,759 | )
Tesoro Corp. |  |  | Call |  |  |  | 8/04/17 |  |  |  | USD |  |  |  | 94.50 |  |  |  | 113 |  |  |  | (28,476 | )
Valero Energy Corp. |  |  | Call |  |  |  | 8/04/17 |  |  |  | USD |  |  |  | 68.50 |  |  |  | 89 |  |  |  | (12,327 | )
Anadarko Petroleum Corp. |  |  | Call |  |  |  | 8/11/17 |  |  |  | USD |  |  |  | 46.50 |  |  |  | 310 |  |  |  | (44,330 | )
Cabot Oil & Gas Corp. |  |  | Call |  |  |  | 8/11/17 |  |  |  | USD |  |  |  | 26.00 |  |  |  | 225 |  |  |  | (19,800 | )
ConocoPhillips |  |  | Call |  |  |  | 8/11/17 |  |  |  | USD |  |  |  | 45.00 |  |  |  | 319 |  |  |  | (30,305 | )
Halliburton Co. |  |  | Call |  |  |  | 8/11/17 |  |  |  | USD |  |  |  | 43.00 |  |  |  | 244 |  |  |  | (36,600 | )
Hess Corp. |  |  | Call |  |  |  | 8/11/17 |  |  |  | USD |  |  |  | 43.50 |  |  |  | 227 |  |  |  | (53,118 | )
Phillips 66 |  |  | Call |  |  |  | 8/11/17 |  |  |  | USD |  |  |  | 82.50 |  |  |  | 198 |  |  |  | (43,560 | )
Schlumberger Ltd. |  |  | Call |  |  |  | 8/11/17 |  |  |  | USD |  |  |  | 67.50 |  |  |  | 176 |  |  |  | (21,648 | )
Exxon Mobil Corp. |  |  | Call |  |  |  | 8/14/17 |  |  |  | USD |  |  |  | 83.00 |  |  |  | 254 |  |  |  | (13,836 | )
Halliburton Co. |  |  | Call |  |  |  | 8/16/17 |  |  |  | USD |  |  |  | 46.10 |  |  |  | 320 |  |  |  | (16,597 | )
Anadarko Petroleum Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 50.00 |  |  |  | 153 |  |  |  | (8,491 | )
Baker Hughes, Inc. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 55.00 |  |  |  | 218 |  |  |  | (40,330 | )
Canadian Natural Resources Ltd. |  |  | Call |  |  |  | 8/18/17 |  |  |  | CAD |  |  |  | 38.00 |  |  |  | 367 |  |  |  | (32,829 | )
ConocoPhillips |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 45.00 |  |  |  | 320 |  |  |  | (33,920 | )
ConocoPhillips |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 47.00 |  |  |  | 290 |  |  |  | (14,065 | )
Devon Energy Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 33.00 |  |  |  | 615 |  |  |  | (77,490 | )
Enbridge, Inc. |  |  | Call |  |  |  | 8/18/17 |  |  |  | CAD |  |  |  | 54.00 |  |  |  | 250 |  |  |  | (5,783 | )
Exxon Mobil Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 85.00 |  |  |  | 150 |  |  |  | (3,975 | )
Marathon Oil Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 13.00 |  |  |  | 332 |  |  |  | (9,628 | )
Noble Energy, Inc. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 30.00 |  |  |  | 425 |  |  |  | (23,375 | )
Pioneer Natural Resources Co. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 170.00 |  |  |  | 60 |  |  |  | (18,750 | )
Schlumberger Ltd. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 70.00 |  |  |  | 69 |  |  |  | (4,243 | )
Tesoro Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 95.00 |  |  |  | 87 |  |  |  | (24,795 | )
ConocoPhillips |  |  | Call |  |  |  | 8/30/17 |  |  |  | USD |  |  |  | 47.60 |  |  |  | 347 |  |  |  | (17,711 | )
Superior Energy Services, Inc. |  |  | Call |  |  |  | 9/15/17 |  |  |  | USD |  |  |  | 10.00 |  |  |  | 220 |  |  |  | (34,650 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,807,294 | )

OTC Options Written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Put/ Call |  | Counterparty |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
BP PLC |  | Call |  | Credit Suisse International |  |  | 07/06/17 |  |  |  | GBP |  |  |  | 4.75 |  |  |  | 450,000 |  |  | $ | (434 | )
Royal Dutch Shell PLC — ADR, Class A |  | Call |  | Citibank N.A. |  |  | 07/06/17 |  |  |  | GBP |  |  |  | 21.26 |  |  |  | 138,900 |  |  |  | (1,592 | )
Encana Corp. |  | Call |  | Deutsche Bank AG |  |  | 07/07/17 |  |  |  | CAD |  |  |  | 16.05 |  |  |  | 17,900 |  |  |  | (1 | )
EQT Corp. |  | Call |  | Credit Suisse International |  |  | 07/07/17 |  |  |  | USD |  |  |  | 60.07 |  |  |  | 20,300 |  |  |  | (8,360 | )
Cimarex Energy Co. |  | Call |  | UBS AG |  |  | 07/10/17 |  |  |  | USD |  |  |  | 119.70 |  |  |  | 4,300 |  |  |  | — |
Superior Energy Services, Inc. |  | Call |  | UBS AG |  |  | 07/10/17 |  |  |  | USD |  |  |  | 12.61 |  |  |  | 20,000 |  |  |  | (518 | )
Oil Search Ltd. |  | Call |  | Deutsche Bank AG |  |  | 07/18/17 |  |  |  | AUD |  |  |  | 7.19 |  |  |  | 100,000 |  |  |  | (3,217 | )
BP PLC |  | Call |  | Credit Suisse International |  |  | 07/19/17 |  |  |  | GBP |  |  |  | 4.69 |  |  |  | 180,800 |  |  |  | (2,006 | )
Enbridge, Inc. |  | Call |  | Citibank N.A. |  |  | 07/19/17 |  |  |  | CAD |  |  |  | 53.16 |  |  |  | 22,200 |  |  |  | (3,376 | )
Eni SpA |  | Call |  | Credit Suisse International |  |  | 07/19/17 |  |  |  | EUR |  |  |  | 14.06 |  |  |  | 87,000 |  |  |  | (1,576 | )
Royal Dutch Shell PLC — ADR, Class A |  | Call |  | Goldman Sachs International |  |  | 07/26/17 |  |  |  | GBP |  |  |  | 20.95 |  |  |  | 40,000 |  |  |  | (8,127 | )
BP PLC |  | Call |  | Credit Suisse International |  |  | 07/27/17 |  |  |  | GBP |  |  |  | 4.73 |  |  |  | 363,000 |  |  |  | (7,241 | )
TransCanada Corp. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/31/17 |  |  |  | CAD |  |  |  | 63.99 |  |  |  | 46,500 |  |  |  | (30,270 | )
Superior Energy Services, Inc. |  | Call |  | Royal Bank of Canada |  |  | 08/02/17 |  |  |  | USD |  |  |  | 10.84 |  |  |  | 27,600 |  |  |  | (19,572 | )
BP PLC |  | Call |  | Credit Suisse International |  |  | 08/04/17 |  |  |  | GBP |  |  |  | 4.75 |  |  |  | 363,000 |  |  |  | (9,618 | )
Eni SpA |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  |  | EUR |  |  |  | 14.34 |  |  |  | 12,800 |  |  |  | (425 | )
Oil Search Ltd. |  | Call |  | Deutsche Bank AG |  |  | 08/04/17 |  |  |  | AUD |  |  |  | 7.08 |  |  |  | 215,000 |  |  |  | (20,417 | )
Cimarex Energy Co. |  | Call |  | Goldman Sachs International |  |  | 08/07/17 |  |  |  | USD |  |  |  | 98.61 |  |  |  | 15,500 |  |  |  | (26,560 | )
Encana Corp. |  | Call |  | Citibank N.A. |  |  | 08/08/17 |  |  |  | CAD |  |  |  | 11.49 |  |  |  | 39,000 |  |  |  | (19,144 | )
Encana Corp. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/08/17 |  |  |  | CAD |  |  |  | 13.81 |  |  |  | 62,000 |  |  |  | (6,724 | )
BP PLC |  | Call |  | Goldman Sachs International |  |  | 08/09/17 |  |  |  | GBP |  |  |  | 4.54 |  |  |  | 299,500 |  |  |  | (26,643 | )
Eni SpA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/09/17 |  |  |  | EUR |  |  |  | 13.80 |  |  |  | 87,000 |  |  |  | (11,543 | )
Superior Energy Services, Inc. |  | Call |  | UBS AG |  |  | 08/09/17 |  |  |  | USD |  |  |  | 10.80 |  |  |  | 39,600 |  |  |  | (34,751 | )
TransCanada Corp. |  | Call |  | Citibank N.A. |  |  | 08/15/17 |  |  |  | CAD |  |  |  | 63.48 |  |  |  | 43,000 |  |  |  | (13,804 | )
Superior Energy Services, Inc. |  | Call |  | Goldman Sachs International |  |  | 08/16/17 |  |  |  | USD |  |  |  | 10.90 |  |  |  | 27,500 |  |  |  | (23,590 | )
Encana Corp. |  | Call |  | Citibank N.A. |  |  | 08/22/17 |  |  |  | CAD |  |  |  | 12.04 |  |  |  | 32,500 |  |  |  | (12,412 | )
Encana Corp. |  | Call |  | Royal Bank of Canada |  |  | 08/22/17 |  |  |  | CAD |  |  |  | 11.33 |  |  |  | 42,000 |  |  |  | (26,602 | )
Cimarex Energy Co. |  | Call |  | Goldman Sachs International |  |  | 08/23/17 |  |  |  | USD |  |  |  | 98.61 |  |  |  | 15,500 |  |  |  | (35,478 | )
Enbridge, Inc. |  | Call |  | Goldman Sachs International |  |  | 08/31/17 |  |  |  | CAD |  |  |  | 54.10 |  |  |  | 25,000 |  |  |  | (6,405 | )
Encana Corp. |  | Call |  | Royal Bank of Canada |  |  | 09/06/17 |  |  |  | CAD |  |  |  | 11.89 |  |  |  | 47,600 |  |  |  | (25,535 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (385,941 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 27

Schedule of Investments (continued) |  | BlackRock Energy and Resources Trust (BGR)

Transactions in Options Written for the Period Ended June 30, 2017

|  | Calls |
|  | Contracts |  |  | Premiums Received |
Outstanding options, beginning of period |  |  |  |  |  |  | 3,570,352 |  |  | $ | 4,804,608 |
Options written |  |  |  |  |  |  | 12,778,126 |  |  |  | 13,413,684 |
Options exercised |  |  |  |  |  |  | — |  |  |  | — |
Options expired |  |  |  |  |  |  | (8,735,561 | ) |  |  | (6,859,698 | )
Options closed |  |  |  |  |  |  | (4,705,074 | ) |  |  | (8,016,696 | )
Outstanding options, end of period |  |  |  |  |  |  | 2,907,843 |  |  | $ | 3,341,898 |

As of period end, the value of portfolio securities subject to covered call options written was $140,124,445.

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:

Liabilities — Derivative Financial Instruments |  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Options written |  | Options written, at value |  |  | — |  |  |  | — |  |  | $ | 2,193,235 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 2,193,235 |
For the six month ended June 30, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows: |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  | — |  |  |  | — |  |  | $ | 9,048,883 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 9,048,883 |
Net Change in Unrealized Appreciation on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  | — |  |  |  | — |  |  | $ | 2,496,409 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 2,496,409 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written |  | $ | 2,447,757 |

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) are as follows:

Derivative Financial Instruments |  | Assets |  |  | Liabilities |
Options |  |  | — |  |  | $ | 2,193,235 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  | $ | (1,807,294 | )
Total derivative assets and liabilities subject to an MNA |  |  | — |  |  | $ | 385,941 |

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under a Master Netting Agreement (“MNA”) and net of the related collateral received by the Trust:

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged1 |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities2 |  |  |  |  |  |  |
Citibank N.A. |  | $ | 50,328 |  |  |  | — |  |  | $ | (50,328 | ) |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Credit Suisse International |  |  | 29,235 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 29,235 |  |  |  |  |  |  |  |  |
Deutsche Bank AG |  |  | 23,635 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23,635 |  |  |  |  |  |  |  |  |
Goldman Sachs International |  |  | 127,228 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 127,228 |  |  |  |  |  |  |  |  |
Morgan Stanley & Co. International PLC |  |  | 48,537 |  |  |  | — |  |  |  | (48,537 | ) |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Royal Bank of Canada |  |  | 71,709 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 71,709 |  |  |  |  |  |  |  |  |
UBS AG |  |  | 35,269 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 35,269 |  |  |  |  |  |  |  |  |
Total |  | $ | 385,941 |  |  |  | — |  |  | $ | (98,865 | ) |  |  | — |  |  | $ | 287,076 |  |  |  |  |  |  |  |  |

1 Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.
2 Net amount represents the net amount payable due to the counterparty in the event of default. Net Amount may be offset further by net options written receivable/payable on the Statements of Assets and Liabilities.

See Notes to Financial Statements. |  |  |  |
28 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (concluded) |  | BlackRock Energy and Resources Trust (BGR)

Fair Value Hierarchy as of Period End

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Equipment & Services |  | $ | 47,787,266 |  |  |  | — |  |  |  | — |  |  | $ | 47,787,266 |
Oil, Gas & Consumable Fuels |  |  | 311,548,508 |  |  | $ | 58,659,723 |  |  |  | — |  |  |  | 370,208,231 |
Short-Term Securities |  |  | 6,214,460 |  |  |  | — |  |  |  | — |  |  |  | 6,214,460 |
Total |  | $ | 365,550,234 |  |  | $ | 58,659,723 |  |  |  | — |  |  | $ | 424,209,957 |
Derivative Financial Instruments1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity contracts |  | $ | (1,706,445 | ) |  | $ | (486,790 | ) |  |  | — |  |  | $ | (2,193,235 | )
1 Derivative financial instruments are options written, which are shown at value. |

During the six months ended June 30, 2017, there were no transfers between levels.

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 29

Schedule of Investments June 30, 2017 (Unaudited) |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Common Stocks |  | Shares |  |  | Value |
Airlines — 1.9% |  |  |  |  |  |
Delta Air Lines, Inc. (a)(b) |  |  | 232,835 |  |  | $ | 12,512,553 |
Southwest Airlines Co. (a) |  |  | 14,810 |  |  |  | 920,293 |
|  |  |  |  |  |  | 13,432,846 |
Auto Components — 2.4% |  |  |  |  |  |
Goodyear Tire & Rubber Co. (a) |  |  | 270,397 |  |  |  | 9,453,079 |
Lear Corp. (a) |  |  | 50,102 |  |  |  | 7,118,492 |
|  |  |  |  |  |  | 16,571,571 |
Banks — 12.3% |  |  |  |  |  |
Bank of America Corp. (a)(b) |  |  | 842,001 |  |  |  | 20,426,944 |
Citigroup, Inc. (a) |  |  | 91,993 |  |  |  | 6,152,492 |
JPMorgan Chase & Co. (a)(b) |  |  | 305,724 |  |  |  | 27,943,174 |
Regions Financial Corp. (a) |  |  | 310,429 |  |  |  | 4,544,681 |
SunTrust Banks, Inc. (a) |  |  | 218,766 |  |  |  | 12,408,407 |
U.S. Bancorp (a) |  |  | 288,037 |  |  |  | 14,954,881 |
|  |  |  |  |  |  | 86,430,579 |
Biotechnology — 4.1% |  |  |  |  |  |
Biogen, Inc. (a)(c) |  |  | 54,407 |  |  |  | 14,763,884 |
Gilead Sciences, Inc. (a) |  |  | 201,321 |  |  |  | 14,249,500 |
|  |  |  |  |  |  | 29,013,384 |
Capital Markets — 1.9% |  |  |  |  |  |
Goldman Sachs Group, Inc. (a) |  |  | 60,296 |  |  |  | 13,379,682 |
Chemicals — 2.4% |  |  |  |  |  |
Dow Chemical Co. (a) |  |  | 267,847 |  |  |  | 16,893,110 |
Communications Equipment — 2.0% |  |  |  |  |  |
Cisco Systems, Inc. (a) |  |  | 456,067 |  |  |  | 14,274,897 |
Construction & Engineering — 0.4% |  |  |  |  |  |
EMCOR Group, Inc. (a) |  |  | 38,519 |  |  |  | 2,518,372 |
Consumer Finance — 1.1% |  |  |  |  |  |
SLM Corp. (a)(c) |  |  | 667,970 |  |  |  | 7,681,655 |
Containers & Packaging — 1.9% |  |  |  |  |  |
Avery Dennison Corp. (a) |  |  | 49,267 |  |  |  | 4,353,725 |
Packaging Corp. of America (a) |  |  | 79,712 |  |  |  | 8,879,120 |
|  |  |  |  |  |  | 13,232,845 |
Diversified Telecommunication Services — 0.2% |  |  |  |  |  |
AT&T, Inc. (a) |  |  | 37,700 |  |  |  | 1,422,421 |
Electric Utilities — 1.1% |  |  |  |  |  |
FirstEnergy Corp. (a) |  |  | 273,587 |  |  |  | 7,977,797 |
Electronic Equipment, Instruments & Components — 2.0% |  |  |  |  |  |
CDW Corp. (a) |  |  | 108,840 |  |  |  | 6,805,765 |
Flex Ltd. (a)(c) |  |  | 458,631 |  |  |  | 7,480,272 |
|  |  |  |  |  |  | 14,286,037 |
Food & Staples Retailing — 4.1% |  |  |  |  |  |
CVS Health Corp. (a)(b) |  |  | 138,171 |  |  |  | 11,117,239 |
Wal-Mart Stores, Inc. (a) |  |  | 80,756 |  |  |  | 6,111,614 |
Walgreens Boots Alliance, Inc. (a) |  |  | 150,485 |  |  |  | 11,784,480 |
|  |  |  |  |  |  | 29,013,333 |
Health Care Equipment & Supplies — 1.2% |  |  |  |  |  |
Baxter International, Inc. (a) |  |  | 140,986 |  |  |  | 8,535,293 |
Health Care Providers & Services — 7.4% |  |  |  |  |  |
Aetna, Inc. (a) |  |  | 8,732 |  |  |  | 1,325,780 |
Anthem, Inc. (a) |  |  | 18,397 |  |  |  | 3,461,028 |
Centene Corp. (a)(c) |  |  | 92,304 |  |  |  | 7,373,243 |
Humana, Inc. (a) |  |  | 64,918 |  |  |  | 15,620,569 |
Laboratory Corp. of America Holdings (a)(c) |  |  | 37,064 |  |  |  | 5,713,045 |
McKesson Corp. (a) |  |  | 18,519 |  |  |  | 3,047,116 |
UnitedHealth Group, Inc. (a) |  |  | 83,455 |  |  |  | 15,474,226 |
|  |  |  |  |  |  | 52,015,007 |

Common Stocks |  | Shares |  |  | Value |
Hotels, Restaurants & Leisure — 2.6% |  |  |  |  |  |
Carnival Corp. (a) |  |  | 275,660 |  |  | $ | 18,075,026 |
Household Durables — 2.6% |  |  |  |  |  |
D.R. Horton, Inc. |  |  | 322,419 |  |  |  | 11,146,025 |
Lennar Corp., Class A (a) |  |  | 60,253 |  |  |  | 3,212,690 |
NVR, Inc. (c) |  |  | 1,453 |  |  |  | 3,502,616 |
|  |  |  |  |  |  | 17,861,331 |
Insurance — 0.6% |  |  |  |  |  |
Hartford Financial Services Group, Inc. (a) |  |  | 80,016 |  |  |  | 4,206,441 |
Internet Software & Services — 4.4% |  |  |  |  |  |
Alphabet, Inc., Class A (a)(b)(c) |  |  | 33,504 |  |  |  | 31,147,999 |
IT Services — 2.7% |  |  |  |  |  |
Amdocs Ltd. (a) |  |  | 99,436 |  |  |  | 6,409,645 |
Cognizant Technology Solutions Corp., Class A (a) |  |  | 186,628 |  |  |  | 12,392,099 |
|  |  |  |  |  |  | 18,801,744 |
Machinery — 2.0% |  |  |  |  |  |
Stanley Black & Decker, Inc. (a) |  |  | 79,957 |  |  |  | 11,252,349 |
WABCO Holdings, Inc. (a)(c) |  |  | 22,204 |  |  |  | 2,831,232 |
|  |  |  |  |  |  | 14,083,581 |
Media — 3.3% |  |  |  |  |  |
Comcast Corp., Class A (a)(b) |  |  | 589,266 |  |  |  | 22,934,233 |
Metals & Mining — 1.0% |  |  |  |  |  |
Rio Tinto PLC, ADR (a) |  |  | 157,091 |  |  |  | 6,646,520 |
Multi-Utilities — 0.5% |  |  |  |  |  |
Public Service Enterprise Group, Inc. |  |  | 88,510 |  |  |  | 3,806,815 |
Oil, Gas & Consumable Fuels — 6.3% |  |  |  |  |  |
Anadarko Petroleum Corp. (a) |  |  | 35,386 |  |  |  | 1,604,401 |
BP PLC — ADR (a) |  |  | 211,505 |  |  |  | 7,328,648 |
Chevron Corp. (a) |  |  | 130,394 |  |  |  | 13,604,006 |
Marathon Oil Corp. (a) |  |  | 131,595 |  |  |  | 1,559,401 |
Statoil ASA, ADR (a) |  |  | 142,350 |  |  |  | 2,353,046 |
Suncor Energy, Inc. (a) |  |  | 367,356 |  |  |  | 10,726,795 |
TOTAL SA — ADR (a) |  |  | 90,924 |  |  |  | 4,508,921 |
Valero Energy Corp. (a) |  |  | 34,800 |  |  |  | 2,347,608 |
|  |  |  |  |  |  | 44,032,826 |
Pharmaceuticals — 3.8% |  |  |  |  |  |
Merck & Co., Inc. (a) |  |  | 101,505 |  |  |  | 6,505,455 |
Pfizer, Inc. (a) |  |  | 591,440 |  |  |  | 19,866,470 |
|  |  |  |  |  |  | 26,371,925 |
Professional Services — 0.8% |  |  |  |  |  |
Robert Half International, Inc. (a) |  |  | 111,106 |  |  |  | 5,325,311 |
Road & Rail — 2.0% |  |  |  |  |  |
Norfolk Southern Corp. (a) |  |  | 115,132 |  |  |  | 14,011,564 |
Semiconductors & Semiconductor Equipment — 2.8% |  |  |  |  |  |
Intel Corp. (a)(b) |  |  | 266,433 |  |  |  | 8,989,449 |
Lam Research Corp. (a) |  |  | 56,881 |  |  |  | 8,044,680 |
Qorvo, Inc. (a)(c) |  |  | 40,771 |  |  |  | 2,581,620 |
|  |  |  |  |  |  | 19,615,749 |
Software — 7.6% |  |  |  |  |  |
Activision Blizzard, Inc. (a) |  |  | 199,362 |  |  |  | 11,477,270 |
Dell Technologies, Inc., Class V (a)(c) |  |  | 92,419 |  |  |  | 5,647,725 |
Microsoft Corp. (a) |  |  | 400,742 |  |  |  | 27,623,146 |
Oracle Corp. (a) |  |  | 167,147 |  |  |  | 8,380,751 |
|  |  |  |  |  |  | 53,128,892 |
Specialty Retail — 4.9% |  |  |  |  |  |
Home Depot, Inc. (a)(b) |  |  | 102,046 |  |  |  | 15,653,856 |
Lowe’s Cos., Inc. (a)(b) |  |  | 187,711 |  |  |  | 14,553,234 |
Urban Outfitters, Inc. (a)(c) |  |  | 226,753 |  |  |  | 4,204,001 |
|  |  |  |  |  |  | 34,411,091 |

See Notes to Financial Statements. |  |  |  |
30 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

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

Common Stocks |  | Shares |  |  | Value |
Technology Hardware, Storage & Peripherals — 5.2% |  |  |  |  |  |
Apple, Inc. (a)(b) |  |  | 251,629 |  |  | $ | 36,239,609 |
Tobacco — 1.7% |  |  |  |  |  |
Altria Group, Inc. (a)(b) |  |  | 162,564 |  |  |  | 12,106,141 |
Total Long-Term Investments (Cost — $595,730,513) — 101.2% |  |  |  |  |  |  | 709,485,627 |
Short-Term Securities |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (d)(e) |  |  | 815,956 |  |  |  | 815,956 |
Total Short-Term Securities (Cost — $815,956) — 0.1% |  |  |  |  |  |  | 815,956 |
Total Short-Term Securities — 0.1% |  |  |  |  |  |  | 815,956 |
Total Investments Before TBA Sale Commitments and Options Written (Cost — $596,546,469) — 101.3% |  |  |  |  |  |  | 710,301,583 |
Options Written (Premiums Received — $7,476,756) — (1.1)% |  |  |  |  | (8,011,076) |

Common Stocks |  |  |  |  | Value |
Total Investments, Net of Options Written (Cost — $589,069,713) — 100.2% |  |  |  |  |  | $ | 702,290,507 |
Liabilities in Excess of Other Assets — (0.2)% |  |  |  |  |  |  | (1,138,914 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 701,151,593 |

Notes to Schedule of Investments

(a) |  | All or a portion of 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) |  | Current yield as of period end.

(e) |  | During the six months ended June 30, 2017, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at December 31, 2016 |  |  | Net Activity |  |  | Shares Held at June 30, 2017 |  |  | Value at June 30, 2017 |  |  | Income |  |  | Net Realized Gain |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 24,715,046 |  |  |  | (23,899,090 | ) |  |  | 815,956 |  |  | $ | 815,956 |  |  | $ | 51,867 |  |  |  | — |  |  |  | — |
SL Liquidity Series, LLC, Money Market Series. |  |  | 695,518 |  |  |  | (695,518 | ) |  |  | — |  |  |  | — |  |  |  | 1,191 | 1 |  |  | — |  |  | $ | (54 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 815,956 |  |  | $ | 53,058 |  |  |  | — |  |  | $ | (54 | )
1 Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |

For Trust compliance purposes, the Trust’s industry classifications refer to any 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.

Derivative Financial Instruments Outstanding as of Period End |
Exchange-Traded Options Written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Lam Research Corp. |  | Call |  | 7/05/17 |  | USD |  |  | 150.01 |  |  |  | 299 |  |  | $ | (2,595 | )
JPMorgan Chase & Co. |  | Call |  | 7/06/17 |  | USD |  |  | 87.50 |  |  |  | 188 |  |  |  | (65,199 | )
Marathon Oil Corp. |  | Call |  | 7/06/17 |  | USD |  |  | 15.50 |  |  |  | 14 |  |  |  | — |
Alphabet, Inc., Class A |  | Call |  | 7/07/17 |  | USD |  |  | 1,010.00 |  |  |  | 28 |  |  |  | (280 | )
Anadarko Petroleum Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 53.50 |  |  |  | 52 |  |  |  | (208 | )
Anthem, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 182.50 |  |  |  | 37 |  |  |  | (21,183 | )
Bank of America Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 24.00 |  |  |  | 606 |  |  |  | (25,755 | )
Bank of America Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 24.25 |  |  |  | 375 |  |  |  | (12,433 | )
BP PLC — ADR |  | Call |  | 7/07/17 |  | USD |  |  | 36.00 |  |  |  | 91 |  |  |  | (182 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 31

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

Exchange-Traded Options Written (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Chevron Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 107.00 |  |  |  | 130 |  |  | $ | (585 | )
Cisco Systems, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 32.00 |  |  |  | 308 |  |  |  | (616 | )
Citigroup, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 61.00 |  |  |  | 37 |  |  |  | (22,478 | )
Citigroup, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 61.50 |  |  |  | 24 |  |  |  | (13,080 | )
D.R. Horton, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 33.50 |  |  |  | 435 |  |  |  | (54,158 | )
Flex Ltd. |  | Call |  | 7/07/17 |  | USD |  |  | 17.50 |  |  |  | 475 |  |  |  | (17,100 | )
Goldman Sachs Group, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 225.00 |  |  |  | 148 |  |  |  | (11,026 | )
Goodyear Tire & Rubber Co. |  | Call |  | 7/07/17 |  | USD |  |  | 32.50 |  |  |  | 210 |  |  |  | (52,500 | )
Humana, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 235.00 |  |  |  | 63 |  |  |  | (41,895 | )
Intel Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 36.50 |  |  |  | 221 |  |  |  | (442 | )
Marathon Oil Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 14.00 |  |  |  | 69 |  |  |  | (138 | )
Merck & Co., Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 64.50 |  |  |  | 147 |  |  |  | (4,483 | )
Suncor Energy, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 31.50 |  |  |  | 55 |  |  |  | (1,925 | )
U.S. Bancorp |  | Call |  | 7/07/17 |  | USD |  |  | 53.00 |  |  |  | 572 |  |  |  | (4,004 | )
UnitedHealth Group, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 177.50 |  |  |  | 38 |  |  |  | (30,685 | )
Valero Energy Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 67.00 |  |  |  | 14 |  |  |  | (1,232 | )
Walgreens Boots Alliance, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 81.00 |  |  |  | 259 |  |  |  | (1,813 | )
Lennar Corp., Class A |  | Call |  | 7/10/17 |  | USD |  |  | 52.10 |  |  |  | 151 |  |  |  | (25,079 | )
Bank of America Corp. |  | Call |  | 7/11/17 |  | USD |  |  | 24.25 |  |  |  | 188 |  |  |  | (7,804 | )
Chevron Corp. |  | Call |  | 7/13/17 |  | USD |  |  | 107.50 |  |  |  | 130 |  |  |  | (2,457 | )
Alphabet, Inc., Class A |  | Call |  | 7/14/17 |  | USD |  |  | 997.50 |  |  |  | 28 |  |  |  | (1,610 | )
Altria Group, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 76.00 |  |  |  | 467 |  |  |  | (7,939 | )
Anadarko Petroleum Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 52.50 |  |  |  | 24 |  |  |  | (96 | )
Bank of America Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 23.00 |  |  |  | 205 |  |  |  | (28,085 | )
Bank of America Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 23.50 |  |  |  | 478 |  |  |  | (43,976 | )
BP PLC — ADR |  | Call |  | 7/14/17 |  | USD |  |  | 36.00 |  |  |  | 92 |  |  |  | (506 | )
Cisco Systems, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 31.50 |  |  |  | 456 |  |  |  | (8,664 | )
D.R. Horton, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 34.00 |  |  |  | 160 |  |  |  | (13,600 | )
Dow Chemical Co. |  | Call |  | 7/14/17 |  | USD |  |  | 65.50 |  |  |  | 729 |  |  |  | (6,925 | )
Flex Ltd. |  | Call |  | 7/14/17 |  | USD |  |  | 16.50 |  |  |  | 105 |  |  |  | (1,995 | )
Goldman Sachs Group, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 220.00 |  |  |  | 153 |  |  |  | (68,468 | )
Intel Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 36.50 |  |  |  | 250 |  |  |  | (500 | )
Goodyear Tire & Rubber Co. |  | Call |  | 7/14/17 |  | USD |  |  | 36.00 |  |  |  | 214 |  |  |  | (4,280 | )
Merck & Co., Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 64.50 |  |  |  | 89 |  |  |  | (4,761 | )
Norfolk Southern Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 121.00 |  |  |  | 304 |  |  |  | (68,400 | )
Pfizer, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 33.00 |  |  |  | 680 |  |  |  | (49,980 | )
Suncor Energy, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 32.00 |  |  |  | 55 |  |  |  | (1,045 | )
UnitedHealth Group, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 182.50 |  |  |  | 48 |  |  |  | (19,800 | )
Valero Energy Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 66.00 |  |  |  | 40 |  |  |  | (7,760 | )
Walgreens Boots Alliance, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 82.00 |  |  |  | 373 |  |  |  | (5,968 | )
Delta Air Lines, Inc. |  | Call |  | 7/18/17 |  | USD |  |  | 49.51 |  |  |  | 518 |  |  |  | (254,884 | )
Qorvo, Inc. |  | Call |  | 7/18/17 |  | USD |  |  | 75.55 |  |  |  | 75 |  |  |  | (37 | )
Activision Blizzard, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 60.00 |  |  |  | 256 |  |  |  | (15,488 | )
Alphabet, Inc., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 945.00 |  |  |  | 27 |  |  |  | (30,375 | )
Alphabet, Inc., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 950.00 |  |  |  | 14 |  |  |  | (14,280 | )
Amdocs Ltd. |  | Call |  | 7/21/17 |  | USD |  |  | 65.00 |  |  |  | 247 |  |  |  | (17,290 | )
Anthem, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 190.00 |  |  |  | 17 |  |  |  | (3,995 | )
Apple, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 149.00 |  |  |  | 333 |  |  |  | (27,639 | )
Avery Dennison Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 85.00 |  |  |  | 185 |  |  |  | (60,588 | )
Avery Dennison Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 90.00 |  |  |  | 61 |  |  |  | (3,507 | )
Bank of America Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 23.00 |  |  |  | 665 |  |  |  | (95,428 | )
Bank of America Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 25.00 |  |  |  | 187 |  |  |  | (5,142 | )
Baxter International, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 57.50 |  |  |  | 562 |  |  |  | (186,865 | )
Biogen, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 265.00 |  |  |  | 174 |  |  |  | (167,910 | )
BP PLC — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 36.00 |  |  |  | 175 |  |  |  | (2,187 | )
BP PLC — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 37.00 |  |  |  | 61 |  |  |  | (244 | )
Carnival Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 62.50 |  |  |  | 510 |  |  |  | (173,400 | )
CDW Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 65.00 |  |  |  | 350 |  |  |  | (11,375 | )
Chevron Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 110.00 |  |  |  | 162 |  |  |  | (1,620 | )
Cisco Systems, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 32.00 |  |  |  | 307 |  |  |  | (4,451 | )
Citigroup, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 62.50 |  |  |  | 162 |  |  |  | (76,140 | )
Comcast Corp., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 38.75 |  |  |  | 522 |  |  |  | (44,370 | )
CVS Health Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 80.00 |  |  |  | 254 |  |  |  | (39,370 | )
D.R. Horton, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 34.00 |  |  |  | 305 |  |  |  | (29,128 | )
Dell Technologies, Inc., Class V |  | Call |  | 7/21/17 |  | USD |  |  | 65.00 |  |  |  | 285 |  |  |  | (5,700 | )

See Notes to Financial Statements. |  |  |  |
32 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

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

Exchange-Traded Options Written (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Dell Technologies, Inc., Class V |  | Call |  | 7/21/17 |  | USD |  |  | 70.00 |  |  |  | 45 |  |  | $ | (450 | )
Dow Chemical Co. |  | Call |  | 7/21/17 |  | USD |  |  | 64.00 |  |  |  | 99 |  |  |  | (5,742 | )
EMCOR Group, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 65.00 |  |  |  | 114 |  |  |  | (21,660 | )
FirstEnergy Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 29.00 |  |  |  | 225 |  |  |  | (11,812 | )
FirstEnergy Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 30.00 |  |  |  | 711 |  |  |  | (10,665 | )
Flex Ltd. |  | Call |  | 7/21/17 |  | USD |  |  | 17.00 |  |  |  | 924 |  |  |  | (9,702 | )
Gilead Sciences, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 67.50 |  |  |  | 462 |  |  |  | (168,630 | )
Goodyear Tire & Rubber Co. |  | Call |  | 7/21/17 |  | USD |  |  | 36.00 |  |  |  | 300 |  |  |  | (9,750 | )
Home Depot, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 160.00 |  |  |  | 172 |  |  |  | (4,128 | )
Humana, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 235.00 |  |  |  | 98 |  |  |  | (79,870 | )
Laboratory Corp. of America Holdings |  | Call |  | 7/21/17 |  | USD |  |  | 145.00 |  |  |  | 75 |  |  |  | (73,875 | )
Lam Research Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 160.00 |  |  |  | 125 |  |  |  | (2,187 | )
Lear Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 145.00 |  |  |  | 70 |  |  |  | (11,900 | )
Lennar Corp., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 55.00 |  |  |  | 175 |  |  |  | (5,512 | )
Lowe’s Cos., Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 80.00 |  |  |  | 120 |  |  |  | (5,820 | )
Merck & Co., Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 65.00 |  |  |  | 56 |  |  |  | (3,416 | )
Microsoft Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 70.00 |  |  |  | 295 |  |  |  | (32,745 | )
Norfolk Southern Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 125.00 |  |  |  | 160 |  |  |  | (15,200 | )
Oracle Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 46.00 |  |  |  | 418 |  |  |  | (175,560 | )
Packaging Corp. of America |  | Call |  | 7/21/17 |  | USD |  |  | 110.00 |  |  |  | 136 |  |  |  | (39,440 | )
Pfizer, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 33.00 |  |  |  | 26 |  |  |  | (2,067 | )
Qorvo, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 75.00 |  |  |  | 150 |  |  |  | (1,500 | )
Rio Tinto PLC — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 42.50 |  |  |  | 340 |  |  |  | (34,000 | )
SLM Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 11.00 |  |  |  | 1,370 |  |  |  | (92,475 | )
Stanley Black & Decker, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 140.00 |  |  |  | 399 |  |  |  | (100,748 | )
Statoil ASA — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 17.70 |  |  |  | 392 |  |  |  | (1,530 | )
SunTrust Bank, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 55.00 |  |  |  | 210 |  |  |  | (51,135 | )
U.S. Bancorp |  | Call |  | 7/21/17 |  | USD |  |  | 52.50 |  |  |  | 896 |  |  |  | (58,688 | )
UnitedHealth Group, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 180.00 |  |  |  | 63 |  |  |  | (45,833 | )
UnitedHealth Group, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 185.00 |  |  |  | 49 |  |  |  | (18,253 | )
Valero Energy Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 65.00 |  |  |  | 59 |  |  |  | (17,494 | )
Valero Energy Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 67.50 |  |  |  | 15 |  |  |  | (1,830 | )
Walgreens Boots Alliance, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 82.50 |  |  |  | 150 |  |  |  | (3,150 | )
Dell Technologies, Inc., Class V |  | Call |  | 7/24/17 |  | USD |  |  | 62.01 |  |  |  | 134 |  |  |  | (15,184 | )
Activision Blizzard, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 57.00 |  |  |  | 235 |  |  |  | (49,233 | )
Alphabet, Inc., Class A |  | Call |  | 7/28/17 |  | USD |  |  | 962.50 |  |  |  | 28 |  |  |  | (46,620 | )
Bank of America Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 24.00 |  |  |  | 507 |  |  |  | (41,067 | )
BP PLC — ADR |  | Call |  | 7/28/17 |  | USD |  |  | 36.00 |  |  |  | 87 |  |  |  | (1,566 | )
Chevron Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 108.00 |  |  |  | 107 |  |  |  | (6,366 | )
Cisco Systems, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 32.00 |  |  |  | 203 |  |  |  | (4,466 | )
Citigroup, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 65.00 |  |  |  | 24 |  |  |  | (6,540 | )
Cognizant Technology Solutions Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 66.50 |  |  |  | 182 |  |  |  | (23,660 | )
Comcast Corp., Class A |  | Call |  | 7/28/17 |  | USD |  |  | 40.00 |  |  |  | 776 |  |  |  | (42,292 | )
CVS Health Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 78.00 |  |  |  | 218 |  |  |  | (66,272 | )
D.R. Horton, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 34.50 |  |  |  | 280 |  |  |  | (27,440 | )
Delta Air Lines, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 52.00 |  |  |  | 128 |  |  |  | (33,856 | )
Dow Chemical Co. |  | Call |  | 7/28/17 |  | USD |  |  | 65.00 |  |  |  | 300 |  |  |  | (18,750 | )
Flex Ltd. |  | Call |  | 7/28/17 |  | USD |  |  | 17.00 |  |  |  | 105 |  |  |  | (2,572 | )
Goodyear Tire & Rubber Co. |  | Call |  | 7/28/17 |  | USD |  |  | 34.00 |  |  |  | 365 |  |  |  | (62,963 | )
Hartford Financial Services Group, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 53.00 |  |  |  | 400 |  |  |  | (38,600 | )
Home Depot, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 157.50 |  |  |  | 172 |  |  |  | (15,910 | )
JPMorgan Chase & Co. |  | Call |  | 7/28/17 |  | USD |  |  | 89.00 |  |  |  | 292 |  |  |  | (89,498 | )
JPMorgan Chase & Co. |  | Call |  | 7/28/17 |  | USD |  |  | 91.50 |  |  |  | 385 |  |  |  | (60,830 | )
Marathon Oil Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 13.00 |  |  |  | 130 |  |  |  | (1,820 | )
Merck & Co., Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 66.50 |  |  |  | 34 |  |  |  | (1,547 | )
Microsoft Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 70.00 |  |  |  | 345 |  |  |  | (43,815 | )
Microsoft Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 70.50 |  |  |  | 700 |  |  |  | (74,200 | )
Norfolk Southern Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 120.00 |  |  |  | 50 |  |  |  | (21,750 | )
Pfizer, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 32.50 |  |  |  | 411 |  |  |  | (52,814 | )
Pfizer, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 34.50 |  |  |  | 146 |  |  |  | (2,044 | )
Suncor Energy, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 30.50 |  |  |  | 1,297 |  |  |  | (36,316 | )
U.S. Bancorp |  | Call |  | 7/28/17 |  | USD |  |  | 52.00 |  |  |  | 56 |  |  |  | (5,936 | )
UnitedHealth Group, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 182.50 |  |  |  | 170 |  |  |  | (96,475 | )
UnitedHealth Group, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 185.00 |  |  |  | 49 |  |  |  | (20,703 | )
Urban Outfitters, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 19.00 |  |  |  | 262 |  |  |  | (13,755 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 33

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

Exchange-Traded Options Written (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Valero Energy Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 65.50 |  |  |  | 20 |  |  | $ | (5,800 | )
Wal-Mart Stores, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 77.00 |  |  |  | 248 |  |  |  | (16,244 | )
Cisco Systems, Inc. |  | Call |  | 7/31/17 |  | USD |  |  | 32.25 |  |  |  | 503 |  |  |  | (11,701 | )
Pfizer, Inc. |  | Call |  | 7/31/17 |  | USD |  |  | 34.25 |  |  |  | 144 |  |  |  | (2,431 | )
SunTrust Bank, Inc. |  | Call |  | 7/31/17 |  | USD |  |  | 57.50 |  |  |  | 132 |  |  |  | (19,141 | )
Public Service Enterprise Group, Inc. |  | Call |  | 8/01/17 |  | USD |  |  | 44.40 |  |  |  | 132 |  |  |  | (3,415 | )
Activision Blizzard, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 59.00 |  |  |  | 235 |  |  |  | (39,363 | )
Alphabet, Inc., Class A |  | Call |  | 8/04/17 |  | USD |  |  | 965.00 |  |  |  | 14 |  |  |  | (24,710 | )
Anadarko Petroleum Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 47.50 |  |  |  | 23 |  |  |  | (2,104 | )
Apple, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 150.00 |  |  |  | 219 |  |  |  | (43,910 | )
Biogen, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 280.00 |  |  |  | 98 |  |  |  | (56,840 | )
BP PLC — ADR |  | Call |  | 8/04/17 |  | USD |  |  | 35.00 |  |  |  | 174 |  |  |  | (11,310 | )
Carnival Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 66.50 |  |  |  | 358 |  |  |  | (41,170 | )
Chevron Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 107.00 |  |  |  | 122 |  |  |  | (13,359 | )
Cisco Systems, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 32.00 |  |  |  | 252 |  |  |  | (6,804 | )
Citigroup, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 65.50 |  |  |  | 34 |  |  |  | (8,347 | )
CVS Health Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 82.50 |  |  |  | 218 |  |  |  | (16,677 | )
D.R. Horton, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 34.50 |  |  |  | 316 |  |  |  | (35,866 | )
Dow Chemical Co. |  | Call |  | 8/04/17 |  | USD |  |  | 64.50 |  |  |  | 10 |  |  |  | (845 | )
Flex Ltd. |  | Call |  | 8/04/17 |  | USD |  |  | 17.00 |  |  |  | 104 |  |  |  | (3,120 | )
Gilead Sciences, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 72.50 |  |  |  | 544 |  |  |  | (81,056 | )
Home Depot, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 155.00 |  |  |  | 166 |  |  |  | (36,188 | )
Intel Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 35.00 |  |  |  | 247 |  |  |  | (10,003 | )
JPMorgan Chase & Co. |  | Call |  | 8/04/17 |  | USD |  |  | 92.50 |  |  |  | 385 |  |  |  | (48,895 | )
Lowe’s Cos., Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 79.50 |  |  |  | 215 |  |  |  | (20,210 | )
Marathon Oil Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 12.00 |  |  |  | 164 |  |  |  | (8,938 | )
Merck & Co., Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 65.00 |  |  |  | 34 |  |  |  | (3,536 | )
Microsoft Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 70.50 |  |  |  | 212 |  |  |  | (25,758 | )
Norfolk Southern Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 119.00 |  |  |  | 111 |  |  |  | (57,720 | )
Suncor Energy, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 29.50 |  |  |  | 123 |  |  |  | (9,102 | )
Urban Outfitters, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 18.00 |  |  |  | 310 |  |  |  | (34,875 | )
Valero Energy Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 68.50 |  |  |  | 26 |  |  |  | (3,601 | )
Wal-Mart Stores, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 77.00 |  |  |  | 155 |  |  |  | (12,865 | )
Comcast Corp., Class A |  | Call |  | 8/09/17 |  | USD |  |  | 39.90 |  |  |  | 131 |  |  |  | (9,043 | )
Anadarko Petroleum Corp. |  | Call |  | 8/11/17 |  | USD |  |  | 46.50 |  |  |  | 66 |  |  |  | (9,438 | )
Apple, Inc. |  | Call |  | 8/11/17 |  | USD |  |  | 146.00 |  |  |  | 373 |  |  |  | (151,811 | )
Bank of America Corp. |  | Call |  | 8/11/17 |  | USD |  |  | 25.00 |  |  |  | 1,175 |  |  |  | (55,813 | )
Carnival Corp. |  | Call |  | 8/11/17 |  | USD |  |  | 66.00 |  |  |  | 510 |  |  |  | (79,050 | )
Cisco Systems, Inc. |  | Call |  | 8/11/17 |  | USD |  |  | 32.00 |  |  |  | 251 |  |  |  | (8,534 | )
Citigroup, Inc. |  | Call |  | 8/11/17 |  | USD |  |  | 68.00 |  |  |  | 35 |  |  |  | (4,025 | )
Cognizant Technology Solutions Corp., Class A |  | Call |  | 8/11/17 |  | USD |  |  | 66.50 |  |  |  | 440 |  |  |  | (94,600 | )
Dow Chemical Co. |  | Call |  | 8/11/17 |  | USD |  |  | 64.50 |  |  |  | 151 |  |  |  | (14,194 | )
JPMorgan Chase & Co. |  | Call |  | 8/11/17 |  | USD |  |  | 91.50 |  |  |  | 186 |  |  |  | (35,898 | )
Lowe’s Cos., Inc. |  | Call |  | 8/11/17 |  | USD |  |  | 77.50 |  |  |  | 298 |  |  |  | (58,408 | )
Microsoft Corp. |  | Call |  | 8/11/17 |  | USD |  |  | 70.41 |  |  |  | 140 |  |  |  | (19,175 | )
Urban Outfitters, Inc. |  | Call |  | 8/11/17 |  | USD |  |  | 19.50 |  |  |  | 280 |  |  |  | (14,560 | )
Activision Blizzard, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 60.00 |  |  |  | 270 |  |  |  | (46,305 | )
Aetna, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 155.00 |  |  |  | 43 |  |  |  | (12,449 | )
Alphabet, Inc., Class A |  | Call |  | 8/18/17 |  | USD |  |  | 1,000.00 |  |  |  | 28 |  |  |  | (28,700 | )
Anadarko Petroleum Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 50.00 |  |  |  | 11 |  |  |  | (610 | )
Anthem, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 200.00 |  |  |  | 37 |  |  |  | (5,920 | )
Apple, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 150.00 |  |  |  | 333 |  |  |  | (81,086 | )
Bank of America Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 24.00 |  |  |  | 507 |  |  |  | (50,954 | )
BP PLC — ADR |  | Call |  | 8/18/17 |  | USD |  |  | 36.00 |  |  |  | 180 |  |  |  | (6,030 | )
Centene Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 80.00 |  |  |  | 461 |  |  |  | (172,875 | )
Citigroup, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 65.00 |  |  |  | 5 |  |  |  | (1,477 | )
Cognizant Technology Solutions Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 67.91 |  |  |  | 311 |  |  |  | (49,623 | )
D.R. Horton, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 34.00 |  |  |  | 140 |  |  |  | (21,210 | )
D.R. Horton, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 35.00 |  |  |  | 140 |  |  |  | (13,160 | )
Delta Air Lines, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 55.00 |  |  |  | 518 |  |  |  | (68,894 | )
EMCOR Group, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 65.00 |  |  |  | 78 |  |  |  | (20,280 | )
FirstEnergy Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 30.00 |  |  |  | 310 |  |  |  | (10,850 | )
Flex Ltd. |  | Call |  | 8/18/17 |  | USD |  |  | 17.00 |  |  |  | 105 |  |  |  | (3,622 | )
Goodyear Tire & Rubber Co. |  | Call |  | 8/18/17 |  | USD |  |  | 35.00 |  |  |  | 262 |  |  |  | (35,370 | )
Humana, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 240.00 |  |  |  | 50 |  |  |  | (42,250 | )

See Notes to Financial Statements. |  |  |  |
34 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

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

Exchange-Traded Options Written (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Put/ Call |  |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
Intel Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 36.30 |  |  |  | 364 |  |  | $ | (7,649 | )
JPMorgan Chase & Co. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 90.00 |  |  |  | 244 |  |  |  | (70,272 | )
Lear Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 145.00 |  |  |  | 63 |  |  |  | (24,570 | )
Lowe’s Cos., Inc. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 82.50 |  |  |  | 305 |  |  |  | (15,555 | )
Marathon Oil Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 13.00 |  |  |  | 127 |  |  |  | (3,683 | )
McKesson Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 165.00 |  |  |  | 92 |  |  |  | (50,140 | )
Merck & Co., Inc. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 65.00 |  |  |  | 147 |  |  |  | (18,743 | )
Microsoft Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 72.50 |  |  |  | 311 |  |  |  | (23,636 | )
Regions Financial Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 14.60 |  |  |  | 456 |  |  |  | (30,006 | )
Rio Tinto PLC — ADR |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 42.50 |  |  |  | 170 |  |  |  | (24,990 | )
SLM Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 11.00 |  |  |  | 500 |  |  |  | (42,750 | )
SLM Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 12.00 |  |  |  | 250 |  |  |  | (8,250 | )
Southwest Airlines Co. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 62.10 |  |  |  | 74 |  |  |  | (18,796 | )
Suncor Energy, Inc. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 31.00 |  |  |  | 78 |  |  |  | (2,730 | )
SunTrust Bank, Inc. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 56.82 |  |  |  | 131 |  |  |  | (23,187 | )
TOTAL SA — ADR |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 51.25 |  |  |  | 454 |  |  |  | (29,943 | )
Urban Outfitters, Inc. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 20.00 |  |  |  | 281 |  |  |  | (18,265 | )
WABCO Holdings, Inc |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 130.00 |  |  |  | 55 |  |  |  | (17,710 | )
Citigroup, Inc. |  |  | Call |  |  |  | 8/25/17 |  |  |  | USD |  |  |  | 63.95 |  |  |  | 113 |  |  |  | (44,840 | )
Comcast Corp., Class A |  |  | Call |  |  |  | 8/30/17 |  |  |  | USD |  |  |  | 41.22 |  |  |  | 497 |  |  |  | (26,804 | )
Pfizer, Inc. |  |  | Call |  |  |  | 9/01/17 |  |  |  | USD |  |  |  | 34.17 |  |  |  | 325 |  |  |  | (13,820 | )
Altria Group, Inc. |  |  | Call |  |  |  | 9/15/17 |  |  |  | USD |  |  |  | 76.42 |  |  |  | 345 |  |  |  | (36,129 | )
Citigroup, Inc. |  |  | Call |  |  |  | 9/15/17 |  |  |  | USD |  |  |  | 67.50 |  |  |  | 25 |  |  |  | (4,925 | )
Comcast Corp., Class A |  |  | Call |  |  |  | 9/15/17 |  |  |  | USD |  |  |  | 41.25 |  |  |  | 522 |  |  |  | (31,581 | )
Oracle Corp. |  |  | Call |  |  |  | 9/15/17 |  |  |  | USD |  |  |  | 51.30 |  |  |  | 418 |  |  |  | (44,387 | )
Pfizer, Inc. |  |  | Call |  |  |  | 9/15/17 |  |  |  | USD |  |  |  | 34.00 |  |  |  | 814 |  |  |  | (46,398 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,800,610 | )

OTC Options Written |
Description |  | Put/ Call |  | Counterparty |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
Baxter International, Inc. |  | Call |  | Bank of America N.A. |  |  | 07/06/17 |  |  |  | USD |  |  |  | 56.46 |  |  |  | 14,200 |  |  | $ | (59,558 | )
Lear Corp. |  | Call |  | Goldman Sachs International |  |  | 07/06/17 |  |  |  | USD |  |  |  | 146.63 |  |  |  | 11,700 |  |  |  | (2,781 | )
SunTrust Bank, Inc. |  | Call |  | Goldman Sachs International |  |  | 07/06/17 |  |  |  | USD |  |  |  | 57.22 |  |  |  | 41,500 |  |  |  | (22,875 | )
CDW Corp. |  | Call |  | Société Générale |  |  | 07/07/17 |  |  |  | USD |  |  |  | 59.65 |  |  |  | 19,400 |  |  |  | (58,510 | )
Packaging Corp. of America |  | Call |  | Deutsche Bank AG |  |  | 07/07/17 |  |  |  | USD |  |  |  | 99.50 |  |  |  | 6,200 |  |  |  | (73,871 | )
Regions Financial Corp. |  | Call |  | UBS AG |  |  | 07/07/17 |  |  |  | USD |  |  |  | 14.42 |  |  |  | 25,100 |  |  |  | (9,672 | )
Amdocs Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 07/10/17 |  |  |  | USD |  |  |  | 63.50 |  |  |  | 25,000 |  |  |  | (32,360 | )
Laboratory Corp. of America Holdings |  | Call |  | Deutsche Bank AG |  |  | 07/11/17 |  |  |  | USD |  |  |  | 139.81 |  |  |  | 11,000 |  |  |  | (158,898 | )
Public Service Enterprise Group, Inc. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/11/17 |  |  |  | USD |  |  |  | 43.54 |  |  |  | 31,000 |  |  |  | (7,098 | )
Humana, Inc. |  | Call |  | Barclays Bank PLC |  |  | 07/12/17 |  |  |  | USD |  |  |  | 228.00 |  |  |  | 11,300 |  |  |  | (148,616 | )
Rio Tinto PLC — ADR |  | Call |  | Barclays Bank PLC |  |  | 07/13/17 |  |  |  | USD |  |  |  | 41.68 |  |  |  | 10,200 |  |  |  | (12,473 | )
Robert Half International, Inc. |  | Call |  | Barclays Bank PLC |  |  | 07/13/17 |  |  |  | USD |  |  |  | 47.77 |  |  |  | 40,000 |  |  |  | (51,318 | )
Regions Financial Corp. |  | Call |  | Citibank N.A. |  |  | 07/14/17 |  |  |  | USD |  |  |  | 14.43 |  |  |  | 42,300 |  |  |  | (20,409 | )
SLM Corp. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/14/17 |  |  |  | USD |  |  |  | 10.87 |  |  |  | 87,000 |  |  |  | (62,089 | )
SunTrust Bank, Inc. |  | Call |  | Barclays Bank PLC |  |  | 07/14/17 |  |  |  | USD |  |  |  | 56.55 |  |  |  | 20,800 |  |  |  | (26,695 | )
WABCO Holdings, Inc |  | Call |  | Bank of America N.A. |  |  | 07/14/17 |  |  |  | USD |  |  |  | 123.00 |  |  |  | 5,600 |  |  |  | (32,822 | )
Robert Half International, Inc. |  | Call |  | Barclays Bank PLC |  |  | 07/25/17 |  |  |  | USD |  |  |  | 48.38 |  |  |  | 15,500 |  |  |  | (22,856 | )
Statoil ASA — ADR |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 07/26/17 |  |  |  | USD |  |  |  | 17.29 |  |  |  | 31,900 |  |  |  | (4,926 | )
BP PLC — ADR |  | Call |  | UBS AG |  |  | 07/31/17 |  |  |  | USD |  |  |  | 35.85 |  |  |  | 10,900 |  |  |  | (1,670 | )
BP PLC — ADR |  | Call |  | UBS AG |  |  | 07/31/17 |  |  |  | USD |  |  |  | 36.53 |  |  |  | 8,800 |  |  |  | (980 | )
Pfizer, Inc. |  | Call |  | Citibank N.A. |  |  | 07/31/17 |  |  |  | USD |  |  |  | 33.32 |  |  |  | 41,200 |  |  |  | (28,086 | )
Packaging Corp. of America |  | Call |  | Bank of America N.A. |  |  | 08/02/17 |  |  |  | USD |  |  |  | 100.00 |  |  |  | 20,000 |  |  |  | (239,709 | )
Regions Financial Corp. |  | Call |  | Barclays Bank PLC |  |  | 08/02/17 |  |  |  | USD |  |  |  | 14.09 |  |  |  | 42,200 |  |  |  | (36,607 | )
Flex Ltd. |  | Call |  | Citibank N.A. |  |  | 08/10/17 |  |  |  | USD |  |  |  | 17.26 |  |  |  | 47,500 |  |  |  | (12,712 | )
SLM Corp. |  | Call |  | Citibank N.A. |  |  | 08/10/17 |  |  |  | USD |  |  |  | 10.80 |  |  |  | 62,900 |  |  |  | (64,637 | )
Rio Tinto PLC — ADR |  | Call |  | UBS AG |  |  | 08/11/17 |  |  |  | USD |  |  |  | 41.83 |  |  |  | 17,300 |  |  |  | (18,238 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,210,466 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 35

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

Transactions in Options Written for the Period Ended June 30, 2017

|  | Calls |
|  | Contracts |  |  | Premiums Received |
Outstanding options, beginning of period |  |  |  |  |  |  | 1,129,789 |  |  | $ | 8,212,203 |
Options written |  |  |  |  |  |  | 3,109,166 |  |  |  | 31,004,653 |
Options exercised |  |  |  |  |  |  | (10,682 | ) |  |  | (5,957,395 | )
Options expired |  |  |  |  |  |  | (1,069,231 | ) |  |  | (76,895 | )
Options closed |  |  |  |  |  |  | (2,403,303 | ) |  |  | (25,705,810 | )
Outstanding options, end of period |  |  |  |  |  |  | 755,739 |  |  | $ | 7,476,756 |

As of period end, the value of portfolio securities subject to covered call options written was $380,711,463.

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:

Liabilities — Derivative Financial Instruments |  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Options written |  | Options written, at value |  |  | — |  |  |  | — |  |  | $ | 8,011,076 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 8,011,076 |
For the six months ended June 30, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows: |

Net Realized Gain (Loss) from: |  |  |  |  | Commodity Contracts |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |  |  |  |
Futures contracts |  |  |  |  |  | — |  |  | — |  |  | $ | 529,712 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 529,712 |  |  |  |  |
Options purchased1 |  |  |  |  |  | — |  |  | — |  |  |  | (84 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (84 | ) |  |  |  |
Options written |  |  |  |  |  | — |  |  | — |  |  |  | (11,633,153 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (11,633,153 | ) |  |  |  |
Total |  |  |  |  |  | — |  |  | — |  |  | $ | (11,103,525 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | (11,103,525 | ) |  |  |  |
1 Options purchased are included in net realized gain (loss) from investments. |  |  |  |  |
Net Change in Unrealized Appreciation on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  | — |  |  | — |  |  | $ | 128,627 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 128,627 |  |  |  |  |
Options written |  |  |  |  |  | — |  |  | — |  |  |  | 1,555,959 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,555,959 |  |  |  |  |
Total |  |  |  |  |  | — |  |  | — |  |  | $ | 1,684,586 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 1,684,586 |  |  |  |  |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — long |  | $ | 6,193,031 |
Options: |  |  |  |
Average market value of option contracts purchased |  | $ | 68 | 1
Average value of option contracts written |  | $ | 7,150,396 |
1 Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter end. |

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) are as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments: |  |  |  |  |  |  |  |
Options |  |  | — |  |  | $ | 8,011,076 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (6,800,610 | )
Total derivative assets and liabilities subject to an MNA |  |  | — |  |  | $ | 1,210,466 |

See Notes to Financial Statements. |  |  |  |
36 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (concluded) |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under a Master Netting Agreement (“MNA”) and net of the related collateral received by the Trust:

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged1 |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities2 |
Bank of America N.A. |  |  |  |  |  | $ | 332,089 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 332,089 |
Barclays Bank PLC |  |  |  |  |  |  | 298,565 |  |  |  | — |  |  |  | — |  |  | $ | (5,000 | ) |  |  | 293,565 |
Citibank N.A. |  |  |  |  |  |  | 125,844 |  |  |  | — |  |  | $ | (119,537 | ) |  |  | — |  |  |  | 6,307 |
Deutsche Bank AG |  |  |  |  |  |  | 232,769 |  |  |  | — |  |  |  | — |  |  |  | (70,000 | ) |  |  | 162,769 |
Goldman Sachs International |  |  |  |  |  |  | 25,656 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25,656 |
JPMorgan Chase Bank N.A. |  |  |  |  |  |  | 37,286 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37,286 |
Morgan Stanley & Co. International PLC |  |  |  |  |  |  | 69,187 |  |  |  | — |  |  |  | (69,187 | ) |  |  | — |  |  |  | — |
Société Générale |  |  |  |  |  |  | 58,510 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 58,510 |
UBS AG |  |  |  |  |  |  | 30,560 |  |  |  | — |  |  |  | (30,560 | ) |  |  | — |  |  |  | — |
Total |  |  |  |  |  | $ | 1,210,466 |  |  |  | — |  |  | $ | (219,284 | ) |  | $ | (75,000 | ) |  | $ | 916,182 |
1 Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |
2 Net amount represents the net amount payable due to the counterparty in the event of default. Net Amount may be offset further by net 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 investments and derivatives financial instruments. For information about the Trust’s policy regarding valuation of investments and derivatives financial instruments refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |
Investments: |
Long-Term Investments: |
Common Stocks1 |  | $ | 709,485,627 |  |  |  | — |  |  |  | — |  |  | $ | 709,485,627 |
Short-Term Securities |  |  | 815,956 |  |  |  | — |  |  |  | — |  |  |  | 815,956 |
Total |  | $ | 710,301,583 |  |  |  | — |  |  |  | — |  |  | $ | 710,301,583 |
Derivative Financial Instruments2 |
Liabilities: |
Equity contracts |  | $ | (6,014,152 | ) |  | $ | (1,996,924 | ) |  |  | — |  |  | $ | (8,011,076 | )
1 See above Schedule of Investments for values in each industry. |
2 Derivative financial instruments are options written, which are shown at value. |

During the six months ended June 30, 2017, there were no transfers between levels.

