N-CSR 1 d830970dncsr.htm BLACKROCK UTILITIES, INFRASTRUCTURE & POWER OPPORTUNITIES 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 Utilities, Infrastructure & Power Opportunities Trust (BUI)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Utilities,

Infrastructure & Power Opportunities 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: 12/31/2019

Date of reporting period: 12/31/2019

Item 1 – Report to Stockholders

|  | DECEMBER 31, 2019

|  | 2019 Annual Report

BlackRock Energy and Resources Trust (BGR)

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

BlackRock Enhanced Equity Dividend Trust (BDJ)

BlackRock Enhanced Global Dividend Trust (BOE)

BlackRock Enhanced International Dividend Trust (BGY)

BlackRock Health Sciences Trust (BME)

BlackRock Resources & Commodities Strategy Trust (BCX)

BlackRock Science and Technology Trust (BST)

BlackRock Science and Technology Trust II (BSTZ)

BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Trust’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call Computershare at (800) 699-1236 to request that you continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC or its affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information (unaudited)

Section 19(a) Notices

BlackRock Energy and Resources Trust’s (BGR), BlackRock Enhanced Capital and Income Fund, Inc.’s (CII), BlackRock Enhanced Equity Dividend Trust’s (BDJ), BlackRock Enhanced Global Dividend Trust’s (BOE), BlackRock Enhanced International Dividend Trust’s (BGY), BlackRock Health Sciences Trust’s (BME), BlackRock Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Trust’s (BST), BlackRock Science and Technology Trust II (BSTZ) and BlackRock Utilities, Infrastructure & Power Opportunities 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 its fiscal year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.

December 31, 2019

|  |  |  | Total Fiscal Year to Date Cumulative Distributions by Character |  |  | Percentage of Fiscal Year to Date Cumulative Distributions by Character |
Fund |  | Ticker |  | 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 |
BlackRock Energy and Resources Trust |  | BGR |  | $ | 0.393543 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.537657 |  |  | $ | 0.931200 |  |  |  | 42 | % |  |  | 0 | % |  |  | 0 | % |  |  | 58 | % |  |  | 100 | %
BlackRock Enhanced Capital and Income Fund, Inc. |  | CII |  |  | 0.200165 |  |  |  | — |  |  |  | 0.504097 |  |  |  | 0.294038 |  |  |  | 0.998300 |  |  |  | 20 |  |  |  | 0 |  |  |  | 50 |  |  |  | 30 |  |  |  | 100 |
BlackRock Enhanced Equity Dividend Trust |  | BDJ |  |  | 0.205304 |  |  |  | — |  |  |  | 0.545882 |  |  |  | — |  |  |  | 0.751186 |  |  |  | 27 |  |  |  | 0 |  |  |  | 73 |  |  |  | 0 |  |  |  | 100 |
BlackRock Global Opportunities Equity Trust |  | BOE |  |  | 0.341056 |  |  |  | — |  |  |  | — |  |  |  | 0.414944 |  |  |  | 0.756000 |  |  |  | 45 |  |  |  | 0 |  |  |  | 0 |  |  |  | 55 |  |  |  | 100 |
BlackRock International Growth & Income Trust |  | BGY |  |  | 0.173185 |  |  |  | — |  |  |  | — |  |  |  | 0.232415 |  |  |  | 0.405600 |  |  |  | 43 |  |  |  | 0 |  |  |  | 0 |  |  |  | 57 |  |  |  | 100 |
BlackRock Health Sciences Trust |  | BME |  |  | 0.074037 |  |  |  | — |  |  |  | 2.325963 |  |  |  | — |  |  |  | 2.400000 |  |  |  | 3 |  |  |  | 0 |  |  |  | 97 |  |  |  | 0 |  |  |  | 100 |
BlackRock Resources and Commodities Strategy Trust |  | BCX |  |  | 0.250327 |  |  |  | — |  |  |  | — |  |  |  | 0.368873 |  |  |  | 0.619200 |  |  |  | 40 |  |  |  | 0 |  |  |  | 0 |  |  |  | 60 |  |  |  | 100 |
BlackRock Science and Technology Trust |  | BST |  |  | — |  |  |  | — |  |  |  | 3.500699 |  |  |  | — |  |  |  | 3.500699 |  |  |  | 0 |  |  |  | 0 |  |  |  | 100 |  |  |  | 0 |  |  |  | 100 |
BlackRock Science and Technology Trust II |  | BSTZ |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.500000 |  |  |  | 0.500000 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 100 |  |  |  | 100 |
BlackRock Utilities, Infrastructure and Power Opportunities Trust |  | BUI |  |  | 0.439154 |  |  |  | — |  |  |  | 1.012846 |  |  |  | — |  |  |  | 1.452000 |  |  |  | 30 |  |  |  | 0 |  |  |  | 70 |  |  |  | 0 |  |  |  | 100 |

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

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

Section 19(b) Disclosure

The Trusts, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Trustees/Directors (the “Board”), each have adopted a managed distribution plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a monthly basis as of December 31, 2019:

Exchange Symbol |  | Amount Per Common Share |
BGR |  | $ | 0.0776 |
CII |  |  | 0.0875 |
BDJ |  |  | 0.0500 |
BOE |  |  | 0.0630 |
BGY |  |  | 0.0338 |
BME |  |  | 0.2000 |
BCX |  |  | 0.0516 |
BST |  |  | 0.1655 |
BSTZ |  |  | 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 required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net investment income and short-term capital gains) is not earned on a monthly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, each Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the “1940 Act”).

Shareholders should not draw any conclusions about each Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance is presented in its financial highlights table.

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

2 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

The Markets in Review

Dear Shareholder,

U.S. equities and bonds finished the last year of the decade with impressive returns, putting an exclamation point on a decade of strong performance despite the fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. In many ways, it was fitting that the themes of 2019 — geopolitical uncertainty, fears of recession, and decisive monetary stimulus — put the capstone on a decade that was defined by grappling with these competing forces.

Equity and bond markets posted solid returns, particularly in the second half of the year, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that has characterized this economic cycle. U.S. large cap equities advanced the most, while equities at the high end of the risk spectrum — emerging markets and U.S. small cap — lagged while still posting solid returns.

Fixed-income securities played an important role in diversified portfolios by delivering strong returns amid economic uncertainty, as interest rates declined (and bond prices rose). Long-term bonds, particularly long-term Treasuries, generally posted the strongest returns, as inflation remained low. Investment-grade and high-yield corporate bonds also posted solid returns, as the credit fundamentals in corporate markets remained relatively solid.

As equity performance faltered in late 2018 and global economic growth slowed, the U.S. Federal Reserve (the “Fed”) shifted away from policies designed to decrease inflation in favor of renewed efforts to stimulate economic activity. The Fed left interest rates unchanged in January 2019, then reduced interest rates three times thereafter, starting in July 2019. Similarly, the Fed took measures to support liquidity in short-term lending markets. Following in the Fed’s footsteps, the European Central Bank announced aggressive economic stimulus measures, including lower interest rates and the return of its bond purchasing program. The Bank of Japan signaled a continuation of accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending.

The outpouring of global economic stimulus led to a sharp rally in risk assets throughout the world despite the headwind of rising geopolitical and trade tensions. Hopes continued to remain high as the current economic expansion became the longest in U.S. history.

Looking ahead, we believe U.S. economic growth will stabilize and gradually improve in 2020. The primary drivers of recent market performance — trade and monetary policies — could take a back seat to a nascent expansion in manufacturing and a recent uptick in global growth. The headwinds of policy uncertainty in 2019 could become tailwinds in 2020 due to pro-cyclical policy shifts.

Overall, we favor increasing investment risk to benefit from the brighter outlook. In addition to having a positive view for equities overall, we favor emerging market equities over developed market equities. Increasing cyclical exposure through value-style investing and maintaining a meaningful emphasis on high-quality companies through quality factors also makes sense for diversified investors. In fixed income, government bonds continue to be important portfolio stabilizers, while emerging market bonds, particularly local currency bonds, offer relatively attractive income opportunities.

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of December 31, 2019
|  | 6-month |  | 12-month
U.S. large cap equities (S&P 500® Index) |  | 10.92% |  | 31.49%
U.S. small cap equities (Russell 2000® Index) |  | 7.30 |  | 25.52
International equities (MSCI Europe, Australasia, Far East Index) |  | 7.01 |  | 22.01
Emerging market equities (MSCI Emerging Markets Index) |  | 7.09 |  | 18.42
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index) |  | 1.03 |  | 2.28
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index) |  | 1.36 |  | 8.91
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index) |  | 2.45 |  | 8.72
Tax-exempt municipal bonds (S&P Municipal Bond Index) |  | 2.21 |  | 7.26
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index) |  | 3.98 |  | 14.32
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

THIS PAGE IS NOT PART OF YOUR FUND REPORT |  |  | 3 |

Table of Contents

|  | Page |
Section 19(a) Notices |  |  | 2 |
Section 19(b) Disclosure |  |  | 2 |
The Markets in Review |  |  | 3 |
Annual Report: |  |  |  |
The Benefits and Risks of Option Over-Writing |  |  | 5 |
Trust Information |  |  | 6 |
Derivative Financial Instruments |  |  | 26 |
Financial Statements: |  |  |  |
Schedules of Investments |  |  | 27 |
Statements of Assets and Liabilities |  |  | 99 |
Statements of Operations |  |  | 101 |
Statements of Changes in Net Assets |  |  | 103 |
Statements of Cash Flows |  |  | 108 |
Financial Highlights |  |  | 110 |
Notes to Financial Statements |  |  | 120 |
Report of Independent Registered Public Accounting Firm |  |  | 132 |
Important Tax Information |  |  | 133 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement |  |  | 134 |
Automatic Dividend Reinvestment Plans |  |  |  |
Trustee and Officer Information |  |  | 138 |
Additional Information |  |  | 141 |
Glossary of Terms Used in this Report |  |  | 143 |

4 |  |

Option Over-Writing Strategy

Overview

In general, the goal of each of the Trusts is to provide total return through a combination of current income and realized and unrealized gains (capital appreciation). The Trusts seek to pursue these goals primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options in an effort to generate current gains from option premiums and to enhance each Trust’s risk-adjusted return. Each Trust’s objectives cannot be achieved in all market conditions.

Each Trust primarily writes single stock covered call options, and may also from time to time write single stock put options. When writing (selling) a covered call option, a Trust holds an underlying equity security and enters into an option transaction which allows the counterparty to purchase the equity security at an agreed-upon price (“strike price”) within an agreed-upon time period. The Trust receives cash premiums from the counterparties upon writing (selling) the option, which along with net investment income and net realized gains, if any, are generally available to support current or future distributions paid by the Trust. During the option term, the counterparty may elect to exercise the option if the market value of the equity security rises above the strike price, and the Trust is obligated to sell the equity security to the counterparty at the strike price, realizing a gain or loss. Premiums received increase gains or reduce losses realized on the sale of the equity security. If the option remains unexercised upon its expiration, the Trust realizes gains equal to the premiums received. Alternatively, an option may be closed out by an offsetting purchase or sale of an option prior to expiration. The Trust realizes a capital gain from a closing purchase or sale transaction if the premium paid is less than the premium received from writing the option. The Trust realizes a capital loss from a closing purchase or sale transaction if the premium received is less than the premium paid to purchase the option.

Writing covered call options entails certain risks, which include, but are not limited to, the following: an increase in the value of the underlying equity security above the strike price can result in the exercise of a written option (sale by a Trust to the counterparty) when the Trust might not otherwise have sold the security; exercise of the option by the counterparty may result in a sale below the current market value and a gain or loss being realized by the Trust; and limiting the potential appreciation that could be realized on the underlying equity security to the extent of the strike price of the option. The premium that a Trust receives from writing a covered call option may not be sufficient to offset the potential appreciation on the underlying equity security above the strike price of the option that could have otherwise been realized by the Trust. As such, an option over-writing strategy may outperform the general equity market in flat or falling markets but underperform in rising markets.

Option Over-Writing Strategy Illustration

To illustrate these concepts, assume the following: (1) a common stock purchased at and currently trading at $37.15 per share; (2) a three-month call option is written by a Trust with a strike price of $40 (i.e., 7.7% higher than the current market price); and (3) the Trust receives $2.45, or 6.6% of the common stock’s value, as a premium. If the stock price remains unchanged, the option expires and there would be a 6.6% return for the three-month period. If the stock were to decline in price by 6.6% (i.e., decline to $34.70 per share), the option strategy would “break-even” from an economic perspective resulting in neither a gain nor a loss. If the stock were to climb to a price of $40 or above, the option would be exercised and the stock would return 7.7% coupled with the option premium received of 6.6% for a total return of 14.3%. Under this scenario, the Trust loses the benefit of any appreciation of the stock above $40, and thus is limited to a 14.3% total return. The premium from writing the call option serves to offset some of the unrealized loss on the stock in the event that the price of the stock declines, but if the stock were to decline more than 6.6% under this scenario, the Trust’s downside protection is eliminated and the stock could eventually become worthless.

Each Trust intends to write covered call and other options to varying degrees depending upon market conditions. Please refer to each Trust’s Schedule of Investments and the Notes to Financial Statements for details of written options.

THE BENEFITS AND RISKS OF OPTION OVER-WRITING |  |  | 5 |

Trust Information as of December 31, 2019 |  | BlackRock Energy and Resources Trust

Investment Objective

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 also by employing a strategy of writing (selling) call and put options.

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

Trust Information

Symbol on New York Stock Exchange (“NYSE”) |  | BGR
Initial Offering Date |  | December 29, 2004
Current Distribution Rate on Closing Market Price as of December 31, 2019 ($11.88)(a) |  | 7.84%
Current Monthly Distribution per Common Share(b) |  | $0.0776
Current Annualized Distribution per Common Share(b) |  | $0.9312

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate 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. |

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

Performance and Portfolio Management Commentary

Returns for the 12-month period ended December 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BGR(a)(b) |  |  | 23.23 | % |  |  | 13.74 | %
MSCI World Energy Call Overwrite Index(c) |  |  | N/A |  |  |  | 10.47 |

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

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

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

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

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

Past performance is not indicative of future results.

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

What factors influenced performance?

Crude oil prices experienced considerable gains in 2019, reflecting the backdrop of steady global growth, production discipline by the Organization of Petroleum Exporting Countries plus Russia, and declining shale production in the United States. Energy stocks also delivered a positive total return, as global equities were boosted by the favorable economic outlook and the accommodative policies of the world’s central banks. However, the sector lagged the broader equity market due to lower capital spending by large, integrated producers, as well as concerns U.S. production may have peaked.

The Trust’s overweight position in the exploration & production (“E&P”) subsector contributed to relative performance. An out-of-benchmark position in Kosmos Energy Ltd. was the leading contributor at the individual stock level. The company reported better-than-expected results and announced its intent to sell part of its stake in its assets off the coast of Mauritania and Senegal. An overweight position in Anadarko Petroleum Corp. — which was taken over by Occidental Petroleum Corp. — was also a top contributor.

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

U.S. natural gas prices declined in 2019, reflecting strong supply growth, adverse weather conditions and weakness in the European gas market. In this environment, the Trust’s out-of-benchmark position in the natural gas producer EQT Corp. was among the largest detractors from relative performance.

An underweight in midstream energy companies, including Enbridge, Inc. and Kinder Morgan, Inc. also detracted. Interest rate-sensitive stocks were boosted by the three rate cuts by the Fed and the corresponding downturn in bond yields.

Describe recent portfolio activity.

Among other shifts, the investment adviser increased the Trust’s weighting in the integrated energy subsector by increasing its weighting in TOTAL SA and initiating a position in Eni SpA. This move was funded by decreasing the portfolio’s allocation to E&P stocks, including the sale of Devon Energy Corp.

6 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trust Information as of December 31, 2019 (continued) |  | BlackRock Energy and Resources Trust

Describe portfolio positioning at period end.

The investment adviser continued to focus on companies that are displaying signs of capital discipline and steady growth, as well as those that stand to benefit from growth in the emerging liquified natural gas industry.

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

As of December 31, 2019, the Trust had an options overwriting program in place whereby 32% of the underlying equities were overwritten with call options. These options were typically written at levels above prevailing market prices (estimated to be 2.7% out of the money) with an average time until expiration of 54 days.

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

Market Price and Net Asset Value Per Share Summary

|  | 12/31/19 |  |  | 12/31/18 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 11.88 |  |  | $ | 10.45 |  |  |  | 13.68 | % |  | $ | 12.61 |  |  | $ | 10.16 |
Net Asset Value |  |  | 12.57 |  |  |  | 11.98 |  |  |  | 4.92 |  |  |  | 13.92 |  |  |  | 11.34 |

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security |  | 12/31/19 |
Royal Dutch Shell PLC — ADR |  |  | 12 | %
TOTAL SA |  |  | 8 |
Exxon Mobil Corp. |  |  | 8 |
BP PLC |  |  | 8 |
ConocoPhillips |  |  | 6 |
EOG Resources, Inc. |  |  | 4 |
TC Energy Corp |  |  | 4 |
Williams Cos., Inc. |  |  | 4 |
Suncor Energy, Inc. |  |  | 4 |
Chevron Corp. |  |  | 4 |

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

INDUSTRY ALLOCATION

Industry |  | 12/31/19 |  |  | 12/31/18 |
Oil, Gas & Consumable Fuels |  |  | 97 | % |  |  | 94 | %
Energy Equipment & Services |  |  | 3 |  |  |  | 6 |

| 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. |

TRUST INFORMATION |  |  | 7 |

Trust Information as of December 31, 2019 |  | BlackRock Enhanced Capital and Income Fund, Inc.

Investment Objective

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 objective by employing a strategy of writing (selling) call and put options.

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

Trust Information

Symbol on NYSE |  | CII
Initial Offering Date |  | April 30, 2004
Current Distribution Rate on Closing Market Price as of December 31, 2019 ($17.25)(a) |  | 6.09%
Current Monthly Distribution per Common Share(b) |  | $0.0875
Current Annualized Distribution per Common Share(b) |  | $1.0500

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate 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. |

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

Performance and Portfolio Management Commentary

Returns for the 12-month period ended December 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
CII(a)(b) |  |  | 30.38 | % |  |  | 25.08 | %
MSCI USA Call Overwrite Index(c) |  |  | N/A |  |  |  | 25.70 |

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

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

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

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

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

Past performance is not indicative of future results.

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

What factors influenced performance?

In the equity allocation of the Trust, the largest detractor from relative performance for the 12-month period was stock selection within the consumer staples sector. In particular, overweight positions in beer-maker Molson Coors Beverage Co. and tobacco company Altria Group, Inc. weighed on relative performance. Stock selection in health care also detracted, with overweight positions in pharmaceutical company Pfizer, Inc. and biotech Biogen, Inc. produced weakness. Finally, security selection within the industrials sector further weighed on relative returns.

The largest equity allocation contributors to performance for the 12-month period was stock selection within the consumer discretionary sector. Most notably, overweight positions in homebuilder D.R. Horton, Inc. and discount retailer Dollar General Corp. provided strong relative returns. Among financials, the Trust’s lack of a position in insurance giant Berkshire Hathaway, Inc. and its overweight position in Bank of America Corp. enhanced performance. Stock selection within utilities, particularly with the Trust’s overweight position in Virginia-based AES Corp., further contributed to relative performance.

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

Describe recent portfolio activity.

During the 12-month period, the Trust significantly increased its exposure to the communication services sector. Holdings within consumer discretionary and industrials were also increased. Conversely, the Trust significantly reduced exposure to the health care sector. The Trust also lowered its allocation to materials and utilities.

Describe portfolio positioning at period end.

Relative to the benchmark, the Trust’s largest overweight positions were in the communication services, consumer discretionary and energy sectors. Conversely, the Trust’s largest relative underweights were in the real estate, information technology and utilities sectors.

As of December 31, 2019, the Trust had in place an option overwriting program whereby 48% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 2.1% out of the money) with an average time until expiration of 51 days.

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

8 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trust Information as of December 31, 2019 (continued) |  | BlackRock Enhanced Capital and Income Fund, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 12/31/19 |  |  | 12/31/18 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 17.25 |  |  | $ | 14.08 |  |  |  | 22.51 | % |  | $ | 17.33 |  |  | $ | 13.92 |
Net Asset Value |  |  | 17.96 |  |  |  | 15.28 |  |  |  | 17.54 |  |  |  | 17.99 |  |  |  | 14.97 |

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security |  | 12/31/19 |
Microsoft Corp. |  |  | 6 | %
Apple, Inc. |  |  | 6 |
Alphabet, Inc. |  |  | 5 |
JPMorgan Chase & Co. |  |  | 4 |
UnitedHealth Group, Inc. |  |  | 3 |
Bank of America Corp. |  |  | 3 |
Verizon Communications, Inc. |  |  | 3 |
Comcast Corp. |  |  | 3 |
Walmart, Inc. |  |  | 3 |
Cisco Systems, Inc. |  |  | 3 |

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

SECTOR ALLOCATION

Sector |  | 12/31/19 |  |  | 12/31/18 |
Information Technology |  |  | 21 | % |  |  | 20 | %
Health Care |  |  | 14 |  |  |  | 18 |
Financials |  |  | 13 |  |  |  | 15 |
Communication Services |  |  | 13 |  |  |  | 9 |
Consumer Discretionary |  |  | 12 |  |  |  | 10 |
Industrials |  |  | 9 |  |  |  | 7 |
Consumer Staples |  |  | 7 |  |  |  | 7 |
Energy |  |  | 6 |  |  |  | 6 |
Materials |  |  | 3 |  |  |  | 5 |
Utilities |  |  | 2 |  |  |  | 3 |

| 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. |

TRUST INFORMATION |  |  | 9 |

Trust Information as of December 31, 2019 |  | BlackRock Enhanced Equity Dividend Trust

Investment Objective

BlackRock Enhanced Equity Dividend Trust’s (BDJ) (the “Trust”) primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing in common stocks that pay dividends and have the potential for capital appreciation and by employing a strategy of writing (selling) call and put options. The Trust invests, under normal market conditions, at least 80% of its total assets in dividend paying equities. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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

Trust Information

Symbol on NYSE |  | BDJ
Initial Offering Date |  | August 31, 2005
Current Distribution Rate on Closing Market Price as of December 31, 2019 ($9.92)(a) |  | 6.05%
Current Monthly Distribution per Common Share(b) |  | $0.0500
Current Annualized Distribution per Common Share(b) |  | $0.6000

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate 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. |

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

Performance and Portfolio Management Commentary

Returns for the 12-month period ended December 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BDJ(a)(b) |  |  | 38.53 | % |  |  | 24.52 | %
MSCI USA Value Call Overwrite Index(c) |  |  | N/A |  |  |  | 19.58 |

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

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

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

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

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

Past performance is not indicative of future results.

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

What factors influenced performance?

The most significant contributors to relative performance during the 12-month period were stock selection and allocation decisions within the financials sector. Specifically, selection within and an overweight to the banks, insurance and capital markets industries proved beneficial. In health care, stock selection in the health care providers & services industry boosted relative return, as did stock selection and an overweight to the health care equipment & supplies industry. Other notable contributors included stock selection in the energy and information technology (“IT”) sectors.

The largest detractor from relative performance came from stock selection and an underweight to the utilities sector. Notably, selection decisions and an underweight to the electric utilities industry weighed on relative return, as did an underweight to multi-utilities. Within communication services, stock selection in diversified telecommunication services also weighed on relative performance. Other modest detractors during the period included underweight allocations to the real estate and consumer sectors.

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

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

The Trust’s largest allocations were in the financials, health care and energy sectors. Relative to the benchmark, the Trust’s largest overweight positions were in the financials, health care and energy sectors. The Trust’s largest relative underweights were in the real estate, consumer staples and utilities sectors.

As of December 31, 2019, the Trust had in place an option overwriting program whereby 51% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 2.1% out of the money) with an average time until expiration of 53 days.

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

10 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trust Information as of December 31, 2019 (continued) |  | BlackRock Enhanced Equity Dividend Trust

Market Price and Net Asset Value Per Share Summary

|  | 12/31/19 |  |  | 12/31/18 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 9.92 |  |  | $ | 7.77 |  |  |  | 27.67 | % |  | $ | 9.92 |  |  | $ | 7.72 |
Net Asset Value |  |  | 10.03 |  |  |  | 8.74 |  |  |  | 14.76 |  |  |  | 10.11 |  |  |  | 8.64 |

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security |  | 12/31/19 |
Verizon Communications, Inc. |  |  | 5 | %
JPMorgan Chase & Co. |  |  | 4 |
Citigroup, Inc. |  |  | 4 |
Wells Fargo & Co. |  |  | 4 |
Bank of America Corp. |  |  | 3 |
Medtronic PLC |  |  | 3 |
Anthem, Inc. |  |  | 3 |
Koninklijke Philips NV |  |  | 2 |
Comcast Corp. |  |  | 2 |
American International Group, Inc. |  |  | 2 |

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

SECTOR ALLOCATION

Sector |  | 12/31/19 |  |  | 12/31/18 |
Financials |  |  | 29 | % |  |  | 25 | %
Health Care |  |  | 19 |  |  |  | 23 |
Energy |  |  | 10 |  |  |  | 11 |
Information Technology |  |  | 9 |  |  |  | 12 |
Industrials |  |  | 8 |  |  |  | 6 |
Communication Services |  |  | 8 |  |  |  | 7 |
Consumer Staples |  |  | 7 |  |  |  | 7 |
Consumer Discretionary |  |  | 6 |  |  |  | 3 |
Utilities |  |  | 3 |  |  |  | 4 |
Materials |  |  | 1 |  |  |  | 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. |

TRUST INFORMATION |  |  | 11 |

Trust Information as of December 31, 2019 |  | BlackRock Enhanced Global Dividend Trust

Investment Objective

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

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

Trust Information

Symbol on NYSE |  | BOE
Initial Offering Date |  | May 31, 2005
Current Distribution Rate on Closing Market Price as of December 31, 2019 ($10.99)(a) |  | 6.88%
Current Monthly Distribution per Common Share(b) |  | $0.0630
Current Annualized Distribution per Common Share(b) |  | $0.7560

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate 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. |

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

Performance and Portfolio Management Commentary

Returns for the 12-month period ended December 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BOE(a)(b) |  |  | 25.98 | % |  |  | 19.54 | %
MSCI ACWI Call Overwrite Index(c) |  |  | N/A |  |  |  | 23.66 |

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

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

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

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

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

Past performance is not indicative of future results.

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

What factors influenced performance?

Stock selection in the industrials sector, particularly within air freight & logistics, contributed to returns during the 12-month period. Stock selection in the health care sector also contributed, largely due to an overweight position in pharmaceuticals. Additionally, the Trust’s lack of exposure to energy stocks added value. At the individual security level, British American Tobacco PLC was the top contributor to returns. The company’s shares rose following a favorable earnings forecast. Certain tobacco stocks were also boosted by press reports suggesting that all e-cigarette flavors other than menthol or tobacco would be banned, and after the Food and Drug Administration removed proposed rules regarding nicotine reduction from its web site, signaling that the momentum behind increased tobacco product regulation in the United States had waned. Holdings in the German courier company Deutsche Post AG also contributed, as the company reported solid financial results.

Stock selection within and an underweight to information technology (“IT”), particularly a lack of holdings within technology hardware, represented the largest detractor from performance. Stock selection within the financials and consumer discretionary sectors also weighed on the Trust’s return. At the security level, British tobacco company Imperial Brands PLC represented the largest detractor. The company issued a profit warning as sales of Imperial’s “Next Generation” smoking product disappointed, and the Trust exited the position. A lack of holdings in Apple Inc. also detracted from relative returns.

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

Describe recent portfolio activity.

The most significant change to the portfolio during the 12-month period was a material reduction within consumer staples, mostly attributable to sales of tobacco stocks. The Trust reinvested the proceeds among high quality, dividend-paying names where the investment adviser has high conviction, including health care and consumer discretionary stocks.

12 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trust Information as of December 31, 2019 (continued) |  | BlackRock Enhanced Global Dividend Trust

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector exposures were in health care and consumer staples, with an emphasis on the pharmaceuticals and tobacco industries, respectively. The largest underweights were to IT and energy. The Trust had no exposure to utilities, real estate or energy at the end of the period. From a regional perspective, a majority of portfolio assets was invested either within the United States or Europe, with significant exposure in the United Kingdom and Switzerland.

As of December 31, 2019, the Trust had in place an option overwriting program whereby 43% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 2.0% out of the money) with an average time until expiration of 53 days.

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

Market Price and Net Asset Value Per Share Summary

|  | 12/31/19 |  |  | 12/31/18 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 10.99 |  |  | $ | 9.37 |  |  |  | 17.29 | % |  | $ | 11.09 |  |  | $ | 9.30 |
Net Asset Value |  |  | 12.32 |  |  |  | 11.07 |  |  |  | 11.29 |  |  |  | 12.33 |  |  |  | 10.91 |

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security |  | 12/31/19 |
TELUS Corp. |  |  | 4 | %
Johnson & Johnson |  |  | 3 |
Novartis AG, Registered Shares |  |  | 3 |
Genuine Parts Co. |  |  | 3 |
GlaxoSmithKline PLC |  |  | 3 |
Cisco Systems, Inc. |  |  | 3 |
Rogers Communications, Inc. |  |  | 3 |
Amcor PLC |  |  | 3 |
Nestle SA, Registered Shares |  |  | 3 |
British American Tobacco PLC |  |  | 3 |

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

GEOGRAPHIC ALLOCATION

Country |  | 12/31/19 |  |  | 12/31/18 |
United States |  |  | 53 | % |  |  | 43 | %
United Kingdom |  |  | 13 |  |  |  | 16 |
Switzerland |  |  | 7 |  |  |  | 6 |
Canada |  |  | 7 |  |  |  | 7 |
France |  |  | 4 |  |  |  | 4 |
Netherlands |  |  | 3 |  |  |  | 2 |
Singapore |  |  | 3 |  |  |  | 3 |
Australia |  |  | 3 |  |  |  | 6 |
Germany |  |  | 2 |  |  |  | 2 |
Denmark |  |  | 2 |  |  |  | 1 |
Finland |  |  | 1 |  |  |  | 3 |
Taiwan |  |  | 1 |  |  |  | 2 |
Sweden |  |  | 1 |  |  |  | 1 |
India |  |  | — |  |  |  | 1 |
Ireland |  |  | — |  |  |  | 1 |
China |  |  | — |  |  |  | 1 |
Other(a) |  |  | — |  |  |  | 1 |

| (a) | Other includes a 1% holding or less in Japan. |

TRUST INFORMATION |  |  | 13 |

Trust Information as of December 31, 2019 |  | BlackRock Enhanced International Dividend Trust

Investment Objective

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

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

Trust Information

Symbol on NYSE |  | BGY
Initial Offering Date |  | May 30, 2007
Current Distribution Rate on Closing Market Price as of as of December 31, 2019 ($5.89)(a) |  | 6.89%
Current Monthly Distribution per Common Share(b) |  | $0.0338
Current Annualized Distribution per Common Share(b) |  | $0.4056

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate 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. |

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

Performance and Portfolio Management Commentary

Returns for the 12-month period ended December 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BGY(a)(b) |  |  | 27.22 | % |  |  | 20.20 | %
MSCI ACWI ex USA Call Overwrite Index(c) |  |  | N/A |  |  |  | 19.75 |

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

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

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

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

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

Past performance is not indicative of future results.

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

What factors influenced performance?

During the 12-month period, stock selection in the health care sector contributed to performance, largely due to an overweight position in pharmaceuticals. Security selection within the industrials sector also added to returns. Additionally, the Trust’s lack of exposure to energy stocks added value. At the individual security level, British American Tobacco PLC was the top contributor to returns. The company’s shares rose following a favorable earnings forecast. Certain tobacco stocks were also boosted by press reports suggesting that all e-cigarette flavors other than menthol or tobacco would be banned, and after the Food and Drug Administration removed proposed rules regarding nicotine reduction from its web site, signaling that the momentum behind increased tobacco product regulation in the United States had waned. Holdings in the German courier company Deutsche Post AG also contributed, as the company reported solid financial results.

Stock selection within the financials sector detracted from performance. The Trust’s underweight to information technology (“IT”) also subtracted from returns. In addition, stock selection within the consumer discretionary sector weighed on the Trust’s return. At the security level, British tobacco company Imperial Brands PLC represented the largest detractor. The company issued a profit warning as sales of Imperial’s “Next Generation” smoking product disappointed, and the Trust exited the position. The Trust’s holdings in the Canadian media company Rogers Communications, Inc. also detracted from relative return.

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

Describe recent portfolio activity.

The most significant change to the portfolio during the 12-month period was a material reduction within consumer staples, mostly attributable to sales of tobacco stocks. The Trust reinvested the proceeds among high quality, dividend-paying names where the investment adviser has high conviction, including health care and communication services stocks.

14 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trust Information as of December 31, 2019 (continued) |  | BlackRock Enhanced International Dividend Trust

Describe portfolio positioning at period end.

At period end, the Trust’s largest sector exposures were in health care and consumer staples, with an emphasis on the pharmaceuticals and tobacco industries, respectively. The largest underweights were to consumer discretionary and IT. The Trust had no exposure to utilities, real estate or energy at the end of the period. From a regional perspective, a majority of portfolio assets was invested in Europe, with significant exposure to Switzerland and the United Kingdom.

As of December 31, 2019, the Trust had in place an option overwriting program whereby 43% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 2.0% out of the money) with an average time until expiration of 54 days.

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

Market Price and Net Asset Value Per Share Summary

|  | 12/31/19 |  |  | 12/31/18 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 5.89 |  |  | $ | 4.98 |  |  |  | 18.27 | % |  | $ | 5.89 |  |  | $ | 4.94 |
Net Asset Value |  |  | 6.47 |  |  |  | 5.79 |  |  |  | 11.74 |  |  |  | 6.48 |  |  |  | 5.73 |

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security |  | 12/31/19 |
TELUS Corp. |  |  | 7 | %
British American Tobacco PLC |  |  | 6 |
Amcor PLC |  |  | 6 |
Rogers Communications, Inc. |  |  | 5 |
GlaxoSmithKline PLC |  |  | 5 |
Novartis AG, Registered Shares |  |  | 5 |
Unilever PLC |  |  | 5 |
Nestle SA, Registered Shares |  |  | 5 |
Deutsche Post AG, Registered Shares |  |  | 5 |
Koninklijke Philips NV |  |  | 4 |

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

GEOGRAPHIC ALLOCATION

Country |  | 12/31/19 |  |  | 12/31/18 |
United Kingdom |  |  | 26 | % |  |  | 28 | %
Switzerland |  |  | 13 |  |  |  | 10 |
Canada |  |  | 13 |  |  |  | 11 |
United States |  |  | 9 |  |  |  | 5 |
France |  |  | 7 |  |  |  | 6 |
Netherlands |  |  | 7 |  |  |  | 4 |
Australia |  |  | 5 |  |  |  | 9 |
Germany |  |  | 5 |  |  |  | 4 |
Singapore |  |  | 5 |  |  |  | 3 |
Denmark |  |  | 3 |  |  |  | 2 |
Finland |  |  | 2 |  |  |  | 5 |
Taiwan |  |  | 2 |  |  |  | 3 |
Sweden |  |  | 2 |  |  |  | 3 |
China |  |  | 1 |  |  |  | 3 |
India |  |  | — | (a) |  |  | 2 |
Japan |  |  | — |  |  |  | 2 |

| (a) | Represents less than 1% of the Trust’s total investments. |

TRUST INFORMATION |  |  | 15 |

Trust Information as of December 31, 2019 |  | BlackRock Health Sciences Trust

Investment Objective

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

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

Trust Information

Symbol on NYSE |  | BME
Initial Offering Date |  | March 31, 2005
Current Distribution Rate on Closing Market Price as of December 31, 2019 ($42.50)(a) |  | 5.65%
Current Monthly Distribution per Common Share(b) |  | $0.2000
Current Annualized Distribution per Common Share(b) |  | $2.4000

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate 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. |

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

Performance and Portfolio Management Commentary

Returns for the 12-month period ended December 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BME(a)(b) |  |  | 24.15 | % |  |  | 22.26 | %
MSCI USA IMI Health Care Call Overwrite Index(c) |  |  | N/A |  |  |  | 19.02 |

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

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

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

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

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

Past performance is not indicative of future results.

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

What factors influenced performance?

Health care stocks generated a robust gain in 2019, as equities in general were boosted by optimism surrounding the economic outlook and global central bank policy. However, the sector lagged the broader market due largely to its underperformance in the first half of the year.

Strong stock selection, primarily in the biotechnology and pharmaceutical subsectors, was the primary reason for the Trust’s positive relative performance.

A zero weighting in the biotechnology firm AbbVie, Inc. was the leading contributor to performance, as the stock declined after announcing its acquisition of the pharmaceutical firm Allergan PLC. In addition, AbbVie missed earnings expectations and lowered its guidance for 2019. An underweight position in the pharmaceutical giant Pfizer contributed to results, as well. The stock declined in August after the company announced that it was spinning off its off-patent and generic drug division and merging it with Mylan NV. While the spin-off sought to shift the company’s efforts into higher-margin areas of health care, the financially dilutive impact of the deal was viewed negatively by the market. Holdings in AstraZeneca PLC, Seattle Genetics, Inc. and RA Pharmaceuticals, Inc. also benefited performance.

Stock selection in the medical devices & supplies and health care providers & services sub-sectors detracted from relative performance.

A zero weighting in Celgene Corp., which was taken over at a substantial premium by Bristol-Myers Squibb Co., was the largest individual detractor. Not holding the medical devices & supplies firm Danaher Corp. also detracted, as investors reacted favorably to its acquisition of General Electric’s biopharmaceutical business. Holdings in Eli Lilly & Co., Zimmer Biomet Holdings, Inc., and Alcon, Inc. further detracted from performance.

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

Describe recent portfolio activity.

The Trust increased its allocation to the medical devices & supplies subsector, while its weightings in the pharmaceuticals, biotechnology, and health care providers & services subsectors remained largely the same.

16 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trust Information as of December 31, 2019 (continued) |  | BlackRock Health Sciences Trust

Describe portfolio positioning at period end.

The investment adviser continued to look for opportunities stemming from key trends in the health care sector, such as the aging global population and the rising demand for more extensive medical care from the growing middle class in the emerging markets. Accordingly, the Trust was positioned with an overweight in the medical devices & supplies sub-sector. The investment adviser identified a number of companies in this area with strong fundamentals and increased penetration in the emerging markets.

Global demographic changes, particularly increased longevity, have led to growing demand in the health sciences industry. This trend has been further supported by innovation across multiple areas in health care. In drug development, for example, biotechnology and pharmaceutical companies’ use of genomic research has allowed for earlier diagnosis of disease and has facilitated a shift towards preventative care. In addition, there has been significant innovation in areas such as medical equipment, diagnostic services and biosensors.

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

As of December 31, 2019, the Trust had an options overwriting program in place whereby 36% of the underlying equities were overwritten with call options. These options were typically written at levels above prevailing market prices (estimated to be 3% out of the money) with an average time until expiration of 52 days.