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 37

Schedule of Investments June 30, 2017 (Unaudited) |  | BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Common Stocks |  | Shares |  |  | Value |
Aerospace & Defense — 2.9% |  |  |  |  |  |
Lockheed Martin Corp. (a) |  |  | 81,930 |  |  | $ | 22,744,587 |
Northrop Grumman Corp. (a) |  |  | 108,800 |  |  |  | 27,930,048 |
|  |  |  |  |  |  | 50,674,635 |
Air Freight & Logistics — 0.7% |  |  |  |  |  |
United Parcel Service, Inc., Class B (a) |  |  | 109,170 |  |  |  | 12,073,110 |
Banks — 18.0% |  |  |  |  |  |
Bank of America Corp. (a)(b) |  |  | 2,802,680 |  |  |  | 67,993,017 |
Citigroup, Inc. (a) |  |  | 1,047,020 |  |  |  | 70,024,698 |
JPMorgan Chase & Co. (a)(b) |  |  | 838,228 |  |  |  | 76,614,039 |
KeyCorp (a) |  |  | 585,860 |  |  |  | 10,979,016 |
SunTrust Banks, Inc. (a) |  |  | 337,240 |  |  |  | 19,128,253 |
U.S. Bancorp (a) |  |  | 532,143 |  |  |  | 27,628,865 |
Wells Fargo & Co. (a) |  |  | 869,791 |  |  |  | 48,195,119 |
|  |  |  |  |  |  | 320,563,007 |
Beverages — 1.7% |  |  |  |  |  |
Coca-Cola Co. (a) |  |  | 283,760 |  |  |  | 12,726,636 |
Diageo PLC — ADR |  |  | 613,300 |  |  |  | 18,124,084 |
|  |  |  |  |  |  | 30,850,720 |
Capital Markets — 3.6% |  |  |  |  |  |
Goldman Sachs Group, Inc. (a) |  |  | 107,120 |  |  |  | 23,769,928 |
Invesco Ltd. (a) |  |  | 251,864 |  |  |  | 8,863,094 |
Morgan Stanley & Co. LLC (a) |  |  | 718,670 |  |  |  | 32,023,935 |
|  |  |  |  |  |  | 64,656,957 |
Chemicals — 3.2% |  |  |  |  |  |
Dow Chemical Co. (a) |  |  | 817,000 |  |  |  | 51,528,190 |
Praxair, Inc. (a) |  |  | 41,900 |  |  |  | 5,553,845 |
|  |  |  |  |  |  | 57,082,035 |
Communications Equipment — 0.8% |  |  |  |  |  |
Motorola Solutions, Inc. (a) |  |  | 171,600 |  |  |  | 14,884,584 |
Diversified Telecommunication Services — 1.5% |  |  |  |
BCE, Inc. (a) |  |  | 103,700 |  |  |  | 4,670,648 |
Verizon Communications, Inc. (a) |  |  | 503,600 |  |  |  | 22,490,776 |
|  |  |  |  |  |  | 27,161,424 |
Electric Utilities — 3.0% |  |  |  |  |  |
Exelon Corp. (a) |  |  | 300,100 |  |  |  | 10,824,607 |
FirstEnergy Corp. (a) |  |  | 464,075 |  |  |  | 13,532,427 |
NextEra Energy, Inc. (a) |  |  | 211,150 |  |  |  | 29,588,449 |
|  |  |  |  |  |  | 53,945,483 |
Energy Equipment & Services — 0.4% |  |  |  |  |  |
Halliburton Co. (a) |  |  | 164,300 |  |  |  | 7,017,253 |
Food & Staples Retailing — 0.8% |  |  |  |  |  |
Kroger Co. (a) |  |  | 595,990 |  |  |  | 13,898,487 |
Food Products — 0.3% |  |  |  |  |  |
Mondelez International, Inc., Class A (a) |  |  | 132,225 |  |  |  | 5,710,798 |
Health Care Equipment & Supplies — 1.0% |  |  |  |  |  |
Becton Dickinson & Co. (a) |  |  | 66,700 |  |  |  | 13,013,837 |
Smith & Nephew PLC |  |  | 304,550 |  |  |  | 5,259,117 |
|  |  |  |  |  |  | 18,272,954 |
Health Care Providers & Services — 7.5% |  |  |  |  |  |
Aetna, Inc. (a) |  |  | 249,056 |  |  |  | 37,814,173 |
Anthem, Inc. (a) |  |  | 221,710 |  |  |  | 41,710,302 |
Cardinal Health, Inc. (a) |  |  | 49,060 |  |  |  | 3,822,755 |
McKesson Corp. (a) |  |  | 95,880 |  |  |  | 15,776,095 |
Quest Diagnostics, Inc. (a) |  |  | 128,330 |  |  |  | 14,265,163 |
UnitedHealth Group, Inc. (a) |  |  | 104,500 |  |  |  | 19,376,390 |
|  |  |  |  |  |  | 132,764,878 |
Hotels, Restaurants & Leisure — 0.0% |  |  |  |  |  |
Hilton Worldwide Holdings, Inc. |  |  | 10,241 |  |  |  | 633,406 |

Common Stocks |  | Shares |  |  | Value |
Household Products — 1.0% |  |  |  |  |  |
Procter & Gamble Co. (a) |  |  | 209,320 |  |  | $ | 18,242,238 |
Industrial Conglomerates — 6.0% |  |  |  |  |  |
3M Co. (a) |  |  | 63,200 |  |  |  | 13,157,608 |
General Electric Co. (a) |  |  | 1,498,000 |  |  |  | 40,460,980 |
Honeywell International, Inc. (a) |  |  | 189,600 |  |  |  | 25,271,784 |
Koninklijke Philips NV |  |  | 769,060 |  |  |  | 27,377,517 |
|  |  |  |  |  |  | 106,267,889 |
Insurance — 6.7% |  |  |  |  |  |
Allstate Corp. (a) |  |  | 96,000 |  |  |  | 8,490,240 |
American International Group, Inc. (a) |  |  | 571,320 |  |  |  | 35,718,926 |
Marsh & McLennan Cos., Inc. (a) |  |  | 171,547 |  |  |  | 13,373,804 |
MetLife, Inc. (a) |  |  | 478,500 |  |  |  | 26,288,790 |
Prudential Financial, Inc. (a) |  |  | 217,900 |  |  |  | 23,563,706 |
Travelers Cos., Inc. (a) |  |  | 95,700 |  |  |  | 12,108,921 |
|  |  |  |  |  |  | 119,544,387 |
Machinery — 0.3% |  |  |  |  |  |
Pentair PLC (a) |  |  | 72,400 |  |  |  | 4,817,496 |
Media — 2.5% |  |  |  |  |  |
Comcast Corp., Class A (a) |  |  | 762,770 |  |  |  | 29,687,009 |
Publicis Groupe SA |  |  | 188,010 |  |  |  | 14,012,949 |
|  |  |  |  |  |  | 43,699,958 |
Multi-Utilities — 2.3% |  |  |  |  |  |
Dominion Resources, Inc. (a) |  |  | 157,100 |  |  |  | 12,038,573 |
PG&E Corp. (a) |  |  | 199,400 |  |  |  | 13,234,178 |
Public Service Enterprise Group, Inc. (a) |  |  | 378,600 |  |  |  | 16,283,586 |
|  |  |  |  |  |  | 41,556,337 |
Multiline Retail — 0.8% |  |  |  |  |  |
Dollar General Corp. (a) |  |  | 202,847 |  |  |  | 14,623,240 |
Oil, Gas & Consumable Fuels — 10.7% |  |  |  |  |  |
Anadarko Petroleum Corp. (a) |  |  | 81,600 |  |  |  | 3,699,744 |
Chevron Corp. (a) |  |  | 241,100 |  |  |  | 25,153,963 |
Enbridge, Inc. (a) |  |  | 189,699 |  |  |  | 7,551,917 |
Exxon Mobil Corp. (a) |  |  | 187,400 |  |  |  | 15,128,802 |
Hess Corp. (a) |  |  | 411,110 |  |  |  | 18,035,396 |
Marathon Oil Corp. (a) |  |  | 682,660 |  |  |  | 8,089,521 |
Marathon Petroleum Corp. (a) |  |  | 279,400 |  |  |  | 14,621,002 |
Occidental Petroleum Corp. (a) |  |  | 453,500 |  |  |  | 27,151,045 |
Royal Dutch Shell PLC — ADR, Class A (a) |  |  | 299,330 |  |  |  | 15,921,363 |
Suncor Energy, Inc. (a) |  |  | 961,240 |  |  |  | 28,068,208 |
TOTAL SA — ADR (a) |  |  | 526,600 |  |  |  | 26,114,094 |
|  |  |  |  |  |  | 189,535,055 |
Paper & Forest Products — 0.6% |  |  |  |  |  |
International Paper Co. (a) |  |  | 177,700 |  |  |  | 10,059,597 |
Personal Products — 1.3% |  |  |  |  |  |
Unilever NV — NY Shares (a) |  |  | 426,900 |  |  |  | 23,594,763 |
Pharmaceuticals — 8.1% |  |  |  |  |  |
AstraZeneca PLC |  |  | 482,236 |  |  |  | 32,301,864 |
Johnson & Johnson (a) |  |  | 84,600 |  |  |  | 11,191,734 |
Merck & Co., Inc. (a) |  |  | 607,500 |  |  |  | 38,934,675 |
Pfizer, Inc. (a)(b) |  |  | 1,856,990 |  |  |  | 62,376,294 |
|  |  |  |  |  |  | 144,804,567 |
Professional Services — 1.4% |  |  |  |  |  |
Experian PLC |  |  | 723,400 |  |  |  | 14,846,218 |
Nielsen Holdings PLC (a) |  |  | 260,150 |  |  |  | 10,057,399 |
|  |  |  |  |  |  | 24,903,617 |
Real Estate Investment Trusts (REITs) — 0.4% |  |  |  |  |  |
Weyerhaeuser Co. (a) |  |  | 220,200 |  |  |  | 7,376,700 |
Road & Rail — 0.6% |  |  |  |  |  |
Union Pacific Corp. (a) |  |  | 96,000 |  |  |  | 10,455,360 |

See Notes to Financial Statements. |  |  |  |
38 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Common Stocks |  | Shares |  |  | Value |
Semiconductors & Semiconductor Equipment — 4.0% |
QUALCOMM, Inc. (a) |  |  | 189,300 |  |  | $ | 10,453,146 |
Samsung Electronics Co. Ltd. — GDR (c) |  |  | 32,600 |  |  |  | 33,798,562 |
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR (a) |  |  | 740,700 |  |  |  | 25,894,872 |
|  |  |  |  |  |  | 70,146,580 |
Software — 5.4% |  |  |  |  |  |
Constellation Software, Inc. |  |  | 7,300 |  |  |  | 3,818,933 |
Microsoft Corp. (a) |  |  | 522,330 |  |  |  | 36,004,207 |
Oracle Corp. (a) |  |  | 1,111,700 |  |  |  | 55,740,638 |
|  |  |  |  |  |  | 95,563,778 |
Specialty Retail — 1.3% |  |  |  |  |  |
Gap, Inc. (a) |  |  | 323,200 |  |  |  | 7,107,168 |
Home Depot, Inc. (a) |  |  | 106,400 |  |  |  | 16,321,760 |
|  |  |  |  |  |  | 23,428,928 |
Technology Hardware, Storage & Peripherals — 0.5% |
Lenovo Group Ltd. |  |  | 13,220,000 |  |  |  | 8,343,562 |
Tobacco — 0.9% |  |  |  |  |  |
Altria Group, Inc. (a) |  |  | 105,290 |  |  |  | 7,840,946 |
Philip Morris International, Inc. (a) |  |  | 69,800 |  |  |  | 8,198,010 |
|  |  |  |  |  |  | 16,038,956 |

Common Stocks |  | Shares |  |  | Value |
Wireless Telecommunication Services — 0.6% |  |  |  |  |  |
SK Telecom Co. Ltd. — ADR (a) |  |  | 400,700 |  |  | $ | 10,285,969 |
Total Long-Term Investments (Cost — $1,356,693,370) — 100.8% |  |  |  | 1,793,478,708 |
Short-Term Securities |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (d)(e) |  |  | 1,218,990 |  |  |  | 1,218,990 |
Total Short-Term Securities (Cost — $1,218,990) — 0.1% |  |  |  | 1,218,990 |
Total Investments Before Options Written (Cost — $1,357,912,360) — 100.9% |  |  |  | 1,794,697,698 |
Options Written (Premiums Received — $17,058,110) — (1.1)% |  |  |  | (18,689,806 | )
Total Investments, Net of Options Written (Cost — $1,340,854,250) — 99.8% |  |  |  | 1,776,007,892 |
Other Assets Less Liabilities — 0.2% |  |  |  | 2,974,279 |
Net Assets — 100.0% |  |  | $ | 1,778,982,171 |

Notes to Schedule of Investments

(a) |  | All or a portion of 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) |  | Current yield as of period end.

(e) |  | During the period ended June 30, 2017, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at December 31, 2016 |  |  | Net Activity |  |  | Shares Held at June 30, 2017 |  |  | Value at June 30, 2017 |  |  | Income |  |  | Net Realized Gain |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 3,630,472 |  |  |  | (2,411,482 | ) |  |  | 1,218,990 |  |  | $ | 1,218,990 |  |  | $ | 22,544 |  |  |  | — |  |  |  | — |
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,508 | 1 |  |  | — |  |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,218,990 |  |  | $ | 24,052 |  |  |  | — |  |  |  | — |
1 Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |

For Trust compliance purposes, the Trust’s industry classifications refer to any 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.

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
JPMorgan Chase & Co. |  | Call |  | 7/06/17 |  | USD |  |  | 87.50 |  |  |  | 292 |  |  | $ | (101,266 | )
Marathon Oil Corp. |  | Call |  | 7/06/17 |  | USD |  |  | 15.50 |  |  |  | 188 |  |  |  | — |
Anthem, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 182.50 |  |  |  | 383 |  |  |  | (219,268 | )
Bank of America Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 24.00 |  |  |  | 1,217 |  |  |  | (51,723 | )
Bank of America Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 24.25 |  |  |  | 949 |  |  |  | (31,464 | )
Chevron Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 107.00 |  |  |  | 309 |  |  |  | (1,390 | )
Citigroup, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 61.00 |  |  |  | 499 |  |  |  | (303,143 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 39

Schedule of Investments (continued) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued) |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Citigroup, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 61.50 |  |  |  | 331 |  |  | $ | (180,395 | )
Enbridge, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 38.98 |  |  |  | 463 |  |  |  | (48,351 | )
Exxon Mobil Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 82.00 |  |  |  | 116 |  |  |  | (1,160 | )
General Electric Co. |  | Call |  | 7/07/17 |  | USD |  |  | 28.50 |  |  |  | 114 |  |  |  | (228 | )
General Electric Co. |  | Call |  | 7/07/17 |  | USD |  |  | 29.00 |  |  |  | 1,704 |  |  |  | (1,704 | )
Goldman Sachs Group, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 225.00 |  |  |  | 279 |  |  |  | (20,785 | )
KeyCorp |  | Call |  | 7/07/17 |  | USD |  |  | 18.50 |  |  |  | 360 |  |  |  | (13,680 | )
Lockheed Martin Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 282.50 |  |  |  | 96 |  |  |  | (2,640 | )
Marathon Oil Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 14.00 |  |  |  | 608 |  |  |  | (1,216 | )
Marathon Petroleum Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 53.00 |  |  |  | 566 |  |  |  | (23,780 | )
Merck & Co., Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 64.50 |  |  |  | 457 |  |  |  | (13,938 | )
MetLife, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 52.00 |  |  |  | 513 |  |  |  | (155,952 | )
Mondelez International, Inc., Class A |  | Call |  | 7/07/17 |  | USD |  |  | 47.00 |  |  |  | 153 |  |  |  | (1,377 | )
Morgan Stanley & Co. LLC |  | Call |  | 7/07/17 |  | USD |  |  | 43.00 |  |  |  | 518 |  |  |  | (85,988 | )
Northrop Grumman Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 257.50 |  |  |  | 181 |  |  |  | (21,267 | )
Occidental Petroleum Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 61.50 |  |  |  | 120 |  |  |  | (1,140 | )
Royal Dutch Shell PLC — ADR, Class A |  | Call |  | 7/07/17 |  | USD |  |  | 55.95 |  |  |  | 587 |  |  |  | (274 | )
Suncor Energy, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 31.50 |  |  |  | 253 |  |  |  | (8,855 | )
U.S. Bancorp |  | Call |  | 7/07/17 |  | USD |  |  | 53.00 |  |  |  | 355 |  |  |  | (2,485 | )
Union Pacific Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 110.00 |  |  |  | 123 |  |  |  | (4,858 | )
Union Pacific Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 111.00 |  |  |  | 124 |  |  |  | (2,108 | )
UnitedHealth Group, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 177.50 |  |  |  | 94 |  |  |  | (75,905 | )
Verizon Communications, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 45.50 |  |  |  | 122 |  |  |  | (244 | )
Wells Fargo & Co. |  | Call |  | 7/07/17 |  | USD |  |  | 53.50 |  |  |  | 1,453 |  |  |  | (293,506 | )
Wells Fargo & Co. |  | Call |  | 7/07/17 |  | USD |  |  | 55.00 |  |  |  | 449 |  |  |  | (34,573 | )
Weyerhaeuser Co. |  | Call |  | 7/07/17 |  | USD |  |  | 33.50 |  |  |  | 403 |  |  |  | (12,090 | )
Becton Dickinson & Co. |  | Call |  | 7/10/17 |  | USD |  |  | 187.00 |  |  |  | 239 |  |  |  | (203,947 | )
Bank of America Corp. |  | Call |  | 7/11/17 |  | USD |  |  | 24.25 |  |  |  | 476 |  |  |  | (19,759 | )
Exelon Corp. |  | Call |  | 7/12/17 |  | USD |  |  | 36.51 |  |  |  | 499 |  |  |  | (11,165 | )
Chevron Corp. |  | Call |  | 7/13/17 |  | USD |  |  | 107.50 |  |  |  | 308 |  |  |  | (5,822 | )
Altria Group, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 76.00 |  |  |  | 275 |  |  |  | (4,675 | )
American International Group, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 64.00 |  |  |  | 463 |  |  |  | (7,871 | )
Anadarko Petroleum Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 52.50 |  |  |  | 99 |  |  |  | (396 | )
Bank of America Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 23.00 |  |  |  | 667 |  |  |  | (91,379 | )
Bank of America Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 23.50 |  |  |  | 1,282 |  |  |  | (117,944 | )
Dow Chemical Co. |  | Call |  | 7/14/17 |  | USD |  |  | 65.50 |  |  |  | 743 |  |  |  | (7,058 | )
Exxon Mobil Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 81.00 |  |  |  | 263 |  |  |  | (17,095 | )
General Electric Co. |  | Call |  | 7/14/17 |  | USD |  |  | 28.00 |  |  |  | 1,030 |  |  |  | (4,120 | )
General Electric Co. |  | Call |  | 7/14/17 |  | USD |  |  | 28.50 |  |  |  | 82 |  |  |  | (123 | )
Goldman Sachs Group, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 220.00 |  |  |  | 94 |  |  |  | (42,065 | )
Merck & Co., Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 64.50 |  |  |  | 855 |  |  |  | (45,743 | )
Mondelez International, Inc., Class A |  | Call |  | 7/14/17 |  | USD |  |  | 46.50 |  |  |  | 157 |  |  |  | (706 | )
Morgan Stanley & Co. LLC |  | Call |  | 7/14/17 |  | USD |  |  | 45.50 |  |  |  | 291 |  |  |  | (9,748 | )
Pfizer, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 33.00 |  |  |  | 1,190 |  |  |  | (87,465 | )
Philip Morris International, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 123.00 |  |  |  | 174 |  |  |  | (1,566 | )
Suncor Energy, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 32.00 |  |  |  | 253 |  |  |  | (4,807 | )
Union Pacific Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 111.00 |  |  |  | 233 |  |  |  | (11,650 | )
United Parcel Service, Class B |  | Call |  | 7/14/17 |  | USD |  |  | 109.00 |  |  |  | 190 |  |  |  | (41,895 | )
UnitedHealth Group, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 182.50 |  |  |  | 144 |  |  |  | (59,400 | )
Verizon Communications, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 47.00 |  |  |  | 427 |  |  |  | (640 | )
Wells Fargo & Co. |  | Call |  | 7/14/17 |  | USD |  |  | 52.00 |  |  |  | 1,361 |  |  |  | (500,168 | )
Weyerhaeuser Co. |  | Call |  | 7/14/17 |  | USD |  |  | 34.00 |  |  |  | 53 |  |  |  | (1,192 | )
Marsh & McLennan Cos., Inc. |  | Call |  | 7/20/17 |  | USD |  |  | 78.50 |  |  |  | 394 |  |  |  | (38,516 | )
Pentair PLC |  | Call |  | 7/20/17 |  | USD |  |  | 67.00 |  |  |  | 294 |  |  |  | (27,051 | )
3M Co. |  | Call |  | 7/21/17 |  | USD |  |  | 200.00 |  |  |  | 60 |  |  |  | (54,300 | )
3M Co. |  | Call |  | 7/21/17 |  | USD |  |  | 206.40 |  |  |  | 193 |  |  |  | (86,561 | )
Aetna, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 140.00 |  |  |  | 340 |  |  |  | (400,350 | )
Allstate Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 86.10 |  |  |  | 480 |  |  |  | (145,302 | )
American International Group, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 62.50 |  |  |  | 214 |  |  |  | (18,511 | )
Anthem, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 190.00 |  |  |  | 263 |  |  |  | (61,805 | )
Bank of America Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 23.00 |  |  |  | 335 |  |  |  | (48,073 | )
Bank of America Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 25.00 |  |  |  | 475 |  |  |  | (13,062 | )
Chevron Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 110.00 |  |  |  | 335 |  |  |  | (3,350 | )
Citigroup, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 62.50 |  |  |  | 1,122 |  |  |  | (527,340 | )
Comcast Corp., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 38.75 |  |  |  | 863 |  |  |  | (73,355 | )

See Notes to Financial Statements. |  |  |  |
40 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued) |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Dominion Resources, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 80.00 |  |  |  | 1,211 |  |  | $ | (12,110 | )
Dow Chemical Co. |  | Call |  | 7/21/17 |  | USD |  |  | 64.00 |  |  |  | 317 |  |  |  | (18,386 | )
Enbridge, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 40.00 |  |  |  | 485 |  |  |  | (29,100 | )
Exelon Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 37.00 |  |  |  | 187 |  |  |  | (2,805 | )
Exxon Mobil Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 80.00 |  |  |  | 243 |  |  |  | (35,842 | )
Exxon Mobil Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 85.00 |  |  |  | 208 |  |  |  | (1,144 | )
FirstEnergy Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 29.00 |  |  |  | 550 |  |  |  | (28,875 | )
FirstEnergy Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 30.00 |  |  |  | 1,021 |  |  |  | (15,315 | )
Gap, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 24.00 |  |  |  | 880 |  |  |  | (4,840 | )
Hess Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 52.50 |  |  |  | 459 |  |  |  | (918 | )
Home Depot, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 160.00 |  |  |  | 157 |  |  |  | (3,768 | )
Honeywell International, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 132.05 |  |  |  | 328 |  |  |  | (98,012 | )
Invesco Ltd. |  | Call |  | 7/21/17 |  | USD |  |  | 33.00 |  |  |  | 741 |  |  |  | (179,693 | )
Invesco Ltd. |  | Call |  | 7/21/17 |  | USD |  |  | 35.00 |  |  |  | 644 |  |  |  | (48,300 | )
Johnson & Johnson |  | Call |  | 7/21/17 |  | USD |  |  | 127.52 |  |  |  | 272 |  |  |  | (150,970 | )
KeyCorp |  | Call |  | 7/21/17 |  | USD |  |  | 18.00 |  |  |  | 255 |  |  |  | (24,097 | )
Kroger Co. |  | Call |  | 7/21/17 |  | USD |  |  | 24.00 |  |  |  | 740 |  |  |  | (25,900 | )
Kroger Co. |  | Call |  | 7/21/17 |  | USD |  |  | 31.00 |  |  |  | 109 |  |  |  | (545 | )
Marathon Petroleum Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 52.50 |  |  |  | 311 |  |  |  | (35,765 | )
McKesson Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 162.25 |  |  |  | 60 |  |  |  | (25,238 | )
Merck & Co., Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 65.00 |  |  |  | 447 |  |  |  | (27,267 | )
MetLife, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 52.50 |  |  |  | 315 |  |  |  | (86,625 | )
Microsoft Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 70.00 |  |  |  | 643 |  |  |  | (71,373 | )
Mondelez International, Inc., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 46.00 |  |  |  | 175 |  |  |  | (2,712 | )
Morgan Stanley & Co. LLC |  | Call |  | 7/21/17 |  | USD |  |  | 43.00 |  |  |  | 498 |  |  |  | (102,339 | )
Motorola Solutions, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 85.00 |  |  |  | 429 |  |  |  | (117,761 | )
NextEra Energy, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 140.00 |  |  |  | 186 |  |  |  | (37,200 | )
NextEra Energy, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 145.00 |  |  |  | 243 |  |  |  | (6,075 | )
Nielsen Holdings PLC |  | Call |  | 7/21/17 |  | USD |  |  | 40.00 |  |  |  | 711 |  |  |  | (24,885 | )
Northrop Grumman Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 256.30 |  |  |  | 179 |  |  |  | (64,509 | )
Oracle Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 45.00 |  |  |  | 1,015 |  |  |  | (527,800 | )
Oracle Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 46.00 |  |  |  | 262 |  |  |  | (110,040 | )
Pfizer, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 33.00 |  |  |  | 1,416 |  |  |  | (112,572 | )
Pfizer, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 34.00 |  |  |  | 814 |  |  |  | (17,094 | )
PG&E Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 70.00 |  |  |  | 401 |  |  |  | (4,010 | )
Philip Morris International, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 120.00 |  |  |  | 175 |  |  |  | (16,187 | )
Praxair, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 130.00 |  |  |  | 137 |  |  |  | (54,115 | )
Procter & Gamble Co. |  | Call |  | 7/21/17 |  | USD |  |  | 87.50 |  |  |  | 578 |  |  |  | (37,859 | )
Prudential Financial, Inc |  | Call |  | 7/21/17 |  | USD |  |  | 110.00 |  |  |  | 1,255 |  |  |  | (138,678 | )
Public Service Enterprise Group, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 45.00 |  |  |  | 292 |  |  |  | (2,190 | )
QUALCOMM, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 60.00 |  |  |  | 300 |  |  |  | (6,750 | )
Quest Diagnostics, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 110.00 |  |  |  | 409 |  |  |  | (74,643 | )
Royal Dutch Shell PLC — ADR, Class A |  | Call |  | 7/21/17 |  | USD |  |  | 55.95 |  |  |  | 587 |  |  |  | (4,808 | )
SK Telecom Co. Ltd. — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 25.00 |  |  |  | 923 |  |  |  | (76,148 | )
Travelers Cos., Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 125.00 |  |  |  | 237 |  |  |  | (66,360 | )
U.S. Bancorp |  | Call |  | 7/21/17 |  | USD |  |  | 52.50 |  |  |  | 1,577 |  |  |  | (103,294 | )
Unilever NV — NY Shares |  | Call |  | 7/21/17 |  | USD |  |  | 57.50 |  |  |  | 1,300 |  |  |  | (32,500 | )
United Parcel Service, Class B |  | Call |  | 7/21/17 |  | USD |  |  | 110.00 |  |  |  | 140 |  |  |  | (25,690 | )
UnitedHealth Group, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 185.00 |  |  |  | 142 |  |  |  | (52,895 | )
Verizon Communications, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 46.00 |  |  |  | 686 |  |  |  | (6,517 | )
Wells Fargo & Co. |  | Call |  | 7/21/17 |  | USD |  |  | 52.50 |  |  |  | 661 |  |  |  | (211,520 | )
Weyerhaeuser Co. |  | Call |  | 7/21/17 |  | USD |  |  | 34.00 |  |  |  | 520 |  |  |  | (16,900 | )
Exxon Mobil Corp. |  | Call |  | 7/25/17 |  | USD |  |  | 83.25 |  |  |  | 118 |  |  |  | (2,825 | )
Exelon Corp. |  | Call |  | 7/27/17 |  | USD |  |  | 37.01 |  |  |  | 312 |  |  |  | (6,140 | )
Honeywell International, Inc. |  | Call |  | 7/27/17 |  | USD |  |  | 135.12 |  |  |  | 310 |  |  |  | (45,962 | )
SK Telecom Co. Ltd. — ADR |  | Call |  | 7/27/17 |  | USD |  |  | 25.01 |  |  |  | 556 |  |  |  | (48,118 | )
American International Group, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 64.00 |  |  |  | 638 |  |  |  | (25,520 | )
Bank of America Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 24.00 |  |  |  | 1,278 |  |  |  | (103,518 | )
Chevron Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 108.00 |  |  |  | 253 |  |  |  | (15,053 | )
Citigroup, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 65.00 |  |  |  | 337 |  |  |  | (91,833 | )
Dow Chemical Co. |  | Call |  | 7/28/17 |  | USD |  |  | 65.00 |  |  |  | 962 |  |  |  | (60,125 | )
General Electric Co. |  | Call |  | 7/28/17 |  | USD |  |  | 29.50 |  |  |  | 1,703 |  |  |  | (5,109 | )
Halliburton Co. |  | Call |  | 7/28/17 |  | USD |  |  | 44.00 |  |  |  | 821 |  |  |  | (66,501 | )
Home Depot, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 157.50 |  |  |  | 200 |  |  |  | (18,500 | )
JPMorgan Chase & Co. |  | Call |  | 7/28/17 |  | USD |  |  | 89.00 |  |  |  | 1,255 |  |  |  | (384,658 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 41

Schedule of Investments (continued) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued) |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
JPMorgan Chase & Co. |  | Call |  | 7/28/17 |  | USD |  |  | 91.50 |  |  |  | 772 |  |  | $ | (121,976 | )
Lockheed Martin Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 282.50 |  |  |  | 159 |  |  |  | (44,043 | )
Marathon Oil Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 13.00 |  |  |  | 563 |  |  |  | (7,882 | )
McKesson Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 167.50 |  |  |  | 62 |  |  |  | (18,755 | )
Merck & Co., Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 66.50 |  |  |  | 414 |  |  |  | (18,837 | )
MetLife, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 52.50 |  |  |  | 648 |  |  |  | (186,948 | )
Microsoft Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 70.00 |  |  |  | 245 |  |  |  | (31,115 | )
Microsoft Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 70.50 |  |  |  | 496 |  |  |  | (52,576 | )
Mondelez International, Inc., Class A |  | Call |  | 7/28/17 |  | USD |  |  | 45.50 |  |  |  | 176 |  |  |  | (5,984 | )
Morgan Stanley & Co. LLC |  | Call |  | 7/28/17 |  | USD |  |  | 46.00 |  |  |  | 290 |  |  |  | (16,095 | )
Pfizer, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 32.50 |  |  |  | 339 |  |  |  | (43,562 | )
Pfizer, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 33.00 |  |  |  | 549 |  |  |  | (47,763 | )
Pfizer, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 33.50 |  |  |  | 607 |  |  |  | (32,474 | )
Pfizer, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 34.50 |  |  |  | 408 |  |  |  | (5,712 | )
Procter & Gamble Co. |  | Call |  | 7/28/17 |  | USD |  |  | 89.00 |  |  |  | 98 |  |  |  | (2,793 | )
Public Service Enterprise Group, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 45.01 |  |  |  | 856 |  |  |  | (10,126 | )
QUALCOMM, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 57.00 |  |  |  | 215 |  |  |  | (22,145 | )
Suncor Energy, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 30.50 |  |  |  | 1,293 |  |  |  | (36,204 | )
U.S. Bancorp |  | Call |  | 7/28/17 |  | USD |  |  | 52.00 |  |  |  | 168 |  |  |  | (17,808 | )
United Parcel Service, Class B |  | Call |  | 7/28/17 |  | USD |  |  | 112.00 |  |  |  | 251 |  |  |  | (37,023 | )
UnitedHealth Group, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 182.50 |  |  |  | 158 |  |  |  | (89,665 | )
UnitedHealth Group, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 185.00 |  |  |  | 141 |  |  |  | (59,573 | )
Verizon Communications, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 47.00 |  |  |  | 214 |  |  |  | (1,926 | )
Wells Fargo & Co. |  | Call |  | 7/28/17 |  | USD |  |  | 54.50 |  |  |  | 150 |  |  |  | (26,400 | )
Pfizer, Inc. |  | Call |  | 7/31/17 |  | USD |  |  | 34.25 |  |  |  | 406 |  |  |  | (6,855 | )
PG&E Corp. |  | Call |  | 7/31/17 |  | USD |  |  | 68.50 |  |  |  | 402 |  |  |  | (18,190 | )
SunTrust Bank, Inc. |  | Call |  | 7/31/17 |  | USD |  |  | 57.50 |  |  |  | 426 |  |  |  | (61,774 | )
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR |  | Call |  | 7/31/17 |  | USD |  |  | 36.00 |  |  |  | 1,151 |  |  |  | (63,820 | )
Unilever NV — NY Shares |  | Call |  | 7/31/17 |  | USD |  |  | 56.50 |  |  |  | 405 |  |  |  | (30,980 | )
Coca-Cola Co. |  | Call |  | 8/01/17 |  | USD |  |  | 45.40 |  |  |  | 615 |  |  |  | (26,760 | )
Public Service Enterprise Group, Inc. |  | Call |  | 8/01/17 |  | USD |  |  | 44.40 |  |  |  | 305 |  |  |  | (7,890 | )
Royal Dutch Shell PLC — ADR, Class A |  | Call |  | 8/01/17 |  | USD |  |  | 55.50 |  |  |  | 154 |  |  |  | (3,448 | )
Royal Dutch Shell PLC — ADR, Class A |  | Call |  | 8/01/17 |  | USD |  |  | 53.25 |  |  |  | 168 |  |  |  | (18,357 | )
Anadarko Petroleum Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 47.50 |  |  |  | 101 |  |  |  | (9,241 | )
Bank of America Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 23.50 |  |  |  | 1,507 |  |  |  | (181,594 | )
Cardinal Health, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 80.50 |  |  |  | 122 |  |  |  | (12,505 | )
Citigroup, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 65.50 |  |  |  | 474 |  |  |  | (116,367 | )
Dollar General Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 72.50 |  |  |  | 602 |  |  |  | (118,895 | )
Dow Chemical Co. |  | Call |  | 8/04/17 |  | USD |  |  | 64.50 |  |  |  | 945 |  |  |  | (79,853 | )
Gap, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 23.00 |  |  |  | 736 |  |  |  | (25,024 | )
Hess Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 43.00 |  |  |  | 853 |  |  |  | (207,279 | )
Home Depot, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 155.00 |  |  |  | 334 |  |  |  | (72,812 | )
Johnson & Johnson |  | Call |  | 8/04/17 |  | USD |  |  | 134.00 |  |  |  | 277 |  |  |  | (44,874 | )
JPMorgan Chase & Co. |  | Call |  | 8/04/17 |  | USD |  |  | 92.50 |  |  |  | 771 |  |  |  | (97,917 | )
KeyCorp |  | Call |  | 8/04/17 |  | USD |  |  | 18.50 |  |  |  | 1,916 |  |  |  | (138,910 | )
Lockheed Martin Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 282.50 |  |  |  | 154 |  |  |  | (50,820 | )
Marathon Oil Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 12.00 |  |  |  | 1,400 |  |  |  | (76,300 | )
Marathon Petroleum Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 51.50 |  |  |  | 100 |  |  |  | (22,250 | )
Merck & Co., Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 65.00 |  |  |  | 408 |  |  |  | (42,432 | )
Microsoft Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 70.50 |  |  |  | 478 |  |  |  | (58,077 | )
Occidental Petroleum Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 62.50 |  |  |  | 344 |  |  |  | (24,596 | )
Procter & Gamble Co. |  | Call |  | 8/04/17 |  | USD |  |  | 90.00 |  |  |  | 271 |  |  |  | (7,452 | )
QUALCOMM, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 58.00 |  |  |  | 144 |  |  |  | (12,240 | )
Suncor Energy, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 29.50 |  |  |  | 830 |  |  |  | (61,420 | )
Union Pacific Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 110.00 |  |  |  | 144 |  |  |  | (35,352 | )
Verizon Communications, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 45.00 |  |  |  | 855 |  |  |  | (47,880 | )
Weyerhaeuser Co. |  | Call |  | 8/04/17 |  | USD |  |  | 34.00 |  |  |  | 54 |  |  |  | (2,970 | )
Aetna, Inc. |  | Call |  | 8/08/17 |  | USD |  |  | 141.90 |  |  |  | 417 |  |  |  | (406,856 | )
Exelon Corp. |  | Call |  | 8/08/17 |  | USD |  |  | 37.01 |  |  |  | 313 |  |  |  | (9,265 | )
Honeywell International, Inc. |  | Call |  | 8/08/17 |  | USD |  |  | 135.12 |  |  |  | 310 |  |  |  | (60,612 | )
Comcast Corp., Class A |  | Call |  | 8/09/17 |  | USD |  |  | 39.90 |  |  |  | 1,550 |  |  |  | (107,001 | )
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR |  | Call |  | 8/09/17 |  | USD |  |  | 35.78 |  |  |  | 1,045 |  |  |  | (86,321 | )
American International Group, Inc. |  | Call |  | 8/11/17 |  | USD |  |  | 63.00 |  |  |  | 684 |  |  |  | (93,708 | )
Anadarko Petroleum Corp. |  | Call |  | 8/11/17 |  | USD |  |  | 46.50 |  |  |  | 104 |  |  |  | (14,872 | )
Bank of America Corp. |  | Call |  | 8/11/17 |  | USD |  |  | 25.00 |  |  |  | 4,551 |  |  |  | (216,173 | )

See Notes to Financial Statements. |  |  |  |
42 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued) |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Citigroup, Inc. |  | Call |  | 8/11/17 |  | USD |  |  | 68.00 |  |  |  | 472 |  |  | $ | (54,280 | )
Dollar General Corp. |  | Call |  | 8/11/17 |  | USD |  |  | 72.50 |  |  |  | 12 |  |  |  | (2,520 | )
Dow Chemical Co. |  | Call |  | 8/11/17 |  | USD |  |  | 64.50 |  |  |  | 483 |  |  |  | (45,402 | )
Goldman Sachs Group, Inc. |  | Call |  | 8/11/17 |  | USD |  |  | 232.50 |  |  |  | 162 |  |  |  | (41,958 | )
Hess Corp. |  | Call |  | 8/11/17 |  | USD |  |  | 43.50 |  |  |  | 743 |  |  |  | (173,862 | )
International Paper Co. |  | Call |  | 8/11/17 |  | USD |  |  | 56.00 |  |  |  | 267 |  |  |  | (52,332 | )
JPMorgan Chase & Co. |  | Call |  | 8/11/17 |  | USD |  |  | 91.50 |  |  |  | 286 |  |  |  | (55,198 | )
KeyCorp |  | Call |  | 8/11/17 |  | USD |  |  | 19.00 |  |  |  | 175 |  |  |  | (8,662 | )
MetLife, Inc. |  | Call |  | 8/11/17 |  | USD |  |  | 56.00 |  |  |  | 404 |  |  |  | (44,844 | )
Microsoft Corp. |  | Call |  | 8/11/17 |  | USD |  |  | 70.41 |  |  |  | 371 |  |  |  | (50,814 | )
United Parcel Service, Inc., Class B |  | Call |  | 8/11/17 |  | USD |  |  | 111.00 |  |  |  | 128 |  |  |  | (28,800 | )
Wells Fargo & Co. |  | Call |  | 8/11/17 |  | USD |  |  | 56.00 |  |  |  | 274 |  |  |  | (29,318 | )
Exxon Mobil Corp. |  | Call |  | 8/14/17 |  | USD |  |  | 83.00 |  |  |  | 156 |  |  |  | (8,498 | )
Coca-Cola Co. |  | Call |  | 8/15/17 |  | USD |  |  | 45.40 |  |  |  | 615 |  |  |  | (35,342 | )
Travelers Cos., Inc. |  | Call |  | 8/15/17 |  | USD |  |  | 125.38 |  |  |  | 385 |  |  |  | (136,283 | )
Praxair, Inc. |  | Call |  | 8/16/17 |  | USD |  |  | 135.25 |  |  |  | 136 |  |  |  | (29,834 | )
3M Co. |  | Call |  | 8/18/17 |  | USD |  |  | 212.90 |  |  |  | 63 |  |  |  | (14,656 | )
Aetna, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 155.00 |  |  |  | 488 |  |  |  | (141,276 | )
Anadarko Petroleum Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 50.00 |  |  |  | 104 |  |  |  | (5,772 | )
Anthem, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 200.00 |  |  |  | 129 |  |  |  | (20,640 | )
Bank of America Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 24.00 |  |  |  | 1,276 |  |  |  | (128,238 | )
BCE, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 45.00 |  |  |  | 251 |  |  |  | (21,962 | )
Cardinal Health, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 82.50 |  |  |  | 122 |  |  |  | (7,930 | )
Citigroup, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 65.00 |  |  |  | 229 |  |  |  | (67,670 | )
Dollar General Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 75.00 |  |  |  | 400 |  |  |  | (53,000 | )
Dow Chemical Co. |  | Call |  | 8/18/17 |  | USD |  |  | 65.00 |  |  |  | 473 |  |  |  | (48,956 | )
Exelon Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 37.00 |  |  |  | 189 |  |  |  | (8,505 | )
Exxon Mobil Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 85.00 |  |  |  | 136 |  |  |  | (3,604 | )
FirstEnergy Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 29.00 |  |  |  | 448 |  |  |  | (35,840 | )
FirstEnergy Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 30.00 |  |  |  | 154 |  |  |  | (5,390 | )
General Electric Co. |  | Call |  | 8/18/17 |  | USD |  |  | 28.40 |  |  |  | 2,395 |  |  |  | (49,380 | )
International Paper Co. |  | Call |  | 8/18/17 |  | USD |  |  | 56.15 |  |  |  | 888 |  |  |  | (164,885 | )
JPMorgan Chase & Co. |  | Call |  | 8/18/17 |  | USD |  |  | 90.00 |  |  |  | 815 |  |  |  | (234,720 | )
Kroger Co. |  | Call |  | 8/18/17 |  | USD |  |  | 24.00 |  |  |  | 696 |  |  |  | (45,240 | )
Marathon Oil Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 13.00 |  |  |  | 326 |  |  |  | (9,454 | )
Marathon Petroleum Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 53.55 |  |  |  | 420 |  |  |  | (52,500 | )
Marsh & McLennan Cos., Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 79.80 |  |  |  | 240 |  |  |  | (18,813 | )
McKesson Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 165.00 |  |  |  | 357 |  |  |  | (194,565 | )
Merck & Co., Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 65.00 |  |  |  | 456 |  |  |  | (58,140 | )
MetLife, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 52.50 |  |  |  | 512 |  |  |  | (166,400 | )
Microsoft Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 72.50 |  |  |  | 1,162 |  |  |  | (88,312 | )
Morgan Stanley & Co. LLC |  | Call |  | 8/18/17 |  | USD |  |  | 45.00 |  |  |  | 1,400 |  |  |  | (175,000 | )
Nielsen Holdings PLC |  | Call |  | 8/18/17 |  | USD |  |  | 40.00 |  |  |  | 589 |  |  |  | (73,625 | )
Northrop Grumman Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 260.00 |  |  |  | 184 |  |  |  | (85,560 | )
Occidental Petroleum Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 62.50 |  |  |  | 344 |  |  |  | (32,508 | )
Oracle Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 50.00 |  |  |  | 2,405 |  |  |  | (289,803 | )
Pentair PLC |  | Call |  | 8/18/17 |  | USD |  |  | 70.00 |  |  |  | 68 |  |  |  | (4,420 | )
Pfizer, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 34.00 |  |  |  | 801 |  |  |  | (35,244 | )
PG&E Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 70.00 |  |  |  | 194 |  |  |  | (5,335 | )
Quest Diagnostics, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 107.75 |  |  |  | 425 |  |  |  | (211,198 | )
Suncor Energy, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 31.00 |  |  |  | 765 |  |  |  | (26,775 | )
SunTrust Bank, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 56.82 |  |  |  | 425 |  |  |  | (75,225 | )
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR |  | Call |  | 8/18/17 |  | USD |  |  | 36.00 |  |  |  | 566 |  |  |  | (45,280 | )
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR |  | Call |  | 8/18/17 |  | USD |  |  | 37.00 |  |  |  | 941 |  |  |  | (44,698 | )
TOTAL SA — ADR |  | Call |  | 8/18/17 |  | USD |  |  | 51.25 |  |  |  | 1,612 |  |  |  | (106,316 | )
Unilever NV — NY Shares |  | Call |  | 8/18/17 |  | USD |  |  | 57.50 |  |  |  | 429 |  |  |  | (22,522 | )
Verizon Communications, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 47.00 |  |  |  | 214 |  |  |  | (4,494 | )
Weyerhaeuser Co. |  | Call |  | 8/18/17 |  | USD |  |  | 35.00 |  |  |  | 18 |  |  |  | (630 | )
Motorola Solutions, Inc. |  | Call |  | 8/22/17 |  | USD |  |  | 85.85 |  |  |  | 429 |  |  |  | (158,388 | )
Citigroup, Inc. |  | Call |  | 8/25/17 |  | USD |  |  | 63.95 |  |  |  | 1,435 |  |  |  | (569,432 | )
Comcast Corp., Class A |  | Call |  | 8/30/17 |  | USD |  |  | 41.22 |  |  |  | 707 |  |  |  | (38,130 | )
Coca-Cola Co. |  | Call |  | 9/01/17 |  | USD |  |  | 45.40 |  |  |  | 615 |  |  |  | (42,276 | )
Pfizer, Inc. |  | Call |  | 9/01/17 |  | USD |  |  | 34.17 |  |  |  | 1,602 |  |  |  | (68,123 | )
Oracle Corp. |  | Call |  | 9/07/17 |  | USD |  |  | 51.50 |  |  |  | 1,014 |  |  |  | (98,275 | )
Altria Group, Inc. |  | Call |  | 9/15/17 |  | USD |  |  | 76.42 |  |  |  | 251 |  |  |  | (26,285 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 43

Schedule of Investments (continued) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued) |
Description |  | Put/ Call |  |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
Citigroup, Inc. |  |  | Call |  |  |  | 9/15/17 |  |  |  | USD |  |  |  | 67.50 |  |  |  | 336 |  |  | $ | (66,192 | )
Comcast Corp., Class A |  |  | Call |  |  |  | 9/15/17 |  |  |  | USD |  |  |  | 41.25 |  |  |  | 1,209 |  |  |  | (73,145 | )
Morgan Stanley & Co. LLC |  |  | Call |  |  |  | 9/15/17 |  |  |  | USD |  |  |  | 46.00 |  |  |  | 596 |  |  |  | (71,222 | )
Oracle Corp. |  |  | Call |  |  |  | 9/15/17 |  |  |  | USD |  |  |  | 51.30 |  |  |  | 862 |  |  |  | (91,534 | )
Pfizer, Inc. |  |  | Call |  |  |  | 9/15/17 |  |  |  | USD |  |  |  | 34.00 |  |  |  | 815 |  |  |  | (46,455 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (17,116,741 | )

OTC Options Written |  |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Put/ Call |  | Counterparty |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
NextEra Energy, Inc. |  | Call |  | Bank of America N.A. |  |  | 07/06/17 |  |  |  | USD |  |  |  | 137.76 |  |  |  | 31,300 |  |  | $ | (87,238 | )
SunTrust Bank, Inc. |  | Call |  | Goldman Sachs International |  |  | 07/06/17 |  |  |  | USD |  |  |  | 57.22 |  |  |  | 83,500 |  |  |  | (46,025 | )
Public Service Enterprise Group, Inc. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/11/17 |  |  |  | USD |  |  |  | 43.54 |  |  |  | 44,000 |  |  |  | (10,075 | )
Publicis Groupe SA |  | Call |  | UBS AG |  |  | 07/12/17 |  |  |  | EUR |  |  |  | 68.64 |  |  |  | 26,600 |  |  |  | (4,808 | )
Samsung Electronics Co. Ltd. — GDR |  | Call |  | UBS AG |  |  | 07/12/17 |  |  |  | USD |  |  |  | 1,049.51 |  |  |  | 3,300 |  |  |  | (40,325 | )
KeyCorp |  | Call |  | Barclays Bank PLC |  |  | 07/13/17 |  |  |  | USD |  |  |  | 18.39 |  |  |  | 22,300 |  |  |  | (13,008 | )
Koninklijke Philips N.V. |  | Call |  | Credit Suisse International |  |  | 07/18/17 |  |  |  | EUR |  |  |  | 32.12 |  |  |  | 113,200 |  |  |  | (28,000 | )
NextEra Energy, Inc. |  | Call |  | Bank of America N.A. |  |  | 07/18/17 |  |  |  | USD |  |  |  | 137.76 |  |  |  | 31,300 |  |  |  | (112,547 | )
Publicis Groupe SA |  | Call |  | Deutsche Bank AG |  |  | 07/18/17 |  |  |  | EUR |  |  |  | 68.98 |  |  |  | 26,500 |  |  |  | (7,381 | )
Samsung Electronics Co. Ltd. — GDR |  | Call |  | UBS AG |  |  | 07/18/17 |  |  |  | USD |  |  |  | 1,049.51 |  |  |  | 3,300 |  |  |  | (54,180 | )
Smith & Nephew PLC |  | Call |  | Credit Suisse International |  |  | 07/18/17 |  |  |  | GBP |  |  |  | 13.60 |  |  |  | 51,500 |  |  |  | (3,646 | )
AstraZeneca PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/19/17 |  |  |  | GBP |  |  |  | 53.39 |  |  |  | 7,700 |  |  |  | (13,645 | )
Experian PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/19/17 |  |  |  | GBP |  |  |  | 15.99 |  |  |  | 69,600 |  |  |  | (13,480 | )
Samsung Electronics Co. Ltd. — GDR |  | Call |  | UBS AG |  |  | 07/25/17 |  |  |  | USD |  |  |  | 1,049.51 |  |  |  | 3,300 |  |  |  | (67,724 | )
AstraZeneca PLC |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  |  | GBP |  |  |  | 53.58 |  |  |  | 94,200 |  |  |  | (200,327 | )
AstraZeneca PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/26/17 |  |  |  | GBP |  |  |  | 54.54 |  |  |  | 66,900 |  |  |  | (116,991 | )
Diageo PLC — ADR |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  |  | GBP |  |  |  | 23.63 |  |  |  | 142,000 |  |  |  | (14,230 | )
Koninklijke Philips N.V. |  | Call |  | HSBC Bank PLC |  |  | 07/26/17 |  |  |  | EUR |  |  |  | 32.68 |  |  |  | 100,000 |  |  |  | (20,027 | )
Kroger Co. |  | Call |  | Citibank N.A. |  |  | 07/26/17 |  |  |  | USD |  |  |  | 30.48 |  |  |  | 54,000 |  |  |  | (1,016 | )
Diageo PLC — ADR |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/27/17 |  |  |  | GBP |  |  |  | 23.70 |  |  |  | 71,000 |  |  |  | (6,617 | )
Lenovo Group Ltd. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/27/17 |  |  |  | HKD |  |  |  | 5.21 |  |  |  | 3,300,000 |  |  |  | (5,915 | )
SK Telecom Co. Ltd. — ADR |  | Call |  | Citibank N.A. |  |  | 07/27/17 |  |  |  | USD |  |  |  | 24.53 |  |  |  | 52,400 |  |  |  | (38,304 | )
BCE, Inc. |  | Call |  | Citibank N.A. |  |  | 07/31/17 |  |  |  | USD |  |  |  | 45.34 |  |  |  | 26,700 |  |  |  | (13,749 | )
Pfizer, Inc. |  | Call |  | Citibank N.A. |  |  | 07/31/17 |  |  |  | USD |  |  |  | 33.32 |  |  |  | 33,800 |  |  |  | (23,041 | )
Diageo PLC — ADR |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  |  | GBP |  |  |  | 23.82 |  |  |  | 71,000 |  |  |  | (10,806 | )
Experian PLC |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  |  | GBP |  |  |  | 16.42 |  |  |  | 118,000 |  |  |  | (11,125 | )
Lenovo Group Ltd. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  |  | HKD |  |  |  | 5.24 |  |  |  | 3,300,000 |  |  |  | (5,209 | )
Publicis Groupe SA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/08/17 |  |  |  | EUR |  |  |  | 68.35 |  |  |  | 19,000 |  |  |  | (14,850 | )
Samsung Electronics Co. Ltd. — GDR |  | Call |  | HSBC Bank PLC |  |  | 08/08/17 |  |  |  | USD |  |  |  | 1,029.28 |  |  |  | 3,700 |  |  |  | (135,398 | )
Experian PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/09/17 |  |  |  | GBP |  |  |  | 16.55 |  |  |  | 108,000 |  |  |  | (8,935 | )
Koninklijke Philips N.V. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/09/17 |  |  |  | EUR |  |  |  | 33.50 |  |  |  | 47,600 |  |  |  | (12,538 | )
Publicis Groupe SA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/10/17 |  |  |  | EUR |  |  |  | 66.17 |  |  |  | 21,900 |  |  |  | (36,702 | )
Becton Dickinson & Co. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/14/17 |  |  |  | USD |  |  |  | 193.10 |  |  |  | 19,400 |  |  |  | (115,052 | )
Diageo PLC — ADR |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/16/17 |  |  |  | GBP |  |  |  | 23.58 |  |  |  | 52,000 |  |  |  | (8,488 | )
Experian PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/16/17 |  |  |  | GBP |  |  |  | 16.64 |  |  |  | 108,000 |  |  |  | (8,922 | )
Samsung Electronics Co. Ltd. — GDR |  | Call |  | Credit Suisse International |  |  | 08/16/17 |  |  |  | USD |  |  |  | 1,022.79 |  |  |  | 3,600 |  |  |  | (156,843 | )
U.S. Bancorp |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/21/17 |  |  |  | USD |  |  |  | 51.93 |  |  |  | 56,000 |  |  |  | (94,699 | )
Smith & Nephew PLC |  | Call |  | Credit Suisse International |  |  | 08/22/17 |  |  |  | GBP |  |  |  | 13.95 |  |  |  | 75,500 |  |  |  | (11,199 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,573,065 | )

Transactions in Options Written for the Period Ended June 30, 2017

|  | Calls |
|  | Contracts |  |  | Premiums Received |
Outstanding options, beginning of period |  |  |  |  |  |  | 2,828,869 |  |  | $ | 20,925,252 |
Options written |  |  |  |  |  |  | 22,166,287 |  |  |  | 72,604,907 |
Options exercised |  |  |  |  |  |  | (3,054,938 | ) |  |  | (15,098,985 | )
Options expired |  |  |  |  |  |  | (451 | ) |  |  | (40,348 | )
Options closed |  |  |  |  |  |  | (13,335,351 | ) |  |  | (61,332,716 | )
Outstanding options, end of period |  |  |  |  |  |  | 8,604,416 |  |  | $ | 17,058,110 |

As of period end, the value of portfolio securities subject to covered call options written was $884,128,147.

See Notes to Financial Statements. |  |  |  |
44 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | 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 Statements of Assets and Liabilities were as follows:

Liabilities — Derivative Financial Instruments |  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Options written |  | Options written, at value |  |  | — |  |  |  | — |  |  | $ | 18,689,806 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 18,689,806 |

For the six months ended June 30, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:

Net Realized Gain (Loss) from: |  |  |  |  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |  |  |  |
Futures Contract |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | 1,196 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 1,196 |  |  |  |  |
Options purchased1 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (1,002 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,002 | ) |  |  |  |
Options written |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (14,543,346 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14,543,346 | ) |  |  |  |
Total |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | (14,543,152 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | (14,543,152 | ) |  |  |  |
1 Options purchased are included in net realized gain (loss) from investments. |  |  |  |  |
Net Change in Unrealized Appreciation on: |  |  |  |
Options written |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | 6,910,289 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 6,910,289 |  |  |  |  |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average market value of option contracts purchased |  | $ | 816 | 1
Average value of option contracts written |  | $ | 16,427,897 |
1 Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter end. |

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) are as follows:

Derivative Financial Instruments: |  | Assets |  |  | Liabilities |
Options |  |  | — |  |  | $ | 18,689,806 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (17,116,741 | )
Total derivative assets and liabilities subject to an MNA |  |  | — |  |  | $ | 1,573,065 |

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under a Master Netting Agreement (“MNA”) and net of the related collateral received by the Trust:

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged1 |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities2 |
Bank of America N.A. |  |  |  |  |  | $ | 199,785 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 199,785 |
Barclays Bank PLC |  |  |  |  |  |  | 13,008 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,008 |
Citibank N.A. |  |  |  |  |  |  | 76,110 |  |  |  | — |  |  | $ | (61,832 | ) |  | $ | (14,278 | ) |  |  | — |
Credit Suisse International |  |  |  |  |  |  | 414,245 |  |  |  | — |  |  |  | (414,245 | ) |  |  | — |  |  |  | — |
Deutsche Bank AG |  |  |  |  |  |  | 7,381 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,381 |
Goldman Sachs International |  |  |  |  |  |  | 57,150 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 57,150 |
HSBC Bank PLC |  |  |  |  |  |  | 155,425 |  |  |  | — |  |  |  | — |  |  |  | (155,425 | ) |  |  | — |
JPMorgan Chase Bank N.A. |  |  |  |  |  |  | 115,052 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 115,052 |
Morgan Stanley & Co. International PLC |  |  |  |  |  |  | 367,872 |  |  |  | — |  |  |  | (367,872 | ) |  |  | — |  |  |  | — |
UBS AG |  |  |  |  |  |  | 167,037 |  |  |  | — |  |  |  | (167,037 | ) |  |  | — |  |  |  | — |
Total |  |  |  |  |  | $ | 1,573,065 |  |  |  | — |  |  | $ | (1,010,986 | ) |  | $ | (169,703 | ) |  | $ | 392,376 |
1 Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. 2 Net amount represents the net amount payable due to the counterparty in the event of default. Net Amount may be offset further by net options written receivable/payable on the Statements of Assets and Liabilities. |

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 45

Schedule of Investments (concluded) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Fair Value Hierarchy as of Period End

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 50,674,635 |  |  |  | — |  |  |  | — |  |  | $ | 50,674,635 |
Air Freight & Logistics |  |  | 12,073,110 |  |  |  | — |  |  |  | — |  |  |  | 12,073,110 |
Banks |  |  | 320,563,007 |  |  |  | — |  |  |  | — |  |  |  | 320,563,007 |
Beverages |  |  | 12,726,636 |  |  | $ | 18,124,084 |  |  |  | — |  |  |  | 30,850,720 |
Capital Markets |  |  | 64,656,957 |  |  |  | — |  |  |  | — |  |  |  | 64,656,957 |
Chemicals |  |  | 57,082,035 |  |  |  | — |  |  |  | — |  |  |  | 57,082,035 |
Communications Equipment |  |  | 14,884,584 |  |  |  | — |  |  |  | — |  |  |  | 14,884,584 |
Diversified Telecommunication Services |  |  | 27,161,424 |  |  |  | — |  |  |  | — |  |  |  | 27,161,424 |
Electric Utilities |  |  | 53,945,483 |  |  |  | — |  |  |  | — |  |  |  | 53,945,483 |
Energy Equipment & Services |  |  | 7,017,253 |  |  |  | — |  |  |  | — |  |  |  | 7,017,253 |
Food & Staples Retailing |  |  | 13,898,487 |  |  |  | — |  |  |  | — |  |  |  | 13,898,487 |
Food Products |  |  | 5,710,798 |  |  |  | — |  |  |  | — |  |  |  | 5,710,798 |
Health Care Equipment & Supplies |  |  | 13,013,837 |  |  |  | 5,259,117 |  |  |  | — |  |  |  | 18,272,954 |
Health Care Providers & Services |  |  | 132,764,878 |  |  |  | — |  |  |  | — |  |  |  | 132,764,878 |
Hotels, Restaurants & Leisure |  |  | 633,406 |  |  |  | — |  |  |  | — |  |  |  | 633,406 |
Household Products |  |  | 18,242,238 |  |  |  | — |  |  |  | — |  |  |  | 18,242,238 |
Industrial Conglomerates |  |  | 78,890,372 |  |  |  | 27,377,517 |  |  |  | — |  |  |  | 106,267,889 |
Insurance |  |  | 119,544,387 |  |  |  | — |  |  |  | — |  |  |  | 119,544,387 |
Machinery |  |  | 4,817,496 |  |  |  | — |  |  |  | — |  |  |  | 4,817,496 |
Media |  |  | 29,687,009 |  |  |  | 14,012,949 |  |  |  | — |  |  |  | 43,699,958 |
Multi-Utilities |  |  | 41,556,337 |  |  |  | — |  |  |  | — |  |  |  | 41,556,337 |
Multiline Retail |  |  | 14,623,240 |  |  |  | — |  |  |  | — |  |  |  | 14,623,240 |
Oil, Gas & Consumable Fuels |  |  | 189,535,055 |  |  |  | — |  |  |  | — |  |  |  | 189,535,055 |
Paper & Forest Products |  |  | 10,059,597 |  |  |  | — |  |  |  | — |  |  |  | 10,059,597 |
Personal Products |  |  | 23,594,763 |  |  |  | — |  |  |  | — |  |  |  | 23,594,763 |
Pharmaceuticals |  |  | 112,502,703 |  |  |  | 32,301,864 |  |  |  | — |  |  |  | 144,804,567 |
Professional Services |  |  | 10,057,399 |  |  |  | 14,846,218 |  |  |  | — |  |  |  | 24,903,617 |
Real Estate Investment Trusts (REITs) |  |  | 7,376,700 |  |  |  | — |  |  |  | — |  |  |  | 7,376,700 |
Road & Rail |  |  | 10,455,360 |  |  |  | — |  |  |  | — |  |  |  | 10,455,360 |
Semiconductors & Semiconductor Equipment |  |  | 36,348,018 |  |  |  | 33,798,562 |  |  |  | — |  |  |  | 70,146,580 |
Software |  |  | 95,563,778 |  |  |  | — |  |  |  | — |  |  |  | 95,563,778 |
Specialty Retail |  |  | 23,428,928 |  |  |  | — |  |  |  | — |  |  |  | 23,428,928 |
Technology Hardware, Storage & Peripherals |  |  | — |  |  |  | 8,343,562 |  |  |  | — |  |  |  | 8,343,562 |
Tobacco |  |  | 16,038,956 |  |  |  | — |  |  |  | — |  |  |  | 16,038,956 |
Wireless Telecommunication Services |  |  | 10,285,969 |  |  |  | — |  |  |  | — |  |  |  | 10,285,969 |
Short-Terms Securities |  |  | 1,218,990 |  |  |  | — |  |  |  | — |  |  |  | 1,218,990 |
Total |  | $ | 1,640,633,825 |  |  | $ | 154,063,873 |  |  |  | — |  |  | $ | 1,794,697,698 |
Derivative Financial Instruments1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity contracts |  | $ | (12,962,457 | ) |  | $ | (5,727,349 | ) |  |  | — |  |  | $ | (18,689,806 | )
1 Derivative financial instruments are options written, which are shown at value. |

During the six months ended June 30, 2017, there were no transfers between levels.

See Notes to Financial Statements. |  |  |  |
46 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments June 30, 2017 (Unaudited) |  | BlackRock Enhanced Global Dividend Trust (BOE) (Percentages shown are based on Net Assets)

Common Stocks |  | Shares |  |  | Value |
Australia — 2.1% |  |  |  |  |  |
Ansell Ltd. |  |  | 581,649 |  |  | $ | 10,607,044 |
Ensogo, Ltd. (a) |  |  | 418,198 |  |  |  | 3 |
Sonic Healthcare Ltd. |  |  | 573,678 |  |  |  | 10,681,187 |
|  |  |  |  |  |  | 21,288,234 |
Belgium — 1.5% |  |  |  |  |  |
Anheuser-Busch InBev SA |  |  | 93,835 |  |  |  | 10,363,931 |
bpost SA |  |  | 208,197 |  |  |  | 5,028,450 |
|  |  |  |  |  |  | 15,392,381 |
Canada — 5.7% |  |  |  |  |  |
Rogers Communications, Inc., Class B |  |  | 600,492 |  |  |  | 28,362,226 |
TELUS Corp. |  |  | 820,119 |  |  |  | 28,313,331 |
|  |  |  |  |  |  | 56,675,557 |
China — 0.8% |  |  |  |  |  |
ANTA Sports Products Ltd. |  |  | 2,405,000 |  |  |  | 7,945,247 |
Denmark — 1.1% |  |  |  |  |  |
Novo Nordisk A/S, Class B |  |  | 254,434 |  |  |  | 10,932,337 |
Finland — 1.9% |  |  |  |  |  |
Kone OYJ, Class B |  |  | 378,629 |  |  |  | 19,262,773 |
France — 2.5% |  |  |  |  |  |
Sanofi SA |  |  | 264,646 |  |  |  | 25,358,355 |
Germany — 2.5% |  |  |  |  |  |
Deutsche Post AG, Registered Shares |  |  | 675,301 |  |  |  | 25,349,614 |
Hong Kong — 1.1% |  |  |  |  |  |
Sands China Ltd. |  |  | 2,282,000 |  |  |  | 10,445,936 |
Japan — 1.3% |  |  |  |  |  |
Japan Tobacco, Inc. |  |  | 358,400 |  |  |  | 12,597,070 |
Netherlands — 1.2% |  |  |  |  |  |
Heineken NV |  |  | 126,700 |  |  |  | 12,319,624 |
Sweden — 1.4% |  |  |  |  |  |
Svenska Handelsbanken AB, Class A |  |  | 937,035 |  |  |  | 13,420,329 |
Switzerland — 9.9% |  |  |  |  |  |
Givaudan SA, Registered Shares |  |  | 7,300 |  |  |  | 14,627,732 |
Nestle SA, Registered Shares |  |  | 302,545 |  |  |  | 26,387,264 |
Novartis AG, Registered Shares |  |  | 382,027 |  |  |  | 31,909,419 |
Roche Holding AG |  |  | 54,260 |  |  |  | 13,864,236 |
SGS SA, Registered Shares |  |  | 5,070 |  |  |  | 12,293,152 |
|  |  |  |  |  |  | 99,081,803 |
Taiwan — 2.6% |  |  |  |  |  |
Far EasTone Telecommunications Co. Ltd. |  |  | 3,304,000 |  |  |  | 8,415,224 |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 2,590,000 |  |  |  | 17,695,432 |
|  |  |  |  |  |  | 26,110,656 |
United Kingdom — 16.8% |  |  |  |  |  |
AstraZeneca PLC |  |  | 525,120 |  |  |  | 35,174,385 |
British American Tobacco PLC |  |  | 553,688 |  |  |  | 37,729,893 |
Diageo PLC |  |  | 498,054 |  |  |  | 14,718,363 |
GlaxoSmithKline PLC |  |  | 872,498 |  |  |  | 18,573,082 |
Imperial Brands PLC |  |  | 746,764 |  |  |  | 33,557,423 |
Lloyds Banking Group PLC |  |  | 9,630,811 |  |  |  | 8,299,604 |
Unilever PLC |  |  | 357,490 |  |  |  | 19,346,596 |
|  |  |  |  |  |  | 167,399,346 |
United States — 42.9% |  |  |  |  |  |
3M Co. |  |  | 88,255 |  |  |  | 18,373,834 |
AbbVie, Inc. (b) |  |  | 200,328 |  |  |  | 14,525,783 |
Altria Group, Inc. (c) |  |  | 535,210 |  |  |  | 39,857,089 |
Cisco Systems, Inc. (b) |  |  | 829,702 |  |  |  | 25,969,673 |
Citizens Financial Group, Inc. |  |  | 297,440 |  |  |  | 10,612,659 |
Coca-Cola Co. (b)(c) |  |  | 525,688 |  |  |  | 23,577,107 |
Genuine Parts Co. |  |  | 287,055 |  |  |  | 26,627,222 |
H&R Block, Inc. (b) |  |  | 722,343 |  |  |  | 22,327,622 |

Common Stocks |  | Shares |  |  | Value |
United States (continued) |  |  |  |  |  |
International Paper Co. (b) |  |  | 430,158 |  |  | $ | 24,351,244 |
Johnson & Johnson (b) |  |  | 246,336 |  |  |  | 32,587,789 |
M&T Bank Corp. |  |  | 96,920 |  |  |  | 15,696,194 |
Microsoft Corp. (b) |  |  | 249,977 |  |  |  | 17,230,915 |
PepsiCo, Inc. |  |  | 128,351 |  |  |  | 14,823,257 |
Pfizer, Inc. (b)(c) |  |  | 863,614 |  |  |  | 29,008,794 |
Philip Morris International, Inc. (c) |  |  | 239,400 |  |  |  | 28,117,530 |
Procter & Gamble Co. (b) |  |  | 170,124 |  |  |  | 14,826,307 |
Reynolds American, Inc. |  |  | 163,592 |  |  |  | 10,640,024 |
Strategic Growth Bancorp, (Acquired 3/10/14, cost $5,461,692) (a)(d)(e) |  |  | 120,312 |  |  |  | 4,206,107 |
U.S. Bancorp |  |  | 296,914 |  |  |  | 15,415,775 |
United Parcel Service, Inc., Class B (b) |  |  | 103,122 |  |  |  | 11,404,262 |
United Technologies Corp. (b) |  |  | 92,228 |  |  |  | 11,261,961 |
Wells Fargo & Co.(b) |  |  | 291,584 |  |  |  | 16,156,669 |
|  |  |  |  |  |  | 427,597,817 |
Total Common Stocks — 95.3% |  |  |  | 951,177,079 |
Preferred Stocks |  |  |  |  |  |
India — 0.1% |  |  |  |  |  |
Jasper Infotech Private Ltd., Series F, (Acquired 5/7/14, cost $1,888,464), 0.00% (a)(d)(e) |  |  | 266 |  |  |  | 923,307 |
Jasper Infotech Private Ltd., Series G, (Acquired 10/29/14, cost $741,913), 0.00% (a)(d)(e) |  |  | 88 |  |  |  | 373,394 |
|  |  |  |  |  |  | 1,296,701 |
United States — 1.8% |  |  |  |  |  |
Palantir Technologies, Inc., Series I (Acquired 2/7/14, cost $3,118,944), 0.00% (a)(d)(e) |  |  | 508,800 |  |  |  | 4,075,488 |
Uber Technologies, Inc., Series D (Acquired 6/06/14, cost $3,845,800), 0.00% (a)(d)(e) |  |  | 247,908 |  |  |  | 13,357,283 |
|  |  |  |  |  |  | 17,432,771 |
Total Preferred Stocks — 1.9% |  |  |  |  |  |  | 18,729,472 |
Total Long-Term Investments (Cost — $949,493,685) — 97.2% |  |  |  | 969,906,551 |
Short-Term Securities |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (f)(g) |  |  | 31,045,510 |  |  |  | 31,045,510 |
Total Short-Term Securities (Cost — $31,045,510) — 3.1% |  |  |  | 31,045,510 |
Total Investments Before Options Written (Cost — $980,539,195) — 100.3% |  |  |  | 1,000,952,061 |
Options Written (Premiums Received — $6,038,342) — (0.5)% |  |  |  |  |  |  | (4,970,133 | )
Total Investments, Net of Options Written (Cost — $974,500,853) — 99.8% |  |  |  | 995,981,928 |
Other Assets Less Liabilities — 0.2% |  |  |  | 1,703,625 |
Net Assets — 100.0% |  |  | $ | 997,685,553 |

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 47

Schedule of Investments (continued) |  | BlackRock Enhanced Global Dividend Trust (BOE)

Notes to Schedule of Investments

(a) |  | Non-income producing security.

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

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

(d) |  | Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $22,935,579 and an original cost of $15,056,813, which was 1.9% of its net assets.

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

(f) |  | During the six months ended June 30, 2017, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at December 31, 2016 |  |  | Net Activity |  |  | Shares Held at June 30, 2017 |  |  | Value at June 30, 2017 |  |  | Income |  |  | Net Realized Gain |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock T-Fund, Institutional Class |  |  | 11,863,116 |  |  |  | 19,182,394 |  |  |  | 31,045,510 |  |  | $ | 31,045,510 |  |  | $ | 68,091 |  |  |  | — |  |  |  | — |
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 32,561 | 1 |  |  | — |  |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 100,652 |  |  |  | — |  |  |  | — |
1 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. |

(g) |  | Current yield as of period end.

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written |
Description |  | Put/ Call |  |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
Cisco Systems, Inc. |  |  | Call |  |  |  | 7/21/17 |  |  |  | USD |  |  |  | 32.00 |  |  |  | 1,106 |  |  | $ | (16,037 | )
H&R Block, Inc. |  |  | Call |  |  |  | 7/21/17 |  |  |  | USD |  |  |  | 32.00 |  |  |  | 722 |  |  |  | (23,465 | )
International Paper Co. |  |  | Call |  |  |  | 7/21/17 |  |  |  | USD |  |  |  | 57.50 |  |  |  | 574 |  |  |  | (32,431 | )
Microsoft Corp. |  |  | Call |  |  |  | 7/21/17 |  |  |  | USD |  |  |  | 72.50 |  |  |  | 333 |  |  |  | (12,487 | )
Pfizer, Inc. |  |  | Call |  |  |  | 7/21/17 |  |  |  | USD |  |  |  | 33.00 |  |  |  | 754 |  |  |  | (59,943 | )
Pfizer, Inc. |  |  | Call |  |  |  | 7/21/17 |  |  |  | USD |  |  |  | 34.00 |  |  |  | 195 |  |  |  | (4,095 | )
United Parcel Service, Inc., Class B |  |  | Call |  |  |  | 7/21/17 |  |  |  | USD |  |  |  | 110.00 |  |  |  | 206 |  |  |  | (37,801 | )
AbbVie, Inc. |  |  | Call |  |  |  | 7/28/17 |  |  |  | USD |  |  |  | 70.50 |  |  |  | 400 |  |  |  | (96,600 | )
Cisco Systems, Inc. |  |  | Call |  |  |  | 7/28/17 |  |  |  | USD |  |  |  | 32.00 |  |  |  | 1,106 |  |  |  | (24,332 | )
International Paper Co. |  |  | Call |  |  |  | 7/28/17 |  |  |  | USD |  |  |  | 57.00 |  |  |  | 574 |  |  |  | (65,723 | )
Johnson & Johnson |  |  | Call |  |  |  | 7/28/17 |  |  |  | USD |  |  |  | 134.00 |  |  |  | 329 |  |  |  | (48,363 | )
Pfizer, Inc. |  |  | Call |  |  |  | 7/28/17 |  |  |  | USD |  |  |  | 33.50 |  |  |  | 145 |  |  |  | (7,757 | )
Pfizer, Inc. |  |  | Call |  |  |  | 7/28/17 |  |  |  | USD |  |  |  | 34.50 |  |  |  | 97 |  |  |  | (1,358 | )
Procter & Gamble Co. |  |  | Call |  |  |  | 7/28/17 |  |  |  | USD |  |  |  | 89.00 |  |  |  | 340 |  |  |  | (9,690 | )
United Technologies Corp. |  |  | Call |  |  |  | 7/28/17 |  |  |  | USD |  |  |  | 122.00 |  |  |  | 184 |  |  |  | (38,364 | )
Wells Fargo & Co. |  |  | Call |  |  |  | 7/28/17 |  |  |  | USD |  |  |  | 53.50 |  |  |  | 950 |  |  |  | (238,925 | )
Pfizer, Inc. |  |  | Call |  |  |  | 7/31/17 |  |  |  | USD |  |  |  | 34.25 |  |  |  | 98 |  |  |  | (1,655 | )
Coca-Cola Co. |  |  | Call |  |  |  | 8/01/17 |  |  |  | USD |  |  |  | 45.40 |  |  |  | 700 |  |  |  | (30,459 | )
Microsoft Corp. |  |  | Call |  |  |  | 8/11/17 |  |  |  | USD |  |  |  | 70.25 |  |  |  | 333 |  |  |  | (47,852 | )
Coca-Cola Co. |  |  | Call |  |  |  | 8/15/17 |  |  |  | USD |  |  |  | 45.40 |  |  |  | 700 |  |  |  | (40,226 | )
Johnson & Johnson |  |  | Call |  |  |  | 8/17/17 |  |  |  | USD |  |  |  | 134.00 |  |  |  | 329 |  |  |  | (65,357 | )
AbbVie, Inc. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 70.51 |  |  |  | 400 |  |  |  | (107,246 | )
Cisco Systems, Inc. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 32.00 |  |  |  | 1,106 |  |  |  | (61,383 | )
H&R Block, Inc. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 32.00 |  |  |  | 361 |  |  |  | (25,270 | )
International Paper Co. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 57.50 |  |  |  | 574 |  |  |  | (72,037 | )
Microsoft Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 70.25 |  |  |  | 333 |  |  |  | (47,481 | )
Pfizer, Inc. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 34.00 |  |  |  | 192 |  |  |  | (8,448 | )
Procter & Gamble Co. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 90.00 |  |  |  | 340 |  |  |  | (14,110 | )
United Parcel Service, Inc., Class B |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 110.00 |  |  |  | 206 |  |  |  | (59,740 | )
United Technologies Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 122.10 |  |  |  | 184 |  |  |  | (42,794 | )
Wells Fargo & Co. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 57.50 |  |  |  | 126 |  |  |  | (7,623 | )
Coca-Cola Co. |  |  | Call |  |  |  | 9/01/17 |  |  |  | USD |  |  |  | 45.40 |  |  |  | 700 |  |  |  | (48,119 | )
Pfizer, Inc. |  |  | Call |  |  |  | 9/01/17 |  |  |  | USD |  |  |  | 34.17 |  |  |  | 403 |  |  |  | (17,137 | )
Johnson & Johnson |  |  | Call |  |  |  | 9/05/17 |  |  |  | USD |  |  |  | 134.00 |  |  |  | 329 |  |  |  | (65,535 | )
Pfizer, Inc. |  |  | Call |  |  |  | 9/15/17 |  |  |  | USD |  |  |  | 34.00 |  |  |  | 1,571 |  |  |  | (89,547 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,569,390 | )

See Notes to Financial Statements. |  |  |  |
48 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Enhanced Global Dividend Trust (BOE)

OTC Options Written |
Description |  | Put/ Call |  | Counterparty |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
GlaxoSmithKline PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/06/17 |  |  | GBP |  |  | 16.23 |  |  |  | 236,400 |  |  | $ | (67,559 | )
AstraZeneca PLC |  | Call |  | Deutsche Bank AG |  |  | 07/18/17 |  |  | GBP |  |  | 54.34 |  |  |  | 150,000 |  |  |  | (204,218 | )
GlaxoSmithKline PLC |  | Call |  | Deutsche Bank AG |  |  | 07/18/17 |  |  | GBP |  |  | 17.42 |  |  |  | 135,000 |  |  |  | (845 | )
Unilever PLC |  | Call |  | Goldman Sachs International |  |  | 07/18/17 |  |  | GBP |  |  | 44.68 |  |  |  | 35,000 |  |  |  | (3,282 | )
AstraZeneca PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/19/17 |  |  | GB{ |  |  | 53.39 |  |  |  | 90,100 |  |  |  | (159,665 | )
bpost SA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/26/17 |  |  | EUR |  |  | 22.40 |  |  |  | 41,500 |  |  |  | (2,830 | )
British American Tobacco PLC |  | Call |  | Goldman Sachs International |  |  | 07/26/17 |  |  | GBP |  |  | 55.53 |  |  |  | 110,500 |  |  |  | (25,886 | )
Heineken NV |  | Call |  | Deutsche Bank AG |  |  | 07/26/17 |  |  | EUR |  |  | 88.34 |  |  |  | 25,000 |  |  |  | (9,758 | )
Imperial Brands PLC |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | GBP |  |  | 36.79 |  |  |  | 100,000 |  |  |  | (5,552 | )
Kone OYJ, Class B |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | EUR |  |  | 47.39 |  |  |  | 80,500 |  |  |  | (24,346 | )
Llyods Banking Group PLC |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | GBP |  |  | 0.71 |  |  |  | 1,925,000 |  |  |  | (474 | )
Nestle SA, Registered Shares |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/26/17 |  |  | CHF |  |  | 82.37 |  |  |  | 60,000 |  |  |  | (134,318 | )
Novartis AG, Registered Shares |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | CHF |  |  | 79.66 |  |  |  | 152,000 |  |  |  | (282,209 | )
Novo Nordisk A/S, Class B |  | Call |  | Goldman Sachs International |  |  | 07/26/17 |  |  | DKK |  |  | 297.67 |  |  |  | 50,500 |  |  |  | (13,963 | )
Sanofi SA |  | Call |  | Goldman Sachs International |  |  | 07/26/17 |  |  | EUR |  |  | 87.10 |  |  |  | 52,800 |  |  |  | (40,822 | )
SGS SA, Registered Shares |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/26/17 |  |  | CHF |  |  | 2,353.79 |  |  |  | 1,000 |  |  |  | (30,047 | )
Svenska Handelsbanken AB, Class A |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/26/17 |  |  | SEK |  |  | 125.87 |  |  |  | 187,000 |  |  |  | (10,955 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Call |  | Deutsche Bank AG |  |  | 07/26/17 |  |  | USD |  |  | 211.55 |  |  |  | 1,159,000 |  |  |  | (71,661 | )
Unilever PLC |  | Call |  | HSBC Bank PLC |  |  | 07/26/17 |  |  | GBP |  |  | 43.92 |  |  |  | 128,000 |  |  |  | (43,670 | )
Diageo PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/27/17 |  |  | GBP |  |  | 23.70 |  |  |  | 100,000 |  |  |  | (9,320 | )
Deutsche Post AG, Registered Shares |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/27/17 |  |  | EUR |  |  | 33.99 |  |  |  | 138,000 |  |  |  | (33,638 | )
Rogers Communications, Inc., Class B |  | Call |  | Deutsche Bank AG |  |  | 07/27/17 |  |  | CAD |  |  | 64.09 |  |  |  | 80,000 |  |  |  | (13,042 | )
3M Co. |  | Call |  | Deutsche Bank AG |  |  | 08/01/17 |  |  | USD |  |  | 209.98 |  |  |  | 17,700 |  |  |  | (54,692 | )
Japan Tobacco, Inc. |  | Call |  | Goldman Sachs International |  |  | 08/01/17 |  |  | JPY |  |  | 4,163.13 |  |  |  | 71,700 |  |  |  | (12,261 | )
M&T Bank Corp. |  | Call |  | UBS AG |  |  | 08/01/17 |  |  | USD |  |  | 166.52 |  |  |  | 19,400 |  |  |  | (43,219 | )
U.S. Bancorp |  | Call |  | Bank of America N.A. |  |  | 08/01/17 |  |  | USD |  |  | 53.57 |  |  |  | 59,400 |  |  |  | (26,650 | )
Altria Group, Inc. |  | Call |  | UBS AG |  |  | 08/02/17 |  |  | USD |  |  | 76.11 |  |  |  | 71,400 |  |  |  | (46,697 | )
Anheuser-Busch InBev SA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/02/17 |  |  | EUR |  |  | 103.44 |  |  |  | 33,300 |  |  |  | (15,326 | )
Sands China Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/02/17 |  |  | HKD |  |  | 38.19 |  |  |  | 456,400 |  |  |  | (14,211 | )
Reynolds American, Inc. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/03/17 |  |  | USD |  |  | 65.62 |  |  |  | 32,700 |  |  |  | (19,442 | )
ANTA Sports Products Ltd. |  | Call |  | Citibank N.A. |  |  | 08/04/17 |  |  | HKD |  |  | 23.77 |  |  |  | 481,000 |  |  |  | (139,740 | )
bpost SA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | EUR |  |  | 22.40 |  |  |  | 41,500 |  |  |  | (2,852 | )
British American Tobacco PLC |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | GBP |  |  | 55.80 |  |  |  | 110,500 |  |  |  | (34,576 | )
Diageo PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | GBP |  |  | 23.82 |  |  |  | 100,000 |  |  |  | (15,220 | )
Deutsche Post AG, Registered Shares |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | EUR |  |  | 34.15 |  |  |  | 138,000 |  |  |  | (49,334 | )
Givaudan SA, Registered Shares |  | Call |  | Bank of America N.A. |  |  | 08/04/17 |  |  | CHF |  |  | 2,009.00 |  |  |  | 1,500 |  |  |  | (15,312 | )
Heineken NV |  | Call |  | Credit Suisse International |  |  | 08/04/17 |  |  | EUR |  |  | 88.77 |  |  |  | 25,000 |  |  |  | (13,701 | )
Kone OYJ, Class B |  | Call |  | Credit Suisse International |  |  | 08/04/17 |  |  | EUR |  |  | 47.62 |  |  |  | 80,500 |  |  |  | (18,336 | )
Llyods Banking Group PLC |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | GBP |  |  | 0.71 |  |  |  | 1,925,000 |  |  |  | (11,626 | )
Nestle SA, Registered Shares |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | CHF |  |  | 82.37 |  |  |  | 60,000 |  |  |  | (146,646 | )
Novo Nordisk A/S, Class B |  | Call |  | Deutsche Bank AG |  |  | 08/04/17 |  |  | DKK |  |  | 298.39 |  |  |  | 50,500 |  |  |  | (26,997 | )
PepsiCo, Inc. |  | Call |  | UBS AG |  |  | 08/04/17 |  |  | USD |  |  | 117.16 |  |  |  | 25,700 |  |  |  | (32,133 | )
Sanofi SA |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | EUR |  |  | 87.53 |  |  |  | 52,800 |  |  |  | (51,333 | )
SGS SA, Registered Shares |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | CHF |  |  | 2,365.38 |  |  |  | 1,000 |  |  |  | (24,897 | )
Svenska Handelsbanken AB, Class A |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | SEK |  |  | 126.49 |  |  |  | 187,000 |  |  |  | (9,800 | )
Citizens Financial Group, Inc. |  | Call |  | Barclays Bank PLC |  |  | 08/07/17 |  |  | USD |  |  | 37.57 |  |  |  | 59,500 |  |  |  | (39,039 | )
Ansell Ltd. |  | Call |  | Deutsche Bank AG |  |  | 08/08/17 |  |  | AUD |  |  | 24.21 |  |  |  | 116,400 |  |  |  | (51,244 | )
TELUS CORP. |  | Call |  | Citibank N.A. |  |  | 08/08/17 |  |  | CAD |  |  | 45.23 |  |  |  | 109,300 |  |  |  | (36,532 | )
Genuine Parts Co. |  | Call |  | Goldman Sachs International |  |  | 08/09/17 |  |  | USD |  |  | 95.54 |  |  |  | 39,700 |  |  |  | (43,008 | )
Philip Morris International, Inc. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/09/17 |  |  | USD |  |  | 119.60 |  |  |  | 48,000 |  |  |  | (71,226 | )
Sonic Healthcare Ltd. |  | Call |  | Deutsche Bank AG |  |  | 08/09/17 |  |  | AUD |  |  | 24.67 |  |  |  | 114,800 |  |  |  | (29,251 | )
3M Co. |  | Call |  | Deutsche Bank AG |  |  | 08/11/17 |  |  | USD |  |  | 209.98 |  |  |  | 17,700 |  |  |  | (64,980 | )
Far Eastone Telecommunications Co. Ltd. |  | Call |  | Goldman Sachs International |  |  | 08/11/17 |  |  | USD |  |  | 79.23 |  |  |  | 661,000 |  |  |  | (7,053 | )
Altria Group, Inc. |  | Call |  | UBS AG |  |  | 08/16/17 |  |  | USD |  |  | 76.11 |  |  |  | 71,400 |  |  |  | (63,065 | )
Anheuser-Busch InBev SA |  | Call |  | Goldman Sachs International |  |  | 08/16/17 |  |  | EUR |  |  | 103.08 |  |  |  | 4,300 |  |  |  | (3,461 | )
Rogers Communications, Inc., Class B |  | Call |  | Deutsche Bank AG |  |  | 08/16/17 |  |  | CAD |  |  | 64.09 |  |  |  | 80,000 |  |  |  | (26,582 | )
Genuine Parts Co. |  | Call |  | Goldman Sachs International |  |  | 08/17/17 |  |  | USD |  |  | 95.54 |  |  |  | 39,700 |  |  |  | (50,456 | )
M&T Bank Corp. |  | Call |  | UBS AG |  |  | 08/17/17 |  |  | USD |  |  | 166.52 |  |  |  | 19,400 |  |  |  | (59,216 | )
TELUS CORP. |  | Call |  | Citibank N.A. |  |  | 08/17/17 |  |  | CAD |  |  | 45.23 |  |  |  | 109,300 |  |  |  | (42,596 | )
Roche Holding AG |  | Call |  | Credit Suisse International |  |  | 08/18/17 |  |  | CHF |  |  | 258.91 |  |  |  | 10,800 |  |  |  | (12,064 | )
U.S. Bancorp |  | Call |  | Bank of America N.A. |  |  | 08/21/17 |  |  | USD |  |  | 53.57 |  |  |  | 59,400 |  |  |  | (42,419 | )
Japan Tobacco, Inc. |  | Call |  | Goldman Sachs International |  |  | 08/22/17 |  |  | JPY |  |  | 4,163.13 |  |  |  | 71,700 |  |  |  | (24,121 | )
ANTA Sports Products Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/23/17 |  |  | HKD |  |  | 23.77 |  |  |  | 481,000 |  |  |  | (149,905 | )
Reynolds American, Inc. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/23/17 |  |  | USD |  |  | 65.62 |  |  |  | 32,700 |  |  |  | (27,047 | )
Sands China Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/23/17 |  |  | HKD |  |  | 38.19 |  |  |  | 456,400 |  |  |  | (25,388 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 49

Schedule of Investments (continued) |  | BlackRock Enhanced Global Dividend Trust (BOE)

OTC Options Written (continued) |
Description |  | Put/ Call |  | Counterparty |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
PepsiCo, Inc. |  | Call |  | UBS AG |  |  | 08/24/17 |  |  |  | USD |  |  |  | 117.16 |  |  |  | 25,700 |  |  | $ | (45,532 | )
Ansell Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/25/17 |  |  |  | AUD |  |  |  | 24.21 |  |  |  | 116,400 |  |  |  | (50,741 | )
Philip Morris International, Inc. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/25/17 |  |  |  | USD |  |  |  | 119.60 |  |  |  | 48,000 |  |  |  | (93,223 | )
TELUS CORP. |  | Call |  | Citibank N.A. |  |  | 08/28/17 |  |  |  | CAD |  |  |  | 45.23 |  |  |  | 109,300 |  |  |  | (49,353 | )
Altria Group, Inc. |  | Call |  | UBS AG |  |  | 08/29/17 |  |  |  | USD |  |  |  | 76.11 |  |  |  | 71,400 |  |  |  | (76,356 | )
Genuine Parts Co. |  | Call |  | Goldman Sachs International |  |  | 08/29/17 |  |  |  | USD |  |  |  | 95.54 |  |  |  | 39,700 |  |  |  | (60,624 | )
Sonic Healthcare Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/29/17 |  |  |  | AUD |  |  |  | 24.67 |  |  |  | 114,800 |  |  |  | (37,845 | )
Citizens Financial Group, Inc. |  | Call |  | Barclays Bank PLC |  |  | 08/30/17 |  |  |  | USD |  |  |  | 37.57 |  |  |  | 59,500 |  |  |  | (59,421 | )
Rogers Communications, Inc., Class B |  | Call |  | Deutsche Bank AG |  |  | 08/31/17 |  |  |  | CAD |  |  |  | 64.09 |  |  |  | 80,000 |  |  |  | (35,874 | )
Far Eastone Telecommunications Co. Ltd. |  | Call |  | Goldman Sachs International |  |  | 09/01/17 |  |  |  | USD |  |  |  | 79.23 |  |  |  | USD 661,000 |  |  |  | (10,060 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,400,743 | )

Transactions in Options Written for the Period Ended June 30, 2017

|  | Calls |  |  | Puts |
|  | Contracts |  |  | Premiums Received |  |  | Contracts |  |  | Premiums Received |
Outstanding options, beginning of period |  |  | 12,951,795 |  |  | $ | 11,575,998 |  |  |  | 505 |  |  | $ | 32,198 |
Options written |  |  | 65,215,133 |  |  |  | 41,244,037 |  |  |  | 114 |  |  |  | 44,148 |
Options exercised |  |  | (456,475 | ) |  |  | (2,621,253 | ) |  |  | — |  |  |  | — |
Options expired |  |  | (26,411,505 | ) |  |  | (12,826,720 | ) |  |  | (505 | ) |  |  | (32,198 | )
Options closed |  |  | (38,274,348 | ) |  |  | (31,333,720 | ) |  |  | (114 | ) |  |  | (44,148 | )
Outstanding options, end of period |  |  | 13,024,600 |  |  | $ | 6,038,342 |  |  |  | — |  |  |  | — |

As of period end, the value of portfolio securities subject to covered call options written was $364,029,799.

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:

Liabilities — Derivative Financial Instruments |  |  |  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Options written |  | Options written, at value |  |  | — |  |  |  | — |  |  | $ | 4,970,133 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 4,970,133 |

For the six months ended June 30, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:

Net Realized Gain (Loss) from: |  |  |  |  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Futures contracts |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | 39,453 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 39,453 |
Options purchased1 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 36,539 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 36,539 |
Options written |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (12,010,415 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12,010,415 | )
Total |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | (11,934,423 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | (11,934,423 | )
Net Change in Unrealized Appreciation (Depreciation) on: |
Options written |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | 670,609 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 670,609 |
1 Options purchased are included in net realized gain (loss) from investments. |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Financial futures contracts:: |  |  |  |
Average notional value of contracts — long |  | $ | 100,175,625 | 1
Options: |  |  |  |
Average value of option contracts purchased |  | $ | 569,027 | 1
Average value of option contracts written |  | $ | 8,378,440 |
1 Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter end. |

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

See Notes to Financial Statements. |  |  |  |
50 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Enhanced Global Dividend Trust (BOE)

Derivative Financial Instruments — Offsetting as of Period End

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

Derivative Financial Instruments |  | Assets |  |  | Liabilities |
Options |  |  | — |  |  | $ | 4,970,133 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (1,569,390 | )
Total derivative assets and liabilities subject to an MNA |  |  | — |  |  | $ | 3,400,743 |

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an Master Netting Agreement (“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 Pledged1 |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities2 |  |  |  |
Bank of America N.A. |  | $ | 84,381 |  |  |  | — |  |  |  | — |  |  | $ | (84,381 | ) |  |  | — |  |  |  |  |
Barclays Bank PLC |  |  | 98,460 |  |  |  | — |  |  | $ | (98,460 | ) |  |  | — |  |  |  | — |  |  |  |  |
Citibank N.A. |  |  | 268,221 |  |  |  | — |  |  |  | — |  |  |  | (20,000 | ) |  | $ | 248,221 |  |  |  |  |
Credit Suisse International |  |  | 356,682 |  |  |  | — |  |  |  | (356,682 | ) |  |  | — |  |  |  | — |  |  |  |  |
Deutsche Bank AG |  |  | 589,144 |  |  |  | — |  |  |  | (589,144 | ) |  |  | — |  |  |  | — |  |  |  |  |
Goldman Sachs International |  |  | 392,532 |  |  |  | — |  |  |  | (392,532 | ) |  |  | — |  |  |  | — |  |  |  |  |
HSBC Bank PLC |  |  | 43,670 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43,670 |  |  |  |  |
JPMorgan Chase Bank N.A. |  |  | 442,539 |  |  |  | — |  |  |  | (314,150 | ) |  |  | — |  |  |  | 128,389 |  |  |  |  |
Morgan Stanley & Co. International PLC |  |  | 758,896 |  |  |  | — |  |  |  | (758,896 | ) |  |  | — |  |  |  | — |  |  |  |  |
UBS AG |  |  | 366,218 |  |  |  | — |  |  |  | (366,218 | ) |  |  | — |  |  |  | — |  |  |  |  |
Total |  | $ | 3,400,743 |  |  |  | — |  |  | $ | (2,876,082 | ) |  | $ | (104,381 | ) |  | $ | 420,280 |  |  |  |  |
1 Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |  |  |  |  |
2 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 investments and derivative financial instruments. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australia |  |  | — |  |  | $ | 21,288,231 |  |  | $ | 3 |  |  | $ | 21,288,234 |
Belgium |  |  | — |  |  |  | 15,392,381 |  |  |  | — |  |  |  | 15,392,381 |
Canada |  | $ | 56,675,557 |  |  |  | — |  |  |  | — |  |  |  | 56,675,557 |
China |  |  | — |  |  |  | 7,945,247 |  |  |  | — |  |  |  | 7,945,247 |
Denmark |  |  | — |  |  |  | 10,932,337 |  |  |  | — |  |  |  | 10,932,337 |
Finland |  |  | — |  |  |  | 19,262,773 |  |  |  | — |  |  |  | 19,262,773 |
France |  |  | — |  |  |  | 25,358,355 |  |  |  | — |  |  |  | 25,358,355 |
Germany |  |  | — |  |  |  | 25,349,614 |  |  |  | — |  |  |  | 25,349,614 |
Hong Kong |  |  | — |  |  |  | 10,445,936 |  |  |  | — |  |  |  | 10,445,936 |
Japan |  |  | — |  |  |  | 12,597,070 |  |  |  | — |  |  |  | 12,597,070 |
Netherlands |  |  | — |  |  |  | 12,319,624 |  |  |  | — |  |  |  | 12,319,624 |
Sweden |  |  | — |  |  |  | 13,420,329 |  |  |  | — |  |  |  | 13,420,329 |
Switzerland |  |  | — |  |  |  | 99,081,803 |  |  |  | — |  |  |  | 99,081,803 |
Taiwan |  |  | — |  |  |  | 26,110,656 |  |  |  | — |  |  |  | 26,110,656 |
United Kingdom |  |  | — |  |  |  | 167,399,346 |  |  |  | — |  |  |  | 167,399,346 |
United States |  |  | 423,391,710 |  |  |  | — |  |  |  | 4,206,107 |  |  |  | 427,597,817 |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 18,729,472 |  |  |  | 18,729,472 |
Short-Term Securities |  |  | 31,045,510 |  |  |  | — |  |  |  | — |  |  |  | 31,045,510 |
Total |  | $ | 511,112,777 |  |  | $ | 466,903,702 |  |  | $ | 22,935,582 |  |  | $ | 1,000,952,061 |
Derivative Financial Instruments1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity contracts |  |  | (1,055,530 | ) |  |  | (3,914,603 | ) |  |  | — |  |  |  | (4,970,133 | )
1 Derivative financial instruments are options written, which are shown at value. |

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 51

Schedule of Investments (concluded) |  | BlackRock Enhanced Global Dividend Trust (BOE)

Transfers between Level 1 and Level 2 were as follow:

|  | Transfers into Level 1 |  |  | Transfers out of Level 11 |  |  | Transfers into Level 21 |  |  | Transfers out of Level 2 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  | — |  |  | $ | (16,689,746 | ) |  | $ | 16,689,746 |  |  |  | — |
1 External pricing service used to reflect any significant market movements between the time the Trust valued such foreign securities and the earlier closing of foreign markets. |

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments 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, 2016 |  | $ | 4,421,995 |  |  | $ | 24,994,450 |  |  | $ | 29,416,445 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)1,2 |  |  | (215,885 | ) |  |  | (6,264,978 | ) |  |  | (6,480,863 | )
Purchases |  |  | — |  |  |  | — |  |  |  | — |
Sales |  |  | — |  |  |  | — |  |  |  | — |
Closing Balance, as of June 30, 2017 |  | $ | 4,206,110 |  |  | $ | 18,729,472 |  |  | $ | 22,935,582 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 20172 |  | $ | (215,885 | ) |  | $ | (6,264,978 | ) |  | $ | (6,480,863 | )
1 Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |
2 Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on derivative financial instruments still held at June 30, 2017 is generally due to derivative financial instruments no longer held or categorized as Level 3 at period end. |

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

|  | Value |  |  | Valuation Approach |  | Unobservable Inputs |  | Range of unobservable Inputs Utilized |  | Weighted Average of Unobservable Inputs
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 4,206,107 |  |  | Market |  | Tangible Book Value Multiple1 |  | 1.75x |  | —
|  |  |  |  |  |  |  | Illiquidity Discount2 |  | 1.46% |  | —
Preferred Stocks3 |  |  | 18,729,472 |  |  | Market |  | Revenue Growth Rate1 |  | 131.00% |  | —
|  |  |  |  |  |  |  | Revenue Multiple1 |  | 8.25x — 10.75x |  | 8.83x
|  |  |  |  |  |  |  | Time to Exit 2 |  | 1 year |  | —
|  |  |  |  |  |  |  | Volatility1 |  | 29.00% |  | —
Total |  | $ | 22,935,579 |  |  |  |  |  |  |  |  |
1 Increase in unobservable input may result in a significant increase to value, while a decrease in the unobservable input may result in a significant decrease to value.
2 Decrease in unobservable input may result in a significant increase to value, while an increase in the unobservable input may result in a significant decrease to value.
3 For the six months ended June 30, 2017, the valuation technique for investments classified as preferred stocks with a total value of $1,296,701 changed to an Option Pricing Model (“OPM”). The investments were previously valued utilizing Probability-Weighted Expected Return Model (“PWERM”). The change was due to consideration of liquidation preferences and exit strategy.

See Notes to Financial Statements. |  |  |  |
52 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments June 30, 2017 (Unaudited) |  | BlackRock Enhanced International Dividend Trust (BGY) (Percentages shown are based on Net Assets)

Common Stocks |  | Shares |  |  | Value |
Australia — 2.6% |
Ansell Ltd. |  |  | 523,055 |  |  | $ | 9,538,514 |
Sonic Healthcare Ltd. |  |  | 515,888 |  |  |  | 9,605,207 |
|  |  |  | 19,143,721 |
Belgium — 1.9% |
Anheuser-Busch InBev SA |  |  | 84,953 |  |  |  | 9,382,928 |
bpost SA |  |  | 188,771 |  |  |  | 4,559,266 |
|  |  |  | 13,942,194 |
Canada — 7.1% |
Canadian Pacific Railway Ltd. |  |  | 8,600 |  |  |  | 1,383,706 |
Rogers Communications, Inc., Class B |  |  | 541,912 |  |  |  | 25,595,396 |
TELUS Corp. |  |  | 740,272 |  |  |  | 25,556,738 |
|  |  |  | 52,535,840 |
China — 3.9% |
Alibaba Group Holding Ltd. — ADR (a)(b) |  |  | 77,678 |  |  |  | 10,944,830 |
ANTA Sports Products Ltd. |  |  | 2,169,600 |  |  |  | 7,167,571 |
Tencent Holdings Ltd. |  |  | 290,400 |  |  |  | 10,418,082 |
|  |  |  | 28,530,483 |
Denmark — 1.3% |
Novo Nordisk A/S, Class B |  |  | 230,350 |  |  |  | 9,897,513 |
Finland — 2.5% |
Kone OYJ, Class B |  |  | 365,441 |  |  |  | 18,591,833 |
France — 5.3% |
AXA SA |  |  | 10,400 |  |  |  | 284,787 |
BNP Paribas SA |  |  | 79,064 |  |  |  | 5,692,031 |
Dassault Aviation SA |  |  | 5,063 |  |  |  | 7,075,547 |
Sanofi SA |  |  | 239,046 |  |  |  | 22,905,365 |
Societe Generale SA |  |  | 54,570 |  |  |  | 2,942,722 |
|  |  |  | 38,900,452 |
Germany — 5.1% |
Continental AG |  |  | 1,400 |  |  |  | 302,862 |
Deutsche Post AG, Registered Shares |  |  | 624,361 |  |  |  | 23,437,416 |
Innogy SE (c) |  |  | 22,900 |  |  |  | 901,262 |
KION Group AG |  |  | 30,360 |  |  |  | 2,322,312 |
SAP SE |  |  | 96,900 |  |  |  | 10,142,652 |
Wacker Chemie AG |  |  | 4,100 |  |  |  | 446,235 |
|  |  |  | 37,552,739 |
Hong Kong — 2.3% |
AIA Group Ltd. |  |  | 998,400 |  |  |  | 7,304,653 |
Melco Resorts & Entertainment Ltd. — ADR (a) |  |  | 19,163 |  |  |  | 430,210 |
Sands China Ltd. |  |  | 2,052,000 |  |  |  | 9,393,103 |
|  |  |  | 17,127,966 |
India — 1.4% |
Federal Bank, Ltd. |  |  | 1,063,500 |  |  |  | 1,854,172 |
HDFC Bank Ltd. |  |  | 338,302 |  |  |  | 8,703,369 |
|  |  |  | 10,557,541 |
Ireland — 0.9% |
Ryanair Holdings PLC — ADR (a)(b) |  |  | 64,436 |  |  |  | 6,933,958 |
Italy — 0.3% |
Azimut Holding SpA |  |  | 23,400 |  |  |  | 470,757 |
Buzzi Unicem SpA |  |  | 68,931 |  |  |  | 1,718,793 |
|  |  |  | 2,189,550 |
Japan — 3.7% |
FANUC Corp. |  |  | 22,900 |  |  |  | 4,432,198 |
Japan Tobacco, Inc. |  |  | 323,600 |  |  |  | 11,373,917 |
Nintendo Co. Ltd. |  |  | 21,300 |  |  |  | 7,131,056 |
SMC Corp. |  |  | 12,800 |  |  |  | 3,912,860 |
Sumitomo Mitsui Financial Group, Inc. |  |  | 22,900 |  |  |  | 894,118 |
|  |  |  | 27,744,149 |

Common Stocks |  | Shares |  |  | Value |
Netherlands — 5.1% |
Aalberts Industries NV |  |  | 114,252 |  |  | $ | 4,546,343 |
ASML Holding NV |  |  | 64,680 |  |  |  | 8,431,209 |
Heineken NV |  |  | 114,502 |  |  |  | 11,133,556 |
Koninklijke Philips NV |  |  | 186,400 |  |  |  | 6,635,593 |
Royal Dutch Shell PLC, Class B |  |  | 261,584 |  |  |  | 7,022,588 |
|  |  |  | 37,769,289 |
Norway — 0.0% |
Statoil ASA |  |  | 17,000 |  |  |  | 281,896 |
Portugal — 1.0% |
Galp Energia SGPS SA |  |  | 486,604 |  |  |  | 7,373,879 |
South Africa — 1.4% |
Naspers Ltd., Class N |  |  | 53,619 |  |  |  | 10,559,335 |
South Korea — 2.0% |
LG Chem Ltd. |  |  | 7,645 |  |  |  | 1,945,449 |
Samsung Electronics Co. Ltd. |  |  | 6,000 |  |  |  | 12,496,922 |
|  |  |  | 14,442,371 |
Sweden — 2.8% |
Hexagon AB, Class B |  |  | 188,266 |  |  |  | 8,944,451 |
Svenska Handelsbanken AB, Class A |  |  | 846,390 |  |  |  | 12,122,100 |
|  |  |  | 21,066,551 |
Switzerland — 12.3% |
Givaudan SA, Registered Shares |  |  | 6,583 |  |  |  | 13,191,009 |
Nestle SA, Registered Shares |  |  | 280,396 |  |  |  | 24,455,480 |
Novartis AG, Registered Shares |  |  | 345,282 |  |  |  | 28,840,234 |
Roche Holding AG |  |  | 48,966 |  |  |  | 12,511,540 |
SGS SA, Registered Shares |  |  | 4,584 |  |  |  | 11,114,755 |
UBS Group AG, Registered Shares (b) |  |  | 37,100 |  |  |  | 630,918 |
|  |  |  | 90,743,936 |
Taiwan — 3.2% |
Far EasTone Telecommunications Co. Ltd. |  |  | 2,971,000 |  |  |  | 7,567,080 |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 2,342,000 |  |  |  | 16,001,043 |
|  |  |  | 23,568,123 |
United Kingdom — 21.6% |
AstraZeneca PLC |  |  | 436,880 |  |  |  | 29,263,759 |
BAE Systems PLC |  |  | 563,600 |  |  |  | 4,652,673 |
British American Tobacco PLC |  |  | 506,741 |  |  |  | 34,530,790 |
CNH Industrial NV |  |  | 55,267 |  |  |  | 626,769 |
Diageo PLC — ADR |  |  | 449,115 |  |  |  | 13,272,131 |
GlaxoSmithKline PLC |  |  | 788,359 |  |  |  | 16,781,994 |
Imperial Brands PLC |  |  | 686,880 |  |  |  | 30,866,408 |
Lloyds Banking Group PLC |  |  | 8,673,254 |  |  |  | 7,474,404 |
Metro Bank PLC (b) |  |  | 53,870 |  |  |  | 2,517,893 |
Rio Tinto PLC |  |  | 58,502 |  |  |  | 2,477,665 |
Unilever PLC |  |  | 322,806 |  |  |  | 17,469,571 |
|  |  |  | 159,934,057 |
United States — 4.6% |
3M Co. (d) |  |  | 79,801 |  |  |  | 16,613,770 |
Microsoft Corp. (a) |  |  | 226,034 |  |  |  | 15,580,524 |
Pfizer, Inc. (a)(d) |  |  | 16,200 |  |  |  | 544,158 |
Shire PLC — ADR (a) |  |  | 8,700 |  |  |  | 1,437,849 |
|  |  |  | 34,176,301 |
Total Common Stocks — 92.3% |  |  |  | 683,563,677 |
Investment Companies — 2.9% |
United States — 2.9% |
WisdomTree Japan Hedged Equity Fund (a)(d) |  |  | 420,310 |  |  |  | 21,856,120 |

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 53

Schedule of Investments (continued) |  | BlackRock Enhanced International Dividend Trust (BGY)

Preferred Stocks |  | Shares |  |  | Value |
China — 0.5% |
Xiaoju Kuaizhi, Inc., Series A-17 (Acquired 7/28/15, cost $2,106,332), 0.00% (b)(e)(f) |  |  | 76,800 |  |  | $ | 3,911,424 |
India — 0.3% |
Jasper Infotech Private Ltd., Series F, (Acquired 5/7/14, cost $2,825,580), 0.00% (b)(e)(f) |  |  | 398 |  |  |  | 1,381,490 |
Jasper Infotech Private Ltd., Series G, (Acquired 10/29/14, cost $1,112,870), 0.00% (b)(e)(f) |  |  | 132 |  |  |  | 560,091 |
|  |  |  | 1,941,581 |
Total Preferred Stocks — 0.8% |  |  |  | 5,853,005 |
Total Long-Term Investments (Cost — $633,209,527) — 96.0% |  |  |  | 711,272,802 |

Short-Term Securities |  | Shares |  |  | Value |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (g)(h) |  |  | 30,845,879 |  |  | $ | 30,845,879 |
Total Short-Term Securities (Cost — $30,845,879) — 4.2% |  |  |  | 30,845,879 |
Total Investments Before Options Written (Cost — $664,055,406) — 100.2% |  |  |  | 742,118,681 |
Options Written (Premiums Received — $4,751,142) — (0.5)% |  |  |  | (3,858,188 | )
Total Investments, Net of Options Written (Cost — $659,304,264) — 99.7% |  |  |  | 738,260,493 |
Other Assets Less Liabilities — 0.3% |  |  |  | 2,130,911 |
Net Assets — 100.0% |  |  | $ | 740,391,404 |

Notes to Schedule of Investments

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

(b) |  | Non-income producing security.

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

(e) |  | Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $5,853,005 and an original cost of $6,044,782, which was 0.8% of its net assets.

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

(g) |  | During the six months ended June 30, 2017, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at December 31, 2016 |  |  | Net Activity |  |  | Shares Held at June 30, 2017 |  |  | Value at June 30, 2017 |  |  | Income |  |  | Net Realized Gain |  | Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 22,641,400 |  |  |  | 8,204,479 |  |  |  | 30,845,879 |  |  | $ | 30,845,879 |  |  | $ | 77,705 |  |  | — |  | —
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 501 | 1 |  | — |  | —
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 30,845,879 |  |  | $ | 78,206 |  |  | — |  | —
1 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.

(h) |  | Current yield as of period end.

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written |  |  |  |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |  |  |  |
Alibaba Group Holding Ltd. — ADR |  | Call |  | 7/07/17 |  | USD |  |  | 124.00 |  |  |  | 73 |  |  | $ | (125,013 | ) |  |  |  |
WisdomTree Japan Hedged Equity Fund |  | Call |  | 7/14/17 |  | USD |  |  | 52.00 |  |  |  | 410 |  |  |  | (19,885 | ) |  |  |  |
Alibaba Group Holding Ltd. — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 120.00 |  |  |  | 52 |  |  |  | (109,980 | ) |  |  |  |
Canadian Pacific Railway Ltd. |  | Call |  | 7/21/17 |  | CAD |  |  | 215.00 |  |  |  | 34 |  |  |  | (3,474 | ) |  |  |  |
Microsoft Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 72.50 |  |  |  | 301 |  |  |  | (11,287 | ) |  |  |  |
Pfizer, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 34.00 |  |  |  | 17 |  |  |  | (357 | ) |  |  |  |
Ryanair Holdings PLC — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 110.00 |  |  |  | 400 |  |  |  | (51,000 | ) |  |  |  |
WisdomTree Japan Hedged Equity Fund |  | Call |  | 7/21/17 |  | USD |  |  | 52.00 |  |  |  | 410 |  |  |  | (24,600 | ) |  |  |  |
Pfizer, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 33.50 |  |  |  | 13 |  |  |  | (695 | ) |  |  |  |
Pfizer, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 34.50 |  |  |  | 8 |  |  |  | (112 | ) |  |  |  |
Shire PLC — ADR |  | Call |  | 7/28/17 |  | USD |  |  | 182.50 |  |  |  | 34 |  |  |  | (2,975 | ) |  |  |  |
WisdomTree Japan Hedged Equity Fund |  | Call |  | 7/28/17 |  | USD |  |  | 52.00 |  |  |  | 410 |  |  |  | (30,955 | ) |  |  |  |
Pfizer, Inc. |  | Call |  | 7/31/17 |  | USD |  |  | 34.25 |  |  |  | 9 |  |  |  | (152 | ) |  |  |  |

See Notes to Financial Statements. |  |  |  |
54 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Enhanced International Dividend Trust (BGY)

Exchange-Traded Options Written (continued) |  |  |  |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |  |  |  |
Microsoft Corp. |  | Call |  | 8/11/17 |  | USD |  |  | 70.25 |  |  |  | 301 |  |  | $ | (43,254 | ) |  |  |  |
Alibaba Group Holding Ltd. — ADR |  | Call |  | 8/18/17 |  | USD |  |  | 140.00 |  |  |  | 185 |  |  |  | (139,213 | ) |  |  |  |
Melco Resorts & Entertainment Ltd. — ADR |  | Call |  | 8/18/17 |  | USD |  |  | 26.00 |  |  |  | 76 |  |  |  | (1,710 | ) |  |  |  |
Microsoft Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 70.25 |  |  |  | 301 |  |  |  | (42,918 | ) |  |  |  |
Pfizer, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 34.00 |  |  |  | 17 |  |  |  | (748 | ) |  |  |  |
WisdomTree Japan Hedged Equity Fund |  | Call |  | 8/18/17 |  | USD |  |  | 52.00 |  |  |  | 900 |  |  |  | (94,050 | ) |  |  |  |
Total |  |  | $ | (702,378 | ) |  |  |  |

OTC Options Written |
Description |  | Put/ Call |  | Counterparty |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
Innogy SE |  | Call |  | Deutsche Bank AG |  |  | 07/07/17 |  |  | EUR |  |  | 34.11 |  |  |  | 22,900 |  |  | $ | (16,651 | )
Hexagon AB, Class B |  | Call |  | Bank of America N.A. |  |  | 07/12/17 |  |  | SEK |  |  | 388.85 |  |  |  | 14,600 |  |  |  | (25,185 | )
Roche Holding AG |  | Call |  | Credit Suisse International |  |  | 07/12/17 |  |  | CHF |  |  | 269.27 |  |  |  | 11,000 |  |  |  | (22 | )
AstraZeneca PLC |  | Call |  | Deutsche Bank AG |  |  | 07/18/17 |  |  | GBP |  |  | 54.34 |  |  |  | 92,000 |  |  |  | (125,254 | )
Diageo PLC — ADR |  | Call |  | Goldman Sachs International |  |  | 07/18/17 |  |  | GBP |  |  | 24.10 |  |  |  | 38,000 |  |  |  | (613 | )
GlaxoSmithKline PLC |  | Call |  | Deutsche Bank AG |  |  | 07/18/17 |  |  | GBP |  |  | 17.42 |  |  |  | 60,000 |  |  |  | (375 | )
Novartis AG, Registered Shares |  | Call |  | Credit Suisse International |  |  | 07/18/17 |  |  | CHF |  |  | 80.95 |  |  |  | 33,000 |  |  |  | (30,446 | )
Unilever PLC |  | Call |  | Goldman Sachs International |  |  | 07/18/17 |  |  | GBP |  |  | 44.68 |  |  |  | 14,000 |  |  |  | (1,313 | )
Metro Bank PLC |  | Call |  | Credit Suisse International |  |  | 07/19/17 |  |  | GBP |  |  | 38.40 |  |  |  | 10,400 |  |  |  | (1,482 | )
Aalberts Industries NV |  | Call |  | Goldman Sachs International |  |  | 07/26/17 |  |  | EUR |  |  | 36.35 |  |  |  | 25,500 |  |  |  | (2,941 | )
AIA Group Ltd. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/26/17 |  |  | HKD |  |  | 55.86 |  |  |  | 620,000 |  |  |  | (135,947 | )
AstraZeneca PLC |  | Call |  | Goldman Sachs International |  |  | 07/26/17 |  |  | GBP |  |  | 55.00 |  |  |  | 30,000 |  |  |  | (47,329 | )
bpost SA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/26/17 |  |  | EUR |  |  | 22.40 |  |  |  | 37,500 |  |  |  | (2,557 | )
British American Tobacco PLC |  | Call |  | Goldman Sachs International |  |  | 07/26/17 |  |  | GBP |  |  | 55.53 |  |  |  | 97,500 |  |  |  | (22,841 | )
Diageo PLC — ADR |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | GBP |  |  | 23.63 |  |  |  | 195,800 |  |  |  | (19,621 | )
GlaxoSmithKline PLC |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | GBP |  |  | 17.38 |  |  |  | 146,000 |  |  |  | (3,591 | )
Heineken NV |  | Call |  | Deutsche Bank AG |  |  | 07/26/17 |  |  | EUR |  |  | 88.34 |  |  |  | 22,500 |  |  |  | (8,782 | )
Imperial Brands PLC |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | GBP |  |  | 36.79 |  |  |  | 40,000 |  |  |  | (2,221 | )
Kone OYJ, Class B |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | EUR |  |  | 47.39 |  |  |  | 73,000 |  |  |  | (22,078 | )
Koninklijke Philips N.V. |  | Call |  | HSBC Bank PLC |  |  | 07/26/17 |  |  | EUR |  |  | 32.68 |  |  |  | 74,500 |  |  |  | (14,920 | )
Llyods Banking Group PLC |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | GBP |  |  | 0.71 |  |  |  | 1,735,000 |  |  |  | (427 | )
Naspers Ltd., Class N |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | ZAR |  |  | 2,648.44 |  |  |  | 24,500 |  |  |  | (93,327 | )
Nestle SA, Registered Shares |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/26/17 |  |  | CHF |  |  | 82.37 |  |  |  | 54,500 |  |  |  | (122,005 | )
Novartis AG, Registered Shares |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | CHF |  |  | 79.66 |  |  |  | 55,800 |  |  |  | (103,600 | )
Novo Nordisk A/S, Class B |  | Call |  | Goldman Sachs International |  |  | 07/26/17 |  |  | DKK |  |  | 297.67 |  |  |  | 46,000 |  |  |  | (12,719 | )
Sanofi SA |  | Call |  | Goldman Sachs International |  |  | 07/26/17 |  |  | EUR |  |  | 87.10 |  |  |  | 38,800 |  |  |  | (29,998 | )
SGS SA, Registered Shares |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/26/17 |  |  | CHF |  |  | 2,353.79 |  |  |  | 900 |  |  |  | (27,043 | )
Svenska Handelsbanken AB, Class A |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/26/17 |  |  | SEK |  |  | 125.87 |  |  |  | 169,000 |  |  |  | (9,901 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Call |  | Deutsche Bank AG |  |  | 07/26/17 |  |  | USD |  |  | 211.55 |  |  |  | 1,328,000 |  |  |  | (82,110 | )
Unilever PLC |  | Call |  | HSBC Bank PLC |  |  | 07/26/17 |  |  | GBP |  |  | 43.92 |  |  |  | 93,000 |  |  |  | (31,729 | )
Dassault Aviation SA |  | Call |  | Goldman Sachs International |  |  | 07/27/17 |  |  | EUR |  |  | 1,339.66 |  |  |  | 1,000 |  |  |  | (486 | )
Deutsche Post AG, Registered Shares |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/27/17 |  |  | EUR |  |  | 33.99 |  |  |  | 124,500 |  |  |  | (30,347 | )
Rogers Communications, Inc., Class B |  | Call |  | Deutsche Bank AG |  |  | 07/27/17 |  |  | CAD |  |  | 64.09 |  |  |  | 72,000 |  |  |  | (11,738 | )
Royal Dutch Shell PLC, Class B |  | Call |  | Credit Suisse International |  |  | 07/27/17 |  |  | GBP |  |  | 22.37 |  |  |  | 65,000 |  |  |  | (1,637 | )
Unilever PLC |  | Call |  | Goldman Sachs International |  |  | 07/27/17 |  |  | GBP |  |  | 43.65 |  |  |  | 22,000 |  |  |  | (8,284 | )
3M Co. |  | Call |  | Deutsche Bank AG |  |  | 08/01/17 |  |  | USD |  |  | 209.98 |  |  |  | 16,000 |  |  |  | (49,439 | )
Imperial Brands PLC |  | Call |  | Bank of America N.A. |  |  | 08/01/17 |  |  | GBP |  |  | 37.40 |  |  |  | 50,000 |  |  |  | (4,178 | )
Japan Tobacco, Inc. |  | Call |  | Goldman Sachs International |  |  | 08/01/17 |  |  | JPY |  |  | 4,163.13 |  |  |  | 64,700 |  |  |  | (11,064 | )
Anheuser-Busch InBev SA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/02/17 |  |  | EUR |  |  | 103.44 |  |  |  | 6,200 |  |  |  | (2,853 | )
Sands China Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/02/17 |  |  | HKD |  |  | 38.19 |  |  |  | 410,400 |  |  |  | (12,779 | )
ANTA Sports Products Ltd. |  | Call |  | Citibank N.A. |  |  | 08/04/17 |  |  | HKD |  |  | 23.77 |  |  |  | 434,000 |  |  |  | (126,086 | )
AstraZeneca PLC |  | Call |  | Deutsche Bank AG |  |  | 08/04/17 |  |  | GBP |  |  | 54.32 |  |  |  | 52,000 |  |  |  | (86,614 | )
BNP Paribas SA |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | EUR |  |  | 65.46 |  |  |  | 43,400 |  |  |  | (46,556 | )
bpost SA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | EUR |  |  | 22.40 |  |  |  | 37,500 |  |  |  | (2,577 | )
British American Tobacco PLC |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | GBP |  |  | 55.80 |  |  |  | 97,500 |  |  |  | (30,508 | )
Buzzi Unicem SpA |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | EUR |  |  | 24.10 |  |  |  | 27,500 |  |  |  | (3,187 | )
Dassault Aviation SA |  | Call |  | Credit Suisse International |  |  | 08/04/17 |  |  | EUR |  |  | 1,335.87 |  |  |  | 1,000 |  |  |  | (1,344 | )
Deutsche Post AG, Registered Shares |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | EUR |  |  | 34.15 |  |  |  | 124,500 |  |  |  | (44,508 | )
Givaudan SA, Registered Shares |  | Call |  | Bank of America N.A. |  |  | 08/04/17 |  |  | CHF |  |  | 2,009.00 |  |  |  | 1,300 |  |  |  | (13,270 | )
Heineken NV |  | Call |  | Credit Suisse International |  |  | 08/04/17 |  |  | EUR |  |  | 88.77 |  |  |  | 22,500 |  |  |  | (12,331 | )
Kone OYJ, Class B |  | Call |  | Credit Suisse International |  |  | 08/04/17 |  |  | EUR |  |  | 47.62 |  |  |  | 73,000 |  |  |  | (16,628 | )
Llyods Banking Group PLC |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | GBP |  |  | 0.71 |  |  |  | 1,735,000 |  |  |  | (10,478 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 55

Schedule of Investments (continued) |  | BlackRock Enhanced International Dividend Trust (BGY)

OTC Options Written (continued) |
Description |  | Put/ Call |  | Counterparty |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
Nestle SA, Registered Shares |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | CHF |  |  | 82.37 |  |  |  | 54,500 |  |  | $ | (133,203 | )
Nintendo Co. Ltd. |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | JPY |  |  | 35,976.60 |  |  |  | 8,600 |  |  |  | (196,453 | )
Novartis AG, Registered Shares |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | CHF |  |  | 80.38 |  |  |  | 49,300 |  |  |  | (70,187 | )
Novo Nordisk A/S, Class B |  | Call |  | Deutsche Bank AG |  |  | 08/04/17 |  |  | DKK |  |  | 298.39 |  |  |  | 46,000 |  |  |  | (24,591 | )
Royal Dutch Shell PLC, Class B |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | GBP |  |  | 22.37 |  |  |  | 65,000 |  |  |  | (3,391 | )
Sanofi SA |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | EUR |  |  | 87.53 |  |  |  | 38,800 |  |  |  | (37,722 | )
SGS SA, Registered Shares |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | CHF |  |  | 2,365.38 |  |  |  | 900 |  |  |  | (22,407 | )
Svenska Handelsbanken AB, Class A |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | SEK |  |  | 126.49 |  |  |  | 169,000 |  |  |  | (8,857 | )
Tencent Holdings Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/04/17 |  |  | HKD |  |  | 282.19 |  |  |  | 37,000 |  |  |  | (30,276 | )
Ansell Ltd. |  | Call |  | Deutsche Bank AG |  |  | 08/08/17 |  |  | AUD |  |  | 24.21 |  |  |  | 104,600 |  |  |  | (46,049 | )
ASML Holding NV |  | Call |  | Bank of America N.A. |  |  | 08/08/17 |  |  | EUR |  |  | 120.28 |  |  |  | 35,600 |  |  |  | (62,741 | )
BAE Systems PLC |  | Call |  | Credit Suisse International |  |  | 08/08/17 |  |  | GBP |  |  | 6.69 |  |  |  | 225,400 |  |  |  | (10,082 | )
Galp Energia SGPS SA |  | Call |  | Goldman Sachs International |  |  | 08/08/17 |  |  | EUR |  |  | 13.77 |  |  |  | 50,000 |  |  |  | (6,956 | )
SAP SE |  | Call |  | Goldman Sachs International |  |  | 08/08/17 |  |  | EUR |  |  | 96.74 |  |  |  | 38,700 |  |  |  | (25,683 | )
Sanofi SA |  | Call |  | Credit Suisse International |  |  | 08/08/17 |  |  | EUR |  |  | 87.34 |  |  |  | 18,000 |  |  |  | (19,671 | )
Societe Generale SA |  | Call |  | Credit Suisse International |  |  | 08/08/17 |  |  | EUR |  |  | 47.89 |  |  |  | 20,000 |  |  |  | (30,870 | )
TELUS CORP. |  | Call |  | Citibank N.A. |  |  | 08/08/17 |  |  | CAD |  |  | 45.23 |  |  |  | 98,700 |  |  |  | (32,989 | )
LG Chem Ltd. |  | Call |  | Goldman Sachs International |  |  | 08/09/17 |  |  | USD |  |  | 284,707.50 |  |  |  | 3,000 |  |  |  | (35,488 | )
Metro Bank PLC |  | Call |  | Goldman Sachs International |  |  | 08/09/17 |  |  | GBP |  |  | 37.86 |  |  |  | 11,100 |  |  |  | (6,195 | )
Sonic Healthcare Ltd. |  | Call |  | Deutsche Bank AG |  |  | 08/09/17 |  |  | AUD |  |  | 24.67 |  |  |  | 103,200 |  |  |  | (26,296 | )
Hexagon AB, Class B |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/10/17 |  |  | SEK |  |  | 390.97 |  |  |  | 30,000 |  |  |  | (69,024 | )
3M Co. |  | Call |  | Deutsche Bank AG |  |  | 08/11/17 |  |  | USD |  |  | 209.98 |  |  |  | 16,000 |  |  |  | (58,739 | )
Far EasTone Telecommunications Co. Ltd. |  | Call |  | Goldman Sachs International |  |  | 08/11/17 |  |  | USD |  |  | 79.23 |  |  |  | 594,000 |  |  |  | (6,338 | )
Anheuser-Busch InBev SA |  | Call |  | Goldman Sachs International |  |  | 08/16/17 |  |  | EUR |  |  | 103.08 |  |  |  | 27,800 |  |  |  | (22,373 | )
CNH Industrial NV |  | Call |  | Credit Suisse International |  |  | 08/16/17 |  |  | EUR |  |  | 10.47 |  |  |  | 22,200 |  |  |  | (8,638 | )
Galp Energia SGPS SA |  | Call |  | Bank of America N.A. |  |  | 08/16/17 |  |  | EUR |  |  | 13.44 |  |  |  | 50,000 |  |  |  | (15,567 | )
GlaxoSmithKline PLC |  | Call |  | Goldman Sachs International |  |  | 08/16/17 |  |  | GBP |  |  | 17.39 |  |  |  | 109,300 |  |  |  | (5,557 | )
Kion Group AG |  | Call |  | Goldman Sachs International |  |  | 08/16/17 |  |  | EUR |  |  | 70.14 |  |  |  | 12,000 |  |  |  | (12,457 | )
Rio Tinto PLC |  | Call |  | Credit Suisse International |  |  | 08/16/17 |  |  | GBP |  |  | 32.48 |  |  |  | 23,500 |  |  |  | (31,970 | )
Rogers Communications, Inc., Class B |  | Call |  | Deutsche Bank AG |  |  | 08/16/17 |  |  | CAD |  |  | 64.09 |  |  |  | 72,000 |  |  |  | (23,924 | )
SMC Corp. |  | Call |  | Bank of America N.A. |  |  | 08/16/17 |  |  | JPY |  |  | 36,159.67 |  |  |  | 5,100 |  |  |  | (23,110 | )
TELUS CORP. |  | Call |  | Citibank N.A. |  |  | 08/17/17 |  |  | CAD |  |  | 45.23 |  |  |  | 98,700 |  |  |  | (38,465 | )
Tencent Holdings Ltd. |  | Call |  | UBS AG |  |  | 08/17/17 |  |  | HKD |  |  | 283.00 |  |  |  | 79,000 |  |  |  | (74,915 | )
Aalberts Industries NV |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/18/17 |  |  | EUR |  |  | 37.25 |  |  |  | 20,000 |  |  |  | (3,765 | )
FANUC Corp. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/18/17 |  |  | JPY |  |  | 22,242.14 |  |  |  | 8,100 |  |  |  | (33,586 | )
Hexagon AB, Class B |  | Call |  | Credit Suisse International |  |  | 08/18/17 |  |  | SEK |  |  | 426.25 |  |  |  | 30,000 |  |  |  | (27,990 | )
Japan Tobacco, Inc. |  | Call |  | Goldman Sachs International |  |  | 08/22/17 |  |  | JPY |  |  | 4,163.13 |  |  |  | 64,700 |  |  |  | (21,766 | )
ANTA Sports Products Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/23/17 |  |  | HKD |  |  | 23.77 |  |  |  | 434,000 |  |  |  | (135,258 | )
Sands China Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/23/17 |  |  | HKD |  |  | 38.19 |  |  |  | 410,400 |  |  |  | (22,830 | )
Ansell Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/25/17 |  |  | AUD |  |  | 24.21 |  |  |  | 104,600 |  |  |  | (45,597 | )
TELUS CORP. |  | Call |  | Citibank N.A. |  |  | 08/28/17 |  |  | CAD |  |  | 45.23 |  |  |  | 98,700 |  |  |  | (44,566 | )
Sonic Healthcare Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/29/17 |  |  | AUD |  |  | 24.67 |  |  |  | 103,200 |  |  |  | (34,021 | )
Rogers Communication, Inc. |  | Call |  | Deutsche Bank AG |  |  | 08/31/17 |  |  | CAD |  |  | 64.09 |  |  |  | 72,000 |  |  |  | (32,286 | )
Far EasTone Telecommunications Co. Ltd. |  | Call |  | Goldman Sachs International |  |  | 09/01/17 |  |  | USD |  |  | 79.23 |  |  |  | 594,000 |  |  |  | (9,041 | )
Total |  |  |  |  |  | $ | (3,155,810 | )

Transactions in Options Written for the Period Ended June 30, 2017

|  | Calls |
|  | Contracts |  |  | Notional (000) |  |  | Premiums Received |
Outstanding options, beginning of period |  |  |  |  |  |  | 26,890,966 |  |  |  | — |  |  | $ | 7,043,095 |
Options written |  |  |  |  |  |  | 115,196,708 |  |  |  | 537,000 |  |  |  | 28,950,499 |
Options exercised |  |  |  |  |  |  | (45,368,196 | ) |  |  | — |  |  |  | (270,455 | )
Options expired |  |  |  |  |  |  | (41,710 | ) |  |  | — |  |  |  | (11,883,854 | )
Options closed |  |  |  |  |  |  | (83,732,417 | ) |  |  | (537,000 | ) |  |  | (19,088,143 | )
Outstanding options, end of period |  |  |  |  |  |  | 12,945,351 |  |  |  | — |  |  | $ | 4,751,142 |

As of period end, the value of portfolio securities subject to covered call options written was $269,002,467.