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

Market Price and Net Asset Value Per Share Summary

|  | 12/31/19 |  |  | 12/31/18 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 42.50 |  |  | $ | 36.45 |  |  |  | 16.60 | % |  | $ | 42.50 |  |  | $ | 35.75 |
Net Asset Value |  |  | 41.19 |  |  |  | 35.87 |  |  |  | 14.83 |  |  |  | 41.33 |  |  |  | 34.65 |

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security |  | 12/31/19 |
UnitedHealth Group, Inc. |  |  | 9 | %
Abbott Laboratories |  |  | 5 |
Merck & Co., Inc. |  |  | 4 |
Thermo Fisher Scientific, Inc. |  |  | 4 |
Medtronic PLC |  |  | 3 |
Amgen, Inc. |  |  | 3 |
Johnson & Johnson |  |  | 3 |
Stryker Corp. |  |  | 3 |
Edwards Lifesciences Corp. |  |  | 3 |
Zoetis, Inc. |  |  | 2 |

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

INDUSTRY ALLOCATION

Industry |  | 12/31/19 |  |  | 12/31/18 |
Health Care Equipment & Supplies |  |  | 30 | % |  |  | 27 | %
Pharmaceuticals |  |  | 23 |  |  |  | 25 |
Health Care Providers & Services |  |  | 21 |  |  |  | 23 |
Biotechnology |  |  | 17 |  |  |  | 18 |
Life Sciences Tools & Services |  |  | 8 |  |  |  | 5 |
Health Care Technology |  |  | 1 |  |  |  | 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. |

TRUST INFORMATION |  |  | 17 |

Trust Information as of December 31, 2019 |  | BlackRock Resources & Commodities Strategy Trust

Investment Objective

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

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

Trust Information

Symbol on NYSE |  | BCX
Initial Offering Date |  | March 30, 2011
Current Distribution Rate on Closing Market Price as of December 31, 2019 ($8.07)(a) |  | 7.67%
Current Monthly Distribution per Common Share(b) |  | $0.0516
Current Annualized Distribution per Common Share(b) |  | $0.6192

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate 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. |

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

Performance and Portfolio Management Commentary

Returns for the 12-month period ended December 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BCX(a)(b) |  |  | 23.67 | % |  |  | 15.88 | %
MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index(c) |  |  | N/A |  |  |  | 9.13 |

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

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

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

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

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

Past performance is not indicative of future results.

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

What factors influenced performance?

Natural resources stocks, while posting a gain in 2019, lagged the strong return of the broader world equity market. The shortfall was due, in part, to concerns about slowing economic growth in China and persistent uncertainty surrounding the U.S.-China trade dispute. Since China is the world’s leading consumer of commodities, both of these factors had an outsized impact on the resources sector compared to other areas of the market.

In the physical commodity space, prices of bulk commodities and precious metals rose while most base metals came under pressure. Crude oil prices rallied, due in part to the favorable backdrop of steady global growth, production discipline by the Organization of Petroleum Exporting Countries plus Russia, and declining shale production in the United States. In the agriculture sector, the most noteworthy event was the sharp decline in China’s pork supply brought about by African Swine Fever. The severity of the crisis caused global pork prices to rise exponentially, with U.S. pork sales to China doubling and European pork prices reaching a six-year high.

The Trust’s overweight positions in the mining and energy sectors contributed to relative performance. An out-of-benchmark holding in JBS SA was the largest contributor at the individual stock level. The company was viewed as a beneficiary of rising prices for pork, beef and chicken in the wake of the African Swine Fever crisis.

An out-of-benchmark position in Glanbia PLC, a global leader in sports nutrition, was a key detractor from relative performance. The stock plunged to its lowest level in five years after weaker international sales caused the company to issue a profit warning. The lack of a position in Fortescue Metals Group Ltd., which benefited from its high sensitivity to iron ore prices, also detracted from results.

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

Describe recent portfolio activity.

Among other decisions, the investment adviser shifted the Trust’s holdings in the diversified mining sector. The Trust’s position in Glencore PLC was sold on the belief that the company had an unfavorable commodity mix and rising environmental, social and governance risks, and the proceeds were rotated into Anglo American PLC. The investment adviser also sold Nestle SA in order to fund opportunities within the protein space; for example, increasing the Fund’s position in Tyson Foods, Inc.

18 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trust Information as of December 31, 2019 (continued) |  | BlackRock Resources & Commodities Strategy Trust

Describe portfolio positioning at period end.

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

As of December 31, 2019, the Trust had an options overwriting program in place whereby 35% of the underlying equities were overwritten with call options. These options were typically written at levels above prevailing market prices (estimated to be 3.1% out of the money) with an average time until expiration of 52 days.

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

Market Price and Net Asset Value Per Share Summary

|  | 12/31/19 |  |  | 12/31/18 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 8.07 |  |  | $ | 7.06 |  |  |  | 14.31 | % |  | $ | 8.38 |  |  | $ | 6.98 |
Net Asset Value |  |  | 9.04 |  |  |  | 8.44 |  |  |  | 7.11 |  |  |  | 9.64 |  |  |  | 8.30 |

Market Price and Net Asset Value History For Past Five Years

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security |  | 12/31/19 |
TOTAL SA |  |  | 6 | %
BP PLC — ADR |  |  | 5 |
Royal Dutch Shell PLC — ADR |  |  | 5 |
BHP Group PLC |  |  | 5 |
Anglo American PLC |  |  | 4 |
Vale SA — ADR |  |  | 3 |
FMC Corp. |  |  | 3 |
Exxon Mobil Corp. |  |  | 3 |
Barrick Gold Corp. |  |  | 3 |
Packaging Corp. of America |  |  | 3 |

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

INDUSTRY ALLOCATION

Industry |  | 12/31/19 |  |  | 12/31/18 |
Oil, Gas & Consumable Fuels |  |  | 35 | % |  |  | 33 | %
Metals & Mining |  |  | 35 |  |  |  | 38 |
Chemicals |  |  | 11 |  |  |  | 14 |
Containers & Packaging |  |  | 9 |  |  |  | 3 |
Food Products |  |  | 7 |  |  |  | 7 |
Specialty Retail |  |  | 1 |  |  |  | — |
Machinery |  |  | 1 |  |  |  | 1 |
Electronic Equipment, Instruments & Components |  |  | 1 |  |  |  | 1 |
Paper & Forest Products |  |  | — |  |  |  | 1 |
Pharmaceuticals |  |  | — |  |  |  | 1 |
Energy Equipment & 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. |

TRUST INFORMATION |  |  | 19 |

Trust Information as of December 31, 2019 |  | BlackRock Science and Technology Trust

Investment Objective

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

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

Trust Information

Symbol on NYSE |  | BST
Initial Offering Date |  | October 30, 2014
Current Distribution Rate on Closing Market Price as of December 31, 2019 ($33.27)(a) |  | 5.97%
Current Monthly Distribution per Common Share(b) |  | $0.1655
Current Annualized Distribution per Common Share(b) |  | $1.9860

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate 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. |

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

Performance and Portfolio Management Commentary

Returns for the 12-month period ended December 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BST(a)(b) |  |  | 34.77 | % |  |  | 37.82 | %
MSCI ACWI IT Call Overwrite Index(c) |  |  | N/A |  |  |  | 40.28 |

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

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

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

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

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

Past performance is not indicative of future results.

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

What factors influenced performance?

At the sub-sector level, stock selection within services and semiconductors contributed to relative return during the 12-month period. At the individual security level, the Trust’s position in the hardware and streaming services company Roku, Inc. was the top performer for the period, as the stock posted very strong returns on continued sales growth, with quarterly earnings above expectations and revenues also rising sharply. The Trust’s lack of exposure to Cisco Systems, Inc. also added to relative performance as the company reported its slowest growth rate in two years.

Conversely, the Trust’s overweight to the internet sub-sector as well as stock selection in gaming and data center stocks represented the most significant detractors from relative performance. At the security level, an underweight to Apple Inc. was the primary detractor from returns as the company’s share price rallied in 2019 based on continued operational strength. In addition, an out-of-benchmark position in Chinese gaming company Tencent Holdings Ltd. constrained relative performance due to increased geopolitical tensions between the United States and China, and weakened ad sales for the company within the Chinese market.

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

Describe recent portfolio activity.

During the 12-month period, the Trust increased exposure to semiconductors, hardware and services, while decreasing exposure to software, internet, gaming and data center stocks. From a regional perspective, the Trust’s allocations to emerging markets and the United Kingdom increased, while exposure to the United States was significantly reduced.

Describe portfolio positioning at period end.

The Trust’s investment process aims to provide a balance of legacy technology firms that can continually innovate, and new disruptive companies displacing those companies failing to innovate, with approximately 40% of the portfolio consisting of these “core” legacy companies, and 60% making up the “opportunistic,” high-growth

20 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trust Information as of December 31, 2019 (continued) |  | BlackRock Science and Technology Trust

portion. At period end, the largest sub-sector exposures were to internet, software and services companies, as these firms are supported by the longer-term tailwinds of innovation and the transition to cloud computing. The Trust’s software exposure was characterized by companies that offer enterprise software solutions, cloud computing services and software-as-a-service, and are less cyclical in nature. Conversely, the Trust held an underweight position in the semiconductors and hardware sub-sectors due their more cyclical nature.

As of December 31, 2019, the Trust had in place an option overwriting program whereby 32% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 4.2% out of the money) with an average time until expiration of 51 days.

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

Market Price and Net Asset Value Per Share Summary

|  | 12/31/19 |  |  | 12/31/18 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 33.27 |  |  | $ | 27.48 |  |  |  | 21.07 | % |  | $ | 34.94 |  |  | $ | 26.89 |
Net Asset Value |  |  | 32.45 |  |  |  | 26.21 |  |  |  | 23.81 |  |  |  | 34.27 |  |  |  | 25.18 |

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security |  | 12/31/19 |
Microsoft Corp. |  |  | 5 | %
Alibaba Group Holding Ltd. — ADR |  |  | 4 |
Apple, Inc. |  |  | 4 |
Alphabet, Inc. |  |  | 3 |
Mastercard, Inc. |  |  | 3 |
Amazon.com, Inc. |  |  | 3 |
Visa, Inc. |  |  | 3 |
Tencent Holdings Ltd. |  |  | 3 |
salesforce.com, Inc. |  |  | 2 |
Adobe, Inc. |  |  | 2 |

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

INDUSTRY ALLOCATION

Industry |  | 12/31/19 |  |  | 12/31/18 |
Software |  |  | 26 | % |  |  | 28 | %
IT Services |  |  | 19 |  |  |  | 18 |
Semiconductors & Semiconductor Equipment |  |  | 15 |  |  |  | 11 |
Internet & Direct Marketing Retail |  |  | 10 |  |  |  | 16 |
Interactive Media & Services |  |  | 10 |  |  |  | 11 |
Electronic Equipment, Instruments & Components |  |  | 4 |  |  |  | 2 |
Technology Hardware, Storage & Peripherals |  |  | 3 |  |  |  | 3 |
Entertainment |  |  | 3 |  |  |  | 6 |
Road & Rail |  |  | 3 |  |  |  | — |
Diversified Consumer Services |  |  | 2 |  |  |  | 1 |
Health Care Technology |  |  | 1 |  |  |  | 1 |
Diversified Telecommunication Services |  |  | 1 |  |  |  | 1 |
Banks |  |  | 1 |  |  |  | — |
Communications Equipment |  |  | 1 |  |  |  | 1 |
Professional Services |  |  | 1 |  |  |  | — |
Automobiles |  |  | — |  |  |  | 1 |
Other |  |  | — |  |  |  | — | (a)

| (a) | Other includes a 1% holding or less in each of the following industries: |

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.

TRUST INFORMATION |  |  | 21 |

Trust Information as of December 31, 2019 |  | BlackRock Science and Technology Trust II

Investment Objective

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

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

Trust Information

Symbol on NYSE |  | BSTZ
Initial Offering Date |  | June 27, 2019
Current Distribution Rate on Closing Market Price as of December 31, 2019 ($20.50)(a) |  | 5.85%
Current Monthly Distribution per Common Share(b) |  | $0.1000
Current Annualized Distribution per Common Share(b) |  | $1.2000

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate 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. |

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

Performance and Portfolio Management Commentary

Returns for the period since inception (June 27, 2019) to December 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BSTZ(a)(b) |  |  | 5.10 | % |  |  | 7.40 | %
MSCI ACWI 25% Call Overwrite Index(c) |  |  | N/A |  |  |  | 9.18 |

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

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

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

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

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

Past performance is not indicative of future results.

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

What factors influenced performance?

At the individual security level, a position in the Chinese coffee shop chain Luckin Coffee, Inc. was among the largest positive contributors during the period. Luckin Coffee’s strategy is based on reducing the price of a cup of coffee substantially by employing an app-centric approach that allows it to utilize small storefronts, greatly minimizing real estate costs. Luckin Coffee’s shares benefited from strong growth within China, as well as from a significant recent investment by an American hedge fund, which in turn boosted investor confidence in the stock. In addition, the Trust’s holdings in the European food delivery company Delivery Hero SE contributed positively during the period. The company announced a $4 billion acquisition of the largest Korean food delivery service Woowa Brothers, which reduces competition in the global food delivery space, provides a foothold for the company in Asia, and should serve to improve Delivery Hero’s profit margins.

Conversely, at the security level, a position in U.K.-based luxury apparel e-commerce retailer FarFetch Ltd. was among the largest detractors from returns. FarFetch’s shares declined sharply after investors reacted unfavorably to its acquisition of Italian competitor New Guards Group. In addition, the Trust’s position in the U.S. enterprise software and cloud computing company Twilio, Inc. detracted as its shares were negatively impacted by investors’ rotation into value stocks during the period. Twilio’s bullish growth outlook had fueled a strong rally in its shares earlier in 2019, and the investment adviser continues to hold a favorable outlook regarding the company’s growth potential.

The Trust held an elevated cash position at times throughout the period. The Trust’s cash position had a negative effect on Trust performance.

As of period end, the Trust held nine private investments, comprising 8% of total assets or a total commitment of approximately $120 million. These investments are predominantly a mix of next-generation semiconductor-related companies and emerging software businesses in areas such as codeless application development platforms. These holdings did not significantly impact performance during the period.

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

22 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trust Information as of December 31, 2019 (continued) |  | BlackRock Science and Technology Trust II

Describe recent portfolio activity.

Following the Trust’s initial public offering on June 26, 2019, the investment adviser began to deploy capital to both public and private markets across the next-generation technology universe. The investment adviser made considerable use of put sales during the Trust’s ramp-up phase. This approach was taken to establish portfolio positions at more attractive valuations.

Describe portfolio positioning at period end.

At period end, the Trust held 94% of its net asset value in equity securities, and 6% in cash and equivalents. Within this, the Trust held 29% in software, 19% in semiconductors, 17% in services, 16% in internet, 9% in hardware and 4% in content/telecoms. These industry exposures were a result of bottom-up stock selection.

As of December 31, 2019, the Trust had in place an option overwriting program whereby 24% of the underlying equities were overwritten with call options. These call options were typically written at prices above the prevailing market prices (estimated to be 4.7% out of the money) with an average time until expiration of 52 days.

Market Price and Net Asset Value Per Share Summary

|  | 12/31/19 |  |  | 06/27/19 (a) |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 20.50 |  |  | $ | 20.00 |  |  |  | 2.50 | % |  | $ | 23.11 |  |  | $ | 19.61 |
Net Asset Value |  |  | 20.95 |  |  |  | 20.00 |  |  |  | 4.75 |  |  |  | 21.01 |  |  |  | 18.79 |

Market Price and Net Asset Value History Since Inception

(a) | Commencement of operations.

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security |  | 12/31/19 |
Delivery Hero SE |  |  | 2 | %
C3 AI, Inc. |  |  | 2 |
Sunny Optical Technology Group Co. Ltd. |  |  | 2 |
Advanced Micro Devices, Inc. |  |  | 1 |
TeamViewer AG |  |  | 1 |
Magazine Luiza SA |  |  | 1 |
Marvell Technology Group Ltd. |  |  | 1 |
GDS Holdings Ltd. — ADR |  |  | 1 |
Lasertec Corp. |  |  | 1 |
Skyworks Solutions, Inc. |  |  | 1 |

| * | Figures exclude assets held in money market funds and option positions. |

INDUSTRY ALLOCATION

Industry |  | 12/31/19 |  |  | 06/30/19 |
Software |  |  | 26 | % |  |  | 34 | %
Semiconductors & Semiconductor Equipment |  |  | 20 |  |  |  | 14 |
IT Services |  |  | 17 |  |  |  | 19 |
Internet & Direct Marketing Retail |  |  | 7 |  |  |  | 8 |
Electronic Equipment, Instruments & Components |  |  | 6 |  |  |  | 1 |
Interactive Media & Services |  |  | 5 |  |  |  | 6 |
Entertainment |  |  | 3 |  |  |  | 4 |
Diversified Consumer Services |  |  | 3 |  |  |  | 2 |
Communications Equipment |  |  | 2 |  |  |  | 2 |
Health Care Technology |  |  | 2 |  |  |  | 2 |
Multiline Retail |  |  | 2 |  |  |  | 1 |
Automobiles |  |  | 1 |  |  |  | — |
Hotels, Restaurants & Leisure |  |  | 1 |  |  |  | 1 |
Banks |  |  | 1 |  |  |  | — |
Road & Rail |  |  | 1 |  |  |  | — |
Capital Markets |  |  | 1 |  |  |  | 1 |
Professional Services |  |  | 1 |  |  |  | 1 |
Diversified Telecommunication Services |  |  | 1 |  |  |  | 2 |
Electrical Equipment |  |  | — |  |  |  | 1 |
Household Durables |  |  | — |  |  |  | 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.

TRUST INFORMATION |  |  | 23 |

Trust Information as of December 31, 2019 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust

Investment Objective

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

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

Trust Information

Symbol on NYSE |  | BUI
Initial Offering Date |  | November 25, 2011
Current Distribution Rate on Closing Market Price as of December 31, 2019 ($22.31)(a) |  | 6.51%
Current Monthly Distribution per Common Share(b) |  | $0.1210
Current Annualized Distribution per Common Share(b) |  | $1.4520

| (a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate 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. |

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

Performance and Portfolio Management Commentary

Returns for the 12-month period ended December 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | Net Asset Value |
BUI(a)(b) |  |  | 20.91 | % |  |  | 25.63 | %
MSCI World Select Energy, Utilities and Industry Call Overwrite Index(c) |  |  | N/A |  |  |  | 26.79 |

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

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

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

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

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

Past performance is not indicative of future results.

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

What factors influenced performance?

One of the largest detractors from relative returns was the Trust’s position in Infineon Technologies AG. The German automotive power and management chip manufacturer faced a difficult environment throughout the period as the global automotive market remained weak.

The largest contributor to relative returns was the Trust’s position in clean-power utility company NextEra Energy, Inc., which benefited from positive financial results and the market’s preference for companies with defensive earnings characteristics as bond yields fell during the period. In addition, the Trust’s out-of-benchmark position in France’s Schneider Electric SE also contributed positive to relative returns, as the company reported strong organic growth for the first quarter of 2019 that started a year-long rally. The Trust’s out-of-benchmark position in German specialty chemicals maker Sika AG also added to Trust performance, showing strong revenue growth and reacting favorably to news late in the period that the U.S. and China had reached tentative agreement on a phase one trade deal.

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

Describe recent portfolio activity.

During the period, the Trust continued to reduce its exposure to traditional infrastructure companies, selling its positions in Australian toll-road operator Transurban Group and Italian airport and motorway operator Atlantia SpA. The Trust also reduced exposure to higher-carbon energy sources, decreasing positions in U.S. utilities Dominion Energy, Inc. and Duke Energy Corp. The Trust used the proceeds to invest in its favored energy-transition holdings, including German multi-utility operator RWE AG and Danish wind power specialist Vestas Wind Systems A/S.

24 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trust Information as of December 31, 2019 (continued) |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust

Describe portfolio positioning at period end.

At period end, the utilities sector accounted for approximately 54% of the Trust’s assets. The Trust had approximately 21% and 11% of its assets invested in the industrials and energy sectors, respectively, and the remainder was invested in other infrastructure- and power-related sectors.

As of December 31, 2019, the Trust had an options overwriting program in place whereby 32% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 1.8% out of the money) with an average time until expiration of 54 days.

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

Market Price and Net Asset Value Per Share Summary

|  | 12/31/19 |  |  | 12/31/18 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 22.31 |  |  | $ | 19.76 |  |  |  | 12.90 | % |  | $ | 24.50 |  |  | $ | 19.26 |
Net Asset Value |  |  | 22.02 |  |  |  | 18.77 |  |  |  | 17.31 |  |  |  | 22.02 |  |  |  | 18.60 |

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

Overview of the Trust’s Total Investments *

TEN LARGEST HOLDINGS

Security |  | 12/31/19 |
NextEra Energy, Inc. |  |  | 10 | %
Enel SpA |  |  | 5 |
EDP Renovaveis SA |  |  | 5 |
Williams Cos., Inc. |  |  | 4 |
Vinci SA |  |  | 4 |
Iberdrola SA |  |  | 3 |
TC Energy Corp. |  |  | 3 |
RWE AG |  |  | 3 |
National Grid PLC |  |  | 3 |
Dominion Energy, Inc. |  |  | 3 |

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

INDUSTRY ALLOCATION

Industry |  | 12/31/19 |  |  | 12/31/18 |
Electric Utilities |  |  | 31 | % |  |  | 39 | %
Multi-Utilities |  |  | 17 |  |  |  | 20 |
Oil, Gas & Consumable Fuels |  |  | 11 |  |  |  | 13 |
Electrical Equipment |  |  | 9 |  |  |  | 6 |
Independent Power and Renewable Electricity Producers |  |  | 8 |  |  |  | 7 |
Chemicals |  |  | 6 |  |  |  | 4 |
Building Products |  |  | 5 |  |  |  | 2 |
Construction & Engineering |  |  | 5 |  |  |  | — |
Semiconductors & Semiconductor Equipment |  |  | 3 |  |  |  | 2 |
Commercial Services & Supplies |  |  | 2 |  |  |  | — |
Electronic Equipment, Instruments & Components |  |  | 2 |  |  |  | — |
Machinery |  |  | 1 |  |  |  | 1 |
Transportation Infrastructure |  |  | — |  |  |  | 6 |

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.

TRUST INFORMATION |  |  | 25 |

Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Trusts’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

26 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments December 31, 2019 |  | BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks — 97.8% |
Energy Equipment & Services — 2.5% |
Baker Hughes Co.(a) |  |  | 364,050 |  |  | $ | 9,330,602 |
Oil, Gas & Consumable Fuels — 95.3% |
BP PLC |  |  | 4,913,550 |  |  |  | 30,910,173 |
Cabot Oil & Gas Corp.(a) |  |  | 186,250 |  |  |  | 3,242,613 |
Cairn Energy PLC(b) |  |  | 1,432,591 |  |  |  | 3,919,185 |
Canadian Natural Resources Ltd. |  |  | 324,710 |  |  |  | 10,502,345 |
Chevron Corp.(a)(c) |  |  | 115,405 |  |  |  | 13,907,457 |
CNOOC Ltd. |  |  | 4,605,000 |  |  |  | 7,657,329 |
Concho Resources, Inc.(a) |  |  | 90,259 |  |  |  | 7,903,981 |
ConocoPhillips(a) |  |  | 345,150 |  |  |  | 22,445,104 |
Enbridge, Inc. |  |  | 152,100 |  |  |  | 6,047,455 |
Eni SpA |  |  | 658,800 |  |  |  | 10,231,973 |
EOG Resources, Inc.(a) |  |  | 188,990 |  |  |  | 15,829,802 |
Equinor ASA |  |  | 388,550 |  |  |  | 7,748,568 |
Exxon Mobil Corp.(a)(c) |  |  | 450,812 |  |  |  | 31,457,661 |
Galp Energia SGPS SA |  |  | 258,935 |  |  |  | 4,347,015 |
Hess Corp.(a) |  |  | 73,590 |  |  |  | 4,916,548 |
Kosmos Energy Ltd. |  |  | 1,032,784 |  |  |  | 5,886,869 |
Lundin Petroleum AB |  |  | 88,900 |  |  |  | 3,018,549 |
Marathon Petroleum Corp.(a) |  |  | 210,175 |  |  |  | 12,663,044 |
Noble Energy, Inc.(a) |  |  | 196,194 |  |  |  | 4,873,459 |
Oil Search Ltd. |  |  | 962,233 |  |  |  | 4,906,462 |
Petroleo Brasileiro SA — ADR(a) |  |  | 120,400 |  |  |  | 1,919,176 |
Pioneer Natural Resources Co.(a) |  |  | 54,816 |  |  |  | 8,297,498 |
Royal Dutch Shell PLC, Class A |  |  | 129,298 |  |  |  | 3,829,059 |
Royal Dutch Shell PLC — ADR, Class A(a) |  |  | 737,150 |  |  |  | 43,477,107 |
Suncor Energy, Inc. |  |  | 440,070 |  |  |  | 14,423,302 |
TC Energy Corp. |  |  | 288,990 |  |  |  | 15,391,435 |
TOTAL SA |  |  | 574,213 |  |  |  | 31,863,371 |
Valero Energy Corp.(a) |  |  | 117,168 |  |  |  | 10,972,783 |

Security |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |
Williams Cos., Inc.(a) |  |  | 627,150 |  |  | $ | 14,875,998 |
|  |  |  |  |  |  | 357,465,321 |
Total Long-Term Investments — 97.8% (Cost — $358,628,402) |  |  |  | 366,795,923 |
Short-Term Securities — 3.4% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.51%(d)(e) |  |  | 12,745,390 |  |  |  | 12,745,390 |
Total Short-Term Securities — 3.4% (Cost — $12,745,390) |  |  |  | 12,745,390 |
Total Investments Before Options Written — 101.2% (Cost — $371,373,792) |  |  |  | 379,541,313 |
Options Written — (0.9)% (Premiums Received — $2,439,918) |  |  |  | (3,553,695 | )
Total Investments, Net of Options Written — 100.3% (Cost — $368,933,874) |  |  |  | 375,987,618 |
Liabilities in Excess of Other Assets — (0.3)% |  |  |  | (1,091,795 | )
Net Assets — 100.0% |  |  | $ | 374,895,823 |

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

(b) | Non-income producing security.

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

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

(e) | During the year ended December 31, 2019, investments in issuers considered to be an affiliate/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 12/31/18 |  |  | Net Activity |  |  | Shares Held at 12/31/19 |  |  | Value at 12/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 5,006,975 |  |  |  | 7,738,415 |  |  |  | 12,745,390 |  |  | $ | 12,745,390 |  |  | $ | 182,286 |  |  | $ | 23 |  |  | $ | — |

| (a) | Includes net capital gain distributions, if applicable. |

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exxon Mobil Corp. |  |  | 115 |  |  |  | 01/03/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 802 |  |  | $ | (3,162 | )
Exxon Mobil Corp. |  |  | 248 |  |  |  | 01/03/20 |  |  | USD |  |  | 70.50 |  |  | USD |  |  | 1,731 |  |  |  | (2,976 | )
Petroleo Brasileiro SA — ADR |  |  | 104 |  |  |  | 01/03/20 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 166 |  |  |  | (1,092 | )
ConocoPhillips |  |  | 160 |  |  |  | 01/10/20 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 1,040 |  |  |  | (27,040 | )
EOG Resources, Inc. |  |  | 209 |  |  |  | 01/10/20 |  |  | USD |  |  | 75.50 |  |  | USD |  |  | 1,751 |  |  |  | (174,515 | )
Exxon Mobil Corp. |  |  | 263 |  |  |  | 01/10/20 |  |  | USD |  |  | 70.50 |  |  | USD |  |  | 1,835 |  |  |  | (12,229 | )
Williams Cos., Inc. |  |  | 347 |  |  |  | 01/10/20 |  |  | USD |  |  | 22.55 |  |  | USD |  |  | 823 |  |  |  | (41,904 | )
Baker Hughes Co. |  |  | 519 |  |  |  | 01/17/20 |  |  | USD |  |  | 24.00 |  |  | USD |  |  | 1,330 |  |  |  | (90,825 | )

SCHEDULES OF INVESTMENTS |  |  | 27 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Energy and Resources Trust (BGR)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cabot Oil & Gas Corp. |  |  | 325 |  |  |  | 01/17/20 |  |  | USD |  |  | 18.00 |  |  | USD |  |  | 566 |  |  | $ | (7,312 | )
Canadian Natural Resources Ltd. |  |  | 605 |  |  |  | 01/17/20 |  |  | CAD |  |  | 38.00 |  |  | CAD |  |  | 2,541 |  |  |  | (189,856 | )
Chevron Corp. |  |  | 46 |  |  |  | 01/17/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 554 |  |  |  | (9,637 | )
Concho Resources, Inc. |  |  | 152 |  |  |  | 01/17/20 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 1,331 |  |  |  | (193,800 | )
ConocoPhillips |  |  | 477 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 3,102 |  |  |  | (250,425 | )
EOG Resources, Inc. |  |  | 298 |  |  |  | 01/17/20 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 2,496 |  |  |  | (265,965 | )
Enbridge, Inc. |  |  | 137 |  |  |  | 01/17/20 |  |  | CAD |  |  | 50.00 |  |  | CAD |  |  | 707 |  |  |  | (19,571 | )
Exxon Mobil Corp. |  |  | 408 |  |  |  | 01/17/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,847 |  |  |  | (38,556 | )
Hess Corp. |  |  | 79 |  |  |  | 01/17/20 |  |  | USD |  |  | 69.00 |  |  | USD |  |  | 528 |  |  |  | (7,426 | )
Marathon Petroleum Corp. |  |  | 63 |  |  |  | 01/17/20 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 380 |  |  |  | (630 | )
Noble Energy, Inc. |  |  | 531 |  |  |  | 01/17/20 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 1,319 |  |  |  | (131,423 | )
Petroleo Brasileiro SA — ADR |  |  | 5 |  |  |  | 01/17/20 |  |  | USD |  |  | 17.00 |  |  | USD |  |  | 8 |  |  |  | (45 | )
Petroleo Brasileiro SA — ADR |  |  | 113 |  |  |  | 01/17/20 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 180 |  |  |  | (4,011 | )
Pioneer Natural Resources Co. |  |  | 87 |  |  |  | 01/17/20 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 1,317 |  |  |  | (104,835 | )
Royal Dutch Shell PLC — ADR, Class A |  |  | 654 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.50 |  |  | USD |  |  | 3,857 |  |  |  | (10,907 | )
Suncor Energy, Inc. |  |  | 550 |  |  |  | 01/17/20 |  |  | CAD |  |  | 43.50 |  |  | CAD |  |  | 2,341 |  |  |  | (5,506 | )
Suncor Energy, Inc. |  |  | 79 |  |  |  | 01/17/20 |  |  | CAD |  |  | 42.00 |  |  | CAD |  |  | 336 |  |  |  | (5,354 | )
TC Energy Corp. |  |  | 250 |  |  |  | 01/17/20 |  |  | CAD |  |  | 71.00 |  |  | CAD |  |  | 1,729 |  |  |  | (3,658 | )
Valero Energy Corp. |  |  | 44 |  |  |  | 01/17/20 |  |  | USD |  |  | 97.50 |  |  | USD |  |  | 412 |  |  |  | (2,024 | )
Valero Energy Corp. |  |  | 136 |  |  |  | 01/17/20 |  |  | USD |  |  | 101.00 |  |  | USD |  |  | 1,274 |  |  |  | (1,217 | )
Williams Cos., Inc. |  |  | 347 |  |  |  | 01/17/20 |  |  | USD |  |  | 22.55 |  |  | USD |  |  | 823 |  |  |  | (43,989 | )
Chevron Corp. |  |  | 47 |  |  |  | 01/24/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 566 |  |  |  | (11,233 | )
Concho Resources, Inc. |  |  | 163 |  |  |  | 01/24/20 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 1,427 |  |  |  | (72,535 | )
ConocoPhillips |  |  | 335 |  |  |  | 01/24/20 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 2,179 |  |  |  | (76,213 | )
Exxon Mobil Corp. |  |  | 317 |  |  |  | 01/24/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,212 |  |  |  | (35,663 | )
Exxon Mobil Corp. |  |  | 249 |  |  |  | 01/24/20 |  |  | USD |  |  | 71.00 |  |  | USD |  |  | 1,738 |  |  |  | (16,932 | )
Hess Corp. |  |  | 178 |  |  |  | 01/24/20 |  |  | USD |  |  | 65.50 |  |  | USD |  |  | 1,189 |  |  |  | (51,442 | )
Marathon Petroleum Corp. |  |  | 276 |  |  |  | 01/24/20 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 1,663 |  |  |  | (15,042 | )
Marathon Petroleum Corp. |  |  | 80 |  |  |  | 01/24/20 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 482 |  |  |  | (12,160 | )
Petroleo Brasileiro SA — ADR |  |  | 124 |  |  |  | 01/24/20 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 198 |  |  |  | (5,332 | )
Pioneer Natural Resources Co. |  |  | 49 |  |  |  | 01/24/20 |  |  | USD |  |  | 149.00 |  |  | USD |  |  | 742 |  |  |  | (28,420 | )
Royal Dutch Shell PLC |  |  | 340 |  |  |  | 01/24/20 |  |  | USD |  |  | 59.00 |  |  | USD |  |  | 2,005 |  |  |  | (28,050 | )
Williams Cos., Inc. |  |  | 396 |  |  |  | 01/24/20 |  |  | USD |  |  | 23.50 |  |  | USD |  |  | 939 |  |  |  | (26,136 | )
Cabot Oil & Gas Corp. |  |  | 325 |  |  |  | 01/31/20 |  |  | USD |  |  | 18.00 |  |  | USD |  |  | 566 |  |  |  | (11,375 | )
Chevron Corp. |  |  | 199 |  |  |  | 01/31/20 |  |  | USD |  |  | 121.00 |  |  | USD |  |  | 2,398 |  |  |  | (44,278 | )
ConocoPhillips |  |  | 43 |  |  |  | 01/31/20 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 280 |  |  |  | (13,867 | )
Marathon Petroleum Corp. |  |  | 103 |  |  |  | 01/31/20 |  |  | USD |  |  | 63.50 |  |  | USD |  |  | 621 |  |  |  | (11,587 | )
Petroleo Brasileiro SA — ADR |  |  | 39 |  |  |  | 01/31/20 |  |  | USD |  |  | 16.50 |  |  | USD |  |  | 62 |  |  |  | (1,170 | )
Pioneer Natural Resources Co. |  |  | 55 |  |  |  | 01/31/20 |  |  | USD |  |  | 157.50 |  |  | USD |  |  | 833 |  |  |  | (15,812 | )
Royal Dutch Shell PLC |  |  | 248 |  |  |  | 01/31/20 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 1,463 |  |  |  | (44,640 | )
Williams Cos., Inc. |  |  | 362 |  |  |  | 01/31/20 |  |  | USD |  |  | 23.50 |  |  | USD |  |  | 859 |  |  |  | (26,426 | )
ConocoPhillips |  |  | 150 |  |  |  | 02/07/20 |  |  | USD |  |  | 68.00 |  |  | USD |  |  | 975 |  |  |  | (16,350 | )
Baker Hughes Co. |  |  | 513 |  |  |  | 02/10/20 |  |  | USD |  |  | 25.75 |  |  | USD |  |  | 1,315 |  |  |  | (41,789 | )
Baker Hughes Co. |  |  | 242 |  |  |  | 02/21/20 |  |  | USD |  |  | 23.20 |  |  | USD |  |  | 620 |  |  |  | (62,865 | )
Canadian Natural Resources Ltd. |  |  | 534 |  |  |  | 02/21/20 |  |  | CAD |  |  | 40.00 |  |  | CAD |  |  | 2,243 |  |  |  | (114,733 | )
Chevron Corp. |  |  | 111 |  |  |  | 02/21/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,338 |  |  |  | (39,683 | )
ConocoPhillips |  |  | 43 |  |  |  | 02/21/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 280 |  |  |  | (11,072 | )
EOG Resources, Inc. |  |  | 101 |  |  |  | 02/21/20 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 846 |  |  |  | (60,095 | )
Noble Energy, Inc. |  |  | 340 |  |  |  | 02/21/20 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 845 |  |  |  | (41,650 | )
TC Energy Corp. |  |  | 334 |  |  |  | 02/21/20 |  |  | CAD |  |  | 70.00 |  |  | CAD |  |  | 2,310 |  |  |  | (29,322 | )
TC Energy Corp. |  |  | 250 |  |  |  | 02/21/20 |  |  | CAD |  |  | 71.00 |  |  | CAD |  |  | 1,729 |  |  |  | (14,343 | )
Williams Cos., Inc. |  |  | 396 |  |  |  | 02/21/20 |  |  | USD |  |  | 24.00 |  |  | USD |  |  | 939 |  |  |  | (26,334 | )
Williams Cos., Inc. |  |  | 347 |  |  |  | 02/21/20 |  |  | USD |  |  | 23.31 |  |  | USD |  |  | 823 |  |  |  | (37,995 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,694,434 | )