See Notes to Financial Statements. |  |  |  |
56 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Enhanced International Dividend Trust (BGY)

Derivative Financial Instruments Categorized by Risk Exposure

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

Liabilities — Derivative Financial Instruments |  | Commodity Contracts |  | Credit Contracts |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  | Interest Rate Contracts |  | Other Contracts |  | Total |
Options written |  | Options written, at value |  | — |  | — |  | $ | 3,858,188 |  |  | — |  | — |  | — |  | $ | 3,858,188 |

For the six months ended June 30, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:

Net Realized Gain (Loss) from: |  |  |  |  | Commodity Contracts |  | Credit Contracts |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  | Other Contracts |  | Total |
Forward foreign currency exchange contracts |  |  |  |  |  | — |  | — |  |  | — |  |  | $ | (2 | ) |  | — |  | — |  | $ | (2 | )
Futures contracts |  |  |  |  |  | — |  | — |  | $ | 344,941 |  |  |  | — |  |  | — |  | — |  |  | 344,941 |
Options purchased1 |  |  |  |  |  | — |  | — |  |  | (21,287 | ) |  |  | — |  |  | — |  | — |  |  | (21,287 | )
Options written |  |  |  |  |  | — |  | — |  |  | (11,548,380 | ) |  |  | — |  |  | — |  | — |  |  | (11,548,380 | )
Total |  |  |  |  |  | — |  | — |  | $ | (11,224,726 | ) |  | $ | (2 | ) |  | — |  | — |  | $ | (11,224,728 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  | — |  | — |  | $ | 2,512,044 |  |  |  | — |  |  | — |  | — |  | $ | 2,512,044 |
1 Options purchased are included in net realized gain (loss) from investments. |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Financial futures contracts: |
Average notional value of contracts — long |  | $ | 28,250,695 | 1
Forward foreign currency exchange contracts: |
Average amounts sold — in USD |  | $ | 4,828 | 1
Options: |
Average value of option contracts purchased |  | $ | 464,884 | 1
Average value of option contracts written |  | $ | 6,612,031 |
1 Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter end. |

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) are as follows:

Derivative Financial Instruments |  | Assets |  | Liabilities |
Options |  | — |  | $ | 3,858,188 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  | — |  |  | (702,378 | )
Total derivative assets and liabilities subject to an MNA |  | — |  | $ | 3,155,810 |

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an Master Netting Agreement (“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 Pledged1 |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities2 |  |  |  |
Bank of America N.A. |  | $ | 144,051 |  |  | — |  |  | — |  |  | $ | (90,000 | ) |  | $ | 54,051 |  |  |  |  |
Citibank N.A. |  |  | 242,106 |  |  | — |  |  | — |  |  |  | (242,000 | ) |  |  | 106 |  |  |  |  |
Credit Suisse International |  |  | 437,976 |  |  | — |  | $ | (437,976 | ) |  |  | — |  |  |  | — |  |  |  |  |
Deutsche Bank AG |  |  | 592,848 |  |  | — |  |  | (592,848 | ) |  |  | — |  |  |  | — |  |  |  |  |
Goldman Sachs International |  |  | 617,737 |  |  | — |  |  | (617,737 | ) |  |  | — |  |  |  | — |  |  |  |  |
HSBC Bank PLC |  |  | 46,649 |  |  | — |  |  | — |  |  |  | — |  |  |  | 46,649 |  |  |  |  |
JPMorgan Chase Bank N.A. |  |  | 280,761 |  |  | — |  |  | — |  |  |  | (260,000 | ) |  |  | 20,761 |  |  |  |  |

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 57

Schedule of Investments (continued) |  | BlackRock Enhanced International Dividend Trust (BGY)

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  | Non-cash Collateral Pledged1 |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities2 |  |  |  |
Morgan Stanley & Co. International PLC |  | $ | 718,767 |  |  | — |  | $ | (718,767 | ) |  |  | — |  |  |  | — |  |  |  |  |
UBS AG |  |  | 74,915 |  |  | — |  |  | (17,551 | ) |  | $ | (57,364 | ) |  |  | — |  |  |  |  |
Total |  | $ | 3,155,810 |  |  | — |  | $ | (2,384,879 | ) |  | $ | (649,364 | ) |  | $ | 121,567 |  |  |  |  |
1 Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |  |  |  |  |
2 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. |  |  |  |  |

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australia |  |  | — |  |  | $ | 19,143,721 |  |  |  | — |  |  | $ | 19,143,721 |
Belgium |  |  | — |  |  |  | 13,942,194 |  |  |  | — |  |  |  | 13,942,194 |
Canada |  | $ | 52,535,840 |  |  |  | — |  |  |  | — |  |  |  | 52,535,840 |
China |  |  | 10,944,830 |  |  |  | 17,585,653 |  |  |  | — |  |  |  | 28,530,483 |
Denmark |  |  | — |  |  |  | 9,897,513 |  |  |  | — |  |  |  | 9,897,513 |
Finland |  |  | — |  |  |  | 18,591,833 |  |  |  | — |  |  |  | 18,591,833 |
France |  |  | — |  |  |  | 38,900,452 |  |  |  | — |  |  |  | 38,900,452 |
Germany |  |  | — |  |  |  | 37,552,739 |  |  |  | — |  |  |  | 37,552,739 |
Hong Kong |  |  | 430,210 |  |  |  | 16,697,756 |  |  |  | — |  |  |  | 17,127,966 |
India |  |  | — |  |  |  | 10,557,541 |  |  |  | — |  |  |  | 10,557,541 |
Ireland |  |  | 6,933,958 |  |  |  | — |  |  |  | — |  |  |  | 6,933,958 |
Italy |  |  | — |  |  |  | 2,189,550 |  |  |  | — |  |  |  | 2,189,550 |
Japan |  |  | — |  |  |  | 27,744,149 |  |  |  | — |  |  |  | 27,744,149 |
Netherlands |  |  | — |  |  |  | 37,769,289 |  |  |  | — |  |  |  | 37,769,289 |
Norway |  |  | — |  |  |  | 281,896 |  |  |  | — |  |  |  | 281,896 |
Portugal |  |  | — |  |  |  | 7,373,879 |  |  |  | — |  |  |  | 7,373,879 |
South Africa |  |  | — |  |  |  | 10,559,335 |  |  |  | — |  |  |  | 10,559,335 |
South Korea |  |  | — |  |  |  | 14,442,371 |  |  |  | — |  |  |  | 14,442,371 |
Sweden |  |  | — |  |  |  | 21,066,551 |  |  |  | — |  |  |  | 21,066,551 |
Switzerland |  |  | — |  |  |  | 90,743,936 |  |  |  | — |  |  |  | 90,743,936 |
Taiwan |  |  | — |  |  |  | 23,568,123 |  |  |  | — |  |  |  | 23,568,123 |
United Kingdom |  |  | — |  |  |  | 159,934,057 |  |  |  | — |  |  |  | 159,934,057 |
United States |  |  | 34,176,301 |  |  |  | — |  |  |  | — |  |  |  | 34,176,301 |
Investment Companies |  |  | 21,856,120 |  |  |  | — |  |  |  | — |  |  |  | 21,856,120 |
Preferred Stocks |  |  | — |  |  |  | — |  |  | $ | 5,853,005 |  |  |  | 5,853,005 |
Short-Term Securities |  |  | 30,845,879 |  |  |  | — |  |  |  | — |  |  |  | 30,845,879 |
Total |  | $ | 157,723,138 |  |  | $ | 578,542,538 |  |  | $ | 5,853,005 |  |  | $ | 742,118,681 |
Derivative Financial Instruments1 |
Liabilities: |
Equity contracts |  |  | (616,054 | ) |  |  | (3,242,134 | ) |  |  | — |  |  |  | (3,858,188 | )
1 Derivative financial instruments are options written, which are shown at value. |

Transfers between Level 1 and Level 2 were as follow:

|  | Transfers into Level 1 |  |  | Transfers out of Level 11 |  |  | Transfers into Level 21 |  |  | Transfers out of Level 2 |
Assets: |
Long-Term Investments: |
Common Stocks |  |  | — |  |  | $ | (18,063,836 | ) |  | $ | 18,063,836 |  |  |  | — |
1 External pricing service used to reflect any significant market movements between the time the Trust valued such foreign securities and the earlier closing of foreign markets. |

See Notes to Financial Statements. |  |  |  |
58 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (concluded) |  | BlackRock Enhanced International Dividend Trust (BGY)

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments 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:

|  | Preferred Stocks |  |  | Total |
Assets: |  |  |  |  |  |  |  |
Opening Balance, as of December 31, 2016 |  | $ | 15,855,374 |  |  | $ | 15,855,374 |
Transfers into Level 3 |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)1,2 |  |  | (10,002,369 | ) |  |  | (10,002,369 | )
Purchases |  |  | — |  |  |  | — |
Sales |  |  | — |  |  |  | — |
Closing Balance, as of June 30, 2017 |  | $ | 5,853,005 |  |  | $ | 5,853,005 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 20172 |  | $ | (10,002,369 | ) |  | $ | (10,002,369 | )
1 Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |
2 Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on derivative financial instruments still held at June 30, 2017 is generally due to derivative financial instruments no longer held or categorized as Level 3 at period end. |

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 59

Schedule of Investments June 30, 2017 (Unaudited) |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Common Stocks |  | Shares |  |  | Value |
Biotechnology — 23.5% |
AbbVie, Inc. (a) |  |  | 39,586 |  |  | $ | 2,870,381 |
Acceleron Pharma, Inc. (a)(b) |  |  | 46,400 |  |  |  | 1,410,096 |
Acerta Pharma BV, Series B, (Acquired 2/01/16, cost $986,402) (c)(d) |  |  | 17,146,440 |  |  |  | 1,462,591 |
Agios Pharmaceuticals, Inc. (a)(b) |  |  | 9,600 |  |  |  | 493,920 |
Alder Biopharmaceuticals, Inc. (b) |  |  | 5,829 |  |  |  | 66,742 |
Alkermes PLC (a)(b) |  |  | 17,800 |  |  |  | 1,031,866 |
Alnylam Pharmaceuticals, Inc. (a)(b) |  |  | 19,000 |  |  |  | 1,515,440 |
Amgen, Inc. (a) |  |  | 61,422 |  |  |  | 10,578,711 |
Aquinox Pharmaceuticals, Inc. (a)(b) |  |  | 17,531 |  |  |  | 246,661 |
Audentes Therapeutics, Inc. (b) |  |  | 10,083 |  |  |  | 192,888 |
Avexis, Inc. (a)(b) |  |  | 17,252 |  |  |  | 1,417,424 |
Biogen, Inc. (a)(b) |  |  | 24,048 |  |  |  | 6,525,665 |
Biohaven Pharmaceutical Holding Co. Ltd. (b) |  |  | 13,650 |  |  |  | 341,250 |
BioMarin Pharmaceutical, Inc. (a)(b) |  |  | 18,200 |  |  |  | 1,652,924 |
Bioverativ, Inc. (a)(b) |  |  | 11,674 |  |  |  | 702,425 |
Celgene Corp. (a)(b) |  |  | 97,986 |  |  |  | 12,725,442 |
Galapagos NV — ADR (a)(b) |  |  | 4,200 |  |  |  | 321,384 |
Genomic Health, Inc. (a)(b) |  |  | 16,500 |  |  |  | 537,075 |
Gilead Sciences, Inc. (a) |  |  | 67,200 |  |  |  | 4,756,416 |
Global Blood Therapeutics, Inc. (a)(b) |  |  | 16,088 |  |  |  | 440,007 |
Halozyme Therapeutics, Inc. (a)(b) |  |  | 49,200 |  |  |  | 630,744 |
Incyte Corp. (a)(b) |  |  | 14,500 |  |  |  | 1,825,695 |
Iovance Biotherapeutics, Inc. (b) |  |  | 62,723 |  |  |  | 461,014 |
Karyopharm Therapeutics, Inc. (a)(b) |  |  | 6,500 |  |  |  | 58,825 |
Myovant Sciences, Ltd. (b) |  |  | 29,453 |  |  |  | 344,600 |
Otonomy, Inc. (b) |  |  | 9,400 |  |  |  | 177,190 |
Ovid therapeutics, Inc. (b) |  |  | 4,600 |  |  |  | 48,254 |
Prothena Corp. PLC (b) |  |  | 2,244 |  |  |  | 121,445 |
PTC Therapeutics, Inc. (a)(b) |  |  | 15,700 |  |  |  | 287,781 |
Regeneron Pharmaceuticals, Inc. (a)(b) |  |  | 9,358 |  |  |  | 4,596,088 |
REGENXBIO, Inc. (b) |  |  | 36,250 |  |  |  | 715,938 |
Sage Therapeutics, Inc. (a)(b) |  |  | 15,752 |  |  |  | 1,254,489 |
Sarepta Therapeutics, Inc. (a)(b) |  |  | 37,450 |  |  |  | 1,262,440 |
Seattle Genetics, Inc. (a)(b) |  |  | 22,767 |  |  |  | 1,177,965 |
Spark Therapeutics, Inc. (a)(b) |  |  | 4,600 |  |  |  | 274,804 |
Syndax Pharmaceuticals, Inc. (b) |  |  | 52,584 |  |  |  | 734,598 |
TESARO, Inc. (a)(b) |  |  | 18,431 |  |  |  | 2,577,760 |
Tocagen, Inc. (b) |  |  | 11,583 |  |  |  | 139,343 |
Ultragenyx Pharmaceutical, Inc. (a)(b) |  |  | 15,100 |  |  |  | 937,861 |
Vertex Pharmaceuticals, Inc. (a)(b) |  |  | 60,905 |  |  |  | 7,848,827 |
|  |  |  | 74,764,969 |
Diversified Consumer Services — 0.5% |
Service Corp. International |  |  | 43,300 |  |  |  | 1,448,385 |
Health Care Equipment & Supplies — 24.8% |
Abbott Laboratories (a) |  |  | 110,500 |  |  |  | 5,371,405 |
Baxter International, Inc. (a) |  |  | 138,900 |  |  |  | 8,409,006 |
Becton Dickinson & Co. (a) |  |  | 22,233 |  |  |  | 4,337,881 |
Boston Scientific Corp. (a)(b) |  |  | 368,184 |  |  |  | 10,206,060 |
C.R. Bard, Inc. |  |  | 23,653 |  |  |  | 7,476,950 |
Edwards Lifesciences Corp. (a)(b) |  |  | 14,300 |  |  |  | 1,690,832 |
Hologic, Inc. (a)(b) |  |  | 84,500 |  |  |  | 3,834,610 |
Intuitive Surgical, Inc. (a)(b) |  |  | 5,700 |  |  |  | 5,331,609 |
iRhythm Technologies, Inc. (a)(b) |  |  | 7,183 |  |  |  | 305,206 |
Masimo Corp. (a)(b) |  |  | 21,500 |  |  |  | 1,960,370 |
Medtronic PLC (a) |  |  | 194,100 |  |  |  | 17,226,375 |
ResMed, Inc. |  |  | 20,000 |  |  |  | 1,557,400 |
Stryker Corp. (a) |  |  | 68,300 |  |  |  | 9,478,674 |
Varian Medical Systems, Inc. (a)(b) |  |  | 15,100 |  |  |  | 1,558,169 |
|  |  |  | 78,744,547 |
Health Care Providers & Services — 28.6% |
Aetna, Inc. (a) |  |  | 44,311 |  |  |  | 6,727,739 |
Amedisys, Inc. (b) |  |  | 58,660 |  |  |  | 3,684,434 |
AmerisourceBergen Corp. (a) |  |  | 15,300 |  |  |  | 1,446,309 |
Anthem, Inc. |  |  | 50,300 |  |  |  | 9,462,939 |

Common Stocks |  | Shares |  |  | Value |
Health Care Providers & Services (continued) |
Cardinal Health, Inc. (a) |  |  | 36,830 |  |  | $ | 2,869,794 |
Centene Corp. (b) |  |  | 35,300 |  |  |  | 2,819,764 |
Cigna Corp. (a) |  |  | 46,100 |  |  |  | 7,716,679 |
DaVita, Inc. (a)(b) |  |  | 64,994 |  |  |  | 4,209,011 |
HCA Holdings, Inc. (a)(b) |  |  | 35,894 |  |  |  | 3,129,957 |
HealthEquity, Inc. (b) |  |  | 12,500 |  |  |  | 622,875 |
Humana, Inc. (a) |  |  | 39,200 |  |  |  | 9,432,304 |
McKesson Corp. (a) |  |  | 16,100 |  |  |  | 2,649,094 |
Quest Diagnostics, Inc. (a) |  |  | 57,300 |  |  |  | 6,369,468 |
Teladoc, Inc. (a)(b) |  |  | 20,900 |  |  |  | 725,230 |
UnitedHealth Group, Inc. (a) |  |  | 136,402 |  |  |  | 25,291,659 |
Universal Health Services, Inc., Class B (a) |  |  | 19,500 |  |  |  | 2,380,560 |
WellCare Health Plans, Inc. (a)(b) |  |  | 6,300 |  |  |  | 1,131,228 |
|  |  |  | 90,669,044 |
Life Sciences Tools & Services — 2.1% |
Agilent Technologies, Inc. |  |  | 38,500 |  |  |  | 2,283,435 |
Thermo Fisher Scientific, Inc. (a) |  |  | 23,100 |  |  |  | 4,030,257 |
Wuxi Biologics Cayman, Inc. (b)(e) |  |  | 134,500 |  |  |  | 505,616 |
|  |  |  | 6,819,308 |
Pharmaceuticals — 20.6% |
Allergan PLC (a) |  |  | 37,185 |  |  |  | 9,039,302 |
AstraZeneca PLC |  |  | 38,776 |  |  |  | 2,597,353 |
Bristol-Myers Squibb Co. (a) |  |  | 97,162 |  |  |  | 5,413,867 |
Chugai Pharmaceutical Co. Ltd. |  |  | 8,100 |  |  |  | 303,474 |
Dermira, Inc. (a)(b) |  |  | 22,100 |  |  |  | 643,994 |
Eli Lilly & Co. (a) |  |  | 92,100 |  |  |  | 7,579,830 |
GlaxoSmithKline PLC |  |  | 75,300 |  |  |  | 1,602,930 |
Intra-Cellular Therapies, Inc. (b) |  |  | 13,701 |  |  |  | 170,166 |
Jazz Pharmaceuticals PLC (a)(b) |  |  | 11,400 |  |  |  | 1,772,700 |
Johnson & Johnson (a) |  |  | 63,770 |  |  |  | 8,436,133 |
Mallinckrodt PLC (a)(b) |  |  | 16,200 |  |  |  | 725,922 |
Merck & Co., Inc. (a) |  |  | 91,000 |  |  |  | 5,832,190 |
Merck KGaA |  |  | 28,400 |  |  |  | 3,436,362 |
Mylan NV (a)(b) |  |  | 66,400 |  |  |  | 2,577,648 |
Novartis AG — ADR |  |  | 9,900 |  |  |  | 826,353 |
Pacira Pharmaceuticals, Inc. (a)(b) |  |  | 7,800 |  |  |  | 372,060 |
Pfizer, Inc. (a) |  |  | 118,398 |  |  |  | 3,976,989 |
Roche Holding AG |  |  | 14,500 |  |  |  | 3,704,965 |
Sanofi SA |  |  | 15,400 |  |  |  | 1,475,626 |
Sanofi SA — ADR (a) |  |  | 37,000 |  |  |  | 1,772,670 |
Theravance Biopharma, Inc. (a)(b) |  |  | 4,700 |  |  |  | 187,248 |
Zoetis, Inc. (a) |  |  | 47,600 |  |  |  | 2,969,288 |
|  |  |  | 65,417,070 |
Total Common Stocks — 100.1% |  |  |  | 317,863,323 |
Preferred Stock |
Biotechnology — 0.1% |
Ovid Therapeutics Inc., (Acquired 8/7/15, Cost $503,166), 0.00% (b)(c)(d) |  |  | 37,565 |  |  |  | 380,484 |
Total Preferred Stocks — 0.1% |  |  |  | 380,484 |
Rights |  |  |  |  |  |
Biotechnology — 0.1% |
Dyax Corp., CVR (b)(d) |  |  | 61,727 |  |  |  | 141,355 |
Total Long-Term Investments (Cost — $210,031,572) — 100.3% |  |  |  | 318,385,162 |

See Notes to Financial Statements. |  |  |  |
60 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Health Sciences Trust (BME)

Short-Term Securities |  | Shares |  |  | Value |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (f)(g) |  |  | 2,281,623 |  |  | $ | 2,281,623 |
Total Short-Term Securities (Cost — $2,281,623) — 0.7% |  |  |  | 2,281,623 |
Total Investments Before Options Written (Cost — $212,313,195) — 101.0% |  |  |  | 320,666,785 |
Options Written (Premiums Received — $2,322,880) — (1.1)% |  |  |  |  |  |  | (3,438,994 | )
Total Investments, Net of Options Written (Cost — $209,990,315) — 99.9% |  |  |  | 317,227,791 |
Other Assets Less Liabilities — 0.1% |  |  |  | 308,005 |
Net Assets — 100.0% |  |  | $ | 317,535,796 |

Notes to Schedule of Investments

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

(b) |  | Non-income producing security.

(c) |  | Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $1,843,075 and an original cost of $1,489,568, which was 0.6% of its net assets.

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

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

(f) |  | During the six months ended June 30, 2017, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at December 31, 2016 |  |  | Net Activity |  |  | Shares Held at June 30, 2017 |  |  | Value at June 30, 2017 |  |  | Income |  |  | Net Realized Gain |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 8,611,967 |  |  |  | (6,330,344 | ) |  |  | 2,281,623 |  |  | $ | 2,281,623 |  |  | $ | 16,585 |  |  |  | — |  |  |  | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 126,889 |  |  |  | (126,889 | ) |  |  | — |  |  |  | — |  |  |  | 1,584 | 1 |  |  | — |  |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 18,169 |  |  |  | — |  |  |  | — |
1 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. |

(g) |  | Current yield as of period end.

For Trust compliance purposes, the Trust’s industry classifications refer to any 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 industry sub-classifications for reporting ease.

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Abbott Laboratories |  | Call |  | 7/07/17 |  | USD |  |  | 44.00 |  |  |  | 113 |  |  | $ | (51,133 | )
Allergan PLC |  | Call |  | 7/07/17 |  | USD |  |  | 225.00 |  |  |  | 63 |  |  |  | (115,290 | )
Baxter International, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 59.50 |  |  |  | 134 |  |  |  | (16,415 | )
Bristol-Myers Squibb Co. |  | Call |  | 7/07/17 |  | USD |  |  | 55.50 |  |  |  | 165 |  |  |  | (12,292 | )
Celgene Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 118.00 |  |  |  | 226 |  |  |  | (257,640 | )
Eli Lilly & Co. |  | Call |  | 7/07/17 |  | USD |  |  | 82.00 |  |  |  | 112 |  |  |  | (9,800 | )
Humana, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 235.00 |  |  |  | 22 |  |  |  | (14,630 | )
Medtronic PLC |  | Call |  | 7/07/17 |  | USD |  |  | 86.00 |  |  |  | 309 |  |  |  | (86,366 | )
Merck & Co., Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 64.50 |  |  |  | 45 |  |  |  | (1,372 | )
UnitedHealth Group, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 177.50 |  |  |  | 70 |  |  |  | (56,525 | )
Becton Dickinson & Co. |  | Call |  | 7/10/17 |  | USD |  |  | 187.00 |  |  |  | 75 |  |  |  | (64,000 | )
Dermira, Inc. |  | Call |  | 7/12/17 |  | USD |  |  | 29.01 |  |  |  | 77 |  |  |  | (7,831 | )
Amgen, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 157.50 |  |  |  | 87 |  |  |  | (129,195 | )
Celgene Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 117.00 |  |  |  | 39 |  |  |  | (52,065 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 61

Schedule of Investments (continued) |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued) |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Cigna Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 170.00 |  |  |  | 101 |  |  | $ | (12,120 | )
Eli Lilly & Co. |  | Call |  | 7/14/17 |  | USD |  |  | 82.50 |  |  |  | 113 |  |  |  | (9,605 | )
Merck & Co., Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 64.50 |  |  |  | 55 |  |  |  | (2,942 | )
Thermo Fisher Scientific, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 172.40 |  |  |  | 38 |  |  |  | (14,518 | )
UnitedHealth Group, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 182.50 |  |  |  | 40 |  |  |  | (16,500 | )
Acceleron Pharma, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 30.00 |  |  |  | 162 |  |  |  | (38,475 | )
Aetna, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 140.00 |  |  |  | 30 |  |  |  | (35,325 | )
Alkermes PLC |  | Call |  | 7/21/17 |  | USD |  |  | 60.00 |  |  |  | 49 |  |  |  | (5,512 | )
Alnylam Pharmaceuticals, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 80.00 |  |  |  | 17 |  |  |  | (5,780 | )
Amgen, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 165.00 |  |  |  | 75 |  |  |  | (61,500 | )
Avexis, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 85.00 |  |  |  | 60 |  |  |  | (15,450 | )
Biogen, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 265.00 |  |  |  | 24 |  |  |  | (23,160 | )
BioMarin Pharmaceutical, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 95.00 |  |  |  | 61 |  |  |  | (10,370 | )
Bioverativ Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 55.00 |  |  |  | 40 |  |  |  | (23,000 | )
Boston Scientific Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 27.00 |  |  |  | 287 |  |  |  | (27,409 | )
Celgene Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 120.00 |  |  |  | 38 |  |  |  | (39,900 | )
DaVita, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 67.50 |  |  |  | 227 |  |  |  | (8,512 | )
Edwards Lifesciences Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 115.00 |  |  |  | 50 |  |  |  | (22,500 | )
Eli Lilly & Co. |  | Call |  | 7/21/17 |  | USD |  |  | 80.00 |  |  |  | 87 |  |  |  | (24,621 | )
Galapagos NV — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 90.00 |  |  |  | 14 |  |  |  | (7,000 | )
Gilead Sciences, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 67.50 |  |  |  | 177 |  |  |  | (64,605 | )
Global Blood Therapeutics, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 30.00 |  |  |  | 56 |  |  |  | (5,180 | )
Hologic, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 45.00 |  |  |  | 295 |  |  |  | (30,238 | )
Humana, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 235.00 |  |  |  | 53 |  |  |  | (43,195 | )
Incyte Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 125.00 |  |  |  | 50 |  |  |  | (26,000 | )
Intuitive Surgical, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 865.00 |  |  |  | 19 |  |  |  | (144,115 | )
Jazz Pharmaceuticals PLC |  | Call |  | 7/21/17 |  | USD |  |  | 155.00 |  |  |  | 13 |  |  |  | (5,590 | )
Johnson & Johnson |  | Call |  | 7/21/17 |  | USD |  |  | 127.52 |  |  |  | 108 |  |  |  | (59,944 | )
Karyopharm Therapeutics, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 10.00 |  |  |  | 22 |  |  |  | (550 | )
Medtronic PLC |  | Call |  | 7/21/17 |  | USD |  |  | 87.50 |  |  |  | 132 |  |  |  | (22,308 | )
Pacira Pharmaceuticals, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 45.00 |  |  |  | 27 |  |  |  | (10,665 | )
Pfizer, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 33.00 |  |  |  | 56 |  |  |  | (4,452 | )
PTC Therapeutics, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 17.00 |  |  |  | 54 |  |  |  | (10,530 | )
Quest Diagnostics, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 110.00 |  |  |  | 97 |  |  |  | (17,703 | )
Sage Therapeutics, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 90.00 |  |  |  | 55 |  |  |  | (8,525 | )
Sanofi SA — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 50.00 |  |  |  | 108 |  |  |  | (3,240 | )
Spark Therapeutics, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 60.00 |  |  |  | 20 |  |  |  | (6,250 | )
Stryker Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 140.00 |  |  |  | 122 |  |  |  | (17,385 | )
Teladoc, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 35.00 |  |  |  | 73 |  |  |  | (9,490 | )
Theravance Biopharma, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 40.00 |  |  |  | 16 |  |  |  | (2,960 | )
Thermo Fisher Scientific, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 175.00 |  |  |  | 42 |  |  |  | (10,710 | )
Ultragenyx Pharmaceutical, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 65.00 |  |  |  | 52 |  |  |  | (11,310 | )
UnitedHealth Group, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 180.00 |  |  |  | 113 |  |  |  | (82,208 | )
UnitedHealth Group, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 185.00 |  |  |  | 41 |  |  |  | (15,273 | )
Universal Health Services, Inc., Class B |  | Call |  | 7/21/17 |  | USD |  |  | 120.00 |  |  |  | 70 |  |  |  | (26,600 | )
Vertex Pharmaceuticals, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 125.00 |  |  |  | 63 |  |  |  | (44,730 | )
WellCare Health Plans, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 175.00 |  |  |  | 25 |  |  |  | (16,000 | )
Zoetis, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 60.35 |  |  |  | 62 |  |  |  | (14,811 | )
Genomic Health, Inc. |  | Call |  | 7/25/17 |  | USD |  |  | 33.01 |  |  |  | 57 |  |  |  | (5,707 | )
Abbott Laboratories |  | Call |  | 7/28/17 |  | USD |  |  | 48.00 |  |  |  | 121 |  |  |  | (15,670 | )
AmerisourceBergen Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 98.00 |  |  |  | 33 |  |  |  | (2,887 | )
Baxter International, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 60.01 |  |  |  | 133 |  |  |  | (16,601 | )
Boston Scientific Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 28.00 |  |  |  | 321 |  |  |  | (19,581 | )
HCA Holdings, Inc |  | Call |  | 7/28/17 |  | USD |  |  | 86.00 |  |  |  | 81 |  |  |  | (22,680 | )
Jazz Pharmaceuticals PLC |  | Call |  | 7/28/17 |  | USD |  |  | 155.00 |  |  |  | 26 |  |  |  | (11,960 | )
Mallinckrodt PLC |  | Call |  | 7/28/17 |  | USD |  |  | 46.00 |  |  |  | 56 |  |  |  | (9,100 | )
McKesson Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 167.50 |  |  |  | 53 |  |  |  | (16,033 | )
Merck & Co., Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 66.50 |  |  |  | 59 |  |  |  | (2,684 | )
Regeneron Pharmaceuticals, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 525.00 |  |  |  | 16 |  |  |  | (10,240 | )
UnitedHealth Group, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 182.50 |  |  |  | 172 |  |  |  | (97,610 | )
UnitedHealth Group, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 185.00 |  |  |  | 41 |  |  |  | (17,323 | )
Vertex Pharmaceuticals, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 129.00 |  |  |  | 129 |  |  |  | (79,980 | )
Zoetis, Inc. |  | Call |  | 7/31/17 |  | USD |  |  | 63.00 |  |  |  | 100 |  |  |  | (7,258 | )
AbbVie, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 73.00 |  |  |  | 66 |  |  |  | (7,161 | )
Amgen, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 177.50 |  |  |  | 52 |  |  |  | (12,090 | )

See Notes to Financial Statements. |  |  |  |
62 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued) |  |  |  |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |  |  |  |
Biogen, Inc. |  | Call |  | 8/04/17 |  |  | USD |  |  |  | 280.00 |  |  |  | 57 |  |  | $ | (33,060 | ) |  |  |  |
Boston Scientific Corp. |  | Call |  | 8/04/17 |  |  | USD |  |  |  | 28.00 |  |  |  | 83 |  |  |  | (5,851 | ) |  |  |  |
Bristol-Myers Squibb Co. |  | Call |  | 8/04/17 |  |  | USD |  |  |  | 57.00 |  |  |  | 175 |  |  |  | (24,238 | ) |  |  |  |
Cardinal Health, Inc. |  | Call |  | 8/04/17 |  |  | USD |  |  |  | 80.50 |  |  |  | 64 |  |  |  | (6,560 | ) |  |  |  |
Gilead Sciences, Inc. |  | Call |  | 8/04/17 |  |  | USD |  |  |  | 72.50 |  |  |  | 58 |  |  |  | (8,642 | ) |  |  |  |
Johnson & Johnson |  | Call |  | 8/04/17 |  |  | USD |  |  |  | 134.00 |  |  |  | 115 |  |  |  | (18,630 | ) |  |  |  |
Medtronic PLC |  | Call |  | 8/04/17 |  |  | USD |  |  |  | 89.50 |  |  |  | 245 |  |  |  | (25,725 | ) |  |  |  |
Merck & Co., Inc. |  | Call |  | 8/04/17 |  |  | USD |  |  |  | 65.00 |  |  |  | 114 |  |  |  | (11,856 | ) |  |  |  |
Mylan NV |  | Call |  | 8/04/17 |  |  | USD |  |  |  | 39.50 |  |  |  | 232 |  |  |  | (22,620 | ) |  |  |  |
Aetna, Inc. |  | Call |  | 8/08/17 |  |  | USD |  |  |  | 141.90 |  |  |  | 104 |  |  |  | (101,470 | ) |  |  |  |
Allergan PLC |  | Call |  | 8/11/17 |  |  | USD |  |  |  | 252.50 |  |  |  | 67 |  |  |  | (19,363 | ) |  |  |  |
AmerisourceBergen Corp. |  | Call |  | 8/11/17 |  |  | USD |  |  |  | 97.00 |  |  |  | 20 |  |  |  | (3,750 | ) |  |  |  |
Abbott Laboratories |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 49.00 |  |  |  | 152 |  |  |  | (14,896 | ) |  |  |  |
AbbVie, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 70.00 |  |  |  | 78 |  |  |  | (23,946 | ) |  |  |  |
Agios Pharmaceuticals, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 60.00 |  |  |  | 33 |  |  |  | (3,712 | ) |  |  |  |
Alkermes PLC |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 65.00 |  |  |  | 13 |  |  |  | (1,592 | ) |  |  |  |
Alnylam Pharmaceuticals, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 70.00 |  |  |  | 49 |  |  |  | (59,045 | ) |  |  |  |
Aquinox Pharmaceuticals, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 15.00 |  |  |  | 61 |  |  |  | (5,490 | ) |  |  |  |
Baxter International, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 60.00 |  |  |  | 177 |  |  |  | (35,046 | ) |  |  |  |
Boston Scientific Corp. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 27.00 |  |  |  | 514 |  |  |  | (69,647 | ) |  |  |  |
Boston Scientific Corp. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 28.00 |  |  |  | 83 |  |  |  | (6,391 | ) |  |  |  |
Cardinal Health, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 82.50 |  |  |  | 64 |  |  |  | (4,160 | ) |  |  |  |
Celgene Corp. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 135.00 |  |  |  | 39 |  |  |  | (9,789 | ) |  |  |  |
Cigna Corp. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 175.00 |  |  |  | 60 |  |  |  | (13,200 | ) |  |  |  |
Halozyme Therapeutics, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 14.00 |  |  |  | 172 |  |  |  | (6,880 | ) |  |  |  |
HCA Holdings, Inc |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 87.50 |  |  |  | 44 |  |  |  | (11,770 | ) |  |  |  |
Humana, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 240.00 |  |  |  | 19 |  |  |  | (16,055 | ) |  |  |  |
iRhythm Technologies, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 40.00 |  |  |  | 25 |  |  |  | (10,250 | ) |  |  |  |
Masimo Corp. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 100.00 |  |  |  | 11 |  |  |  | (1,787 | ) |  |  |  |
McKesson Corp. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 165.00 |  |  |  | 3 |  |  |  | (1,635 | ) |  |  |  |
Merck & Co., Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 65.00 |  |  |  | 45 |  |  |  | (5,737 | ) |  |  |  |
Quest Diagnostics, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 107.75 |  |  |  | 103 |  |  |  | (51,184 | ) |  |  |  |
Regeneron Pharmaceuticals, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 515.00 |  |  |  | 16 |  |  |  | (25,760 | ) |  |  |  |
Sarepta Therapeutics, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 36.00 |  |  |  | 131 |  |  |  | (29,672 | ) |  |  |  |
TESARO, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 155.00 |  |  |  | 64 |  |  |  | (38,400 | ) |  |  |  |
Varian Medical System, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 105.00 |  |  |  | 28 |  |  |  | (6,930 | ) |  |  |  |
Vertex Pharmaceuticals, Inc. |  | Call |  | 8/18/17 |  |  | USD |  |  |  | 135.00 |  |  |  | 21 |  |  |  | (12,495 | ) |  |  |  |
Pfizer, Inc. |  | Call |  | 9/01/17 |  |  | USD |  |  |  | 34.17 |  |  |  | 362 |  |  |  | (15,394 | ) |  |  |  |
Total |  |  | $ | (3,110,513 | ) |  |  |  |

OTC Options Written |
Description |  | Put/ Call |  | Counterparty |  | Expiration Date |  |  | Strike Price |  | Contracts |  |  | Value |
Baxter International, Inc. |  | Call |  | Bank of America N.A. |  |  | 07/06/17 |  |  | USD |  | 56.46 |  |  | 4,200 |  |  | $ | (17,616 | )
Humana, Inc. |  | Call |  | Barclays Bank PLC |  |  | 07/12/17 |  |  | USD |  | 228.00 |  |  | 4,300 |  |  |  | (56,553 | )
Stryker Corp. |  | Call |  | Barclays Bank PLC |  |  | 07/12/17 |  |  | USD |  | 137.75 |  |  | 11,700 |  |  |  | (29,800 | )
Agilent Technologies, Inc. |  | Call |  | Barclays Bank PLC |  |  | 07/13/17 |  |  | USD |  | 56.00 |  |  | 13,000 |  |  |  | (45,833 | )
Sanofi SA — ADR |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/14/17 |  |  | EUR |  | 90.04 |  |  | 5,300 |  |  |  | (197 | )
AstraZeneca PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/19/17 |  |  | GBP |  | 53.39 |  |  | 13,200 |  |  |  | (23,391 | )
Masimo Corp. |  | Call |  | Credit Suisse International |  |  | 07/20/17 |  |  | USD |  | 87.00 |  |  | 6,400 |  |  |  | (35,162 | )
Service Corp. International |  | Call |  | Barclays Bank PLC |  |  | 07/24/17 |  |  | USD |  | 32.15 |  |  | 14,700 |  |  |  | (24,828 | )
Amedisys, Inc. |  | Call |  | Deutsche Bank AG |  |  | 07/31/17 |  |  | USD |  | 63.52 |  |  | 20,000 |  |  |  | (29,934 | )
HealthEquity, Inc. |  | Call |  | Citibank N.A. |  |  | 07/31/17 |  |  | USD |  | 51.72 |  |  | 5,000 |  |  |  | (5,768 | )
Novartis AG — ADR |  | Call |  | Citibank N.A. |  |  | 07/31/17 |  |  | USD |  | 81.34 |  |  | 3,400 |  |  |  | (10,841 | )
Syndax Pharmaceuticals, Inc. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/03/17 |  |  | USD |  | 15.90 |  |  | 18,400 |  |  |  | (16,683 | )
GlaxoSmithKline PLC |  | Call |  | Goldman Sachs International |  |  | 08/16/17 |  |  | GBP |  | 17.39 |  |  | 26,300 |  |  |  | (1,337 | )
Merck & Co., Inc. |  | Call |  | Goldman Sachs International |  |  | 08/16/17 |  |  | EUR |  | 111.09 |  |  | 9,600 |  |  |  | (14,188 | )
Roche Holding AG |  | Call |  | Credit Suisse International |  |  | 08/18/17 |  |  | CHF |  | 258.91 |  |  | 2,500 |  |  |  | (2,793 | )
REGENXBIO, Inc. |  | Call |  | Citibank N.A. |  |  | 08/28/17 |  |  | USD |  | 22.80 |  |  | 12,600 |  |  |  | (13,557 | )
Total |  |  | $ | (328,481 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 63

Schedule of Investments (continued) |  | BlackRock Health Sciences Trust (BME)

Transactions in Options Written for the Period Ended June 30, 2017

|  |  |  |  | Calls |
|  |  |  |  | Contracts |  |  | Premiums Received |
Outstanding options, beginning of period |  |  |  |  |  |  | 190,155 |  |  | $ | 2,428,175 |
Options written |  |  |  |  |  |  | 761,116 |  |  |  | 10,262,111 |
Options exercised |  |  |  |  |  |  | (339 | ) |  |  | (34,224 | )
Options expired |  |  |  |  |  |  | (126,496 | ) |  |  | (2,135,113 | )
Options closed |  |  |  |  |  |  | (643,493 | ) |  |  | (8,198,069 | )
Outstanding options, end of period |  |  |  |  |  |  | 180,943 |  |  | $ | 2,322,880 |

As of period end, the value of portfolio securities subject to covered call options written was $97,564,375.

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:

Liabilities — Derivative Financial Instruments |  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Options written |  | Options written, at value |  |  | — |  |  |  | — |  |  | $ | 3,438,994 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 3,438,994 |

For the six months ended June 30, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:

Net Realized Gain (Loss) from: |  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Options purchased1 |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | (280 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | (280 | )
Options written |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (4,475,585 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,475,585 | )
Total |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | (4,475,865 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | (4,475,865 | )
1 Options purchased are included in net realized gain (loss) from investments. |
Net Change in Unrealized Appreciation (Depreciation) on: |
Options written |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | (1,617,344 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | (1,617,344 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased |  | $ | 228 | 1
Average value of option contracts written |  | $ | 2,792,921 |
1 Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter end. |

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) are as follows:

Derivative Financial Instruments |  | Assets |  |  | Liabilities |
Options |  |  | — |  |  | $ | 3,438,994 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (3,110,513 | )
Total derivative assets and liabilities subject to an MNA |  |  | — |  |  | $ | 328,481 |

See Notes to Financial Statements. |  |  |  |
64 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (concluded) |  | BlackRock Health Sciences Trust (BME)

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under an Master Netting Agreement (“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 Liabilities1 |  |  |  |
Bank of America N.A. |  | $ | 17,616 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 17,616 |  |  |  |  |
Barclays Bank PLC |  |  | 157,014 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 157,014 |  |  |  |  |
Citibank N.A. |  |  | 30,166 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 30,166 |  |  |  |  |
Credit Suisse International |  |  | 37,955 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37,955 |  |  |  |  |
Deutsche Bank AG |  |  | 29,934 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,934 |  |  |  |  |
Goldman Sachs International |  |  | 15,525 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,525 |  |  |  |  |
Morgan Stanley & Co. International PLC |  |  | 40,271 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40,271 |  |  |  |  |
Total |  | $ | 328,481 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 328,481 |  |  |  |  |
1 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 investments and derivative financial instruments. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Biotechnology |  | $ | 73,302,378 |  |  |  | — |  |  | $ | 1,462,591 |  |  | $ | 74,764,969 |
Diversified Consumer Services |  |  | 1,448,385 |  |  |  | — |  |  |  | — |  |  |  | 1,448,385 |
Health Care Equipment & Supplies |  |  | 78,744,547 |  |  |  | — |  |  |  | — |  |  |  | 78,744,547 |
Health Care Providers & Services |  |  | 90,669,044 |  |  |  | — |  |  |  | — |  |  |  | 90,669,044 |
Life Sciences Tools & Services |  |  | 6,819,308 |  |  |  | — |  |  |  | — |  |  |  | 6,819,308 |
Pharmaceuticals |  |  | 52,296,360 |  |  | $ | 13,120,710 |  |  |  | — |  |  |  | 65,417,070 |
Preferred Stock |  |  | — |  |  |  | — |  |  |  | 380,484 |  |  |  | 380,484 |
Rights |  |  | — |  |  |  | — |  |  |  | 141,355 |  |  |  | 141,355 |
Short-Term Securities |  |  | 2,281,623 |  |  |  | — |  |  |  | — |  |  |  | 2,281,623 |
Total |  | $ | 305,561,645 |  |  | $ | 13,120,710 |  |  | $ | 1,984,430 |  |  | $ | 320,666,785 |
Derivative Financial Instruments1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity contracts |  | $ | (2,751,795 | ) |  | $ | (687,199 | ) |  |  | — |  |  | $ | (3,438,994 | )
1 Derivative financial instruments are options written, which are shown at value. |

During the six months ended June 30, 2017, there were no transfers between Level 1 and Level 2.

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments 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 |  |  | Rights |  |  | Total |
Assets: |  | $ | 1,452,303 |  |  | $ | 503,166 |  |  | $ | 68,517 |  |  | $ | 2,023,986 |
Opening Balance, as of December 31, 2016 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)1,2 |  |  | 10,288 |  |  |  | (122,682 | ) |  |  | 72,838 |  |  |  | (39,556 | )
Purchases |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Sales |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Closing Balance, as of June 30, 2017 |  | $ | 1,462,591 |  |  | $ | 380,484 |  |  | $ | 141,355 |  |  | $ | 1,984,430 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 20172 |  | $ | 10,288 |  |  | $ | (122,682 | ) |  | $ | 72,838 |  |  | $ | (39,556 | )
1 Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. 2 Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on derivative financial instruments still held at June 30, 2017 is generally due to derivative financial instruments no longer held or categorized as Level 3 at period end. |

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 65

Consolidated Schedule of Investments June 30, 2017 (Unaudited) |  | BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)

Common Stocks |  | Shares |  |  | Value |
Chemicals — 13.5% |  |  |  |  |  |
Agrium, Inc. |  |  | 234,401 |  |  | $ | 21,243,955 |
CF Industries Holdings, Inc. (a) |  |  | 850,336 |  |  |  | 23,775,395 |
Monsanto Co. (b) |  |  | 364,970 |  |  |  | 43,197,849 |
Mosaic Co. (a) |  |  | 219,733 |  |  |  | 5,016,504 |
Potash Corp. of Saskatchewan, Inc. (a) |  |  | 1,149,440 |  |  |  | 18,735,872 |
Yara International ASA |  |  | 266,000 |  |  |  | 10,002,199 |
|  |  |  |  |  |  | 121,971,774 |
Containers & Packaging — 2.8% |  |  |  |  |  |
Packaging Corp. of America (a) |  |  | 227,819 |  |  |  | 25,376,758 |
Energy Equipment & Services — 4.4% |  |  |  |  |  |
Baker Hughes, Inc. (a) |  |  | 213,777 |  |  |  | 11,652,984 |
Halliburton Co. (a)(b) |  |  | 347,800 |  |  |  | 14,854,538 |
Precision Drilling Corp. (c) |  |  | 1,749,350 |  |  |  | 5,975,957 |
Superior Energy Services, Inc. (a)(b)(c) |  |  | 654,550 |  |  |  | 6,826,956 |
|  |  |  |  |  |  | 39,310,435 |
Food Products — 4.6% |  |  |  |  |  |
AGT Food & Ingredients, Inc. |  |  | 46,482 |  |  |  | 834,439 |
BRF SA — ADR |  |  | 997,160 |  |  |  | 11,756,516 |
Bunge Ltd. (a) |  |  | 85,461 |  |  |  | 6,375,391 |
Elders, Ltd. (c) |  |  | 1,246,695 |  |  |  | 5,126,422 |
Glanbia PLC |  |  | 407,065 |  |  |  | 7,961,912 |
Origin Enterprises PLC |  |  | 1,342,955 |  |  |  | 9,790,600 |
|  |  |  |  |  |  | 41,845,280 |
Machinery — 1.2% |  |  |  |  |  |
Deere & Co. (a) |  |  | 89,759 |  |  |  | 11,093,315 |
Metals & Mining — 33.2% |  |  |  |  |  |
Barrick Gold Corp. (a) |  |  | 398,909 |  |  |  | 6,346,642 |
BHP Billiton PLC |  |  | 1,950,000 |  |  |  | 29,875,362 |
Boliden AB |  |  | 328,757 |  |  |  | 8,986,547 |
Detour Gold Corp. (c) |  |  | 422,269 |  |  |  | 4,942,970 |
First Quantum Minerals Ltd. |  |  | 1,804,555 |  |  |  | 15,265,244 |
Fortescue Metals Group Ltd. |  |  | 1,944,962 |  |  |  | 7,785,862 |
Franco-Nevada Corp. |  |  | 72,000 |  |  |  | 5,195,126 |
Fresnillo PLC |  |  | 691,401 |  |  |  | 13,402,621 |
Glencore PLC (c) |  |  | 11,085,484 |  |  |  | 41,539,811 |
Lundin Mining Corp. |  |  | 2,417,438 |  |  |  | 13,738,833 |
Neo Lithium Corp. (c)(d) |  |  | 3,000,000 |  |  |  | 2,660,395 |
Nevsun Resources, Ltd. |  |  | 3,527,285 |  |  |  | 8,513,573 |
Newcrest Mining Ltd. |  |  | 1,665,137 |  |  |  | 25,842,510 |
Newmont Mining Corp. (a) |  |  | 333,240 |  |  |  | 10,793,644 |
Public Joint Stock Company Polyus |  |  | 144,076 |  |  |  | 4,840,954 |
Rio Tinto PLC — ADR (a) |  |  | 841,129 |  |  |  | 35,588,168 |
South32 Ltd. |  |  | 5,060,093 |  |  |  | 10,421,291 |
Teck Resources Ltd., Class B |  |  | 995,607 |  |  |  | 17,253,869 |
Vale SA — ADR (a) |  |  | 1,942,546 |  |  |  | 16,997,278 |
Wheaton Precious Metals Corp. |  |  | 1,011,384 |  |  |  | 20,116,428 |
|  |  |  |  |  |  | 300,107,128 |
Oil, Gas & Consumable Fuels — 35.6% |  |  |  |  |  |
Anadarko Petroleum Corp. (a) |  |  | 297,675 |  |  |  | 13,496,584 |
BP PLC — ADR (a) |  |  | 1,389,155 |  |  |  | 48,134,221 |
Cairn Energy PLC (c) |  |  | 2,536,430 |  |  |  | 5,694,758 |
Canadian Natural Resources Ltd. |  |  | 468,500 |  |  |  | 13,518,870 |
Chevron Corp. (a) |  |  | 241,802 |  |  |  | 25,227,203 |

Common Stocks |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |  |  |  |  |  |
Cimarex Energy Co. |  |  | 120,067 |  |  | $ | 11,287,499 |
ConocoPhillips (a)(b) |  |  | 546,444 |  |  |  | 24,021,678 |
Devon Energy Corp. (a) |  |  | 392,750 |  |  |  | 12,556,217 |
Encana Corp. |  |  | 1,318,600 |  |  |  | 11,601,809 |
Eni SpA — ADR |  |  | 416,520 |  |  |  | 12,520,591 |
EOG Resources, Inc. (a) |  |  | 275,926 |  |  |  | 24,976,822 |
Exxon Mobil Corp. (a)(b) |  |  | 339,196 |  |  |  | 27,383,293 |
Hess Corp. (a) |  |  | 216,422 |  |  |  | 9,494,433 |
Kosmos Energy Ltd. (c) |  |  | 1,258,200 |  |  |  | 8,065,062 |
Pioneer Natural Resources Co. (a) |  |  | 97,750 |  |  |  | 15,598,945 |
Royal Dutch Shell PLC — ADR, Class A (a) |  |  | 1,091,674 |  |  |  | 58,066,140 |
|  |  |  |  |  |  | 321,644,125 |
Paper & Forest Products — 1.4% |  |  |  |  |  |
International Paper Co. (a) |  |  | 187,940 |  |  |  | 10,639,283 |
Precious Woods Holding AG (c) |  |  | 20,000 |  |  |  | 127,229 |
Quintis, Ltd. (d) |  |  | 7,903,565 |  |  |  | 2,186,885 |
|  |  |  |  |  |  | 12,953,397 |
Real Estate Investment Trusts (REITs) — 2.1% |  |  |  |  |  |
Weyerhaeuser Co. (a) |  |  | 555,764 |  |  |  | 18,618,094 |
Total Common Stocks — 98.8% |  |  |  |  |  |  | 892,920,306 |
Corporate Bonds — 1.0% |  | Par (000) |  |  |  |
Metals & Mining — 1.0% |  |  |  |  |  |
Pilgangoora Operations Pty Ltd, 12.00%, 6/21/22 |  | $ | 9,000 |  |  |  | 9,000,000 |
Total Long-Term Investments (Cost — $828,279,183) — 99.8% |  |  |  | 901,920,306 |
Short-Term Securities |  | Shares |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (e)(f) |  |  | 11,869,538 |  |  |  | 11,869,538 |
SL Liquidity Series, LLC, Money Market Series, 1.27% (e)(f)(g) |  |  | 1,169,967 |  |  |  | 1,170,084 |
Total Short-Term Securities (Cost — $13,039,589) — 1.4% |  |  |  | 13,039,622 |
Total Investments Before and Options Written (Cost — $841,318,772) — 101.2% |  |  |  | 914,959,928 |
Options Written (Premiums Received — $7,411,352) — (0.7)% |  |  |  | (6,017,340 | )
Total Investments, Net of Options Written (Cost — $833,907,420) — 100.5% |  |  |  | 908,942,588 |
Liabilities in Excess of Other Assets — (0.5)% |  |  |  | (4,726,810 | )
Net Assets — 100.0% |  |  | $ | 904,215,778 |

Notes to Schedule of Investments

(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) |  | Security, or a portion of the security, is on loan.

See Notes to Financial Statements. |  |  |  |
66 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Consolidated Schedule of Investments (continued) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

(e) |  | During the six months ended June 30, 2017, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at December 31, 2016 |  |  | Net Activity |  |  | Shares Held at June 30, 2017 |  |  | Value at June 30, 2017 |  |  | Income |  |  | Realized Gain |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 12,603,929 |  |  |  | (734,391 | ) |  |  | 11,869,538 |  |  | $ | 11,869,538 |  |  | $ | 37,097 |  |  |  | — |  |  |  | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 3,936,869 |  |  |  | (2,766,902 | ) |  |  | 1,169,967 |  |  |  | 1,170,084 |  |  |  | 98,570 | 1 |  |  | — |  |  | $ | (171 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,039,622 |  |  | $ | 135,667 |  |  |  | — |  |  | $ | (171 | )
1 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. |

(f) |  | Current yield as of period end.

(g) |  | Security was purchased with the cash collateral from loaned securities.

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Anadarko Petroleum Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 53.50 |  |  |  | 87 |  |  | $ | (348 | )
Baker Hughes, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 56.00 |  |  |  | 62 |  |  |  | (4,030 | )
BP PLC — ADR |  | Call |  | 7/07/17 |  | USD |  |  | 36.00 |  |  |  | 630 |  |  |  | (1,260 | )
CF Industries Holdings, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 28.00 |  |  |  | 850 |  |  |  | (35,275 | )
Chevron Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 107.00 |  |  |  | 174 |  |  |  | (783 | )
ConocoPhillips |  | Call |  | 7/07/17 |  | USD |  |  | 46.00 |  |  |  | 89 |  |  |  | (267 | )
Deere & Co. |  | Call |  | 7/07/17 |  | USD |  |  | 128.00 |  |  |  | 112 |  |  |  | (672 | )
Devon Energy Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 37.50 |  |  |  | 59 |  |  |  | (236 | )
EOG Resources, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 94.00 |  |  |  | 74 |  |  |  | (740 | )
Exxon Mobil Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 82.00 |  |  |  | 61 |  |  |  | (610 | )
Newmont Mining Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 35.50 |  |  |  | 135 |  |  |  | (270 | )
Pioneer Natural Resources Co. |  | Call |  | 7/07/17 |  | USD |  |  | 172.50 |  |  |  | 115 |  |  |  | (9,200 | )
Potash Corp. of Saskatchewan, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 16.50 |  |  |  | 688 |  |  |  | (5,504 | )
Royal Dutch Shell PLC — ADR, Class A |  | Call |  | 7/07/17 |  | USD |  |  | 55.95 |  |  |  | 1,976 |  |  |  | (923 | )
Vale SA — ADR |  | Call |  | 7/07/17 |  | USD |  |  | 9.50 |  |  |  | 778 |  |  |  | (1,556 | )
Chevron Corp. |  | Call |  | 7/13/17 |  | USD |  |  | 107.50 |  |  |  | 174 |  |  |  | (3,289 | )
Anadarko Petroleum Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 52.50 |  |  |  | 243 |  |  |  | (972 | )
Baker Hughes, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 56.00 |  |  |  | 494 |  |  |  | (19,760 | )
Barrick Gold Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 17.00 |  |  |  | 315 |  |  |  | (1,890 | )
BP PLC — ADR |  | Call |  | 7/14/17 |  | USD |  |  | 36.00 |  |  |  | 630 |  |  |  | (3,465 | )
CF Industries Holdings, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 29.50 |  |  |  | 850 |  |  |  | (18,275 | )
Deere & Co. |  | Call |  | 7/14/17 |  | USD |  |  | 128.00 |  |  |  | 113 |  |  |  | (2,260 | )
Devon Energy Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 35.00 |  |  |  | 459 |  |  |  | (3,672 | )
EOG Resources, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 91.50 |  |  |  | 143 |  |  |  | (15,086 | )
Exxon Mobil Corp. |  | Call |  | 7/14/17 |  | USD |  |  | 81.00 |  |  |  | 202 |  |  |  | (13,130 | )
Pioneer Natural Resources Co. |  | Call |  | 7/14/17 |  | USD |  |  | 170.00 |  |  |  | 26 |  |  |  | (1,105 | )
Potash Corp. of Saskatchewan, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 17.00 |  |  |  | 1,101 |  |  |  | (6,055 | )
Vale SA — ADR |  | Call |  | 7/14/17 |  | USD |  |  | 8.50 |  |  |  | 1,676 |  |  |  | (70,392 | )
Weyerhaeuser Co. |  | Call |  | 7/14/17 |  | USD |  |  | 33.50 |  |  |  | 916 |  |  |  | (38,930 | )
Weyerhaeuser Co. |  | Call |  | 7/14/17 |  | USD |  |  | 34.00 |  |  |  | 124 |  |  |  | (2,790 | )
Agrium, Inc. |  | Call |  | 7/21/17 |  | CAD |  |  | 125.00 |  |  |  | 183 |  |  |  | (1,341 | )
Baker Hughes, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 56.25 |  |  |  | 62 |  |  |  | (4,094 | )
Barrick Gold Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 16.00 |  |  |  | 410 |  |  |  | (15,170 | )
Barrick Gold Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 17.00 |  |  |  | 870 |  |  |  | (8,265 | )
BP PLC — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 36.00 |  |  |  | 800 |  |  |  | (10,000 | )
BP PLC — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 37.00 |  |  |  | 410 |  |  |  | (1,640 | )
Bunge Ltd. |  | Call |  | 7/21/17 |  | USD |  |  | 85.00 |  |  |  | 115 |  |  |  | (4,887 | )
Bunge Ltd. |  | Call |  | 7/21/17 |  | USD |  |  | 87.50 |  |  |  | 115 |  |  |  | (5,462 | )
Canadian Natural Resources Ltd. |  | Call |  | 7/21/17 |  | CAD |  |  | 38.00 |  |  |  | 634 |  |  |  | (28,356 | )
CF Industries Holdings, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 27.50 |  |  |  | 850 |  |  |  | (98,600 | )
Chevron Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 110.00 |  |  |  | 18 |  |  |  | (180 | )
ConocoPhillips |  | Call |  | 7/21/17 |  | USD |  |  | 46.00 |  |  |  | 319 |  |  |  | (8,613 | )
Detour Gold Corp. |  | Call |  | 7/21/17 |  | CAD |  |  | 15.00 |  |  |  | 469 |  |  |  | (23,689 | )
Detour Gold Corp. |  | Call |  | 7/21/17 |  | CAD |  |  | 18.00 |  |  |  | 500 |  |  |  | (2,699 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 67

Consolidated Schedule of Investments (continued) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Exchange-Traded Options Written (continued) |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Devon Energy Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 33.00 |  |  |  | 459 |  |  | $ | (26,622 | )
Encana Corp. |  | Call |  | 7/21/17 |  | CAD |  |  | 13.00 |  |  |  | 192 |  |  |  | (1,184 | )
Encana Corp. |  | Call |  | 7/21/17 |  | CAD |  |  | 15.00 |  |  |  | 380 |  |  |  | (1,465 | )
EOG Resources, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 97.50 |  |  |  | 74 |  |  |  | (1,258 | )
Exxon Mobil Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 80.00 |  |  |  | 162 |  |  |  | (23,895 | )
Exxon Mobil Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 83.00 |  |  |  | 175 |  |  |  | (4,112 | )
Exxon Mobil Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 83.50 |  |  |  | 175 |  |  |  | (2,800 | )
Exxon Mobil Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 85.00 |  |  |  | 102 |  |  |  | (561 | )
Franco-Nevada Corp. |  | Call |  | 7/21/17 |  | CAD |  |  | 100.00 |  |  |  | 144 |  |  |  | (4,386 | )
Halliburton Co. |  | Call |  | 7/21/17 |  | USD |  |  | 43.50 |  |  |  | 271 |  |  |  | (18,564 | )
Halliburton Co. |  | Call |  | 7/21/17 |  | USD |  |  | 48.00 |  |  |  | 290 |  |  |  | (1,015 | )
Hess Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 52.50 |  |  |  | 246 |  |  |  | (492 | )
International Paper Co. |  | Call |  | 7/21/17 |  | USD |  |  | 57.50 |  |  |  | 250 |  |  |  | (14,125 | )
Lundin Mining Corp. |  | Call |  | 7/21/17 |  | CAD |  |  | 8.00 |  |  |  | 3,819 |  |  |  | (11,780 | )
Newmont Mining Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 35.00 |  |  |  | 300 |  |  |  | (2,700 | )
Packaging Corp. of America |  | Call |  | 7/21/17 |  | USD |  |  | 110.00 |  |  |  | 300 |  |  |  | (87,000 | )
Potash Corp. of Saskatchewan, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 17.00 |  |  |  | 726 |  |  |  | (8,349 | )
Precision Drilling Corp. |  | Call |  | 7/21/17 |  | CAD |  |  | 6.00 |  |  |  | 1,280 |  |  |  | (4,935 | )
Rio Tinto PLC — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 42.50 |  |  |  | 1,460 |  |  |  | (146,000 | )
Royal Dutch Shell PLC — ADR, Class A |  | Call |  | 7/21/17 |  | USD |  |  | 55.95 |  |  |  | 1,976 |  |  |  | (16,185 | )
Vale SA — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 9.00 |  |  |  | 1,676 |  |  |  | (38,548 | )
Weyerhaeuser Co. |  | Call |  | 7/21/17 |  | USD |  |  | 34.00 |  |  |  | 896 |  |  |  | (29,120 | )
Exxon Mobil Corp. |  | Call |  | 7/25/17 |  | USD |  |  | 83.25 |  |  |  | 68 |  |  |  | (1,628 | )
Baker Hughes, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 57.00 |  |  |  | 62 |  |  |  | (13,764 | )
BP PLC — ADR |  | Call |  | 7/28/17 |  | USD |  |  | 36.00 |  |  |  | 400 |  |  |  | (7,200 | )
Canadian Natural Resources Ltd. |  | Call |  | 7/28/17 |  | CAD |  |  | 38.00 |  |  |  | 606 |  |  |  | (35,048 | )
CF Industries Holdings, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 29.50 |  |  |  | 850 |  |  |  | (44,625 | )
Chevron Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 108.00 |  |  |  | 155 |  |  |  | (9,222 | )
Devon Energy Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 33.00 |  |  |  | 385 |  |  |  | (29,068 | )
EOG Resources, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 92.00 |  |  |  | 266 |  |  |  | (41,230 | )
Exxon Mobil Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 82.50 |  |  |  | 68 |  |  |  | (4,080 | )
Halliburton Co. |  | Call |  | 7/28/17 |  | USD |  |  | 44.00 |  |  |  | 269 |  |  |  | (21,789 | )
International Paper Co. |  | Call |  | 7/28/17 |  | USD |  |  | 58.00 |  |  |  | 250 |  |  |  | (18,500 | )
Mosaic Co. |  | Call |  | 7/28/17 |  | USD |  |  | 23.50 |  |  |  | 570 |  |  |  | (27,645 | )
Newmont Mining Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 33.50 |  |  |  | 597 |  |  |  | (32,537 | )
Pioneer Natural Resources Co. |  | Call |  | 7/28/17 |  | USD |  |  | 167.50 |  |  |  | 93 |  |  |  | (17,438 | )
Pioneer Natural Resources Co. |  | Call |  | 7/28/17 |  | USD |  |  | 175.00 |  |  |  | 157 |  |  |  | (10,205 | )
Potash Corp. of Saskatchewan, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 17.00 |  |  |  | 1,000 |  |  |  | (17,500 | )
Vale SA — ADR |  | Call |  | 7/28/17 |  | USD |  |  | 8.00 |  |  |  | 1,552 |  |  |  | (139,680 | )
Royal Dutch Shell PLC — ADR, Class A |  | Call |  | 8/01/17 |  | USD |  |  | 55.50 |  |  |  | 753 |  |  |  | (16,860 | )
Anadarko Petroleum Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 47.50 |  |  |  | 634 |  |  |  | (58,011 | )
Baker Hughes, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 55.00 |  |  |  | 17 |  |  |  | (2,380 | )
BP PLC — ADR |  | Call |  | 8/04/17 |  | USD |  |  | 35.00 |  |  |  | 523 |  |  |  | (33,995 | )
Chevron Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 107.00 |  |  |  | 219 |  |  |  | (23,981 | )
Deere & Co. |  | Call |  | 8/04/17 |  | USD |  |  | 124.00 |  |  |  | 59 |  |  |  | (14,514 | )
Devon Energy Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 31.00 |  |  |  | 308 |  |  |  | (62,524 | )
EOG Resources, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 89.00 |  |  |  | 313 |  |  |  | (116,593 | )
Exxon Mobil Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 83.50 |  |  |  | 190 |  |  |  | (8,740 | )
Hess Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 43.00 |  |  |  | 285 |  |  |  | (69,255 | )
International Paper Co. |  | Call |  | 8/04/17 |  | USD |  |  | 58.00 |  |  |  | 251 |  |  |  | (22,967 | )
Mosaic Co. |  | Call |  | 8/04/17 |  | USD |  |  | 23.50 |  |  |  | 310 |  |  |  | (20,460 | )
Newmont Mining Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 33.50 |  |  |  | 300 |  |  |  | (19,800 | )
Vale SA — ADR |  | Call |  | 8/04/17 |  | USD |  |  | 9.00 |  |  |  | 522 |  |  |  | (17,226 | )
Weyerhaeuser Co. |  | Call |  | 8/04/17 |  | USD |  |  | 34.00 |  |  |  | 123 |  |  |  | (6,765 | )
Anadarko Petroleum Corp. |  | Call |  | 8/11/17 |  | USD |  |  | 46.50 |  |  |  | 226 |  |  |  | (32,318 | )
ConocoPhillips |  | Call |  | 8/11/17 |  | USD |  |  | 45.00 |  |  |  | 449 |  |  |  | (42,655 | )
Halliburton Co. |  | Call |  | 8/11/17 |  | USD |  |  | 43.00 |  |  |  | 286 |  |  |  | (42,900 | )
Hess Corp. |  | Call |  | 8/11/17 |  | USD |  |  | 43.50 |  |  |  | 334 |  |  |  | (78,156 | )
Vale SA — ADR |  | Call |  | 8/11/17 |  | USD |  |  | 9.50 |  |  |  | 522 |  |  |  | (12,006 | )
Exxon Mobil Corp. |  | Call |  | 8/14/17 |  | USD |  |  | 83.00 |  |  |  | 90 |  |  |  | (4,903 | )
Halliburton Co. |  | Call |  | 8/16/17 |  | USD |  |  | 46.10 |  |  |  | 275 |  |  |  | (14,263 | )
Agrium, Inc. |  | Call |  | 8/18/17 |  | CAD |  |  | 120.00 |  |  |  | 214 |  |  |  | (31,849 | )
Baker Hughes, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 55.00 |  |  |  | 158 |  |  |  | (29,230 | )
BP PLC — ADR |  | Call |  | 8/18/17 |  | USD |  |  | 36.00 |  |  |  | 1,025 |  |  |  | (34,338 | )
Canadian Natural Resources Ltd. |  | Call |  | 8/18/17 |  | CAD |  |  | 38.00 |  |  |  | 634 |  |  |  | (56,712 | )

See Notes to Financial Statements. |  |  |  |
68 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Consolidated Schedule of Investments (continued) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Exchange-Traded Options Written (continued) |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Chevron Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 110.00 |  |  |  | 227 |  |  | $ | (12,144 | )
ConocoPhillips |  | Call |  | 8/18/17 |  | USD |  |  | 45.00 |  |  |  | 449 |  |  |  | (47,594 | )
ConocoPhillips |  | Call |  | 8/18/17 |  | USD |  |  | 47.00 |  |  |  | 318 |  |  |  | (15,423 | )
Deere & Co. |  | Call |  | 8/18/17 |  | USD |  |  | 125.00 |  |  |  | 75 |  |  |  | (24,938 | )
EOG Resources, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 92.50 |  |  |  | 233 |  |  |  | (55,454 | )
Exxon Mobil Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 85.00 |  |  |  | 63 |  |  |  | (1,669 | )
Potash Corp. of Saskatchewan, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 17.00 |  |  |  | 1,082 |  |  |  | (33,542 | )
Rio Tinto PLC — ADR |  | Call |  | 8/18/17 |  | USD |  |  | 42.50 |  |  |  | 133 |  |  |  | (19,551 | )
Weyerhaeuser Co. |  | Call |  | 8/18/17 |  | USD |  |  | 35.00 |  |  |  | 41 |  |  |  | (1,435 | )
ConocoPhillips |  | Call |  | 8/30/17 |  | USD |  |  | 47.60 |  |  |  | 561 |  |  |  | (28,634 | )
Superior Energy Services, Inc. |  | Call |  | 9/15/17 |  | USD |  |  | 10.00 |  |  |  | 300 |  |  |  | (47,250 | )
Total |  |  | $ | (2,553,031 | )

OTC Options Written |
Description |  | Put/ Call |  | Counterparty |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
Elders Ltd. |  | CALL |  | JPMorgan Chase Bank N.A. |  |  | 07/06/17 |  |  | AUD |  |  | 4.49 |  |  |  | 25,000 |  |  | $ | (16,556 | )
Glanbia PLC |  | Call |  | UBS AG |  |  | 07/06/17 |  |  | EUR |  |  | 18.78 |  |  |  | 25,000 |  |  |  | (1 | )
Encana Corp. |  | Call |  | Deutsche Bank AG |  |  | 07/07/17 |  |  | CAD |  |  | 16.05 |  |  |  | 77,300 |  |  |  | (4 | )
Packaging Corp. of America |  | Call |  | Deutsche Bank AG |  |  | 07/07/17 |  |  | USD |  |  | 99.50 |  |  |  | 22,600 |  |  |  | (269,271 | )
Cimarex Energy Co. |  | Call |  | UBS AG |  |  | 07/10/17 |  |  | USD |  |  | 119.70 |  |  |  | 9,900 |  |  |  | — |
Detour Gold Corp. |  | Call |  | Credit Suisse International |  |  | 07/10/17 |  |  | CAD |  |  | 19.05 |  |  |  | 72,000 |  |  |  | (145 | )
Superior Energy Services, Inc. |  | Call |  | UBS AG |  |  | 07/10/17 |  |  | USD |  |  | 12.61 |  |  |  | 28,000 |  |  |  | (726 | )
Eni SpA — ADR |  | Call |  | Deutsche Bank AG |  |  | 07/11/17 |  |  | USD |  |  | 33.99 |  |  |  | 55,000 |  |  |  | (1 | )
Lundin Mining Corp. |  | Call |  | Citibank N.A. |  |  | 07/11/17 |  |  | CAD |  |  | 7.80 |  |  |  | 320,000 |  |  |  | (10,695 | )
Elders Ltd. |  | Call |  | Citibank N.A. |  |  | 07/12/17 |  |  | AUD |  |  | 4.48 |  |  |  | 75,000 |  |  |  | (50,151 | )
Glanbia PLC |  | Call |  | Bank of America N.A. |  |  | 07/12/17 |  |  | EUR |  |  | 18.06 |  |  |  | 37,000 |  |  |  | (497 | )
Glanbia PLC |  | Call |  | UBS AG |  |  | 07/12/17 |  |  | EUR |  |  | 18.71 |  |  |  | 11,100 |  |  |  | (6 | )
Rio Tinto PLC — ADR |  | Call |  | Barclays Bank PLC |  |  | 07/13/17 |  |  | USD |  |  | 41.68 |  |  |  | 92,800 |  |  |  | (113,476 | )
South32 Ltd. |  | Call |  | Citibank N.A. |  |  | 07/13/17 |  |  | AUD |  |  | 2.82 |  |  |  | 916,000 |  |  |  | (6,814 | )
Fortescue Metals Group Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 07/18/17 |  |  | AUD |  |  | 5.26 |  |  |  | 190,000 |  |  |  | (27,264 | )
Fresnillo PLC |  | Call |  | Credit Suisse International |  |  | 07/18/17 |  |  | GBP |  |  | 16.47 |  |  |  | 65,000 |  |  |  | (1,414 | )
Glanbia PLC |  | Call |  | UBS AG |  |  | 07/18/17 |  |  | EUR |  |  | 17.76 |  |  |  | 20,000 |  |  |  | (1,565 | )
Newcrest Mining Ltd. |  | Call |  | Deutsche Bank AG |  |  | 07/18/17 |  |  | AUD |  |  | 22.04 |  |  |  | 200,000 |  |  |  | (12,141 | )
Elders Ltd. |  | Call |  | Deutsche Bank AG |  |  | 07/19/17 |  |  | AUD |  |  | 4.48 |  |  |  | 35,000 |  |  |  | (23,385 | )
Eni SpA — ADR |  | Call |  | Barclays Bank PLC |  |  | 07/19/17 |  |  | USD |  |  | 31.46 |  |  |  | 55,000 |  |  |  | (5,200 | )
Elders Ltd. |  | Call |  | UBS AG |  |  | 07/26/17 |  |  | AUD |  |  | 4.54 |  |  |  | 35,000 |  |  |  | (21,875 | )
Fresnillo PLC |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | GBP |  |  | 17.23 |  |  |  | 89,300 |  |  |  | (587 | )
Glanbia PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/26/17 |  |  | EUR |  |  | 18.46 |  |  |  | 25,000 |  |  |  | (580 | )
Glanbia PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/26/17 |  |  | EUR |  |  | 18.23 |  |  |  | 20,000 |  |  |  | (847 | )
Glencore PLC |  | Call |  | Bank of America N.A. |  |  | 07/26/17 |  |  | GBP |  |  | 2.96 |  |  |  | 375,000 |  |  |  | (28,570 | )
Newcrest Mining Ltd. |  | Call |  | Citibank N.A. |  |  | 07/26/17 |  |  | AUD |  |  | 21.84 |  |  |  | 233,000 |  |  |  | (32,273 | )
Newcrest Mining Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 07/26/17 |  |  | AUD |  |  | 22.24 |  |  |  | 116,000 |  |  |  | (10,405 | )
Yara International ASA |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | NOK |  |  | 310.02 |  |  |  | 35,500 |  |  |  | (51,580 | )
Eni SpA — ADR |  | Call |  | Barclays Bank PLC |  |  | 07/27/17 |  |  | USD |  |  | 31.46 |  |  |  | 56,000 |  |  |  | (9,144 | )
Agrium, Inc. |  | Call |  | Deutsche Bank AG |  |  | 07/31/17 |  |  | CAD |  |  | 124.74 |  |  |  | 27,000 |  |  |  | (5,237 | )
BP PLC — ADR |  | Call |  | UBS AG |  |  | 07/31/17 |  |  | USD |  |  | 35.85 |  |  |  | 73,800 |  |  |  | (11,308 | )
BP PLC — ADR |  | Call |  | UBS AG |  |  | 07/31/17 |  |  | USD |  |  | 36.53 |  |  |  | 40,000 |  |  |  | (4,454 | )
Franco-Nevada Corp. |  | Call |  | UBS AG |  |  | 07/31/17 |  |  | CAD |  |  | 98.00 |  |  |  | 14,400 |  |  |  | (11,690 | )
Boliden AB |  | Call |  | Deutsche Bank AG |  |  | 08/02/17 |  |  | SEK |  |  | 242.55 |  |  |  | 33,100 |  |  |  | (11,446 | )
Fortescue Metals Group Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/02/17 |  |  | AUD |  |  | 4.97 |  |  |  | 396,000 |  |  |  | (131,800 | )
Packaging Corp. of America |  | Call |  | Bank of America N.A. |  |  | 08/02/17 |  |  | USD |  |  | 100.00 |  |  |  | 38,500 |  |  |  | (461,440 | )
Superior Energy Services, Inc. |  | Call |  | Royal Bank of Canada |  |  | 08/02/17 |  |  | USD |  |  | 10.84 |  |  |  | 44,500 |  |  |  | (31,556 | )
Agrium, Inc. |  | Call |  | Citibank N.A. |  |  | 08/04/17 |  |  | CAD |  |  | 123.69 |  |  |  | 27,000 |  |  |  | (12,263 | )
Boliden AB |  | Call |  | Deutsche Bank AG |  |  | 08/04/17 |  |  | SEK |  |  | 244.32 |  |  |  | 38,500 |  |  |  | (11,775 | )
Elders Ltd. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | AUD |  |  | 5.37 |  |  |  | 47,000 |  |  |  | (4,465 | )
Elders Ltd. |  | Call |  | UBS AG |  |  | 08/04/17 |  |  | AUD |  |  | 5.40 |  |  |  | 47,000 |  |  |  | (3,935 | )
Glencore PLC |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | GBP |  |  | 3.05 |  |  |  | 1,154,000 |  |  |  | (58,863 | )
Newcrest Mining Ltd. |  | Call |  | Deutsche Bank AG |  |  | 08/04/17 |  |  | AUD |  |  | 22.61 |  |  |  | 117,000 |  |  |  | (13,437 | )
Cimarex Energy Co. |  | Call |  | Goldman Sachs International |  |  | 08/07/17 |  |  | USD |  |  | 98.61 |  |  |  | 13,300 |  |  |  | (22,790 | )
BHP Billiton PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/08/17 |  |  | GBP |  |  | 11.70 |  |  |  | 327,500 |  |  |  | (260,177 | )
Encana Corp. |  | Call |  | Citibank N.A. |  |  | 08/08/17 |  |  | CAD |  |  | 11.49 |  |  |  | 54,000 |  |  |  | (26,507 | )
Encana Corp. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/08/17 |  |  | CAD |  |  | 13.81 |  |  |  | 115,000 |  |  |  | (12,471 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 69

Consolidated Schedule of Investments (continued) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

OTC Options Written (continued) |
Description |  | Put/ Call |  | Counterparty |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
Fresnillo PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/08/17 |  |  | GBP |  |  | 16.20 |  |  |  | 145,800 |  |  | $ | (30,491 | )
Glanbia PLC |  | Call |  | Goldman Sachs International |  |  | 08/08/17 |  |  | EUR |  |  | 18.19 |  |  |  | 16,100 |  |  |  | (1,464 | )
Glencore PLC |  | Call |  | Credit Suisse International |  |  | 08/08/17 |  |  | GBP |  |  | 3.04 |  |  |  | 236,100 |  |  |  | (14,246 | )
Glencore PLC |  | Call |  | Goldman Sachs International |  |  | 08/08/17 |  |  | GBP |  |  | 3.06 |  |  |  | 616,000 |  |  |  | (36,200 | )
Yara International ASA |  | Call |  | Credit Suisse International |  |  | 08/08/17 |  |  | NOK |  |  | 320.07 |  |  |  | 35,400 |  |  |  | (42,602 | )
Boliden AB |  | Call |  | Goldman Sachs International |  |  | 08/09/17 |  |  | SEK |  |  | 236.82 |  |  |  | 60,000 |  |  |  | (38,595 | )
Superior Energy Services, Inc. |  | Call |  | UBS AG |  |  | 08/09/17 |  |  | USD |  |  | 10.80 |  |  |  | 62,400 |  |  |  | (54,759 | )
Elders Ltd. |  | Call |  | UBS AG |  |  | 08/10/17 |  |  | AUD |  |  | 4.94 |  |  |  | 35,000 |  |  |  | (11,771 | )
Bunge Ltd. |  | Call |  | Goldman Sachs International |  |  | 08/11/17 |  |  | USD |  |  | 79.24 |  |  |  | 11,100 |  |  |  | (19,407 | )
Rio Tinto PLC — ADR |  | Call |  | UBS AG |  |  | 08/11/17 |  |  | USD |  |  | 41.83 |  |  |  | 84,300 |  |  |  | (88,872 | )
South32 Ltd. |  | Call |  | Deutsche Bank AG |  |  | 08/11/17 |  |  | AUD |  |  | 2.62 |  |  |  | 1,108,000 |  |  |  | (123,405 | )
Lundin Mining Corp. |  | Call |  | Citibank N.A. |  |  | 08/14/17 |  |  | CAD |  |  | 7.57 |  |  |  | 265,000 |  |  |  | (62,946 | )
BHP Billiton PLC |  | Call |  | Credit Suisse International |  |  | 08/16/17 |  |  | GBP |  |  | 12.12 |  |  |  | 125,000 |  |  |  | (76,615 | )
Elders Ltd. |  | Call |  | UBS AG |  |  | 08/16/17 |  |  | AUD |  |  | 5.29 |  |  |  | 50,000 |  |  |  | (7,157 | )
Fortescue Metals Group Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/16/17 |  |  | AUD |  |  | 4.97 |  |  |  | 396,000 |  |  |  | (146,781 | )
Glanbia PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/16/17 |  |  | EUR |  |  | 18.18 |  |  |  | 20,000 |  |  |  | (2,462 | )
Superior Energy Services, Inc. |  | Call |  | Goldman Sachs International |  |  | 08/16/17 |  |  | USD |  |  | 10.90 |  |  |  | 37,500 |  |  |  | (32,169 | )
Yara International ASA |  | Call |  | Credit Suisse International |  |  | 08/16/17 |  |  | NOK |  |  | 310.84 |  |  |  | 35,500 |  |  |  | (64,226 | )
BHP Billiton PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/18/17 |  |  | GBP |  |  | 11.75 |  |  |  | 327,500 |  |  |  | (274,840 | )
Glencore PLC |  | Call |  | Credit Suisse International |  |  | 08/18/17 |  |  | GBP |  |  | 2.95 |  |  |  | 153,000 |  |  |  | (18,640 | )
Encana Corp. |  | Call |  | Citibank N.A. |  |  | 08/22/17 |  |  | CAD |  |  | 12.04 |  |  |  | 96,000 |  |  |  | (36,662 | )
Encana Corp. |  | Call |  | Royal Bank of Canada |  |  | 08/22/17 |  |  | CAD |  |  | 11.33 |  |  |  | 19,000 |  |  |  | (12,034 | )
Cimarex Energy Co. |  | Call |  | Goldman Sachs International |  |  | 08/23/17 |  |  | USD |  |  | 98.61 |  |  |  | 13,300 |  |  |  | (30,443 | )
Elders Ltd. |  | Call |  | UBS AG |  |  | 08/24/17 |  |  | AUD |  |  | 5.23 |  |  |  | 32,000 |  |  |  | (5,772 | )
Elders Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/30/17 |  |  | AUD |  |  | 5.31 |  |  |  | 50,000 |  |  |  | (7,728 | )
Precision Drilling Corp. |  | Call |  | Royal Bank of Canada |  |  | 08/31/17 |  |  | CAD |  |  | 4.62 |  |  |  | 75,000 |  |  |  | (17,781 | )
Glencore PLC |  | Call |  | Goldman Sachs International |  |  | 09/01/17 |  |  | GBP |  |  | 2.89 |  |  |  | 1,900,000 |  |  |  | (343,702 | )
Encana Corp. |  | Call |  | Royal Bank of Canada |  |  | 09/06/17 |  |  | CAD |  |  | 11.89 |  |  |  | 126,800 |  |  |  | (68,022 | )
Elders Ltd. |  | Call |  | UBS AG |  |  | 09/12/17 |  |  | AUD |  |  | 5.61 |  |  |  | 50,000 |  |  |  | (3,730 | )
Total |  |  |  |  |  | $ | (3,464,309 | )

Transactions in Options Written for the Period Ended June 30, 2017

|  | Calls |
|  | Contracts |  |  | Premiums Received |
Outstanding options, beginning of period |  |  |  |  |  |  | 24,528,515 |  |  | $ | 10,175,756 |
Options written |  |  |  |  |  |  | 65,228,188 |  |  |  | 34,344,619 |
Options exercised |  |  |  |  |  |  | (91,144 | ) |  |  | (179,786 | )
Options expired |  |  |  |  |  |  | (52,093,776 | ) |  |  | (14,185,969 | )
Options closed |  |  |  |  |  |  | (25,411,569 | ) |  |  | (22,743,268 | )
Outstanding options, end of period |  |  |  |  |  |  | 12,160,214 |  |  | $ | 7,411,352 |

As of period end, the value of portfolio securities subject to covered call options written was $295,942,327.

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:

Liabilities — Derivative Financial Instruments |  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Options written |  | Options written, at value |  |  | — |  |  |  | — |  |  | $ | 6,017,340 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 6,017,340 |

See Notes to Financial Statements. |  |  |  |
70 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Consolidated Schedule of Investments (continued) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

For the six months ended June 30, 2017, 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 purchased1 |  |  |  |  | — |  |  |  | — |  |  | $ | (15,519 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | (15,519 | ) |  |  |  |
Options written |  |  |  |  | — |  |  |  | — |  |  |  | 10,323,615 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,323,615 |  |  |  |  |
Total |  |  |  |  | — |  |  |  | — |  |  | $ | 10,308,096 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 10,308,096 |  |  |  |  |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  | — |  |  |  | — |  |  | $ | 1,363,941 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 1,363,941 |  |  |  |  |
1 Options purchased are included in net realized gain (loss) from investments. |  |  |  |  |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts purchased |  | $ | 13,052 | 1
Average value of option contracts written |  | $ | 5,520,294 |
1 Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter end. |

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 asset and liabilities (by type) are as follows: |
Derivative Financial Instruments: |  | Assets |  |  | Liabilities |
Options |  |  | — |  |  | $ | 6,017,340 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (2,553,031 | )
Total derivative assets and liabilities subject to an MNA |  |  | — |  |  | $ | 3,464,309 |

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under a Master Netting Agreement (“MNA”) and net of the related collateral received by the Trust:

|  | Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities and Subject to an MNA |  |  |  |
Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged1 |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities2 |  |  |  |
Bank of America N.A. |  | $ | 490,507 |  |  |  | — |  |  | $ | (435,446 | ) |  |  | — |  |  | $ | 55,061 |  |  |  |  |
Barclays Bank PLC |  |  | 127,820 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 127,820 |  |  |  |  |
Citibank N.A. |  |  | 238,311 |  |  |  | — |  |  |  | (238,311 | ) |  |  | — |  |  |  | — |  |  |  |  |
Credit Suisse International |  |  | 270,055 |  |  |  | — |  |  |  | (270,055 | ) |  |  | — |  |  |  | — |  |  |  |  |
Deutsche Bank AG |  |  | 470,102 |  |  |  | — |  |  |  | (302,987 | ) |  |  | — |  |  |  | 167,115 |  |  |  |  |
Goldman Sachs International |  |  | 583,633 |  |  |  | — |  |  |  | (583,633 | ) |  |  | — |  |  |  | — |  |  |  |  |
JPMorgan Chase Bank N.A. |  |  | 340,534 |  |  |  | — |  |  |  | (340,534 | ) |  |  | — |  |  |  | — |  |  |  |  |
Morgan Stanley & Co. International PLC |  |  | 586,333 |  |  |  | — |  |  |  | (510,443 | ) |  |  | — |  |  |  | 75,890 |  |  |  |  |
Royal Bank of Canada |  |  | 129,393 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 129,393 |  |  |  |  |
UBS AG |  |  | 227,621 |  |  |  | — |  |  |  | (124,849 | ) |  |  | — |  |  |  | 102,772 |  |  |  |  |
Total |  | $ | 3,464,309 |  |  |  | — |  |  | $ | (2,806,258 | ) |  |  | — |  |  | $ | 658,051 |  |  |  |  |
1 Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |  |  |  |  |
2 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 investments and derivative financial instruments. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 71

Consolidated Schedule of Investments (concluded) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |
Long-Term Investments: |
Common Stocks: |
Chemicals |  | $ | 111,969,575 |  |  | $ | 10,002,199 |  |  |  | — |  |  | $ | 121,971,774 |
Containers & Packaging |  |  | 25,376,758 |  |  |  | — |  |  |  | — |  |  |  | 25,376,758 |
Energy Equipment & Services |  |  | 39,310,435 |  |  |  | — |  |  |  | — |  |  |  | 39,310,435 |
Food Products |  |  | 41,845,280 |  |  |  | — |  |  |  | — |  |  |  | 41,845,280 |
Machinery |  |  | 11,093,315 |  |  |  | — |  |  |  | — |  |  |  | 11,093,315 |
Metals & Mining |  |  | 162,253,124 |  |  |  | 137,854,004 |  |  |  | — |  |  |  | 300,107,128 |
Oil, Gas & Consumable Fuels |  |  | 315,949,367 |  |  |  | 5,694,758 |  |  |  | — |  |  |  | 321,644,125 |
Paper & Forest Products |  |  | 10,639,283 |  |  |  | 2,314,114 |  |  |  | — |  |  |  | 12,953,397 |
Real Estate Investment Trusts (REITs) |  |  | 18,618,094 |  |  |  | — |  |  |  | — |  |  |  | 18,618,094 |
Corporate Bonds |  |  | — |  |  |  | — |  |  | $ | 9,000,000 |  |  |  | 9,000,000 |
Short-Term Securities |  |  | 11,869,538 |  |  |  | — |  |  |  | — |  |  |  | 11,869,538 |
Subtotal |  | $ | 748,924,769 |  |  | $ | 155,865,075 |  |  | $ | 9,000,000 |  |  | $ | 913,789,844 |
Investments Valued at NAV1 |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 1,170,084 |
Total |  | $ | 748,924,769 |  |  | $ | 155,865,075 |  |  | $ | 9,000,000 |  |  | $ | 914,959,928 |
Derivative Financial Instruments2 |
Liabilities: |
Equity contracts |  | $ | (2,460,786 | ) |  | $ | (3,556,554 | ) |  |  | — |  |  | $ | (6,017,340 | )
1 As of June 30, 2017, certain of the Trust’s investments were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy. |
2 Derivative financial instruments are options written, which are shown at value. |

During the six months ended June 30, 2017, there were no transfers between levels.

See Notes to Financial Statements. |  |  |  |
72 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments June 30, 2017 (Unaudited) |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Common Stocks |  | Shares |  |  | Value |
Communications Equipment — 0.8% |  |  |  |  |  |
Quantenna Communications, Inc. (a) |  |  | 1004,673 |  |  | $ | 1,988,787 |
Viavi Solutions, Inc. (a)(b) |  |  | 228,000 |  |  |  | 2,400,840 |
|  |  |  |  |  |  | 4,389,627 |
Electronic Equipment, Instruments & Components — 2.6% |
Coherent, Inc. (a)(b) |  |  | 18,800 |  |  |  | 4,229,812 |
Flex Ltd. (a)(b) |  |  | 185,400 |  |  |  | 3,023,874 |
Largan Precision Co. Ltd. |  |  | 21,000 |  |  |  | 3,343,506 |
Samsung SDI Co. Ltd. |  |  | 24,000 |  |  |  | 3,602,963 |
|  |  |  |  |  |  | 14,200,155 |
Internet & Direct Marketing Retail — 11.4% |  |  |  |  |  |
Alibaba Group Holding Ltd. — ADR (a)(b) |  |  | 136,200 |  |  |  | 19,190,580 |
Amazon.com, Inc. (a)(b) |  |  | 27,700 |  |  |  | 26,813,600 |
Boozt AB (a)(c) |  |  | 161,423 |  |  |  | 1,590,337 |
Ensogo, Ltd. (a)(d) |  |  | 173,282 |  |  |  | — |
Expedia, Inc. (b) |  |  | 22,000 |  |  |  | 3,276,900 |
Netflix, Inc. (a)(b) |  |  | 40,120 |  |  |  | 5,994,330 |
Priceline Group, Inc. (a)(b) |  |  | 2,200 |  |  |  | 4,115,144 |
|  |  |  |  |  |  | 60,980,891 |
Internet Software & Services — 20.6% |  |  |  |  |  |
58.com, Inc. — ADR (a)(b) |  |  | 58,000 |  |  |  | 2,558,380 |
Alphabet, Inc., Class A (a)(b)(e) |  |  | 37,300 |  |  |  | 34,677,064 |
Alteryx, Inc., Class A (a) |  |  | 53,455 |  |  |  | 1,043,442 |
Delivery Hero AG, (a)(c) |  |  | 88,837 |  |  |  | 2,820,731 |
Facebook, Inc., Class A (a)(b) |  |  | 127,900 |  |  |  | 19,310,342 |
LogMeIn, Inc. (b) |  |  | 26,100 |  |  |  | 2,727,450 |
MercadoLibre, Inc. (b) |  |  | 18,600 |  |  |  | 4,666,368 |
Momo, Inc. — ADR (a) |  |  | 71,400 |  |  |  | 2,638,944 |
MuleSoft, Inc., Class A (a)(b) |  |  | 54,900 |  |  |  | 1,369,206 |
Okta, Inc. (a) |  |  | 55,050 |  |  |  | 1,255,140 |
Shopify, Inc., Class A (a)(b) |  |  | 53,600 |  |  |  | 4,657,840 |
Takeaway.com Holding BV (a)(c) |  |  | 47,800 |  |  |  | 2,035,838 |
Tencent Holdings Ltd. |  |  | 764,300 |  |  |  | 27,419,213 |
Yandex NV, Class A (a)(b) |  |  | 124,600 |  |  |  | 3,269,504 |
|  |  |  |  |  |  | 110,449,462 |
IT Services — 8.2% |  |  |  |  |  |
DXC Technology Co. (b) |  |  | 46,900 |  |  |  | 3,598,168 |
InterXion Holding NV (a)(b) |  |  | 87,800 |  |  |  | 4,019,484 |
Mastercard, Inc., Class A (b) |  |  | 96,200 |  |  |  | 11,683,490 |
PayPal Holdings, Inc. (a)(b) |  |  | 94,300 |  |  |  | 5,061,081 |
Square, Inc., Class A (a) |  |  | 297,800 |  |  |  | 6,986,388 |
Visa, Inc., Class A (b) |  |  | 136,000 |  |  |  | 12,754,080 |
|  |  |  |  |  |  | 44,102,691 |
Media — 1.8% |  |  |  |  |  |
Comcast Corp., Class A (b) |  |  | 77,000 |  |  |  | 2,996,840 |
Naspers Ltd., Class N |  |  | 34,400 |  |  |  | 6,774,485 |
|  |  |  |  |  |  | 9,771,325 |
Real Estate Investment Trusts (REITs) — 3.2% |
Crown Castle International Corp. (b) |  |  | 33,900 |  |  |  | 3,396,102 |
CyrusOne, Inc. (b) |  |  | 80,600 |  |  |  | 4,493,450 |
Equinix, Inc. |  |  | 21,051 |  |  |  | 9,034,247 |
|  |  |  |  |  |  | 16,923,799 |
Semiconductors & Semiconductor Equipment — 19.6% |
Advanced Micro Devices, Inc. (a)(b) |  |  | 317,000 |  |  |  | 3,956,160 |
Advanced Semiconductor Engineering, Inc. |  |  | 2,133,639 |  |  |  | 2,734,792 |
Applied Materials, Inc. (b) |  |  | 139,900 |  |  |  | 5,779,269 |
ASML Holding NV |  |  | 65,900 |  |  |  | 8,590,239 |
ASPEED Technology, Inc. |  |  | 81,000 |  |  |  | 1,798,879 |
Broadcom Ltd. (b) |  |  | 63,996 |  |  |  | 14,914,268 |
Cirrus Logic, Inc. (a)(b) |  |  | 27,500 |  |  |  | 1,724,800 |
Lam Research Corp. (b) |  |  | 55,200 |  |  |  | 7,806,936 |
MagnaChip Semiconductor Corp. (a)(b)(f) |  |  | 243,300 |  |  |  | 2,384,340 |

Common Stocks |  | Shares |  |  | Value |
Semiconductors & Semiconductor Equipment (continued) |
Megachips Corp. |  |  | 116,100 |  |  | $ | 2,870,365 |
Microchip Technology, Inc. (b) |  |  | 27,400 |  |  |  | 2,114,732 |
Micron Technology, Inc. (a)(b) |  |  | 125,100 |  |  |  | 3,735,486 |
Monolithic Power Systems, Inc. (b) |  |  | 18,600 |  |  |  | 1,793,040 |
Novatek Microelectronics Corp. |  |  | 558,000 |  |  |  | 2,253,201 |
NVIDIA Corp. (b) |  |  | 40,900 |  |  |  | 5,912,504 |
ON Semiconductor Corp. (a)(b) |  |  | 217,300 |  |  |  | 3,050,892 |
Renesas Electronics Corp. (a) |  |  | 258,300 |  |  |  | 2,258,399 |
Silicon Laboratories, Inc. (a)(b) |  |  | 32,600 |  |  |  | 2,228,210 |
Skyworks Solutions, Inc. (b) |  |  | 39,200 |  |  |  | 3,761,240 |
SOITEC (a) |  |  | 92,375 |  |  |  | 5,635,080 |
STMicroelectronics NV |  |  | 357,000 |  |  |  | 5,133,488 |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 1,201,000 |  |  |  | 8,205,488 |
Tower Semiconductor Ltd. (a)(b)(g) |  |  | 127,900 |  |  |  | 3,050,415 |
Ulvac, Inc. |  |  | 75,700 |  |  |  | 3,652,703 |
|  |  |  |  |  |  | 105,344,926 |
Software — 20.7% |  |  |  |  |  |
Activision Blizzard, Inc. (b) |  |  | 144,700 |  |  |  | 8,330,379 |
Adobe Systems, Inc. (a)(b) |  |  | 59,100 |  |  |  | 8,359,104 |
Altium, Ltd. |  |  | 239,900 |  |  |  | 1,579,921 |
Autodesk, Inc. (a)(b) |  |  | 64,400 |  |  |  | 6,492,808 |
Blackline, Inc. (a)(b) |  |  | 46,815 |  |  |  | 1,673,168 |
Electronic Arts, Inc. (a)(b) |  |  | 61,800 |  |  |  | 6,533,496 |
ESI Group (a) |  |  | 29,100 |  |  |  | 1,694,730 |
Guidewire Software, Inc. (a)(b) |  |  | 42,000 |  |  |  | 2,885,820 |
HubSpot, Inc. (a)(b) |  |  | 40,700 |  |  |  | 2,676,025 |
Intuit, Inc. (b) |  |  | 17,900 |  |  |  | 2,377,299 |
Microsoft Corp. (b) |  |  | 401,500 |  |  |  | 27,675,395 |
Nintendo Co. Ltd. |  |  | 27,200 |  |  |  | 9,106,325 |
Proofpoint, Inc. (a)(b) |  |  | 45,900 |  |  |  | 3,985,497 |
PTC, Inc. (a)(b) |  |  | 58,900 |  |  |  | 3,246,568 |
salesforce.com, Inc. (a)(b) |  |  | 121,500 |  |  |  | 10,521,900 |
Take-Two Interactive Software, Inc. (a)(b) |  |  | 81,300 |  |  |  | 5,965,794 |
UbiSoft Entertainment SA (a) |  |  | 64,300 |  |  |  | 3,650,386 |
Xero Ltd. (a) |  |  | 120,200 |  |  |  | 2,220,024 |
Zendesk, Inc. (a)(b) |  |  | 83,100 |  |  |  | 2,308,518 |
|  |  |  |  |  |  | 111,283,157 |
Technology Hardware, Storage & Peripherals — 8.7% |
Apple, Inc. (b) |  |  | 222,800 |  |  |  | 32,087,656 |
BlackBerry Ltd. (a)(b) |  |  | 285,200 |  |  |  | 2,849,148 |
Catcher Technology Co. Ltd. |  |  | 453,000 |  |  |  | 5,399,047 |
Samsung Electronics Co. Ltd. |  |  | 3,200 |  |  |  | 6,665,026 |
|  |  |  |  |  |  | 47,000,877 |
Total Common Stocks — 97.6% |  |  |  |  |  |  | 524,446,910 |
Preferred Stocks |  |  |  |  |  |
Internet & Direct Marketing Retail — 0.2% |  |  |  |  |  |
Jasper Infotech Private Ltd., Series I, (Acquired 8/18/15, cost $1,998,435), 0.00% (a)(d)(g) |  |  | 1,054 |  |  |  | 1,033,974 |
Internet Software & Services — 2.7% |  |  |  |  |  |
Uber Technologies, Inc., Series E, (Acquired 12/04/14, cost $3,000,048), 0.00% (a)(d)(g) |  |  | 90,044 |  |  |  | 4,851,571 |
Xiaoju Kuaizhi, Inc., Series A-17 (Acquired 7/28/15, cost $3,016,964), 0.00% (a)(d)(g) |  |  | 110,003 |  |  |  | 5,602,453 |
Zuora, Inc., (Acquired 1/16/15, cost $3,894,522), 0.00% (a)(d)(g) |  |  | 1,025,063 |  |  |  | 4,069,500 |
|  |  |  |  |  |  | 14,523,524 |
Total Preferred Stocks — 2.9% |  |  |  |  |  |  | 15,557,498 |
Total Long-Term Investments (Cost — $340,311,051) — 100.5% |  |  |  |  |  |  | 540,004,408 |

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 73

Schedule of Investments (continued) |  | BlackRock Science and Technology Trust (BST)

Short-Term Securities — 0.2% |  | Shares |  |  | Value |
SL Liquidity Series, LLC, Money Market Series, 1.27% (h)(i)(j) |  |  | 1,060,611 |  |  | $ | 1,060,717 |
Total Short-Term Securities (Cost — $1,060,822) — 0.2% |  |  |  |  |  |  | 1,060,717 |
Total Investments Before Options Written (Cost — $341,371,873) — 100.7% |  |  |  |  |  |  | 541,065,125 |
Options Written (Premiums Received — $6,051,919) — (0.8)% |  |  |  |  |  |  | (4,529,173 | )
Total Investments, Net of Options Written (Cost — $335,319,954) — 99.9% |  |  |  | 536,535,952 |
Other Assets Less Liabilities — 0.1% |  |  |  |  |  |  | 581,180 |
Net Assets — 100.0% |  |  |  |  |  | $ | 537,117,132 |

Notes to Schedule of Investments

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

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

(f) |  | Security, or a portion of the security, is on loan.

(g) |  | Restricted security as to resale, excluding 144A securities. As of report date, the Trust held restricted securities with a current value of $15,557,498 and an original cost of $11,909,969, which was 2.9% of its net assets.

(h) |  | Security was purchased with the cash collateral from loaned securities.

(i) |  | Current yield as of period end.

(j) |  | During the period ended June 30, 2017, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at December 31, 2016 |  |  | Net Activity |  |  | Shares Held at June 30, 2017 |  |  | Value at June 30, 2017 |  |  | Income |  |  | Realized Gain |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 2,902,077 |  |  |  | (2,902,077 | ) |  |  | — |  |  |  | — |  |  | $ | 4,620 |  |  |  | — |  |  |  | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 128,952 |  |  |  | 932,659 |  |  |  | 1,061,611 |  |  | $ | 1,060,717 |  |  |  | 37,676 | 1 |  |  | — |  |  | $ | (117 | )
Total |  |  | $ | 1,060,717 |  |  | $ | 42,296 |  |  |  | — |  |  | $ | (117 | )
1 Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
Lam Research Corp. |  | Call |  | 7/05/17 |  | USD |  |  | 150.01 |  |  |  | 97 |  |  | $ | (842 | )
Advanced Micro Devices, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 12.00 |  |  |  | 132 |  |  |  | (8,448 | )
Alphabet, Inc., Class A |  | Call |  | 7/07/17 |  | USD |  |  | 1,010.00 |  |  |  | 15 |  |  |  | (150 | )
Amazon.com, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 995.00 |  |  |  | 50 |  |  |  | (7,700 | )
Facebook, Inc., Class A |  | Call |  | 7/07/17 |  | USD |  |  | 152.50 |  |  |  | 103 |  |  |  | (8,343 | )
Mastercard, Inc., Class A |  | Call |  | 7/07/17 |  | USD |  |  | 124.00 |  |  |  | 151 |  |  |  | (1,585 | )
Netflix, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 165.00 |  |  |  | 76 |  |  |  | (304 | )
NVIDIA Corp. |  | Call |  | 7/07/17 |  | USD |  |  | 150.00 |  |  |  | 75 |  |  |  | (6,975 | )

See Notes to Financial Statements. |  |  |  |
74 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Science and Technology Trust (BST)

Exchange-Traded Options Written (continued) |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
salesforce.com, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 92.00 |  |  |  | 185 |  |  | $ | (4,995 | )
Advanced Micro Devices, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 11.00 |  |  |  | 303 |  |  |  | (47,874 | )
Alibaba Group Holding Ltd. — ADR |  | Call |  | 7/14/17 |  | USD |  |  | 124.00 |  |  |  | 131 |  |  |  | (225,320 | )
Alphabet, Inc., Class A |  | Call |  | 7/14/17 |  | USD |  |  | 997.50 |  |  |  | 25 |  |  |  | (1,437 | )
Amazon.com, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 1,015.00 |  |  |  | 33 |  |  |  | (7,310 | )
Facebook, Inc., Class A |  | Call |  | 7/14/17 |  | USD |  |  | 152.50 |  |  |  | 38 |  |  |  | (6,251 | )
Flex Ltd. |  | Call |  | 7/14/17 |  | USD |  |  | 16.50 |  |  |  | 72 |  |  |  | (1,368 | )
PayPal Holdings, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 53.00 |  |  |  | 171 |  |  |  | (23,000 | )
salesforce.com, Inc. |  | Call |  | 7/14/17 |  | USD |  |  | 90.00 |  |  |  | 57 |  |  |  | (1,339 | )
Visa, Inc., Class A |  | Call |  | 7/14/17 |  | USD |  |  | 94.00 |  |  |  | 225 |  |  |  | (20,588 | )
58.com, Inc. — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 45.00 |  |  |  | 203 |  |  |  | (19,285 | )
Activision Blizzard, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 60.00 |  |  |  | 136 |  |  |  | (8,228 | )
Adobe Systems, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 145.00 |  |  |  | 206 |  |  |  | (26,059 | )
Advanced Micro Devices, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 13.00 |  |  |  | 265 |  |  |  | (13,648 | )
Advanced Micro Devices, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 14.00 |  |  |  | 231 |  |  |  | (5,544 | )
Alibaba Group Holding Ltd. — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 120.00 |  |  |  | 53 |  |  |  | (112,095 | )
Alibaba Group Holding Ltd. — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 145.00 |  |  |  | 90 |  |  |  | (17,550 | )
Alphabet, Inc., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 945.00 |  |  |  | 16 |  |  |  | (18,000 | )
Alphabet, Inc., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 950.00 |  |  |  | 9 |  |  |  | (9,180 | )
Amazon.com, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 980.00 |  |  |  | 20 |  |  |  | (28,700 | )
Amazon.com, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 995.00 |  |  |  | 51 |  |  |  | (44,370 | )
Apple, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 149.00 |  |  |  | 210 |  |  |  | (17,430 | )
Applied Materials, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 42.00 |  |  |  | 211 |  |  |  | (18,357 | )
Applied Materials, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 45.00 |  |  |  | 68 |  |  |  | (1,292 | )
Autodesk, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 115.00 |  |  |  | 121 |  |  |  | (1,512 | )
Broadcom Ltd. |  | Call |  | 7/21/17 |  | USD |  |  | 250.00 |  |  |  | 124 |  |  |  | (14,570 | )
Comcast Corp., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 38.75 |  |  |  | 65 |  |  |  | (5,525 | )
Crown Castle International Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 100.00 |  |  |  | 64 |  |  |  | (10,720 | )
CyrusOne, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 60.00 |  |  |  | 443 |  |  |  | (5,537 | )
DXC Technology Co. |  | Call |  | 7/21/17 |  | USD |  |  | 80.00 |  |  |  | 164 |  |  |  | (6,970 | )
Electronic Arts, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 110.00 |  |  |  | 67 |  |  |  | (7,571 | )
Expedia, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 145.00 |  |  |  | 44 |  |  |  | (25,520 | )
Facebook, Inc., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 150.00 |  |  |  | 102 |  |  |  | (35,700 | )
Flex Ltd. |  | Call |  | 7/21/17 |  | USD |  |  | 17.00 |  |  |  | 360 |  |  |  | (3,780 | )
InterXion Holding NV |  | Call |  | 7/21/17 |  | USD |  |  | 45.00 |  |  |  | 237 |  |  |  | (34,958 | )
InterXion Holding NV |  | Call |  | 7/21/17 |  | USD |  |  | 46.00 |  |  |  | 36 |  |  |  | (2,880 | )
Intuit, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 130.00 |  |  |  | 24 |  |  |  | (9,360 | )
Intuit, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 140.00 |  |  |  | 74 |  |  |  | (2,405 | )
Lam Research Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 160.00 |  |  |  | 97 |  |  |  | (1,697 | )
LogMeIn, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 115.00 |  |  |  | 91 |  |  |  | (2,730 | )
Mastercard, Inc., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 120.00 |  |  |  | 55 |  |  |  | (14,108 | )
Microchip Technology, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 82.50 |  |  |  | 100 |  |  |  | (3,250 | )
Microsoft Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 70.00 |  |  |  | 270 |  |  |  | (29,970 | )
Momo, Inc. — ADR |  | Call |  | 7/21/17 |  | USD |  |  | 40.00 |  |  |  | 77 |  |  |  | (6,352 | )
Monolithic Power Systems, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 100.00 |  |  |  | 54 |  |  |  | (5,940 | )
MuleSoft, Inc., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 25.00 |  |  |  | 200 |  |  |  | (22,500 | )
NVIDIA Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 140.00 |  |  |  | 33 |  |  |  | (27,390 | )
On Semiconductor Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 16.00 |  |  |  | 286 |  |  |  | (2,860 | )
PayPal Holdings, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 52.50 |  |  |  | 173 |  |  |  | (35,552 | )
Proofpoint, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 90.00 |  |  |  | 208 |  |  |  | (30,160 | )
PTC, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 55.00 |  |  |  | 102 |  |  |  | (22,185 | )
PTC, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 57.50 |  |  |  | 104 |  |  |  | (13,520 | )
Shopify, Inc., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 85.00 |  |  |  | 106 |  |  |  | (58,830 | )
Silicon Laboratories, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 75.00 |  |  |  | 114 |  |  |  | (5,130 | )
Skyworks Solutions, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 105.00 |  |  |  | 26 |  |  |  | (1,885 | )
Take-Two Interactive Software, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 75.00 |  |  |  | 142 |  |  |  | (20,945 | )
Tower Semiconductor Ltd. |  | Call |  | 7/21/17 |  | USD |  |  | 24.00 |  |  |  | 223 |  |  |  | (13,380 | )
Viavi Solutions, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 11.66 |  |  |  | 400 |  |  |  | (2,168 | )
Visa, Inc., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 95.00 |  |  |  | 256 |  |  |  | (29,952 | )
Yandex NV, Class A |  | Call |  | 7/21/17 |  | USD |  |  | 27.00 |  |  |  | 44 |  |  |  | (2,508 | )
Zendesk, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 26.10 |  |  |  | 130 |  |  |  | (26,925 | )
Activision Blizzard, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 57.00 |  |  |  | 92 |  |  |  | (19,274 | )
Advanced Micro Devices, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 13.00 |  |  |  | 362 |  |  |  | (23,711 | )
Alphabet, Inc., Class A |  | Call |  | 7/28/17 |  | USD |  |  | 962.50 |  |  |  | 29 |  |  |  | (48,285 | )
Applied Materials, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 44.00 |  |  |  | 350 |  |  |  | (15,750 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 75

Schedule of Investments (continued) |  | BlackRock Science and Technology Trust (BST)

Exchange-Traded Options Written (continued) |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
BlackBerry Ltd. |  | Call |  | 7/28/17 |  | USD |  |  | 11.50 |  |  |  | 498 |  |  | $ | (2,988 | )
Broadcom Ltd. |  | Call |  | 7/28/17 |  | USD |  |  | 245.00 |  |  |  | 49 |  |  |  | (14,210 | )
Cirrus Logic, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 65.00 |  |  |  | 96 |  |  |  | (13,200 | )
Comcast Corp., Class A |  | Call |  | 7/28/17 |  | USD |  |  | 40.00 |  |  |  | 132 |  |  |  | (7,194 | )
Electronic Arts, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 115.00 |  |  |  | 81 |  |  |  | (6,925 | )
Facebook, Inc., Class A |  | Call |  | 7/28/17 |  | USD |  |  | 152.50 |  |  |  | 99 |  |  |  | (32,670 | )
Flex Ltd. |  | Call |  | 7/28/17 |  | USD |  |  | 17.00 |  |  |  | 72 |  |  |  | (1,764 | )
Micron Technology, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 32.00 |  |  |  | 283 |  |  |  | (18,678 | )
Microsoft Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 70.00 |  |  |  | 201 |  |  |  | (25,527 | )
Microsoft Corp. |  | Call |  | 7/28/17 |  | USD |  |  | 70.50 |  |  |  | 408 |  |  |  | (43,248 | )
PayPal Holdings, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 53.00 |  |  |  | 174 |  |  |  | (37,497 | )
Priceline Group, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 1,885.00 |  |  |  | 4 |  |  |  | (12,460 | )
salesforce.com, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 90.00 |  |  |  | 127 |  |  |  | (9,017 | )
Skyworks Solutions, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 112.00 |  |  |  | 71 |  |  |  | (2,307 | )
Yandex NV, Class A |  | Call |  | 7/28/17 |  | USD |  |  | 28.50 |  |  |  | 27 |  |  |  | (1,282 | )
Zendesk, Inc. |  | Call |  | 7/31/17 |  | USD |  |  | 28.01 |  |  |  | 160 |  |  |  | (18,627 | )
Activision Blizzard, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 59.00 |  |  |  | 93 |  |  |  | (15,578 | )
Advanced Micro Devices, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 14.50 |  |  |  | 450 |  |  |  | (18,450 | )
Alphabet, Inc., Class A |  | Call |  | 8/04/17 |  | USD |  |  | 965.00 |  |  |  | 9 |  |  |  | (15,885 | )
Apple, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 150.00 |  |  |  | 169 |  |  |  | (33,885 | )
Facebook, Inc., Class A |  | Call |  | 8/04/17 |  | USD |  |  | 155.00 |  |  |  | 99 |  |  |  | (32,175 | )
Facebook, Inc., Class A |  | Call |  | 8/04/17 |  | USD |  |  | 160.00 |  |  |  | 6 |  |  |  | (1,032 | )
Flex Ltd. |  | Call |  | 8/04/17 |  | USD |  |  | 17.00 |  |  |  | 72 |  |  |  | (2,160 | )
Mastercard, Inc., Class A |  | Call |  | 8/04/17 |  | USD |  |  | 124.00 |  |  |  | 20 |  |  |  | (3,290 | )
Microsoft Corp. |  | Call |  | 8/04/17 |  | USD |  |  | 70.50 |  |  |  | 158 |  |  |  | (19,197 | )
Netflix, Inc. |  | Call |  | 8/04/17 |  | USD |  |  | 155.00 |  |  |  | 64 |  |  |  | (34,080 | )
Apple, Inc. |  | Call |  | 8/11/17 |  | USD |  |  | 146.00 |  |  |  | 190 |  |  |  | (77,330 | )
Applied Materials, Inc. |  | Call |  | 8/11/17 |  | USD |  |  | 42.50 |  |  |  | 140 |  |  |  | (16,660 | )
Broadcom Ltd. |  | Call |  | 8/11/17 |  | USD |  |  | 240.00 |  |  |  | 50 |  |  |  | (31,000 | )
Microsoft Corp. |  | Call |  | 8/11/17 |  | USD |  |  | 70.41 |  |  |  | 109 |  |  |  | (14,929 | )
salesforce.com, Inc. |  | Call |  | 8/11/17 |  | USD |  |  | 87.50 |  |  |  | 56 |  |  |  | (12,096 | )
Skyworks Solutions, Inc. |  | Call |  | 8/11/17 |  | USD |  |  | 99.00 |  |  |  | 118 |  |  |  | (41,300 | )
Guidewire Software, Inc. |  | Call |  | 8/14/17 |  | USD |  |  | 67.45 |  |  |  | 147 |  |  |  | (50,798 | )
Activision Blizzard, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 60.00 |  |  |  | 185 |  |  |  | (31,728 | )
Alibaba Group Holding Ltd. — ADR |  | Call |  | 8/18/17 |  | USD |  |  | 125.00 |  |  |  | 57 |  |  |  | (101,460 | )
Alibaba Group Holding Ltd. — ADR |  | Call |  | 8/18/17 |  | USD |  |  | 140.00 |  |  |  | 57 |  |  |  | (42,893 | )
Alphabet, Inc., Class A |  | Call |  | 8/18/17 |  | USD |  |  | 1,000.00 |  |  |  | 29 |  |  |  | (29,725 | )
Apple, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 150.00 |  |  |  | 210 |  |  |  | (51,135 | )
Blackline, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 35.00 |  |  |  | 257 |  |  |  | (60,395 | )
Coherent, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 245.00 |  |  |  | 108 |  |  |  | (90,180 | )
Crown Castle International Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 105.00 |  |  |  | 123 |  |  |  | (8,918 | )
Electronic Arts, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 115.00 |  |  |  | 75 |  |  |  | (13,538 | )
Flex Ltd. |  | Call |  | 8/18/17 |  | USD |  |  | 17.00 |  |  |  | 72 |  |  |  | (2,484 | )
HubSpot, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 70.00 |  |  |  | 142 |  |  |  | (36,565 | )
InterXion Holding NV |  | Call |  | 8/18/17 |  | USD |  |  | 47.00 |  |  |  | 36 |  |  |  | (3,960 | )
MagnaChip Semiconductor Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 10.00 |  |  |  | 850 |  |  |  | (55,250 | )
Mastercard, Inc., Class A |  | Call |  | 8/18/17 |  | USD |  |  | 123.10 |  |  |  | 110 |  |  |  | (29,565 | )
MercadoLibre, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 270.00 |  |  |  | 114 |  |  |  | (94,050 | )
Micron Technology, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 32.00 |  |  |  | 154 |  |  |  | (17,094 | )
Microsoft Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 72.50 |  |  |  | 272 |  |  |  | (20,672 | )
Momo, Inc. — ADR |  | Call |  | 8/18/17 |  | USD |  |  | 45.00 |  |  |  | 315 |  |  |  | (26,775 | )
Monolithic Power Systems, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 100.00 |  |  |  | 48 |  |  |  | (11,400 | )
NVIDIA Corp. |  | Call |  | 8/18/17 |  | USD |  |  | 151.75 |  |  |  | 116 |  |  |  | (91,467 | )
Priceline Group, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 1,880.00 |  |  |  | 4 |  |  |  | (25,080 | )
Proofpoint, Inc. |  | Call |  | 8/18/17 |  | USD |  |  | 90.00 |  |  |  | 44 |  |  |  | (17,820 | )
Shopify, Inc., Class A |  | Call |  | 8/18/17 |  | USD |  |  | 90.00 |  |  |  | 91 |  |  |  | (60,970 | )
Yandex NV, Class A |  | Call |  | 8/18/17 |  | USD |  |  | 28.00 |  |  |  | 43 |  |  |  | (4,386 | )
Comcast Corp., Class A |  | Call |  | 8/30/17 |  | USD |  |  | 41.22 |  |  |  | 7 |  |  |  | (378 | )
Alibaba Group Holding Ltd. — ADR |  | Call |  | 9/15/17 |  | USD |  |  | 140.00 |  |  |  | 44 |  |  |  | (38,830 | )
Alibaba Group Holding Ltd. — ADR |  | Call |  | 9/15/17 |  | USD |  |  | 145.00 |  |  |  | 44 |  |  |  | (28,490 | )
Comcast Corp., Class A |  | Call |  | 9/15/17 |  | USD |  |  | 41.25 |  |  |  | 65 |  |  |  | (3,932 | )
Total |  |  | $ | (3,034,111 | )

See Notes to Financial Statements. |  |  |  |
76 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Science and Technology Trust (BST)

OTC Options Written |
Description |  | Put/ Call |  | Counterparty |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
Samsung Electronics Co. Ltd. |  | Call |  | UBS AG |  |  | 07/06/17 |  |  | USD |  |  | 2,306,840.00 |  |  |  | 1,100 |  |  | $ | (72,445 | )
Tencent Holdings Ltd. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 07/06/17 |  |  | HKD |  |  | 279.97 |  |  |  | 186,600 |  |  |  | (92,675 | )
Quantenna Communications, Inc. |  | Call |  | Barclays Bank PLC |  |  | 07/07/17 |  |  | USD |  |  | 21.65 |  |  |  | 30,300 |  |  |  | (866 | )
Take-Two Interactive Software, Inc. |  | Call |  | Barclays Bank PLC |  |  | 07/07/17 |  |  | USD |  |  | 70.21 |  |  |  | 14,200 |  |  |  | (49,460 | )
BlackBerry Ltd. |  | Call |  | Barclays Bank PLC |  |  | 07/10/17 |  |  | USD |  |  | 9.67 |  |  |  | 50,000 |  |  |  | (23,630 | )
Equinix, Inc. |  | Call |  | Citibank N.A. |  |  | 07/11/17 |  |  | USD |  |  | 428.00 |  |  |  | 7,400 |  |  |  | (50,743 | )
SOITEC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/12/17 |  |  | EUR |  |  | 53.89 |  |  |  | 16,200 |  |  |  | (30,587 | )
Xero Ltd. |  | Call |  | Bank of America N.A. |  |  | 07/12/17 |  |  | NZD |  |  | 24.73 |  |  |  | 8,000 |  |  |  | (4,451 | )
Alphabet, Inc., Class A |  | Call |  | Credit Suisse International |  |  | 07/14/17 |  |  | USD |  |  | 20.60 |  |  |  | 9,300 |  |  |  | (3,213 | )
Square, Inc., Class A |  | Call |  | Bank of America N.A. |  |  | 07/17/17 |  |  | USD |  |  | 20.34 |  |  |  | 52,100 |  |  |  | (169,211 | )
ESI Group |  | Call |  | UBS AG |  |  | 07/18/17 |  |  | EUR |  |  | 61.80 |  |  |  | 2,500 |  |  |  | (2 | )
Naspers Ltd., Class N |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/18/17 |  |  | ZAR |  |  | 2,775.85 |  |  |  | 8,300 |  |  |  | (5,302 | )
STMicroelectronics NV |  | Call |  | UBS AG |  |  | 07/18/17 |  |  | EUR |  |  | 15.70 |  |  |  | 70,000 |  |  |  | (144 | )
Xero Ltd. |  | Call |  | Bank of America N.A. |  |  | 07/18/17 |  |  | NZD |  |  | 24.98 |  |  |  | 4,000 |  |  |  | (2,099 | )
Takeaway.com Holding BV |  | Call |  | HSBC Bank PLC |  |  | 07/19/17 |  |  | EUR |  |  | 38.72 |  |  |  | 4,200 |  |  |  | (3,151 | )
Ulvac, Inc. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 07/19/17 |  |  | JPY |  |  | 6,489.00 |  |  |  | 28,500 |  |  |  | (456 | )
Advanced Semiconductor Engineering, Inc. |  | Call |  | Citibank N.A. |  |  | 07/26/17 |  |  | USD |  |  | 38.83 |  |  |  | 176,000 |  |  |  | (4,590 | )
Advanced Semiconductor Engineering, Inc. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 07/26/17 |  |  | USD |  |  | 38.15 |  |  |  | 350,000 |  |  |  | (14,056 | )
Altium Ltd. |  | Call |  | Citibank N.A. |  |  | 07/26/17 |  |  | AUD |  |  | 8.98 |  |  |  | 41,900 |  |  |  | (1,786 | )
Catcher Technology Co. Ltd. |  | Call |  | Goldman Sachs International |  |  | 07/26/17 |  |  | USD |  |  | 358.96 |  |  |  | 90,000 |  |  |  | (37,748 | )
Catcher Technology Co. Ltd. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/26/17 |  |  | USD |  |  | 362.05 |  |  |  | 68,000 |  |  |  | (24,919 | )
ESI Group |  | Call |  | HSBC Bank PLC |  |  | 07/26/17 |  |  | EUR |  |  | 58.58 |  |  |  | 6,200 |  |  |  | (320 | )
Naspers Ltd., Class N |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | ZAR |  |  | 2,648.44 |  |  |  | 1,100 |  |  |  | (4,190 | )
Okta, Inc. |  | Call |  | UBS AG |  |  | 07/26/17 |  |  | USD |  |  | 28.00 |  |  |  | 9,600 |  |  |  | (908 | )
SOITEC |  | Call |  | Goldman Sachs International |  |  | 07/26/17 |  |  | EUR |  |  | 59.76 |  |  |  | 16,100 |  |  |  | (14,344 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Call |  | Deutsche Bank AG |  |  | 07/26/17 |  |  | USD |  |  | 211.55 |  |  |  | 90,000 |  |  |  | (5,565 | )
Takeaway.com Holding BV |  | Call |  | HSBC Bank PLC |  |  | 07/26/17 |  |  | EUR |  |  | 39.04 |  |  |  | 4,200 |  |  |  | (3,481 | )
Xero Ltd. |  | Call |  | Deutsche Bank AG |  |  | 07/26/17 |  |  | NZD |  |  | 26.49 |  |  |  | 10,000 |  |  |  | (1,824 | )
Xero Ltd. |  | Call |  | Deutsche Bank AG |  |  | 07/26/17 |  |  | NZD |  |  | 24.60 |  |  |  | 10,000 |  |  |  | (7,677 | )
UbiSoft Entertainment SA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/27/17 |  |  | EUR |  |  | 51.41 |  |  |  | 11,200 |  |  |  | (13,344 | )
Alphabet, Inc., Class A |  | Call |  | Goldman Sachs International |  |  | 07/31/17 |  |  | USD |  |  | 20.35 |  |  |  | 9,400 |  |  |  | (6,085 | )
Tower Semiconductor Ltd. |  | Call |  | UBS AG |  |  | 07/31/17 |  |  | USD |  |  | 24.62 |  |  |  | 22,400 |  |  |  | (11,007 | )
InterXion Holding NV |  | Call |  | UBS AG |  |  | 08/02/17 |  |  | USD |  |  | 44.32 |  |  |  | 24,500 |  |  |  | (54,720 | )
Advanced Semiconductor Engineering, Inc. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 08/04/17 |  |  | TWD |  |  | 38.28 |  |  |  | 221,000 |  |  |  | (8,471 | )
ASML Holding NV |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | EUR |  |  | 119.75 |  |  |  | 21,100 |  |  |  | (36,682 | )
Largan Precision Co. Ltd. |  | Call |  | UBS AG |  |  | 08/04/17 |  |  | USD |  |  | 4,873.56 |  |  |  | 11,000 |  |  |  | (38,378 | )
Nintendo Co. Ltd. |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | JPY |  |  | 35,976.60 |  |  |  | 8,400 |  |  |  | (191,885 | )
Novatek Microelectronics Corp. |  | Call |  | UBS AG |  |  | 08/04/17 |  |  | USD |  |  | 123.99 |  |  |  | 200,000 |  |  |  | (14,634 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | USD |  |  | 212.26 |  |  |  | 330,000 |  |  |  | (23,136 | )
UbiSoft Entertainment SA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | EUR |  |  | 51.66 |  |  |  | 11,300 |  |  |  | (13,410 | )
Altium Ltd. |  | Call |  | UBS AG |  |  | 08/08/17 |  |  | AUD |  |  | 8.83 |  |  |  | 42,000 |  |  |  | (4,236 | )
ASML Holding NV |  | Call |  | Bank of America N.A. |  |  | 08/08/17 |  |  | EUR |  |  | 120.28 |  |  |  | 3,400 |  |  |  | (5,992 | )
ESI Group |  | Call |  | Goldman Sachs International |  |  | 08/08/17 |  |  | EUR |  |  | 59.04 |  |  |  | 1,500 |  |  |  | (169 | )
Megachips Corp. |  | Call |  | Citibank N.A. |  |  | 08/08/17 |  |  | JPY |  |  | 2,573.66 |  |  |  | 20,300 |  |  |  | (53,806 | )
STMicroelectronics NV |  | Call |  | Credit Suisse International |  |  | 08/08/17 |  |  | EUR |  |  | 14.05 |  |  |  | 61,500 |  |  |  | (13,147 | )
Takeaway.com Holding BV |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/08/17 |  |  | EUR |  |  | 37.52 |  |  |  | 2,700 |  |  |  | (5,059 | )
Xero Ltd. |  | Call |  | Citibank N.A. |  |  | 08/08/17 |  |  | NZD |  |  | 25.25 |  |  |  | 12,500 |  |  |  | (7,652 | )
Quantenna Communications, Inc. |  | Call |  | Barclays Bank PLC |  |  | 08/10/17 |  |  | USD |  |  | 19.89 |  |  |  | 22,000 |  |  |  | (19,260 | )
On Semiconductor Corp. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/15/17 |  |  | USD |  |  | 15.60 |  |  |  | 28,700 |  |  |  | (5,956 | )
Nintendo Co. Ltd. |  | Call |  | Goldman Sachs International |  |  | 08/16/17 |  |  | JPY |  |  | 34,935.00 |  |  |  | 1,100 |  |  |  | (34,220 | )
Samsung CDI Co., Ltd. |  | Call |  | UBS AG |  |  | 08/16/17 |  |  | KRW |  |  | 183,040.00 |  |  |  | 8,400 |  |  |  | (28,059 | )
Tencent Holdings Ltd. |  | Call |  | Deutsche Bank AG |  |  | 08/16/17 |  |  | HKD |  |  | 294.63 |  |  |  | 49,400 |  |  |  | (24,348 | )
Xero Ltd. |  | Call |  | UBS AG |  |  | 08/16/17 |  |  | NZD |  |  | 25.68 |  |  |  | 13,300 |  |  |  | (7,075 | )
Aspeed Technology, Inc. |  | Call |  | Goldman Sachs International |  |  | 08/17/17 |  |  | USD |  |  | 690.56 |  |  |  | 28,000 |  |  |  | (40,956 | )
Tencent Holdings Ltd. |  | Call |  | UBS AG |  |  | 08/17/17 |  |  | HKD |  |  | 283.00 |  |  |  | 34,000 |  |  |  | (32,242 | )
Megachips Corp. |  | Call |  | Citibank N.A. |  |  | 08/18/17 |  |  | JPY |  |  | 2,810.83 |  |  |  | 20,000 |  |  |  | (33,878 | )
Xero Ltd. |  | Call |  | Citibank N.A. |  |  | 08/18/17 |  |  | NZD |  |  | 26.18 |  |  |  | 8,300 |  |  |  | (3,471 | )
Autodesk, Inc. |  | Call |  | Deutsche Bank AG |  |  | 08/21/17 |  |  | USD |  |  | 107.55 |  |  |  | 10,400 |  |  |  | (25,280 | )
Square, Inc., Class A |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/21/17 |  |  | USD |  |  | 23.50 |  |  |  | 52,100 |  |  |  | (70,755 | )
Viavi Solutions, Inc. |  | Call |  | UBS AG |  |  | 08/22/17 |  |  | USD |  |  | 11.02 |  |  |  | 45,600 |  |  |  | (21,832 | )
On Semiconductor Corp. |  | Call |  | Citibank N.A. |  |  | 08/29/17 |  |  | USD |  |  | 16.00 |  |  |  | 18,700 |  |  |  | (3,369 | )
Takeaway.com Holding BV |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/29/17 |  |  | EUR |  |  | 37.69 |  |  |  | 5,600 |  |  |  | (12,705 | )
Total |  |  |  |  |  |  |  |  |  | $ | (1,495,062 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 77

Schedule of Investments (continued) |  | BlackRock Science and Technology Trust (BST)

Transactions in Options Written for the Period Ended June 30, 2017 |  |  |  |

|  |  |  |  | Calls |
|  |  |  |  | Contracts |  |  | Premiums Received |
Outstanding options, beginning of period |  |  |  |  |  |  | 2,032,322 |  |  | $ | 4,136,623 |
Options written |  |  |  |  |  |  | 11,220,648 |  |  |  | 22,245,783 |
Options exercised |  |  |  |  |  |  | (296 | ) |  |  | (25,978 | )
Options expired |  |  |  |  |  |  | (4,124,397 | ) |  |  | (2,959,230 | )
Options closed |  |  |  |  |  |  | (6,384,816 | ) |  |  | (17,345,279 | )
Outstanding options, end of period |  |  |  |  |  |  | 2,743,461 |  |  | $ | 6,051,919 |

|  |  |  |  | Puts |
|  |  |  |  | Contracts |  |  | Premiums Received |
Outstanding options, beginning of period |  |  |  |  |  |  | — |  |  |  | — |
Options written |  |  |  |  |  |  | 274 |  |  | $ | 37,745 |
Options exercised |  |  |  |  |  |  | — |  |  |  | — |
Options expired |  |  |  |  |  |  | — |  |  |  | — |
Options closed |  |  |  |  |  |  | (274 | ) |  | $ | (37,745 | )
Outstanding options, end of period |  |  |  |  |  |  | — |  |  |  | — |

As of period end, the fair value of portfolios securities subject to covered call options was $198,672,933.