28 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Energy and Resources Trust (BGR)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil Search Ltd. |  | Goldman Sachs International |  |  | 159,800 |  |  |  | 01/07/20 |  |  |  | AUD |  |  |  | 7.32 |  |  |  | AUD |  |  |  | 1,162 |  |  | $ | (7,132 | )
BP PLC |  | Goldman Sachs International |  |  | 270,000 |  |  |  | 01/09/20 |  |  |  | GBP |  |  |  | 5.24 |  |  |  | GBP |  |  |  | 1,283 |  |  |  | (162 | )
CNOOC Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 333,000 |  |  |  | 01/09/20 |  |  |  | HKD |  |  |  | 12.90 |  |  |  | HKD |  |  |  | 4,316 |  |  |  | (10,611 | )
Eni SpA |  | Goldman Sachs International |  |  | 78,400 |  |  |  | 01/09/20 |  |  |  | EUR |  |  |  | 14.45 |  |  |  | EUR |  |  |  | 1,086 |  |  |  | (159 | )
Royal Dutch Shell PLC — ADR, Class A |  | JPMorgan Chase Bank N.A. |  |  | 50,500 |  |  |  | 01/09/20 |  |  |  | USD |  |  |  | 60.20 |  |  |  | USD |  |  |  | 2,978 |  |  |  | (6,886 | )
Statoil ASA |  | Goldman Sachs International |  |  | 25,000 |  |  |  | 01/09/20 |  |  |  | NOK |  |  |  | 182.02 |  |  |  | NOK |  |  |  | 4,377 |  |  |  | (1,112 | )
Galp Energia SGPS SA |  | Goldman Sachs International |  |  | 25,000 |  |  |  | 01/14/20 |  |  |  | EUR |  |  |  | 15.51 |  |  |  | EUR |  |  |  | 374 |  |  |  | (938 | )
Galp Energia SGPS SA |  | Goldman Sachs International |  |  | 25,700 |  |  |  | 01/14/20 |  |  |  | EUR |  |  |  | 14.68 |  |  |  | EUR |  |  |  | 385 |  |  |  | (10,547 | )
Lundin Petroleum AB |  | Goldman Sachs International |  |  | 33,700 |  |  |  | 01/14/20 |  |  |  | SEK |  |  |  | 317.40 |  |  |  | SEK |  |  |  | 10,718 |  |  |  | (18,820 | )
Royal Dutch Shell PLC, Class A |  | Credit Suisse International |  |  | 26,000 |  |  |  | 01/14/20 |  |  |  | GBP |  |  |  | 23.64 |  |  |  | GBP |  |  |  | 581 |  |  |  | (368 | )
Total SA |  | Credit Suisse International |  |  | 31,800 |  |  |  | 01/14/20 |  |  |  | EUR |  |  |  | 50.40 |  |  |  | EUR |  |  |  | 1,573 |  |  |  | (2,665 | )
BP PLC |  | Goldman Sachs International |  |  | 584,300 |  |  |  | 01/15/20 |  |  |  | GBP |  |  |  | 4.82 |  |  |  | GBP |  |  |  | 2,775 |  |  |  | (33,653 | )
CNOOC Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 977,000 |  |  |  | 01/15/20 |  |  |  | HKD |  |  |  | 11.50 |  |  |  | HKD |  |  |  | 12,662 |  |  |  | (186,497 | )
Enbridge, Inc. |  | Goldman Sachs International |  |  | 41,100 |  |  |  | 01/15/20 |  |  |  | CAD |  |  |  | 51.40 |  |  |  | CAD |  |  |  | 2,122 |  |  |  | (18,662 | )
Statoil ASA |  | UBS AG |  |  | 18,300 |  |  |  | 01/15/20 |  |  |  | NOK |  |  |  | 170.09 |  |  |  | NOK |  |  |  | 3,204 |  |  |  | (12,329 | )
Eni SpA |  | UBS AG |  |  | 82,400 |  |  |  | 01/21/20 |  |  |  | EUR |  |  |  | 14.61 |  |  |  | EUR |  |  |  | 1,141 |  |  |  | (2,767 | )
Oil Search Ltd. |  | UBS AG |  |  | 175,000 |  |  |  | 01/21/20 |  |  |  | AUD |  |  |  | 7.51 |  |  |  | AUD |  |  |  | 1,272 |  |  |  | (6,601 | )
Statoil ASA |  | Credit Suisse International |  |  | 25,200 |  |  |  | 01/21/20 |  |  |  | NOK |  |  |  | 181.33 |  |  |  | NOK |  |  |  | 4,412 |  |  |  | (3,429 | )
BP PLC |  | Credit Suisse International |  |  | 595,000 |  |  |  | 01/22/20 |  |  |  | GBP |  |  |  | 5.14 |  |  |  | GBP |  |  |  | 2,826 |  |  |  | (3,455 | )
Royal Dutch Shell PLC, Class A |  | Morgan Stanley & Co. International PLC |  |  | 19,300 |  |  |  | 01/22/20 |  |  |  | GBP |  |  |  | 21.98 |  |  |  | GBP |  |  |  | 432 |  |  |  | (15,063 | )
Total SA |  | Credit Suisse International |  |  | 19,900 |  |  |  | 01/22/20 |  |  |  | EUR |  |  |  | 49.35 |  |  |  | EUR |  |  |  | 984 |  |  |  | (11,204 | )
Total SA |  | Credit Suisse International |  |  | 33,100 |  |  |  | 01/22/20 |  |  |  | EUR |  |  |  | 49.00 |  |  |  | EUR |  |  |  | 1,637 |  |  |  | (24,929 | )
BP PLC |  | Morgan Stanley & Co. International PLC |  |  | 270,500 |  |  |  | 01/28/20 |  |  |  | GBP |  |  |  | 4.72 |  |  |  | GBP |  |  |  | 1,285 |  |  |  | (44,476 | )
Galp Energia SGPS SA |  | Credit Suisse International |  |  | 40,000 |  |  |  | 01/28/20 |  |  |  | EUR |  |  |  | 15.39 |  |  |  | EUR |  |  |  | 599 |  |  |  | (5,007 | )
Statoil ASA |  | Goldman Sachs International |  |  | 34,000 |  |  |  | 01/29/20 |  |  |  | NOK |  |  |  | 170.23 |  |  |  | NOK |  |  |  | 5,953 |  |  |  | (26,015 | )
Suncor Energy, Inc. |  | Citibank N.A. |  |  | 43,600 |  |  |  | 01/29/20 |  |  |  | CAD |  |  |  | 42.21 |  |  |  | CAD |  |  |  | 1,856 |  |  |  | (31,038 | )
Total SA |  | UBS AG |  |  | 17,800 |  |  |  | 01/29/20 |  |  |  | EUR |  |  |  | 47.44 |  |  |  | EUR |  |  |  | 881 |  |  |  | (41,635 | )
Suncor Energy, Inc. |  | Goldman Sachs International |  |  | 11,500 |  |  |  | 02/03/20 |  |  |  | CAD |  |  |  | 43.47 |  |  |  | CAD |  |  |  | 489 |  |  |  | (4,246 | )
Eni SpA |  | Morgan Stanley & Co. International PLC |  |  | 69,800 |  |  |  | 02/04/20 |  |  |  | EUR |  |  |  | 13.73 |  |  |  | EUR |  |  |  | 967 |  |  |  | (24,428 | )
Total SA |  | Goldman Sachs International |  |  | 67,200 |  |  |  | 02/04/20 |  |  |  | EUR |  |  |  | 47.70 |  |  |  | EUR |  |  |  | 3,324 |  |  |  | (138,229 | )
CNOOC Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 301,000 |  |  |  | 02/05/20 |  |  |  | HKD |  |  |  | 12.72 |  |  |  | HKD |  |  |  | 3,901 |  |  |  | (23,443 | )
Royal Dutch Shell PLC — ADR, Class A |  | JPMorgan Chase Bank N.A. |  |  | 83,300 |  |  |  | 02/05/20 |  |  |  | USD |  |  |  | 59.49 |  |  |  | USD |  |  |  | 4,913 |  |  |  | (76,240 | )
Statoil ASA |  | Goldman Sachs International |  |  | 33,400 |  |  |  | 02/05/20 |  |  |  | NOK |  |  |  | 177.65 |  |  |  | NOK |  |  |  | 5,848 |  |  |  | (12,294 | )
TransCanada Corp. |  | Goldman Sachs International |  |  | 17,800 |  |  |  | 02/06/20 |  |  |  | CAD |  |  |  | 68.45 |  |  |  | CAD |  |  |  | 1,231 |  |  |  | (21,522 | )
Petroleo Brasileiro SA — ADR |  | Bank of America N.A. |  |  | 3,600 |  |  |  | 02/07/20 |  |  |  | USD |  |  |  | 16.10 |  |  |  | USD |  |  |  | 57 |  |  |  | (1,937 | )
Total SA |  | Goldman Sachs International |  |  | 31,200 |  |  |  | 02/11/20 |  |  |  | EUR |  |  |  | 50.07 |  |  |  | EUR |  |  |  | 1,543 |  |  |  | (20,394 | )
Suncor Energy, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 36,000 |  |  |  | 02/12/20 |  |  |  | CAD |  |  |  | 43.47 |  |  |  | CAD |  |  |  | 1,532 |  |  |  | (10,368 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (859,261 | )

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

|  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  |  | N/A |  |  |  | N/A |  |  | $ | 618,557 |  |  | $ | (1,732,334 | ) |  | $ | (3,553,695 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 3,553,695 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,553,695 |

SCHEDULES OF INVESTMENTS |  |  | 29 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Energy and Resources Trust (BGR)

For the period ended December 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | (2,157 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,157 | )
Options written |  |  | — |  |  |  | — |  |  |  | 3,610,497 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,610,497 |
|  | $ | — |  |  | $ | — |  |  | $ | 3,608,340 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,608,340 |

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | (6,598 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (6,598 | )
Options written |  |  | — |  |  |  | — |  |  |  | (3,619,831 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,619,831 | )
|  | $ | — |  |  | $ | — |  |  | $ | (3,626,429 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,626,429 | )

| (a) | Options purchased are included in net change in unrealized appreciation (depreciation) on investments. |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased |  | $ | — | (a)
Average value of option contracts written |  | $ | 3,244,575 |

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

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

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Options |  | $ | — |  |  | $ | 3,553,695 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (2,694,434 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 859,261 |

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

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged (a) |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities (b) |
Bank of America N.A. |  | $ | 1,937 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,937 |
Citibank N.A. |  |  | 31,038 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 31,038 |
Credit Suisse International |  |  | 51,057 |  |  |  | — |  |  |  | (51,057 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 313,885 |  |  |  | — |  |  |  | (313,885 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 303,677 |  |  |  | — |  |  |  | (303,677 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 94,335 |  |  |  | — |  |  |  | (42,845 | ) |  |  | — |  |  |  | 51,490 |
UBS AG |  |  | 63,332 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 63,332 |
|  | $ | 859,261 |  |  | $ | — |  |  | $ | (711,464 | ) |  | $ | — |  |  | $ | 147,797 |

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

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

30 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | 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: |
Common Stocks: |
Energy Equipment & Services |  | $ | 9,330,602 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,330,602 |
Oil, Gas & Consumable Fuels |  |  | 249,033,637 |  |  |  | 108,431,684 |  |  |  | — |  |  |  | 357,465,321 |
Short-Term Securities |  |  | 12,745,390 |  |  |  | — |  |  |  | — |  |  |  | 12,745,390 |
|  | $ | 271,109,629 |  |  | $ | 108,431,684 |  |  | $ | — |  |  | $ | 379,541,313 |
Derivative Financial Instruments(a) |
Liabilities: |
Equity contracts |  | $ | (2,453,768 | ) |  | $ | (1,099,927 | ) |  | $ | — |  |  | $ | (3,553,695 | )

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS |  |  | 31 |

Schedule of Investments December 31, 2019 |  | BlackRock Enhanced Capital and Income Fund (CII) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks — 101.0% |
Aerospace & Defense — 1.4% |
BAE Systems PLC, ADR |  |  | 376,267 |  |  | $ | 11,393,365 |
Airlines — 1.4% |
Delta Air Lines, Inc. |  |  | 192,016 |  |  |  | 11,229,096 |
Banks — 9.6% |
Bank of America Corp.(a) |  |  | 664,691 |  |  |  | 23,410,417 |
JPMorgan Chase & Co. |  |  | 200,786 |  |  |  | 27,989,569 |
Regions Financial Corp. |  |  | 300,652 |  |  |  | 5,159,188 |
Truist Financial Corp. |  |  | 104,510 |  |  |  | 5,886,003 |
U.S. Bancorp |  |  | 230,849 |  |  |  | 13,687,037 |
|  |  |  |  |  |  | 76,132,214 |
Beverages — 1.0% |
Molson Coors Brewing Co., Class B |  |  | 141,867 |  |  |  | 7,646,631 |
Biotechnology — 1.4% |
Biogen, Inc.(b) |  |  | 37,865 |  |  |  | 11,235,681 |
Capital Markets — 1.3% |
E*Trade Financial Corp. |  |  | 228,935 |  |  |  | 10,386,781 |
Chemicals — 2.0% |
Corteva, Inc.(b) |  |  | 521,070 |  |  |  | 15,402,829 |
Commercial Services & Supplies — 1.2% |
KAR Auction Services, Inc. |  |  | 440,257 |  |  |  | 9,593,200 |
Communications Equipment — 2.5% |
Cisco Systems, Inc. |  |  | 419,455 |  |  |  | 20,117,062 |
Construction & Engineering — 1.6% |
Quanta Services, Inc. |  |  | 313,589 |  |  |  | 12,766,208 |
Consumer Finance — 1.7% |
Ally Financial, Inc. |  |  | 347,882 |  |  |  | 10,631,274 |
SLM Corp. |  |  | 269,299 |  |  |  | 2,399,454 |
|  |  |  |  |  |  | 13,030,728 |
Containers & Packaging — 0.9% |
Packaging Corp. of America |  |  | 64,410 |  |  |  | 7,213,276 |
Diversified Telecommunication Services — 2.9% |
Verizon Communications, Inc. |  |  | 378,325 |  |  |  | 23,229,155 |
Electrical Equipment — 1.4% |
Hubbell, Inc. |  |  | 76,730 |  |  |  | 11,342,229 |
Electronic Equipment, Instruments & Components — 0.9% |
CDW Corp. |  |  | 51,080 |  |  |  | 7,296,267 |
Food & Staples Retailing — 2.6% |
Walmart, Inc. |  |  | 170,324 |  |  |  | 20,241,304 |
Health Care Equipment & Supplies — 1.1% |
Baxter International, Inc. |  |  | 17,014 |  |  |  | 1,422,710 |
Koninklijke Philips NV |  |  | 148,301 |  |  |  | 7,237,089 |
|  |  |  |  |  |  | 8,659,799 |
Health Care Providers & Services — 7.6% |
Humana, Inc. |  |  | 45,877 |  |  |  | 16,814,838 |
Laboratory Corp. of America Holdings(b) |  |  | 100,378 |  |  |  | 16,980,946 |
UnitedHealth Group, Inc. |  |  | 88,350 |  |  |  | 25,973,133 |
|  |  |  |  |  |  | 59,768,917 |
Household Durables — 3.1% |
D.R. Horton, Inc. |  |  | 279,743 |  |  |  | 14,756,443 |
Sony Corp. — ADR, ADR |  |  | 148,026 |  |  |  | 10,065,768 |
|  |  |  |  |  |  | 24,822,211 |
Independent Power and Renewable Electricity Producers — 1.7% |
AES Corp. |  |  | 685,384 |  |  |  | 13,639,142 |

Security |  | Shares |  |  | Value |
Insurance — 0.9% |
Assured Guaranty Ltd. |  |  | 136,105 |  |  | $ | 6,671,867 |
Interactive Media & Services — 5.6% |
Alphabet, Inc., Class A(a)(b) |  |  | 31,924 |  |  |  | 42,758,686 |
Alphabet, Inc., Class C(b) |  |  | 1,028 |  |  |  | 1,374,457 |
|  |  |  |  |  |  | 44,133,143 |
Internet & Direct Marketing Retail — 1.2% |
Alibaba Group Holding Ltd. — ADR(b) |  |  | 46,109 |  |  |  | 9,779,719 |
IT Services — 1.9% |
Cognizant Technology Solutions Corp., Class A |  |  | 235,977 |  |  |  | 14,635,294 |
Machinery — 1.5% |
Fortive Corp. |  |  | 159,383 |  |  |  | 12,175,267 |
Media — 4.8% |
Comcast Corp., Class A |  |  | 498,393 |  |  |  | 22,412,733 |
DISH Network Corp., Class A(b) |  |  | 230,285 |  |  |  | 8,168,209 |
Fox Corp., Class A |  |  | 202,020 |  |  |  | 7,488,882 |
|  |  |  |  |  |  | 38,069,824 |
Multiline Retail — 4.0% |
Dollar General Corp. |  |  | 98,514 |  |  |  | 15,366,214 |
Dollar Tree, Inc. (b) |  |  | 174,389 |  |  |  | 16,401,285 |
|  |  |  |  |  |  | 31,767,499 |
Oil, Gas & Consumable Fuels — 5.6% |
BP PLC — ADR |  |  | 316,179 |  |  |  | 11,932,596 |
Chevron Corp. |  |  | 112,743 |  |  |  | 13,586,659 |
ConocoPhillips |  |  | 161,601 |  |  |  | 10,508,913 |
Marathon Oil Corp. |  |  | 584,730 |  |  |  | 7,940,633 |
|  |  |  |  |  |  | 43,968,801 |
Personal Products — 1.2% |
Unilever NV — NY Shares |  |  | 170,390 |  |  |  | 9,790,609 |
Pharmaceuticals — 4.3% |
Novartis AG — ADR |  |  | 75,802 |  |  |  | 7,177,691 |
Novo Nordisk A/S — ADR |  |  | 170,252 |  |  |  | 9,854,186 |
Pfizer, Inc. |  |  | 439,967 |  |  |  | 17,237,907 |
|  |  |  |  |  |  | 34,269,784 |
Road & Rail — 0.9% |
Norfolk Southern Corp. |  |  | 36,850 |  |  |  | 7,153,691 |
Semiconductors & Semiconductor Equipment — 1.8% |
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR |  |  | 242,309 |  |  |  | 14,078,153 |
Software — 7.5% |
CDK Global, Inc. |  |  | 151,303 |  |  |  | 8,273,248 |
Microsoft Corp.(a) |  |  | 325,454 |  |  |  | 51,324,096 |
|  |  |  |  |  |  | 59,597,344 |
Specialty Retail — 4.1% |
Lowe’s Cos., Inc.(a) |  |  | 148,857 |  |  |  | 17,827,114 |
O’Reilly Automotive, Inc.(b) |  |  | 33,300 |  |  |  | 14,594,058 |
|  |  |  |  |  |  | 32,421,172 |
Technology Hardware, Storage & Peripherals — 6.2% |
Apple, Inc.(c) |  |  | 167,338 |  |  |  | 49,138,804 |
Tobacco — 2.2% |
Altria Group, Inc.(a) |  |  | 349,364 |  |  |  | 17,436,757 |
Total Long-Term Investments — 101.0% (Cost — $563,039,897) |  |  |  | 800,233,823 |

32 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Capital and Income Fund (CII) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Short-Term Securities — 0.5% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.51%(d)(e) |  |  | 4,423,595 |  |  | $ | 4,423,595 |
Total Short-Term Securities — 0.5% (Cost — $4,423,595) |  |  |  | 4,423,595 |
Total Investments Before Options Written — 101.5% (Cost — $567,463,492) |  |  |  | 804,657,418 |
Options Written — (1.4)% (Premiums Received — $8,711,246) |  |  |  | (11,303,321 | )
Total Investments, Net of Options Written — 100.1% (Cost — $558,752,246) |  |  |  | 793,354,097 |
Liabilities in Excess of Other Assets — (0.1)% |  |  |  | (715,701 | )
Net Assets — 100.0% |  |  | $ | 792,638,396 |

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

(b) | Non-income producing security.

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

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

(e) | During the year ended December 31, 2019, investments in issuers considered to be an affiliate/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 12/31/18 |  |  | Net Activity |  |  | Shares Held at 12/31/19 |  |  | Value at 12/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 14,789,354 |  |  |  | (10,365,759 | ) |  |  | 4,423,595 |  |  | $ | 4,423,595 |  |  | $ | 97,853 |  |  | $ | 9 |  |  | $ | — |

| (a) | Includes net capital gain distributions, if applicable. |

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alphabet, Inc., Class A |  |  | 12 |  |  |  | 01/03/20 |  |  | USD |  |  | 1,290.00 |  |  | USD |  |  | 1,607 |  |  | $ | (58,620 | )
Cognizant Technology Solutions Corp., Class A |  |  | 58 |  |  |  | 01/03/20 |  |  | USD |  |  | 64.50 |  |  | USD |  |  | 360 |  |  |  | (290 | )
D.R. Horton, Inc. |  |  | 275 |  |  |  | 01/03/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,451 |  |  |  | (2,200 | )
Dollar Tree, Inc. |  |  | 90 |  |  |  | 01/03/20 |  |  | USD |  |  | 114.00 |  |  | USD |  |  | 846 |  |  |  | (4,500 | )
Lowe’s Cos., Inc. |  |  | 195 |  |  |  | 01/03/20 |  |  | USD |  |  | 118.00 |  |  | USD |  |  | 2,335 |  |  |  | (38,805 | )
Molson Coors Brewing Co., Class B |  |  | 92 |  |  |  | 01/03/20 |  |  | USD |  |  | 54.00 |  |  | USD |  |  | 496 |  |  |  | (2,760 | )
Norfolk Southern Corp. |  |  | 129 |  |  |  | 01/03/20 |  |  | USD |  |  | 192.50 |  |  | USD |  |  | 2,504 |  |  |  | (29,025 | )
Verizon Communications, Inc. |  |  | 266 |  |  |  | 01/03/20 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 1,633 |  |  |  | (12,768 | )
Walmart, Inc. |  |  | 147 |  |  |  | 01/03/20 |  |  | USD |  |  | 122.00 |  |  | USD |  |  | 1,747 |  |  |  | (367 | )
Comcast Corp., Class A |  |  | 83 |  |  |  | 01/07/20 |  |  | USD |  |  | 45.75 |  |  | USD |  |  | 373 |  |  |  | (1,112 | )
Alibaba Group Holding Ltd. — ADR |  |  | 12 |  |  |  | 01/10/20 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 255 |  |  |  | (9,780 | )
Altria Group, Inc. |  |  | 472 |  |  |  | 01/10/20 |  |  | USD |  |  | 47.15 |  |  | USD |  |  | 2,356 |  |  |  | (131,891 | )
BP PLC — ADR |  |  | 174 |  |  |  | 01/10/20 |  |  | USD |  |  | 40.17 |  |  | USD |  |  | 657 |  |  |  | (49 | )
Bank of America Corp. |  |  | 1,166 |  |  |  | 01/10/20 |  |  | USD |  |  | 34.00 |  |  | USD |  |  | 4,107 |  |  |  | (152,163 | )
Cognizant Technology Solutions Corp., Class A |  |  | 130 |  |  |  | 01/10/20 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 806 |  |  |  | (3,575 | )
ConocoPhillips |  |  | 80 |  |  |  | 01/10/20 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 520 |  |  |  | (13,520 | )
D.R. Horton, Inc. |  |  | 253 |  |  |  | 01/10/20 |  |  | USD |  |  | 56.00 |  |  | USD |  |  | 1,335 |  |  |  | (885 | )
Delta Air Lines, Inc. |  |  | 220 |  |  |  | 01/10/20 |  |  | USD |  |  | 57.00 |  |  | USD |  |  | 1,287 |  |  |  | (38,390 | )
E*Trade Financial Corp. |  |  | 233 |  |  |  | 01/10/20 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 1,057 |  |  |  | (3,961 | )
Fox Corp., Class A |  |  | 30 |  |  |  | 01/10/20 |  |  | USD |  |  | 36.50 |  |  | USD |  |  | 111 |  |  |  | (2,550 | )
JPMorgan Chase & Co. |  |  | 52 |  |  |  | 01/10/20 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 725 |  |  |  | (23,400 | )
Lowe’s Cos., Inc. |  |  | 355 |  |  |  | 01/10/20 |  |  | USD |  |  | 119.00 |  |  | USD |  |  | 4,251 |  |  |  | (68,515 | )
Marathon Oil Corp. |  |  | 1,155 |  |  |  | 01/10/20 |  |  | USD |  |  | 12.82 |  |  | USD |  |  | 1,568 |  |  |  | (95,164 | )

SCHEDULES OF INVESTMENTS |  |  | 33 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Capital and Income Fund (CII)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Microsoft Corp. |  |  | 206 |  |  |  | 01/10/20 |  |  | USD |  |  | 152.50 |  |  | USD |  |  | 3,249 |  |  | $ | (112,270 | )
Pfizer, Inc. |  |  | 158 |  |  |  | 01/10/20 |  |  | USD |  |  | 38.07 |  |  | USD |  |  | 619 |  |  |  | (19,596 | )
Sony Corp. — ADR |  |  | 146 |  |  |  | 01/10/20 |  |  | USD |  |  | 67.00 |  |  | USD |  |  | 993 |  |  |  | (20,805 | )
U.S. Bancorp |  |  | 277 |  |  |  | 01/10/20 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 1,642 |  |  |  | (1,800 | )
UnitedHealth Group, Inc. |  |  | 277 |  |  |  | 01/10/20 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 8,143 |  |  |  | (270,075 | )
Verizon Communications, Inc. |  |  | 371 |  |  |  | 01/10/20 |  |  | USD |  |  | 61.25 |  |  | USD |  |  | 2,278 |  |  |  | (9,296 | )
Walmart, Inc. |  |  | 145 |  |  |  | 01/10/20 |  |  | USD |  |  | 122.00 |  |  | USD |  |  | 1,723 |  |  |  | (2,030 | )
Alibaba Group Holding Ltd. — ADR |  |  | 12 |  |  |  | 01/17/20 |  |  | USD |  |  | 190.00 |  |  | USD |  |  | 255 |  |  |  | (27,150 | )
Ally Financial, Inc. |  |  | 1,380 |  |  |  | 01/17/20 |  |  | USD |  |  | 32.00 |  |  | USD |  |  | 4,217 |  |  |  | (51,750 | )
Alphabet, Inc., Class A |  |  | 35 |  |  |  | 01/17/20 |  |  | USD |  |  | 1,360.00 |  |  | USD |  |  | 4,688 |  |  |  | (33,950 | )
Altria Group, Inc. |  |  | 310 |  |  |  | 01/17/20 |  |  | USD |  |  | 51.50 |  |  | USD |  |  | 1,547 |  |  |  | (7,130 | )
Apple, Inc. |  |  | 103 |  |  |  | 01/17/20 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 3,025 |  |  |  | (350,458 | )
Apple, Inc. |  |  | 193 |  |  |  | 01/17/20 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 5,667 |  |  |  | (552,945 | )
Assured Guaranty Ltd. |  |  | 72 |  |  |  | 01/17/20 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 353 |  |  |  | (5,256 | )
Assured Guaranty Ltd. |  |  | 310 |  |  |  | 01/17/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 1,520 |  |  |  | (8,525 | )
Bank of America Corp. |  |  | 110 |  |  |  | 01/17/20 |  |  | USD |  |  | 32.00 |  |  | USD |  |  | 387 |  |  |  | (36,300 | )
Bank of America Corp. |  |  | 788 |  |  |  | 01/17/20 |  |  | USD |  |  | 33.00 |  |  | USD |  |  | 2,775 |  |  |  | (187,150 | )
Baxter International, Inc. |  |  | 170 |  |  |  | 01/17/20 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 1,422 |  |  |  | (38,165 | )
Biogen, Inc. |  |  | 120 |  |  |  | 01/17/20 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 3,561 |  |  |  | (174,600 | )
CDK Global, Inc. |  |  | 530 |  |  |  | 01/17/20 |  |  | USD |  |  | 53.33 |  |  | USD |  |  | 2,898 |  |  |  | (108,792 | )
CDW Corp. |  |  | 287 |  |  |  | 01/17/20 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 4,100 |  |  |  | (249,690 | )
CDW Corp. |  |  | 29 |  |  |  | 01/17/20 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 414 |  |  |  | (5,147 | )
Chevron Corp. |  |  | 162 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,952 |  |  |  | (3,969 | )
Cisco Systems, Inc. |  |  | 45 |  |  |  | 01/17/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 216 |  |  |  | (5,062 | )
Cognizant Technology Solutions Corp., Class A |  |  | 76 |  |  |  | 01/17/20 |  |  | USD |  |  | 63.99 |  |  | USD |  |  | 471 |  |  |  | (1,822 | )
Comcast Corp., Class A |  |  | 419 |  |  |  | 01/17/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,884 |  |  |  | (26,816 | )
ConocoPhillips |  |  | 285 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,853 |  |  |  | (149,625 | )
Corteva, Inc. |  |  | 792 |  |  |  | 01/17/20 |  |  | USD |  |  | 28.00 |  |  | USD |  |  | 2,341 |  |  |  | (140,580 | )
D.R. Horton, Inc. |  |  | 319 |  |  |  | 01/17/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,683 |  |  |  | (7,815 | )
Delta Air Lines, Inc. |  |  | 180 |  |  |  | 01/17/20 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 1,053 |  |  |  | (32,310 | )
Dollar General Corp. |  |  | 58 |  |  |  | 01/17/20 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 905 |  |  |  | (435 | )
E*Trade Financial Corp. |  |  | 370 |  |  |  | 01/17/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 1,679 |  |  |  | (20,535 | )
Fortive Corp. |  |  | 344 |  |  |  | 01/17/20 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 2,628 |  |  |  | (80,324 | )
Fox Corp., Class A |  |  | 270 |  |  |  | 01/17/20 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 1,001 |  |  |  | (19,575 | )
Fox Corp., Class A |  |  | 166 |  |  |  | 01/17/20 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 615 |  |  |  | (4,980 | )
Hubbell, Inc. |  |  | 174 |  |  |  | 01/17/20 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 2,572 |  |  |  | (30,885 | )
Humana, Inc. |  |  | 70 |  |  |  | 01/17/20 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 2,566 |  |  |  | (191,450 | )
JPMorgan Chase & Co. |  |  | 301 |  |  |  | 01/17/20 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 4,196 |  |  |  | (284,445 | )
KAR Auction Services, Inc. |  |  | 381 |  |  |  | 01/17/20 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 830 |  |  |  | (4,762 | )
Laboratory Corp. of America Holdings |  |  | 319 |  |  |  | 01/17/20 |  |  | USD |  |  | 171.25 |  |  | USD |  |  | 5,397 |  |  |  | (74,765 | )
Lowe’s Cos., Inc. |  |  | 118 |  |  |  | 01/17/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,413 |  |  |  | (21,594 | )
Marathon Oil Corp. |  |  | 590 |  |  |  | 01/17/20 |  |  | USD |  |  | 13.00 |  |  | USD |  |  | 801 |  |  |  | (44,545 | )
Microsoft Corp. |  |  | 226 |  |  |  | 01/17/20 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 3,564 |  |  |  | (183,625 | )
Molson Coors Brewing Co., Class B |  |  | 92 |  |  |  | 01/17/20 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 496 |  |  |  | (17,020 | )
Novartis AG — ADR |  |  | 360 |  |  |  | 01/17/20 |  |  | USD |  |  | 92.50 |  |  | USD |  |  | 3,409 |  |  |  | (91,800 | )
Novartis AG — ADR |  |  | 110 |  |  |  | 01/17/20 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 1,042 |  |  |  | (10,175 | )
Novo Nordisk A/S — ADR |  |  | 295 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,707 |  |  |  | (8,112 | )
O’Reilly Automotive, Inc. |  |  | 115 |  |  |  | 01/17/20 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 5,040 |  |  |  | (24,438 | )
Packaging Corp. of America |  |  | 222 |  |  |  | 01/17/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 2,486 |  |  |  | (14,985 | )
Pfizer, Inc. |  |  | 158 |  |  |  | 01/17/20 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 619 |  |  |  | (22,199 | )
Regions Financial Corp. |  |  | 544 |  |  |  | 01/17/20 |  |  | USD |  |  | 17.00 |  |  | USD |  |  | 934 |  |  |  | (23,936 | )
SLM Corp. |  |  | 784 |  |  |  | 01/17/20 |  |  | USD |  |  | 9.00 |  |  | USD |  |  | 699 |  |  |  | (15,680 | )
Sony Corp. — ADR |  |  | 159 |  |  |  | 01/17/20 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 1,081 |  |  |  | (90,630 | )
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR |  |  | 285 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,656 |  |  |  | (17,100 | )
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR |  |  | 139 |  |  |  | 01/17/20 |  |  | USD |  |  | 52.00 |  |  | USD |  |  | 808 |  |  |  | (85,396 | )
Truist Financial Corp. |  |  | 250 |  |  |  | 01/17/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,408 |  |  |  | (88,750 | )
U.S. Bancorp |  |  | 371 |  |  |  | 01/17/20 |  |  | USD |  |  | 59.19 |  |  | USD |  |  | 2,200 |  |  |  | (34,204 | )
UnitedHealth Group, Inc. |  |  | 124 |  |  |  | 01/17/20 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 3,645 |  |  |  | (196,850 | )
UnitedHealth Group, Inc. |  |  | 153 |  |  |  | 01/17/20 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 4,498 |  |  |  | (130,433 | )
Verizon Communications, Inc. |  |  | 212 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,302 |  |  |  | (31,058 | )
Verizon Communications, Inc. |  |  | 200 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.25 |  |  | USD |  |  | 1,228 |  |  |  | (19,070 | )
Walmart, Inc. |  |  | 325 |  |  |  | 01/17/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 3,862 |  |  |  | (29,088 | )

34 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Capital and Income Fund (CII)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alibaba Group Holding Ltd. — ADR |  |  | 26 |  |  |  | 01/24/20 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 551 |  |  | $ | (16,835 | )
Altria Group, Inc. |  |  | 490 |  |  |  | 01/24/20 |  |  | USD |  |  | 50.50 |  |  | USD |  |  | 2,446 |  |  |  | (33,320 | )
Altria Group, Inc. |  |  | 107 |  |  |  | 01/24/20 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 534 |  |  |  | (5,136 | )
Apple, Inc. |  |  | 53 |  |  |  | 01/24/20 |  |  | USD |  |  | 262.50 |  |  | USD |  |  | 1,556 |  |  |  | (169,998 | )
BP PLC — ADR |  |  | 334 |  |  |  | 01/24/20 |  |  | USD |  |  | 38.50 |  |  | USD |  |  | 1,261 |  |  |  | (9,853 | )
Bank of America Corp. |  |  | 137 |  |  |  | 01/24/20 |  |  | USD |  |  | 33.30 |  |  | USD |  |  | 483 |  |  |  | (29,503 | )
Biogen, Inc. |  |  | 116 |  |  |  | 01/24/20 |  |  | USD |  |  | 317.50 |  |  | USD |  |  | 3,442 |  |  |  | (20,590 | )
Chevron Corp. |  |  | 223 |  |  |  | 01/24/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 2,687 |  |  |  | (53,297 | )
Cisco Systems, Inc. |  |  | 45 |  |  |  | 01/24/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 216 |  |  |  | (5,647 | )
Cisco Systems, Inc. |  |  | 80 |  |  |  | 01/24/20 |  |  | USD |  |  | 46.50 |  |  | USD |  |  | 384 |  |  |  | (12,840 | )
Cisco Systems, Inc. |  |  | 159 |  |  |  | 01/24/20 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 763 |  |  |  | (10,971 | )
Cognizant Technology Solutions Corp., Class A |  |  | 91 |  |  |  | 01/24/20 |  |  | USD |  |  | 63.50 |  |  | USD |  |  | 564 |  |  |  | (4,550 | )
Comcast Corp., Class A |  |  | 44 |  |  |  | 01/24/20 |  |  | USD |  |  | 45.50 |  |  | USD |  |  | 198 |  |  |  | (3,058 | )
Comcast Corp., Class A |  |  | 156 |  |  |  | 01/24/20 |  |  | USD |  |  | 43.50 |  |  | USD |  |  | 702 |  |  |  | (28,860 | )
ConocoPhillips |  |  | 220 |  |  |  | 01/24/20 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 1,431 |  |  |  | (50,050 | )
Corteva, Inc. |  |  | 515 |  |  |  | 01/24/20 |  |  | USD |  |  | 28.60 |  |  | USD |  |  | 1,522 |  |  |  | (72,820 | )
D.R. Horton, Inc. |  |  | 297 |  |  |  | 01/24/20 |  |  | USD |  |  | 56.50 |  |  | USD |  |  | 1,567 |  |  |  | (3,712 | )
Delta Air Lines, Inc. |  |  | 600 |  |  |  | 01/24/20 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 3,509 |  |  |  | (99,900 | )
Dollar General Corp. |  |  | 120 |  |  |  | 01/24/20 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,872 |  |  |  | (37,800 | )
Dollar Tree, Inc. |  |  | 132 |  |  |  | 01/24/20 |  |  | USD |  |  | 96.00 |  |  | USD |  |  | 1,241 |  |  |  | (17,160 | )
E*Trade Financial Corp. |  |  | 192 |  |  |  | 01/24/20 |  |  | USD |  |  | 48.50 |  |  | USD |  |  | 871 |  |  |  | (8,544 | )
E*Trade Financial Corp. |  |  | 270 |  |  |  | 01/24/20 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 1,225 |  |  |  | (18,630 | )
Fox Corp., Class A |  |  | 226 |  |  |  | 01/24/20 |  |  | USD |  |  | 36.00 |  |  | USD |  |  | 838 |  |  |  | (32,770 | )
Fox Corp., Class A |  |  | 560 |  |  |  | 01/24/20 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 2,076 |  |  |  | (46,200 | )
JPMorgan Chase & Co. |  |  | 210 |  |  |  | 01/24/20 |  |  | USD |  |  | 137.00 |  |  | USD |  |  | 2,927 |  |  |  | (74,550 | )
Lowe’s Cos., Inc. |  |  | 97 |  |  |  | 01/24/20 |  |  | USD |  |  | 121.00 |  |  | USD |  |  | 1,162 |  |  |  | (14,695 | )
Marathon Oil Corp. |  |  | 466 |  |  |  | 01/24/20 |  |  | USD |  |  | 13.00 |  |  | USD |  |  | 633 |  |  |  | (38,678 | )
Microsoft Corp. |  |  | 61 |  |  |  | 01/24/20 |  |  | USD |  |  | 152.50 |  |  | USD |  |  | 962 |  |  |  | (36,448 | )
Molson Coors Brewing Co., Class B |  |  | 156 |  |  |  | 01/24/20 |  |  | USD |  |  | 53.00 |  |  | USD |  |  | 841 |  |  |  | (25,740 | )
Norfolk Southern Corp. |  |  | 129 |  |  |  | 01/24/20 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 2,504 |  |  |  | (56,760 | )
Pfizer, Inc. |  |  | 247 |  |  |  | 01/24/20 |  |  | USD |  |  | 38.50 |  |  | USD |  |  | 968 |  |  |  | (27,047 | )
Pfizer, Inc. |  |  | 142 |  |  |  | 01/24/20 |  |  | USD |  |  | 38.70 |  |  | USD |  |  | 556 |  |  |  | (13,544 | )
Sony Corp. — ADR |  |  | 227 |  |  |  | 01/24/20 |  |  | USD |  |  | 68.00 |  |  | USD |  |  | 1,544 |  |  |  | (28,375 | )
U.S. Bancorp |  |  | 278 |  |  |  | 01/24/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,648 |  |  |  | (18,904 | )
Verizon Communications, Inc. |  |  | 91 |  |  |  | 01/24/20 |  |  | USD |  |  | 62.00 |  |  | USD |  |  | 559 |  |  |  | (2,639 | )
Verizon Communications, Inc. |  |  | 91 |  |  |  | 01/24/20 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 559 |  |  |  | (6,916 | )
Alibaba Group Holding Ltd. — ADR |  |  | 79 |  |  |  | 01/31/20 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,676 |  |  |  | (23,384 | )
Alphabet, Inc., Class A |  |  | 9 |  |  |  | 01/31/20 |  |  | USD |  |  | 1,357.50 |  |  | USD |  |  | 1,205 |  |  |  | (19,395 | )
Altria Group, Inc. |  |  | 478 |  |  |  | 01/31/20 |  |  | USD |  |  | 51.50 |  |  | USD |  |  | 2,386 |  |  |  | (32,982 | )
Apple, Inc. |  |  | 210 |  |  |  | 01/31/20 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 6,167 |  |  |  | (312,900 | )
Apple, Inc. |  |  | 113 |  |  |  | 01/31/20 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 3,318 |  |  |  | (209,333 | )
BP PLC — ADR |  |  | 90 |  |  |  | 01/31/20 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 340 |  |  |  | (5,310 | )
Bank of America Corp. |  |  | 234 |  |  |  | 01/31/20 |  |  | USD |  |  | 32.99 |  |  | USD |  |  | 824 |  |  |  | (58,253 | )
Chevron Corp. |  |  | 98 |  |  |  | 01/31/20 |  |  | USD |  |  | 121.00 |  |  | USD |  |  | 1,181 |  |  |  | (21,805 | )
Cisco Systems, Inc. |  |  | 80 |  |  |  | 01/31/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 384 |  |  |  | (11,240 | )
Cisco Systems, Inc. |  |  | 160 |  |  |  | 01/31/20 |  |  | USD |  |  | 48.50 |  |  | USD |  |  | 767 |  |  |  | (10,160 | )
Cognizant Technology Solutions Corp., Class A |  |  | 57 |  |  |  | 01/31/20 |  |  | USD |  |  | 63.50 |  |  | USD |  |  | 354 |  |  |  | (3,990 | )
ConocoPhillips |  |  | 107 |  |  |  | 01/31/20 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 696 |  |  |  | (34,508 | )
Corteva, Inc. |  |  | 515 |  |  |  | 01/31/20 |  |  | USD |  |  | 28.60 |  |  | USD |  |  | 1,522 |  |  |  | (78,141 | )
D.R. Horton, Inc. |  |  | 295 |  |  |  | 01/31/20 |  |  | USD |  |  | 57.00 |  |  | USD |  |  | 1,556 |  |  |  | (11,652 | )
DISH Network Corp., Class A |  |  | 710 |  |  |  | 01/31/20 |  |  | USD |  |  | 37.50 |  |  | USD |  |  | 2,518 |  |  |  | (42,600 | )
Delta Air Lines, Inc. |  |  | 190 |  |  |  | 01/31/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,111 |  |  |  | (17,005 | )
E*Trade Financial Corp. |  |  | 354 |  |  |  | 01/31/20 |  |  | USD |  |  | 48.50 |  |  | USD |  |  | 1,606 |  |  |  | (19,647 | )
Humana, Inc. |  |  | 48 |  |  |  | 01/31/20 |  |  | USD |  |  | 375.00 |  |  | USD |  |  | 1,759 |  |  |  | (28,080 | )
JPMorgan Chase & Co. |  |  | 390 |  |  |  | 01/31/20 |  |  | USD |  |  | 138.00 |  |  | USD |  |  | 5,437 |  |  |  | (129,675 | )
Lowe’s Cos., Inc. |  |  | 157 |  |  |  | 01/31/20 |  |  | USD |  |  | 123.00 |  |  | USD |  |  | 1,880 |  |  |  | (16,878 | )
Marathon Oil Corp. |  |  | 576 |  |  |  | 01/31/20 |  |  | USD |  |  | 13.50 |  |  | USD |  |  | 782 |  |  |  | (33,408 | )
Microsoft Corp. |  |  | 256 |  |  |  | 01/31/20 |  |  | USD |  |  | 157.50 |  |  | USD |  |  | 4,037 |  |  |  | (104,960 | )
Molson Coors Brewing Co., Class B |  |  | 539 |  |  |  | 01/31/20 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 2,905 |  |  |  | (117,233 | )
Pfizer, Inc. |  |  | 243 |  |  |  | 01/31/20 |  |  | USD |  |  | 38.48 |  |  | USD |  |  | 952 |  |  |  | (25,892 | )
Quanta Services, Inc. |  |  | 362 |  |  |  | 01/31/20 |  |  | USD |  |  | 41.50 |  |  | USD |  |  | 1,474 |  |  |  | (31,399 | )
Sony Corp. — ADR |  |  | 227 |  |  |  | 01/31/20 |  |  | USD |  |  | 68.50 |  |  | USD |  |  | 1,544 |  |  |  | (28,375 | )

SCHEDULES OF INVESTMENTS |  |  | 35 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Capital and Income Fund (CII)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Bancorp |  |  | 244 |  |  |  | 01/31/20 |  |  | USD |  |  | 59.60 |  |  | USD |  |  | 1,447 |  |  | $ | (23,633 | )
Unilever NV — NY Shares |  |  | 403 |  |  |  | 01/31/20 |  |  | USD |  |  | 57.47 |  |  | USD |  |  | 2,316 |  |  |  | (41,859 | )
Verizon Communications, Inc. |  |  | 72 |  |  |  | 01/31/20 |  |  | USD |  |  | 62.00 |  |  | USD |  |  | 442 |  |  |  | (4,248 | )
Walmart, Inc. |  |  | 279 |  |  |  | 01/31/20 |  |  | USD |  |  | 122.00 |  |  | USD |  |  | 3,316 |  |  |  | (19,809 | )
Novo Nordisk A/S — ADR |  |  | 300 |  |  |  | 02/03/20 |  |  | USD |  |  | 56.15 |  |  | USD |  |  | 1,736 |  |  |  | (76,113 | )
Fortive Corp. |  |  | 213 |  |  |  | 02/04/20 |  |  | USD |  |  | 78.26 |  |  | USD |  |  | 1,627 |  |  |  | (22,453 | )
Bank of America Corp. |  |  | 137 |  |  |  | 02/07/20 |  |  | USD |  |  | 36.50 |  |  | USD |  |  | 483 |  |  |  | (5,959 | )
Cisco Systems, Inc. |  |  | 228 |  |  |  | 02/07/20 |  |  | USD |  |  | 48.50 |  |  | USD |  |  | 1,093 |  |  |  | (17,784 | )
ConocoPhillips |  |  | 202 |  |  |  | 02/07/20 |  |  | USD |  |  | 68.00 |  |  | USD |  |  | 1,314 |  |  |  | (22,018 | )
Marathon Oil Corp. |  |  | 373 |  |  |  | 02/07/20 |  |  | USD |  |  | 14.50 |  |  | USD |  |  | 507 |  |  |  | (9,325 | )
Pfizer, Inc. |  |  | 210 |  |  |  | 02/07/20 |  |  | USD |  |  | 39.97 |  |  | USD |  |  | 823 |  |  |  | (9,549 | )
Sony Corp. — ADR |  |  | 158 |  |  |  | 02/07/20 |  |  | USD |  |  | 68.00 |  |  | USD |  |  | 1,074 |  |  |  | (38,315 | )
Verizon Communications, Inc. |  |  | 466 |  |  |  | 02/07/20 |  |  | USD |  |  | 62.00 |  |  | USD |  |  | 2,861 |  |  |  | (31,921 | )
Pfizer, Inc. |  |  | 93 |  |  |  | 02/14/20 |  |  | USD |  |  | 40.02 |  |  | USD |  |  | 364 |  |  |  | (4,770 | )
AES Corp. |  |  | 1,220 |  |  |  | 02/21/20 |  |  | USD |  |  | 19.00 |  |  | USD |  |  | 2,428 |  |  |  | (134,200 | )
Alibaba Group Holding Ltd. — ADR |  |  | 24 |  |  |  | 02/21/20 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 509 |  |  |  | (31,260 | )
Alibaba Group Holding Ltd. — ADR |  |  | 8 |  |  |  | 02/21/20 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 170 |  |  |  | (7,980 | )
Alphabet, Inc., Class C |  |  | 1 |  |  |  | 02/21/20 |  |  | USD |  |  | 1,360.00 |  |  | USD |  |  | 134 |  |  |  | (3,375 | )
Altria Group, Inc. |  |  | 309 |  |  |  | 02/21/20 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 1,542 |  |  |  | (20,858 | )
Apple, Inc. |  |  | 252 |  |  |  | 02/21/20 |  |  | USD |  |  | 275.00 |  |  | USD |  |  | 7,400 |  |  |  | (596,610 | )
Apple, Inc. |  |  | 113 |  |  |  | 02/21/20 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 3,318 |  |  |  | (226,848 | )
BP PLC — ADR |  |  | 334 |  |  |  | 02/21/20 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 1,261 |  |  |  | (28,223 | )
Bank of America Corp. |  |  | 585 |  |  |  | 02/21/20 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 2,060 |  |  |  | (74,003 | )
CDK Global, Inc. |  |  | 409 |  |  |  | 02/21/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 2,236 |  |  |  | (85,890 | )
Chevron Corp. |  |  | 216 |  |  |  | 02/21/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 2,603 |  |  |  | (77,220 | )
Cisco Systems, Inc. |  |  | 215 |  |  |  | 02/21/20 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 1,031 |  |  |  | (38,593 | )
Comcast Corp., Class A |  |  | 156 |  |  |  | 02/21/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 702 |  |  |  | (20,826 | )
ConocoPhillips |  |  | 107 |  |  |  | 02/21/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 696 |  |  |  | (27,553 | )
D.R. Horton, Inc. |  |  | 295 |  |  |  | 02/21/20 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 1,556 |  |  |  | (15,488 | )
Dollar General Corp. |  |  | 166 |  |  |  | 02/21/20 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 2,589 |  |  |  | (80,510 | )
Humana, Inc. |  |  | 42 |  |  |  | 02/21/20 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 1,539 |  |  |  | (106,890 | )
Marathon Oil Corp. |  |  | 465 |  |  |  | 02/21/20 |  |  | USD |  |  | 13.25 |  |  | USD |  |  | 631 |  |  |  | (42,118 | )
Microsoft Corp. |  |  | 390 |  |  |  | 02/21/20 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 6,150 |  |  |  | (143,325 | )
O’Reilly Automotive, Inc. |  |  | 91 |  |  |  | 02/21/20 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 3,988 |  |  |  | (97,370 | )
Pfizer, Inc. |  |  | 288 |  |  |  | 02/21/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,128 |  |  |  | (17,712 | )
Regions Financial Corp. |  |  | 353 |  |  |  | 02/21/20 |  |  | USD |  |  | 18.00 |  |  | USD |  |  | 606 |  |  |  | (8,472 | )
U.S. Bancorp |  |  | 261 |  |  |  | 02/21/20 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 1,547 |  |  |  | (8,221 | )
Unilever NV — NY Shares |  |  | 214 |  |  |  | 02/21/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,230 |  |  |  | (8,025 | )
Unilever NV — NY Shares |  |  | 209 |  |  |  | 02/21/20 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 1,201 |  |  |  | (2,090 | )
Verizon Communications, Inc. |  |  | 576 |  |  |  | 02/21/20 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 3,537 |  |  |  | (38,304 | )
Walmart, Inc. |  |  | 160 |  |  |  | 02/21/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,901 |  |  |  | (18,240 | )
Cisco Systems, Inc. |  |  | 215 |  |  |  | 03/20/20 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 1,031 |  |  |  | (46,870 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (10,147,388 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AES Corp. |  | Goldman Sachs International |  |  | 73,200 |  |  |  | 01/06/20 |  |  | USD |  |  | 17.15 |  |  | USD |  |  | 1,457 |  |  | $ | (201,633 | )
BAE Systems PLC, ADR |  | Credit Suisse International |  |  | 44,100 |  |  |  | 01/06/20 |  |  | USD |  |  | 30.36 |  |  | USD |  |  | 1,335 |  |  |  | (10,710 | )
Regions Financial Corp. |  | JPMorgan Chase Bank N.A. |  |  | 48,600 |  |  |  | 01/06/20 |  |  | USD |  |  | 16.65 |  |  | USD |  |  | 834 |  |  |  | (26,714 | )
Packaging Corp. of America |  | JPMorgan Chase Bank N.A. |  |  | 20,900 |  |  |  | 01/07/20 |  |  | USD |  |  | 112.52 |  |  | USD |  |  | 2,341 |  |  |  | (18,620 | )
Quanta Services, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 58,500 |  |  |  | 01/07/20 |  |  | USD |  |  | 42.27 |  |  | USD |  |  | 2,382 |  |  |  | (2,827 | )
Unilever NV — NY Shares |  | JPMorgan Chase Bank N.A. |  |  | 9,000 |  |  |  | 01/07/20 |  |  | USD |  |  | 60.52 |  |  | USD |  |  | 517 |  |  |  | (147 | )
BAE Systems PLC, ADR |  | Credit Suisse International |  |  | 28,900 |  |  |  | 01/08/20 |  |  | USD |  |  | 30.07 |  |  | USD |  |  | 875 |  |  |  | (12,533 | )
DISH Network Corp., Class A |  | Citibank N.A. |  |  | 72,100 |  |  |  | 01/08/20 |  |  | USD |  |  | 35.87 |  |  | USD |  |  | 2,557 |  |  |  | (36,175 | )
Hubbell, Inc. |  | Barclays Bank PLC |  |  | 17,900 |  |  |  | 01/08/20 |  |  | USD |  |  | 146.44 |  |  | USD |  |  | 2,646 |  |  |  | (52,813 | )
Quanta Services, Inc. |  | Goldman Sachs International |  |  | 58,500 |  |  |  | 01/09/20 |  |  | USD |  |  | 42.15 |  |  | USD |  |  | 2,382 |  |  |  | (3,774 | )
Regions Financial Corp. |  | Barclays Bank PLC |  |  | 48,100 |  |  |  | 01/14/20 |  |  | USD |  |  | 17.15 |  |  | USD |  |  | 825 |  |  |  | (15,460 | )
AES Corp. |  | JPMorgan Chase Bank N.A. |  |  | 114,900 |  |  |  | 01/15/20 |  |  | USD |  |  | 18.25 |  |  | USD |  |  | 2,287 |  |  |  | (190,774 | )
BAE Systems PLC, ADR |  | Citibank N.A. |  |  | 28,800 |  |  |  | 01/15/20 |  |  | USD |  |  | 30.24 |  |  | USD |  |  | 872 |  |  |  | (13,230 | )
Quanta Services, Inc. |  | Citibank N.A. |  |  | 41,200 |  |  |  | 01/15/20 |  |  | USD |  |  | 43.08 |  |  | USD |  |  | 1,677 |  |  |  | (5,517 | )

36 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Capital and Income Fund (CII)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BAE Systems PLC, ADR |  | Bank of America N.A. |  |  | 33,500 |  |  |  | 01/22/20 |  |  |  | USD |  |  |  | 29.64 |  |  |  | USD |  |  |  | 1,014 |  |  | $ | (29,925 | )
Unilever NV — NY Shares |  | Bank of America N.A. |  |  | 14,000 |  |  |  | 01/22/20 |  |  |  | USD |  |  |  | 60.49 |  |  |  | USD |  |  |  | 804 |  |  |  | (2,911 | )
Koninklijke Philips NV |  | Barclays Bank PLC |  |  | 23,200 |  |  |  | 01/24/20 |  |  |  | USD |  |  |  | 49.09 |  |  |  | USD |  |  |  | 1,132 |  |  |  | (25,920 | )
Truist Financial Corp. |  | Citibank N.A. |  |  | 39,700 |  |  |  | 01/24/20 |  |  |  | USD |  |  |  | 56.96 |  |  |  | USD |  |  |  | 2,236 |  |  |  | (27,107 | )
Hubbell, Inc. |  | UBS AG |  |  | 12,200 |  |  |  | 01/28/20 |  |  |  | USD |  |  |  | 146.50 |  |  |  | USD |  |  |  | 1,803 |  |  |  | (59,104 | )
BAE Systems PLC, ADR |  | Citibank N.A. |  |  | 29,400 |  |  |  | 01/29/20 |  |  |  | USD |  |  |  | 30.10 |  |  |  | USD |  |  |  | 890 |  |  |  | (20,377 | )
SLM Corp. |  | JPMorgan Chase Bank N.A. |  |  | 88,500 |  |  |  | 01/29/20 |  |  |  | USD |  |  |  | 9.37 |  |  |  | USD |  |  |  | 789 |  |  |  | (12,634 | )
Koninklijke Philips NV |  | Barclays Bank PLC |  |  | 23,200 |  |  |  | 01/31/20 |  |  |  | USD |  |  |  | 49.09 |  |  |  | USD |  |  |  | 1,132 |  |  |  | (29,970 | )
Laboratory Corp. of America Holdings |  | JPMorgan Chase Bank N.A. |  |  | 30,300 |  |  |  | 01/31/20 |  |  |  | USD |  |  |  | 172.04 |  |  |  | USD |  |  |  | 5,126 |  |  |  | (96,325 | )
AES Corp. |  | Credit Suisse International |  |  | 115,000 |  |  |  | 02/03/20 |  |  |  | USD |  |  |  | 18.91 |  |  |  | USD |  |  |  | 2,289 |  |  |  | (116,899 | )
Assured Guaranty Ltd. |  | Citibank N.A. |  |  | 28,000 |  |  |  | 02/03/20 |  |  |  | USD |  |  |  | 50.57 |  |  |  | USD |  |  |  | 1,373 |  |  |  | (9,826 | )
Kar Auction Services, Inc. |  | UBS AG |  |  | 50,900 |  |  |  | 02/04/20 |  |  |  | USD |  |  |  | 22.06 |  |  |  | USD |  |  |  | 1,109 |  |  |  | (21,765 | )
Ally Financial, Inc. |  | Citibank N.A. |  |  | 77,600 |  |  |  | 02/05/20 |  |  |  | USD |  |  |  | 32.04 |  |  |  | USD |  |  |  | 2,371 |  |  |  | (52,415 | )
BAE Systems PLC, ADR |  | Barclays Bank PLC |  |  | 25,000 |  |  |  | 02/07/20 |  |  |  | USD |  |  |  | 31.49 |  |  |  | USD |  |  |  | 757 |  |  |  | (6,622 | )
Kar Auction Services, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 65,000 |  |  |  | 02/11/20 |  |  |  | USD |  |  |  | 22.09 |  |  |  | USD |  |  |  | 1,416 |  |  |  | (30,733 | )
BAE Systems PLC, ADR |  | Barclays Bank PLC |  |  | 25,000 |  |  |  | 02/14/20 |  |  |  | USD |  |  |  | 31.49 |  |  |  | USD |  |  |  | 757 |  |  |  | (7,839 | )
Assured Guaranty Ltd. |  | Citibank N.A. |  |  | 28,000 |  |  |  | 02/18/20 |  |  |  | USD |  |  |  | 50.57 |  |  |  | USD |  |  |  | 1,373 |  |  |  | (14,634 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,155,933 | )

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

|  | Swap Premium Paid |  |  | Swap Premium Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  |  | N/A |  |  |  | N/A |  |  | $ | 1,879,518 |  |  | $ | (4,471,593 | ) |  | $ | (11,303,321 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options Written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments at value |  | $ | — |  |  | $ | — |  |  | $ | 11,303,321 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 11,303,321 |

For year ended December 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | (5,034 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5,034 | )
Options written |  |  | — |  |  |  | — |  |  |  | (16,485,259 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16,485,259 | )
|  | $ | — |  |  | $ | — |  |  | $ | (16,490,293 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (16,490,293 | )

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | 7,849 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,849 |
Options written |  |  | — |  |  |  | — |  |  |  | (7,152,549 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,152,549 | )
|  | $ | — |  |  | $ | — |  |  | $ | (7,144,700 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (7,144,700 | )

| (a) | Options purchased are included in net change in unrealized appreciation (depreciation) on investments. |

SCHEDULES OF INVESTMENTS |  |  | 37 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Capital and Income Fund (CII)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average market value of option contracts purchased |  | $ | — | (a)
Average market value of option contracts written |  | $ | 9,205,007 |

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

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

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments: |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 11,303,321 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (10,147,388 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 1,155,933 |

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

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged (a) |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities (b) |
Bank of America N.A. |  | $ | 32,836 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 32,836 |
Barclays Bank PLC |  |  | 138,624 |  |  |  | — |  |  |  | (138,624 | ) |  |  | — |  |  |  | — |
Citibank N.A. |  |  | 179,281 |  |  |  | — |  |  |  | (179,281 | ) |  |  | — |  |  |  | — |
Credit Suisse International |  |  | 140,142 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 140,142 |
Goldman Sachs International |  |  | 205,407 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 205,407 |
JPMorgan Chase Bank N.A. |  |  | 378,774 |  |  |  | — |  |  |  | (378,774 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 80,869 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 80,869 |
|  | $ | 1,155,933 |  |  | $ | — |  |  | $ | (696,679 | ) |  | $ | — |  |  | $ | 459,254 |

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

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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(a) |  | $ | 800,233,823 |  |  | $ | — |  |  | $ | — |  |  | $ | 800,233,823 |
Short-Term Securities |  |  | 4,423,595 |  |  |  | — |  |  |  | — |  |  |  | 4,423,595 |
|  | $ | 804,657,418 |  |  | $ | — |  |  | $ | — |  |  | $ | 804,657,418 |
Derivative Financial Instruments(b) |
Liabilities: |
Equity contracts |  | $ | (8,947,434 | ) |  |  | (2,355,887 | ) |  | $ | — |  |  | $ | (11,303,321 | )

| (a) | See above Schedule of Investments for values in each industry. |

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

See notes to financial statements.

38 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments December 31, 2019 |  | BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks — 101.1% |
Aerospace & Defense — 3.0% |
BAE Systems PLC |  |  | 3,962,310 |  |  | $ | 29,667,068 |
Lockheed Martin Corp.(a) |  |  | 30,820 |  |  |  | 12,000,692 |
Northrop Grumman Corp.(a) |  |  | 30,330 |  |  |  | 10,432,610 |
Raytheon Co.(a) |  |  | 22,900 |  |  |  | 5,032,046 |
|  |  |  | 57,132,416 |
Air Freight & Logistics — 0.9% |
FedEx Corp.(a) |  |  | 116,030 |  |  |  | 17,544,896 |
Automobiles — 1.3% |
General Motors Co.(a) |  |  | 659,810 |  |  |  | 24,149,046 |
Banks — 15.5% |
Bank of America Corp.(a) |  |  | 1,729,866 |  |  |  | 60,925,881 |
Citigroup, Inc.(a)(b) |  |  | 926,059 |  |  |  | 73,982,853 |
JPMorgan Chase & Co.(a) |  |  | 604,367 |  |  |  | 84,248,760 |
Wells Fargo & Co.(a)(b) |  |  | 1,335,651 |  |  |  | 71,858,024 |
|  |  |  | 291,015,518 |
Beverages — 1.4% |
Constellation Brands, Inc., Class A(a) |  |  | 88,830 |  |  |  | 16,855,492 |
PepsiCo, Inc.(a) |  |  | 75,810 |  |  |  | 10,360,953 |
|  |  |  | 27,216,445 |
Capital Markets — 4.1% |
Charles Schwab Corp.(a) |  |  | 344,690 |  |  |  | 16,393,456 |
Morgan Stanley(a) |  |  | 663,256 |  |  |  | 33,905,647 |
Raymond James Financial, Inc.(a) |  |  | 143,600 |  |  |  | 12,846,456 |
State Street Corp.(a) |  |  | 169,642 |  |  |  | 13,418,682 |
|  |  |  | 76,564,241 |
Chemicals — 1.1% |
Corteva, Inc.(a)(c) |  |  | 364,551 |  |  |  | 10,776,127 |
DuPont de Nemours, Inc.(a) |  |  | 166,114 |  |  |  | 10,664,519 |
|  |  |  | 21,440,646 |
Communications Equipment — 2.1% |
Cisco Systems, Inc.(a) |  |  | 379,850 |  |  |  | 18,217,606 |
Motorola Solutions, Inc.(a) |  |  | 127,760 |  |  |  | 20,587,246 |
|  |  |  | 38,804,852 |
Construction Materials — 0.3% |
CRH PLC |  |  | 150,747 |  |  |  | 6,079,910 |
Diversified Financial Services — 2.0% |
AXA Equitable Holdings, Inc.(a) |  |  | 725,482 |  |  |  | 17,977,444 |
Berkshire Hathaway, Inc., Class B(c) |  |  | 83,300 |  |  |  | 18,867,450 |
|  |  |  | 36,844,894 |
Diversified Telecommunication Services — 4.7% |
BCE, Inc.(a) |  |  | 40,770 |  |  |  | 1,889,690 |
Verizon Communications, Inc.(a)(b) |  |  | 1,411,030 |  |  |  | 86,637,242 |
|  |  |  | 88,526,932 |
Electric Utilities — 2.4% |
FirstEnergy Corp.(a) |  |  | 635,900 |  |  |  | 30,904,740 |
NextEra Energy, Inc.(a) |  |  | 55,706 |  |  |  | 13,489,765 |
|  |  |  | 44,394,505 |
Energy Equipment & Services — 1.0% |
Baker Hughes Co.(a) |  |  | 723,400 |  |  |  | 18,540,742 |
Food Products — 2.6% |
Conagra Brands, Inc.(a) |  |  | 340,824 |  |  |  | 11,669,814 |
Kellogg Co.(a) |  |  | 177,180 |  |  |  | 12,253,769 |
Nestle SA, Registered Shares |  |  | 227,173 |  |  |  | 24,594,929 |
|  |  |  | 48,518,512 |

Security |  | Shares |  |  | Value |
Health Care Equipment & Supplies — 5.8% |
Alcon, Inc.(c) |  |  | 243,630 |  |  | $ | 13,799,597 |
Koninklijke Philips NV |  |  | 915,569 |  |  |  | 44,756,400 |
Medtronic PLC(a) |  |  | 453,570 |  |  |  | 51,457,516 |
|  |  |  | 110,013,513 |
Health Care Providers & Services — 7.0% |
Anthem, Inc.(a) |  |  | 159,101 |  |  |  | 48,053,275 |
CVS Health Corp.(a) |  |  | 399,389 |  |  |  | 29,670,609 |
Humana, Inc.(a) |  |  | 83,417 |  |  |  | 30,573,999 |
McKesson Corp.(a) |  |  | 53,050 |  |  |  | 7,337,876 |
Quest Diagnostics, Inc.(a) |  |  | 63,100 |  |  |  | 6,738,449 |
UnitedHealth Group, Inc.(a) |  |  | 31,930 |  |  |  | 9,386,781 |
|  |  |  | 131,760,989 |
Household Durables — 2.2% |
Newell Brands, Inc.(a) |  |  | 779,126 |  |  |  | 14,974,802 |
Sony Corp. |  |  | 394,900 |  |  |  | 26,812,786 |
|  |  |  | 41,787,588 |
Industrial Conglomerates — 2.4% |
General Electric Co.(a) |  |  | 1,904,653 |  |  |  | 21,255,927 |
Siemens AG, Registered Shares |  |  | 180,330 |  |  |  | 23,549,572 |
|  |  |  | 44,805,499 |
Insurance — 7.6% |
American International Group, Inc.(a) |  |  | 772,691 |  |  |  | 39,662,229 |
Arthur J Gallagher & Co.(a) |  |  | 225,438 |  |  |  | 21,468,461 |
MetLife, Inc.(a) |  |  | 698,233 |  |  |  | 35,588,936 |
Travelers Cos., Inc.(a) |  |  | 153,040 |  |  |  | 20,958,828 |
Willis Towers Watson PLC(a) |  |  | 126,380 |  |  |  | 25,521,177 |
|  |  |  | 143,199,631 |
IT Services — 1.8% |
Cognizant Technology Solutions Corp., Class A(a) |  |  | 546,039 |  |  |  | 33,865,339 |
Machinery — 0.9% |
Fortive Corp.(a) |  |  | 64,920 |  |  |  | 4,959,239 |
Pentair PLC(a) |  |  | 279,280 |  |  |  | 12,810,573 |
|  |  |  | 17,769,812 |
Media — 3.2% |
Comcast Corp., Class A(a) |  |  | 897,125 |  |  |  | 40,343,711 |
Fox Corp., Class A(a) |  |  | 550,700 |  |  |  | 20,414,449 |
|  |  |  | 60,758,160 |
Multi-Utilities — 0.3% |
Public Service Enterprise Group, Inc.(a) |  |  | 97,948 |  |  |  | 5,783,829 |
Multiline Retail — 1.3% |
Dollar General Corp.(a) |  |  | 150,517 |  |  |  | 23,477,642 |
Oil, Gas & Consumable Fuels — 9.3% |
BP PLC |  |  | 6,264,480 |  |  |  | 39,408,607 |
ConocoPhillips(a) |  |  | 192,070 |  |  |  | 12,490,312 |
Enterprise Products Partners LP(a) |  |  | 979,160 |  |  |  | 27,573,146 |
Equinor ASA |  |  | 353,730 |  |  |  | 7,054,178 |
Marathon Oil Corp.(a) |  |  | 951,580 |  |  |  | 12,922,456 |
Marathon Petroleum Corp.(a) |  |  | 540,106 |  |  |  | 32,541,387 |
TOTAL SA — ADR(a) |  |  | 220,777 |  |  |  | 12,208,968 |
Williams Cos., Inc.(a) |  |  | 1,309,909 |  |  |  | 31,071,042 |
|  |  |  | 175,270,096 |
Personal Products — 1.3% |
Unilever NV — NY Shares(a) |  |  | 436,650 |  |  |  | 25,089,909 |
Pharmaceuticals — 6.6% |
AstraZeneca PLC |  |  | 314,551 |  |  |  | 31,484,018 |
Bayer AG, Registered Shares |  |  | 283,874 |  |  |  | 23,077,989 |
Bristol-Myers Squibb Co.(a) |  |  | 265,940 |  |  |  | 17,070,689 |
Johnson & Johnson(a) |  |  | 67,850 |  |  |  | 9,897,279 |
Pfizer, Inc.(a) |  |  | 559,798 |  |  |  | 21,932,886 |
Sanofi |  |  | 200,340 |  |  |  | 20,119,631 |
|  |  |  | 123,582,492 |

SCHEDULES OF INVESTMENTS |  |  | 39 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Road & Rail — 0.5% |
Union Pacific Corp.(a) |  |  | 53,820 |  |  | $ | 9,730,118 |
Semiconductors & Semiconductor Equipment — 0.5% |
NXP Semiconductors NV(a) |  |  | 71,530 |  |  |  | 9,102,908 |
Software — 2.7% |
Constellation Software, Inc. |  |  | 8,536 |  |  |  | 8,290,218 |
Microsoft Corp.(a) |  |  | 210,010 |  |  |  | 33,118,577 |
Oracle Corp.(a) |  |  | 170,088 |  |  |  | 9,011,262 |
|  |  |  | 50,420,057 |
Specialty Retail — 1.0% |
Lowe’s Cos., Inc.(a) |  |  | 153,510 |  |  |  | 18,384,358 |
Technology Hardware, Storage & Peripherals — 1.9% |
Samsung Electronics Co. Ltd., — GDR |  |  | 30,029 |  |  |  | 35,935,546 |
Tobacco — 1.7% |
Altria Group, Inc.(a) |  |  | 629,190 |  |  |  | 31,402,873 |
Trading Companies & Distributors — 0.7% |
Ferguson PLC |  |  | 148,150 |  |  |  | 13,482,663 |
Total Common Stocks — 101.1% (Cost — $1,416,429,634) |  |  |  | 1,902,396,577 |
Preferred Stocks — 0.5% |
Household Products — 0.5% |
Henkel AG & Co. KGaA, Preference Shares, 0.00% |  |  | 82,390 |  |  |  | 8,510,925 |
Total Preferred Stocks — 0.5% (Cost — $8,165,007) |  |  |  | 8,510,925 |
Total Long-Term Investments — 101.6% (Cost — $1,424,594,641) |  |  |  | 1,910,907,502 |
Total Investments Before Options Written — 101.6% (Cost — $1,424,594,641) |  |  |  | 1,910,907,502 |
Options Written — (1.4)% (Premiums Received — $20,683,026) |  |  |  | (25,599,474 | )
Total Investments, Net of Options Written — 100.2% (Cost — $1,403,911,615) |  |  |  | 1,885,308,028 |
Liabilities in Excess of Other Assets — (0.2)% |  |  |  | (3,632,738 | )
Net Assets — 100.0% |  |  | $ | 1,881,675,290 |

(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.

During the year ended December 31, 2019, investments in issuers considered to be an affiliate/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 12/31/18 |  |  | Net Activity |  |  | Shares Held at 12/31/19 |  |  | Value at 12/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class(b) |  |  | 44,526,058 |  |  |  | (44,526,058 | ) |  |  | — |  |  | $ | — |  |  | $ | 462,065 |  |  | $ | 14 |  |  | $ | — |

| (a) | Includes net capital gain distributions, if applicable. |

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

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.

40 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cognizant Technology Solutions Corp., Class A |  |  | 428 |  |  |  | 01/03/20 |  |  | USD |  |  | 64.50 |  |  | USD |  |  | 2,654 |  |  | $ | (2,140 | )
General Electric Co. |  |  | 2,512 |  |  |  | 01/03/20 |  |  | USD |  |  | 12.00 |  |  | USD |  |  | 2,803 |  |  |  | (2,512 | )
General Motors Co. |  |  | 844 |  |  |  | 01/03/20 |  |  | USD |  |  | 36.50 |  |  | USD |  |  | 3,089 |  |  |  | (28,274 | )
Lowe’s Cos., Inc. |  |  | 253 |  |  |  | 01/03/20 |  |  | USD |  |  | 118.00 |  |  | USD |  |  | 3,030 |  |  |  | (50,347 | )
Medtronic, Inc. |  |  | 442 |  |  |  | 01/03/20 |  |  | USD |  |  | 113.00 |  |  | USD |  |  | 5,014 |  |  |  | (33,592 | )
PepsiCo, Inc. |  |  | 144 |  |  |  | 01/03/20 |  |  | USD |  |  | 136.00 |  |  | USD |  |  | 1,968 |  |  |  | (14,040 | )
Verizon Communications, Inc. |  |  | 1,147 |  |  |  | 01/03/20 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 7,043 |  |  |  | (55,056 | )
Comcast Corp. |  |  | 223 |  |  |  | 01/07/20 |  |  | USD |  |  | 45.75 |  |  | USD |  |  | 1,003 |  |  |  | (2,988 | )
MetLife, Inc. |  |  | 624 |  |  |  | 01/07/20 |  |  | USD |  |  | 49.50 |  |  | USD |  |  | 3,181 |  |  |  | (99,763 | )
Altria Group, Inc. |  |  | 679 |  |  |  | 01/10/20 |  |  | USD |  |  | 47.15 |  |  | USD |  |  | 3,389 |  |  |  | (189,733 | )
American International Group, Inc. |  |  | 552 |  |  |  | 01/10/20 |  |  | USD |  |  | 55.71 |  |  | USD |  |  | 2,833 |  |  |  | (332 | )
Bank of America Corp. |  |  | 1,739 |  |  |  | 01/10/20 |  |  | USD |  |  | 34.00 |  |  | USD |  |  | 6,125 |  |  |  | (226,940 | )
Bristol-Myers Squibb Co. |  |  | 214 |  |  |  | 01/10/20 |  |  | USD |  |  | 58.60 |  |  | USD |  |  | 1,374 |  |  |  | (110,570 | )
Citigroup, Inc. |  |  | 980 |  |  |  | 01/10/20 |  |  | USD |  |  | 75.50 |  |  | USD |  |  | 7,829 |  |  |  | (445,900 | )
Cognizant Technology Solutions Corp., Class A |  |  | 657 |  |  |  | 01/10/20 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 4,075 |  |  |  | (18,067 | )
ConocoPhillips |  |  | 90 |  |  |  | 01/10/20 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 585 |  |  |  | (15,210 | )
Fox Corp. |  |  | 1,063 |  |  |  | 01/10/20 |  |  | USD |  |  | 36.50 |  |  | USD |  |  | 3,941 |  |  |  | (90,355 | )
General Electric Co. |  |  | 1,030 |  |  |  | 01/10/20 |  |  | USD |  |  | 11.50 |  |  | USD |  |  | 1,149 |  |  |  | (5,665 | )
JPMorgan Chase & Co. |  |  | 259 |  |  |  | 01/10/20 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 3,610 |  |  |  | (116,550 | )
Johnson & Johnson |  |  | 186 |  |  |  | 01/10/20 |  |  | USD |  |  | 143.00 |  |  | USD |  |  | 2,713 |  |  |  | (62,310 | )
Lockheed Martin Corp. |  |  | 147 |  |  |  | 01/10/20 |  |  | USD |  |  | 395.00 |  |  | USD |  |  | 5,724 |  |  |  | (19,845 | )
Lowe’s Cos., Inc. |  |  | 46 |  |  |  | 01/10/20 |  |  | USD |  |  | 119.00 |  |  | USD |  |  | 551 |  |  |  | (8,878 | )
Marathon Oil Corp. |  |  | 820 |  |  |  | 01/10/20 |  |  | USD |  |  | 12.82 |  |  | USD |  |  | 1,114 |  |  |  | (67,562 | )
Medtronic PLC |  |  | 761 |  |  |  | 01/10/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 8,634 |  |  |  | (41,474 | )
Microsoft Corp. |  |  | 303 |  |  |  | 01/10/20 |  |  | USD |  |  | 152.50 |  |  | USD |  |  | 4,778 |  |  |  | (165,135 | )
Morgan Stanley |  |  | 942 |  |  |  | 01/10/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 4,816 |  |  |  | (129,054 | )
NXP Semiconductors NV |  |  | 69 |  |  |  | 01/10/20 |  |  | USD |  |  | 122.00 |  |  | USD |  |  | 878 |  |  |  | (38,122 | )
Newell Brands, Inc. |  |  | 1,255 |  |  |  | 01/10/20 |  |  | USD |  |  | 20.01 |  |  | USD |  |  | 2,412 |  |  |  | (11,675 | )
PepsiCo, Inc. |  |  | 102 |  |  |  | 01/10/20 |  |  | USD |  |  | 138.00 |  |  | USD |  |  | 1,394 |  |  |  | (5,202 | )
Pfizer, Inc. |  |  | 540 |  |  |  | 01/10/20 |  |  | USD |  |  | 38.07 |  |  | USD |  |  | 2,116 |  |  |  | (66,975 | )
Quest Diagnostics, Inc. |  |  | 97 |  |  |  | 01/10/20 |  |  | USD |  |  | 108.25 |  |  | USD |  |  | 1,036 |  |  |  | (3,913 | )
UnitedHealth Group, Inc. |  |  | 114 |  |  |  | 01/10/20 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 3,351 |  |  |  | (111,150 | )
Verizon Communications, Inc. |  |  | 1,079 |  |  |  | 01/10/20 |  |  | USD |  |  | 61.25 |  |  | USD |  |  | 6,625 |  |  |  | (27,036 | )
Wells Fargo & Co. |  |  | 1,622 |  |  |  | 01/10/20 |  |  | USD |  |  | 54.80 |  |  | USD |  |  | 8,726 |  |  |  | (55,060 | )
Williams Cos., Inc. |  |  | 1,424 |  |  |  | 01/10/20 |  |  | USD |  |  | 22.55 |  |  | USD |  |  | 3,378 |  |  |  | (171,962 | )
AXA Equitable Holdings, Inc. |  |  | 518 |  |  |  | 01/17/20 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 1,284 |  |  |  | (19,425 | )
AXA Equitable Holdings, Inc. |  |  | 478 |  |  |  | 01/17/20 |  |  | USD |  |  | 24.47 |  |  | USD |  |  | 1,184 |  |  |  | (30,827 | )
Altria Group, Inc. |  |  | 772 |  |  |  | 01/17/20 |  |  | USD |  |  | 51.50 |  |  | USD |  |  | 3,853 |  |  |  | (17,756 | )
American International Group, Inc. |  |  | 755 |  |  |  | 01/17/20 |  |  | USD |  |  | 55.25 |  |  | USD |  |  | 3,875 |  |  |  | (4,365 | )
Anthem, Inc. |  |  | 290 |  |  |  | 01/17/20 |  |  | USD |  |  | 300.00 |  |  | USD |  |  | 8,759 |  |  |  | (195,025 | )
Arthur J Gallagher & Co. |  |  | 426 |  |  |  | 01/17/20 |  |  | USD |  |  | 91.75 |  |  | USD |  |  | 4,057 |  |  |  | (160,897 | )
Arthur J Gallagher & Co. |  |  | 613 |  |  |  | 01/17/20 |  |  | USD |  |  | 92.30 |  |  | USD |  |  | 5,838 |  |  |  | (203,892 | )
BCE, Inc. |  |  | 132 |  |  |  | 01/17/20 |  |  | USD |  |  | 47.40 |  |  | USD |  |  | 612 |  |  |  | (2,202 | )
Baker Hughes Co. |  |  | 1,461 |  |  |  | 01/17/20 |  |  | USD |  |  | 24.00 |  |  | USD |  |  | 3,745 |  |  |  | (255,675 | )
Bank of America Corp. |  |  | 755 |  |  |  | 01/17/20 |  |  | USD |  |  | 32.00 |  |  | USD |  |  | 2,659 |  |  |  | (249,150 | )
Bank of America Corp. |  |  | 3,512 |  |  |  | 01/17/20 |  |  | USD |  |  | 33.00 |  |  | USD |  |  | 12,369 |  |  |  | (834,100 | )
Berkshire Hathaway, Inc., Class B |  |  | 229 |  |  |  | 01/17/20 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 5,187 |  |  |  | (22,442 | )
CVS Health Corp. |  |  | 373 |  |  |  | 01/17/20 |  |  | USD |  |  | 72.50 |  |  | USD |  |  | 2,771 |  |  |  | (95,115 | )
CVS Health Corp. |  |  | 358 |  |  |  | 01/17/20 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 2,660 |  |  |  | (35,800 | )
Charles Schwab Corp. |  |  | 403 |  |  |  | 01/17/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,917 |  |  |  | (118,885 | )
Charles Schwab Corp. |  |  | 26 |  |  |  | 01/17/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 124 |  |  |  | (715 | )
Cisco Systems, Inc. |  |  | 65 |  |  |  | 01/17/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 312 |  |  |  | (7,312 | )
Citigroup, Inc. |  |  | 1,021 |  |  |  | 01/17/20 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 8,157 |  |  |  | (541,130 | )
Cognizant Technology Solutions Corp., Class A |  |  | 594 |  |  |  | 01/17/20 |  |  | USD |  |  | 63.99 |  |  | USD |  |  | 3,684 |  |  |  | (14,242 | )
Comcast Corp. |  |  | 807 |  |  |  | 01/17/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 3,629 |  |  |  | (51,648 | )
Conagra Brands, Inc. |  |  | 599 |  |  |  | 01/17/20 |  |  | USD |  |  | 29.00 |  |  | USD |  |  | 2,051 |  |  |  | (317,470 | )
Conagra Brands, Inc. |  |  | 408 |  |  |  | 01/17/20 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 1,397 |  |  |  | (175,440 | )
ConocoPhillips |  |  | 174 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,132 |  |  |  | (91,350 | )
Constellation Brands, Inc., Class A |  |  | 361 |  |  |  | 01/17/20 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 6,850 |  |  |  | (115,520 | )
Corteva, Inc. |  |  | 973 |  |  |  | 01/17/20 |  |  | USD |  |  | 28.00 |  |  | USD |  |  | 2,876 |  |  |  | (172,708 | )