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:

Liabilities — Derivative Financial Instruments |  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Options written |  | Options written, at value |  |  | — |  |  |  | — |  |  | $ | 4,529,173 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 4,529,173 |

For the six months ended June 30, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:

Net Realized Gain (Loss) from: |  |  |  |  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Options purchased1 |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 28,663 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 28,663 |
Options written |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (19,688,226 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (19,688,226 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (19,659,563 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (19,659,563 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | 836,470 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 836,470 |
1 Options purchased are included in net realized gain (loss) from investments. |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased |  | $ | 51,317 | 1
Average value of option contracts written |  | $ | 5,298,551 |
1 Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter end. |

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

See Notes to Financial Statements. |  |  |  |
78 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Science and Technology Trust (BST)

Derivative Financial Instruments — Offsetting as of Period End

The Trust’s derivative asset and liabilities (by type) are as follows:

Derivative Financial Instruments: |  | Assets |  |  | Liabilities |
Options |  |  | — |  |  | $ | 4,529,173 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (3,034,111 | )
Total derivative assets and liabilities subject to an MNA |  |  | — |  |  | $ | 1,495,062 |

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under a Master Netting Agreement (“MNA”) and net of the related collateral received by the Trust:

|  | Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities and Subject to an MNA |  |  |  |
Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged1 |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities2 |  |  |  |
Bank of America N.A. |  | $ | 181,753 |  |  |  | — |  |  |  | — |  |  | $ | (90,000 | ) |  | $ | 91,753 |  |  |  |  |
Barclays Bank PLC |  |  | 93,216 |  |  |  | — |  |  |  | — |  |  |  | (93,216 | ) |  |  | — |  |  |  |  |
Citibank N.A. |  |  | 159,295 |  |  |  | — |  |  |  | — |  |  |  | (80,000 | ) |  |  | 79,295 |  |  |  |  |
Credit Suisse International |  |  | 20,550 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,550 |  |  |  |  |
Deutsche Bank AG |  |  | 64,694 |  |  |  | — |  |  |  | — |  |  |  | (64,694 | ) |  |  | — |  |  |  |  |
Goldman Sachs International |  |  | 385,225 |  |  |  | — |  |  | $ | (385,225 | ) |  |  | — |  |  |  | — |  |  |  |  |
HSBC Bank PLC |  |  | 6,952 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,952 |  |  |  |  |
JPMorgan Chase Bank N.A. |  |  | 115,658 |  |  |  | — |  |  |  | — |  |  |  | (115,658 | ) |  |  | — |  |  |  |  |
Morgan Stanley & Co. International PLC |  |  | 182,037 |  |  |  | — |  |  |  | — |  |  |  | (182,037 | ) |  |  | — |  |  |  |  |
UBS AG |  |  | 285,682 |  |  |  | — |  |  |  | — |  |  |  | (285,682 | ) |  |  | — |  |  |  |  |
Total |  | $ | 1,495,062 |  |  |  | — |  |  | $ | (385,225 | ) |  | $ | (911,287 | ) |  | $ | 198,550 |  |  |  |  |
1 Excess of collateral received from the individual counterparty is not shown for financial reporting purposes. 2 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 investments and derivative financial instruments. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Communications Equipment |  | $ | 4,389,627 |  |  |  | — |  |  |  | — |  |  | $ | 4,389,627 |
Electronic Equipment, Instruments & Components |  |  | 7,253,686 |  |  | $ | 6,946,469 |  |  |  | — |  |  |  | 14,200,155 |
IT Services |  |  | 44,102,691 |  |  |  | — |  |  |  | — |  |  |  | 44,102,691 |
Internet & Direct Marketing Retail |  |  | 60,980,891 |  |  |  | — |  |  |  | — |  |  |  | 60,980,891 |
Internet Software & Services |  |  | 83,030,249 |  |  |  | 27,419,213 |  |  |  | — |  |  |  | 110,449,462 |
Media |  |  | 2,996,840 |  |  |  | 6,774,485 |  |  |  | — |  |  |  | 9,771,325 |
Real Estate Investment Trusts (REITs) |  |  | 16,923,799 |  |  |  | — |  |  |  | — |  |  |  | 16,923,799 |
Semiconductors & Semiconductor Equipment |  |  | 67,847,372 |  |  |  | 37,497,554 |  |  |  | — |  |  |  | 105,344,926 |
Software |  |  | 93,031,771 |  |  |  | 18,251,386 |  |  |  | — |  |  |  | 111,283,157 |
Technology Hardware, Storage & Peripherals |  |  | 34,936,804 |  |  |  | 12,064,073 |  |  |  | — |  |  |  | 47,000,877 |
Preferred Stocks |  |  | — |  |  |  | — |  |  | $ | 15,557,498 |  |  |  | 15,557,498 |
Subtotal |  | $ | 415,493,730 |  |  | $ | 108,953,180 |  |  | $ | 15,557,498 |  |  | $ | 540,004,408 |
Investments Valued at NAV1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,060,717 |
Total |  | $ | 415,493,730 |  |  | $ | 108,953,180 |  |  | $ | 15,557,498 |  |  | $ | 541,065,125 |
Derivative Financial Instruments2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity contracts |  | $ | (2,798,411 | ) |  | $ | (1,730,762 | ) |  |  | — |  |  | $ | (4,529,173 | )
1 As of June 30, 2017, certain of the Trust’s investments were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy. 2 Derivative financial instruments are options written, which are shown at value. |

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 79

Schedule of Investments (concluded) |  | BlackRock Science and Technology Trust (BST)

During the six months ended June 30, 2017, there were no transfers between Level 1 and Level 2.

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments 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:

|  | Preferred Stocks |  |  | Total |
Assets: |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2016 |  | $ | 15,957,843 |  |  | $ | 15,957,843 |
Transfers into Level 3 |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)1,2 |  |  | 1,099,656 |  |  |  | 1,099,656 |
Purchases |  |  | — |  |  |  | — |
Sales |  |  | (1,500,001 | ) |  |  | (1,500,001 | )
Closing Balance, as of June 30, 2017 |  | $ | 15,557,498 |  |  | $ | 15,557,498 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 20172 |  | $ | 1,041,851 |  |  | $ | 1,041,851 |
1 Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |
2 Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2017 is generally due to derivative financial instruments no longer held or categorized as Level 3 at period end. |

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

|  | Value |  |  | Valuation Approach |  | Unobservable Inputs |  | Range of Unobservable Inputs Utilized |  | Weighted Average of Unobservable Inputs
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks1 |  | $ | 15,557,498 |  |  | Market |  | Discount Rate2 |  | 25.00% |  | —
|  |  |  |  |  |  |  | Revenue Growth Rate3 |  | 23.00% |  | —
|  |  |  |  |  |  |  | Revenue Multiple3 |  | 5.50x — 8.25x |  | 6.84x
|  |  |  |  |  |  |  | Exit Scenario Probability3 |  | 5% — 50% |  | —
|  |  |  |  |  |  |  | Time to Exit2 |  | 1 — 2 years |  | —
|  |  |  |  |  |  |  | Volatility3 |  | 29% |  | —
Total |  | $ | 15,557,498 |  |  |  |  |  |  |  |  |
1 For the six months ended June 30, 2017, the valuation technique for investments classified as preferred stocks with a total value of $1,033,974 changed to an Option Pricing Model (“OPM”). The investments were previously valued utilizing Probability-Weighted Expected Return Model (“PWERM”). The change was due to consideration of liquidation preferences and exit strategy.
2 Decrease in unobservable input may result in a significant increase to value, while an increase in unobservable input may result in a significant decrease to value.
3 Increase in unobservable input may result in a significant increase to value, while a decrease in unobservable input may result in a significant decrease to value

See Notes to Financial Statements. |  |  |  |
80 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments June 30, 2017 (Unaudited) |  | BlackRock Utility and Infrastructure Trust (BUI) (Percentages shown are based on Net Assets)

Common Stocks |  | Shares |  |  | Value |
Construction & Engineering — 3.4% |
Ferrovial SA |  |  | 236,106 |  |  | $ | 5,244,663 |
Vinci SA |  |  | 80,050 |  |  |  | 6,828,382 |
|  |  |  |  |  |  | 12,073,045 |
Electric Utilities — 31.8% |
American Electric Power Co., Inc. (a) |  |  | 96,220 |  |  |  | 6,684,403 |
Duke Energy Corp. (a) |  |  | 133,268 |  |  |  | 11,139,872 |
Edison International |  |  | 108,740 |  |  |  | 8,502,381 |
El Paso Electric Co. |  |  | 36,680 |  |  |  | 1,896,356 |
Enel SpA |  |  | 2,947,617 |  |  |  | 15,809,518 |
Eversource Energy (a) |  |  | 80,420 |  |  |  | 4,882,298 |
Exelon Corp. (a) |  |  | 304,760 |  |  |  | 10,992,693 |
FirstEnergy Corp. (a) |  |  | 202,980 |  |  |  | 5,918,897 |
Iberdrola SA |  |  | 197,410 |  |  |  | 1,564,359 |
NextEra Energy, Inc. (a)(b) |  |  | 223,550 |  |  |  | 31,326,062 |
Pinnacle West Capital Corp. (a) |  |  | 46,720 |  |  |  | 3,978,675 |
PPL Corp. (a) |  |  | 114,710 |  |  |  | 4,434,689 |
Xcel Energy, Inc. |  |  | 91,150 |  |  |  | 4,181,962 |
|  |  |  |  |  |  | 111,312,165 |
Gas Utilities — 2.2% |
Italgas SpA |  |  | 679,900 |  |  |  | 3,433,893 |
New Jersey Resources Corp. |  |  | 56,660 |  |  |  | 2,249,402 |
Spire, Inc. (a) |  |  | 27,240 |  |  |  | 1,899,990 |
|  |  |  |  |  |  | 7,583,285 |
Independent Power and Renewable Electricity Producers — 6.1% |
NextEra Energy Partners LP (a)(b) |  |  | 345,740 |  |  |  | 12,788,923 |
NRG Yield, Inc., Class A (a) |  |  | 172,360 |  |  |  | 2,940,462 |
NRG Yield, Inc., Class C (a) |  |  | 172,360 |  |  |  | 3,033,536 |
Pattern Energy Group, Inc. (a) |  |  | 102,880 |  |  |  | 2,452,659 |
|  |  |  |  |  |  | 21,215,580 |
Multi-Utilities — 21.5% |
CMS Energy Corp. |  |  | 207,950 |  |  |  | 9,617,688 |
Dominion Resources, Inc. (a) |  |  | 213,810 |  |  |  | 16,384,260 |
DTE Energy Co. (a) |  |  | 46,620 |  |  |  | 4,931,930 |
National Grid PLC |  |  | 986,024 |  |  |  | 12,217,310 |
NiSource, Inc. |  |  | 133,100 |  |  |  | 3,375,416 |
NorthWestern Corp. (a) |  |  | 45,522 |  |  |  | 2,777,753 |
Public Service Enterprise Group, Inc. (a) |  |  | 239,616 |  |  |  | 10,305,884 |
Sempra Energy (a) |  |  | 83,300 |  |  |  | 9,392,075 |
Veolia Environnement SA |  |  | 101,190 |  |  |  | 2,140,832 |
WEC Energy Group, Inc. (a) |  |  | 70,180 |  |  |  | 4,307,648 |
|  |  |  |  |  |  | 75,450,796 |
Oil, Gas & Consumable Fuels — 15.3% |
Antero Midstream Partners LP |  |  | 75,740 |  |  |  | 2,513,053 |
Dominion Midstream Partners LP (a) |  |  | 274,911 |  |  |  | 7,931,183 |
Enbridge, Inc. (a) |  |  | 93,240 |  |  |  | 3,711,885 |
Energy Transfer Partners LP (a) |  |  | 276,869 |  |  |  | 5,645,359 |

Common Stocks |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |
Enterprise Products Partners LP (a) |  |  | 171,814 |  |  | $ | 4,652,723 |
EQT Midstream Partners LP |  |  | 27,730 |  |  |  | 2,069,490 |
Genesis Energy LP (a) |  |  | 111,299 |  |  |  | 3,531,517 |
MPLX LP (a) |  |  | 104,789 |  |  |  | 3,499,953 |
ONEOK Partners LP |  |  | 70,915 |  |  |  | 3,621,629 |
Phillips 66 Partners LP |  |  | 40,950 |  |  |  | 2,023,749 |
Plains All American Pipeline LP (a) |  |  | 195,890 |  |  |  | 5,146,030 |
Shell Midstream Partners LP (b) |  |  | 237,251 |  |  |  | 7,188,705 |
Targa Resources Corp. (a) |  |  | 44,430 |  |  |  | 2,008,236 |
|  |  |  |  |  |  | 53,543,512 |
Real Estate Investment Trusts (REITs) — 1.5% |
Crown Castle International Corp. (a) |  |  | 53,190 |  |  |  | 5,328,574 |
Transportation Infrastructure — 16.1% |
Abertis Infraestructuras SA |  |  | 399,000 |  |  |  | 7,396,051 |
Aeroports de Paris |  |  | 24,070 |  |  |  | 3,879,909 |
Atlantia SpA |  |  | 523,924 |  |  |  | 14,737,666 |
Flughafen Zuerich AG |  |  | 14,110 |  |  |  | 3,465,417 |
Fraport AG Frankfurt Airport Services Worldwide |  |  | 28,930 |  |  |  | 2,560,090 |
Groupe Eurotunnel SE |  |  | 356,050 |  |  |  | 3,798,879 |
Japan Airport Terminal Co. Ltd. |  |  | 63,100 |  |  |  | 2,422,384 |
Sydney Airport (c) |  |  | 1,482,826 |  |  |  | 8,077,385 |
Transurban Group (c) |  |  | 1,112,890 |  |  |  | 10,135,533 |
|  |  |  |  |  |  | 56,473,314 |
Water Utilities — 1.6% |
American Water Works Co., Inc. (a) |  |  | 70,220 |  |  |  | 5,473,649 |
Total Long-Term Investments (Cost — $272,970,188) — 99.5% |  |  |  | 348,453,920 |
Short-Term Securities |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.84% (d)(e) |  |  | 3,540,431 |  |  |  | 3,540,431 |
Total Short-Term Securities (Cost — $3,540,431) — 1.0% |  |  |  | 3,540,431 |
Total Investments Before Options Written (Cost — $276,510,619) — 100.5% |  |  |  | 351,994,351 |
Options Written (Premiums Received — $2,106,243) — (0.5)% |  |  | (1,673,342) |
Total Investments, Net of Options Written (Cost — $274,404,376) — 100.0% |  |  |  | 350,321,009 |
Other Assets Less Liabilities — 0.0% |  |  |  | 43,209 |
Net Assets — 100.0% |  |  | $ | 350,364,218 |

Notes to Schedule of Investments

(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) |  | A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 81

Schedule of Investments (continued) |  | BlackRock Utility and Infrastructure Trust (BUI)

(d) |  | During the period ended June 30, 2017, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at December 31, 2016 |  |  | Net Activity |  |  | Shares Held at June 30, 2017 |  |  | Value at June 30, 2017 |  |  | Income |  |  | Realized Gain |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 4,151,064 |  |  |  | (610,633 | ) |  |  | 3,540,431 |  |  | $ | 3,540,431 |  |  | $ | 11,856 |  |  |  | — |  |  |  | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 456,105 |  |  |  | (456,105 | ) |  |  | — |  |  |  | — |  |  |  | 4,125 | 1 |  |  | — |  |  | $ | (45 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,540,431 |  |  | $ | 15,981 |  |  |  | — |  |  | $ | (45 | )
1 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. |

(e) |  | Current 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.

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Put/ Call |  | Expiration Date |  | Strike Price |  |  | Contracts |  |  | Value |
American Water Works Co., Inc. |  | Call |  | 7/06/17 |  | USD |  |  | 76.25 |  |  |  | 123 |  |  | $ | (23,896 | )
Pattern Energy Group, Inc. |  | Call |  | 7/06/17 |  | USD |  |  | 22.01 |  |  |  | 70 |  |  |  | (13,006 | )
Enbridge, Inc. |  | Call |  | 7/07/17 |  | USD |  |  | 38.98 |  |  |  | 176 |  |  |  | (18,380 | )
American Electric Power Co., Inc. |  | Call |  | 7/10/17 |  | USD |  |  | 68.40 |  |  |  | 108 |  |  |  | (15,624 | )
Eversource Energy |  | Call |  | 7/11/17 |  | USD |  |  | 62.01 |  |  |  | 157 |  |  |  | (3,285 | )
Exelon Corp. |  | Call |  | 7/12/17 |  | USD |  |  | 36.51 |  |  |  | 204 |  |  |  | (4,564 | )
American Electric Power Co., Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 72.50 |  |  |  | 230 |  |  |  | (2,300 | )
Crown Castle International Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 100.00 |  |  |  | 157 |  |  |  | (26,298 | )
Dominion Midstream Partners LP |  | Call |  | 7/21/17 |  | USD |  |  | 30.00 |  |  |  | 295 |  |  |  | (9,587 | )
Dominion Resources, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 80.00 |  |  |  | 748 |  |  |  | (7,480 | )
DTE Energy Co. |  | Call |  | 7/21/17 |  | USD |  |  | 110.00 |  |  |  | 63 |  |  |  | (1,102 | )
Duke Energy Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 83.58 |  |  |  | 158 |  |  |  | (16,736 | )
Enbridge, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 40.00 |  |  |  | 150 |  |  |  | (9,000 | )
Energy Transfer Partners LP |  | Call |  | 7/21/17 |  | USD |  |  | 21.00 |  |  |  | 514 |  |  |  | (12,850 | )
Enterprise Products Partners LP |  | Call |  | 7/21/17 |  | USD |  |  | 27.00 |  |  |  | 444 |  |  |  | (19,980 | )
Eversource Energy |  | Call |  | 7/21/17 |  | USD |  |  | 60.00 |  |  |  | 124 |  |  |  | (16,430 | )
Exelon Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 37.00 |  |  |  | 77 |  |  |  | (1,155 | )
FirstEnergy Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 29.00 |  |  |  | 279 |  |  |  | (14,647 | )
FirstEnergy Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 30.00 |  |  |  | 431 |  |  |  | (6,465 | )
Genesis Energy LP |  | Call |  | 7/21/17 |  | USD |  |  | 30.00 |  |  |  | 89 |  |  |  | (16,243 | )
Genesis Energy LP |  | Call |  | 7/21/17 |  | USD |  |  | 32.50 |  |  |  | 300 |  |  |  | (8,250 | )
MPLX LP |  | Call |  | 7/21/17 |  | USD |  |  | 34.00 |  |  |  | 55 |  |  |  | (2,337 | )
MPLX LP |  | Call |  | 7/21/17 |  | USD |  |  | 36.00 |  |  |  | 197 |  |  |  | (1,970 | )
NextEra Energy Partners LP |  | Call |  | 7/21/17 |  | USD |  |  | 35.00 |  |  |  | 260 |  |  |  | (61,100 | )
NextEra Energy, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 140.00 |  |  |  | 216 |  |  |  | (43,200 | )
NextEra Energy, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 145.00 |  |  |  | 68 |  |  |  | (1,700 | )
NRG Yield, Inc., Class A |  | Call |  | 7/21/17 |  | USD |  |  | 17.50 |  |  |  | 260 |  |  |  | (53,300 | )
Pinnacle West Capital Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 85.00 |  |  |  | 81 |  |  |  | (11,542 | )
Pinnacle West Capital Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 90.00 |  |  |  | 82 |  |  |  | (1,640 | )
Plains All American Pipeline LP |  | Call |  | 7/21/17 |  | USD |  |  | 26.00 |  |  |  | 230 |  |  |  | (18,975 | )
PPL Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 39.00 |  |  |  | 172 |  |  |  | (5,590 | )
PPL Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 40.00 |  |  |  | 164 |  |  |  | (1,230 | )
Public Service Enterprise Group, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 45.00 |  |  |  | 8 |  |  |  | (60 | )
Sempra Energy |  | Call |  | 7/21/17 |  | USD |  |  | 115.00 |  |  |  | 208 |  |  |  | (7,800 | )
Spire, Inc. |  | Call |  | 7/21/17 |  | USD |  |  | 72.25 |  |  |  | 95 |  |  |  | (16,153 | )
Targa Resources Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 45.00 |  |  |  | 112 |  |  |  | (14,560 | )
Targa Resources Corp. |  | Call |  | 7/21/17 |  | USD |  |  | 55.00 |  |  |  | 43 |  |  |  | (430 | )
WEC Energy Group, Inc. |  | Call |  | 7/25/17 |  | USD |  |  | 63.51 |  |  |  | 106 |  |  |  | (4,181 | )
Exelon Corp. |  | Call |  | 7/27/17 |  | USD |  |  | 37.01 |  |  |  | 355 |  |  |  | (6,987 | )
Enterprise Products Partners LP |  | Call |  | 7/28/17 |  | USD |  |  | 26.00 |  |  |  | 157 |  |  |  | (19,233 | )
Public Service Enterprise Group, Inc. |  | Call |  | 7/28/17 |  | USD |  |  | 45.01 |  |  |  | 100 |  |  |  | (1,183 | )

See Notes to Financial Statements. |  |  |  |
82 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Utility and Infrastructure Trust (BUI)

Exchange-Traded Options Written (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Put/ Call |  |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
Pattern Energy Group, Inc. |  |  | Call |  |  |  | 7/31/17 |  |  |  | USD |  |  |  | 23.25 |  |  |  | 69 |  |  | $ | (7,557 | )
Public Service Enterprise Group, Inc. |  |  | Call |  |  |  | 8/01/17 |  |  |  | USD |  |  |  | 44.40 |  |  |  | 484 |  |  |  | (12,520 | )
Exelon Corp. |  |  | Call |  |  |  | 8/08/17 |  |  |  | USD |  |  |  | 37.01 |  |  |  | 354 |  |  |  | (10,479 | )
Duke Energy Corp. |  |  | Call |  |  |  | 8/14/17 |  |  |  | USD |  |  |  | 86.40 |  |  |  | 308 |  |  |  | (6,831 | )
Crown Castle International Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 105.00 |  |  |  | 29 |  |  |  | (2,102 | )
Energy Transfer Partners LP |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 20.00 |  |  |  | 283 |  |  |  | (26,178 | )
Exelon Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 37.00 |  |  |  | 76 |  |  |  | (3,420 | )
NRG Yield, Inc., Class A |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 17.50 |  |  |  | 337 |  |  |  | (23,590 | )
Plains All American Pipeline LP |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 26.00 |  |  |  | 455 |  |  |  | (51,188 | )
PPL Corp. |  |  | Call |  |  |  | 8/18/17 |  |  |  | USD |  |  |  | 39.00 |  |  |  | 65 |  |  |  | (4,225 | )
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (668,539 | )

OTC Options Written |
Description |  | Put/ Call |  | Counterparty |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |
Aeroports de Paris |  | Call |  | Citibank N.A. |  |  | 07/06/17 |  |  | EUR |  |  | 132.51 |  |  |  | 8,400 |  |  | $ | (83,246 | )
Enel SpA |  | Call |  | Citibank N.A. |  |  | 07/06/17 |  |  | EUR |  |  | 4.82 |  |  |  | 200,000 |  |  |  | (2,993 | )
Energy Transfer Partners LP |  | Call |  | Bank of America N.A. |  |  | 07/06/17 |  |  | USD |  |  | 23.36 |  |  |  | 17,200 |  |  |  | — |
NextEra Energy, Inc. |  | Call |  | Bank of America N.A. |  |  | 07/06/17 |  |  | USD |  |  | 137.76 |  |  |  | 24,900 |  |  |  | (69,400 | )
NRG Yield, Inc., Class C |  | Call |  | UBS AG |  |  | 07/06/17 |  |  | USD |  |  | 17.51 |  |  |  | 26,600 |  |  |  | (6,248 | )
ONEOK Partners LP |  | Call |  | Citibank N.A. |  |  | 07/06/17 |  |  | USD |  |  | 51.12 |  |  |  | 12,400 |  |  |  | (8,304 | )
Atlanta SpA |  | Call |  | Bank of America N.A. |  |  | 07/07/17 |  |  | EUR |  |  | 25.73 |  |  |  | 56,800 |  |  |  | (231 | )
Iberdrola SA |  | Call |  | HSBC Bank PLC |  |  | 07/07/17 |  |  | EUR |  |  | 6.79 |  |  |  | 34,600 |  |  |  | (5,807 | )
Phillips 66 Partners LP |  | Call |  | UBS AG |  |  | 07/10/17 |  |  | USD |  |  | 52.85 |  |  |  | 6,100 |  |  |  | (63 | )
Shell Midstream Partners LP |  | Call |  | Bank of America N.A. |  |  | 07/10/17 |  |  | USD |  |  | 33.25 |  |  |  | 41,200 |  |  |  | (120 | )
WEC Energy Group, Inc. |  | Call |  | Citibank N.A. |  |  | 07/10/17 |  |  | USD |  |  | 61.70 |  |  |  | 13,900 |  |  |  | (8,156 | )
Italgas SpA |  | Call |  | Bank of America N.A. |  |  | 07/11/17 |  |  | EUR |  |  | 4.31 |  |  |  | 50,100 |  |  |  | (8,230 | )
Public Service Enterprise Group, Inc. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/11/17 |  |  | USD |  |  | 43.54 |  |  |  | 24,600 |  |  |  | (5,633 | )
Atlanta SpA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/12/17 |  |  | EUR |  |  | 24.83 |  |  |  | 78,500 |  |  |  | (19,500 | )
DTE Energy Co. |  | Call |  | Deutsche Bank AG |  |  | 07/12/17 |  |  | USD |  |  | 105.95 |  |  |  | 10,000 |  |  |  | (9,417 | )
EQT Midstream Partners LP |  | Call |  | Credit Suisse International |  |  | 07/12/17 |  |  | USD |  |  | 75.05 |  |  |  | 9,700 |  |  |  | (8,153 | )
Ferrovial SA |  | Call |  | UBS AG |  |  | 07/12/17 |  |  | EUR |  |  | 20.29 |  |  |  | 50,700 |  |  |  | (1,456 | )
Groupe Eurotunnel SE |  | Call |  | UBS AG |  |  | 07/12/17 |  |  | EUR |  |  | 10.63 |  |  |  | 53,300 |  |  |  | (20 | )
Vinci SA |  | Call |  | Credit Suisse International |  |  | 07/12/17 |  |  | EUR |  |  | 77.77 |  |  |  | 1,800 |  |  |  | (374 | )
Enel SpA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/13/17 |  |  | EUR |  |  | 4.73 |  |  |  | 308,800 |  |  |  | (23,960 | )
New Jersey Resources Corp. |  | Call |  | Barclays Bank PLC |  |  | 07/14/17 |  |  | USD |  |  | 42.20 |  |  |  | 10,000 |  |  |  | (166 | )
El Paso Electric Co. |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/18/17 |  |  | USD |  |  | 54.59 |  |  |  | 12,800 |  |  |  | (1,222 | )
Italgas SpA |  | Call |  | Goldman Sachs International |  |  | 07/18/17 |  |  | EUR |  |  | 4.94 |  |  |  | 148,000 |  |  |  | (69 | )
NextEra Energy, Inc. |  | Call |  | Bank of America N.A. |  |  | 07/18/17 |  |  | USD |  |  | 137.76 |  |  |  | 24,900 |  |  |  | (89,534 | )
National Grid PLC |  | Call |  | UBS AG |  |  | 07/18/17 |  |  | GBP |  |  | 10.98 |  |  |  | 59,000 |  |  |  | — |
Sydney Airport |  | Call |  | Citibank N.A. |  |  | 07/18/17 |  |  | AUD |  |  | 7.68 |  |  |  | 288,000 |  |  |  | (222 | )
Veolia Environnement SA |  | Call |  | Credit Suisse International |  |  | 07/18/17 |  |  | EUR |  |  | 20.36 |  |  |  | 9,800 |  |  |  | (40 | )
Vinci SA |  | Call |  | Deutsche Bank AG |  |  | 07/19/17 |  |  | EUR |  |  | 77.54 |  |  |  | 6,100 |  |  |  | (2,751 | )
Transurban Group |  | Call |  | Deutsche Bank AG |  |  | 07/19/17 |  |  | AUD |  |  | 12.65 |  |  |  | 145,200 |  |  |  | (915 | )
Xcel Energy, Inc. |  | Call |  | Citibank N.A. |  |  | 07/19/17 |  |  | USD |  |  | 47.33 |  |  |  | 15,900 |  |  |  | (105 | )
Xcel Energy, Inc. |  | Call |  | Barclays Bank PLC |  |  | 07/21/17 |  |  | USD |  |  | 46.50 |  |  |  | 16,000 |  |  |  | (5,760 | )
Dominion Midstream Partners LP |  | Call |  | Barclays Bank PLC |  |  | 07/26/17 |  |  | USD |  |  | 29.52 |  |  |  | 29,400 |  |  |  | (16,186 | )
Enel SpA |  | Call |  | Credit Suisse International |  |  | 07/26/17 |  |  | EUR |  |  | 4.80 |  |  |  | 85,100 |  |  |  | (3,108 | )
Iberdrola SA |  | Call |  | Deutsche Bank AG |  |  | 07/26/17 |  |  | EUR |  |  | 7.29 |  |  |  | 34,500 |  |  |  | (518 | )
Japan Airport Terminal Co. Ltd. |  | Call |  | UBS AG |  |  | 07/26/17 |  |  | JPY |  |  | 4,612.50 |  |  |  | 12,700 |  |  |  | (2,941 | )
NiSource, Inc. |  | Call |  | Citibank N.A. |  |  | 07/26/17 |  |  | USD |  |  | 25.10 |  |  |  | 26,800 |  |  |  | (16,518 | )
ONEOK Partners LP |  | Call |  | Citibank N.A. |  |  | 07/26/17 |  |  | USD |  |  | 51.12 |  |  |  | 12,400 |  |  |  | (17,688 | )
Sydney Airport |  | Call |  | UBS AG |  |  | 07/26/17 |  |  | AUD |  |  | 7.35 |  |  |  | 230,900 |  |  |  | (7,628 | )
Veolia Environnement SA |  | Call |  | Deutsche Bank AG |  |  | 07/26/17 |  |  | EUR |  |  | 19.83 |  |  |  | 25,700 |  |  |  | (1,144 | )
Abertis Infraestructuras SA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 07/27/17 |  |  | EUR |  |  | 16.53 |  |  |  | 112,500 |  |  |  | (19,600 | )
CMS Energy Corp. |  | Call |  | Citibank N.A. |  |  | 07/27/17 |  |  | USD |  |  | 48.52 |  |  |  | 72,700 |  |  |  | (12,648 | )
NRG Yield, Inc., Class C |  | Call |  | UBS AG |  |  | 07/27/17 |  |  | USD |  |  | 17.45 |  |  |  | 15,000 |  |  |  | (35,416 | )
New Jersey Resources Corp. |  | Call |  | Bank of America N.A. |  |  | 07/31/17 |  |  | USD |  |  | 42.86 |  |  |  | 9,800 |  |  |  | (537 | )
NiSource, Inc. |  | Call |  | JPMorgan Chase Bank N.A. |  |  | 07/31/17 |  |  | USD |  |  | 26.03 |  |  |  | 19,700 |  |  |  | (2,713 | )
NRG Yield, Inc., Class C |  | Call |  | UBS AG |  |  | 07/31/17 |  |  | USD |  |  | 17.45 |  |  |  | 19,300 |  |  |  | (48,970 | )
NextEra Energy, Inc. |  | Call |  | UBS AG |  |  | 08/01/17 |  |  | USD |  |  | 35.46 |  |  |  | 22,600 |  |  |  | (45,538 | )
Sempra Energy |  | Call |  | UBS AG |  |  | 08/01/17 |  |  | USD |  |  | 116.54 |  |  |  | 8,300 |  |  |  | (4,310 | )
Pattern Energy Group, Inc. |  | Call |  | UBS AG |  |  | 08/02/17 |  |  | USD |  |  | 23.63 |  |  |  | 22,100 |  |  |  | (18,943 | )

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 83

Schedule of Investments (continued) |  | BlackRock Utility and Infrastructure Trust (BUI)

OTC Options Written (continued) |  |  |  |
Description |  | Put/ Call |  | Counterparty |  | Expiration Date |  |  | Strike Price |  |  | Contracts |  |  | Value |  |  |  |
Enel SpA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/03/17 |  |  | EUR |  |  | 5.03 |  |  |  | 232,000 |  |  | $ | (2,009 | ) |  |  |  |
Italgas SpA |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | EUR |  |  | 4.70 |  |  |  | 148,000 |  |  |  | (4,236 | ) |  |  |  |
Japan Airport Terminal Co. Ltd. |  | Call |  | UBS AG |  |  | 08/04/17 |  |  | JPY |  |  | 4,542.30 |  |  |  | 9,300 |  |  |  | (4,395 | ) |  |  |  |
National Grid PLC |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | GBP |  |  | 9.95 |  |  |  | 135,500 |  |  |  | (7,158 | ) |  |  |  |
Vinci SA |  | Call |  | Goldman Sachs International |  |  | 08/04/17 |  |  | EUR |  |  | 80.78 |  |  |  | 6,400 |  |  |  | (1,473 | ) |  |  |  |
Vinci SA |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/04/17 |  |  | EUR |  |  | 78.35 |  |  |  | 13,700 |  |  |  | (8,503 | ) |  |  |  |
Abertis Infraestructuras SA |  | Call |  | Credit Suisse International |  |  | 08/08/17 |  |  | EUR |  |  | 16.49 |  |  |  | 27,200 |  |  |  | (8,372 | ) |  |  |  |
Atlanta SpA |  | Call |  | Credit Suisse International |  |  | 08/08/17 |  |  | EUR |  |  | 26.81 |  |  |  | 48,000 |  |  |  | (2,324 | ) |  |  |  |
Enel SpA |  | Call |  | Credit Suisse International |  |  | 08/08/17 |  |  | EUR |  |  | 4.97 |  |  |  | 85,200 |  |  |  | (1,170 | ) |  |  |  |
Ferrovial SA |  | Call |  | Deutsche Bank AG |  |  | 08/08/17 |  |  | EUR |  |  | 20.90 |  |  |  | 43,300 |  |  |  | (3,268 | ) |  |  |  |
Flughafen Zürich AG |  | Call |  | Deutsche Bank AG |  |  | 08/08/17 |  |  | CHF |  |  | 241.54 |  |  |  | 5,000 |  |  |  | (10,784 | ) |  |  |  |
Transurban Group |  | Call |  | UBS AG |  |  | 08/08/17 |  |  | AUD |  |  | 13.10 |  |  |  | 144,400 |  |  |  | (1,190 | ) |  |  |  |
American Water Works Co., Inc. |  | Call |  | Barclays Bank PLC |  |  | 08/09/17 |  |  | USD |  |  | 80.82 |  |  |  | 12,200 |  |  |  | (5,754 | ) |  |  |  |
Antero Midstream Partners LP |  | Call |  | UBS AG |  |  | 08/09/17 |  |  | USD |  |  | 34.52 |  |  |  | 26,500 |  |  |  | (9,579 | ) |  |  |  |
Fraport AG Frankfurt Airport Services Worldwide |  | Call |  | Goldman Sachs International |  |  | 08/09/17 |  |  | EUR |  |  | 78.98 |  |  |  | 10,200 |  |  |  | (15,515 | ) |  |  |  |
NextEra Energy, Inc. |  | Call |  | UBS AG |  |  | 08/09/17 |  |  | USD |  |  | 35.46 |  |  |  | 22,600 |  |  |  | (41,527 | ) |  |  |  |
National Grid PLC |  | Call |  | Credit Suisse International |  |  | 08/10/17 |  |  | GBP |  |  | 9.95 |  |  |  | 133,000 |  |  |  | (8,772 | ) |  |  |  |
Phillips 66 Partners LP |  | Call |  | Bank of America N.A. |  |  | 08/10/17 |  |  | USD |  |  | 51.20 |  |  |  | 8,200 |  |  |  | (4,512 | ) |  |  |  |
Shell Midstream Partners LP |  | Call |  | Royal Bank of Canada |  |  | 08/10/17 |  |  | USD |  |  | 30.62 |  |  |  | 41,800 |  |  |  | (32,813 | ) |  |  |  |
NextEra Energy, Inc. |  | Call |  | Citibank N.A. |  |  | 08/14/17 |  |  | USD |  |  | 34.98 |  |  |  | 25,900 |  |  |  | (64,965 | ) |  |  |  |
Northwestern Corp. |  | Call |  | Bank of America N.A. |  |  | 08/14/17 |  |  | USD |  |  | 61.62 |  |  |  | 15,900 |  |  |  | (19,692 | ) |  |  |  |
Dominion Midstream Partners LP |  | Call |  | Bank of America N.A. |  |  | 08/15/17 |  |  | USD |  |  | 27.57 |  |  |  | 20,500 |  |  |  | (30,145 | ) |  |  |  |
Edison International |  | Call |  | Morgan Stanley & Co. International PLC |  |  | 08/16/17 |  |  | USD |  |  | 82.00 |  |  |  | 38,000 |  |  |  | (16,055 | ) |  |  |  |
Enel SpA |  | Call |  | Credit Suisse International |  |  | 08/16/17 |  |  | EUR |  |  | 4.83 |  |  |  | 120,500 |  |  |  | (7,380 | ) |  |  |  |
Ferrovial SA |  | Call |  | Goldman Sachs International |  |  | 08/16/17 |  |  | EUR |  |  | 20.31 |  |  |  | 24,400 |  |  |  | (5,402 | ) |  |  |  |
Groupe Eurotunnel SE |  | Call |  | Bank of America N.A. |  |  | 08/16/17 |  |  | EUR |  |  | 9.95 |  |  |  | 71,300 |  |  |  | (7,037 | ) |  |  |  |
Transurban Group |  | Call |  | Deutsche Bank AG |  |  | 08/29/17 |  |  | AUD |  |  | 12.67 |  |  |  | 100,000 |  |  |  | (6,139 | ) |  |  |  |
Dominion Midstream Partners LP |  | Call |  | UBS AG |  |  | 09/01/17 |  |  | USD |  |  | 26.79 |  |  |  | 16,800 |  |  |  | (36,150 | ) |  |  |  |
NextEra Energy, Inc. |  | Call |  | Bank of America N.A. |  |  | 09/05/17 |  |  | USD |  |  | 38.18 |  |  |  | 23,900 |  |  |  | (21,983 | ) |  |  |  |
Total |  |  |  |  |  | $ | (1,004,803 | ) |  |  |  |

Transactions in Options Written for the Period Ended June 30, 2017

|  |  |  |  | Calls |
|  |  |  |  | Contracts |  |  | Premiums Received |
Outstanding options, beginning of period |  |  |  |  |  |  | 3,566,270 |  |  | $ | 2,620,284 |
Options written |  |  |  |  |  |  | 15,677,798 |  |  |  | 8,366,038 |
Options exercised |  |  |  |  |  |  | (98 | ) |  |  | (5,614 | )
Options expired |  |  |  |  |  |  | (3,393,599 | ) |  |  | (2,078,874 | )
Options closed |  |  |  |  |  |  | (11,705,545 | ) |  |  | (6,795,591 | )
Outstanding options, end of period |  |  |  |  |  |  | 4,144,826 |  |  | $ | 2,106,243 |

As of period end, the fair value of portfolios securities subject to covered call options was $122,639,881.

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:

Liabilities — Derivative Financial Instruments |  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Options written |  | Options written, at value |  |  | — |  |  |  | — |  |  | $ | 1,673,342 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 1,673,342 |

See Notes to Financial Statements. |  |  |  |
84 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Schedule of Investments (continued) |  | BlackRock Utility and Infrastructure Trust (BUI)

For the six months ended June 30, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:

Net Realized Gain (Loss) from: |  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Options written |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | (6,079,119 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | (6,079,119 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | 1,680,813 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 1,680,813 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments |
Options: |
Average value of option contracts written |  | $ | 2,478,951 |

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 asset and liabilities (by type) are as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments: |  |  |  |  |  |  |  |
Options |  |  | — |  |  | $ | 1,673,342 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (668,539 | )
Total derivative assets and liabilities subject to an MNA |  |  | — |  |  | $ | 1,004,803 |

The following table presents the Trust’s derivative liabilities by counterparty net of amounts available for offset under a Master Netting Agreement (“MNA”) and net of the related collateral received by the Trust:

|  | Gross Amounts Not Offset in the Consolidated Statement of Assets and Liabilities and Subject to an MNA |  |  |  |
Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged1 |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities2 |  |  |  |
Bank of America N.A. |  | $ | 251,421 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 251,421 |  |  |  |  |
Barclays Bank PLC |  |  | 27,866 |  |  |  | — |  |  | $ | (1,197 | ) |  |  | — |  |  |  | 26,669 |  |  |  |  |
Citibank N.A. |  |  | 214,845 |  |  |  | — |  |  |  | (106,709 | ) |  |  | — |  |  |  | 108,136 |  |  |  |  |
Credit Suisse International |  |  | 39,693 |  |  |  | — |  |  |  | (39,693 | ) |  |  | — |  |  |  | — |  |  |  |  |
Deutsche Bank AG |  |  | 34,936 |  |  |  | — |  |  |  | (34,936 | ) |  |  | — |  |  |  | — |  |  |  |  |
Goldman Sachs International |  |  | 26,695 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26,695 |  |  |  |  |
HSBC Bank PLC |  |  | 5,807 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,807 |  |  |  |  |
JPMorgan Chase Bank N.A. |  |  | 2,713 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,713 |  |  |  |  |
Morgan Stanley & Co. International PLC |  |  | 103,640 |  |  |  | — |  |  |  | (103,640 | ) |  |  | — |  |  |  | — |  |  |  |  |
Royal Bank of Canada |  |  | 32,813 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 32,813 |  |  |  |  |
UBS AG |  |  | 264,374 |  |  |  | — |  |  |  | (264,374 | ) |  |  | — |  |  |  | — |  |  |  |  |
Total |  | $ | 1,004,803 |  |  |  | — |  |  | $ | (550,549 | ) |  |  | — |  |  | $ | 454,254 |  |  |  |  |
1 Excess of collateral received from the individual counterparty is not shown for financial reporting purposes. |  |  |  |  |
2 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. |  |  |  |  |

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 85

Schedule of Investments (concluded) |  | BlackRock Utility and Infrastructure Trust (BUI)

Fair Value Hierarchy as of Period End

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |
Investments: |
Common Stocks: |
Construction & Engineering |  |  | — |  |  | $ | 12,073,045 |  |  |  | — |  |  | $ | 12,073,045 |
Electric Utilities |  | $ | 93,938,288 |  |  |  | 17,373,877 |  |  |  | — |  |  |  | 111,312,165 |
Gas Utilities |  |  | 7,583,285 |  |  |  | — |  |  |  | — |  |  |  | 7,583,285 |
Independent Power and Renewable Electricity Producers |  |  | 21,215,580 |  |  |  | — |  |  |  | — |  |  |  | 21,215,580 |
Multi-Utilities |  |  | 61,092,654 |  |  |  | 14,358,142 |  |  |  | — |  |  |  | 75,450,796 |
Oil, Gas & Consumable Fuels |  |  | 53,543,512 |  |  |  | — |  |  |  | — |  |  |  | 53,543,512 |
Real Estate Investment Trusts (REITs) |  |  | 5,328,574 |  |  |  | — |  |  |  | — |  |  |  | 5,328,574 |
Transportation Infrastructure |  |  | — |  |  |  | 56,473,314 |  |  |  | — |  |  |  | 56,473,314 |
Water Utilities |  |  | 5,473,649 |  |  |  | — |  |  |  | — |  |  |  | 5,473,649 |
Short-Term Securities |  |  | 3,540,431 |  |  |  | — |  |  |  | — |  |  |  | 3,540,431 |
Total |  | $ | 251,715,973 |  |  | $ | 100,278,378 |  |  |  | — |  |  | $ | 351,994,351 |
Derivative Financial Instruments1 |
Liabilities: |
Equity contracts |  | $ | (507,158 | ) |  |  | (1,166,184 | ) |  |  | — |  |  | $ | (1,673,342 | )
1 Derivative financial instruments are options written, which are shown at value. |

During the six months ended June 30, 2017, there were no transfers between levels.

See Notes to Financial Statements. |  |  |  |
86 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Statements of Assets and Liabilities |  |

June 30, 2017 (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) |
Assets |
Investments at value — unaffiliated1 |  | $ | 417,995,497 |  |  | $ | 709,485,627 |  |  | $ | 1,793,478,708 |  |  | $ | 969,906,551 |  |  | $ | 711,272,802 |
Investments at value — affiliated2 |  |  | 6,214,460 |  |  |  | 815,956 |  |  |  | 1,218,990 |  |  |  | 31,045,510 |  |  |  | 30,845,879 |
Cash |  |  | — |  |  |  | 3,928 |  |  |  | 605 |  |  |  | — |  |  |  | 29,532 |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — OTC derivatives |  |  | — |  |  |  | 75,000 |  |  |  | 933,000 |  |  |  | 365,000 |  |  |  | 1,140,000 |
Collateral — options written |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 300,000 |
Foreign currency at value3 |  |  | 3,962,408 |  |  |  | — |  |  |  | 2,533 |  |  |  | 90,205 |  |  |  | — |
Receivables: |
Investments sold |  |  | 4,279,979 |  |  |  | — |  |  |  | 3,643,337 |  |  |  | — |  |  |  | — |
Options written |  |  | 418,373 |  |  |  | 777,900 |  |  |  | 1,048,304 |  |  |  | — |  |  |  | 18,481 |
Dividends — unaffiliated |  |  | 318,307 |  |  |  | 721,330 |  |  |  | 4,079,339 |  |  |  | 2,643,203 |  |  |  | 2,047,568 |
Dividends — affiliated |  |  | 4,007 |  |  |  | 3,970 |  |  |  | 4,711 |  |  |  | 22,591 |  |  |  | 24,014 |
Securities lending income — affiliated |  |  | — |  |  |  | — |  |  |  | 1,106 |  |  |  | 15,206 |  |  |  | — |
Other assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 393,603 |  |  |  | 259,510 |
Prepaid expenses |  |  | 17,110 |  |  |  | 19,366 |  |  |  | 79,026 |  |  |  | 37,342 |  |  |  | 40,080 |
Total assets |  |  | 433,210,141 |  |  |  | 711,903,077 |  |  |  | 1,804,489,659 |  |  |  | 1,004,519,211 |  |  |  | 745,977,866 |
Liabilities |
Foreign bank overdraft7 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 64,632 |
Options written at value4 |  |  | 2,193,235 |  |  |  | 8,011,076 |  |  |  | 18,689,806 |  |  |  | 4,970,133 |  |  |  | 3,858,188 |
Payables: |
Investments purchased |  |  | 8,576,392 |  |  |  | 708,419 |  |  |  | 3,066,473 |  |  |  | — |  |  |  | — |
Officer’s and Trustees’ fees |  |  | 487,602 |  |  |  | 172,711 |  |  |  | 908,943 |  |  |  | 690,907 |  |  |  | 601,692 |
Investment advisory fees |  |  | 383,466 |  |  |  | 489,870 |  |  |  | 1,168,107 |  |  |  | 771,173 |  |  |  | 547,824 |
Income dividends |  |  | 182,149 |  |  |  | 238,188 |  |  |  | 317,360 |  |  |  | 184,493 |  |  |  | 223,343 |
Options written |  |  | 83,855 |  |  |  | 927,784 |  |  |  | 1,102,076 |  |  |  | 7,669 |  |  |  | — |
Professional fees |  |  | 60,864 |  |  |  | 50,472 |  |  |  | 64,941 |  |  |  | 51,032 |  |  |  | 26,540 |
Custodian fees |  |  | 36,661 |  |  |  | 75,063 |  |  |  | 59,693 |  |  |  | 78,563 |  |  |  | 65,750 |
Deferred foreign capital gain tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 115,724 |
Other affiliates |  |  | — |  |  |  | 21,280 |  |  |  | — |  |  |  | — |  |  |  | — |
Other accrued expenses |  |  | 61,413 |  |  |  | 56,621 |  |  |  | 130,089 |  |  |  | 79,688 |  |  |  | 82,769 |
Total liabilities |  |  | 12,065,637 |  |  |  | 10,751,484 |  |  |  | 25,507,488 |  |  |  | 6,833,658 |  |  |  | 5,586,462 |
Net Assets |  | $ | 421,144,504 |  |  | $ | 701,151,593 |  |  | $ | 1,778,982,171 |  |  | $ | 997,685,553 |  |  | $ | 740,391,404 |
Net Assets Consist of |
Paid-in capital |  | $ | 615,225,359 |  |  | $ | 641,272,545 |  |  | $ | 1,320,628,954 |  |  | $ | 831,421,885 |  |  | $ | 775,956,958 |
Distributions in excess of net investment income |  |  | (10,760,154 | ) |  |  | (18,732,519 | ) |  |  | (37,015,850 | ) |  |  | (30,703,720 | ) |  |  | (20,826,348 | )
Accumulated net realized gain (loss) |  |  | (164,937,089 | ) |  |  | (34,609,227 | ) |  |  | 60,211,455 |  |  |  | 175,480,510 |  |  |  | (93,601,953 | )
Net unrealized appreciation (depreciation) |  |  | (18,383,612 | ) |  |  | 113,220,794 |  |  |  | 435,157,612 |  |  |  | 21,486,878 |  |  |  | 78,862,747 |
Net Assets |  | $ | 421,144,504 |  |  | $ | 701,151,593 |  |  | $ | 1,778,982,171 |  |  | $ | 997,685,553 |  |  | $ | 740,391,404 |
Net asset value5,6 |  | $ | 14.12 |  |  | $ | 15.89 |  |  | $ | 9.49 |  |  | $ | 14.48 |  |  | $ | 6.79 |
1 Investments at cost — unaffiliated |  | $ | 437,491,469 |  |  | $ | 595,730,513 |  |  | $ | 1,356,693,370 |  |  | $ | 949,493,685 |  |  | $ | 633,209,527 |
2 Investments at cost — affiliated |  | $ | 6,214,460 |  |  | $ | 815,956 |  |  | $ | 1,218,990 |  |  | $ | 31,045,510 |  |  | $ | 30,845,879 |
3 Foreign currency at cost |  | $ | 3,928,420 |  |  |  | — |  |  | $ | 2,567 |  |  | $ | 95,359 |  |  |  | — |
4 Premiums received |  | $ | 3,341,898 |  |  | $ | 7,476,756 |  |  | $ | 17,058,110 |  |  | $ | 6,038,342 |  |  | $ | 4,751,142 |
5 Shares outstanding, unlimited number of shares authorized, $0.0001 par value |  |  | 29,825,326 |  |  |  | — |  |  |  | 187,542,405 |  |  |  | 68,911,795 |  |  |  | 109,049,017 |
6 Shares outstanding, 200 million shares authorized, $0.10 par value |  |  | — |  |  |  | 44,121,400 |  |  |  | — |  |  |  | — |  |  |  | — |
7 Foreign bank overdraft at cost |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 64,859 |

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 87

Statements of Assets and Liabilities |  |

June 30, 2017 (Unaudited) |  | BlackRock Health Sciences Trust (BME) |  |  | BlackRock Resources & Commodities Strategy Trust (BCX)1 |  |  | BlackRock Science and Technology Trust (BST) |  |  | BlackRock Utility and Infrastructure Trust (BUI) |
Assets |
Investments at value — unaffiliated2,3 |  | $ | 318,385,162 |  |  | $ | 901,920,306 |  |  | $ | 540,004,408 |  |  | $ | 348,453,920 |
Investments at value — affiliated4 |  |  | 2,281,623 |  |  |  | 13,039,622 |  |  |  | 1,060,717 |  |  |  | 3,540,431 |
Cash |  |  | 38,932 |  |  |  | 53,843 |  |  |  | — |  |  |  | 8,070 |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — OTC derivatives |  |  | — |  |  |  | — |  |  |  | 2,240,000 |  |  |  | — |
Foreign currency at value5 |  |  | 641 |  |  |  | 19,093 |  |  |  | 45,234 |  |  |  | 97 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 393,174 |  |  |  | 9,843,364 |  |  |  | 7,655,200 |  |  |  | 51 |
Options written |  |  | 86,362 |  |  |  | 439,457 |  |  |  | 363,382 |  |  |  | 83,018 |
Dividends — unaffiliated |  |  | 192,226 |  |  |  | 973,762 |  |  |  | 445,857 |  |  |  | 655,562 |
Dividends — affiliated |  |  | 3,967 |  |  |  | 9,931 |  |  |  | 819 |  |  |  | 2,331 |
Capital shares sold |  |  | 396,348 |  |  |  | — |  |  |  | — |  |  |  | — |
Securities lending income — affiliated |  |  | — |  |  |  | 6,418 |  |  |  | 23,614 |  |  |  | — |
Prepaid expenses |  |  | 97,339 |  |  |  | 43,098 |  |  |  | 17,904 |  |  |  | 13,264 |
Total assets |  |  | 321,875,774 |  |  |  | 926,348,894 |  |  |  | 551,857,135 |  |  |  | 352,756,744 |
Liabilities |
Cash collateral on securities loaned at value |  |  | — |  |  |  | 1,167,311 |  |  |  | 1,060,821 |  |  |  | — |
Bank overdraft |  |  | — |  |  |  | — |  |  |  | 3,692,421 |  |  |  | — |
Options written at value6 |  |  | 3,438,994 |  |  |  | 6,017,340 |  |  |  | 4,529,173 |  |  |  | 1,673,342 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 277,872 |  |  |  | 13,326,898 |  |  |  | 4,698,901 |  |  |  | — |
Officer’s and Trustees’ fees |  |  | 27,245 |  |  |  | 343,862 |  |  |  | 13,421 |  |  |  | 9,272 |
Investment advisory fees |  |  | 257,391 |  |  |  | 743,617 |  |  |  | 359,896 |  |  |  | 291,698 |
Income dividends |  |  | — |  |  |  | 235,651 |  |  |  | 107,625 |  |  |  | 143,904 |
Options written |  |  | 257,268 |  |  |  | 35,406 |  |  |  | 124,746 |  |  |  | 119,867 |
Professional fees |  |  | 22,123 |  |  |  | 84,626 |  |  |  | 68,158 |  |  |  | 57,083 |
Custodian fees |  |  | 33,352 |  |  |  | 70,202 |  |  |  | 43,900 |  |  |  | 42,130 |
Other accrued expenses |  |  | 25,733 |  |  |  | 108,203 |  |  |  | 40,941 |  |  |  | 55,230 |
Total liabilities |  |  | 4,339,978 |  |  |  | 22,133,116 |  |  |  | 14,740,003 |  |  |  | 2,392,526 |
Net Assets |  | $ | 317,535,796 |  |  | $ | 904,215,778 |  |  | $ | 537,117,132 |  |  | $ | 350,364,218 |
Net Assets Consist of |
Paid-in capital |  | $ | 223,625,226 |  |  | $ | 1,332,559,701 |  |  | $ | 370,558,938 |  |  | $ | 281,212,444 |
Distributions in excess of net investment income |  |  | (10,380,927 | ) |  |  | (22,470,673 | ) |  |  | (13,668,224 | ) |  |  | (4,656,851 | )
Accumulated net realized gain (loss) |  |  | (3,051,739 | ) |  |  | (480,916,709 | ) |  |  | (20,985,248 | ) |  |  | (2,107,292 | )
Net unrealized appreciation (depreciation) |  |  | 107,343,236 |  |  |  | 75,043,459 |  |  |  | 201,211,666 |  |  |  | 75,915,917 |
Net Assets |  | $ | 317,535,796 |  |  | $ | 904,215,778 |  |  | $ | 537,117,132 |  |  | $ | 350,364,218 |
Net asset value7 |  | $ | 35.26 |  |  | $ | 9.22 |  |  | $ | 24.01 |  |  | $ | 20.71 |
1 Consolidated Statement of Assets and Liabilities. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2 Investments at cost — unaffiliated |  | $ | 210,031,572 |  |  | $ | 828,279,183 |  |  | $ | 340,311,051 |  |  | $ | 272,970,188 |
3 Securities loaned at value |  |  | — |  |  | $ | 1,228,399 |  |  | $ | 1,032,965 |  |  |  | — |
4 Investments at cost — affiliated |  | $ | 2,281,623 |  |  | $ | 13,039,589 |  |  | $ | 1,060,822 |  |  | $ | 3,540,431 |
5 Foreign currency at cost |  | $ | 628 |  |  | $ | 19,093 |  |  | $ | 45,165 |  |  | $ | 113 |
6 Premiums received |  | $ | 2,322,880 |  |  | $ | 7,411,352 |  |  | $ | 6,051,919 |  |  | $ | 2,106,243 |
7 Shares outstanding, unlimited number of shares authorized, $0.0001 par value |  | $ | 9,004,669 |  |  | $ | 98,038,242 |  |  | $ | 22,371,225 |  |  | $ | 16,920,812 |

See Notes to Financial Statements. |  |  |  |
88 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Statements of Operations |  |

Six Months Ended June 30, 2017 (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) |
Investment Income |
Dividends — unaffiliated |  | $ | 6,809,701 |  |  | $ | 6,563,195 |  |  | $ | 24,982,020 |  |  | $ | 9,783,756 |  |  | $ | 11,046,263 |
Dividends — affiliated |  |  | 16,781 |  |  |  | 51,867 |  |  |  | 22,544 |  |  |  | 68,091 |  |  |  | 77,705 |
Securities lending income — affiliated — net |  |  | 22,641 |  |  |  | 1,191 |  |  |  | 1,508 |  |  |  | 32,561 |  |  |  | 501 |
Foreign taxes withheld |  |  | (293,160 | ) |  |  | (74,554 | ) |  |  | (872,224 | ) |  |  | (651,586 | ) |  |  | (1,031,217 | )
Total investment income |  |  | 6,555,963 |  |  |  | 6,541,699 |  |  |  | 24,133,848 |  |  |  | 9,232,822 |  |  |  | 10,093,252 |
Expenses |
Investment advisory |  |  | 2,707,475 |  |  |  | 2,913,982 |  |  |  | 6,998,732 |  |  |  | 4,842,879 |  |  |  | 3,574,698 |
Officer and Trustees |  |  | 56,002 |  |  |  | 38,188 |  |  |  | 119,752 |  |  |  | 82,605 |  |  |  | 60,297 |
Custodian |  |  | 55,413 |  |  |  | 86,275 |  |  |  | 105,900 |  |  |  | 117,776 |  |  |  | 99,642 |
Transfer agent |  |  | 52,126 |  |  |  | 45,120 |  |  |  | 107,474 |  |  |  | 71,297 |  |  |  | 65,764 |
Professional |  |  | 45,986 |  |  |  | 51,360 |  |  |  | 85,596 |  |  |  | 71,143 |  |  |  | 63,245 |
Printing |  |  | 10,967 |  |  |  | 14,065 |  |  |  | 29,900 |  |  |  | 18,650 |  |  |  | 15,192 |
Registration |  |  | 5,481 |  |  |  | 7,953 |  |  |  | 34,071 |  |  |  | 12,526 |  |  |  | 19,830 |
Accounting services |  |  | — |  |  |  | 44,207 |  |  |  | — |  |  |  | — |  |  |  | — |
Miscellaneous |  |  | 29,205 |  |  |  | 13,909 |  |  |  | 17,873 |  |  |  | 57,667 |  |  |  | 93,361 |
Total expenses |  |  | 2,962,655 |  |  |  | 3,215,059 |  |  |  | 7,499,298 |  |  |  | 5,274,543 |  |  |  | 3,992,029 |
Less: |
Fees waived by the Manager |  |  | (227,693 | ) |  |  | (7,184 | ) |  |  | (2,683 | ) |  |  | (262,334 | ) |  |  | (367,996 | )
Fees paid indirectly |  |  | — |  |  |  | (129 | ) |  |  | — |  |  |  | — |  |  |  | — |
Total expenses after fees waived and/or paid indirectly |  |  | 2,734,962 |  |  |  | 3,207,746 |  |  |  | 7,496,615 |  |  |  | 5,012,209 |  |  |  | 3,624,033 |
Net investment income (loss) |  |  | 3,821,001 |  |  |  | 3,333,953 |  |  |  | 16,637,233 |  |  |  | 4,220,613 |  |  |  | 6,469,219 |
Realized and Unrealized Gain (Loss) |
Net realized gain (loss) from: |
Investments — unaffiliated |  |  | (605,901 | ) |  |  | 15,893,981 |  |  |  | 145,416,580 |  |  |  | 197,118,696 | 1 |  |  | 31,435,205 | 1
Payments by affiliates2 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 393,604 |  |  |  | 259,510 |
Futures contracts |  |  | — |  |  |  | 529,712 |  |  |  | — |  |  |  | 39,453 |  |  |  | 344,941 |
Forward foreign currency exchange contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | )
Foreign currency transactions |  |  | 8,038 |  |  |  | (6,204 | ) |  |  | 108,847 |  |  |  | (131,825 | ) |  |  | (3,218 | )
Options written |  |  | 9,048,883 |  |  |  | (11,633,153 | ) |  |  | (14,543,346 | ) |  |  | (12,010,415 | ) |  |  | (11,548,380 | )
|  |  | 8,451,020 |  |  |  | 4,784,336 |  |  |  | 130,982,081 |  |  |  | 185,409,513 |  |  |  | 20,488,056 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (66,764,087 | ) |  |  | 48,101,478 |  |  |  | (52,120,420 | ) |  |  | (82,667,097 | ) |  |  | 50,835,367 | 3
Investments — affiliated |  |  | — |  |  |  | (54 | ) |  |  | — |  |  |  | — |  |  |  | — |
Futures contracts |  |  | — |  |  |  | 128,627 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign currency translations |  |  | (37,137 | ) |  |  | 7,359 |  |  |  | 7,262 |  |  |  | 32,302 |  |  |  | 206,075 |
Options written |  |  | 2,496,409 |  |  |  | 1,555,959 |  |  |  | 6,910,289 |  |  |  | 670,609 |  |  |  | 2,512,044 |
|  |  | (64,304,815 | ) |  |  | 49,793,369 |  |  |  | (45,202,869 | ) |  |  | (81,964,186 | ) |  |  | 53,553,486 |
Net realized and unrealized gain (loss) |  |  | (55,853,795 | ) |  |  | 54,577,705 |  |  |  | 85,779,212 |  |  |  | 103,445,327 |  |  |  | 74,041,542 |
Net Increase (Decrease) in Net Assets Resulting from Operations |  | $ | (52,032,794 | ) |  | $ | 57,911,658 |  |  | $ | 102,416,445 |  |  | $ | 107,665,940 |  |  | $ | 80,510,761 |
1 Including $(497,186) and $(287,450) realized foreign capital gain tax, respectively. |  |  |  |  |  |  |  |  |  |  |  |  |
2 See Note 6 of the Notes to Financial Statements. |  |  |  |  |  |  |  |  |  |  |  |  |
3 Including $(115,724) unrealized foreign capital gain tax. |  |  |  |  |  |  |  |  |  |  |  |  |

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 89

Statements of Operations |  |

Six Months Ended June 30, 2017 (Unaudited) |  | BlackRock Health Sciences Trust (BME) |  |  | BlackRock Resources & Commodities Strategy Trust (BCX)1 |  |  | BlackRock Science and Technology Trust (BST) |  |  | BlackRock Utility and Infrastructure Trust (BUI) |
Investment Income |
Dividends — unaffiliated |  | $ | 1,839,234 |  |  | $ | 13,267,571 |  |  | $ | 2,117,395 |  |  | $ | 7,529,846 |
Dividends — affiliated |  |  | 16,585 |  |  |  | 37,097 |  |  |  | 4,620 |  |  |  | 11,856 |
Securities lending income — affiliated — net |  |  | 1,584 |  |  |  | 98,570 |  |  |  | 37,676 |  |  |  | 4,125 |
Foreign taxes withheld |  |  | (9,591 | ) |  |  | (794,280 | ) |  |  | (118,909 | ) |  |  | (460,294 | )
Total investment income |  |  | 1,847,812 |  |  |  | 12,608,958 |  |  |  | 2,040,782 |  |  |  | 7,085,533 |
Expenses |
Investment advisory |  |  | 1,472,527 |  |  |  | 4,792,778 |  |  |  | 2,524,251 |  |  |  | 1,703,417 |
Officer and Trustees |  |  | 14,976 |  |  |  | 64,772 |  |  |  | 22,652 |  |  |  | 16,396 |
Custodian |  |  | 52,993 |  |  |  | 94,634 |  |  |  | 71,188 |  |  |  | 60,750 |
Transfer agent |  |  | 26,398 |  |  |  | 68,863 |  |  |  | 31,476 |  |  |  | 31,102 |
Professional |  |  | 60,309 |  |  |  | 72,668 |  |  |  | 53,554 |  |  |  | 47,075 |
Printing |  |  | 8,397 |  |  |  | 18,329 |  |  |  | 10,614 |  |  |  | 9,410 |
Registration |  |  | 4,410 |  |  |  | 17,871 |  |  |  | 4,386 |  |  |  | 4,397 |
Miscellaneous |  |  | 11,940 |  |  |  | 60,173 |  |  |  | 30,955 |  |  |  | 33,857 |
Total expenses |  |  | 1,651,950 |  |  |  | 5,190,088 |  |  |  | 2,749,076 |  |  |  | 1,906,404 |
Less: |
Fees waived by the Manager |  |  | (2,842 | ) |  |  | (4,507 | ) |  |  | (505,403 | ) |  |  | (1,422 | )
Fees paid indirectly |  |  | — |  |  |  | (167 | ) |  |  | — |  |  |  | — |
Total expenses after fees waived and/or paid indirectly |  |  | 1,649,108 |  |  |  | 5,185,414 |  |  |  | 2,243,673 |  |  |  | 1,904,982 |
Net investment income (loss) |  |  | 198,704 |  |  |  | 7,423,544 |  |  |  | (202,891 | ) |  |  | 5,180,551 |
Realized and Unrealized Gain (Loss) |
Net realized gain (loss) from: |
Investments — unaffiliated |  |  | 2,103,113 |  |  |  | 10,698,966 |  |  |  | 17,015,524 |  |  |  | 11,238,839 |
Foreign currency transactions |  |  | 145 |  |  |  | (185,985 | ) |  |  | 6,407 |  |  |  | (20,109 | )
Options written |  |  | (4,475,585 | ) |  |  | 10,323,615 |  |  |  | (19,688,226 | ) |  |  | (6,079,119 | )
|  |  | (2,372,327 | ) |  |  | 20,836,596 |  |  |  | (2,666,295 | ) |  |  | 5,139,611 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 49,319,917 |  |  |  | (64,498,529 | ) |  |  | 102,976,123 |  |  |  | 22,045,437 |
Investments — affiliated |  |  | — |  |  |  | (171 | ) |  |  | (117 | ) |  |  | (45 | )
Foreign currency translations |  |  | 7,045 |  |  |  | 24,843 |  |  |  | (2,574 | ) |  |  | 10,105 |
Options written |  |  | (1,617,344 | ) |  |  | 1,363,941 |  |  |  | 836,470 |  |  |  | 1,680,813 |
|  |  | 47,709,618 |  |  |  | (63,109,916 | ) |  |  | 103,809,902 |  |  |  | 23,736,310 |
Net realized and unrealized gain (loss) |  |  | 45,337,291 |  |  |  | (42,273,320 | ) |  |  | 101,143,607 |  |  |  | 28,875,921 |
Net Increase (Decrease) in Net Assets Resulting from Operations |  | $ | 45,535,995 |  |  | $ | (34,849,776 | ) |  | $ | 100,940,716 |  |  | $ | 34,056,472 |

| 1 |  | Consolidated Statement of Operations.