SCHEDULES OF INVESTMENTS |  |  | 41 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dollar General Corp. |  |  | 767 |  |  |  | 01/17/20 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 11,964 |  |  | $ | (5,752 | )
DuPont de Nemours, Inc. |  |  | 324 |  |  |  | 01/17/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,080 |  |  |  | (30,132 | )
Enterprise Products Partners LP |  |  | 1,874 |  |  |  | 01/17/20 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 5,277 |  |  |  | (248,305 | )
FedEx Corp. |  |  | 142 |  |  |  | 01/17/20 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 2,147 |  |  |  | (3,337 | )
FirstEnergy Corp. |  |  | 781 |  |  |  | 01/17/20 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 3,796 |  |  |  | (29,287 | )
FirstEnergy Corp. |  |  | 306 |  |  |  | 01/17/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 1,487 |  |  |  | (53,550 | )
FirstEnergy Corp. |  |  | 959 |  |  |  | 01/17/20 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 4,661 |  |  |  | (91,105 | )
Fortive Corp. |  |  | 178 |  |  |  | 01/17/20 |  |  | USD |  |  | 78.26 |  |  | USD |  |  | 1,360 |  |  |  | (9,859 | )
Fox Corp. |  |  | 906 |  |  |  | 01/17/20 |  |  | USD |  |  | 34.00 |  |  | USD |  |  | 3,359 |  |  |  | (280,860 | )
General Electric Co. |  |  | 1,551 |  |  |  | 01/17/20 |  |  | USD |  |  | 11.00 |  |  | USD |  |  | 1,731 |  |  |  | (52,734 | )
General Motors Co. |  |  | 735 |  |  |  | 01/17/20 |  |  | USD |  |  | 39.00 |  |  | USD |  |  | 2,690 |  |  |  | (4,777 | )
Humana, Inc. |  |  | 208 |  |  |  | 01/17/20 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 7,624 |  |  |  | (568,880 | )
JPMorgan Chase & Co. |  |  | 1,364 |  |  |  | 01/17/20 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 19,014 |  |  |  | (1,288,980 | )
Johnson & Johnson |  |  | 187 |  |  |  | 01/17/20 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 2,728 |  |  |  | (43,477 | )
Kellogg Co. |  |  | 219 |  |  |  | 01/17/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,515 |  |  |  | (94,170 | )
Kellogg Co. |  |  | 160 |  |  |  | 01/17/20 |  |  | USD |  |  | 65.95 |  |  | USD |  |  | 1,107 |  |  |  | (55,143 | )
Lockheed Martin Corp. |  |  | 80 |  |  |  | 01/17/20 |  |  | USD |  |  | 390.00 |  |  | USD |  |  | 3,115 |  |  |  | (38,400 | )
Lowe’s Cos., Inc. |  |  | 250 |  |  |  | 01/17/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 2,994 |  |  |  | (45,750 | )
Marathon Oil Corp. |  |  | 1,289 |  |  |  | 01/17/20 |  |  | USD |  |  | 13.00 |  |  | USD |  |  | 1,750 |  |  |  | (97,320 | )
Marathon Petroleum Corp. |  |  | 444 |  |  |  | 01/17/20 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 2,675 |  |  |  | (4,440 | )
McKesson Corp. |  |  | 48 |  |  |  | 01/17/20 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 664 |  |  |  | (480 | )
MetLife, Inc. |  |  | 623 |  |  |  | 01/17/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 3,175 |  |  |  | (84,105 | )
Microsoft Corp. |  |  | 230 |  |  |  | 01/17/20 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 3,627 |  |  |  | (186,875 | )
Morgan Stanley |  |  | 821 |  |  |  | 01/17/20 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 4,197 |  |  |  | (211,818 | )
Motorola Solutions, Inc. |  |  | 444 |  |  |  | 01/17/20 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 7,155 |  |  |  | (61,050 | )
NXP Semiconductors NV |  |  | 117 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,489 |  |  |  | (49,140 | )
Newell Brands, Inc. |  |  | 1,255 |  |  |  | 01/17/20 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 2,412 |  |  |  | (21,962 | )
NextEra Energy, Inc. |  |  | 48 |  |  |  | 01/17/20 |  |  | USD |  |  | 222.35 |  |  | USD |  |  | 1,162 |  |  |  | (96,179 | )
Northrop Grumman Corp. |  |  | 98 |  |  |  | 01/17/20 |  |  | USD |  |  | 355.00 |  |  | USD |  |  | 3,371 |  |  |  | (9,800 | )
Pentair PLC |  |  | 377 |  |  |  | 01/17/20 |  |  | USD |  |  | 43.10 |  |  | USD |  |  | 1,729 |  |  |  | (110,607 | )
Pentair PLC |  |  | 628 |  |  |  | 01/17/20 |  |  | USD |  |  | 43.25 |  |  | USD |  |  | 2,881 |  |  |  | (171,090 | )
PepsiCo, Inc. |  |  | 101 |  |  |  | 01/17/20 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 1,380 |  |  |  | (3,080 | )
Pfizer, Inc. |  |  | 540 |  |  |  | 01/17/20 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 2,116 |  |  |  | (75,870 | )
Public Service Enterprise Group, Inc. |  |  | 329 |  |  |  | 01/17/20 |  |  | USD |  |  | 61.22 |  |  | USD |  |  | 1,943 |  |  |  | (4,556 | )
Quest Diagnostics, Inc. |  |  | 203 |  |  |  | 01/17/20 |  |  | USD |  |  | 103.28 |  |  | USD |  |  | 2,168 |  |  |  | (70,173 | )
Raymond James Financial, Inc. |  |  | 475 |  |  |  | 01/17/20 |  |  | USD |  |  | 90.25 |  |  | USD |  |  | 4,249 |  |  |  | (48,352 | )
Raytheon Co. |  |  | 63 |  |  |  | 01/17/20 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,384 |  |  |  | (17,766 | )
State Street Corp. |  |  | 477 |  |  |  | 01/17/20 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 3,773 |  |  |  | (236,115 | )
TOTAL SA — ADR |  |  | 49 |  |  |  | 01/17/20 |  |  | USD |  |  | 54.22 |  |  | USD |  |  | 271 |  |  |  | (4,628 | )
TOTAL SA — ADR |  |  | 528 |  |  |  | 01/17/20 |  |  | USD |  |  | 54.80 |  |  | USD |  |  | 2,920 |  |  |  | (34,064 | )
Travelers Cos., Inc. |  |  | 434 |  |  |  | 01/17/20 |  |  | USD |  |  | 137.00 |  |  | USD |  |  | 5,944 |  |  |  | (73,734 | )
Union Pacific Corp. |  |  | 151 |  |  |  | 01/17/20 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 2,730 |  |  |  | (107,965 | )
UnitedHealth Group, Inc. |  |  | 45 |  |  |  | 01/17/20 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 1,323 |  |  |  | (71,438 | )
UnitedHealth Group, Inc. |  |  | 70 |  |  |  | 01/17/20 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 2,058 |  |  |  | (59,675 | )
Verizon Communications, Inc. |  |  | 857 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 5,262 |  |  |  | (125,551 | )
Verizon Communications, Inc. |  |  | 1,238 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.25 |  |  | USD |  |  | 7,601 |  |  |  | (118,045 | )
Wells Fargo & Co. |  |  | 1,250 |  |  |  | 01/17/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 6,725 |  |  |  | (60,000 | )
Williams Cos., Inc. |  |  | 1,424 |  |  |  | 01/17/20 |  |  | USD |  |  | 22.55 |  |  | USD |  |  | 3,378 |  |  |  | (180,518 | )
NextEra Energy, Inc. |  |  | 182 |  |  |  | 01/22/20 |  |  | USD |  |  | 235.52 |  |  | USD |  |  | 4,407 |  |  |  | (140,593 | )
Altria Group, Inc. |  |  | 53 |  |  |  | 01/24/20 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 265 |  |  |  | (2,544 | )
American International Group, Inc. |  |  | 825 |  |  |  | 01/24/20 |  |  | USD |  |  | 54.00 |  |  | USD |  |  | 4,235 |  |  |  | (14,025 | )
Bank of America Corp. |  |  | 924 |  |  |  | 01/24/20 |  |  | USD |  |  | 33.30 |  |  | USD |  |  | 3,254 |  |  |  | (198,986 | )
CVS Health Corp. |  |  | 382 |  |  |  | 01/24/20 |  |  | USD |  |  | 76.50 |  |  | USD |  |  | 2,838 |  |  |  | (22,347 | )
Charles Schwab Corp. |  |  | 349 |  |  |  | 01/24/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 1,660 |  |  |  | (13,087 | )
Cisco Systems, Inc. |  |  | 65 |  |  |  | 01/24/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 312 |  |  |  | (8,157 | )
Cisco Systems, Inc. |  |  | 116 |  |  |  | 01/24/20 |  |  | USD |  |  | 46.50 |  |  | USD |  |  | 556 |  |  |  | (18,618 | )
Cisco Systems, Inc. |  |  | 233 |  |  |  | 01/24/20 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 1,117 |  |  |  | (16,077 | )
Citigroup, Inc. |  |  | 124 |  |  |  | 01/24/20 |  |  | USD |  |  | 79.50 |  |  | USD |  |  | 991 |  |  |  | (25,296 | )
Citigroup, Inc. |  |  | 691 |  |  |  | 01/24/20 |  |  | USD |  |  | 80.50 |  |  | USD |  |  | 5,520 |  |  |  | (103,996 | )
Cognizant Technology Solutions Corp., Class A |  |  | 896 |  |  |  | 01/24/20 |  |  | USD |  |  | 63.50 |  |  | USD |  |  | 5,557 |  |  |  | (44,800 | )
Comcast Corp. |  |  | 161 |  |  |  | 01/24/20 |  |  | USD |  |  | 45.50 |  |  | USD |  |  | 724 |  |  |  | (11,189 | )
Comcast Corp. |  |  | 718 |  |  |  | 01/24/20 |  |  | USD |  |  | 43.50 |  |  | USD |  |  | 3,229 |  |  |  | (132,830 | )

42 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ConocoPhillips |  |  | 170 |  |  |  | 01/24/20 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 1,106 |  |  | $ | (38,675 | )
Corteva, Inc |  |  | 516 |  |  |  | 01/24/20 |  |  | USD |  |  | 28.60 |  |  | USD |  |  | 1,525 |  |  |  | (72,961 | )
Dollar General Corp. |  |  | 3 |  |  |  | 01/24/20 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 47 |  |  |  | (945 | )
DuPont de Nemours, Inc. |  |  | 435 |  |  |  | 01/24/20 |  |  | USD |  |  | 67.00 |  |  | USD |  |  | 2,793 |  |  |  | (21,750 | )
FedEx Corp. |  |  | 127 |  |  |  | 01/24/20 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 1,920 |  |  |  | (11,049 | )
FirstEnergy Corp. |  |  | 322 |  |  |  | 01/24/20 |  |  | USD |  |  | 49.10 |  |  | USD |  |  | 1,565 |  |  |  | (16,283 | )
Fox Corp. |  |  | 298 |  |  |  | 01/24/20 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 1,105 |  |  |  | (24,585 | )
General Electric Co. |  |  | 1,055 |  |  |  | 01/24/20 |  |  | USD |  |  | 11.00 |  |  | USD |  |  | 1,177 |  |  |  | (42,200 | )
General Electric Co. |  |  | 1,171 |  |  |  | 01/24/20 |  |  | USD |  |  | 11.50 |  |  | USD |  |  | 1,307 |  |  |  | (18,736 | )
General Motors Co. |  |  | 767 |  |  |  | 01/24/20 |  |  | USD |  |  | 36.50 |  |  | USD |  |  | 2,807 |  |  |  | (66,729 | )
JPMorgan Chase & Co. |  |  | 975 |  |  |  | 01/24/20 |  |  | USD |  |  | 137.00 |  |  | USD |  |  | 13,592 |  |  |  | (346,125 | )
Lowe’s Cos., Inc. |  |  | 124 |  |  |  | 01/24/20 |  |  | USD |  |  | 121.00 |  |  | USD |  |  | 1,485 |  |  |  | (18,786 | )
Marathon Oil Corp. |  |  | 766 |  |  |  | 01/24/20 |  |  | USD |  |  | 13.00 |  |  | USD |  |  | 1,040 |  |  |  | (63,578 | )
Marathon Petroleum Corp. |  |  | 646 |  |  |  | 01/24/20 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 3,892 |  |  |  | (98,192 | )
McKesson Corp. |  |  | 44 |  |  |  | 01/24/20 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 609 |  |  |  | (5,720 | )
Medtronic PLC |  |  | 562 |  |  |  | 01/24/20 |  |  | USD |  |  | 113.00 |  |  | USD |  |  | 6,376 |  |  |  | (116,896 | )
MetLife, Inc. |  |  | 593 |  |  |  | 01/24/20 |  |  | USD |  |  | 49.50 |  |  | USD |  |  | 3,023 |  |  |  | (110,891 | )
Microsoft Corp. |  |  | 58 |  |  |  | 01/24/20 |  |  | USD |  |  | 152.50 |  |  | USD |  |  | 915 |  |  |  | (34,655 | )
NXP Semiconductors NV |  |  | 138 |  |  |  | 01/24/20 |  |  | USD |  |  | 129.00 |  |  | USD |  |  | 1,756 |  |  |  | (34,293 | )
Northrop Grumman Corp. |  |  | 99 |  |  |  | 01/24/20 |  |  | USD |  |  | 347.50 |  |  | USD |  |  | 3,405 |  |  |  | (42,570 | )
PepsiCo, Inc. |  |  | 145 |  |  |  | 01/24/20 |  |  | USD |  |  | 138.00 |  |  | USD |  |  | 1,982 |  |  |  | (16,457 | )
Pfizer, Inc. |  |  | 398 |  |  |  | 01/24/20 |  |  | USD |  |  | 38.70 |  |  | USD |  |  | 1,559 |  |  |  | (37,962 | )
Raytheon Co. |  |  | 62 |  |  |  | 01/24/20 |  |  | USD |  |  | 217.50 |  |  | USD |  |  | 1,362 |  |  |  | (32,395 | )
Union Pacific Corp. |  |  | 145 |  |  |  | 01/24/20 |  |  | USD |  |  | 182.50 |  |  | USD |  |  | 2,621 |  |  |  | (54,738 | )
Verizon Communications, Inc. |  |  | 478 |  |  |  | 01/24/20 |  |  | USD |  |  | 62.00 |  |  | USD |  |  | 2,935 |  |  |  | (13,862 | )
Verizon Communications, Inc. |  |  | 478 |  |  |  | 01/24/20 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 2,935 |  |  |  | (36,328 | )
Wells Fargo & Co. |  |  | 1,196 |  |  |  | 01/24/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 6,434 |  |  |  | (69,966 | )
Williams Cos., Inc. |  |  | 1,015 |  |  |  | 01/24/20 |  |  | USD |  |  | 23.50 |  |  | USD |  |  | 2,408 |  |  |  | (66,990 | )
Charles Schwab Corp. |  |  | 715 |  |  |  | 01/30/20 |  |  | USD |  |  | 44.40 |  |  | USD |  |  | 3,401 |  |  |  | (271,686 | )
Altria Group, Inc. |  |  | 240 |  |  |  | 01/31/20 |  |  | USD |  |  | 51.50 |  |  | USD |  |  | 1,198 |  |  |  | (16,560 | )
American International Group, Inc. |  |  | 412 |  |  |  | 01/31/20 |  |  | USD |  |  | 53.00 |  |  | USD |  |  | 2,115 |  |  |  | (20,394 | )
Anthem, Inc. |  |  | 346 |  |  |  | 01/31/20 |  |  | USD |  |  | 300.00 |  |  | USD |  |  | 10,450 |  |  |  | (344,270 | )
Bank of America Corp. |  |  | 1,180 |  |  |  | 01/31/20 |  |  | USD |  |  | 32.99 |  |  | USD |  |  | 4,156 |  |  |  | (293,753 | )
Bristol-Myers Squibb Co. |  |  | 410 |  |  |  | 01/31/20 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 2,632 |  |  |  | (60,475 | )
CVS Health Corp. |  |  | 126 |  |  |  | 01/31/20 |  |  | USD |  |  | 75.25 |  |  | USD |  |  | 936 |  |  |  | (18,352 | )
Cisco Systems, Inc. |  |  | 116 |  |  |  | 01/31/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 556 |  |  |  | (16,298 | )
Cisco Systems, Inc. |  |  | 233 |  |  |  | 01/31/20 |  |  | USD |  |  | 48.50 |  |  | USD |  |  | 1,117 |  |  |  | (14,795 | )
Citigroup, Inc. |  |  | 888 |  |  |  | 01/31/20 |  |  | USD |  |  | 77.00 |  |  | USD |  |  | 7,094 |  |  |  | (368,520 | )
Cognizant Technology Solutions Corp., Class A |  |  | 428 |  |  |  | 01/31/20 |  |  | USD |  |  | 63.50 |  |  | USD |  |  | 2,654 |  |  |  | (29,960 | )
Comcast Corp. |  |  | 1,299 |  |  |  | 01/31/20 |  |  | USD |  |  | 44.50 |  |  | USD |  |  | 5,842 |  |  |  | (170,819 | )
ConocoPhillips |  |  | 265 |  |  |  | 01/31/20 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 1,723 |  |  |  | (85,463 | )
Constellation Brands, Inc., Class A |  |  | 127 |  |  |  | 01/31/20 |  |  | USD |  |  | 187.50 |  |  | USD |  |  | 2,410 |  |  |  | (96,520 | )
Corteva, Inc |  |  | 516 |  |  |  | 01/31/20 |  |  | USD |  |  | 28.60 |  |  | USD |  |  | 1,525 |  |  |  | (78,293 | )
DuPont de Nemours, Inc. |  |  | 154 |  |  |  | 01/31/20 |  |  | USD |  |  | 65.50 |  |  | USD |  |  | 989 |  |  |  | (23,562 | )
Enterprise Products Partners LP |  |  | 1,716 |  |  |  | 01/31/20 |  |  | USD |  |  | 28.00 |  |  | USD |  |  | 4,832 |  |  |  | (120,120 | )
FedEx Corp. |  |  | 149 |  |  |  | 01/31/20 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 2,253 |  |  |  | (8,791 | )
FirstEnergy Corp. |  |  | 322 |  |  |  | 01/31/20 |  |  | USD |  |  | 49.25 |  |  | USD |  |  | 1,565 |  |  |  | (17,511 | )
Fox Corp. |  |  | 761 |  |  |  | 01/31/20 |  |  | USD |  |  | 37.50 |  |  | USD |  |  | 2,821 |  |  |  | (60,880 | )
General Electric Co. |  |  | 1,606 |  |  |  | 01/31/20 |  |  | USD |  |  | 12.00 |  |  | USD |  |  | 1,792 |  |  |  | (24,893 | )
JPMorgan Chase & Co. |  |  | 735 |  |  |  | 01/31/20 |  |  | USD |  |  | 138.00 |  |  | USD |  |  | 10,246 |  |  |  | (244,388 | )
Kellogg Co. |  |  | 48 |  |  |  | 01/31/20 |  |  | USD |  |  | 67.52 |  |  | USD |  |  | 332 |  |  |  | (11,321 | )
Lowe’s Cos., Inc. |  |  | 171 |  |  |  | 01/31/20 |  |  | USD |  |  | 123.00 |  |  | USD |  |  | 2,048 |  |  |  | (18,382 | )
Marathon Oil Corp. |  |  | 709 |  |  |  | 01/31/20 |  |  | USD |  |  | 13.50 |  |  | USD |  |  | 963 |  |  |  | (41,122 | )
Marathon Petroleum Corp. |  |  | 132 |  |  |  | 01/31/20 |  |  | USD |  |  | 63.50 |  |  | USD |  |  | 795 |  |  |  | (14,850 | )
Medtronic PLC |  |  | 287 |  |  |  | 01/31/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 3,256 |  |  |  | (37,884 | )
MetLife, Inc. |  |  | 1,334 |  |  |  | 01/31/20 |  |  | USD |  |  | 52.00 |  |  | USD |  |  | 6,799 |  |  |  | (72,703 | )
Microsoft Corp. |  |  | 225 |  |  |  | 01/31/20 |  |  | USD |  |  | 157.50 |  |  | USD |  |  | 3,548 |  |  |  | (92,250 | )
Morgan Stanley |  |  | 942 |  |  |  | 01/31/20 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 4,816 |  |  |  | (131,409 | )
NextEra Energy, Inc. |  |  | 132 |  |  |  | 01/31/20 |  |  | USD |  |  | 243.00 |  |  | USD |  |  | 3,197 |  |  |  | (55,646 | )
Oracle Corp. |  |  | 480 |  |  |  | 01/31/20 |  |  | USD |  |  | 56.50 |  |  | USD |  |  | 2,543 |  |  |  | (2,880 | )
Pfizer, Inc. |  |  | 474 |  |  |  | 01/31/20 |  |  | USD |  |  | 38.48 |  |  | USD |  |  | 1,857 |  |  |  | (50,505 | )
Raymond James Financial, Inc. |  |  | 314 |  |  |  | 01/31/20 |  |  | USD |  |  | 91.50 |  |  | USD |  |  | 2,809 |  |  |  | (41,444 | )
Unilever NV — NY Shares |  |  | 588 |  |  |  | 01/31/20 |  |  | USD |  |  | 57.47 |  |  | USD |  |  | 3,379 |  |  |  | (61,075 | )

SCHEDULES OF INVESTMENTS |  |  | 43 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Verizon Communications, Inc. |  |  | 996 |  |  |  | 01/31/20 |  |  | USD |  |  | 62.00 |  |  | USD |  |  | 6,115 |  |  | $ | (58,764 | )
Wells Fargo & Co. |  |  | 1,274 |  |  |  | 01/31/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 6,854 |  |  |  | (89,180 | )
Williams Cos., Inc. |  |  | 900 |  |  |  | 01/31/20 |  |  | USD |  |  | 23.50 |  |  | USD |  |  | 2,135 |  |  |  | (65,700 | )
BCE, Inc. |  |  | 133 |  |  |  | 02/04/20 |  |  | USD |  |  | 46.71 |  |  | USD |  |  | 616 |  |  |  | (8,997 | )
Conagra Brands, Inc. |  |  | 599 |  |  |  | 02/04/20 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 2,051 |  |  |  | (260,803 | )
Fortive Corp. |  |  | 178 |  |  |  | 02/04/20 |  |  | USD |  |  | 78.26 |  |  | USD |  |  | 1,360 |  |  |  | (18,764 | )
Newell Brands, Inc. |  |  | 1,775 |  |  |  | 02/04/20 |  |  | USD |  |  | 18.85 |  |  | USD |  |  | 3,412 |  |  |  | (158,980 | )
Willis Towers Watson PLC |  |  | 220 |  |  |  | 02/04/20 |  |  | USD |  |  | 205.40 |  |  | USD |  |  | 4,443 |  |  |  | (62,784 | )
Bank of America Corp. |  |  | 362 |  |  |  | 02/07/20 |  |  | USD |  |  | 36.50 |  |  | USD |  |  | 1,275 |  |  |  | (15,747 | )
Bristol-Myers Squibb Co. |  |  | 410 |  |  |  | 02/07/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,632 |  |  |  | (57,195 | )
Cisco Systems, Inc. |  |  | 327 |  |  |  | 02/07/20 |  |  | USD |  |  | 48.50 |  |  | USD |  |  | 1,568 |  |  |  | (25,506 | )
ConocoPhillips |  |  | 92 |  |  |  | 02/07/20 |  |  | USD |  |  | 68.00 |  |  | USD |  |  | 598 |  |  |  | (10,028 | )
Enterprise Products Partners LP |  |  | 1,795 |  |  |  | 02/07/20 |  |  | USD |  |  | 28.50 |  |  | USD |  |  | 5,055 |  |  |  | (85,263 | )
Marathon Oil Corp. |  |  | 884 |  |  |  | 02/07/20 |  |  | USD |  |  | 14.50 |  |  | USD |  |  | 1,200 |  |  |  | (22,100 | )
Pfizer, Inc. |  |  | 633 |  |  |  | 02/07/20 |  |  | USD |  |  | 39.97 |  |  | USD |  |  | 2,480 |  |  |  | (28,784 | )
Verizon Communications, Inc. |  |  | 954 |  |  |  | 02/07/20 |  |  | USD |  |  | 62.00 |  |  | USD |  |  | 5,858 |  |  |  | (65,349 | )
Baker Hughes Co., Class A |  |  | 1,462 |  |  |  | 02/10/20 |  |  | USD |  |  | 25.75 |  |  | USD |  |  | 3,747 |  |  |  | (119,096 | )
FirstEnergy Corp. |  |  | 807 |  |  |  | 02/10/20 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 3,922 |  |  |  | (42,233 | )
AXA Equitable Holdings, Inc. |  |  | 978 |  |  |  | 02/12/20 |  |  | USD |  |  | 25.27 |  |  | USD |  |  | 2,423 |  |  |  | (53,603 | )
Pfizer, Inc. |  |  | 328 |  |  |  | 02/14/20 |  |  | USD |  |  | 40.02 |  |  | USD |  |  | 1,285 |  |  |  | (16,824 | )
AXA Equitable Holdings, Inc. |  |  | 927 |  |  |  | 02/21/20 |  |  | USD |  |  | 25.01 |  |  | USD |  |  | 2,297 |  |  |  | (84,793 | )
Altria Group, Inc. |  |  | 772 |  |  |  | 02/21/20 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 3,853 |  |  |  | (52,110 | )
American International Group, Inc. |  |  | 595 |  |  |  | 02/21/20 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 3,054 |  |  |  | (78,838 | )
Baker Hughes Co., Class A |  |  | 1,055 |  |  |  | 02/21/20 |  |  | USD |  |  | 23.20 |  |  | USD |  |  | 2,704 |  |  |  | (274,061 | )
Bank of America Corp. |  |  | 1,042 |  |  |  | 02/21/20 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 3,670 |  |  |  | (131,813 | )
Bristol-Myers Squibb Co. |  |  | 213 |  |  |  | 02/21/20 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 1,367 |  |  |  | (64,007 | )
CVS Health Corp. |  |  | 358 |  |  |  | 02/21/20 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 2,660 |  |  |  | (44,392 | )
Charles Schwab Corp. |  |  | 402 |  |  |  | 02/21/20 |  |  | USD |  |  | 51.10 |  |  | USD |  |  | 1,912 |  |  |  | (22,670 | )
Cisco Systems, Inc. |  |  | 279 |  |  |  | 02/21/20 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 1,338 |  |  |  | (50,081 | )
Comcast Corp. |  |  | 1,292 |  |  |  | 02/21/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 5,810 |  |  |  | (172,482 | )
Conagra Brands, Inc. |  |  | 1,043 |  |  |  | 02/21/20 |  |  | USD |  |  | 34.05 |  |  | USD |  |  | 3,571 |  |  |  | (145,680 | )
ConocoPhillips |  |  | 265 |  |  |  | 02/21/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,723 |  |  |  | (68,238 | )
Dollar General Corp. |  |  | 57 |  |  |  | 02/21/20 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 889 |  |  |  | (27,645 | )
FedEx Corp. |  |  | 220 |  |  |  | 02/21/20 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 3,327 |  |  |  | (85,800 | )
General Motors Co. |  |  | 293 |  |  |  | 02/21/20 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 1,072 |  |  |  | (23,879 | )
Humana, Inc. |  |  | 156 |  |  |  | 02/21/20 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 5,718 |  |  |  | (397,020 | )
Kellogg Co. |  |  | 109 |  |  |  | 02/21/20 |  |  | USD |  |  | 68.50 |  |  | USD |  |  | 754 |  |  |  | (29,240 | )
Marathon Oil Corp. |  |  | 765 |  |  |  | 02/21/20 |  |  | USD |  |  | 13.25 |  |  | USD |  |  | 1,039 |  |  |  | (69,291 | )
McKesson Corp. |  |  | 120 |  |  |  | 02/21/20 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,660 |  |  |  | (24,900 | )
Medtronic PLC |  |  | 442 |  |  |  | 02/21/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 5,014 |  |  |  | (113,815 | )
MetLife, Inc. |  |  | 666 |  |  |  | 02/21/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 3,395 |  |  |  | (130,203 | )
Microsoft Corp. |  |  | 339 |  |  |  | 02/21/20 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 5,346 |  |  |  | (124,583 | )
Morgan Stanley |  |  | 942 |  |  |  | 02/21/20 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 4,816 |  |  |  | (94,200 | )
Motorola Solutions, Inc. |  |  | 387 |  |  |  | 02/21/20 |  |  | USD |  |  | 166.00 |  |  | USD |  |  | 6,236 |  |  |  | (115,190 | )
NXP Semiconductors NV |  |  | 69 |  |  |  | 02/21/20 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 878 |  |  |  | (30,705 | )
Pentair PLC |  |  | 644 |  |  |  | 02/21/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 2,954 |  |  |  | (133,630 | )
Pfizer, Inc. |  |  | 165 |  |  |  | 02/21/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 646 |  |  |  | (10,147 | )
Public Service Enterprise Group, Inc. |  |  | 307 |  |  |  | 02/21/20 |  |  | USD |  |  | 60.24 |  |  | USD |  |  | 1,813 |  |  |  | (27,850 | )
Quest Diagnostics, Inc. |  |  | 110 |  |  |  | 02/21/20 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 1,175 |  |  |  | (15,675 | )
State Street Corp. |  |  | 201 |  |  |  | 02/21/20 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 1,590 |  |  |  | (82,913 | )
State Street Corp. |  |  | 255 |  |  |  | 02/21/20 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 2,017 |  |  |  | (45,007 | )
TOTAL SA — ADR |  |  | 637 |  |  |  | 02/21/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 3,523 |  |  |  | (73,255 | )
Travelers Cos., Inc. |  |  | 407 |  |  |  | 02/21/20 |  |  | USD |  |  | 137.00 |  |  | USD |  |  | 5,574 |  |  |  | (125,021 | )
Unilever NV — NY Shares |  |  | 679 |  |  |  | 02/21/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 3,902 |  |  |  | (25,462 | )
Unilever NV — NY Shares |  |  | 43 |  |  |  | 02/21/20 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 247 |  |  |  | (430 | )
Verizon Communications, Inc. |  |  | 533 |  |  |  | 02/21/20 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 3,273 |  |  |  | (35,444 | )
Williams Cos., Inc. |  |  | 1,015 |  |  |  | 02/21/20 |  |  | USD |  |  | 24.00 |  |  | USD |  |  | 2,408 |  |  |  | (67,498 | )
Williams Cos., Inc. |  |  | 1,426 |  |  |  | 02/21/20 |  |  | USD |  |  | 23.31 |  |  | USD |  |  | 3,382 |  |  |  | (156,141 | )
Willis Towers Watson PLC |  |  | 305 |  |  |  | 02/21/20 |  |  | USD |  |  | 201.25 |  |  | USD |  |  | 6,159 |  |  |  | (175,236 | )
Bristol-Myers Squibb Co. |  |  | 215 |  |  |  | 03/20/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,380 |  |  |  | (46,547 | )
Cisco Systems, Inc. |  |  | 279 |  |  |  | 03/20/20 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 1,338 |  |  |  | (60,822 | )
|  |  | $ | (21,654,422 | )

44 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |
AstraZeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 33,400 |  |  |  | 01/07/20 |  |  | GBP |  |  | 76.89 |  |  | GBP |  |  | 2,524 |  |  | $ | (14,536 | )
Boeing Corp. |  | Goldman Sachs International |  |  | 131,500 |  |  |  | 01/07/20 |  |  | GBP |  |  | 5.92 |  |  | GBP |  |  | 743 |  |  |  | (193 | )
Nestle SA |  | UBS AG |  |  | 86,700 |  |  |  | 01/07/20 |  |  | CHF |  |  | 108.61 |  |  | CHF |  |  | 9,084 |  |  |  | (2,141 | )
Unilever NV — NY Shares |  | JPMorgan Chase Bank N.A. |  |  | 41,100 |  |  |  | 01/07/20 |  |  | USD |  |  | 60.52 |  |  | USD |  |  | 2,362 |  |  |  | (673 | )
BP PLC |  | Goldman Sachs International |  |  | 1,336,000 |  |  |  | 01/09/20 |  |  | GBP |  |  | 5.24 |  |  | GBP |  |  | 6,346 |  |  |  | (800 | )
Banco Santander SA |  | Goldman Sachs International |  |  | 56,800 |  |  |  | 01/09/20 |  |  | EUR |  |  | 85.54 |  |  | EUR |  |  | 5,085 |  |  |  | (256,711 | )
CRH PLC |  | UBS AG |  |  | 64,400 |  |  |  | 01/09/20 |  |  | GBP |  |  | 29.47 |  |  | GBP |  |  | 1,961 |  |  |  | (89,212 | )
Statoil ASA |  | Goldman Sachs International |  |  | 38,000 |  |  |  | 01/09/20 |  |  | NOK |  |  | 182.02 |  |  | NOK |  |  | 6,653 |  |  |  | (1,690 | )
Bayer AG |  | Goldman Sachs International |  |  | 63,200 |  |  |  | 01/14/20 |  |  | EUR |  |  | 70.32 |  |  | EUR |  |  | 4,581 |  |  |  | (195,735 | )
Boeing Corp. |  | UBS AG |  |  | 133,600 |  |  |  | 01/14/20 |  |  | GBP |  |  | 6.00 |  |  | GBP |  |  | 755 |  |  |  | (857 | )
CRH PLC |  | UBS AG |  |  | 35,100 |  |  |  | 01/14/20 |  |  | GBP |  |  | 29.51 |  |  | GBP |  |  | 1,069 |  |  |  | (49,603 | )
Koninklijke Philips NV |  | Morgan Stanley & Co. International PLC |  |  | 12,300 |  |  |  | 01/14/20 |  |  | EUR |  |  | 41.00 |  |  | EUR |  |  | 536 |  |  |  | (35,893 | )
Nestle SA, Registered Shares |  | Morgan Stanley & Co. International PLC |  |  | 37,500 |  |  |  | 01/14/20 |  |  | CHF |  |  | 102.84 |  |  | CHF |  |  | 3,929 |  |  |  | (87,750 | )
Sony Corp. |  | Goldman Sachs International |  |  | 91,300 |  |  |  | 01/14/20 |  |  | JPY |  |  | 7,016.36 |  |  | JPY |  |  | 673,558 |  |  |  | (315,486 | )
Alcon, Inc. |  | UBS AG |  |  | 110,400 |  |  |  | 01/15/20 |  |  | CHF |  |  | 54.71 |  |  | CHF |  |  | 6,052 |  |  |  | (77,984 | )
AstraZeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 4,700 |  |  |  | 01/15/20 |  |  | GBP |  |  | 74.59 |  |  | GBP |  |  | 355 |  |  |  | (11,046 | )
BP PLC |  | Goldman Sachs International |  |  | 178,200 |  |  |  | 01/15/20 |  |  | GBP |  |  | 4.82 |  |  | GBP |  |  | 846 |  |  |  | (10,264 | )
Ferguson PLC |  | UBS AG |  |  | 40,700 |  |  |  | 01/15/20 |  |  | GBP |  |  | 66.89 |  |  | GBP |  |  | 2,796 |  |  |  | (116,044 | )
Statoil ASA |  | UBS AG |  |  | 25,300 |  |  |  | 01/15/20 |  |  | NOK |  |  | 170.09 |  |  | NOK |  |  | 4,430 |  |  |  | (17,045 | )
Boeing Corp. |  | UBS AG |  |  | 134,000 |  |  |  | 01/21/20 |  |  | GBP |  |  | 5.89 |  |  | GBP |  |  | 757 |  |  |  | (3,530 | )
Henkel AG & Co. KGaA |  | Morgan Stanley & Co. International PLC |  |  | 17,300 |  |  |  | 01/21/20 |  |  | EUR |  |  | 95.46 |  |  | EUR |  |  | 1,593 |  |  |  | (7,154 | )
Statoil ASA |  | Credit Suisse International |  |  | 37,900 |  |  |  | 01/21/20 |  |  | NOK |  |  | 181.33 |  |  | NOK |  |  | 6,636 |  |  |  | (5,156 | )
BP PLC |  | Credit Suisse International |  |  | 1,347,000 |  |  |  | 01/22/20 |  |  | GBP |  |  | 5.14 |  |  | GBP |  |  | 6,398 |  |  |  | (7,822 | )
Ferguson PLC |  | UBS AG |  |  | 40,700 |  |  |  | 01/22/20 |  |  | GBP |  |  | 66.88 |  |  | GBP |  |  | 2,796 |  |  |  | (124,913 | )
Koninklijke Philips NV |  | UBS AG |  |  | 213,100 |  |  |  | 01/22/20 |  |  | EUR |  |  | 42.54 |  |  | EUR |  |  | 9,287 |  |  |  | (324,379 | )
Sony Corp. |  | Morgan Stanley & Co. International PLC |  |  | 132,700 |  |  |  | 01/22/20 |  |  | JPY |  |  | 7,239.96 |  |  | JPY |  |  | 978,984 |  |  |  | (259,973 | )
Unilever NV — NY Shares |  | Bank of America N.A. |  |  | 68,000 |  |  |  | 01/22/20 |  |  | USD |  |  | 60.49 |  |  | USD |  |  | 3,907 |  |  |  | (14,139 | )
Alcon, Inc. |  | Goldman Sachs International |  |  | 23,500 |  |  |  | 01/23/20 |  |  | CHF |  |  | 56.38 |  |  | CHF |  |  | 1,288 |  |  |  | (5,913 | )
Banco Santander SA |  | Morgan Stanley & Co. International PLC |  |  | 26,600 |  |  |  | 01/23/20 |  |  | EUR |  |  | 85.62 |  |  | EUR |  |  | 2,381 |  |  |  | (127,330 | )
Bayer AG |  | UBS AG |  |  | 50,400 |  |  |  | 01/23/20 |  |  | EUR |  |  | 70.38 |  |  | EUR |  |  | 3,653 |  |  |  | (174,051 | )
Nestle SA, Registered Shares |  | UBS AG |  |  | 400 |  |  |  | 01/23/20 |  |  | CHF |  |  | 103.47 |  |  | CHF |  |  | 42 |  |  |  | (871 | )
Siemens AG, Registered Shares |  | Goldman Sachs International |  |  | 39,500 |  |  |  | 01/23/20 |  |  | EUR |  |  | 120.60 |  |  | EUR |  |  | 4,599 |  |  |  | (45,052 | )
Constellation Software, Inc. |  | Credit Suisse International |  |  | 2,000 |  |  |  | 01/24/20 |  |  | CAD |  |  | 1,367.00 |  |  | CAD |  |  | 2,522 |  |  |  | (3,805 | )
Siemens AG, Registered Shares |  | Goldman Sachs International |  |  | 59,600 |  |  |  | 01/24/20 |  |  | EUR |  |  | 119.62 |  |  | EUR |  |  | 6,939 |  |  |  | (91,935 | )
AstraZeneca PLC |  | UBS AG |  |  | 151,200 |  |  |  | 01/28/20 |  |  | GBP |  |  | 74.16 |  |  | GBP |  |  | 11,425 |  |  |  | (516,482 | )
BP PLC |  | Morgan Stanley & Co. International PLC |  |  | 719,800 |  |  |  | 01/28/20 |  |  | GBP |  |  | 4.72 |  |  | GBP |  |  | 3,419 |  |  |  | (118,349 | )
Boeing Corp. |  | UBS AG |  |  | 634,800 |  |  |  | 01/29/20 |  |  | GBP |  |  | 5.54 |  |  | GBP |  |  | 3,587 |  |  |  | (147,940 | )
Koninklijke Philips NV |  | Goldman Sachs International |  |  | 278,100 |  |  |  | 01/29/20 |  |  | EUR |  |  | 43.44 |  |  | EUR |  |  | 12,120 |  |  |  | (328,139 | )
Statoil ASA |  | Goldman Sachs International |  |  | 43,000 |  |  |  | 01/29/20 |  |  | NOK |  |  | 170.23 |  |  | NOK |  |  | 7,528 |  |  |  | (32,901 | )
Kellogg Co. |  | Bank of America N.A. |  |  | 17,000 |  |  |  | 01/31/20 |  |  | USD |  |  | 67.15 |  |  | USD |  |  | 1,176 |  |  |  | (44,591 | )
Henkel AG & Co. KGaA |  | Morgan Stanley & Co. International PLC |  |  | 17,300 |  |  |  | 02/04/20 |  |  | EUR |  |  | 95.45 |  |  | EUR |  |  | 1,593 |  |  |  | (13,835 | )
Willis Towers Watson PLC |  | JPMorgan Chase Bank N.A. |  |  | 17,000 |  |  |  | 02/04/20 |  |  | USD |  |  | 204.24 |  |  | USD |  |  | 3,433 |  |  |  | (76,114 | )
Boeing Corp. |  | UBS AG |  |  | 551,000 |  |  |  | 02/05/20 |  |  | GBP |  |  | 5.80 |  |  | GBP |  |  | 3,113 |  |  |  | (46,287 | )
Statoil ASA |  | Goldman Sachs International |  |  | 50,300 |  |  |  | 02/05/20 |  |  | NOK |  |  | 177.65 |  |  | NOK |  |  | 8,807 |  |  |  | (18,515 | )
Constellation Software, Inc. |  | Goldman Sachs International |  |  | 2,600 |  |  |  | 02/06/20 |  |  | CAD |  |  | 1,301.23 |  |  | CAD |  |  | 3,279 |  |  |  | (38,781 | )
Arthur J Gallagher & Co. |  | JPMorgan Chase Bank N.A. |  |  | 42,600 |  |  |  | 02/21/20 |  |  | USD |  |  | 95.29 |  |  | USD |  |  | 4,057 |  |  |  | (83,432 | )
|  |  | $ | (3,945,052 | )