See Notes to Financial Statements. |  |  |  |
90 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Statements of Changes in Net Assets |  | BlackRock Energy and Resources Trust (BGR)

Increase (Decrease) in Net Assets: |  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, 2016 |
Operations |
Net investment income |  | $ | 3,821,001 |  |  | $ | 7,978,227 |
Net realized gain (loss) |  |  | 8,451,020 |  |  |  | (60,522,458 | )
Net change in unrealized appreciation (depreciation) |  |  | (64,304,815 | ) |  |  | 150,332,728 |
Net increase (decrease) in net assets resulting from operations |  |  | (52,032,794 | ) |  |  | 97,788,497 |
Distributions to Shareholders |
From net investment income |  |  | (13,886,672 | )1 |  |  | (7,985,951 | )2
From return of capital |  |  | — |  |  |  | (21,720,074 | )2
Decrease in net assets resulting from distributions to shareholders |  |  | (13,886,672 | ) |  |  | (29,706,025 | )
Net Assets |
Total increase (decrease) in net assets |  |  | (65,919,466 | ) |  |  | 68,082,472 |
Beginning of period |  |  | 487,063,970 |  |  |  | 418,981,498 |
End of period |  | $ | 421,144,504 |  |  | $ | 487,063,970 |
Distributions in excess of net investment income, end of period |  | $ | (10,760,154 | ) |  | $ | (694,483 | )

| 1 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 2 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 91

Statements of Changes in Net Assets |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Increase (Decrease) in Net Assets: |  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, 2016 |
Operations |
Net investment income |  | $ | 3,333,953 |  |  | $ | 5,642,071 |
Net realized gain (loss) |  |  | 4,784,336 |  |  |  | (32,972,835 | )
Net change in unrealized appreciation (depreciation) |  |  | 49,793,369 |  |  |  | 76,667,146 |
Net increase in net assets resulting from operations |  |  | 57,911,658 |  |  |  | 49,336,382 |
Distributions to Shareholders |
From net investment income |  |  | (21,919,512 | )1 |  |  | (5,818,337 | )2
From net realized gain |  |  | — |  |  |  | (1,682,938 | )2
From return of capital |  |  | — |  |  |  | (43,167,741 | )2
Decrease in net assets resulting from distributions to shareholders |  |  | (21,919,512 | ) |  |  | (50,669,016 | )
Net Assets |
Total increase (decrease) in net assets |  |  | 35,992,146 |  |  |  | (1,332,634 | )
Beginning of period |  |  | 665,159,447 |  |  |  | 666,492,081 |
End of period |  | $ | 701,151,593 |  |  | $ | 665,159,447 |
Distributions in excess of net investment income, end of period |  | $ | (18,732,519 | ) |  | $ | (146,960 | )

| 1 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 2 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See Notes to Financial Statements. |  |  |  |
92 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Statements of Changes in Net Assets |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Increase (Decrease) in Net Assets: |  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, 2016 |
Operations |
Net investment income |  | $ | 16,637,233 |  |  | $ | 31,327,974 |
Net realized gain |  |  | 130,982,081 |  |  |  | 2,723,838 |
Net change in unrealized appreciation (depreciation) |  |  | (45,202,869 | ) |  |  | 169,992,388 |
Net increase in net assets resulting from operations |  |  | 102,416,445 |  |  |  | 204,044,200 |
Distributions to Shareholders |
From net investment income |  |  | (52,811,004 | )1 |  |  | (31,386,331 | )2
From return of capital |  |  | — |  |  |  | (74,517,121 | )2
Decrease in net assets resulting from distributions to shareholders |  |  | (52,811,004 | ) |  |  | (105,903,452 | )
Capital Share Transactions |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (12,272,105 | ) |  |  | — |
Net Assets |
Total increase in net assets |  |  | 37,333,336 |  |  |  | 98,140,748 |
Beginning of period |  |  | 1,741,648,835 |  |  |  | 1,643,508,087 |
End of period |  | $ | 1,778,982,171 |  |  | $ | 1,741,648,835 |
Distributions in excess of net investment income, end of period |  | $ | (37,015,850 | ) |  | $ | (842,079 | )

| 1 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 2 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 93

Statements of Changes in Net Assets |  | BlackRock Enhanced Global Dividend Trust (BOE)

Increase (Decrease) in Net Assets: |  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, 2016 |
Operations |
Net investment income |  | $ | 4,220,613 |  |  | $ | 10,693,453 |
Net realized gain |  |  | 185,409,513 |  |  |  | 1,106,819 |
Net change in unrealized appreciation (depreciation) |  |  | (81,964,186 | ) |  |  | 736,223 |
Net increase in net assets resulting from operations |  |  | 107,665,940 |  |  |  | 12,536,495 |
Distributions to Shareholders |
From net investment income |  |  | (32,448,793 | )1 |  |  | (6,886,585 | )2
From return of capital |  |  | — |  |  |  | (66,070,734 | )2
Decrease in net assets resulting from distributions to shareholders |  |  | (32,448,793 | ) |  |  | (72,957,319 | )
Capital Share Transactions |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (7,428,758 | ) |  |  | — |
Net Assets |
Total increase in net assets |  |  | 67,788,389 |  |  |  | (60,420,824 | )
Beginning of period |  |  | 929,897,164 |  |  |  | 990,317,988 |
End of period |  | $ | 997,685,553 |  |  | $ | 929,897,164 |
Distributions in excess of net investment income, end of period |  | $ | (30,703,720 | ) |  | $ | (2,475,540 | )

| 1 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 2 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See Notes to Financial Statements. |  |  |  |
94 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Statements of Changes in Net Assets |  | BlackRock Enhanced International Dividend Trust (BGY)

Increase (Decrease) in Net Assets: |  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, 2016 |
Operations |
Net investment income |  | $ | 6,469,219 |  |  | $ | 10,009,256 |
Net realized gain (loss) |  |  | 20,488,056 |  |  |  | (27,155,470 | )
Net change in unrealized appreciation (depreciation) |  |  | 53,553,486 |  |  |  | 1,033,807 |
Net increase (decrease) in net assets resulting from operations |  |  | 80,510,761 |  |  |  | (16,112,407 | )
Distributions to Shareholders |
From net investment income |  |  | (25,020,224 | )1 |  |  | (7,270,081 | )2
From return of capital |  |  | — |  |  |  | (50,144,321 | )2
Decrease in net assets resulting from distributions to shareholders |  |  | (25,020,224 |  |  |  | (57,414,402 | )
Capital Share Transactions |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (5,726,813 | ) |  |  | — |
Net Assets |
Total increase (decrease) in net assets |  |  | 49,763,724 |  |  |  | (73,526,809 | )
Beginning of period |  |  | 690,627,680 |  |  |  | 764,154,489 |
End of period |  | $ | 740,391,404 |  |  | $ | 690,627,680 |
Distributions in excess of net investment income, end of period |  | $ | (20,826,348 | ) |  | $ | (2,275,343 | )

| 1 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 2 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 95

Statements of Changes in Net Assets |  | BlackRock Health Sciences Trust (BME)

Increase (Decrease) in Net Assets: |  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, 2016 |
Operations |
Net investment income |  | $ | 198,704 |  |  | $ | 188,536 |
Net realized gain (loss) |  |  | (2,372,327 | ) |  |  | 22,476,669 |
Net change in unrealized appreciation (depreciation) |  |  | 47,709,618 |  |  |  | (38,933,668 | )
Net increase (decrease) in net assets resulting from operations |  |  | 45,535,995 |  |  |  | (16,268,463 | )
Distributions to Shareholders |
From net investment income |  |  | (10,609,523 | )1 |  |  | (246,021 | )2
From net realized gain |  |  | — |  |  |  | (24,902,380 | )2
Decrease in net assets resulting from distributions to shareholders |  |  | (10,609,523 | ) |  |  | (25,148,401 | )
Capital Share Transactions |
Net proceeds from the issuance of shares |  |  | 11,362,463 |  |  |  | 12,480,900 |
Reinvestment of distributions |  |  | 553,439 |  |  |  | 2,099,426 |
Net increase in net assets derived from capital share transactions |  |  | 11,915,902 |  |  |  | 14,580,326 |
Net Assets |
Total increase (decrease) in net assets |  |  | 46,842,374 |  |  |  | (26,836,538 | )
Beginning of period |  |  | 270,693,422 |  |  |  | 297,529,960 |
End of period |  | $ | 317,535,796 |  |  | $ | 270,693,422 |
Undistributed (distributions in excess of) net investment income, end of period |  | $ | (10,380,927 | ) |  | $ | 29,892 |

| 1 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 2 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See Notes to Financial Statements. |  |  |  |
96 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Statements of Changes in Net Assets |  | BlackRock Resources & Commodities Strategy Trust (BCX)1

Increase (Decrease) in Net Assets: |  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, 2016 |
Operations |
Net investment income |  | $ | 7,423,544 |  |  | $ | 14,324,338 |
Net realized gain (loss) |  |  | 20,836,596 |  |  |  | (96,213,834 | )
Net change in unrealized appreciation (depreciation) |  |  | (63,109,916 | ) |  |  | 288,906,209 |
Net increase (decrease) in net assets resulting from operations |  |  | (34,849,776 | ) |  |  | 207,016,713 |
Distributions to Shareholders |
From net investment income |  |  | (29,165,988 | )2 |  |  | (14,753,944 | )3
From return of capital |  |  | — |  |  |  | (42,403,551 | )3
Decrease in net assets resulting from distributions to shareholders |  |  | (29,165,988 | ) |  |  | (57,157,495 | )
Capital Share Transactions |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (8,667,570 | ) |  |  | — |
Net Assets |
Total increase (decrease) in net assets |  |  | (72,683,334 | ) |  |  | 149,859,218 |
Beginning of period |  |  | 976,899,112 |  |  |  | 827,039,894 |
End of period |  | $ | 904,215,778 |  |  | $ | 976,899,112 |
Distributions in excess of net investment income, end of period |  | $ | (22,470,673 | ) |  | $ | (728,229 | )

| 1 |  | Consolidated Statement of Changes in Net Assets.

| 2 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 3 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 97

Statements of Changes in Net Assets |  | BlackRock Science and Technology Trust (BST)

Increase (Decrease) in Net Assets: |  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, 2016 |
Operations |
Net investment income (loss) |  | $ | (202,891 | ) |  | $ | 87,693 |
Net realized gain (loss) |  |  | (2,666,295 | ) |  |  | 8,440,729 |
Net change in unrealized appreciation (depreciation) |  |  | 103,809,902 |  |  |  | 27,446,824 |
Net increase in net assets resulting from operations |  |  | 100,940,716 |  |  |  | 35,975,246 |
Distributions to Shareholders |
From net investment income |  |  | (13,466,995 | )1 |  |  | — |
From return of capital |  |  | — |  |  |  | (27,009,110 | )2
Decrease in net assets resulting from distributions to shareholders |  |  | (13,466,995 | ) |  |  | (27,009,110 | )
Capital Share Transactions |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (2,799,570 | ) |  |  | — |
Net Assets |
Total increase in net assets |  |  | 84,674,151 |  |  |  | 8,966,136 |
Beginning of period |  |  | 452,442,981 |  |  |  | 443,476,845 |
End of period |  | $ | 537,117,132 |  |  | $ | 452,442,981 |
Undistributed (distributions in excess of ) net investment income, end of period |  | $ | (13,668,224 | ) |  | $ | 1,662 |

| 1 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 2 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See Notes to Financial Statements. |  |  |  |
98 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Statements of Changes in Net Assets |  | BlackRock Utility and Infrastructure Trust (BUI)

Increase (Decrease) in Net Assets: |  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, 2016 |
Operations |
Net investment income |  | $ | 5,180,551 |  |  | $ | 9,499,403 |
Net realized gain |  |  | 5,139,611 |  |  |  | 9,172,917 |
Net change in unrealized appreciation (depreciation) |  |  | 23,736,310 |  |  |  | 4,426,142 |
Net increase in net assets resulting from operations |  |  | 34,056,472 |  |  |  | 23,098,462 |
Distributions to Shareholders |
From net investment income |  |  | (12,277,030 | )1 |  |  | (8,366,572 | )2
From net realized gain |  |  | — |  |  |  | (8,911,166 | )2
From return of capital |  |  | — |  |  |  | (7,271,174 | )2
Decrease in net assets resulting from distributions to shareholders |  |  | (12,277,030 | ) |  |  | (24,548,912 | )
Capital Share Transactions |
Reinvestment of distributions |  |  | 288,014 |  |  |  | — |
Net Assets |
Total increase (decrease) in net assets |  |  | 22,067,456 |  |  |  | (1,450,450 | )
Beginning of period |  |  | 328,296,762 |  |  |  | 329,747,212 |
End of period |  | $ | 350,364,218 |  |  | $ | 328,296,762 |
Undistributed (distribution in excess of) net investment income, end of period |  | $ | (4,656,851 | ) |  | $ | 2,439,628 |

| 1 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 2 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 99

Statements of Cash Flows |  |

Six Months Ended June 30, 2017 (Unaudited) |  | BlackRock Energy and Resources Trust (BGR) |  |  | BlackRock Enhanced Capital and Income Fund (CII) |  |  | BlackRock Enhanced Equity Dividend Trust (BDJ) |  |  | BlackRock Enhanced Global Dividend Trust (BOE) |  |  | BlackRock Enhanced International Dividend Trust (BGY) |
Cash Provided by Operating Activities |
Net increase (decrease) in net assets resulting from operations |  | $ | (52,032,794 | ) |  | $ | 57,911,658 |  |  | $ | 102,416,445 |  |  | $ | 107,665,940 |  |  | $ | 80,510,761 |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used for) operating activities: |
Proceeds from sales of long-term investments |  |  | 60,538,241 |  |  |  | 127,632,299 |  |  |  | 483,323,528 |  |  |  | 1,227,708,532 |  |  |  | 605,148,197 |
Purchases of long-term investments |  |  | (51,496,796 | ) |  |  | (122,265,426 | ) |  |  | (417,158,007 | ) |  |  | (1,156,648,423 | ) |  |  | (569,592,690 | )
Net (purchases) sales of short-term securities |  |  | (2,277,843 | ) |  |  | 24,594,608 |  |  |  | 2,411,482 |  |  |  | (19,182,394 | ) |  |  | (8,204,479 | )
Premiums paid on closing options written |  |  | (5,790,723 | ) |  |  | (42,472,880 | ) |  |  | (89,920,641 | ) |  |  | (56,541,401 | ) |  |  | (42,693,150 | )
Premiums received from options written |  |  | 13,020,410 |  |  |  | 30,363,049 |  |  |  | 71,632,483 |  |  |  | 41,390,277 |  |  |  | 28,953,760 |
Net realized gain (loss) on investments and option written |  |  | (8,447,425 | ) |  |  | (4,267,298 | ) |  |  | (130,832,755 | ) |  |  | (188,076,338 | ) |  |  | (20,155,944 | )
Net unrealized gain (loss) on investments, options written and foreign currency translations |  |  | 64,267,678 |  |  |  | (49,657,383 | ) |  |  | 45,210,131 |  |  |  | 81,996,388 |  |  |  | (53,359,302 | )
(Increase) Decrease in Assets: |
Cash Pledged: |
Collateral — OTC derivatives |  |  | — |  |  |  | 345,000 |  |  |  | (840,000 | ) |  |  | 175,000 |  |  |  | 1,327,000 |
Collateral — options written |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,386,125 |  |  |  | 1,740,780 |
Futures contracts |  |  | — |  |  |  | 499,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Receivables: |
Dividends — unaffiliated |  |  | 110,915 |  |  |  | 14,283 |  |  |  | (1,002,639 | ) |  |  | (1,455,834 | ) |  |  | (999,884 | )
Dividends — affiliated |  |  | (3,157 | ) |  |  | 1,391 |  |  |  | (3,827 | ) |  |  | (18,231 | ) |  |  | (16,588 | )
Securities lending income — affiliated |  |  |  |  |  |  | 174 |  |  |  | (1,104 | ) |  |  | (15,206 | ) |  |  | — |
Prepaid expenses |  |  | (17,110 | ) |  |  | (19,366 | ) |  |  | (79,026 | ) |  |  | (37,342 | ) |  |  | (40,080 | )
Other assets |  |  | 11,109 |  |  |  | 15,744 |  |  |  | 40,347 |  |  |  | (358,134 | ) |  |  | (241,944 | )
Increase (Decrease) in Liabilities: |
Collateral on securities loaned at value |  |  | — |  |  |  | (695,531 | ) |  |  | — |  |  |  | — |  |  |  | — |
Payables: |
Investment advisory fees |  |  | (70,927 | ) |  |  | 10,621 |  |  |  | (14,991 | ) |  |  | 21,275 |  |  |  | 23,324 |
Officer’s and Directors’ fees |  |  | 22,556 |  |  |  | 9,729 |  |  |  | 31,407 |  |  |  | 23,714 |  |  |  | 10,493 |
Professional fees |  |  | (35,085 | ) |  |  | (45,204 | ) |  |  | (85,707 | ) |  |  | (65,888 | ) |  |  | (53,742 | )
Custodian fees |  |  | (18,278 | ) |  |  | 27,798 |  |  |  | (44,858 | ) |  |  | (40,085 | ) |  |  | (36,630 | )
Deferred foreign capital gain tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 115,724 |
Other affiliates |  |  | 482 |  |  |  | 21,280 |  |  |  | — |  |  |  | — |  |  |  | — |
Other accrued expenses |  |  | 24,391 |  |  |  | (42,861 | ) |  |  | 31,925 |  |  |  | 876 |  |  |  | (25,162 | )
Variation margin on futures contracts |  |  | — |  |  |  | (45,938 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by (used for) operating activities |  |  | 17,805,644 |  |  |  | 21,934,747 |  |  |  | 65,114,193 |  |  |  | 38,928,851 |  |  |  | 22,410,444 |
Cash Used for Financing Activities |
Cash dividends paid to Shareholders |  |  | (13,898,468 | ) |  |  | (21,925,241 | ) |  |  | (52,857,475 | ) |  |  | (32,488,792 | ) |  |  | (25,043,503 | )
Payments on redemption of capital shares |  |  | — |  |  |  | — |  |  |  | (12,272,105 | ) |  |  | (7,428,758 | ) |  |  | (5,726,813 | )
Increase (decrease) in bank overdraft |  |  | — |  |  |  | (14,720 | ) |  |  | — |  |  |  | (7,365 | ) |  |  | 64,632 |
Net cash (provided by) used for financing activities |  |  | (13,898,468 | ) |  |  | (21,939,961 | ) |  |  | (65,129,580 | ) |  |  | (39,924,915 | ) |  |  | (30,705,684 | )
Cash Impact from Foreign Exchange Fluctuations |
Cash impact from foreign exchange fluctuations |  | $ | 34,016 |  |  | $ | 7,359 |  |  | $ | (2 | ) |  | $ | (3,103 | ) |  | $ | 28,187 |
Cash and Foreign Currency |
Net increase (decrease) in cash and foreign currency |  |  | 3,941,192 |  |  |  | 2,145 |  |  |  | (15,389 | ) |  |  | (999,167 | ) |  |  | (8,267,053 | )
Cash at beginning of period |  |  | 21,216 |  |  |  | 1,783 |  |  |  | 18,527 |  |  |  | 1,089,372 |  |  |  | 8,296,585 |
Cash at end of period |  | $ | 3,962,408 |  |  | $ | 3,928 |  |  | $ | 3,138 |  |  | $ | 90,205 |  |  | $ | 29,532 |

See Notes to Financial Statements. |  |  |  |
100 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Statements of Cash Flows |  |

Six Months Ended June 30, 2017 (Unaudited) |  | BlackRock Health Sciences Trust (BME) |  |  | BlackRock Resources & Commodities Strategy Trust (BCX)1 |  |  | BlackRock Science and Technology Trust (BST) |  |  | BlackRock Utility and Infrastructure Trust (BUI) |
Cash Provided by Operating Activities |
Net increase (decrease) in net assets resulting from operations |  | $ | 45,535,995 |  |  | $ | (34,849,776 | ) |  | $ | 100,940,716 |  |  | $ | 34,056,472 |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used for) operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  | 34,363,378 |  |  |  | 424,519,350 |  |  |  | 142,859,368 |  |  |  | 59,977,332 |
Purchases of long-term investments |  |  | (37,892,498 | ) |  |  | (402,889,585 | ) |  |  | (113,640,338 | ) |  |  | (47,376,260 | )
Net (purchases) sales of short-term securities |  |  | 6,457,233 |  |  |  | 3,501,293 |  |  |  | 1,969,418 |  |  |  | 1,066,738 |
Premiums paid on closing options written |  |  | (14,562,951 | ) |  |  | (26,958,396 | ) |  |  | (39,955,691 | ) |  |  | (14,847,815 | )
Premiums received from options written |  |  | 10,175,749 |  |  |  | 34,136,786 |  |  |  | 21,990,712 |  |  |  | 8,289,271 |
Net realized gain (loss) on investments and option written |  |  | 2,395,699 |  |  |  | (21,130,014 | ) |  |  | 2,614,716 |  |  |  | (5,171,586 | )
Net unrealized gain (loss) on investments, options written and foreign currency translations |  |  | (47,702,573 | ) |  |  | 63,134,759 |  |  |  | (103,812,476 | ) |  |  | (23,726,205 | )
(Increase) Decrease in Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash Pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — OTC derivatives |  |  | — |  |  |  | — |  |  |  | (1,180,000 | ) |  |  | — |
Collateral — options written |  |  | — |  |  |  | — |  |  |  | 159,285 |  |  |  | — |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  |  | 57,645 |  |  |  | 1,020,964 |  |  |  | (306,797 | ) |  |  | 192,613 |
Dividends — affiliated |  |  | (1,892 | ) |  |  | (7,469 | ) |  |  | (308 | ) |  |  | (1,798 | )
Securities lending income — affiliated |  |  | 786 |  |  |  | 2,084 |  |  |  | (20,936 | ) |  |  | 1,966 |
Prepaid expenses |  |  | (97,339 | ) |  |  | (43,098 | ) |  |  | (17,904 | ) |  |  | (13,264 | )
Prepaid offering cost |  |  | 23,807 |  |  |  | — |  |  |  | — |  |  |  | — |
Other assets |  |  | 92,178 |  |  |  | 23,964 |  |  |  | 12,899 |  |  |  | 8,271 |
Increase (Decrease) in Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral on securities loan at value |  |  | (126,901 | ) |  |  | (2,767,617 | ) |  |  | 931,991 |  |  |  | (456,046 | )
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fees |  |  | 27,387 |  |  |  | (81,312 | ) |  |  | 52,643 |  |  |  | 17,516 |
Officer’s and Directors’ fees |  |  | (383 | ) |  |  | (1,400 | ) |  |  | (3,322 | ) |  |  | (1,801 | )
Professional fees |  |  | (47,003 | ) |  |  | (72,987 | ) |  |  | (19,436 | ) |  |  | (43,058 | )
Custodian fees |  |  | (15,070 | ) |  |  | (28,682 | ) |  |  | (25,759 | ) |  |  | (18,679 | )
Other accrued expenses |  |  | 7,935 |  |  |  | 29,770 |  |  |  | (34,450 | ) |  |  | 15,325 |
Net cash provided by (used for) operating activities |  |  | (1,308,818 | ) |  |  | 37,538,634 |  |  |  | 12,514,331 |  |  |  | 11,968,992 |
Cash Used for Financing Activities |
Proceeds from issuance of Common Shares |  |  | 11,195,282 |  |  |  | — |  |  |  | — |  |  |  | — |
Cash dividends paid to Shareholders |  |  | (10,056,084 | ) |  |  | (29,338,722 | ) |  |  | (13,459,973 | ) |  |  | (11,986,443 | )
Payments on redemption of capital shares |  |  | — |  |  |  | (8,667,570 | ) |  |  | (2,799,570 | ) |  |  | — |
Increase (decrease) in bank overdraft |  |  | — |  |  |  | (48,722 | ) |  |  | 3,692,421 |  |  |  | — |
Net cash (provided by) used for financing activities |  |  | 1,139,198 |  |  |  | (38,055,014 | ) |  |  | (12,567,122 | ) |  |  | (11,986,443 | )
Cash Impact from Foreign Exchange Fluctuations |
Cash impact from foreign exchange fluctuations |  | $ | 336 |  |  | $ | 2,933 |  |  | $ | 2,191 |  |  | $ | (21 | )
Cash and Foreign Currency |
Net increase (decrease) in cash and foreign currency |  |  | (169,284 | ) |  |  | (513,447 | ) |  |  | (50,600 | ) |  |  | (17,472 | )
Cash at beginning of period |  |  | 208,857 |  |  |  | 586,383 |  |  |  | 95,834 |  |  |  | 25,639 |
Cash at end of period |  | $ | 39,573 |  |  | $ | 72,936 |  |  | $ | 45,234 |  |  | $ | 8,167 |
Non-Cash Financing Activities |
Capital shares issued in reinvestment of dividends paid to Shareholders |  | $ | 553,439 |  |  |  | — |  |  |  | — |  |  | $ | 288,014 |
1 Consolidated Statement of Cash Flows. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 101

Financial Highlights |  | BlackRock Energy and Resources Trust (BGR)

|  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, |  |  | Period November 1, 2014 to December 31, 2014 |  |  | Year Ended October 31, |
|  |  | 2016 |  |  | 2015 |  |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Per Share Operating Performance |
Net asset value, beginning of period |  | $ | 16.33 |  |  | $ | 14.05 |  |  | $ | 21.15 |  |  | $ | 24.90 |  |  | $ | 30.12 |  |  | $ | 25.95 |  |  | $ | 28.33 |
Net investment income1 |  |  | 0.13 | 2 |  |  | 0.27 |  |  |  | 0.29 |  |  |  | 0.07 |  |  |  | 0.25 |  |  |  | 0.12 |  |  |  | 0.13 |
Net realized and unrealized gain (loss) |  |  | (1.87 | ) |  |  | 3.01 |  |  |  | (5.89 | ) |  |  | (2.41 | ) |  |  | (1.21 | ) |  |  | 5.67 |  |  |  | (0.74 | )
Net increase (decrease) from investment operations |  |  | (1.74 | ) |  |  | 3.28 |  |  |  | (5.60 | ) |  |  | (2.34 | ) |  |  | (0.96 | ) |  |  | 5.79 |  |  |  | (0.61 | )
Distributions:3 |
From net investment income |  |  | (0.47 | )4 |  |  | (0.27 | ) |  |  | (0.29 | ) |  |  | (0.47 | ) |  |  | (0.44 | ) |  |  | — |  |  |  | (0.03 | )
From net realized gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.94 | ) |  |  | (3.82 | ) |  |  | (1.62 | ) |  |  | (1.44 | )
From return of capital |  |  | — |  |  |  | (0.73 | ) |  |  | (1.21 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.30 | )
Total distributions |  |  | (0.47 | ) |  |  | (1.00 | ) |  |  | (1.50 | ) |  |  | (1.41 | ) |  |  | (4.26 | ) |  |  | (1.62 | ) |  |  | (1.77 | )
Net asset value, end of period |  | $ | 14.12 |  |  | $ | 16.33 |  |  | $ | 14.05 |  |  | $ | 21.15 |  |  | $ | 24.90 |  |  | $ | 30.12 |  |  | $ | 25.95 |
Market price, end of period |  | $ | 13.00 |  |  | $ | 14.44 |  |  | $ | 12.53 |  |  | $ | 19.95 |  |  | $ | 23.78 |  |  | $ | 26.82 |  |  | $ | 24.28 |
Total Return5 |
Based on net asset value |  |  | (10.55)% | 6 |  |  | 25.07% |  |  |  | (27.47)% |  |  |  | (9.06)% | 6 |  |  | (2.36)% |  |  |  | 23.68% |  |  |  | (1.76)% |
Based on market price |  |  | (6.87)% | 6 |  |  | 24.01% |  |  |  | (31.42)% |  |  |  | (10.18)% | 6 |  |  | 4.73% |  |  |  | 17.70% |  |  |  | (1.88)% |
Ratios to Average Net Assets |
Total expenses |  |  | 1.31% | 7 |  |  | 1.31% |  |  |  | 1.29% |  |  |  | 1.30% | 7 |  |  | 1.26% |  |  |  | 1.26% |  |  |  | 1.28% |
Total expenses after fees waived and/or reimbursed |  |  | 1.21% | 7 |  |  | 1.24% |  |  |  | 1.26% |  |  |  | 1.26% | 7 |  |  | 1.26% |  |  |  | 1.25% |  |  |  | 1.22% |
Net investment income |  |  | 1.69% | 2,7 |  |  | 1.80% |  |  |  | 1.60% |  |  |  | 1.82% | 7 |  |  | 0.89% |  |  |  | 0.42% |  |  |  | 0.50% |
Supplemental Data |
Net assets, end of period (000) |  | $ | 421,145 |  |  | $ | 487,064 |  |  | $ | 418,981 |  |  | $ | 629,603 |  |  | $ | 741,109 |  |  | $ | 896,635 |  |  | $ | 772,457 |
Portfolio turnover rate |  |  | 13% |  |  |  | 33% |  |  |  | 56% |  |  |  | 4% |  |  |  | 85% |  |  |  | 132% |  |  |  | 86% |

| 1 |  | Based on average shares outstanding.

| 2 |  | Net investment income per share and the ratio of net investment income to average net assets include $0.01 per share and 0.08%, respectively, resulting from a special dividend from Lundin Petroleum AB in April 2017.

| 3 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

| 4 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 5 |  | 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.

| 6 |  | Aggregate total return.

| 7 |  | Annualized.

See Notes to Financial Statements. |  |  |  |
102 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

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

|  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, |  |  | Period November 1, 2014 to December 31, 2014 |  |  | Year Ended October 31, |
|  |  | 2016 |  |  | 2015 |  |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Per Share Operating Performance |
Net asset value, beginning of period |  | $ | 15.08 |  |  | $ | 15.11 |  |  | $ | 15.67 |  |  | $ | 15.47 |  |  | $ | 15.31 |  |  | $ | 14.11 |  |  | $ | 13.87 |
Net investment income1 |  |  | 0.08 |  |  |  | 0.13 |  |  |  | 0.11 |  |  |  | 0.04 |  |  |  | 0.55 |  |  |  | 0.31 |  |  |  | 0.33 |
Net realized and unrealized gain |  |  | 1.23 |  |  |  | 0.99 |  |  |  | 0.53 |  |  |  | 0.36 |  |  |  | 0.91 |  |  |  | 2.09 |  |  |  | 1.29 |
Net increase from investment operations |  |  | 1.31 |  |  |  | 1.12 |  |  |  | 0.64 |  |  |  | 0.40 |  |  |  | 1.46 |  |  |  | 2.40 |  |  |  | 1.62 |
Distributions:2 |
From net investment income |  |  | (0.50 | )3 |  |  | (0.13 | ) |  |  | (0.14 | ) |  |  | (0.10 | ) |  |  | (0.65 | ) |  |  | (0.32 | ) |  |  | (0.33 | )4
In excess of net investment income5 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.20 | )4
From net realized gain |  |  | — |  |  |  | (0.04 | ) |  |  | (1.06 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.13 | )
From return of capital |  |  | — |  |  |  | (0.98 | ) |  |  | — |  |  |  | (0.10 | ) |  |  | (0.65 | ) |  |  | (0.88 | ) |  |  | (0.72 | )
Total distributions |  |  | (0.50 | ) |  |  | (1.15 | ) |  |  | (1.20 | ) |  |  | (0.20 | ) |  |  | (1.30 | ) |  |  | (1.20 | ) |  |  | (1.38 | )
Net asset value, end of period |  | $ | 15.89 |  |  | $ | 15.08 |  |  | $ | 15.11 |  |  | $ | 15.67 |  |  | $ | 15.47 |  |  | $ | 15.31 |  |  | $ | 14.11 |
Market price, end of period |  | $ | 14.89 |  |  | $ | 13.71 |  |  | $ | 14.14 |  |  | $ | 13.97 |  |  | $ | 14.89 |  |  | $ | 13.52 |  |  | $ | 12.99 |
Total Return6 |
Based on net asset value |  |  | 9.01% | 7 |  |  | 8.66% |  |  |  | 4.66% |  |  |  | 2.69% | 7 |  |  | 10.49% |  |  |  | 18.97% |  |  |  | 12.94% |
Based on market price |  |  | 12.36% | 7 |  |  | 5.56% |  |  |  | 9.86% |  |  |  | (4.88)% | 7 |  |  | 20.43% |  |  |  | 14.11% |  |  |  | 16.39% |
Ratios to Average Net Assets |
Total expenses |  |  | 0.94% | 8 |  |  | 0.95% |  |  |  | 0.94% |  |  |  | 0.99% | 8 |  |  | 0.93% |  |  |  | 0.93% |  |  |  | 0.94% |
Total expenses after fees waived and/or reimbursed and/or paid indirectly |  |  | 0.94% | 8 |  |  | 0.95% |  |  |  | 0.94% |  |  |  | 0.95% | 8 |  |  | 0.93% |  |  |  | 0.93% |  |  |  | 0.94% |
Net investment income |  |  | 0.97% | 8 |  |  | 0.89% |  |  |  | 0.71% |  |  |  | 1.42% | 8 |  |  | 3.56% |  |  |  | 2.15% |  |  |  | 2.34% |
Supplemental Data |
Net assets, end of period (000) |  | $ | 701,152 |  |  | $ | 665,159 |  |  | $ | 666,492 |  |  | $ | 691,380 |  |  | $ | 682,485 |  |  | $ | 675,472 |  |  | $ | 622,657 |
Portfolio turnover rate |  |  | 19% |  |  |  | 54% |  |  |  | 133% |  |  |  | 2% |  |  |  | 80% |  |  |  | 218% |  |  |  | 205% |

| 1 |  | Based on average shares outstanding.

| 2 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

| 3 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 4 |  | The amount of distributions to shareholders from net investment income reported in October 31, 2012 has been reclassified to allocate the amount between distributions from net investment income and distributions in excess of net investment income; both of which were included in the prior year net investment income in the amount of $0.53.

| 5 |  | Taxable distribution.

| 6 |  | 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.

| 7 |  | Aggregate total return.

| 8 |  | Annualized.

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 103

Financial Highlights |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

|  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, |  |  | Period November 1, 2014 to December 31, 2014 |  |  | Year Ended October 31, |
|  |  | 2016 |  |  | 2015 |  |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Per Share Operating Performance |
Net asset value, beginning of period |  | $ | 9.22 |  |  | $ | 8.70 |  |  | $ | 9.24 |  |  | $ | 9.19 |  |  | $ | 8.88 |  |  | $ | 8.30 |  |  | $ | 8.03 |
Net investment income1 |  |  | 0.09 |  |  |  | 0.17 |  |  |  | 0.17 |  |  |  | 0.04 |  |  |  | 0.16 |  |  |  | 0.18 |  |  |  | 0.18 |
Net realized and unrealized gain (loss) |  |  | 0.46 |  |  |  | 0.91 |  |  |  | (0.15 | ) |  |  | 0.10 |  |  |  | 0.76 |  |  |  | 0.96 |  |  |  | 0.77 |
Net increase from investment operations |  |  | 0.55 |  |  |  | 1.08 |  |  |  | 0.02 |  |  |  | 0.14 |  |  |  | 0.92 |  |  |  | 1.14 |  |  |  | 0.95 |
Distributions:2 |
From net investment income |  |  | (0.28 | )3 |  |  | (0.17 | ) |  |  | (0.17 | ) |  |  | (0.03 | ) |  |  | (0.17 | ) |  |  | (0.18 | ) |  |  | (0.18 | )4
In excess of net investment income5 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.20 | ) |  |  | (0.22 | )4
From net realized gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.18 | ) |  |  | — |
From return of capital |  |  | — |  |  |  | (0.39 | ) |  |  | (0.39 | ) |  |  | (0.06 | ) |  |  | (0.44 | ) |  |  | — |  |  |  | (0.28 | )
Total distributions |  |  | (0.28 | ) |  |  | (0.56 | ) |  |  | (0.56 | ) |  |  | (0.09 | ) |  |  | (0.61 | ) |  |  | (0.56 | ) |  |  | (0.68 | )
Net asset value, end of period |  | $ | 9.49 |  |  | $ | 9.22 |  |  | $ | 8.70 |  |  | $ | 9.24 |  |  | $ | 9.19 |  |  | $ | 8.88 |  |  | $ | 8.30 |
Market price, end of period |  | $ | 8.80 |  |  | $ | 8.15 |  |  | $ | 7.61 |  |  | $ | 8.12 |  |  | $ | 8.35 |  |  | $ | 7.72 |  |  | $ | 7.41 |
Total Return6 |
Based on net asset value |  |  | 6.32% | 7 |  |  | 13.90% |  |  |  | 1.10% |  |  |  | 1.69% | 7 |  |  | 11.40% |  |  |  | 15.11% |  |  |  | 13.22% |
Based on market price |  |  | 11.53% | 7 |  |  | 15.11% |  |  |  | 0.63% |  |  |  | (1.65)% | 7 |  |  | 16.42% |  |  |  | 12.09% |  |  |  | 11.34% |
Ratios to Average Net Assets |
Total expenses |  |  | 0.86% | 8 |  |  | 0.87% |  |  |  | 0.86% |  |  |  | 0.87% | 8 |  |  | 0.87% | 9 |  |  | 0.87% |  |  |  | 0.95% |
Total expenses after fees waived and/or reimbursed |  |  | 0.86% | 8 |  |  | 0.85% |  |  |  | 0.85% |  |  |  | 0.84% | 8 |  |  | 0.86% | 9 |  |  | 0.87% |  |  |  | 0.95% |
Net investment income |  |  | 1.90% | 8 |  |  | 1.91% |  |  |  | 1.85% |  |  |  | 2.30% | 8 |  |  | 1.81% |  |  |  | 2.13% |  |  |  | 2.16% |
Supplemental Data |
Net assets, end of period (000) |  | $ | 1,778,982 |  |  | $ | 1,741,649 |  |  | $ | 1,643,508 |  |  | $ | 1,747,070 |  |  | $ | 1,648,683 |  |  | $ | 1,594,223 |  |  | $ | 1,490,096 |
Portfolio turnover rate |  |  | 24% |  |  |  | 33% |  |  |  | 26% |  |  |  | 0% | 10 |  |  | 63% |  |  |  | 180% |  |  |  | 185% |

| 1 |  | Based on average shares outstanding.

| 2 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

| 3 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 4 |  | The amount of distributions to shareholders from net investment income reported in October 31, 2012 has been reclassified to allocate the amount between distributions from net investment income and distributions in excess of net investment income; both of which were included in the prior year net investment income in the amount of $0.40.

| 5 |  | Taxable distribution.

| 6 |  | 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.

| 7 |  | Aggregate total return.

| 8 |  | Annualized.

| 9 |  | Includes reorganization costs associated with the Trust’s merger. Without these costs, total expenses and total expenses after fees waived would have been 0.86% and 0.86%, respectively.

| 10 |  | Amount is less than 0.5%

See Notes to Financial Statements. |  |  |  |
104 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Financial Highlights |  | BlackRock Enhanced Global Dividend Trust (BOE)

|  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, |  |  | Period November 1, 2014 to December 31, 2014 |  |  | Year Ended October 31, |
|  |  | 2016 |  |  | 2015 |  |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Per Share Operating Performance |
Net asset value, beginning of period |  | $ | 13.38 |  |  | $ | 14.25 |  |  | $ | 15.27 |  |  | $ | 15.54 |  |  | $ | 16.68 |  |  | $ | 14.99 |  |  | $ | 16.03 |
Net investment income1 |  |  | 0.06 |  |  |  | 0.15 |  |  |  | 0.11 |  |  |  | 0.00 | 2 |  |  | 0.14 |  |  |  | 0.12 |  |  |  | 0.20 |
Net realized and unrealized gain (loss) |  |  | 1.51 |  |  |  | 0.03 |  |  |  | 0.03 |  |  |  | (0.07 | ) |  |  | 0.07 |  |  |  | 2.82 |  |  |  | 0.72 |
Net increase (decrease) from investment operations |  |  | 1.57 |  |  |  | 0.18 |  |  |  | 0.14 |  |  |  | (0.07 | ) |  |  | 0.21 |  |  |  | 2.94 |  |  |  | 0.92 |
Distributions:3 |
From net investment income |  |  | (0.47 | )4 |  |  | (0.10 | ) |  |  | (0.17 | ) |  |  | — |  |  |  | (0.17 | ) |  |  | (0.17 | ) |  |  | (0.22 | )
In excess of net investment income5 |  |  | — |  |  |  | — |  |  |  | (0.10 | ) |  |  | — |  |  |  | (0.28 | ) |  |  | (0.91 | ) |  |  | — |
From net realized gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
From return of capital |  |  | — |  |  |  | (0.95 | ) |  |  | (0.89 | ) |  |  | (0.20 | ) |  |  | (0.90 | ) |  |  | (0.17 | ) |  |  | (1.74 | )
Total distributions |  |  | (0.47 | ) |  |  | (1.05 | ) |  |  | (1.16 | ) |  |  | (0.20 | ) |  |  | (1.35 | ) |  |  | (1.25 | ) |  |  | (1.96 | )
Net asset value, end of period |  | $ | 14.48 |  |  | $ | 13.38 |  |  | $ | 14.25 |  |  | $ | 15.27 |  |  | $ | 15.54 |  |  | $ | 16.68 |  |  | $ | 14.99 |
Market price, end of period |  | $ | 13.25 |  |  | $ | 11.57 |  |  | $ | 12.76 |  |  | $ | 13.13 |  |  | $ | 14.00 |  |  | $ | 14.74 |  |  | $ | 13.24 |
Total Return6 |
Based on net asset value |  |  | 12.24% | 7 |  |  | 2.62% |  |  |  | 1.81% |  |  |  | (0.27)% | 7 |  |  | 2.10% |  |  |  | 21.93% |  |  |  | 7.36% |
Based on market price |  |  | 18.78% | 7 |  |  | (0.90)% |  |  |  | 6.03% |  |  |  | (4.82)% | 7 |  |  | 4.09% |  |  |  | 21.99% |  |  |  | 1.68% |
Ratios to Average Net Assets |
Total expenses |  |  | 1.09% | 8 |  |  | 1.10% |  |  |  | 1.08% | 9 |  |  | 1.10% | 8 |  |  | 1.08% |  |  |  | 1.08% |  |  |  | 1.10% |
Total expenses after fees waived and/or reimbursed |  |  | 1.03% | 8 |  |  | 1.05% |  |  |  | 1.05% | 9 |  |  | 1.07% | 8 |  |  | 1.08% |  |  |  | 1.08% |  |  |  | 1.10% |
Net investment income |  |  | 0.87% | 8 |  |  | 1.15% |  |  |  | 0.73% | 9 |  |  | 0.00% | 8,10 |  |  | 0.83% |  |  |  | 0.77% |  |  |  | 1.34% |
Supplemental Data |
Net assets, end of period (000) |  | $ | 997,686 |  |  | $ | 929,897 |  |  | $ | 990,318 |  |  | $ | 1,060,687 |  |  | $ | 1,079,862 |  |  | $ | 1,159,072 |  |  | $ | 1,041,210 |
Portfolio turnover rate |  |  | 122% |  |  |  | 64% |  |  |  | 72% |  |  |  | 16% |  |  |  | 150% |  |  |  | 279% |  |  |  | 298% |

| 1 |  | Based on average shares outstanding.

| 2 |  | Amount is greater than $(0.005) per share.

| 3 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations..

| 4 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 5 |  | Taxable distribution.

| 6 |  | 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.

| 7 |  | Aggregate total return.

| 8 |  | Annualized.

| 9 |  | Excludes expenses incurred indirectly as a result of investments in underlying funds of 0.01%.

| 10 |  | Amount is less than 0.005%.

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 105

Financial Highlights |  | BlackRock Enhanced International Dividend Trust (BGY)

|  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, |  |  | Period November 1, 2014 to December 31, 2014 |  |  | Year Ended October 31, |
|  |  | 2016 |  |  | 2015 |  |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Per Share Operating Performance |
Net asset value, beginning of period |  | $ | 6.28 |  |  | $ | 6.95 |  |  | $ | 7.61 |  |  | $ | 7.89 |  |  | $ | 9.05 |  |  | $ | 8.28 |  |  | $ | 8.72 |
Net investment income (loss)1 |  |  | 0.06 | 2 |  |  | 0.09 |  |  |  | 0.08 |  |  |  | (0.00 | )3 |  |  | 0.10 |  |  |  | 0.13 |  |  |  | 0.16 |
Net realized and unrealized gain (loss) |  |  | 0.68 |  |  |  | (0.24 | ) |  |  | (0.15 | ) |  |  | (0.17 | ) |  |  | (0.53 | ) |  |  | 1.31 |  |  |  | 0.35 |
Net increase (decrease) from investment operations |  |  | 0.74 |  |  |  | (0.15 | ) |  |  | (0.07 | ) |  |  | (0.17 | ) |  |  | (0.43 | ) |  |  | 1.44 |  |  |  | 0.51 |
Distributions:4 |
From net investment income |  |  | (0.23 | )5 |  |  | (0.07 | ) |  |  | (0.11 | ) |  |  | — |  |  |  | (0.13 | ) |  |  | (0.17 | ) |  |  | (0.18 | )
In excess of net investment income6 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.08 | ) |  |  | — |  |  |  | — |
From return of capital |  |  | — |  |  |  | (0.45 | ) |  |  | (0.48 | ) |  |  | (0.11 | ) |  |  | (0.52 | ) |  |  | (0.50 | ) |  |  | (0.77 | )
Total distributions |  |  | (0.23 | ) |  |  | (0.52 | ) |  |  | (0.59 | ) |  |  | (0.11 | ) |  |  | (0.73 | ) |  |  | (0.67 | ) |  |  | (0.95 | )
Net asset value, end of period |  | $ | 6.79 |  |  | $ | 6.28 |  |  | $ | 6.95 |  |  | $ | 7.61 |  |  | $ | 7.89 |  |  | $ | 9.05 |  |  | $ | 8.28 |
Market price, end of period |  | $ | 6.28 |  |  | $ | 5.51 |  |  | $ | 6.24 |  |  | $ | 6.74 |  |  | $ | 7.26 |  |  | $ | 8.14 |  |  | $ | 7.41 |
Total Return7 |
Based on net asset value |  |  | 12.28% | 8 |  |  | (1.12)% |  |  |  | (0.47)% |  |  |  | (2.10)% | 8 |  |  | (4.49)% |  |  |  | 19.25% |  |  |  | 7.65% |
Based on market price |  |  | 18.36% | 8 |  |  | (3.37)% |  |  |  | 0.90% |  |  |  | (5.77)% | 8 |  |  | (2.29)% |  |  |  | 19.86% |  |  |  | 6.61% |
Ratios to Average Net Assets |
Total expenses9 |  |  | 1.12% | 10 |  |  | 1.12% |  |  |  | 1.09% |  |  |  | 1.12% | 10 |  |  | 1.10% |  |  |  | 1.09% |  |  |  | 1.11% |
Total expenses after fees waived and/or reimbursed9 |  |  | 1.01% | 10 |  |  | 1.02% |  |  |  | 1.01% |  |  |  | 1.03% | 10 |  |  | 1.05% |  |  |  | 1.07% |  |  |  | 1.11% |
Net investment income (loss)9 |  |  | 1.81% | 2,10 |  |  | 1.41% |  |  |  | 1.09% |  |  |  | (0.13)% | 10 |  |  | 1.17% |  |  |  | 1.49% |  |  |  | 1.97% |
Supplemental Data |
Net assets, end of period (000) |  | $ | 740,391 |  |  | $ | 690,628 |  |  | $ | 764,154 |  |  | $ | 836,552 |  |  | $ | 867,986 |  |  | $ | 995,736 |  |  | $ | 910,481 |
Portfolio turnover rate |  |  | 84% |  |  |  | 74% |  |  |  | 67% |  |  |  | 14% |  |  |  | 195% |  |  |  | 266% |  |  |  | 226% |

| 1 |  | Based on average shares outstanding.

| 2 |  | Net investment income per share and the ratio of net investment income to average net assets include less than $0.01 per share and 0.11%, respectively, resulting from a special dividend from UBS Group AG in May 2017.

| 3 |  | Amount is greater than $(0.005) per share.

| 4 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

| 5 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 6 |  | Taxable distribution.

| 7 |  | 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.

| 8 |  | Aggregate total return.

| 9 |  | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

|  | Six Months Ended June 30, 2017 (Unaudited) |  | Year Ended December 31 |  |  | Period November 1, 2014 to December 31, 2014 |  | Year Ended October 31,
|  | 2016 |  |  | 2015 |  |  |  | 2014 |  | 2013 |  | 2012
Investments in underlying funds |  | 0.02% |  |  | 0.01% |  |  |  | 0.01% |  |  | — |  | — |  | — |  | —

| 10 |  | Annualized.

See Notes to Financial Statements. |  |  |  |
106 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Financial Highlights |  | BlackRock Health Sciences Trust (BME)

|  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, |  |  | Period November 1, 2014 to December 31, 2014 |  |  | Year Ended October 31, |
|  |  | 2016 |  |  | 2015 |  |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Per Share Operating Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of period |  | $ | 31.30 |  |  | $ | 36.19 |  |  | $ | 38.61 |  |  | $ | 40.22 |  |  | $ | 34.92 |  |  | $ | 28.34 |  |  | $ | 26.65 |
Net investment income (loss)1 |  |  | 0.02 |  |  |  | 0.02 |  |  |  | (0.06 | ) |  |  | (0.01 | ) |  |  | (0.00 | )2 |  |  | 0.12 |  |  |  | 0.08 |
Net realized and unrealized gain (loss) |  |  | 5.14 |  |  |  | (1.91 | ) |  |  | 4.34 |  |  |  | 1.10 |  |  |  | 9.14 |  |  |  | 8.85 |  |  |  | 4.11 |
Net increase (decrease) from investment operations |  |  | 5.16 |  |  |  | (1.89 | ) |  |  | 4.28 |  |  |  | 1.09 |  |  |  | 9.14 |  |  |  | 8.97 |  |  |  | 4.19 |
Distributions:3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (1.20 | )4 |  |  | (0.03 | ) |  |  | (0.63 | ) |  |  | (0.01 | ) |  |  | (0.10 | ) |  |  | (0.06 | ) |  |  | (0.09 | )
From net realized gain |  |  | — |  |  |  | (2.97 | ) |  |  | (6.07 | ) |  |  | (2.69 | ) |  |  | (3.74 | ) |  |  | (2.33 | ) |  |  | (2.41 | )
Total distributions |  |  | (1.20 | ) |  |  | (3.00 | ) |  |  | (6.70 | ) |  |  | (2.70 | ) |  |  | (3.84 | ) |  |  | (2.39 | ) |  |  | (2.50 | )
Net asset value, end of period |  | $ | 35.26 |  |  | $ | 31.30 |  |  | $ | 36.19 |  |  | $ | 38.61 |  |  | $ | 40.22 |  |  | $ | 34.92 |  |  | $ | 28.34 |
Market price, end of period |  | $ | 36.65 |  |  | $ | 31.75 |  |  | $ | 39.35 |  |  | $ | 42.70 |  |  | $ | 41.37 |  |  | $ | 33.56 |  |  | $ | 27.86 |
Total Return5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 16.71% | 6 |  |  | (5.36)% |  |  |  | 10.70% |  |  |  | 2.38% | 6 |  |  | 28.00% |  |  |  | 33.37% |  |  |  | 16.42% |
Based on market price |  |  | 19.59% | 6 |  |  | (11.71)% |  |  |  | 8.87% |  |  |  | 10.07% | 6 |  |  | 36.99% |  |  |  | 30.38% |  |  |  | 18.17% |
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.12% | 7 |  |  | 1.15% | 8 |  |  | 1.13% |  |  |  | 1.16% | 7 |  |  | 1.11% |  |  |  | 1.12% |  |  |  | 1.13% |
Total expenses after fees waived and/or reimbursed and excluding amortization of offering costs |  |  | 1.12% | 7 |  |  | 1.14% |  |  |  | 1.12% |  |  |  | 1.11% | 7 |  |  | 1.11% |  |  |  | 1.12% |  |  |  | 1.13% |
Net investment income (loss) |  |  | 0.13% | 7 |  |  | 0.07% |  |  |  | (0.14)% |  |  |  | (0.10)% | 7 |  |  | (0.01)% |  |  |  | 0.38% |  |  |  | 0.29% |
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 317,536 |  |  | $ | 270,693 |  |  | $ | 297,530 |  |  | $ | 303,103 |  |  | $ | 313,933 |  |  | $ | 270,161 |  |  | $ | 218,377 |
Portfolio turnover rate |  |  | 12% |  |  |  | 59% |  |  |  | 68% |  |  |  | 6% |  |  |  | 74% |  |  |  | 155% |  |  |  | 209% |

| 1 |  | Based on average shares outstanding.

| 2 |  | Amount is greater than $(0.005) per share.

| 3 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

| 4 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 5 |  | 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.

| 6 |  | Aggregate total return.

| 7 |  | Annualized.

| 8 |  | Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.16%.