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

|  | Swap Premium Paid |  |  | Swap Premium Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  |  | N/A |  |  |  | N/A |  |  | $ | 4,438,339 |  |  | $ | (9,354,787 | ) |  | $ | (25,599,474 | )

SCHEDULES OF INVESTMENTS |  |  | 45 |

Schedule of Investments (continued) December 31, 2019 |  | 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:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written, at value |  | $ | — |  |  | $ | — |  |  | $ | 25,599,474 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25,599,474 |

For the year ended December 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | 77,762 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 77,762 |
Options written |  |  | — |  |  |  | — |  |  |  | (59,909,611 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (59,909,611 | )
|  | $ | — |  |  | $ | — |  |  | $ | (59,831,849 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (59,831,849 | )

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Change in Unrealized Appreciation on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | 21,427 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 21,427 |
Options written |  |  | — |  |  |  | — |  |  |  | (18,297,872 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (18,297,872 | )
|  | $ | — |  |  | $ | — |  |  | $ | (18,276,445 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (18,276,445 | )

| (a) | Options purchased are included in net change in unrealized appreciation (depreciation) from investments. |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased |  | $ | — | (a)
Average value of option contracts written |  | $ | 23,599,203 |

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

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

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments: |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 25,599,474 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (21,654,422 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 3,945,052 |

46 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

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

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged (a) |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities (b) |
Bank of America N.A. |  | $ | 58,730 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 58,730 |
Credit Suisse International |  |  | 16,783 |  |  |  | — |  |  |  | (16,783 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 1,342,115 |  |  |  | — |  |  |  | (1,342,115 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 160,219 |  |  |  |  |  |  |  | (160,219 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 675,866 |  |  |  | — |  |  |  | (675,866 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 1,691,339 |  |  |  | — |  |  |  | (1,691,339 | ) |  |  | — |  |  |  | — |
|  | $ | 3,945,052 |  |  | $ | — |  |  | $ | (3,886,322 | ) |  | $ | — |  |  | $ | 58,730 |

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

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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: |
Aerospace & Defense |  | $ | 27,465,348 |  |  | $ | 29,667,068 |  |  | $ | — |  |  | $ | 57,132,416 |
Air Freight & Logistics |  |  | 17,544,896 |  |  |  | — |  |  |  | — |  |  |  | 17,544,896 |
Automobiles |  |  | 24,149,046 |  |  |  | — |  |  |  | — |  |  |  | 24,149,046 |
Banks |  |  | 291,015,518 |  |  |  | — |  |  |  | — |  |  |  | 291,015,518 |
Beverages |  |  | 27,216,445 |  |  |  | — |  |  |  | — |  |  |  | 27,216,445 |
Capital Markets |  |  | 76,564,241 |  |  |  | — |  |  |  | — |  |  |  | 76,564,241 |
Chemicals |  |  | 21,440,646 |  |  |  | — |  |  |  | — |  |  |  | 21,440,646 |
Communications Equipment |  |  | 38,804,852 |  |  |  | — |  |  |  | — |  |  |  | 38,804,852 |
Construction Materials |  |  | — |  |  |  | 6,079,910 |  |  |  | — |  |  |  | 6,079,910 |
Diversified Financial Services |  |  | 36,844,894 |  |  |  | — |  |  |  | — |  |  |  | 36,844,894 |
Diversified Telecommunication Services |  |  | 88,526,932 |  |  |  | — |  |  |  | — |  |  |  | 88,526,932 |
Electric Utilities |  |  | 44,394,505 |  |  |  | — |  |  |  | — |  |  |  | 44,394,505 |
Energy Equipment & Services |  |  | 18,540,742 |  |  |  | — |  |  |  | — |  |  |  | 18,540,742 |
Food Products |  |  | 23,923,583 |  |  |  | 24,594,929 |  |  |  | — |  |  |  | 48,518,512 |
Health Care Equipment & Supplies |  |  | 51,457,516 |  |  |  | 58,555,997 |  |  |  | — |  |  |  | 110,013,513 |
Health Care Providers & Services |  |  | 131,760,989 |  |  |  | — |  |  |  | — |  |  |  | 131,760,989 |
Household Durables |  |  | 14,974,802 |  |  |  | 26,812,786 |  |  |  | — |  |  |  | 41,787,588 |
Industrial Conglomerates |  |  | 21,255,927 |  |  |  | 23,549,572 |  |  |  | — |  |  |  | 44,805,499 |
Insurance |  |  | 143,199,631 |  |  |  | — |  |  |  | — |  |  |  | 143,199,631 |
IT Services |  |  | 33,865,339 |  |  |  | — |  |  |  | — |  |  |  | 33,865,339 |
Machinery |  |  | 17,769,812 |  |  |  | — |  |  |  | — |  |  |  | 17,769,812 |
Media |  |  | 60,758,160 |  |  |  | — |  |  |  | — |  |  |  | 60,758,160 |
Multi-Utilities |  |  | 5,783,829 |  |  |  | — |  |  |  | — |  |  |  | 5,783,829 |
Multiline Retail |  |  | 23,477,642 |  |  |  | — |  |  |  | — |  |  |  | 23,477,642 |
Oil, Gas & Consumable Fuels |  |  | 128,807,311 |  |  |  | 46,462,785 |  |  |  | — |  |  |  | 175,270,096 |
Personal Products |  |  | 25,089,909 |  |  |  | — |  |  |  | — |  |  |  | 25,089,909 |
Pharmaceuticals |  |  | 48,900,854 |  |  |  | 74,681,638 |  |  |  | — |  |  |  | 123,582,492 |
Road & Rail |  |  | 9,730,118 |  |  |  | — |  |  |  | — |  |  |  | 9,730,118 |
Semiconductors & Semiconductor Equipment |  |  | 9,102,908 |  |  |  | — |  |  |  | — |  |  |  | 9,102,908 |
Software |  |  | 50,420,057 |  |  |  | — |  |  |  | — |  |  |  | 50,420,057 |
Specialty Retail |  |  | 18,384,358 |  |  |  | — |  |  |  | — |  |  |  | 18,384,358 |
Technology Hardware, Storage & Peripherals |  |  | — |  |  |  | 35,935,546 |  |  |  | — |  |  |  | 35,935,546 |
Tobacco |  |  | 31,402,873 |  |  |  | — |  |  |  | — |  |  |  | 31,402,873 |
Trading Companies & Distributors |  |  | — |  |  |  | 13,482,663 |  |  |  | — |  |  |  | 13,482,663 |
Preferred Stocks |  |  | — |  |  |  | 8,510,925 |  |  |  | — |  |  |  | 8,510,925 |
|  | $ | 1,562,573,683 |  |  | $ | 348,333,819 |  |  | $ | — |  |  | $ | 1,910,907,502 |

SCHEDULES OF INVESTMENTS |  |  | 47 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative Financial Instruments(a) |
Liabilities: |
Equity contracts |  | $ | (16,091,070 | ) |  | $ | (9,508,404 | ) |  | $ | — |  |  | $ | (25,599,474 | )

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

See notes to financial statements.

48 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments December 31, 2019 |  | BlackRock Enhanced Global Dividend Trust (BOE) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks — 99.5% |
Australia — 2.5% |
Ansell Ltd. |  |  | 406,296 |  |  | $ | 8,273,364 |
Ensogo Ltd.(a)(b) |  |  | 418,198 |  |  |  | 3 |
Sonic Healthcare Ltd. |  |  | 589,003 |  |  |  | 11,876,022 |
|  |  |  | 20,149,389 |
Canada — 6.8% |
Rogers Communications, Inc., Class B |  |  | 465,850 |  |  |  | 23,131,961 |
TELUS Corp. |  |  | 825,453 |  |  |  | 31,961,632 |
|  |  |  | 55,093,593 |
Denmark — 1.8% |
Novo Nordisk A/S, Class B |  |  | 249,921 |  |  |  | 14,482,631 |
Finland — 1.0% |
Kone OYJ, Class B |  |  | 124,717 |  |  |  | 8,154,975 |
France — 3.6% |
Sanofi |  |  | 169,826 |  |  |  | 17,055,189 |
Schneider Electric SE |  |  | 114,921 |  |  |  | 11,806,951 |
|  |  |  | 28,862,140 |
Germany — 2.4% |
Deutsche Post AG, Registered Shares |  |  | 498,985 |  |  |  | 18,973,482 |
India — 0.1% |
Jasper Infotech Private Ltd., Series I, (Acquired 08/08/15, cost $2,637,143)(a)(c) |  |  | 3,540 |  |  |  | 892,257 |
Netherlands — 3.4% |
Heineken NV |  |  | 95,721 |  |  |  | 10,216,094 |
Koninklijke Philips NV |  |  | 358,621 |  |  |  | 17,530,721 |
|  |  |  | 27,746,815 |
Singapore — 3.1% |
DBS Group Holdings Ltd. |  |  | 661,968 |  |  |  | 12,763,563 |
United Overseas Bank Ltd. |  |  | 606,000 |  |  |  | 11,917,971 |
|  |  |  | 24,681,534 |
Sweden — 0.8% |
Svenska Handelsbanken AB, Class A |  |  | 595,529 |  |  |  | 6,413,994 |
Switzerland — 7.3% |
Cie Financiere Richemont SA, Registered Shares |  |  | 79,365 |  |  |  | 6,202,446 |
Nestle SA, Registered Shares |  |  | 209,358 |  |  |  | 22,666,185 |
Novartis AG, Registered Shares |  |  | 251,072 |  |  |  | 23,773,900 |
SGS SA, Registered Shares |  |  | 2,439 |  |  |  | 6,679,625 |
|  |  |  | 59,322,156 |
Taiwan — 0.8% |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 611,000 |  |  |  | 6,762,441 |
United Kingdom — 13.3% |
AstraZeneca PLC |  |  | 85,875 |  |  |  | 8,595,395 |
BAE Systems PLC |  |  | 2,118,097 |  |  |  | 15,858,862 |
British American Tobacco PLC |  |  | 512,582 |  |  |  | 21,785,797 |
Diageo PLC |  |  | 227,280 |  |  |  | 9,576,819 |
GlaxoSmithKline PLC |  |  | 999,677 |  |  |  | 23,489,433 |
RELX PLC |  |  | 308,940 |  |  |  | 7,792,334 |
Unilever PLC |  |  | 355,270 |  |  |  | 20,336,590 |
|  |  |  | 107,435,230 |
United States — 52.6% |
3M Co.(d) |  |  | 69,763 |  |  |  | 12,307,588 |
AbbVie, Inc.(d) |  |  | 235,546 |  |  |  | 20,855,243 |
Altria Group, Inc.(d) |  |  | 384,570 |  |  |  | 19,193,889 |
Amcor PLC |  |  | 2,092,500 |  |  |  | 22,879,838 |
Cisco Systems, Inc.(d)(e) |  |  | 482,645 |  |  |  | 23,147,654 |
Citizens Financial Group, Inc.(d) |  |  | 322,624 |  |  |  | 13,101,761 |
Coca-Cola Co.(d)(e) |  |  | 377,070 |  |  |  | 20,870,824 |

Security |  | Shares |  |  | Value |
United States (continued) |
Darden Restaurants, Inc.(d) |  |  | 102,395 |  |  | $ | 11,162,079 |
Genuine Parts Co.(d)(e) |  |  | 222,717 |  |  |  | 23,659,227 |
Hasbro, Inc.(d) |  |  | 140,929 |  |  |  | 14,883,512 |
Home Depot, Inc.(d) |  |  | 45,601 |  |  |  | 9,958,346 |
International Paper Co.(d)(e) |  |  | 451,156 |  |  |  | 20,775,734 |
Johnson & Johnson(d)(e) |  |  | 200,071 |  |  |  | 29,184,357 |
Lockheed Martin Corp.(d) |  |  | 31,984 |  |  |  | 12,453,930 |
M&T Bank Corp.(d) |  |  | 69,614 |  |  |  | 11,816,976 |
Medtronic PLC (d) |  |  | 150,988 |  |  |  | 17,129,589 |
Paychex, Inc.(d) |  |  | 206,567 |  |  |  | 17,570,589 |
PepsiCo, Inc.(d) |  |  | 99,785 |  |  |  | 13,637,616 |
Pfizer, Inc.(d) |  |  | 530,086 |  |  |  | 20,768,769 |
Philip Morris International, Inc.(d)(e) |  |  | 255,495 |  |  |  | 21,740,070 |
Procter & Gamble Co.(d) |  |  | 121,966 |  |  |  | 15,233,553 |
Texas Instruments, Inc.(d) |  |  | 94,158 |  |  |  | 12,079,530 |
U.S. Bancorp(d) |  |  | 202,179 |  |  |  | 11,987,193 |
United Technologies Corp.(d) |  |  | 107,041 |  |  |  | 16,030,460 |
Wells Fargo & Co.(d) |  |  | 228,246 |  |  |  | 12,279,635 |
|  |  |  | 424,707,962 |
Total Common Stocks — 99.5% (Cost — $717,419,861) |  |  |  | 803,678,599 |
Preferred Stocks – 0.4% |
United States — 0.4% |
Palantir Technologies, Inc., Series I (Acquired 3/27/14, cost $3,118,944), 0.00%(a)(c) |  |  | 508,800 |  |  |  | 3,012,096 |
Total Preferred Stocks — 0.4% (Cost — $3,118,944) |  |  |  | 3,012,096 |
Total Long-Term Investments — 99.9% (Cost — $720,538,805) |  |  |  | 806,690,695 |
Short-Term Securities — 0.1% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.51%(f)(g) |  |  | 1,138,392 |  |  |  | 1,138,392 |
Total Short-Term Securities — 0.1% (Cost — $1,138,392) |  |  |  | 1,138,392 |
Total Investments Before Options Written — 100.0% (Cost — $721,677,197) |  |  |  | 807,829,087 |
Options Written — (0.9)% (Premiums Received — $5,828,656) |  |  |  | (7,620,728 | )
Total Investments, Net of Options Written — 99.1% (Cost — $715,848,541) |  |  |  | 800,208,359 |
Other Assets Less Liabilities — 0.9% |  |  |  | 7,503,423 |
Net Assets — 100.0% |  |  | $ | 807,711,782 |

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

(b) | Non-income producing security.

(c) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $3,904,353, representing 0.5% of its net assets as of period end, and an original cost of $5,756,087.

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

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

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

SCHEDULES OF INVESTMENTS |  |  | 49 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Global Dividend Trust (BOE)

(g) | During the year ended December 31, 2019, investments in issuers considered to be an affiliate/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 12/31/18 |  |  | Net Activity |  |  | Shares Held at 12/31/19 |  |  | Value at 12/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 19,702,446 |  |  |  | (18,564,054 | ) |  |  | 1,138,392 |  |  | $ | 1,138,392 |  |  | $ | 101,682 |  |  | $ | 3 |  |  | $ | — |

| (a) | Includes net capital gain distributions, if applicable. |

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |
Genuine Parts Co. |  |  | 285 |  |  |  | 01/03/20 |  |  | USD |  |  | 104.00 |  |  | USD |  |  | 3,028 |  |  | $ | (64,125 | )
Medtronic PLC |  |  | 22 |  |  |  | 01/03/20 |  |  | USD |  |  | 113.00 |  |  | USD |  |  | 250 |  |  |  | (1,672 | )
PepsiCo, Inc. |  |  | 178 |  |  |  | 01/03/20 |  |  | USD |  |  | 136.00 |  |  | USD |  |  | 2,433 |  |  |  | (17,355 | )
AbbVie, Inc. |  |  | 240 |  |  |  | 01/09/20 |  |  | USD |  |  | 89.50 |  |  | USD |  |  | 2,125 |  |  |  | (14,699 | )
3M Co. |  |  | 58 |  |  |  | 01/10/20 |  |  | USD |  |  | 172.50 |  |  | USD |  |  | 1,023 |  |  |  | (28,275 | )
Altria Group, Inc. |  |  | 296 |  |  |  | 01/10/20 |  |  | USD |  |  | 47.15 |  |  | USD |  |  | 1,477 |  |  |  | (82,711 | )
Genuine Parts Co. |  |  | 193 |  |  |  | 01/10/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 2,050 |  |  |  | (36,188 | )
International Paper Co. |  |  | 283 |  |  |  | 01/10/20 |  |  | USD |  |  | 46.61 |  |  | USD |  |  | 1,303 |  |  |  | (10,162 | )
Johnson & Johnson |  |  | 21 |  |  |  | 01/10/20 |  |  | USD |  |  | 143.00 |  |  | USD |  |  | 306 |  |  |  | (7,035 | )
Lockheed Martin Corp. |  |  | 52 |  |  |  | 01/10/20 |  |  | USD |  |  | 395.00 |  |  | USD |  |  | 2,025 |  |  |  | (7,020 | )
Medtronic PLC |  |  | 255 |  |  |  | 01/10/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 2,893 |  |  |  | (13,898 | )
PepsiCo, Inc. |  |  | 138 |  |  |  | 01/10/20 |  |  | USD |  |  | 138.00 |  |  | USD |  |  | 1,886 |  |  |  | (7,038 | )
Pfizer, Inc. |  |  | 126 |  |  |  | 01/10/20 |  |  | USD |  |  | 38.07 |  |  | USD |  |  | 494 |  |  |  | (15,627 | )
Procter & Gamble Co. |  |  | 318 |  |  |  | 01/10/20 |  |  | USD |  |  | 127.00 |  |  | USD |  |  | 3,972 |  |  |  | (10,176 | )
Texas Instruments, Inc. |  |  | 144 |  |  |  | 01/10/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,847 |  |  |  | (52,416 | )
U.S. Bancorp |  |  | 188 |  |  |  | 01/10/20 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 1,115 |  |  |  | (1,222 | )
Wells Fargo & Co. |  |  | 184 |  |  |  | 01/10/20 |  |  | USD |  |  | 54.80 |  |  | USD |  |  | 990 |  |  |  | (6,246 | )
3M Co. |  |  | 65 |  |  |  | 01/17/20 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 1,147 |  |  |  | (25,350 | )
AbbVie, Inc. |  |  | 240 |  |  |  | 01/17/20 |  |  | USD |  |  | 87.50 |  |  | USD |  |  | 2,125 |  |  |  | (45,360 | )
Altria Group, Inc. |  |  | 145 |  |  |  | 01/17/20 |  |  | USD |  |  | 51.50 |  |  | USD |  |  | 724 |  |  |  | (3,335 | )
Cisco Systems, Inc. |  |  | 67 |  |  |  | 01/17/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 321 |  |  |  | (7,537 | )
Citizens Financial Group, Inc. |  |  | 287 |  |  |  | 01/17/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,166 |  |  |  | (34,440 | )
Citizens Financial Group, Inc. |  |  | 339 |  |  |  | 01/17/20 |  |  | USD |  |  | 42.50 |  |  | USD |  |  | 1,377 |  |  |  | (7,627 | )
Coca-Cola Co. |  |  | 306 |  |  |  | 01/17/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,694 |  |  |  | (24,021 | )
Coca-Cola Co. |  |  | 356 |  |  |  | 01/17/20 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 1,970 |  |  |  | (105,376 | )
Darden Restaurants, Inc. |  |  | 230 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 2,507 |  |  |  | (1,150 | )
Genuine Parts Co. |  |  | 331 |  |  |  | 01/17/20 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 3,516 |  |  |  | (7,447 | )
Hasbro, Inc. |  |  | 117 |  |  |  | 01/17/20 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 1,236 |  |  |  | (71,370 | )
Hasbro, Inc. |  |  | 164 |  |  |  | 01/17/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,732 |  |  |  | (39,360 | )
Home Depot, Inc. |  |  | 108 |  |  |  | 01/17/20 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 2,359 |  |  |  | (54,810 | )
Johnson & Johnson |  |  | 20 |  |  |  | 01/17/20 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 292 |  |  |  | (4,650 | )
Johnson & Johnson |  |  | 163 |  |  |  | 01/17/20 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 2,378 |  |  |  | (182,968 | )
Lockheed Martin Corp. |  |  | 24 |  |  |  | 01/17/20 |  |  | USD |  |  | 390.00 |  |  | USD |  |  | 935 |  |  |  | (11,520 | )
Paychex, Inc. |  |  | 310 |  |  |  | 01/17/20 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 2,637 |  |  |  | (32,550 | )
Paychex, Inc. |  |  | 350 |  |  |  | 01/17/20 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 2,977 |  |  |  | (99,750 | )
PepsiCo, Inc. |  |  | 137 |  |  |  | 01/17/20 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 1,872 |  |  |  | (4,178 | )
Pfizer, Inc. |  |  | 126 |  |  |  | 01/17/20 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 494 |  |  |  | (17,703 | )
Philip Morris International, Inc. |  |  | 309 |  |  |  | 01/17/20 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 2,629 |  |  |  | (40,016 | )
Procter & Gamble Co. |  |  | 196 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 2,448 |  |  |  | (25,382 | )
Rogers Communications, Inc., Class B |  |  | 535 |  |  |  | 01/17/20 |  |  | CAD |  |  | 66.00 |  |  | CAD |  |  | 3,450 |  |  |  | (13,184 | )
Texas Instruments, Inc. |  |  | 205 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 2,630 |  |  |  | (87,125 | )
U.S. Bancorp |  |  | 78 |  |  |  | 01/17/20 |  |  | USD |  |  | 59.19 |  |  | USD |  |  | 462 |  |  |  | (7,191 | )
United Technologies Corp. |  |  | 73 |  |  |  | 01/17/20 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,093 |  |  |  | (14,491 | )
Wells Fargo & Co. |  |  | 191 |  |  |  | 01/17/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,028 |  |  |  | (9,168 | )
AbbVie, Inc. |  |  | 184 |  |  |  | 01/24/20 |  |  | USD |  |  | 91.50 |  |  | USD |  |  | 1,629 |  |  |  | (11,040 | )
Altria Group, Inc. |  |  | 389 |  |  |  | 01/24/20 |  |  | USD |  |  | 50.50 |  |  | USD |  |  | 1,941 |  |  |  | (26,452 | )
Altria Group, Inc. |  |  | 67 |  |  |  | 01/24/20 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 334 |  |  |  | (3,216 | )
Cisco Systems, Inc. |  |  | 67 |  |  |  | 01/24/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 321 |  |  |  | (8,408 | )

50 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Global Dividend Trust (BOE)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |
Cisco Systems, Inc. |  |  | 120 |  |  |  | 01/24/20 |  |  | USD |  |  | 46.50 |  |  | USD |  |  | 576 |  |  | $ | (19,260 | )
Cisco Systems, Inc. |  |  | 240 |  |  |  | 01/24/20 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 1,151 |  |  |  | (16,560 | )
Coca-Cola Co. |  |  | 154 |  |  |  | 01/24/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 852 |  |  |  | (13,860 | )
Hasbro, Inc. |  |  | 212 |  |  |  | 01/24/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 2,239 |  |  |  | (61,480 | )
International Paper Co. |  |  | 464 |  |  |  | 01/24/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 2,137 |  |  |  | (25,288 | )
Johnson & Johnson |  |  | 166 |  |  |  | 01/24/20 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 2,421 |  |  |  | (51,045 | )
Lockheed Martin Corp. |  |  | 44 |  |  |  | 01/24/20 |  |  | USD |  |  | 397.50 |  |  | USD |  |  | 1,713 |  |  |  | (11,110 | )
Medtronic PLC |  |  | 317 |  |  |  | 01/24/20 |  |  | USD |  |  | 113.00 |  |  | USD |  |  | 3,596 |  |  |  | (65,936 | )
PepsiCo, Inc. |  |  | 95 |  |  |  | 01/24/20 |  |  | USD |  |  | 138.00 |  |  | USD |  |  | 1,298 |  |  |  | (10,782 | )
Pfizer, Inc. |  |  | 226 |  |  |  | 01/24/20 |  |  | USD |  |  | 38.50 |  |  | USD |  |  | 885 |  |  |  | (24,747 | )
Pfizer, Inc. |  |  | 286 |  |  |  | 01/24/20 |  |  | USD |  |  | 38.70 |  |  | USD |  |  | 1,121 |  |  |  | (27,280 | )
Philip Morris International, Inc. |  |  | 162 |  |  |  | 01/24/20 |  |  | USD |  |  | 87.50 |  |  | USD |  |  | 1,378 |  |  |  | (8,586 | )
Procter & Gamble Co. |  |  | 156 |  |  |  | 01/24/20 |  |  | USD |  |  | 128.00 |  |  | USD |  |  | 1,948 |  |  |  | (17,160 | )
U.S. Bancorp |  |  | 188 |  |  |  | 01/24/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,115 |  |  |  | (12,784 | )
United Technologies Corp. |  |  | 140 |  |  |  | 01/24/20 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 2,097 |  |  |  | (45,500 | )
Wells Fargo & Co. |  |  | 239 |  |  |  | 01/24/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,286 |  |  |  | (13,982 | )
Philip Morris International, Inc. |  |  | 423 |  |  |  | 01/29/20 |  |  | USD |  |  | 84.00 |  |  | USD |  |  | 3,599 |  |  |  | (96,160 | )
3M Co. |  |  | 132 |  |  |  | 01/31/20 |  |  | USD |  |  | 172.50 |  |  | USD |  |  | 2,329 |  |  |  | (102,960 | )
Altria Group, Inc. |  |  | 303 |  |  |  | 01/31/20 |  |  | USD |  |  | 51.50 |  |  | USD |  |  | 1,512 |  |  |  | (20,907 | )
Cisco Systems, Inc. |  |  | 120 |  |  |  | 01/31/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 576 |  |  |  | (16,860 | )
Cisco Systems, Inc. |  |  | 241 |  |  |  | 01/31/20 |  |  | USD |  |  | 48.50 |  |  | USD |  |  | 1,156 |  |  |  | (15,304 | )
Coca-Cola Co. |  |  | 681 |  |  |  | 01/31/20 |  |  | USD |  |  | 54.25 |  |  | USD |  |  | 3,769 |  |  |  | (114,178 | )
Genuine Parts Co. |  |  | 193 |  |  |  | 01/31/20 |  |  | USD |  |  | 107.00 |  |  | USD |  |  | 2,050 |  |  |  | (32,810 | )
International Paper Co. |  |  | 832 |  |  |  | 01/31/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 3,831 |  |  |  | (71,968 | )
Medtronic PLC |  |  | 214 |  |  |  | 01/31/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 2,428 |  |  |  | (28,248 | )
Pfizer, Inc. |  |  | 158 |  |  |  | 01/31/20 |  |  | USD |  |  | 38.48 |  |  | USD |  |  | 619 |  |  |  | (16,835 | )
Texas Instruments, Inc. |  |  | 74 |  |  |  | 01/31/20 |  |  | USD |  |  | 131.00 |  |  | USD |  |  | 949 |  |  |  | (18,278 | )
U.S. Bancorp |  |  | 182 |  |  |  | 01/31/20 |  |  | USD |  |  | 59.60 |  |  | USD |  |  | 1,079 |  |  |  | (17,628 | )
Wells Fargo & Co. |  |  | 184 |  |  |  | 01/31/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 990 |  |  |  | (12,880 | )
Cisco Systems, Inc. |  |  | 339 |  |  |  | 02/07/20 |  |  | USD |  |  | 48.50 |  |  | USD |  |  | 1,626 |  |  |  | (26,442 | )
Pfizer, Inc. |  |  | 385 |  |  |  | 02/07/20 |  |  | USD |  |  | 39.97 |  |  | USD |  |  | 1,508 |  |  |  | (17,507 | )
Pfizer, Inc. |  |  | 254 |  |  |  | 02/14/20 |  |  | USD |  |  | 40.02 |  |  | USD |  |  | 995 |  |  |  | (13,029 | )
3M Co. |  |  | 58 |  |  |  | 02/21/20 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 1,023 |  |  |  | (16,153 | )
AbbVie, Inc. |  |  | 395 |  |  |  | 02/21/20 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 3,497 |  |  |  | (81,568 | )
Altria Group, Inc. |  |  | 145 |  |  |  | 02/21/20 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 724 |  |  |  | (9,787 | )
Cisco Systems, Inc. |  |  | 294 |  |  |  | 02/21/20 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 1,410 |  |  |  | (52,773 | )
Coca-Cola Co. |  |  | 576 |  |  |  | 02/21/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 3,188 |  |  |  | (88,416 | )
Darden Restaurants, Inc. |  |  | 230 |  |  |  | 02/21/20 |  |  | USD |  |  | 114.50 |  |  | USD |  |  | 2,507 |  |  |  | (17,305 | )
Home Depot, Inc. |  |  | 97 |  |  |  | 02/21/20 |  |  | USD |  |  | 225.00 |  |  | USD |  |  | 2,118 |  |  |  | (26,869 | )
Johnson & Johnson |  |  | 167 |  |  |  | 02/21/20 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 2,436 |  |  |  | (73,480 | )
M&T Bank Corp. |  |  | 243 |  |  |  | 02/21/20 |  |  | USD |  |  | 169.50 |  |  | USD |  |  | 4,125 |  |  |  | (132,262 | )
Medtronic PLC |  |  | 22 |  |  |  | 02/21/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 250 |  |  |  | (5,665 | )
Pfizer, Inc. |  |  | 294 |  |  |  | 02/21/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,152 |  |  |  | (18,081 | )
U.S. Bancorp |  |  | 71 |  |  |  | 02/21/20 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 421 |  |  |  | (2,236 | )
United Technologies Corp. |  |  | 162 |  |  |  | 02/21/20 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 2,426 |  |  |  | (69,660 | )
Cisco Systems, Inc. |  |  | 294 |  |  |  | 03/20/20 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 1,410 |  |  |  | (64,092 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,107,741 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ansell Ltd. |  | UBS AG |  |  | 27,000 |  |  |  | 01/07/20 |  |  | AUD |  |  | 28.46 |  |  | AUD |  |  | 784 |  |  | $ | (12,588 | )
AstraZeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 11,300 |  |  |  | 01/07/20 |  |  | GBP |  |  | 76.89 |  |  | GBP |  |  | 854 |  |  |  | (4,918 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 310,900 |  |  |  | 01/07/20 |  |  | GBP |  |  | 5.92 |  |  | GBP |  |  | 1,757 |  |  |  | (457 | )
Deutsche Post AG, Registered Shares |  | Citibank N.A. |  |  | 143,600 |  |  |  | 01/07/20 |  |  | EUR |  |  | 33.16 |  |  | EUR |  |  | 4,868 |  |  |  | (135,709 | )
Diageo PLC |  | Goldman Sachs International |  |  | 29,000 |  |  |  | 01/07/20 |  |  | GBP |  |  | 31.80 |  |  | GBP |  |  | 922 |  |  |  | (10,615 | )
Novartis AG, Registered Shares |  | Goldman Sachs International |  |  | 42,800 |  |  |  | 01/07/20 |  |  | CHF |  |  | 88.23 |  |  | CHF |  |  | 3,922 |  |  |  | (152,311 | )
Novo Nordisk A/S, Class B |  | UBS AG |  |  | 61,200 |  |  |  | 01/07/20 |  |  | DKK |  |  | 390.27 |  |  | DKK |  |  | 23,626 |  |  |  | (29,110 | )
Citizens Financial Group, Inc. |  | Citibank N.A. |  |  | 50,300 |  |  |  | 01/08/20 |  |  | USD |  |  | 39.59 |  |  | USD |  |  | 2,043 |  |  |  | (61,872 | )

SCHEDULES OF INVESTMENTS |  |  | 51 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Global Dividend Trust (BOE)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
KONE OYJ, Class B |  | Citibank N.A. |  |  | 33,100 |  |  |  | 01/08/20 |  |  | EUR |  |  | 58.47 |  |  | EUR |  |  | 1,929 |  |  | $ | (23,190 | )
KONE OYJ, Class B |  | Credit Suisse International |  |  | 16,000 |  |  |  | 01/08/20 |  |  | EUR |  |  | 57.87 |  |  | EUR |  |  | 933 |  |  |  | (16,793 | )
RELX PLC |  | UBS AG |  |  | 52,000 |  |  |  | 01/08/20 |  |  | EUR |  |  | 22.06 |  |  | EUR |  |  | 1,169 |  |  |  | (31,468 | )
TELUS Corp. |  | Citibank N.A. |  |  | 34,000 |  |  |  | 01/08/20 |  |  | CAD |  |  | 47.71 |  |  | CAD |  |  | 1,710 |  |  |  | (67,728 | )
Unilever PLC |  | Morgan Stanley & Co. International PLC |  |  | 66,300 |  |  |  | 01/08/20 |  |  | GBP |  |  | 46.76 |  |  | GBP |  |  | 2,865 |  |  |  | (8 | )
British American Tobacco PLC |  | Morgan Stanley & Co. International PLC |  |  | 24,200 |  |  |  | 01/09/20 |  |  | GBP |  |  | 29.24 |  |  | GBP |  |  | 777 |  |  |  | (91,556 | )
SGS SA, Registered Shares |  | UBS AG |  |  | 700 |  |  |  | 01/09/20 |  |  | CHF |  |  | 2,641.80 |  |  | CHF |  |  | 1,855 |  |  |  | (19,016 | )
Sanofi |  | Goldman Sachs International |  |  | 30,100 |  |  |  | 01/09/20 |  |  | EUR |  |  | 85.70 |  |  | EUR |  |  | 2,695 |  |  |  | (130,841 | )
Sonic Healthcare Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 34,200 |  |  |  | 01/09/20 |  |  | AUD |  |  | 29.90 |  |  | AUD |  |  | 983 |  |  |  | (281 | )
United Overseas Bank Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 124,000 |  |  |  | 01/09/20 |  |  | SGD |  |  | 27.42 |  |  | SGD |  |  | 3,280 |  |  |  | (752 | )
Johnson & Johnson |  | Citibank N.A. |  |  | 16,300 |  |  |  | 01/10/20 |  |  | USD |  |  | 133.19 |  |  | USD |  |  | 2,378 |  |  |  | (208,105 | )
Ansell Ltd. |  | UBS AG |  |  | 31,100 |  |  |  | 01/14/20 |  |  | AUD |  |  | 29.10 |  |  | AUD |  |  | 903 |  |  |  | (7,924 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 145,200 |  |  |  | 01/14/20 |  |  | GBP |  |  | 5.60 |  |  | GBP |  |  | 820 |  |  |  | (22,207 | )
BAE Systems PLC |  | UBS AG |  |  | 10,700 |  |  |  | 01/14/20 |  |  | GBP |  |  | 6.00 |  |  | GBP |  |  | 60 |  |  |  | (69 | )
British American Tobacco PLC |  | Goldman Sachs International |  |  | 213,400 |  |  |  | 01/14/20 |  |  | GBP |  |  | 29.47 |  |  | GBP |  |  | 6,848 |  |  |  | (751,806 | )
Cie Financiere Richemont SA, Registered Shares |  | Goldman Sachs International |  |  | 20,300 |  |  |  | 01/14/20 |  |  | CHF |  |  | 77.89 |  |  | CHF |  |  | 1,535 |  |  |  | (12,498 | )
Diageo PLC |  | Morgan Stanley & Co. International PLC |  |  | 86,600 |  |  |  | 01/14/20 |  |  | GBP |  |  | 32.16 |  |  | GBP |  |  | 2,755 |  |  |  | (25,989 | )
GlaxoSmithKline PLC |  | Morgan Stanley & Co. International PLC |  |  | 86,700 |  |  |  | 01/14/20 |  |  | GBP |  |  | 17.34 |  |  | GBP |  |  | 1,538 |  |  |  | (59,235 | )
Heineken NV |  | Morgan Stanley & Co. International PLC |  |  | 33,500 |  |  |  | 01/14/20 |  |  | EUR |  |  | 95.17 |  |  | EUR |  |  | 3,188 |  |  |  | (37,662 | )
Koninklijke Philips NV |  | Morgan Stanley & Co. International PLC |  |  | 114,000 |  |  |  | 01/14/20 |  |  | EUR |  |  | 41.00 |  |  | EUR |  |  | 4,968 |  |  |  | (332,666 | )
Nestle SA, Registered Shares |  | Morgan Stanley & Co. International PLC |  |  | 22,100 |  |  |  | 01/14/20 |  |  | CHF |  |  | 102.84 |  |  | CHF |  |  | 2,316 |  |  |  | (51,714 | )
Amcor PLC |  | Morgan Stanley & Co. International PLC |  |  | 249,000 |  |  |  | 01/15/20 |  |  | AUD |  |  | 14.91 |  |  | AUD |  |  | 3,879 |  |  |  | (125,244 | )
AstraZeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 35,900 |  |  |  | 01/15/20 |  |  | GBP |  |  | 74.59 |  |  | GBP |  |  | 2,713 |  |  |  | (84,370 | )
Novartis AG, Registered Shares |  | Morgan Stanley & Co. International PLC |  |  | 23,400 |  |  |  | 01/15/20 |  |  | CHF |  |  | 91.78 |  |  | CHF |  |  | 2,144 |  |  |  | (23,810 | )
Sanofi |  | UBS AG |  |  | 16,900 |  |  |  | 01/15/20 |  |  | EUR |  |  | 89.71 |  |  | EUR |  |  | 1,513 |  |  |  | (19,187 | )
Schneider Electric SE |  | Morgan Stanley & Co. International PLC |  |  | 13,600 |  |  |  | 01/15/20 |  |  | EUR |  |  | 89.44 |  |  | EUR |  |  | 1,246 |  |  |  | (41,915 | )
Sonic Healthcare Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 85,000 |  |  |  | 01/15/20 |  |  | AUD |  |  | 28.87 |  |  | AUD |  |  | 2,442 |  |  |  | (19,972 | )
Unilever PLC |  | Morgan Stanley & Co. International PLC |  |  | 38,500 |  |  |  | 01/15/20 |  |  | GBP |  |  | 45.63 |  |  | GBP |  |  | 1,664 |  |  |  | (819 | )
United Overseas Bank Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 14,300 |  |  |  | 01/15/20 |  |  | SGD |  |  | 25.44 |  |  | SGD |  |  | 378 |  |  |  | (11,138 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Citibank N.A. |  |  | 92,000 |  |  |  | 01/20/20 |  |  | USD |  |  | 324.45 |  |  | USD |  |  | 30,524 |  |  |  | (30,749 | )
Ansell Ltd. |  | Goldman Sachs International |  |  | 32,300 |  |  |  | 01/21/20 |  |  | AUD |  |  | 29.78 |  |  | AUD |  |  | 937 |  |  |  | (3,882 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 145,200 |  |  |  | 01/21/20 |  |  | GBP |  |  | 5.60 |  |  | GBP |  |  | 820 |  |  |  | (24,732 | )
BAE Systems PLC |  | UBS AG |  |  | 9,000 |  |  |  | 01/21/20 |  |  | GBP |  |  | 5.89 |  |  | GBP |  |  | 51 |  |  |  | (237 | )
Deutsche Post AG, Registered Shares |  | UBS AG |  |  | 65,000 |  |  |  | 01/21/20 |  |  | EUR |  |  | 35.03 |  |  | EUR |  |  | 2,204 |  |  |  | (10,729 | )
Novartis AG, Registered Shares |  | Morgan Stanley & Co. International PLC |  |  | 46,700 |  |  |  | 01/21/20 |  |  | CHF |  |  | 90.57 |  |  | CHF |  |  | 4,280 |  |  |  | (91,422 | )
Novo Nordisk A/S, Class B |  | Goldman Sachs International |  |  | 23,000 |  |  |  | 01/21/20 |  |  | DKK |  |  | 391.79 |  |  | DKK |  |  | 8,879 |  |  |  | (20,531 | )
Novo Nordisk A/S, Class B |  | Morgan Stanley & Co. International PLC |  |  | 27,200 |  |  |  | 01/21/20 |  |  | DKK |  |  | 403.75 |  |  | DKK |  |  | 10,501 |  |  |  | (8,401 | )
Sonic Healthcare Ltd. |  | Goldman Sachs International |  |  | 68,900 |  |  |  | 01/21/20 |  |  | AUD |  |  | 29.73 |  |  | AUD |  |  | 1,979 |  |  |  | (5,609 | )
Amcor PLC |  | JPMorgan Chase Bank N.A. |  |  | 200,700 |  |  |  | 01/22/20 |  |  | AUD |  |  | 14.92 |  |  | AUD |  |  | 3,127 |  |  |  | (102,078 | )
Koninklijke Philips NV |  | UBS AG |  |  | 44,900 |  |  |  | 01/22/20 |  |  | EUR |  |  | 42.54 |  |  | EUR |  |  | 1,957 |  |  |  | (68,346 | )
RELX PLC |  | Morgan Stanley & Co. International PLC |  |  | 35,100 |  |  |  | 01/22/20 |  |  | EUR |  |  | 21.76 |  |  | EUR |  |  | 789 |  |  |  | (34,772 | )
Svenska Handelsbanken AB, Class A |  | Goldman Sachs International |  |  | 152,200 |  |  |  | 01/22/20 |  |  | SEK |  |  | 97.76 |  |  | SEK |  |  | 15,354 |  |  |  | (59,789 | )
Svenska Handelsbanken AB, Class A |  | UBS AG |  |  | 11,800 |  |  |  | 01/22/20 |  |  | SEK |  |  | 97.51 |  |  | SEK |  |  | 1,190 |  |  |  | (4,846 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 38,900 |  |  |  | 01/22/20 |  |  | CAD |  |  | 50.00 |  |  | CAD |  |  | 1,956 |  |  |  | (27,476 | )
Sanofi |  | Morgan Stanley & Co. International PLC |  |  | 7,200 |  |  |  | 01/23/20 |  |  | EUR |  |  | 85.62 |  |  | EUR |  |  | 645 |  |  |  | (34,465 | )
Cie Financiere Richemont SA, Registered Shares |  | Morgan Stanley & Co. International PLC |  |  | 15,500 |  |  |  | 01/23/20 |  |  | CHF |  |  | 76.63 |  |  | CHF |  |  | 1,172 |  |  |  | (19,508 | )
DBS Group Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 89,700 |  |  |  | 01/23/20 |  |  | SGD |  |  | 25.90 |  |  | SGD |  |  | 2,326 |  |  |  | (22,747 | )
DBS Group Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 142,000 |  |  |  | 01/23/20 |  |  | SGD |  |  | 25.85 |  |  | SGD |  |  | 3,682 |  |  |  | (38,464 | )
Deutsche Post AG, Registered Shares |  | Goldman Sachs International |  |  | 16,000 |  |  |  | 01/23/20 |  |  | EUR |  |  | 35.49 |  |  | EUR |  |  | 542 |  |  |  | (1,775 | )
GlaxoSmithKline PLC |  | Morgan Stanley & Co. International PLC |  |  | 50,000 |  |  |  | 01/23/20 |  |  | GBP |  |  | 17.76 |  |  | GBP |  |  | 887 |  |  |  | (20,805 | )
Heineken NV |  | Morgan Stanley & Co. International PLC |  |  | 19,100 |  |  |  | 01/23/20 |  |  | EUR |  |  | 96.00 |  |  | EUR |  |  | 1,817 |  |  |  | (27,565 | )
Nestle SA, Registered Shares |  | UBS AG |  |  | 46,500 |  |  |  | 01/23/20 |  |  | CHF |  |  | 103.47 |  |  | CHF |  |  | 4,872 |  |  |  | (101,261 | )
SGS SA, Registered Shares |  | Citibank N.A. |  |  | 400 |  |  |  | 01/23/20 |  |  | CHF |  |  | 2,663.22 |  |  | CHF |  |  | 1,060 |  |  |  | (14,175 | )
Sanofi |  | Morgan Stanley & Co. International PLC |  |  | 22,200 |  |  |  | 01/23/20 |  |  | EUR |  |  | 87.04 |  |  | EUR |  |  | 1,988 |  |  |  | (79,514 | )
Schneider Electric SE |  | UBS AG |  |  | 38,200 |  |  |  | 01/23/20 |  |  | EUR |  |  | 90.82 |  |  | EUR |  |  | 3,499 |  |  |  | (96,094 | )
Svenska Handelsbanken AB, Class A |  | Citibank N.A. |  |  | 152,200 |  |  |  | 01/23/20 |  |  | SEK |  |  | 104.50 |  |  | SEK |  |  | 15,354 |  |  |  | (8,647 | )
United Overseas Bank Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 73,800 |  |  |  | 01/23/20 |  |  | SGD |  |  | 26.62 |  |  | SGD |  |  | 1,952 |  |  |  | (15,547 | )
Ansell Ltd. |  | UBS AG |  |  | 32,300 |  |  |  | 01/28/20 |  |  | AUD |  |  | 30.16 |  |  | AUD |  |  | 937 |  |  |  | (3,239 | )
Diageo PLC |  | Goldman Sachs International |  |  | 9,400 |  |  |  | 01/28/20 |  |  | GBP |  |  | 31.07 |  |  | GBP |  |  | 299 |  |  |  | (14,386 | )

52 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Global Dividend Trust (BOE)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Novo Nordisk A/S, Class B |  | Goldman Sachs International |  |  | 13,000 |  |  |  | 01/28/20 |  |  | DKK |  |  | 393.25 |  |  | DKK |  |  | 5,019 |  |  | $ | (15,273 | )
Novo Nordisk A/S, Class B |  | Morgan Stanley & Co. International PLC |  |  | 13,000 |  |  |  | 01/28/20 |  |  | DKK |  |  | 396.04 |  |  | DKK |  |  | 5,019 |  |  |  | (13,557 | )
Amcor PLC |  | Morgan Stanley & Co. International PLC |  |  | 282,700 |  |  |  | 01/29/20 |  |  | AUD |  |  | 15.31 |  |  | AUD |  |  | 4,404 |  |  |  | (88,189 | )
BAE Systems PLC |  | UBS AG |  |  | 60,200 |  |  |  | 01/29/20 |  |  | GBP |  |  | 5.54 |  |  | GBP |  |  | 340 |  |  |  | (14,030 | )
Koninklijke Philips NV |  | Goldman Sachs International |  |  | 9,200 |  |  |  | 01/29/20 |  |  | EUR |  |  | 43.44 |  |  | EUR |  |  | 401 |  |  |  | (10,855 | )
Svenska Handelsbanken AB, Class A |  | Goldman Sachs International |  |  | 11,800 |  |  |  | 01/29/20 |  |  | SEK |  |  | 92.35 |  |  | SEK |  |  | 1,190 |  |  |  | (10,890 | )
TELUS Corp. |  | Citibank N.A. |  |  | 56,700 |  |  |  | 01/31/20 |  |  | CAD |  |  | 50.75 |  |  | CAD |  |  | 2,851 |  |  |  | (26,233 | )
Ansell Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 31,100 |  |  |  | 02/04/20 |  |  | AUD |  |  | 29.18 |  |  | AUD |  |  | 903 |  |  |  | (15,155 | )
Rogers Communication, Inc., Class B |  | Credit Suisse International |  |  | 58,000 |  |  |  | 02/04/20 |  |  | CAD |  |  | 64.97 |  |  | CAD |  |  | 3,740 |  |  |  | (48,345 | )
BAE Systems PLC |  | UBS AG |  |  | 60,000 |  |  |  | 02/05/20 |  |  | GBP |  |  | 5.80 |  |  | GBP |  |  | 339 |  |  |  | (5,040 | )
GlaxoSmithKline PLC |  | UBS AG |  |  | 213,200 |  |  |  | 02/05/20 |  |  | GBP |  |  | 18.30 |  |  | GBP |  |  | 3,782 |  |  |  | (48,275 | )
KONE OYJ, Class B |  | UBS AG |  |  | 19,500 |  |  |  | 02/05/20 |  |  | EUR |  |  | 59.81 |  |  | EUR |  |  | 1,137 |  |  |  | (25,503 | )
Nestle SA, Registered Shares |  | Goldman Sachs International |  |  | 46,500 |  |  |  | 02/05/20 |  |  | CHF |  |  | 105.06 |  |  | CHF |  |  | 4,872 |  |  |  | (73,366 | )
RELX PLC |  | UBS AG |  |  | 52,000 |  |  |  | 02/05/20 |  |  | EUR |  |  | 22.71 |  |  | EUR |  |  | 1,169 |  |  |  | (24,325 | )
Sonic Healthcare Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 77,000 |  |  |  | 02/05/20 |  |  | AUD |  |  | 30.21 |  |  | AUD |  |  | 2,212 |  |  |  | (7,356 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 38,800 |  |  |  | 02/05/20 |  |  | CAD |  |  | 49.92 |  |  | CAD |  |  | 1,951 |  |  |  | (33,575 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 47,200 |  |  |  | 02/05/20 |  |  | CAD |  |  | 50.20 |  |  | CAD |  |  | 2,373 |  |  |  | (34,881 | )
Unilever PLC |  | Goldman Sachs International |  |  | 55,000 |  |  |  | 02/05/20 |  |  | GBP |  |  | 44.36 |  |  | GBP |  |  | 2,377 |  |  |  | (31,811 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 34,900 |  |  |  | 02/10/20 |  |  | CAD |  |  | 49.90 |  |  | CAD |  |  | 1,755 |  |  |  | (32,272 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 47,200 |  |  |  | 02/10/20 |  |  | CAD |  |  | 50.20 |  |  | CAD |  |  | 2,373 |  |  |  | (37,255 | )
Rogers Communication, Inc., Class B |  | Goldman Sachs International |  |  | 49,100 |  |  |  | 02/11/20 |  |  | CAD |  |  | 65.80 |  |  | CAD |  |  | 3,166 |  |  |  | (36,460 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 244,000 |  |  |  | 02/11/20 |  |  | USD |  |  | 321.36 |  |  | USD |  |  | 80,954 |  |  |  | (124,791 | )
Ansell Ltd. |  | UBS AG |  |  | 29,000 |  |  |  | 02/12/20 |  |  | AUD |  |  | 29.94 |  |  | AUD |  |  | 842 |  |  |  | (9,116 | )
Paychex, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 26,900 |  |  |  | 02/12/20 |  |  | USD |  |  | 85.67 |  |  | USD |  |  | 2,288 |  |  |  | (30,183 | )
Rogers Communication, Inc., Class B |  | Goldman Sachs International |  |  | 49,000 |  |  |  | 02/18/20 |  |  | CAD |  |  | 65.80 |  |  | CAD |  |  | 3,160 |  |  |  | (40,638 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 73,800 |  |  |  | 02/19/20 |  |  | CAD |  |  | 50.43 |  |  | CAD |  |  | 3,711 |  |  |  | (58,279 | )
|  |  | $ | (4,512,987 | )

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

|  | Swap Premium Paid |  |  | Swap Premium Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  |  | N/A |  |  |  | N/A |  |  | $ | 1,215,601 |  |  | $ | (3,007,673 | ) |  | $ | (7,620,728 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written, at value |  | $ | — |  |  | $ | — |  |  | $ | 7,620,728 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,620,728 |

For the year ended December 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | (9,992 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (9,992 | )
Options written |  |  | — |  |  |  | — |  |  |  | (20,867,912 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (20,867,912 | )
|  | $ | — |  |  | $ | — |  |  | $ | (20,877,904 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (20,877,904 | )

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

SCHEDULES OF INVESTMENTS |  |  | 53 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Global Dividend Trust (BOE)

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | 3,011 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,011 |
Options written |  |  | — |  |  |  | — |  |  |  | (5,578,406 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,578,406 | )
|  | $ | — |  |  | $ | — |  |  | $ | (5,575,395 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5,575,395 | )

| (a) | Options purchased are included in net change in unrealized appreciation (depreciation) on investments. |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased |  | $ | — | (a)
Average value of option contracts written |  |  | 7,558,819 |

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

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

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments: |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 7,620,728 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (3,107,741 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 4,512,987 |

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

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged (a) |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities |
Citibank N.A. |  | $ | 576,408 |  |  | $ | — |  |  | $ | (576,408 | ) |  | $ | — |  |  | $ | — |
Credit Suisse International |  |  | 65,138 |  |  |  | — |  |  |  | (65,138 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 1,607,531 |  |  |  | — |  |  |  | (1,607,531 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 256,317 |  |  |  | — |  |  |  | (256,317 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 1,477,190 |  |  |  | — |  |  |  | (1,477,190 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 530,403 |  |  |  | — |  |  |  | (530,403 | ) |  |  | — |  |  |  | — |
|  | $ | 4,512,987 |  |  | $ | — |  |  | $ | (4,512,987 | ) |  | $ | — |  |  | $ | — |

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

54 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced Global Dividend Trust (BOE)

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 |  | $ | — |  |  | $ | 20,149,386 |  |  | $ | 3 |  |  | $ | 20,149,389 |
Canada |  |  | 55,093,593 |  |  |  | — |  |  |  | — |  |  |  | 55,093,593 |
Denmark |  |  | — |  |  |  | 14,482,631 |  |  |  | — |  |  |  | 14,482,631 |
Finland |  |  | — |  |  |  | 8,154,975 |  |  |  | — |  |  |  | 8,154,975 |
France |  |  | — |  |  |  | 28,862,140 |  |  |  | — |  |  |  | 28,862,140 |
Germany |  |  | — |  |  |  | 18,973,482 |  |  |  | — |  |  |  | 18,973,482 |
India |  |  | — |  |  |  | — |  |  |  | 892,257 |  |  |  | 892,257 |
Netherlands |  |  | — |  |  |  | 27,746,815 |  |  |  | — |  |  |  | 27,746,815 |
Singapore |  |  | — |  |  |  | 24,681,534 |  |  |  | — |  |  |  | 24,681,534 |
Sweden |  |  | — |  |  |  | 6,413,994 |  |  |  | — |  |  |  | 6,413,994 |
Switzerland |  |  | — |  |  |  | 59,322,156 |  |  |  | — |  |  |  | 59,322,156 |
Taiwan |  |  | — |  |  |  | 6,762,441 |  |  |  | — |  |  |  | 6,762,441 |
United Kingdom |  |  | — |  |  |  | 107,435,230 |  |  |  | — |  |  |  | 107,435,230 |
United States |  |  | 401,828,123 |  |  |  | 22,879,839 |  |  |  | — |  |  |  | 424,707,962 |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 3,012,096 |  |  |  | 3,012,096 |
Short-Term Securities |  |  | 1,138,392 |  |  |  | — |  |  |  | — |  |  |  | 1,138,392 |
|  | $ | 458,060,108 |  |  | $ | 345,864,623 |  |  | $ | 3,904,356 |  |  | $ | 807,829,087 |
Derivative Financial Instruments(a) |
Liabilities: |
Equity contracts |  | $ | (2,518,921 | ) |  | $ | (5,101,807 | ) |  | $ | — |  |  | $ | (7,620,728 | )

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

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, 2018 |  | $ | 4,529,927 |  |  | $ | 5,843,081 |  |  | $ | 10,373,008 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | (2,514,046 | ) |  |  | — |  |  |  | (2,514,046 | )
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | 1,824,023 |  |  |  | (1,764,884 | ) |  |  | 59,139 |
Purchases |  |  | — |  |  |  | — |  |  |  | — |
Sales |  |  | (2,947,644 | ) |  |  | (1,066,101 | ) |  |  | (4,013,745 | )
Closing Balance, as of December 31, 2019 |  | $ | 892,260 |  |  | $ | 3,012,096 |  |  | $ | 3,904,356 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019(b) |  | $ | 181,036 |  |  | $ | 259,488 |  |  | $ | 440,524 |

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

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019 is generally due to investments no longer held or categorized as Level 3 at period end. |

See notes to financial statements.

SCHEDULES OF INVESTMENTS |  |  | 55 |

Schedule of Investments December 31, 2019 |  | BlackRock Enhanced International Dividend Trust (BGY) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks — 96.3% |
Australia — 4.7% |
Ansell Ltd. |  |  | 619,030 |  |  | $ | 12,605,245 |
Sonic Healthcare Ltd. |  |  | 967,086 |  |  |  | 19,499,280 |
|  |  |  | 32,104,525 |
Canada — 12.5% |
Rogers Communications, Inc., Class B |  |  | 740,075 |  |  |  | 36,748,709 |
TELUS Corp. |  |  | 1,249,938 |  |  |  | 48,397,738 |
|  |  |  | 85,146,447 |
Denmark — 3.4% |
Novo Nordisk A/S, Class B |  |  | 397,145 |  |  |  | 23,014,090 |
Finland — 2.0% |
Kone OYJ, Class B |  |  | 214,075 |  |  |  | 13,997,902 |
France — 7.1% |
Sanofi |  |  | 288,798 |  |  |  | 29,003,241 |
Schneider Electric SE |  |  | 192,423 |  |  |  | 19,769,485 |
|  |  |  | 48,772,726 |
Germany — 4.7% |
Deutsche Post AG, Registered Shares |  |  | 843,233 |  |  |  | 32,063,221 |
India — 0.2% |
Jasper Infotech Private Ltd., Series I, (Acquired 08/08/15, cost $3,948,600)(a)(b) |  |  | 5,300 |  |  |  | 1,335,865 |
Netherlands — 6.8% |
Heineken NV |  |  | 165,959 |  |  |  | 17,712,443 |
Koninklijke Philips NV |  |  | 596,040 |  |  |  | 29,136,640 |
|  |  |  | 46,849,083 |
Singapore — 4.6% |
DBS Group Holdings Ltd. |  |  | 829,900 |  |  |  | 16,001,501 |
United Overseas Bank Ltd. |  |  | 772,900 |  |  |  | 15,200,329 |
|  |  |  | 31,201,830 |
Sweden — 1.5% |
Svenska Handelsbanken AB, Class A |  |  | 974,276 |  |  |  | 10,493,193 |
Switzerland — 13.1% |
Cie Financiere Richemont SA, Registered Shares |  |  | 137,616 |  |  |  | 10,754,815 |
Nestle SA, Registered Shares |  |  | 306,564 |  |  |  | 33,190,211 |
Novartis AG, Registered Shares |  |  | 367,647 |  |  |  | 34,812,336 |
SGS SA, Registered Shares |  |  | 3,828 |  |  |  | 10,483,643 |
|  |  |  | 89,241,005 |
Taiwan — 1.5% |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 958,000 |  |  |  | 10,602,976 |
United Kingdom — 25.7% |
AstraZeneca PLC |  |  | 130,539 |  |  |  | 13,065,901 |
BAE Systems PLC |  |  | 3,376,085 |  |  |  | 25,277,816 |
British American Tobacco PLC |  |  | 884,912 |  |  |  | 37,610,593 |
Diageo PLC |  |  | 404,101 |  |  |  | 17,027,464 |
GlaxoSmithKline PLC |  |  | 1,505,565 |  |  |  | 35,376,295 |
RELX PLC |  |  | 538,869 |  |  |  | 13,591,789 |
Unilever PLC |  |  | 582,969 |  |  |  | 33,370,680 |
|  |  |  | 175,320,538 |
United States — 8.5% |
3M Co. (c)(d) |  |  | 119,721 |  |  |  | 21,121,179 |
Amcor PLC |  |  | 3,383,849 |  |  |  | 36,999,721 |
|  |  |  | 58,120,900 |
Total Common Stocks — 96.3% (Cost — $588,837,298) |  |  |  | 658,264,301 |

Security |  | Shares |  |  | Value |
Preferred Stocks — 0.6% |
Preferred Stocks — 0.6% |  |  |  |  |  |  |  |
China — 0.6% |
Xiaoju Kuaizhi, Inc., Series A-17 (Acquired 07/28/15, cost $2,106,332)(a)(b) |  |  | 76,800 |  |  | $ | 3,911,424 |
Total Preferred Stocks — 0.6% (Cost — $2,106,332) |  |  |  | 3,911,424 |
Total Long-Term Investments — 96.9% (Cost — $590,943,630) |  |  |  | 662,175,725 |
Short-Term Securities — 2.6% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.51%(e)(f) |  |  | 17,518,842 |  |  |  | 17,518,842 |
Total Short-Term Securities — 2.6% (Cost — $17,518,842) |  |  |  | 17,518,842 |
Total Investments Before Options Written — 99.5% (Cost — $608,462,472) |  |  |  | 679,694,567 |
Options Written — (1.0)% (Premiums Received — $4,710,918) |  |  |  | (6,538,218 | )
Total Investments, Net of Options Written — 98.5% (Cost — $603,751,554) |  |  |  | 673,156,349 |
Other Assets Less Liabilities — 1.5% |  |  |  | 10,090,778 |
Net Assets — 100.0% |  |  | $ | 683,247,127 |

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

(b) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $5,247,289, representing 0.8% of its net assets as of period end, and an original cost of $6,054,932.

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

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

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

56 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced International Dividend Trust (BGY)

(f) | During the year ended December 31, 2019, investments in issuers considered to be an affiliate/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 12/31/18 |  |  | Net Activity |  |  | Shares Held at 12/31/19 |  |  | Value at 12/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 25,489,943 |  |  |  | (7,971,101 | ) |  |  | 17,518,842 |  |  | $ | 17,518,842 |  |  | $ | 213,854 |  |  | $ | 33 |  |  | $ | — |

| (a) | Includes net capital gain distributions, if applicable. |

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
3M Co. |  |  | 82 |  |  |  | 01/10/20 |  |  | USD |  |  | 172.50 |  |  | USD |  |  | 1,447 |  |  | $ | (39,975 | )
3M Co. |  |  | 137 |  |  |  | 01/17/20 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 2,417 |  |  |  | (53,430 | )
Rogers Communications, Inc., Class B |  |  | 1,025 |  |  |  | 01/17/20 |  |  | CAD |  |  | 66.00 |  |  | CAD |  |  | 6,609 |  |  |  | (25,259 | )
3M Co. |  |  | 237 |  |  |  | 01/31/20 |  |  | USD |  |  | 172.50 |  |  | USD |  |  | 4,181 |  |  |  | (184,860 | )
3M Co. |  |  | 82 |  |  |  | 02/21/20 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 1,447 |  |  |  | (22,837 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (326,361 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ansell Ltd. |  | UBS AG |  |  | 42,000 |  |  |  | 01/07/20 |  |  | AUD |  |  | 28.46 |  |  | AUD |  |  | 1,219 |  |  | $ | (19,581 | )
AstraZeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 10,300 |  |  |  | 01/07/20 |  |  | GBP |  |  | 76.89 |  |  | GBP |  |  | 778 |  |  |  | (4,483 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 282,300 |  |  |  | 01/07/20 |  |  | GBP |  |  | 5.92 |  |  | GBP |  |  | 1,595 |  |  |  | (415 | )
Deutsche Post AG |  | Citibank N.A. |  |  | 193,900 |  |  |  | 01/07/20 |  |  | EUR |  |  | 33.16 |  |  | EUR |  |  | 6,573 |  |  |  | (183,244 | )
Diageo PLC |  | Goldman Sachs International |  |  | 74,000 |  |  |  | 01/07/20 |  |  | GBP |  |  | 31.80 |  |  | GBP |  |  | 2,354 |  |  |  | (27,086 | )
Nestle SA |  | UBS AG |  |  | 8,100 |  |  |  | 01/07/20 |  |  | CHF |  |  | 108.61 |  |  | CHF |  |  | 849 |  |  |  | (200 | )
Novartis AG |  | Goldman Sachs International |  |  | 82,600 |  |  |  | 01/07/20 |  |  | CHF |  |  | 88.23 |  |  | CHF |  |  | 7,569 |  |  |  | (293,946 | )
Novo Nordisk A/S, Class B |  | UBS AG |  |  | 93,800 |  |  |  | 01/07/20 |  |  | DKK |  |  | 390.27 |  |  | DKK |  |  | 36,211 |  |  |  | (44,616 | )
KONE OYJ, Class B |  | Citibank N.A. |  |  | 42,100 |  |  |  | 01/08/20 |  |  | EUR |  |  | 58.47 |  |  | EUR |  |  | 2,454 |  |  |  | (29,495 | )
Relx PLC |  | UBS AG |  |  | 40,700 |  |  |  | 01/08/20 |  |  | EUR |  |  | 22.06 |  |  | EUR |  |  | 915 |  |  |  | (24,630 | )
TELUS Corp. |  | Citibank N.A. |  |  | 68,000 |  |  |  | 01/08/20 |  |  | CAD |  |  | 47.71 |  |  | CAD |  |  | 2,634 |  |  |  | (135,456 | )
Unilever PLC |  | Morgan Stanley & Co. International PLC |  |  | 137,000 |  |  |  | 01/08/20 |  |  | GBP |  |  | 46.76 |  |  | GBP |  |  | 5,921 |  |  |  | (16 | )
British American Tobacco PLC |  | Morgan Stanley & Co. International PLC |  |  | 74,600 |  |  |  | 01/09/20 |  |  | GBP |  |  | 29.24 |  |  | GBP |  |  | 2,394 |  |  |  | (282,235 | )
SGS SA |  | UBS AG |  |  | 1,100 |  |  |  | 01/09/20 |  |  | CHF |  |  | 2,641.80 |  |  | CHF |  |  | 2,916 |  |  |  | (29,882 | )
Sanofi SA |  | Goldman Sachs International |  |  | 47,600 |  |  |  | 01/09/20 |  |  | EUR |  |  | 85.70 |  |  | EUR |  |  | 4,262 |  |  |  | (206,912 | )
Sonic Healthcare Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 89,000 |  |  |  | 01/09/20 |  |  | AUD |  |  | 29.90 |  |  | AUD |  |  | 2,557 |  |  |  | (731 | )
United Overseas Bank Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 112,000 |  |  |  | 01/09/20 |  |  | SGD |  |  | 27.42 |  |  | SGD |  |  | 2,962 |  |  |  | (679 | )
Ansell Ltd. |  | UBS AG |  |  | 45,900 |  |  |  | 01/14/20 |  |  | AUD |  |  | 29.10 |  |  | AUD |  |  | 1,332 |  |  |  | (11,695 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 96,700 |  |  |  | 01/14/20 |  |  | GBP |  |  | 5.60 |  |  | GBP |  |  | 546 |  |  |  | (14,789 | )
BAE Systems PLC |  | UBS AG |  |  | 217,600 |  |  |  | 01/14/20 |  |  | GBP |  |  | 6.00 |  |  | GBP |  |  | 1,229 |  |  |  | (1,396 | )
British American Tobacco PLC |  | Goldman Sachs International |  |  | 138,200 |  |  |  | 01/14/20 |  |  | GBP |  |  | 29.47 |  |  | GBP |  |  | 4,435 |  |  |  | (486,877 | )
Compagnie Financiere Richemont SA |  | Goldman Sachs International |  |  | 27,500 |  |  |  | 01/14/20 |  |  | CHF |  |  | 77.89 |  |  | CHF |  |  | 2,080 |  |  |  | (16,930 | )
Diageo PLC |  | Morgan Stanley & Co. International PLC |  |  | 86,100 |  |  |  | 01/14/20 |  |  | GBP |  |  | 32.16 |  |  | GBP |  |  | 2,739 |  |  |  | (25,839 | )
GlaxoSmithKline PLC |  | Morgan Stanley & Co. International PLC |  |  | 100,700 |  |  |  | 01/14/20 |  |  | GBP |  |  | 17.73 |  |  | GBP |  |  | 1,786 |  |  |  | (32,203 | )
Heineken NV |  | Morgan Stanley & Co. International PLC |  |  | 64,700 |  |  |  | 01/14/20 |  |  | EUR |  |  | 95.17 |  |  | EUR |  |  | 6,156 |  |  |  | (72,739 | )
Koninklijke Philips Electronics NV |  | Morgan Stanley & Co. International PLC |  |  | 128,300 |  |  |  | 01/14/20 |  |  | EUR |  |  | 41.00 |  |  | EUR |  |  | 5,591 |  |  |  | (374,395 | )
Nestle SA |  | Morgan Stanley & Co. International PLC |  |  | 25,900 |  |  |  | 01/14/20 |  |  | CHF |  |  | 102.84 |  |  | CHF |  |  | 2,714 |  |  |  | (60,606 | )
Amcor Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 393,800 |  |  |  | 01/15/20 |  |  | AUD |  |  | 14.91 |  |  | AUD |  |  | 6,135 |  |  |  | (198,077 | )
AstraZeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 61,400 |  |  |  | 01/15/20 |  |  | GBP |  |  | 74.59 |  |  | GBP |  |  | 4,639 |  |  |  | (144,298 | )
Novan, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 29,400 |  |  |  | 01/15/20 |  |  | CHF |  |  | 91.78 |  |  | CHF |  |  | 2,694 |  |  |  | (29,915 | )
Sanofi SA |  | UBS AG |  |  | 42,500 |  |  |  | 01/15/20 |  |  | EUR |  |  | 89.71 |  |  | EUR |  |  | 3,805 |  |  |  | (48,251 | )
Schneider Electric SA |  | Morgan Stanley & Co. International PLC |  |  | 43,800 |  |  |  | 01/15/20 |  |  | EUR |  |  | 89.44 |  |  | EUR |  |  | 4,012 |  |  |  | (134,992 | )

SCHEDULES OF INVESTMENTS |  |  | 57 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced International Dividend Trust (BGY)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sonic Healthcare Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 90,000 |  |  |  | 01/15/20 |  |  |  | AUD |  |  |  | 28.87 |  |  |  | AUD |  |  |  | 2,586 |  |  | $ | (21,147 | )
Unilever PLC |  | Morgan Stanley & Co. International PLC |  |  | 55,500 |  |  |  | 01/15/20 |  |  |  | GBP |  |  |  | 45.63 |  |  |  | GBP |  |  |  | 2,399 |  |  |  | (1,181 | )
United Overseas Bank Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 40,900 |  |  |  | 01/15/20 |  |  |  | SGD |  |  |  | 25.44 |  |  |  | SGD |  |  |  | 1,082 |  |  |  | (31,857 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Citibank N.A. |  |  | 104,000 |  |  |  | 01/20/20 |  |  |  | USD |  |  |  | 324.45 |  |  |  | USD |  |  |  | 34,505 |  |  |  | (34,760 | )
Ansell Ltd. |  | Goldman Sachs International |  |  | 43,400 |  |  |  | 01/21/20 |  |  |  | AUD |  |  |  | 29.78 |  |  |  | AUD |  |  |  | 1,259 |  |  |  | (5,216 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 96,700 |  |  |  | 01/21/20 |  |  |  | GBP |  |  |  | 5.60 |  |  |  | GBP |  |  |  | 546 |  |  |  | (16,471 | )
BAE Systems PLC |  | UBS AG |  |  | 218,000 |  |  |  | 01/21/20 |  |  |  | GBP |  |  |  | 5.89 |  |  |  | GBP |  |  |  | 1,232 |  |  |  | (5,743 | )
Deutsche Post AG |  | UBS AG |  |  | 162,600 |  |  |  | 01/21/20 |  |  |  | EUR |  |  |  | 35.03 |  |  |  | EUR |  |  |  | 5,512 |  |  |  | (26,840 | )
Novan, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 53,400 |  |  |  | 01/21/20 |  |  |  | CHF |  |  |  | 90.57 |  |  |  | CHF |  |  |  | 4,894 |  |  |  | (104,539 | )
Novo Nordisk A/S, Class B |  | Goldman Sachs International |  |  | 39,500 |  |  |  | 01/21/20 |  |  |  | DKK |  |  |  | 391.79 |  |  |  | DKK |  |  |  | 15,249 |  |  |  | (35,260 | )
Novo Nordisk A/S, Class B |  | Morgan Stanley & Co. International PLC |  |  | 17,100 |  |  |  | 01/21/20 |  |  |  | DKK |  |  |  | 403.75 |  |  |  | DKK |  |  |  | 6,601 |  |  |  | (5,281 | )
Sonic Healthcare Ltd. |  | Goldman Sachs International |  |  | 95,000 |  |  |  | 01/21/20 |  |  |  | AUD |  |  |  | 29.73 |  |  |  | AUD |  |  |  | 2,729 |  |  |  | (7,734 | )
Amcor Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 386,800 |  |  |  | 01/22/20 |  |  |  | AUD |  |  |  | 14.92 |  |  |  | AUD |  |  |  | 6,026 |  |  |  | (196,730 | )
Koninklijke Philips Electronics NV |  | UBS AG |  |  | 105,300 |  |  |  | 01/22/20 |  |  |  | EUR |  |  |  | 42.54 |  |  |  | EUR |  |  |  | 4,589 |  |  |  | (160,287 | )
Relx PLC |  | Morgan Stanley & Co. International PLC |  |  | 132,700 |  |  |  | 01/22/20 |  |  |  | EUR |  |  |  | 21.76 |  |  |  | EUR |  |  |  | 2,984 |  |  |  | (131,459 | )
Svenska Handelsbanken AB, Class A |  | Goldman Sachs International |  |  | 262,800 |  |  |  | 01/22/20 |  |  |  | SEK |  |  |  | 97.76 |  |  |  | SEK |  |  |  | 26,511 |  |  |  | (103,237 | )
Svenska Handelsbanken AB, Class A |  | UBS AG |  |  | 163,000 |  |  |  | 01/22/20 |  |  |  | SEK |  |  |  | 97.51 |  |  |  | SEK |  |  |  | 16,443 |  |  |  | (66,942 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 68,800 |  |  |  | 01/22/20 |  |  |  | CAD |  |  |  | 50.00 |  |  |  | CAD |  |  |  | 2,665 |  |  |  | (48,596 | )
British American Tobacco PLC |  | Goldman Sachs International |  |  | 97,000 |  |  |  | 01/23/20 |  |  |  | GBP |  |  |  | 32.95 |  |  |  | GBP |  |  |  | 3,113 |  |  |  | (56,766 | )
Compagnie Financiere Richemont SA |  | Morgan Stanley & Co. International PLC |  |  | 34,400 |  |  |  | 01/23/20 |  |  |  | CHF |  |  |  | 76.63 |  |  |  | CHF |  |  |  | 2,602 |  |  |  | (43,294 | )
DBS Group Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 169,500 |  |  |  | 01/23/20 |  |  |  | SGD |  |  |  | 25.90 |  |  |  | SGD |  |  |  | 4,395 |  |  |  | (42,984 | )
DBS Group Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 121,000 |  |  |  | 01/23/20 |  |  |  | SGD |  |  |  | 25.85 |  |  |  | SGD |  |  |  | 3,138 |  |  |  | (32,776 | )
Deutsche Post AG |  | Goldman Sachs International |  |  | 42,800 |  |  |  | 01/23/20 |  |  |  | EUR |  |  |  | 35.49 |  |  |  | EUR |  |  |  | 1,451 |  |  |  | (4,749 | )
GlaxoSmithKline PLC |  | Morgan Stanley & Co. International PLC |  |  | 286,000 |  |  |  | 01/23/20 |  |  |  | GBP |  |  |  | 17.76 |  |  |  | GBP |  |  |  | 5,074 |  |  |  | (119,004 | )
Heineken NV |  | Morgan Stanley & Co. International PLC |  |  | 26,500 |  |  |  | 01/23/20 |  |  |  | EUR |  |  |  | 96.00 |  |  |  | EUR |  |  |  | 2,521 |  |  |  | (38,245 | )
KONE OYJ, Class B |  | Citibank N.A. |  |  | 12,900 |  |  |  | 01/23/20 |  |  |  | EUR |  |  |  | 59.22 |  |  |  | EUR |  |  |  | 752 |  |  |  | (15,310 | )
Nestle SA |  | UBS AG |  |  | 67,300 |  |  |  | 01/23/20 |  |  |  | CHF |  |  |  | 103.47 |  |  |  | CHF |  |  |  | 7,052 |  |  |  | (146,556 | )
SGS SA |  | Citibank N.A. |  |  | 700 |  |  |  | 01/23/20 |  |  |  | CHF |  |  |  | 2,663.22 |  |  |  | CHF |  |  |  | 1,855 |  |  |  | (24,807 | )
Sanofi SA |  | Morgan Stanley & Co. International PLC |  |  | 39,800 |  |  |  | 01/23/20 |  |  |  | EUR |  |  |  | 87.04 |  |  |  | EUR |  |  |  | 3,563 |  |  |  | (142,551 | )
Schneider Electric SA |  | UBS AG |  |  | 42,700 |  |  |  | 01/23/20 |  |  |  | EUR |  |  |  | 90.82 |  |  |  | EUR |  |  |  | 3,911 |  |  |  | (107,414 | )
Svenska Handelsbanken AB, Class A |  | Citibank N.A. |  |  | 220,300 |  |  |  | 01/23/20 |  |  |  | SEK |  |  |  | 104.50 |  |  |  | SEK |  |  |  | 22,224 |  |  |  | (12,516 | )
United Overseas Bank Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 117,700 |  |  |  | 01/23/20 |  |  |  | SGD |  |  |  | 26.62 |  |  |  | SGD |  |  |  | 3,113 |  |  |  | (24,795 | )
Ansell Ltd. |  | UBS AG |  |  | 43,400 |  |  |  | 01/28/20 |  |  |  | AUD |  |  |  | 30.16 |  |  |  | AUD |  |  |  | 1,259 |  |  |  | (4,352 | )
Diageo PLC |  | Goldman Sachs International |  |  | 62,100 |  |  |  | 01/28/20 |  |  |  | GBP |  |  |  | 31.07 |  |  |  | GBP |  |  |  | 1,975 |  |  |  | (95,036 | )
Novo Nordisk A/S, Class B |  | Goldman Sachs International |  |  | 41,000 |  |  |  | 01/28/20 |  |  |  | DKK |  |  |  | 393.25 |  |  |  | DKK |  |  |  | 15,828 |  |  |  | (48,170 | )
Novo Nordisk A/S, Class B |  | Morgan Stanley & Co. International PLC |  |  | 27,000 |  |  |  | 01/28/20 |  |  |  | DKK |  |  |  | 396.04 |  |  |  | DKK |  |  |  | 10,423 |  |  |  | (28,156 | )
Amcor Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 403,800 |  |  |  | 01/29/20 |  |  |  | AUD |  |  |  | 15.31 |  |  |  | AUD |  |  |  | 6,291 |  |  |  | (125,967 | )
BAE Systems PLC |  | UBS AG |  |  | 135,200 |  |  |  | 01/29/20 |  |  |  | GBP |  |  |  | 5.54 |  |  |  | GBP |  |  |  | 764 |  |  |  | (31,508 | )
Koninklijke Philips Electronics NV |  | Goldman Sachs International |  |  | 34,600 |  |  |  | 01/29/20 |  |  |  | EUR |  |  |  | 43.44 |  |  |  | EUR |  |  |  | 1,508 |  |  |  | (40,826 | )
Svenska Handelsbanken AB, Class A |  | Goldman Sachs International |  |  | 19,400 |  |  |  | 01/29/20 |  |  |  | SEK |  |  |  | 92.35 |  |  |  | SEK |  |  |  | 1,957 |  |  |  | (17,905 | )
TELUS Corp. |  | Citibank N.A. |  |  | 76,000 |  |  |  | 01/31/20 |  |  |  | CAD |  |  |  | 50.75 |  |  |  | CAD |  |  |  | 2,943 |  |  |  | (35,163 | )
Ansell Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 45,900 |  |  |  | 02/04/20 |  |  |  | AUD |  |  |  | 29.18 |  |  |  | AUD |  |  |  | 1,332 |  |  |  | (22,367 | )
Rogers Communication, Inc., Class B |  | Credit Suisse International |  |  | 72,000 |  |  |  | 02/04/20 |  |  |  | CAD |  |  |  | 64.97 |  |  |  | CAD |  |  |  | 4,643 |  |  |  | (60,014 | )
BAE Systems PLC |  | UBS AG |  |  | 135,000 |  |  |  | 02/05/20 |  |  |  | GBP |  |  |  | 5.80 |  |  |  | GBP |  |  |  | 763 |  |  |  | (11,341 | )
GlaxoSmithKline PLC |  | UBS AG |  |  | 140,300 |  |  |  | 02/05/20 |  |  |  | GBP |  |  |  | 18.30 |  |  |  | GBP |  |  |  | 2,489 |  |  |  | (31,768 | )
KONE OYJ, Class B |  | UBS AG |  |  | 62,800 |  |  |  | 02/05/20 |  |  |  | EUR |  |  |  | 59.81 |  |  |  | EUR |  |  |  | 3,661 |  |  |  | (82,131 | )
Nestle S.A. |  | Goldman Sachs International |  |  | 67,300 |  |  |  | 02/05/20 |  |  |  | CHF |  |  |  | 105.06 |  |  |  | CHF |  |  |  | 7,052 |  |  |  | (106,183 | )
Relx PLC |  | UBS AG |  |  | 69,000 |  |  |  | 02/05/20 |  |  |  | EUR |  |  |  | 22.71 |  |  |  | EUR |  |  |  | 1,552 |  |  |  | (32,277 | )
Sonic Healthcare Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 120,000 |  |  |  | 02/05/20 |  |  |  | AUD |  |  |  | 30.21 |  |  |  | AUD |  |  |  | 3,448 |  |  |  | (11,463 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 68,800 |  |  |  | 02/05/20 |  |  |  | CAD |  |  |  | 49.92 |  |  |  | CAD |  |  |  | 2,665 |  |  |  | (59,536 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 57,200 |  |  |  | 02/05/20 |  |  |  | CAD |  |  |  | 50.20 |  |  |  | CAD |  |  |  | 2,215 |  |  |  | (42,271 | )
Unilever PLC |  | Goldman Sachs International |  |  | 53,700 |  |  |  | 02/05/20 |  |  |  | GBP |  |  |  | 44.36 |  |  |  | GBP |  |  |  | 2,321 |  |  |  | (31,059 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 51,300 |  |  |  | 02/10/20 |  |  |  | CAD |  |  |  | 49.90 |  |  |  | CAD |  |  |  | 1,987 |  |  |  | (47,438 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 57,200 |  |  |  | 02/10/20 |  |  |  | CAD |  |  |  | 50.20 |  |  |  | CAD |  |  |  | 2,215 |  |  |  | (45,149 | )
Rogers Communication, Inc., Class B |  | Goldman Sachs International |  |  | 79,200 |  |  |  | 02/11/20 |  |  |  | CAD |  |  |  | 65.80 |  |  |  | CAD |  |  |  | 5,107 |  |  |  | (58,811 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 423,000 |  |  |  | 02/11/20 |  |  |  | USD |  |  |  | 321.36 |  |  |  | USD |  |  |  | 140,343 |  |  |  | (216,339 | )
Ansell Ltd. |  | UBS AG |  |  | 58,000 |  |  |  | 02/12/20 |  |  |  | AUD |  |  |  | 29.94 |  |  |  | AUD |  |  |  | 1,683 |  |  |  | (18,232 | )
Rogers Communication, Inc., Class B |  | Goldman Sachs International |  |  | 79,300 |  |  |  | 02/18/20 |  |  |  | CAD |  |  |  | 65.80 |  |  |  | CAD |  |  |  | 5,113 |  |  |  | (65,767 | )
TELUS Corp. |  | Goldman Sachs International |  |  | 115,200 |  |  |  | 02/19/20 |  |  |  | CAD |  |  |  | 50.43 |  |  |  | CAD |  |  |  | 4,462 |  |  |  | (90,972 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (6,211,857 | )