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 107

Consolidated Financial Highlights |  | BlackRock Resources & Commodities Strategy Trust (BCX)

|  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, |  |  | Period November 1, 2014 to December 31, 2014 |  |  | Year Ended October 31, |
|  |  | 2016 |  |  | 2015 |  |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Per Share Operating Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of period |  | $ | 9.86 |  |  | $ | 8.35 |  |  | $ | 11.67 |  |  | $ | 12.50 |  |  | $ | 13.54 |  |  | $ | 15.42 |  |  | $ | 16.83 |
Net investment income1 |  |  | 0.08 |  |  |  | 0.14 |  |  |  | 0.25 |  |  |  | 0.04 |  |  |  | 0.23 |  |  |  | 0.25 |  |  |  | 0.18 |
Net realized and unrealized gain (loss) |  |  | (0.42 | ) |  |  | 1.95 |  |  |  | (2.76 | ) |  |  | (0.72 | ) |  |  | (0.27 | ) |  |  | (0.97 | ) |  |  | (0.19 | )
Net increase (decrease) from investment operations |  |  | (0.34 | ) |  |  | 2.09 |  |  |  | (2.51 | ) |  |  | (0.68 | ) |  |  | (0.04 | ) |  |  | (0.72 | ) |  |  | (0.01 | )
Distributions:2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.30 | )3 |  |  | (0.15 | ) |  |  | (0.25 | ) |  |  | (0.02 | ) |  |  | (0.31 | ) |  |  | (0.14 | ) |  |  | (0.26 | )
From net realized gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.01 | )
From return of capital |  |  | — |  |  |  | (0.43 | ) |  |  | (0.56 | ) |  |  | (0.13 | ) |  |  | (0.69 | ) |  |  | (1.02 | ) |  |  | (1.13 | )
Total distributions |  |  | (0.30 | ) |  |  | (0.58 | ) |  |  | (0.81 | ) |  |  | (0.15 | ) |  |  | (1.00 | ) |  |  | (1.16 | ) |  |  | (1.40 | )
Net asset value, end of period |  | $ | 9.22 |  |  | $ | 9.86 |  |  | $ | 8.35 |  |  | $ | 11.67 |  |  | $ | 12.50 |  |  | $ | 13.54 |  |  | $ | 15.42 |
Market price, end of period |  | $ | 8.01 |  |  | $ | 8.27 |  |  | $ | 7.11 |  |  | $ | 9.71 |  |  | $ | 10.78 |  |  | $ | 11.68 |  |  | $ | 14.12 |
Total Return4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | (3.19)% | 5 |  |  | 27.41% |  |  |  | (21.31)% |  |  |  | (5.20)% | 5 |  |  | 0.61% |  |  |  | (3.61)% | 6 |  |  | 0.90% |
Based on market price |  |  | 0.28% | 5 |  |  | 25.50% |  |  |  | (19.47)% |  |  |  | (8.53)% | 5 |  |  | 0.58% |  |  |  | (9.19)% |  |  |  | 4.02% |
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.08% | 7 |  |  | 1.08% |  |  |  | 1.07% |  |  |  | 1.15% | 7 |  |  | 1.35% | 8 |  |  | 1.27% |  |  |  | 1.25% |
Total expenses after fees waived and/or reimbursed and/or paid indirectly |  |  | 1.08% | 7 |  |  | 1.08% |  |  |  | 1.07% |  |  |  | 1.04% | 7 |  |  | 1.06% | 8 |  |  | 1.07% |  |  |  | 1.05% |
Net investment income |  |  | 1.55% | 7 |  |  | 1.61% |  |  |  | 2.43% |  |  |  | 2.01% | 7 |  |  | 1.70% |  |  |  | 1.76% |  |  |  | 1.14% |
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 904,216 |  |  | $ | 976,899 |  |  | $ | 827,040 |  |  | $ | 1,156,499 |  |  | $ | 582,220 |  |  | $ | 630,617 |  |  | $ | 718,016 |
Portfolio turnover rate |  |  | 43% |  |  |  | 101% |  |  |  | 74% |  |  |  | 2% |  |  |  | 62% |  |  |  | 156% |  |  |  | 100% |

| 1 |  | Based on average shares outstanding.

| 2 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

| 3 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 4 |  | 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.

| 5 |  | Aggregate total return.

| 6 |  | Includes a payment from an affiliate to compensate for foregone securities lending revenue which impacted the Trust’s total return. Not including this payment the Trust’s total return would have been (3.68)%.

| 7 |  | Annualized.

| 8 |  | Includes reorganization cost associated with the Trust’s merger. Without these cost, total expenses and total expenses after fees waived would have been 1.26% and 1.06%, respectively.

See Notes to Financial Statements. |  |  |  |
108 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Financial Highlights |  | BlackRock Science and Technology Trust (BST)

|  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, |  |  | Period October 30, 20141 to December 31, 2014 |  |  |  |
|  |  | 2016 |  |  | 2015 |  |  |
Per Share Operating Performance |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of period |  | $ | 20.10 |  |  | $ | 19.70 |  |  | $ | 19.43 |  |  | $ | 19.10 | 2 |  |  |  |
Net investment income (loss)3 |  |  | (0.01 | ) |  |  | 0.00 | 4 |  |  | 0.03 |  |  |  | (0.01 | ) |  |  |  |
Net realized and unrealized gain |  |  | 4.52 |  |  |  | 1.60 |  |  |  | 1.44 |  |  |  | 0.48 |  |  |  |  |
Net increase (decrease) from investment operations |  |  | 4.51 |  |  |  | 1.60 |  |  |  | 1.47 |  |  |  | 0.47 |  |  |  |  |
Distributions:5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.60 | )6 |  |  | — |  |  |  | (0.03 | ) |  |  | (0.00 | )7 |  |  |  |
From net realized gain |  |  | — |  |  |  | — |  |  |  | (0.01 | ) |  |  | — |  |  |  |  |
From return of capital |  |  | — |  |  |  | (1.20 | ) |  |  | (1.16 | ) |  |  | (0.10 | ) |  |  |  |
Total distributions |  |  | (0.60 | ) |  |  | (1.20 | ) |  |  | (1.20 | ) |  |  | (0.10 | ) |  |  |  |
Capital changes with respect to issuance of Preferred Shares |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.04 | ) |  |  |  |
Net asset value, end of period |  | $ | 24.01 |  |  | $ | 20.10 |  |  | $ | 19.70 |  |  | $ | 19.43 |  |  |  |  |
Market price, end of period |  | $ | 22.21 |  |  | $ | 17.94 |  |  | $ | 17.31 |  |  | $ | 17.59 |  |  |  |  |
Total Return8 |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 22.88% | 9 |  |  | 9.36% |  |  |  | 8.61% |  |  |  | 2.31% | 9 |  |  |  |
Based on market price |  |  | 27.34% | 9 |  |  | 11.08% |  |  |  | 5.36% |  |  |  | (11.55)% | 9 |  |  |  |
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.09% | 10 |  |  | 1.10% |  |  |  | 1.12% |  |  |  | 1.19% | 10 |  |  |  |
Total expenses after fees waived and paid indirectly |  |  | 0.89% | 10 |  |  | 0.90% |  |  |  | 0.92% |  |  |  | 0.97% | 10 |  |  |  |
Net investment income (loss) |  |  | (0.08)% | 10 |  |  | 0.02% |  |  |  | 0.15% |  |  |  | (0.24)% | 10 |  |  |  |
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 537,117 |  |  | $ | 452,443 |  |  | $ | 443,477 |  |  | $ | 437,380 |  |  |  |  |
Portfolio turnover rate |  |  | 23% |  |  |  | 74% |  |  |  | 91% |  |  |  | 7% |  |  |  |  |

| 1 |  | Commencement of investment operations. This information includes the initial investment by BlackRock HoldCo2, Inc.

| 2 |  | Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from initial offering price of $20.00 per share.

| 3 |  | Based on average shares outstanding.

| 4 |  | Amount is less than $0.005 per share.

| 5 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

| 6 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 7 |  | Amount is greater than ($0.005) per share.

| 8 |  | 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.

| 9 |  | Aggregate total return.

| 10 |  | Annualized.

See Notes to Financial Statements. |  |  |  |
|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 109

Financial Highlights |  | BlackRock Utility and Infrastructure Trust (BUI)

|  | Six Months Ended June 30, 2017 (Unaudited) |  |  | Year Ended December 31, |  |  | Period November 1, 2014 to December 31, 2014 |  |  | Year Ended October 31, |  |  | Period November 25, 20111 to October 31, 2012 |  |  |  |
|  |  | 2016 |  |  | 2015 |  |  |  | 2014 |  |  | 2013 |  |  |
Per Share Operating Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of period |  | $ | 19.42 |  |  | $ | 19.50 |  |  | $ | 22.47 |  |  | $ | 22.40 |  |  | $ | 20.78 |  |  | $ | 20.22 |  |  | $ | 19.10 | 2 |  |  |  |
Net investment income3 |  |  | 0.31 | 4 |  |  | 0.56 |  |  |  | 0.47 |  |  |  | 0.11 |  |  |  | 0.51 |  |  |  | 0.57 |  |  |  | 0.54 |  |  |  |  |
Net realized and unrealized gain (loss) |  |  | 1.71 |  |  |  | 0.81 |  |  |  | (1.99 | ) |  |  | 0.20 |  |  |  | 2.68 |  |  |  | 1.44 |  |  |  | 1.71 |  |  |  |  |
Net increase (decrease) from investment operations |  |  | 2.02 |  |  |  | 1.37 |  |  |  | (1.52 | ) |  |  | 0.31 |  |  |  | 3.19 |  |  |  | 2.01 |  |  |  | 2.25 |  |  |  |  |
Distributions:5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.73 | )6 |  |  | (0.49 | ) |  |  | (0.42 | ) |  |  | (0.10 | ) |  |  | (0.51 | ) |  |  | (0.52 | ) |  |  | (0.49 | ) |  |  |  |
From net realized gain |  |  | — |  |  |  | (0.53 | ) |  |  | (0.54 | ) |  |  | — |  |  |  | (0.37 | ) |  |  | (0.42 | ) |  |  | (0.41 | ) |  |  |  |
From return of capital |  |  | — |  |  |  | (0.43 | ) |  |  | (0.49 | ) |  |  | (0.14 | ) |  |  | (0.69 | ) |  |  | (0.51 | ) |  |  | (0.19 | ) |  |  |  |
Total distributions |  |  | (0.73 | ) |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (0.24 | ) |  |  | (1.57 | ) |  |  | (1.45 | ) |  |  | (1.09 | ) |  |  |  |
Capital changes with respect to issuance of Preferred Shares |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.04 | ) |  |  |  |
Net asset value, end of period |  | $ | 20.71 |  |  | $ | 19.42 |  |  | $ | 19.50 |  |  | $ | 22.47 |  |  | $ | 22.40 |  |  | $ | 20.78 |  |  | $ | 20.22 |  |  |  |  |
Market price, end of period |  | $ | 20.55 |  |  | $ | 18.41 |  |  | $ | 16.78 |  |  | $ | 20.74 |  |  | $ | 20.02 |  |  | $ | 18.36 |  |  | $ | 19.03 |  |  |  |  |
Total Return7 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 10.51% | 8 |  |  | 7.57% |  |  |  | (6.09)% |  |  |  | 1.50% | 8 |  |  | 16.94% |  |  |  | 11.18% |  |  |  | 12.05% | 8 |  |  |  |
Based on market price |  |  | 15.67% | 8 |  |  | 18.50% |  |  |  | (12.45)% |  |  |  | 4.82% | 8 |  |  | 18.29% |  |  |  | 4.37% |  |  |  | 0.71% | 8 |  |  |  |
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.12% | 9 |  |  | 1.13% |  |  |  | 1.11% |  |  |  | 1.17% | 9 |  |  | 1.10% |  |  |  | 1.11% |  |  |  | 1.12% | 9 |  |  |  |
Total expenses after fees waived and/or reimbursed |  |  | 1.12% | 9 |  |  | 1.13% |  |  |  | 1.11% |  |  |  | 1.11% | 9 |  |  | 1.10% |  |  |  | 1.10% |  |  |  | 1.11% | 9 |  |  |  |
Total expenses after fees waived and/or reimbursed and excluding excise tax |  |  | 1.12% | 9 |  |  | 1.13% |  |  |  | 1.11% |  |  |  | 1.11% | 9 |  |  | 1.10% |  |  |  | 1.10% |  |  |  | 1.10% | 9 |  |  |  |
Net investment income |  |  | 3.04% | 4,9 |  |  | 2.83% |  |  |  | 2.24% |  |  |  | 2.83% | 9 |  |  | 2.36% |  |  |  | 2.83% |  |  |  | 2.94% | 9 |  |  |  |
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 350,364 |  |  | $ | 328,297 |  |  | $ | 329,747 |  |  | $ | 379,830 |  |  | $ | 378,762 |  |  | $ | 351,325 |  |  | $ | 341,939 |  |  |  |  |
Portfolio turnover rate |  |  | 14% |  |  |  | 8% |  |  |  | 20% |  |  |  | 2% |  |  |  | 41% |  |  |  | 133% |  |  |  | 90% |  |  |  |  |

| 1 |  | Commencement of investment operations. This information includes the initial investment by BlackRock HoldCo2, Inc.

| 2 |  | Net asset value, beginning of period, reflects a deduction of $0.8975 per share sales charge from initial offering price of $20.00 per share.

| 3 |  | Based on average shares outstanding.

| 4 |  | Net investment income per share and the ratio of net investment income to average net assets include $0.01 per share and 0.12%, respectively, resulting from a special dividend from National Grid PLC in May 2017.

| 5 |  | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

| 6 |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year end.

| 7 |  | 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.

| 8 |  | Aggregate total return.

| 9 |  | Annualized.

See Notes to Financial Statements. |  |  |  |
110 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

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”:

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

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

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board of Trustees” or the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of closed-end funds referred to as the Closed-End Complex.

Basis of Consolidation: The accompanying consolidated financial statements of BCX include the account of BlackRock Cayman Resources & Commodities Strategy Fund, Ltd. (the “Subsidiary”), which is a wholly-owned subsidiary of BCX and primarily invests in commodity-related instruments. The Subsidiary enables the BCX to hold these commodity-related instruments and other derivatives and satisfy regulated investment company tax requirements. BCX may invest up to 25% of its total assets in the Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. During the six months ended June 30, 2017, there were no transactions in the Subsidiary. The Subsidiary is subject to the same investment policies and restrictions that apply to BCX, except that the Subsidiary may invest without limitation in commodity-related instruments.

2. Significant Accounting Policies:

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Trusts are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis.

Foreign Currency Translation: Each Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the 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 portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Segregation and Collateralization: In cases where a Trust enters into certain investments (e.g., futures contracts, forward foreign currency exchange contracts and options written) that would be treated as “senior securities” for 1940 Act purposes, a Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment

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Notes to Financial Statements (continued) |  |

to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions paid by the Trusts are recorded on the ex-dividend date. Subject to the Trusts’ level distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income, net options premium and net realized and unrealized gains on investments and/or return of capital.

Portions of return of capital distributions under U.S. GAAP may be taxed at ordinary income rates.

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. Realized net capital gains can be offset by capital losses carried forward from prior years. However, certain Trusts have capital loss carryforwards from pre-2012 tax years that offset realized net capital gains but do not offset current earnings and profits. Consequently, if distributions in any tax year are less than a Trust’s current earnings and profits but greater than net investment income and net realized capital gains (taxable income), distributions in excess of taxable income are not treated as non-taxable return of capital, but rather may be taxable to shareholders at ordinary income rates. Under certain circumstances, taxable excess distributions could be significant.

Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset BCX’s ordinary income and/or capital gains for that year.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the independent Trustees (“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 other BlackRock Closed-End Funds 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 other BlackRock Closed-End Funds.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, if applicable. Deferred compensation liabilities are included in the officer’s and trustees’ 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.

Recent Accounting Standards: In November 2016, the Financial Accounting Standards Board issued Accounting Standards Update “Restricted Cash” which will require entities to include the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the beginning and ending cash balances in the Statements of Cash Flows. The guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Management is evaluating the impact, if any, of this guidance on the Trusts’ presentation in the Statements of Cash Flows.

SEC Reporting Modernization: The U.S. Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended other rules to enhance the reporting and disclosure of information by registered investment companies. As part of these changes, the SEC amended Regulation S-X to standardize and enhance disclosures in investment company financial statements. The compliance date for implementing the new or amended rules is August 1, 2017.

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’ 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.

Effective March 27, 2017, each Trust entered into a new custody arrangement with State Street Bank and Trust Co. Under current arrangements, the Trusts no longer earn credits on uninvested cash, and may incur charges on uninvested cash balances and overdrafts, subject to certain conditions.

Prior to March 27, 2017, the Trusts had an arrangement with their former custodian whereby credits were earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. The Trusts could incur charges on certain uninvested cash balances and overdrafts, subject to certain conditions.

3. Investment Valuation and fair Value Measurements:

Investment Valuation Policies: The Trusts’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Trusts would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trusts determine

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Notes to Financial Statements (continued) |  |

the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of each Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’ assets and liabilities:

• |  | Fixed-income securities for which market quotations are readily available are generally valued using the last available bid prices or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots often 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), 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.

• |  | Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Trusts’ net assets. Each business day, the Trusts use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• |  | Investments in open-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• |  | 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. 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.

• |  | Futures contracts traded on exchanges are valued at their last sale price.

• |  | 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. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

• |  | Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. OTC options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include Market approach, Income approach and Cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of each Trust’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or

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Notes to Financial Statements (continued) |  |

disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis. As a result of the inherent uncertainty in valuation of these investments, the fair values may differ from the values that would have been used had an active market existed.

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 third party pricing services utilize one or a combination of, but not limited to, the following inputs.

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

Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as 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 investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement 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)

• |  | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements (continued) |  |

As of June 30, 2017, certain investments of BCX and BST were valued using NAV per share 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.

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 does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The market value of any securities on loan, all of which were classified as common stocks in the Trusts’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value-unaffiliated, and collateral on securities loaned at value, respectively. As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments.

Securities lending transactions are entered into by the Trusts under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Trusts, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and a Trust can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can 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 lending agreements by counterparty which are subject to offset under an MSLA:

BCX |  |  |  |  |  |  |  |  |
Counterparty |  | Securities Loaned at Value |  |  | Cash Collateral Received1 |  |  | Net Amount2 |
Goldman Sachs & Co. |  | $ | 617,580 |  |  | $ | (617,580 | ) |  |  | — |
Merrill Lynch, Pierce, Fenner & Smith Inc. |  |  | 416,734 |  |  |  | (361,466 | ) |  | $ | 55,268 |
Morgan Stanley & Co. LLC |  |  | 194,085 |  |  |  | (168,345 | ) |  |  | 25,740 |
Total |  | $ | 1,228,399 |  |  | $ | (1,167,311 | ) |  | $ | 81,008 |

BST |  |  |  |  |  |  |  |  |
Counterparty |  | Securities Loaned at Value |  |  | Cash Collateral Received1 |  |  | Net Amount |
Credit Suisse Securities (USA) LLC |  | $ | 313,600 |  |  | $ | (313,600 | ) |  |  | — |
Goldman Sachs & Co. |  |  | 719,365 |  |  |  | (719,365 | ) |  |  | — |
Total |  | $ | 1,032,965 |  |  | $ | (1,032,965 | ) |  |  | — |
1 Cash collateral with a value of $1,167,311 and $1,060,821 has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes in the table above. 2 The market value of the loaned securities is determined as of June 30, 2017. Additional collateral is delivered to the Fund 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. |

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Notes to Financial Statements (continued) |  |

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Trusts benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned if 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.

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 equity risk or commodity price 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.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

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 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.

Options: Certain Trusts purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, such option is covered by cash in an amount sufficient to cover the obligation.

116 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Notes to Financial Statements (continued) |  |

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 it otherwise would not, or at a price different from the current market value.

Master Netting Arrangements: In order to define their contractual rights and to secure rights that will help them mitigate their counterparty risk, the Trusts may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their counterparties. An ISDA Master Agreement is a bilateral agreement between each 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, each Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event each Trust’s net assets decline by a stated percentage or the Trusts fail to meet the terms of their ISDA Master Agreements. The result would cause the Trusts to accelerate payment of any net liability owed to the counterparty.

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 on 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 their counterparties are not fully collateralized, they bear 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, they bear 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:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser, an indirect, wholly-owned subsidiary of 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 and BST, pays the Manager a monthly fee at the following annual rates:

Average weekly value of each Trust’s net assets: |
BGR |  |  | 1.20% |
BDJ |  |  | 0.80% |
BOE |  |  | 1.00% |
BME |  |  | 1.00% |

Average daily value of each Trust’s net assets: |
CII |  |  | 0.85% |
BGY |  |  | 1.00% |
BUI |  |  | 1.00% |

For such services, BCX pays the Manager a monthly fee of 1.00% of the sum of the average daily value of the net assets of the Trust (excluding the value of the Trust’s interest in its Subsidiary) and the average daily value of the net assets of its Subsidiary, which fee is allocated pro rata between the Trust and its 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 its Subsidiary).

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Notes to Financial Statements (continued) |  |

For such services, BST pays the Manager a monthly fee at an annual rate equal to 1.00% of the average daily value of the Trust’s managed assets. For purposes of calculating this fee, “managed assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of its accrued liabilities (other than money borrowed for investment purposes).

With respect to BGR, BOE, BGY, BCX and BUI, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL, for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by each Trust to the Manager.

Distribution Fees: BME has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BME common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BME will compensate BRIL with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BME’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended June 30, 2017 amounted to $22,614.

Expense Limitations, Waivers and Reimbursements: The Manager has contractually agreed to waive a portion of the investment advisory fees on BST as a percentage of its average daily managed assets as follows:

|  |  |  |  | Expiration Date
BST |  |  | 0.20% |  |  | December 31, 2018
|  |  | 0.15% |  |  | December 31, 2019
|  |  | 0.10% |  |  | December 31, 2020
|  |  | 0.05% |  |  | December 31, 2021

The Manager voluntarily agreed to waive a portion of the investment advisory fees on the following Trusts as a percentage of its average weekly net assets as follows:

BGR |  |  | 0.10% |
BOE |  |  | 0.05% |

With respect to BGY, the Manager has voluntarily agreed to waive a portion of its investment advisory fees equal to the annual rate of 0.10% of BGY’s average daily net assets.

These voluntary waivers may be reduced or discontinued at any time without notice.

For the six months ended June 30, 2017, the investment advisory fees waived which are included in fees waived by the Manager in the Statements of Operations were as follows:

BGR |  | $ | 225,624 |
BOE |  | $ | 242,146 |
BGY |  | $ | 357,471 |
BST |  | $ | 504,850 |

The Manager provides investment management and other services to BCX’s Subsidiary. The Manager does not receive separate compensation from the Subsidiary for providing investment management or administrative services. However, BCX pays the Manager based on the Trust’s net assets which includes the assets of the Subsidiary.

With respect to each Trust, the Manager voluntarily 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”). These amounts are included in fees waived by the Manager in the Statements of Operations. For the six months ended June 30, 2017, the amounts waived were as follows:

BGR |  | $ | 2,069 |
CII |  | $ | 7,184 |
BDJ |  | $ | 2,683 |
BOE |  | $ | 10,666 |
BGY |  | $ | 10,525 |
BME |  | $ | 2,842 |
BCX |  | $ | 4,507 |
BST |  | $ | 553 |
BUI |  | $ | 1,422 |

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, 2018. 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. These amounts are included in fees waived by the Manager in the Statements of Operations. For the six months ended June 30, 2017, BOE waived $9,522 in investment advisory fees pursuant to these arrangements.

118 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Notes to Financial Statements (continued) |  |

Securities Lending: The U.S. Securities and Exchange Commission 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 managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment adviser to the private investment company will not charge any advisory fees with respect to shares purchased by the Trusts. The private investment company in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% on the value redeemed or temporarily restrict redemptions 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.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Trust retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent. Pursuant to a securities lending agreement, BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level (such securities, the “specials only securities”).

Pursuant to such agreement, each Trust retains 80% of securities lending income. In addition, commencing the business day following the date that the aggregate securities lending income earned across the Closed-End Complex in a calendar year exceeds the breakpoint dollar threshold applicable in the given year as set forth in the securities lending agreement, each Trust, pursuant to the securities lending agreement, will retain for the remainder of the calendar year securities lending income in an amount equal to 85% of securities lending income.

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, 2017, each Trust paid BIM the following amounts for securities lending agent services:

BGR |  | $ | 5,781 |
CII |  | $ | 287 |
BDJ |  | $ | 376 |
BOE |  | $ | 8,140 |
BGY |  | $ | 125 |
BME |  | $ | 325 |
BCX |  | $ | 23,737 |
BST |  | $ | 9,067 |
BUI |  | $ | 969 |

Officers and Trustees: Certain officers and/or Trustees of the Trusts are officers and/or trustees 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 Officer and Trustees in the Statements of Operations.

Other Transactions: During the six months ended June 30, 2017, BOE and BGY received reimbursements of $393,604 and $259,510, respectively, from an affiliate, which is shown as payments by affiliates in the Statements of Operations, related to the reimbursement of transaction costs.

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, 2017, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

|  | Purchase |  |  | Sales |  |  | Net Realized Gain (Loss) |
CII |  | $ | 343,935 |  |  |  | — |  |  |  | — |
BOE |  | $ | 4,785,895 |  |  |  | — |  |  |  | — |
BGY |  | $ | 4,300,195 |  |  | $ | 2,931,108 |  |  | $ | (257,002 | )
BUI |  | $ | 5,775,415 |  |  |  | — |  |  |  | — |

7. Purchases and Sales:

For the six months ended June 30, 2017, purchases and sales of investments, excluding short-term securities, were as follows:

|  | Purchases |  |  | Sales |
BGR |  | $ | 60,002,422 |  |  | $ | 64,744,638 |
CII |  | $ | 122,973,761 |  |  | $ | 127,126,829 |
BDJ |  | $ | 420,223,478 |  |  | $ | 486,966,865 |
BOE |  | $ | 1,156,615,652 |  |  | $ | 1,225,071,619 |
BGY |  | $ | 553,595,490 |  |  | $ | 603,032,804 |
BME |  | $ | 37,776,826 |  |  | $ | 33,575,048 |
BCX |  | $ | 416,049,323 |  |  | $ | 434,206,351 |
BST |  | $ | 118,299,376 |  |  | $ | 150,459,436 |
BUI |  | $ | 47,376,260 |  |  | $ | 59,977,383 |

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Notes to Financial Statements (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 their taxable income to their 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’ U.S. federal tax returns generally remains open for each of the two years ended December 31, 2016, the period ended December 31, 2014 and each of the two years ended October 31, 2014 with the exception of BST. The statutes of limitations on BST’s U.S. federal tax returns remains open for each of the two years ended December 31, 2016 and the period ended December 31, 2014. The statutes of limitations on each Trust’ 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, 2017, 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, 2016, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Expires December 31, |  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |  |  | BGY |  |  | BCX |  |  | BST |
No expiration date1 |  | $ | 155,077,777 |  |  | $ | 31,423,316 |  |  | $ | 20,340,326 |  |  | $ | 807,221 |  |  | $ | 47,497,065 |  |  | $ | 465,131,677 |  |  | $ | 13,469,302 |
2017 |  |  | — |  |  |  | 2,532,028 |  |  |  | 8,526,748 |  |  |  | — |  |  |  | 55,605,462 |  |  |  | 1,795,201 |  |  |  | — |
Total |  | $ | 155,077,777 |  |  | $ | 33,955,344 |  |  | $ | 28,867,074 |  |  | $ | 807,221 |  |  | $ | 103,102,527 |  |  | $ | 466,926,878 |  |  | $ | 13,469,302 |

| 1 |  | Must be utilized prior to losses subject to expiration.

As of June 30, 2017, gross unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |  |  | BGY |
Tax cost |  | $ | 459,459,523 |  |  | $ | 600,043,281 |  |  | $ | 1,384,384,344 |  |  | $ | 984,516,293 |  |  | $ | 666,940,835 |
Gross unrealized appreciation |  | $ | 23,071,374 |  |  | $ | 124,913,339 |  |  | $ | 454,274,882 |  |  | $ | 33,011,551 |  |  | $ | 84,233,391 |
Gross unrealized depreciation |  |  | (58,320,940 | ) |  |  | (14,655,037 | ) |  |  | (43,961,528 | ) |  |  | (16,575,783 | ) |  |  | (9,055,545 | )
Net unrealized appreciation (depreciation) |  | $ | (35,249,566 | ) |  | $ | 110,258,302 |  |  | $ | 410,313,354 |  |  | $ | 16,435,768 |  |  | $ | 75,177,846 |

|  | BME |  |  | BCX |  |  | BST |  |  | BUI |
Tax cost |  | $ | 213,885,592 |  |  | $ | 867,653,032 |  |  | $ | 342,983,890 |  |  | $ | 263,441,031 |
Gross unrealized appreciation |  | $ | 110,165,325 |  |  | $ | 124,870,610 |  |  | $ | 201,280,214 |  |  | $ | 97,941,322 |
Gross unrealized depreciation |  |  | (3,384,132 | ) |  |  | (77,563,714 | ) |  |  | (3,198,979 | ) |  |  | (9,388,002 | )
Net unrealized appreciation (depreciation) |  | $ | 106,781,193 |  |  | $ | 47,306,896 |  |  | $ | 198,081,235 |  |  | $ | 88,553,320 |

9. Principal Risks:

In the normal course of business, the Trusts invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer to meet all its obligations, including the ability to pay principal and interest when due (issuer credit risk). The value of securities held by the Trusts may decline in response to certain events, including those directly involving the issuers of securities owned by the Trusts. Changes arising from the general economy, the overall market and local, regional or global political and/or social instability, as well as currency, interest rate and price fluctuations, may also affect the securities’ value.

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 and may experience difficulty in selling those investments in a timely manner at the price that they believe 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.

120 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Notes to Financial Statements (continued) |  |

Counterparty Credit Risk: Similar to issuer 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. 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.

A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by such Trust.

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 the Trusts deposit collateral with its counterparty to a written option.

With exchange-traded options purchased and futures, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.

Concentration Risk: As of period end, the Trusts listed below invested a significant portion of their assets in securities in the following sectors:

Energy |  | BGR, BCX
Financials |  | BDJ, BGY
Health Care |  | BME
Information Technology |  | CII, BST
Materials |  | BCX
Utilities |  | BUI

Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.

BOE and BGY invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When the Trusts concentrate their investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. 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 less liquid, more volatile, and 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.

BGY and BCX invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Trusts’ investments.

The United Kingdom voted on June 23, 2016 to withdraw from the European Union, which may introduce significant new uncertainties and instability in the financial markets across Europe.

10. Capital Share Transactions:

Each Trust is authorized to issue an unlimited numbers 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.

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Notes to Financial Statements (concluded) |  |

For the periods shown, shares issued and outstanding increased by the following amounts as a result of shares issued through the Shelf Offering:

|  | Six Months Ended June 30, 2017 |  |  | Year Ended December 31, 2016 |
BME |  |  | 332,162 |  |  |  | 363,708 |

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

|  | Six Months Ended June 30, 2017 |  |  | Year Ended December 31, 2016 |
BME |  |  | 24,427 |  |  |  | 63,264 |
BUI |  |  | 13,848 |  |  |  | — |

For the six months ended June 30, 2017, for BGR and CII and for the year ended December 31, 2016, for BGR, CII, BDJ, BOE, BGY, BCX, BST and BUI, shares issued and outstanding remained constant.

On June 9, 2016, BME filed a final prospectus with the U.S. Securities and Exchange Commission (“SEC”) allowing it to issue an additional 2,500,000 Common Shares through a Shelf Offering. Under the Shelf Offering, BME, 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 BME’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). As of period end, 1,804,130 Common Shares remain available for issuance under the Shelf Offering. From August 12, 2015 to June 9, 2016, BME was authorized to issue 453,000 Common Shares under a previous Shelf Offering. See Additional Information — Shelf Offering Program for additional information about the Shelf Offering.

On October 26, 2016, the Board approved the Trusts’ participation in an open market share repurchase program (the “Share Repurchase Program”). Each Trust is eligible to purchase, at prevailing market prices, up to 5% of its common shares outstanding as of the close of business on October 28, 2016, subject to certain conditions. Repurchases may be made through November 30, 2017. There is no assurance that a Trust will purchase shares in any particular amounts. The shares repurchased during the six months ended June 30, 2017 are as follows:

|  | Shares Repurchased |  |  | Amount1 |
BDJ |  |  | 1,435,917 |  |  | $ | 12,272,105 |
BOE |  |  | 571,366 |  |  | $ | 7,428,758 |
BGY |  |  | 940,260 |  |  | $ | 5,726,813 |
BCX |  |  | 1,021,542 |  |  | $ | 8,667,570 |
BST |  |  | 136,367 |  |  | $ | 2,799,570 |

| 1 |  | Includes transaction costs.

The total amount of such repurchases is reflected in the Statements of Changes in Net Assets.

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:

|  | Common Dividend Per Share |
|  | Paid1 |  |  | Declared2 |
BGR |  | $ | 0.0776 |  |  | $ | 0.0776 |
CII |  | $ | 0.0828 |  |  | $ | 0.0828 |
BDJ |  | $ | 0.0467 |  |  | $ | 0.0467 |
BOE |  | $ | 0.0780 |  |  | $ | 0.0780 |
BME |  | $ | 0.2000 |  |  | $ | 0.2000 |
BGY |  | $ | 0.0380 |  |  | $ | 0.0380 |
BCX |  | $ | 0.0516 |  |  | $ | 0.0516 |
BST |  | $ | 0.1100 |  |  | $ | 0.1100 |
BUI |  | $ | 0.1210 |  |  | $ | 0.1210 |
1 Net investment income dividend paid on July 31, 2017 to shareholders of record on July 14, 2017. |
2 Net investment income dividend declared on August 1, 2017, payable to shareholders of record on August 15, 2017. |

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements |  |

The Board of Directors or Trustees, as applicable (each, a “Board,” collectively, the “Boards,” and 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 Global Opportunities Equity Trust (“BOE”), BlackRock Health Sciences Trust (“BME”), BlackRock International Growth and Income Trust (“BGY”), BlackRock Resources & Commodities Strategy Trust (“BCX”), BlackRock Utility and Infrastructure Trust (“BUI”) and BlackRock Science and Technology Trust (“BST” and together with BGR, CII, BDJ, BOE, BME, BGY, BCX and BUI, each a “Trust,” and, collectively, the “Trusts”) met in person on April 27, 2017 (the “April Meeting”) and June 7-8, 2017 (the “June Meeting”) to consider the approval of each Trust’s investment advisory agreement (the “Advisory Agreement”) with BlackRock Advisors, LLC (the “Manager”), each Trust’s investment advisor. The Board of each of BGR and BCX also considered the approval of the sub-advisory agreement (the “Sub-Advisory Agreement”) among the Manager, BlackRock International Limited (the “Sub-Advisor”), and the Trust.

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.”

Activities and Composition of the Board

On the date of the June Meeting, the Board of each Trust consisted of eleven individuals, nine of whom were not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of its Trust and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chair of each Board is an Independent Board Member. Each Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee, and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreements

Pursuant to the 1940 Act, each Board is required to consider the continuation of the Advisory Agreement for its Trust, and with respect to BGR and BCX, the Sub-Advisory Agreement, on an annual basis.

Each Board has four quarterly meetings per year, each extending over two days, a fifth one-day meeting to consider specific information surrounding the consideration of renewing the Agreement(s) for its Trust and additional in-person and telephonic meetings as needed. In connection with this year-long deliberative process, each Board assessed, among other things, the nature, extent and quality of the services provided to its Trust by BlackRock, BlackRock’s personnel and affiliates, including, as applicable; investment management, administrative, and shareholder services; the oversight of fund service providers; marketing; risk oversight; compliance; and ability to meet applicable legal and regulatory requirements.

Each Board, acting directly and through its committees, considers at each of its meetings, and from time to time as appropriate, factors that are relevant to its annual consideration of the renewal of the Agreement(s) for its Trust, including the services and support provided by BlackRock to the Trust and its shareholders. BlackRock also furnished additional information to each Board in response to specific questions from the Board. This additional information is discussed further below in the section titled “Board Considerations in Approving the Agreements.” Among the matters each Board considered were: (a) investment performance for one-year, three-year, five-year, ten-year, and/or since inception periods, as applicable, against peer funds, applicable benchmarks, and performance metrics, as applicable, as well as senior management’s and portfolio managers’ analysis of the reasons for any over-performance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, paid to BlackRock and its affiliates by the Trust for services; (c) Trust operating expenses and how BlackRock allocates expenses to the Trust; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Trust’s investment objective(s), policies and restrictions, and meeting regulatory requirements; (e) the Trust’s adherence to its compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Trust’s valuation and liquidity procedures; (k) an analysis of management fees 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 the Trust; (l) 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; and (m) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April Meeting, each Board requested and received materials specifically relating to the Agreement(s) for its Trust. Each Board is continuously engaged in a process with its independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist its deliberations.

The materials provided to the Board of each Trust in connection with the April Meeting included (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) on Trust fees and expenses as compared with a peer group of funds as determined by Broadridge

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

(“Expense Peers”) and the investment performance of the Trust as compared with a peer group of funds as determined by Broadridge,1 as well as the performance of the Trust as compared with its custom benchmark; (b) information on the profits realized by BlackRock and its affiliates pursuant to the Trust’s Agreement(s) and a discussion of fall-out benefits to BlackRock and its affiliates; (c) a general analysis provided by BlackRock concerning investment management fees charged to other clients, such as institutional clients, sub-advised mutual funds, and open-end funds, under similar investment mandates, as applicable; (d) review of non-management fees; (e) the existence, impact and sharing of potential economies of scale; and (f) a summary of aggregate amounts paid by the Trust to BlackRock.

At the April Meeting, each Board reviewed materials relating to its consideration of the Agreement(s) for its Trust. As a result of the discussions that occurred during the April Meeting, and as a culmination of each Board’s year-long deliberative process, each Board presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written information in advance of the June Meeting. Topics covered included: (a) fund repositionings and portfolio management changes, including additional information about the portfolio managers, research teams, organization and methods and historical track records of the teams, and the potential impact of such changes on fund performance and the costs of such changes; (b) scientific active equity management; (c) BlackRock’s option overwrite policy; (d) differences in services between closed-end funds and mutual funds; (d) market discount; and (e) adviser profitability.

At the June Meeting, each Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and its Trust for a one year term ending June 30, 2018. The Board of each of BGR and BCX, including the Independent Board Members, also unanimously approved the continuation of the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to its Trust, for a one-year term ending June 30, 2018. In approving the continuation of the Agreement(s) for its Trust, each Board considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Trust; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with the Trust; (d) the Trust’s costs to investors compared to the costs of Expense Peers and performance compared to the relevant performance metrics as previously discussed; (e) the sharing of potential economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of its relationship with the Trust; and (g) other factors deemed relevant by the Board Members.

Each 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, services related to the valuation and pricing of Trust portfolio holdings, and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. Each Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. Each Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: Each 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 its Trust. Throughout the year, each Board compared its Trust’s performance to the performance of a comparable group of closed-end funds, relevant benchmark, and performance metrics, as applicable. Each Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. Each Board also reviewed the materials provided by its Trust’s portfolio management team discussing the Trust’s performance and the Trust’s investment objective(s), strategies and outlook.

Each Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and its Trust’s portfolio management team; BlackRock’s 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. Each Board engaged in a review of BlackRock’s compensation structure with respect to the Trust’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, each Board considered the quality of the administrative and other non-investment advisory services provided to its Trust. BlackRock and its affiliates provide each Trust with certain administrative, shareholder, and other services (in addition to any such services provided to the Trust by third parties) and officers and other personnel as are necessary for the operations of the Trust. In particular, BlackRock and its affiliates provide each Trust with administrative services including, among others: (i) preparing disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering, and, with respect to BME, registration statements in connection with BME’s equity shelf program, and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Trust; (iii) oversight of daily accounting and pricing; (iv) preparing periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of other service providers; (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 other administrative functions necessary for the operation of the Trust, such as tax reporting, fulfilling regulatory filing requirements and call center services. Each Board reviewed the structure and duties of BlackRock’s fund administration, share-

1 |  | Trusts are ranked by Broadridge in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable.

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

holder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Trusts and BlackRock: Each Board, including the Independent Board Members, also reviewed and considered the performance history of its Trust. In preparation for the April Meeting, the Board of each Trust was provided with reports independently prepared by Broadridge, which included a comprehensive analysis of the Trust’s performance. Each Board also reviewed a narrative and statistical analysis of the Broadridge data that was prepared by BlackRock. In connection with its review, the Board of each Trust received and reviewed information regarding the investment performance, based on net asset value (NAV), of the Trust as compared to other funds in its applicable Broadridge category and the performance of the Trust as compared with its custom benchmark. Each Board was provided with a description of the methodology used by Broadridge to select peer funds and periodically meets with Broadridge representatives to review its methodology. Each Board was provided with information on the composition of the Broadridge performance universes and expense universes. Each Board and its Performance Oversight Committee regularly review, and meet with Trust management to discuss, the performance of its Trust throughout the year.

In evaluating performance, each 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. Further, each Board recognized that it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect long-term performance disproportionately.

The Board of BGR noted that for each of the one-, three- and five-year periods reported, the Trust underperformed its customized benchmark. BlackRock believes that performance relative to the customized benchmark is an appropriate performance metric for BGR. The Board and BlackRock reviewed BGR’s underperformance during these periods. The Board was informed that, among other things, BGR’s underweight position in the refining and marketing sub-sector and the portfolio management team’s decision to increase BGR’s oil price sensitivity detracted from performance over the three- and five-year periods.

In further discussions with the Board of BGR, BlackRock noted that BGR had a voluntary advisory fee waiver in place. After discussions between the Board, including Independent Board Members, and BlackRock, the Board of BGR and BlackRock agreed to increase the voluntary advisory fee waiver. The waiver increase was implemented on July 1, 2017. This waiver may be discontinued at any time without notice.

The Board of CII noted that for each of the one-, three- and five-year periods reported, CII underperformed its customized benchmark. BlackRock believes that performance relative to the customized benchmark is an appropriate performance metric for CII. The Board and BlackRock reviewed CII’s underperformance during these periods. The Board was informed that, among other things, poor stock selection in the consumer discretionary sector, an overweight position in banks and an underweight position in stability/bond proxies were the primary detractors from performance over the one-year period.

In further discussions with the Board of CII, BlackRock noted that as of April 30, 2017, CII’s performance has shown improvement for the one-year period relative to CII’s customized benchmark. It was also noted that the Board and BlackRock concurred in making changes within the portfolio management team. These portfolio management changes were implemented on March 29, 2017.

The Board of BDJ noted that for each of the one-, three- and five-year periods reported, BDJ underperformed its customized benchmark. BlackRock believes that performance relative to the customized benchmark is an appropriate performance metric for the Trust. The Board and BlackRock reviewed BDJ’s underperformance during these periods. The Board of BDJ was informed that, among other things, poor stock selection in the industrials and consumer staples sectors was the primary detractor from relative performance over the one-year period. The largest detractor from relative performance over the five-year period stemmed from poor stock selection and underweight positions in the IT sector.

In further discussions with the Board of BDJ, BlackRock noted that as of April 30, 2017, BDJ’s performance has shown improvement for the one- and three-year periods relative to BDJ’s customized benchmark.

The Board of BOE noted that for each of the one-, three- and five-year periods reported, the Trust underperformed its customized benchmark. BlackRock believes that performance relative to the customized benchmark is an appropriate performance metric for BOE. The Board and BlackRock reviewed BOE’s underperformance during these periods. The Board of BOE was informed that, among other things, BOE’s underperformance was primarily driven by factor biases over the one-, three- and five-year periods, particularly being overweight volatility and underweight profitability and yield.

In further discussions with the Board of BOE, BlackRock noted that effective June 12, 2017, BOE had undergone certain changes to its investment process and portfolio management team, and in connection with such changes, BOE changed its name from Global Opportunities Equity Trust to Enhanced Global Dividend Trust. It was noted that BlackRock believes these changes will benefit investors and that BlackRock has agreed to pay half of the transition costs associated with BOE’s repositioning. Additionally, it was noted that the Trust had a voluntary advisory fee waiver in place. After discussions between the Board, including Independent Board Members, and BlackRock, the Board and BlackRock agreed to increase the voluntary advisory fee waiver. This waiver increase was implemented on July 1, 2017. This waiver may be discontinued at any time without notice.

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

The Board of BME noted that for the one-, three- and five-year periods reported, BME underperformed, exceeded and exceeded its customized benchmark. BlackRock believes that performance relative to the customized benchmark is an appropriate performance metric for BME. The Board and BlackRock reviewed BME’s underperformance during the one-year period. The Board of BME was informed that, among other things, the primary detractor from performance was an underweight position in the pharmaceutical sub-sector.

The Board of BGY noted that for each of the one-, three- and five-year periods reported, the Trust underperformed its customized benchmark. BlackRock believes that performance relative to the customized benchmark is an appropriate performance metric for the Trust. The Board and BlackRock reviewed BGY’s underperformance during these periods. The Board was informed that, among other things, BGY’s underperformance was primarily driven by factor biases over the one-, three- and five-year periods, particularly being overweight volatility and underweight profitability and yield.

In further discussions with the Board of BGY, BlackRock noted that effective June 12, 2017, BGY had undergone certain changes to its investment process and portfolio management team, and in connection with such changes, BGY changed its name from International Growth and Income Trust to Enhanced International Dividend Trust. It was noted that BlackRock believes that these changes will benefit investors and that BlackRock has agreed to pay half of the transition costs associated with BGY’s repositioning. Additionally, it was noted that BGY has a voluntary advisory fee waiver in place. This waiver may be discontinued at any time without notice.

The Board of BCX noted that for the one-year, three-year and since-inception periods reported, BCX underperformed, exceeded and underperformed, respectively, its customized benchmark. The since-inception period is as of the customized benchmark creation date. BlackRock believes that performance relative to the customized benchmark is an appropriate performance metric for BCX. The Board of BCX and BlackRock reviewed BCX’s underperformance during the one-year and since-inception periods.

The Board of BST noted that for the one-year and since-inception periods reported, BST underperformed and exceeded, respectively, its customized benchmark. BlackRock believes that performance relative to the customized benchmark is an appropriate performance metric for BST. The Board of BST and BlackRock reviewed BST’s underperformance during the one-year period. The Board was informed that, among other things, BST’s overweight exposures to growth and volatility and underweight exposures to yield and profitability were the primary detractors from performance.

The Board of BUI noted that for each of the one-, three- and five-year periods reported, BUI underperformed its customized benchmark. BlackRock believes that performance relative to the customized benchmark is an appropriate performance metric for BUI. The Board and BlackRock reviewed BUI’s underperformance during these periods. The Board of BUI was informed that, among other things, the primary detractor from relative performance over the one-year period was stock selection in the oil, gas & consumable fuels industry. Stock selection in the construction & engineering industry also detracted from relative performance over the one-year period.

In further discussions with the Board of BUI, BlackRock noted that as of March 31, 2017, BUI’s performance has shown improvement for the five-year period relative to BUI’s customized benchmark. It was also noted that the Board and BlackRock concurred in making changes within the portfolio management team. These portfolio management changes were implemented on March 15, 2017. After discussions between the Board, including Independent Board Members, and BlackRock, the Board and BlackRock agreed to a voluntary advisory fee waiver. This waiver was implemented on July 1, 2017. This waiver may be discontinued at any time without notice.

C. Consideration of the Advisory/Management Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Trusts: Each Board, including the Independent Board Members, reviewed its Trust’s contractual management fee rate compared with the other funds in its Broadridge category. 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. Each Board also compared its Trust’s total expense ratio, as well as its actual management fee rate as a percentage of total assets, to those of other funds in its Broadridge category. 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 that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. Each 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).

Each Board received and reviewed statements relating to BlackRock’s financial condition. Each Board reviewed BlackRock’s profitability methodology and was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to its Trust. Each Board reviewed BlackRock’s profitability with respect to its Trust and other funds the Board currently oversees for the year ended December 31, 2016 compared to available aggregate profitability data provided for the prior two years. Each Board reviewed BlackRock’s profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. Each Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. Each 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. As a result, calculating and comparing profitability at individual fund levels is difficult.

Each Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. Each Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. Each Board considered the differences

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

In addition, each Board considered the cost of the services provided to its Trust by BlackRock, and BlackRock’s and its affiliates’ profits relating to the management of its Trust and the other funds advised by BlackRock and its affiliates. As part of its analysis, each Board reviewed BlackRock’s methodology in allocating its costs of managing its Trust, to the Trust. Each Board may receive and review information from independent third parties as part of its annual evaluation. Each Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Trust’s Agreement(s) and to continue to provide the high quality of services that is expected by the Board. Each Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing its Trust 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 of BGR noted that BGR’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers. In addition, the Board noted that BlackRock had voluntarily agreed to waive a portion of the advisory fee payable by BGR. After discussion between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to increase the voluntary advisory fee waiver. This waiver increase was implemented on July 1, 2017. This waiver may be discontinued at any time without notice.

The Board of each of CII, BDJ and BCX noted that its Trust’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 its Expense Peers.

The Board of BOE 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 second quartile, relative to the Expense Peers. In addition, the Board noted that BlackRock had voluntarily agreed to waive a portion of the advisory fee payable by BOE. After discussion between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to increase the voluntary advisory fee waiver. The waiver increase was implemented on July 1, 2017. This waiver may be discontinued at any time without notice.

The Board of BME noted that BME’s contractual management fee rate ranked first out of three funds, and that the actual management fee rate and total expense ratio ranked second out of four funds, and in the first quartile, respectively, relative to the Expense Peers.

The Board of BGY noted that BGY’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 also noted that BlackRock had voluntarily agreed to waive a portion of the advisory fee payable by BGY. This waiver was implemented on July 1, 2015. After discussions between the Board, including Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the voluntary advisory fee waiver. This waiver may be discontinued at any time without notice.

The Board of BST noted that BST’s contractual management fee rate ranked first out of three funds, and that the actual management fee rate and total expense ratio ranked first out of four funds and in the first quartile, respectively, relative to the Expense Peers. The Board also noted that BlackRock has contractually agreed to waive a portion of the advisory fee payable by BST through December 31, 2021.

The Board of BUI noted that BUI’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. After discussion between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to a voluntary advisory fee waiver. This waiver was implemented on July 1, 2017. This waiver may be discontinued at any time without notice.

D. Economies of Scale: Each Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of its Trust increase. Each Board also considered the extent to which its Trust benefits from such economies in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Trust to more fully participate in these economies of scale. Each Board considered its Trust’s asset levels and whether the current fee was appropriate.

Based on each Board’s review and consideration of the issue, each 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. They are typically priced at scale at a fund’s inception. The Board of BME noted that although BME may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of BME’s assets will occur primarily through the appreciation of its investment portfolio.

E. Other Factors Deemed Relevant by the Board Members: Each Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from their respective relationships with its Trust, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and 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 the Trust, including for administrative,

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (concluded)

securities lending and cash management services. Each Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. Each Board also noted that BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement(s) for its Trust, each Board also received information regarding BlackRock’s brokerage and soft dollar practices. Each Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

Each Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Trust shares in the secondary market if they believe that the Trust’s fees and expenses are too high or if they are dissatisfied with the performance of the Trust.

Each Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included the redemption of AMPS; 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 communications 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: continuing communications concerning the redemption efforts related to AMPS; 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

Each Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust for a one-year term ending June 30, 2018. The Board of each of BGR and BCX, including the Independent Board Members, also unanimously approved the continuation of the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to its Trust, for a one-year term ending June 30, 2018.

Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, each Board, including the Independent Board Members, was satisfied that the terms of the Agreement(s) were fair and reasonable and in the best interest of the Trust and its shareholders. In arriving at its decision to approve the Agreement(s), each 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 also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for each Trust reflect the results of several years of review by the Trust’s Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. As a result, the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.

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Disclosure of Sub-Advisory Agreement |  |

The Board of Directors or Trustees, as applicable (each, a “Board,” collectively, the “Boards,” and the members of which are referred to as “Board Members”), of BOE, BGY and BUI met in person on March 1, 2017 (the “March Meeting”) to consider the initial approval of the proposed sub-advisory agreement (the “Sub-Advisory Agreement”) among BlackRock Advisors, LLC (the “Manager”), each Trust’s investment adviser, BlackRock International Limited (the “Sub-Advisor”), and the Trust.

On the date of the March Meeting, the Board of each Trust consisted of eleven individuals, nine of whom were not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). Pursuant to the 1940 Act, each Board is required to consider the initial approval of its Trust’s Sub-Advisory Agreement.

The Board previously met in person on April 28, 2016 (the “April 2016 Meeting”) and on June 9 and 10, 2016 (the “June 2016 Meeting”) to consider the approval of each Trust’s investment advisory agreement with the Manager (the “Advisory Agreement”). At the June 2016 Meeting, the Board, including the independent board members, unanimously approved the continuation of the Advisory Agreement for a one-year term ending June 30, 2017. A discussion of the basis for the Board’s approval of the Advisory Agreement at the June 2016 Meeting is included in the semi-annual shareholder report of each Trust for the period ended June 30, 2016.

At the March Meeting, the Board of each Trust reviewed materials relating to its consideration of the Sub-Advisory Agreement. The factors considered by the Board at the March Meeting in connection with approval of the proposed Sub-Advisory Agreement were substantially the same as the factors considered at the April 2016 Meeting and the June 2016 Meeting with respect to approval of the Advisory Agreement. The Board of each Trust also considered additional factors, including that its Trust will continue to be charged the same investment advisory fee as stated in its investment management agreement with the Manager and that there will be no additional fees charged to its Trust related to the proposed Sub-Advisory Agreement, that the proposed Sub-Advisory Agreement with the Sub-Advisor is substantially similar to comparable subadvisory agreements for other BlackRock closed-end funds, that the principal differences between the proposed Sub-Advisory Agreement and the Advisory Agreement are revisions designed to reflect the sub-advisory nature of the relationship, and that the proposed Sub-Advisor’s personnel who would be providing investment advice to its Trust are subject to the same compliance and reporting infrastructure as the personnel of the Manager providing investment advice to the Trust.

Following discussion, the Board of each Trust, including a majority of the Independent Board Members, approved the Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to the Trust for a two-year term beginning on the effective date of the Sub-Advisory Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, the Board, including a majority of the Independent Board Members, was satisfied that the terms of the Sub-Advisory Agreement were fair and reasonable and in the best interest of the Trust and its shareholders. In arriving at its decision to approve the Sub-Advisory Agreement, 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 also assisted by the advice of independent legal counsel in making this determination.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 129

Officers and Trustees |  |

Richard E. Cavanagh, Chair of the Board and Trustee

Karen P. Robards, Vice Chair of the Board and Trustee

Michael J. Castellano, Trustee

Cynthia L. Egan, Trustee

Frank J. Fabozzi, Trustee

Jerrold B. Harris, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee

Catherine A. Lynch, Trustee

Barbara G. Novick, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Jonathan Diorio, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Janey Ahn, Secretary

As of the date of this report, the portfolio managers of:

• |  | BGR are Kyle McClements, Christopher Accettella and Alastair Bishop. |

• |  | CII are Todd Burnside, Kyle McClements and Christopher Accettella. |

• |  | BOE and BGY are Stuart Reeve, Andrew Wheatley-Hubbard, Kyle McClements and Christopher Accettella. |

• |  | BME are Erin Xie, Kyle McClements and Christopher Accettella. |

• |  | BST are Tony Kim, Kyle McClements and Christopher Accettella. |

• |  | BUI are Alastair Bishop, Kyle McClements and Christopher Accettella. |

Investment Adviser BlackRock Advisors, LLC Wilmington, DE 19809 |  | Sub-Advisers BlackRock International Ltd.1 Edinburgh, EH3 8BL United Kingdom |  | Custodian and Accounting Agent State Street Bank and Trust Company Boston, MA 02111 |  | Transfer Agent Computershare Trust Company, N.A. Canton, MA 02021
Independent Registered Public Accounting Firm Deloitte & Touche LLP Philadelphia, PA 19103 |  | Distributor BlackRock Investments, LLC 2 New York, NY 10022 |  | Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP Boston, MA 02116 |  | Address of the Funds 100 Bellevue Parkway Wilmington, DE 19809

| 1 |  | For BGR, BOE, BGY, BCX and BUI.

| 2 |  | For BME.

130 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Additional Information |  |

General Information

The Trusts do not make available copies of their Statements of Additional Information because the Trusts’ shares, except for BME, are not continuously offered, which means that the Statements of Additional Information of each Trust have not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

BME’s Statement of Additional Informational includes additional information about its Board and is available, without charge, upon request, by calling 1-800-882-0052.

Except as described below, during the period there were no material changes in the Trusts’ investment objectives or policies or 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 or in the principal risk factors associated with investment in the Trusts. Other than as described on page 130, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

On March 22, 2017, BOE’s and BGY’s Board approved changes to certain non-fundamental investment policies of each Trust.

Historically, under normal market conditions, BOE has been required to invest (i) at least 80% of its total assets in equity securities or indices or sectors of equity securities and (ii) at least 30% of its total assets at the time of investment in the equity securities of non-U.S. issuers. Under the new investment policy, under normal circumstances, the Trust is required to invest (i) at least 80% of its net assets in dividend-paying equity securities and (ii) at least 40% of its assets outside of the United States, 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 United States.

BOE has also historically intended to write covered put and call options with respect to approximately 45% to 65% of its total assets, with the expectation that such percentage would vary from time to time with market conditions. Under the new investment policy, the Trust intends to write covered put and call options with respect to approximately 30% to 45% of its total assets, although this percentage may vary from time to time with market conditions.

Finally, BOE has historically been permitted to invest in companies of any size market capitalization. While the new investment policy continues to permit this, the Trust intends to invest primarily in the securities of large capitalization companies.

In connection with these changes in certain non-fundamental policies, BOE’s Board approved a change to the Trust’s name from “BlackRock Global Opportunities Equity Trust” to “BlackRock Enhanced Global Dividend Trust” to reflect BOE’s new portfolio characteristics.

Historically, under normal market conditions, BGY has been required to invest at least 80% of its total assets in equity securities issued by non-U.S. companies. Under the new investment policy, under normal circumstances, the Trust will be required to invest at least 80% of its net assets in dividend-paying equity securities issued by non-U.S. companies.

BGY has also historically intended to write covered put and call options with respect to approximately 45% to 55% of its total assets, with the expectation that such percentage would vary from time to time with market conditions. Under the new investment policy, the Trust intends to write covered put and call options with respect to approximately 30% to 45% of its total assets, although this percentage may vary from time to time with market conditions.

Finally, BGY has historically been permitted to invest in companies of any size market capitalization. While the new investment policy continues to permit this, it specifies that the Trust intends to invest primarily in the securities of large capitalization companies.

An affiliate has reimbursed BOE and BGY for certain transaction costs associated with repositioning of the fund investments described above.

In connection with these changes in certain non-fundamental policies, BGY’s Board approved a change to the Trust’s name from “BlackRock International Growth & Income Trust” to “BlackRock Enhanced International Dividend Trust” to reflect the Trust’s new portfolio characteristics.

The approved changes to BGY and BOE will not alter either Trust’s investment objective. Each Trust continues to trade on the NYSE under its current ticker symbol.

On October 28, 2016, CII announced that it had divided its Board into three classes, with one class standing for election each year, and had adopted a voting standard of a majority of the outstanding shares for the election of directors in a contested election.

On October 28, 2016, BGR, BDJ, BOE, BGY, BME, BCX, BST and BUI announced that they had adopted a voting standard of a majority of the outstanding shares for the election of directors in a contested election.

In accordance with Section 23(c) of the Investment Company Act of 1940, as amended, the Trusts from time to time may purchase its common shares in the open market or in private transactions.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 131

Additional Information (continued) |  |

General Information (concluded)

Quarterly performance, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.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 by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial advisor. 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 annual and semi-annual reports 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 schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Trusts’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room or how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Trusts’ Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) at http://www.blackrock.com; and (3) on the SEC’s website http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 882-0052 and (2) on the SEC’s website at http://www.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 http://www.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, each Trust may seek to raise additional equity capital through an equity shelf program (a “Shelf Offering”). In a Shelf Offering, a Trust may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above the Trust’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow a Trust 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.

BME has filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of BME are not offers to sell BME Common Shares or solicitations of an offer to buy BME Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of BME contains important information about the Fund, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of BME carefully and in its entirety before investing. Copies of the final prospectus for BME can be obtained from BlackRock at http://www.blackrock.com.

132 |  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  |

Additional Information (concluded) |  |

Dividend Policy

Each Trust’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the distributions paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. 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 nontaxable return of capital. Distributions in excess of a Trust’s taxable income and net capital gains, but not in excess of a Trust’s earnings and profits, will be taxable to shareholders as ordinary income and will not constitute a nontaxable return of capital. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

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.

|  | SEMI-ANNUAL REPORT |  | JUNE 30, 2017 |  | 133

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-BK9-6/17-SAR |  |

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 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)(1) As of the date of filing this Report.

The registrant is managed by a team of investment professionals comprised of Kyle G. McClements, CFA, Managing Director at BlackRock, Christopher Accettella, Director at BlackRock and Alastair Bishop, Director at BlackRock. Messrs. McClements, Accettella and Bishop are the Fund’s portfolio managers and are responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Messrs. McClements and Accettella have been members of the Fund’s portfolio management team since 2011. Mr. Bishop has been a member of the Fund’s portfolio management team since March 15, 2017.

Information below is with respect to Mr. Bishop, who became a portfolio manager to the Fund on March 15, 2017.

Portfolio Manager |  | Biography
Alastair Bishop |  | Director of BlackRock since 2010.

(a)(2) As of June 30, 2017:

|  | (ii) Number of Other Accounts Managed and Assets by Account Type |  | (iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts
Alastair Bishop |  | 6 |  | 9 |  | 2 |  | 0 |  | 2 |  | 1
|  | $2.08 Billion |  | $3.46 Billion |  | $0.88 Million |  | $0 |  | $8.09 Million |  | $0.85 Million

(iv) Portfolio Manager Potential Material Conflicts of Interest

2

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

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

(a)(3) As of June 30, 2017:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of June 30, 2017.

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

3

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

Discretionary Incentive Compensation

Mr. Bishop

Generally, discretionary incentive compensation for Active Equity portfolio managers is based on a formulaic compensation program. BlackRock’s formulaic portfolio manager compensation program is based on team revenue and pre-tax investment performance relative to appropriate competitors or benchmarks over 1-, 3- and 5-year performance periods, as applicable. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. BlackRock’s Chief Investment Officers determine the benchmarks or rankings against which the performance of funds and other accounts managed by each portfolio management team is compared and the period of time over which performance is evaluated. With respect to this portfolio manager, such benchmarks for the Fund and other accounts are:

Portfolio Manager |  | Benchmarks
Alastair Bishop |  | MSCI World SMID Energy Index total return (net); Wilshire 5000 Modified Energy Index, Equal Weighted; Morningstar Commodities Broad Basket; Morningstar Sector Equity Energy; Morningstar Sector Equity Alternative Energy; LIPPER Global Natural Resources Funds; LIPPER Natural Resources Funds; Euromoney Mining Index – expressed in GBP; FTSE Gold Mining Index (GBP); MSCI ACWI ex SEL CTY ENERGY + METALS & MIN SW (Client Specific); NYSE Arca Gold Miners Index EUR Net Total Return; Euromoney Global Mining Index (Close); MSCI All Country (Developed & Emerging) Metals & Mining Index; Morningstar Sector Equity Natural Resources; Morningstar Sector Equity Precious Metals; 50% HSBCMINGBP / 50% MSW_NTGBP Index, in GBP; E_GMO Historical Performance Shell; FTSE Gold Mining Index – expressed in AUD (Price); E_GF Historical Performance Shell; S&P Global Natural Resources Index – In GBP; LIPPER Natural Resources Funds; Morningstar Sector Equity Natural Resources

A smaller element of portfolio manager discretionary compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation. These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.

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

4

Typically, the cash portion of the discretionary incentive compensation, when combined with base salary, represents more than 60% of total compensation for the portfolio managers.

Portfolio managers generally receive deferred BlackRock, Inc. stock awards as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest ratably over a number of years and, once vested, settle in BlackRock, Inc. common stock. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align their interests with long-term shareholder interests and motivate performance. Such equity awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For some portfolio managers, discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage. Providing a portion of discretionary incentive compensation in deferred cash awards that notionally track the BlackRock investment products they manage provides direct alignment with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Any portfolio manager who is either a managing director or director at BlackRock with compensation above a specified threshold is eligible to participate in the deferred compensation program.

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

Incentive Savings Plans — United Kingdom-based portfolio managers are also eligible to participate in broad-based plans offered generally to BlackRock employees, including broad-based retirement, health and other employee benefit plans. For example, BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution to the RSP is between 6% to 15% (dependent on service related entitlement) of eligible pay capped at £150,000 per annum. The RSP offers a range of investment options, including several collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, in the absence of an investment election being made, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a US dollar value of $25,000 based on its fair market value on the purchase date. Mr. Bishop is eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of June 30, 2017.

Portfolio Manager |  | Dollar Range of Equity Securities of the Fund Beneficially Owned

5

Alastair Bishop |  | None

| (b) | Effective March 15, 2017, Robert Shearer and Tony DeSpirito were removed as portfolio managers to the Fund, and Alastair Bishop was added as a portfolio manager.

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, 2017 |  | N/A |  | N/A |  | N/A |  | 845,348
February 1-28, 2017 |  | N/A |  | N/A |  | N/A |  | 845,348
March 1-31, 2017 |  | N/A |  | N/A |  | N/A |  | 845,348
April 1-30, 2017 |  | N/A |  | N/A |  | N/A |  | 845,348
May 1-31, 2017 |  | N/A |  | N/A |  | N/A |  | 845,348
June 1-30, 2017 |  | N/A |  | N/A |  | N/A |  | 845,348
Total: |  | N/A |  | N/A |  | N/A |  | 845,348

1 The Fund announced an open market share repurchase program on October 28, 2016 pursuant to which the Fund may repurchase, through November 30, 2017, up to 5% of its outstanding common shares based on common shares outstanding on October 28, 2016 (845,348 common shares), in open market transactions, 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 second fiscal quarter of 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 – Exhibits | attached hereto

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

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(b) – Certifications – Attached hereto

6

(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.

7

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 Utility and Infrastructure Trust
By: |  | /s/ John M. Perlowski
|  | John M. Perlowski
|  | Chief Executive Officer (principal executive officer) of BlackRock Utility and Infrastructure Trust

Date: September 5, 2017

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 Utility and Infrastructure Trust

Date: September 5, 2017

By: |  | /s/ Neal J. Andrews
|  | Neal J. Andrews
|  | Chief Financial Officer (principal financial officer) of BlackRock Utility and Infrastructure Trust

Date: September 5, 2017

8