58 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced International Dividend Trust (BGY)

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

|  | Swap Premium Paid |  |  | Swap Premium Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  |  | N/A |  |  |  | N/A |  |  | $ | 999,329 |  |  | $ | (2,826,629 | ) |  | $ | (6,538,218 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instrument |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 6,538,218 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,538,218 |

For the year ended December 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | (468 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (468 | )
Options written |  |  | — |  |  |  | — |  |  |  | (18,604,008 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (18,604,008 | )
|  | $ | — |  |  | $ | — |  |  | $ | (18,604,476 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (18,604,476 | )

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (4,725,459 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4,725,459 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average market value of option contracts purchased |  | $ | — | (a)
Average market value of option contracts written |  | $ | 6,480,162 |

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

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

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments: |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 6,538,218 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (326,361 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 6,211,857 |

SCHEDULES OF INVESTMENTS |  |  | 59 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Enhanced International Dividend Trust (BGY)

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

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged (a) |  |  | Cash Collateral Pledged (a) |  |  | Net Amount of Derivative Liabilities |
Citibank N.A. |  | $ | 470,751 |  |  | $ | — |  |  | $ | (470,751 | ) |  | $ | — |  |  | $ | — |
Credit Suisse International |  |  | 60,014 |  |  |  | — |  |  |  | — |  |  |  | (60,014 | ) |  |  | — |
Goldman Sachs International |  |  | 2,042,847 |  |  |  | — |  |  |  | (2,042,847 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 374,066 |  |  |  | — |  |  |  | (374,066 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 2,358,537 |  |  |  | — |  |  |  | (2,358,537 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 905,642 |  |  |  | — |  |  |  | (905,642 | ) |  |  | — |  |  |  | — |
|  | $ | 6,211,857 |  |  | $ | — |  |  | $ | (6,151,843 | ) |  | $ | (60,014 | ) |  | $ | — |

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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 |  | $ | — |  |  | $ | 32,104,525 |  |  | $ | — |  |  | $ | 32,104,525 |
Canada |  |  | 85,146,447 |  |  |  | — |  |  |  | — |  |  |  | 85,146,447 |
Denmark |  |  | — |  |  |  | 23,014,090 |  |  |  | — |  |  |  | 23,014,090 |
Finland |  |  | — |  |  |  | 13,997,902 |  |  |  | — |  |  |  | 13,997,902 |
France |  |  | — |  |  |  | 48,772,726 |  |  |  | — |  |  |  | 48,772,726 |
Germany |  |  | — |  |  |  | 32,063,221 |  |  |  | — |  |  |  | 32,063,221 |
India |  |  | — |  |  |  | — |  |  |  | 1,335,865 |  |  |  | 1,335,865 |
Netherlands |  |  | — |  |  |  | 46,849,083 |  |  |  | — |  |  |  | 46,849,083 |
Singapore |  |  | — |  |  |  | 31,201,830 |  |  |  | — |  |  |  | 31,201,830 |
Sweden |  |  | — |  |  |  | 10,493,193 |  |  |  | — |  |  |  | 10,493,193 |
Switzerland |  |  | — |  |  |  | 89,241,005 |  |  |  | — |  |  |  | 89,241,005 |
Taiwan |  |  | — |  |  |  | 10,602,976 |  |  |  | — |  |  |  | 10,602,976 |
United Kingdom |  |  | — |  |  |  | 175,320,538 |  |  |  | — |  |  |  | 175,320,538 |
United States |  |  | 21,121,179 |  |  |  | 36,999,721 |  |  |  | — |  |  |  | 58,120,900 |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 3,911,424 |  |  |  | 3,911,424 |
Short-Term Securities |  |  | 17,518,842 |  |  |  | — |  |  |  | — |  |  |  | 17,518,842 |
|  | $ | 123,786,468 |  |  | $ | 550,660,810 |  |  | $ | 5,247,289 |  |  | $ | 679,694,567 |
Derivative Financial Instruments(a) |
Liabilities: |
Equity contracts |  | $ | (326,361 | ) |  | $ | (6,211,857 | ) |  | $ | — |  |  | $ | (6,538,218 | )

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

See notes to financial statements.

60 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments December 31, 2019 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks — 100.4% |
Biotechnology — 17.5% |
ACADIA Pharmaceuticals, Inc.(a)(b) |  |  | 10,320 |  |  | $ | 441,490 |
Acceleron Pharma, Inc.(a)(b) |  |  | 36,751 |  |  |  | 1,948,538 |
Acerta Pharma BV, Series B, (Acquired 2/01/16, cost $986,402)(c)(d) |  |  | 17,146,440 |  |  |  | 2,162,166 |
Agios Pharmaceuticals, Inc.(a) |  |  | 17,150 |  |  |  | 818,913 |
Alexion Pharmaceuticals, Inc.(a)(b) |  |  | 8,338 |  |  |  | 901,755 |
Allakos, Inc.(a)(b) |  |  | 25,025 |  |  |  | 2,386,384 |
Allogene Therapeutics, Inc.(a)(b) |  |  | 40,796 |  |  |  | 1,059,880 |
Alnylam Pharmaceuticals, Inc.(a)(b) |  |  | 31,268 |  |  |  | 3,601,136 |
Amgen, Inc.(b) |  |  | 58,918 |  |  |  | 14,203,362 |
Apellis Pharmaceuticals, Inc.(a) |  |  | 22,450 |  |  |  | 687,419 |
Arena Pharmaceuticals, Inc.(a)(b) |  |  | 28,554 |  |  |  | 1,296,923 |
Atreca, Inc., Class A(a) |  |  | 19,203 |  |  |  | 297,070 |
Biogen, Inc.(a)(b) |  |  | 14,600 |  |  |  | 4,332,258 |
BioMarin Pharmaceutical, Inc.(a) |  |  | 54,878 |  |  |  | 4,639,935 |
Blueprint Medicines Corp.(a)(b) |  |  | 9,503 |  |  |  | 761,285 |
ChemoCentryx, Inc.(a) |  |  | 7,300 |  |  |  | 288,715 |
Corbus Pharmaceuticals Holdings, Inc.(a)(e) |  |  | 34,538 |  |  |  | 188,577 |
Eidos Therapeutics, Inc.(a)(b) |  |  | 8,058 |  |  |  | 462,449 |
Frequency Therapeutics, Inc.(a) |  |  | 6,589 |  |  |  | 115,505 |
Galapagos NV, ADR(a)(b) |  |  | 5,722 |  |  |  | 1,183,481 |
Genfit ADR(a)(e) |  |  | 7,762 |  |  |  | 154,464 |
Genmab A/S(a) |  |  | 12,773 |  |  |  | 2,840,759 |
Genmab A/S, ADR(a) |  |  | 38,411 |  |  |  | 857,718 |
Gilead Sciences, Inc.(b) |  |  | 73,387 |  |  |  | 4,768,687 |
Halozyme Therapeutics, Inc.(a)(b) |  |  | 25,750 |  |  |  | 456,548 |
Immunovant, Inc.(a) |  |  | 29,600 |  |  |  | 469,160 |
Incyte Corp.(a) |  |  | 25,137 |  |  |  | 2,194,963 |
Mirati Therapeutics, Inc.(a)(b) |  |  | 9,401 |  |  |  | 1,211,413 |
Molecular Templates, Inc.(a) |  |  | 21,176 |  |  |  | 296,146 |
Neurocrine Biosciences, Inc.(a)(b) |  |  | 35,662 |  |  |  | 3,833,308 |
NextCure, Inc.(a)(e) |  |  | 10,934 |  |  |  | 615,912 |
Principia Biopharma, Inc.(a) |  |  | 4,135 |  |  |  | 226,515 |
Ra Pharmaceuticals, Inc.(a) |  |  | 45,620 |  |  |  | 2,140,947 |
Sarepta Therapeutics, Inc.(a)(b) |  |  | 8,408 |  |  |  | 1,084,968 |
Seattle Genetics, Inc.(a)(b) |  |  | 53,668 |  |  |  | 6,132,106 |
Syndax Pharmaceuticals, Inc.(a) |  |  | 16,128 |  |  |  | 141,604 |
Vertex Pharmaceuticals, Inc.(a)(b) |  |  | 40,163 |  |  |  | 8,793,689 |
|  |  |  | 77,996,148 |
Health Care Equipment & Supplies — 29.8% |
Abbott Laboratories(b) |  |  | 242,900 |  |  |  | 21,098,294 |
ABIOMED, Inc.(a)(b) |  |  | 10,307 |  |  |  | 1,758,271 |
Alcon, Inc.(a)(b) |  |  | 111,323 |  |  |  | 6,297,542 |
Baxter International, Inc.(b) |  |  | 115,466 |  |  |  | 9,655,267 |
Becton Dickinson & Co.(b) |  |  | 17,353 |  |  |  | 4,719,495 |
Boston Scientific Corp.(a)(b) |  |  | 185,853 |  |  |  | 8,404,273 |
ConvaTec Group PLC(f) |  |  | 1,066,374 |  |  |  | 2,806,408 |
Edwards Lifesciences Corp.(a)(b) |  |  | 52,215 |  |  |  | 12,181,237 |
Envista Holdings Corp.(a) |  |  | 36,250 |  |  |  | 1,074,450 |
Intuitive Surgical, Inc.(a)(b) |  |  | 17,678 |  |  |  | 10,450,350 |
Masimo Corp.(a)(b) |  |  | 29,400 |  |  |  | 4,646,964 |
Medtronic PLC(b) |  |  | 135,596 |  |  |  | 15,383,366 |
Nevro Corp.(a)(b) |  |  | 13,182 |  |  |  | 1,549,412 |
ResMed, Inc.(b) |  |  | 26,094 |  |  |  | 4,043,787 |
SI-BONE, Inc.(a) |  |  | 4,237 |  |  |  | 91,096 |
Silk Road Medical, Inc.(a) |  |  | 9,292 |  |  |  | 375,211 |
Stryker Corp. |  |  | 58,936 |  |  |  | 12,373,024 |
Teleflex, Inc.(b) |  |  | 18,400 |  |  |  | 6,926,496 |
Varian Medical Systems, Inc.(a)(b) |  |  | 39,749 |  |  |  | 5,644,756 |
Zimmer Biomet Holdings, Inc.(b) |  |  | 22,684 |  |  |  | 3,395,341 |
|  |  |  | 132,875,040 |

Security |  | Shares |  |  | Value |
Health Care Providers & Services — 21.0% |
Amedisys, Inc.(a) |  |  | 17,432 |  |  | $ | 2,909,749 |
Anthem, Inc.(b) |  |  | 37,297 |  |  |  | 11,264,813 |
Arcutis Biotherapeutics, Inc. Series C, (Acquired 10/08/19, cost $431,098)(c)(d) |  |  | 74,138 |  |  |  | 431,098 |
Centene Corp.(a)(b) |  |  | 72,754 |  |  |  | 4,574,044 |
Cigna Corp.(a)(b) |  |  | 52,317 |  |  |  | 10,698,303 |
Encompass Health Corp.(b) |  |  | 35,457 |  |  |  | 2,456,106 |
Guardant Health, Inc.(a)(b) |  |  | 4,853 |  |  |  | 379,213 |
HCA Healthcare, Inc.(b) |  |  | 46,691 |  |  |  | 6,901,397 |
Humana, Inc.(b) |  |  | 28,700 |  |  |  | 10,519,124 |
LHC Group, Inc.(a)(b) |  |  | 17,064 |  |  |  | 2,350,737 |
Quest Diagnostics, Inc.(b) |  |  | 12,364 |  |  |  | 1,320,352 |
UnitedHealth Group, Inc.(b) |  |  | 135,902 |  |  |  | 39,952,470 |
|  |  |  | 93,757,406 |
Health Care Technology — 1.0% |
Cerner Corp.(b) |  |  | 21,518 |  |  |  | 1,579,206 |
Teladoc Health, Inc.(a)(b) |  |  | 36,070 |  |  |  | 3,019,780 |
|  |  |  | 4,598,986 |
Life Sciences Tools & Services — 7.7% |
10X Genomics, Inc., Class A(a)(b) |  |  | 4,779 |  |  |  | 364,399 |
Agilent Technologies, Inc.(b) |  |  | 27,180 |  |  |  | 2,318,726 |
Avantor, Inc.(a) |  |  | 133,844 |  |  |  | 2,429,269 |
Illumina, Inc.(a)(b) |  |  | 13,692 |  |  |  | 4,542,184 |
IQVIA Holdings, Inc.(a)(b) |  |  | 25,443 |  |  |  | 3,931,198 |
QIAGEN NV(a)(b) |  |  | 25,333 |  |  |  | 856,255 |
Thermo Fisher Scientific, Inc.(b) |  |  | 50,311 |  |  |  | 16,344,535 |
WuXi AppTec Co. Ltd., Class H(f) |  |  | 164,220 |  |  |  | 2,036,044 |
Wuxi Biologics Cayman, Inc.(a)(f) |  |  | 130,000 |  |  |  | 1,646,507 |
|  |  |  | 34,469,117 |
Pharmaceuticals — 23.4% |
AstraZeneca PLC |  |  | 77,736 |  |  |  | 7,780,747 |
AstraZeneca PLC — ADR(b) |  |  | 44,756 |  |  |  | 2,231,534 |
Bristol-Myers Squibb Co.(b) |  |  | 161,103 |  |  |  | 10,341,202 |
Daiichi Sankyo Co. Ltd. |  |  | 22,700 |  |  |  | 1,499,204 |
Eisai Co. Ltd. |  |  | 30,000 |  |  |  | 2,244,778 |
Eli Lilly & Co.(b) |  |  | 43,223 |  |  |  | 5,680,799 |
GlaxoSmithKline PLC |  |  | 97,482 |  |  |  | 2,290,537 |
Hansoh Pharmaceutical Group Co. Ltd.(a)(f) |  |  | 812,000 |  |  |  | 2,704,235 |
Hua Medicine(a)(e)(f) |  |  | 735,105 |  |  |  | 472,630 |
Johnson & Johnson(b) |  |  | 94,037 |  |  |  | 13,717,177 |
Merck & Co., Inc.(b) |  |  | 210,067 |  |  |  | 19,105,594 |
Merck KGaA |  |  | 18,096 |  |  |  | 2,133,405 |
MyoKardia, Inc.(a)(b) |  |  | 17,691 |  |  |  | 1,289,408 |
Nektar Therapeutics(a) |  |  | 24,013 |  |  |  | 518,321 |
Pfizer, Inc.(b) |  |  | 173,095 |  |  |  | 6,781,862 |
Reata Pharmaceuticals, Inc., Class A(a)(b) |  |  | 7,723 |  |  |  | 1,578,813 |
Roche Holding AG |  |  | 10,627 |  |  |  | 3,453,803 |
Sanofi |  |  | 55,485 |  |  |  | 5,572,216 |
Sanofi — ADR |  |  | 53,135 |  |  |  | 2,667,377 |
Theravance Biopharma, Inc.(a) |  |  | 4,803 |  |  |  | 124,350 |
Tricida, Inc.(a) |  |  | 12,925 |  |  |  | 487,789 |
Urovant Sciences Ltd.(a) |  |  | 6,784 |  |  |  | 105,220 |
Zoetis, Inc.(b) |  |  | 89,614 |  |  |  | 11,860,413 |
|  |  |  | 104,641,414 |
Total Common Stocks — 100.4% (Cost — $288,796,721) |  |  |  | 448,338,111 |

SCHEDULES OF INVESTMENTS |  |  | 61 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Other Interests(g) — 0.0% |
Pharmaceuticals — 0.0% |
Afferent Pharmaceuticals, Inc., Series C(c) |  |  | 190 |  |  | $ | 129,309 |
Total Other Interests — 0.0% (Cost — $—) |  |  |  | 129,309 |
Total Long-Term Investments — 100.4% (Cost — $288,796,721) |  |  |  | 448,467,420 |
Short-Term Securities — 0.8% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.51%(h)(i) |  |  | 3,489,138 |  |  |  | 3,489,138 |
SL Liquidity Series, LLC, Money Market Series, 1.80%(h)(i)(j) |  |  | 253,827 |  |  |  | 253,877 |
Total Short-Term Securities — 0.8% (Cost — $3,743,011) |  |  |  | 3,743,015 |
Total Investments Before Options Written — 101.2% (Cost — $292,539,732) |  |  |  | 452,210,435 |
Options Written — (1.2)% (Premiums Received — $3,970,215) |  |  |  | (5,499,305 | )
Total Investments, Net of Options Written — 100.0% (Cost — $288,569,517) |  |  |  | 446,711,130 |
Other Assets Less Liabilities — 0.0% |  |  |  | 61,461 |
Net Assets — 100.0% |  |  | $ | 446,772,591 |

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

(d) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $2,593,264, representing 0.5% of its net assets as of period end, and an original cost of $1,417,500.

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

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

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

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

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

(j) | During the year ended December 31, 2019, investments in issuers considered to be an affiliate/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 12/31/18 |  |  | Net Activity |  |  | Shares Held at 12/31/19 |  |  | Value at 12/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 25,967,520 |  |  |  | (22,478,382 | ) |  |  | 3,489,138 |  |  | $ | 3,489,138 |  |  | $ | 384,813 |  |  | $ | 12 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 4,665 |  |  |  | 249,162 |  |  |  | 253,827 |  |  |  | 253,877 |  |  |  | 56,867 | (b) |  |  | 81 |  |  |  | 4 |
|  |  | $ | 3,743,015 |  |  | $ | 441,680 |  |  |  | 93 |  |  | $ | 4 |

| (a) | Includes net capital gain distributions, if applicable. |

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

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Medtronic PLC |  |  | 47 |  |  |  | 01/03/20 |  |  | USD |  |  | 113.00 |  |  | USD |  |  | 533 |  |  | $ | (3,572 | )
Zoetis, Inc. |  |  | 112 |  |  |  | 01/03/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,482 |  |  |  | (86,240 | )
Baxter International, Inc. |  |  | 126 |  |  |  | 01/10/20 |  |  | USD |  |  | 84.00 |  |  | USD |  |  | 1,054 |  |  |  | (10,332 | )
Becton Dickinson & Co. |  |  | 36 |  |  |  | 01/10/20 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 979 |  |  |  | (28,440 | )
Boston Scientific Corp. |  |  | 217 |  |  |  | 01/10/20 |  |  | USD |  |  | 43.50 |  |  | USD |  |  | 981 |  |  |  | (38,735 | )
Bristol-Myers Squibb Co. |  |  | 131 |  |  |  | 01/10/20 |  |  | USD |  |  | 58.60 |  |  | USD |  |  | 841 |  |  |  | (67,685 | )
Cigna Corp. |  |  | 144 |  |  |  | 01/10/20 |  |  | USD |  |  | 202.50 |  |  | USD |  |  | 2,945 |  |  |  | (62,640 | )

62 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
HCA Healthcare, Inc. |  |  | 95 |  |  |  | 01/10/20 |  |  | USD |  |  | 143.00 |  |  | USD |  |  | 1,404 |  |  | $ | (50,350 | )
Medtronic PLC |  |  | 117 |  |  |  | 01/10/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 1,327 |  |  |  | (6,376 | )
Merck & Co., Inc. |  |  | 181 |  |  |  | 01/10/20 |  |  | USD |  |  | 89.00 |  |  | USD |  |  | 1,646 |  |  |  | (40,454 | )
Pfizer, Inc. |  |  | 40 |  |  |  | 01/10/20 |  |  | USD |  |  | 38.07 |  |  | USD |  |  | 157 |  |  |  | (4,961 | )
Quest Diagnostics, Inc. |  |  | 27 |  |  |  | 01/10/20 |  |  | USD |  |  | 108.25 |  |  | USD |  |  | 288 |  |  |  | (1,089 | )
UnitedHealth Group, Inc. |  |  | 101 |  |  |  | 01/10/20 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 2,969 |  |  |  | (98,475 | )
10X Genomics, Inc. |  |  | 19 |  |  |  | 01/17/20 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 145 |  |  |  | (11,020 | )
ABIOMED, Inc. |  |  | 20 |  |  |  | 01/17/20 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 341 |  |  |  | (2,900 | )
Abbott Laboratories |  |  | 399 |  |  |  | 01/17/20 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 3,466 |  |  |  | (100,149 | )
Acadia Healthcare Co., Inc. |  |  | 20 |  |  |  | 01/17/20 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 86 |  |  |  | (900 | )
Acceleron Pharma, Inc. |  |  | 43 |  |  |  | 01/17/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 228 |  |  |  | (20,103 | )
Acceleron Pharma, Inc. |  |  | 44 |  |  |  | 01/17/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 233 |  |  |  | (38,060 | )
Agilent Technologies, Inc. |  |  | 106 |  |  |  | 01/17/20 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 904 |  |  |  | (53,265 | )
Alcon, Inc. |  |  | 176 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.35 |  |  | USD |  |  | 996 |  |  |  | (294 | )
Alexion Pharmaceuticals, Inc. |  |  | 16 |  |  |  | 01/17/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 173 |  |  |  | (840 | )
Alnylam Pharmaceuticals, Inc. |  |  | 73 |  |  |  | 01/17/20 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 841 |  |  |  | (150,015 | )
Amgen, Inc. |  |  | 120 |  |  |  | 01/17/20 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 2,893 |  |  |  | (55,800 | )
Arena Pharmaceuticals, Inc. |  |  | 60 |  |  |  | 01/17/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 273 |  |  |  | (3,720 | )
Baxter International, Inc. |  |  | 190 |  |  |  | 01/17/20 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 1,589 |  |  |  | (42,655 | )
Becton Dickinson & Co. |  |  | 33 |  |  |  | 01/17/20 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 898 |  |  |  | (73,920 | )
BioMarin Pharmaceutical, Inc. |  |  | 100 |  |  |  | 01/17/20 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 846 |  |  |  | (57,500 | )
Blueprint Medicines Corp. |  |  | 38 |  |  |  | 01/17/20 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 304 |  |  |  | (10,545 | )
Boston Scientific Corp. |  |  | 87 |  |  |  | 01/17/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 393 |  |  |  | (7,743 | )
Centene Corp. |  |  | 174 |  |  |  | 01/17/20 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 1,094 |  |  |  | (97,440 | )
Cigna Corp. |  |  | 65 |  |  |  | 01/17/20 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 1,329 |  |  |  | (45,988 | )
Edwards Lifesciences Corp. |  |  | 104 |  |  |  | 01/17/20 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 2,426 |  |  |  | (1,300 | )
Eli Lilly & Co. |  |  | 180 |  |  |  | 01/17/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 2,366 |  |  |  | (210,600 | )
Encompass Health Corp. |  |  | 141 |  |  |  | 01/17/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 977 |  |  |  | (18,330 | )
Galapagos NV |  |  | 22 |  |  |  | 01/17/20 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 455 |  |  |  | (31,900 | )
Gilead Sciences, Inc. |  |  | 254 |  |  |  | 01/17/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,650 |  |  |  | (6,604 | )
Gilead Sciences, Inc. |  |  | 39 |  |  |  | 01/17/20 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 253 |  |  |  | (2,184 | )
Guardant Health, Inc. |  |  | 19 |  |  |  | 01/17/20 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 148 |  |  |  | (855 | )
HCA Healthcare, Inc. |  |  | 91 |  |  |  | 01/17/20 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 1,345 |  |  |  | (75,075 | )
Halozyme Therapeutics, Inc. |  |  | 100 |  |  |  | 01/17/20 |  |  | USD |  |  | 19.00 |  |  | USD |  |  | 177 |  |  |  | (1,500 | )
Humana, Inc. |  |  | 24 |  |  |  | 01/17/20 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 880 |  |  |  | (65,640 | )
Illumina, Inc. |  |  | 10 |  |  |  | 01/17/20 |  |  | USD |  |  | 320.00 |  |  | USD |  |  | 332 |  |  |  | (18,750 | )
Incyte Corp. |  |  | 98 |  |  |  | 01/17/20 |  |  | USD |  |  | 87.50 |  |  | USD |  |  | 856 |  |  |  | (22,540 | )
Intuitive Surgical, Inc. |  |  | 34 |  |  |  | 01/17/20 |  |  | USD |  |  | 600.00 |  |  | USD |  |  | 2,010 |  |  |  | (30,940 | )
Johnson & Johnson |  |  | 127 |  |  |  | 01/17/20 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 1,853 |  |  |  | (142,558 | )
LHC Group, Inc. |  |  | 68 |  |  |  | 01/17/20 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 937 |  |  |  | (31,960 | )
Masimo Corp. |  |  | 120 |  |  |  | 01/17/20 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 1,897 |  |  |  | (33,000 | )
Mirati Therapeutics, Inc. |  |  | 36 |  |  |  | 01/17/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 464 |  |  |  | (90,540 | )
MyoKardia, Inc. |  |  | 70 |  |  |  | 01/17/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 510 |  |  |  | (31,500 | )
Neurocrine Biosciences, Inc. |  |  | 139 |  |  |  | 01/17/20 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 1,494 |  |  |  | (30,580 | )
Nevro Corp. |  |  | 51 |  |  |  | 01/17/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 599 |  |  |  | (69,615 | )
Pfizer, Inc. |  |  | 40 |  |  |  | 01/17/20 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 157 |  |  |  | (5,620 | )
QIAGEN NV |  |  | 104 |  |  |  | 01/17/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 352 |  |  |  | (4,680 | )
Quest Diagnostics, Inc. |  |  | 25 |  |  |  | 01/17/20 |  |  | USD |  |  | 103.28 |  |  | USD |  |  | 267 |  |  |  | (8,642 | )
ResMed, Inc. |  |  | 83 |  |  |  | 01/17/20 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,286 |  |  |  | (50,630 | )
Seattle Genetics, Inc. |  |  | 214 |  |  |  | 01/17/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 2,445 |  |  |  | (98,440 | )
Silk Road Medical, Inc. |  |  | 37 |  |  |  | 01/17/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 149 |  |  |  | (6,382 | )
Teladoc Health, Inc. |  |  | 71 |  |  |  | 01/17/20 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 594 |  |  |  | (7,100 | )
Teleflex, Inc. |  |  | 39 |  |  |  | 01/17/20 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 1,468 |  |  |  | (143,325 | )
Teleflex, Inc. |  |  | 40 |  |  |  | 01/17/20 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 1,506 |  |  |  | (42,000 | )
Thermo Fisher Scientific, Inc. |  |  | 200 |  |  |  | 01/17/20 |  |  | USD |  |  | 320.00 |  |  | USD |  |  | 6,497 |  |  |  | (160,000 | )
UnitedHealth Group, Inc. |  |  | 101 |  |  |  | 01/17/20 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 2,969 |  |  |  | (86,103 | )
Varian Medical Systems, Inc. |  |  | 87 |  |  |  | 01/17/20 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 1,235 |  |  |  | (69,165 | )
Vertex Pharmaceuticals, Inc. |  |  | 157 |  |  |  | 01/17/20 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 3,438 |  |  |  | (174,270 | )
Zimmer Biomet Holdings, Inc. |  |  | 45 |  |  |  | 01/17/20 |  |  | USD |  |  | 150.33 |  |  | USD |  |  | 674 |  |  |  | (9,377 | )
Zoetis, Inc. |  |  | 73 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 966 |  |  |  | (56,210 | )
Abbott Laboratories |  |  | 173 |  |  |  | 01/24/20 |  |  | USD |  |  | 87.00 |  |  | USD |  |  | 1,503 |  |  |  | (26,988 | )
Acadia Healthcare Co., Inc. |  |  | 21 |  |  |  | 01/24/20 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 90 |  |  |  | (1,260 | )

SCHEDULES OF INVESTMENTS |  |  | 63 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alexion Pharmaceuticals, Inc. |  |  | 17 |  |  |  | 01/24/20 |  |  | USD |  |  | 116.00 |  |  | USD |  |  | 184 |  |  | $ | (2,337 | )
AstraZeneca PLC |  |  | 88 |  |  |  | 01/24/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 439 |  |  |  | (7,040 | )
Biogen, Inc. |  |  | 50 |  |  |  | 01/24/20 |  |  | USD |  |  | 317.50 |  |  | USD |  |  | 1,484 |  |  |  | (8,875 | )
Boston Scientific Corp. |  |  | 439 |  |  |  | 01/24/20 |  |  | USD |  |  | 45.50 |  |  | USD |  |  | 1,985 |  |  |  | (32,267 | )
Medtronic PLC |  |  | 171 |  |  |  | 01/24/20 |  |  | USD |  |  | 113.00 |  |  | USD |  |  | 1,940 |  |  |  | (35,568 | )
Merck & Co., Inc. |  |  | 230 |  |  |  | 01/24/20 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 2,092 |  |  |  | (46,115 | )
Pfizer, Inc. |  |  | 100 |  |  |  | 01/24/20 |  |  | USD |  |  | 38.50 |  |  | USD |  |  | 392 |  |  |  | (10,950 | )
Pfizer, Inc. |  |  | 62 |  |  |  | 01/24/20 |  |  | USD |  |  | 38.70 |  |  | USD |  |  | 243 |  |  |  | (5,914 | )
Sarepta Therapeutics, Inc. |  |  | 33 |  |  |  | 01/24/20 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 426 |  |  |  | (13,860 | )
Zoetis, Inc. |  |  | 100 |  |  |  | 01/24/20 |  |  | USD |  |  | 128.00 |  |  | USD |  |  | 1,324 |  |  |  | (57,500 | )
Abbott Laboratories |  |  | 399 |  |  |  | 01/31/20 |  |  | USD |  |  | 88.00 |  |  | USD |  |  | 3,466 |  |  |  | (53,466 | )
Amgen, Inc. |  |  | 115 |  |  |  | 01/31/20 |  |  | USD |  |  | 245.00 |  |  | USD |  |  | 2,772 |  |  |  | (47,725 | )
AstraZeneca PLC |  |  | 91 |  |  |  | 01/31/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 454 |  |  |  | (8,872 | )
Becton Dickinson & Co. |  |  | 17 |  |  |  | 01/31/20 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 462 |  |  |  | (13,685 | )
Bristol-Myers Squibb Co. |  |  | 504 |  |  |  | 01/31/20 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 3,235 |  |  |  | (74,340 | )
Centene Corp. |  |  | 117 |  |  |  | 01/31/20 |  |  | USD |  |  | 60.50 |  |  | USD |  |  | 736 |  |  |  | (41,535 | )
Humana, Inc. |  |  | 45 |  |  |  | 01/31/20 |  |  | USD |  |  | 375.00 |  |  | USD |  |  | 1,649 |  |  |  | (26,325 | )
Illumina, Inc. |  |  | 10 |  |  |  | 01/31/20 |  |  | USD |  |  | 335.00 |  |  | USD |  |  | 332 |  |  |  | (14,400 | )
Intuitive Surgical, Inc. |  |  | 36 |  |  |  | 01/31/20 |  |  | USD |  |  | 592.50 |  |  | USD |  |  | 2,128 |  |  |  | (69,660 | )
Medtronic PLC |  |  | 159 |  |  |  | 01/31/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 1,804 |  |  |  | (20,988 | )
Merck & Co., Inc. |  |  | 199 |  |  |  | 01/31/20 |  |  | USD |  |  | 92.00 |  |  | USD |  |  | 1,810 |  |  |  | (22,487 | )
Pfizer, Inc. |  |  | 127 |  |  |  | 01/31/20 |  |  | USD |  |  | 38.48 |  |  | USD |  |  | 498 |  |  |  | (13,532 | )
Zimmer Biomet Holdings, Inc. |  |  | 45 |  |  |  | 01/31/20 |  |  | USD |  |  | 150.33 |  |  | USD |  |  | 674 |  |  |  | (13,252 | )
Zoetis, Inc. |  |  | 73 |  |  |  | 01/31/20 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 966 |  |  |  | (29,930 | )
Bristol-Myers Squibb Co. |  |  | 23 |  |  |  | 02/07/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 148 |  |  |  | (3,208 | )
Pfizer, Inc. |  |  | 142 |  |  |  | 02/07/20 |  |  | USD |  |  | 39.97 |  |  | USD |  |  | 556 |  |  |  | (6,457 | )
Pfizer, Inc. |  |  | 87 |  |  |  | 02/14/20 |  |  | USD |  |  | 40.02 |  |  | USD |  |  | 341 |  |  |  | (4,463 | )
Acceleron Pharma, Inc. |  |  | 60 |  |  |  | 02/21/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 318 |  |  |  | (27,000 | )
Alcon, Inc. |  |  | 269 |  |  |  | 02/21/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,522 |  |  |  | (67,923 | )
Allakos, Inc. |  |  | 100 |  |  |  | 02/21/20 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 954 |  |  |  | (19,500 | )
Allogene Therapeutics, Inc. |  |  | 163 |  |  |  | 02/21/20 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 423 |  |  |  | (11,410 | )
Alnylam Pharmaceuticals, Inc. |  |  | 52 |  |  |  | 02/21/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 599 |  |  |  | (23,140 | )
Arena Pharmaceuticals, Inc. |  |  | 54 |  |  |  | 02/21/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 245 |  |  |  | (8,829 | )
Baxter International, Inc. |  |  | 145 |  |  |  | 02/21/20 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 1,212 |  |  |  | (32,698 | )
Bristol-Myers Squibb Co. |  |  | 122 |  |  |  | 02/21/20 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 783 |  |  |  | (36,661 | )
Edwards Lifesciences Corp. |  |  | 104 |  |  |  | 02/21/20 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 2,426 |  |  |  | (71,240 | )
Eidos Therapeutics, Inc. |  |  | 32 |  |  |  | 02/21/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 184 |  |  |  | (8,880 | )
Humana, Inc. |  |  | 45 |  |  |  | 02/21/20 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 1,649 |  |  |  | (114,525 | )
IQVIA Holdings, Inc. |  |  | 101 |  |  |  | 02/21/20 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,561 |  |  |  | (48,985 | )
Johnson & Johnson |  |  | 126 |  |  |  | 02/21/20 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 1,838 |  |  |  | (99,855 | )
Johnson & Johnson |  |  | 123 |  |  |  | 02/21/20 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 1,794 |  |  |  | (54,120 | )
Medtronic PLC |  |  | 48 |  |  |  | 02/21/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 545 |  |  |  | (12,360 | )
Merck & Co., Inc. |  |  | 230 |  |  |  | 02/21/20 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 2,092 |  |  |  | (71,300 | )
Pfizer, Inc. |  |  | 94 |  |  |  | 02/21/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 368 |  |  |  | (5,781 | )
QIAGEN NV |  |  | 106 |  |  |  | 02/21/20 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 358 |  |  |  | (5,830 | )
Quest Diagnostics, Inc. |  |  | 71 |  |  |  | 02/21/20 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 758 |  |  |  | (10,117 | )
Reata Pharmaceuticals, Inc. |  |  | 30 |  |  |  | 02/21/20 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 613 |  |  |  | (21,300 | )
ResMed, Inc. |  |  | 13 |  |  |  | 02/21/20 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 201 |  |  |  | (9,490 | )
ResMed, Inc. |  |  | 34 |  |  |  | 02/21/20 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 527 |  |  |  | (11,560 | )
Sanofi — ADR |  |  | 177 |  |  |  | 02/21/20 |  |  | USD |  |  | 50.47 |  |  | USD |  |  | 889 |  |  |  | (22,766 | )
Varian Medical Systems, Inc. |  |  | 71 |  |  |  | 02/21/20 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 1,008 |  |  |  | (33,015 | )
Bristol-Myers Squibb Co. |  |  | 25 |  |  |  | 03/20/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 160 |  |  |  | (5,412 | )
Cerner Corp. |  |  | 86 |  |  |  | 03/20/20 |  |  | USD |  |  | 72.50 |  |  | USD |  |  | 631 |  |  |  | (30,530 | )
|  |  | $ | (4,687,347 | )
Put |
IQVIA Holdings, Inc. |  |  | 25 |  |  |  | 01/17/20 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 386 |  |  | $ | (375 | )
|  |  | $ | (4,687,722 | )

64 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Health Sciences Trust (BME)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |
Avantor, Inc. |  | Credit Suisse International |  |  | 26,000 |  |  |  | 01/06/20 |  |  | USD |  |  | 16.27 |  |  | USD |  |  | 472 |  |  | $ | (49,961 | )
AstraZeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 15,300 |  |  |  | 01/07/20 |  |  | GBP |  |  | 76.89 |  |  | GBP |  |  | 1,156 |  |  |  | (6,659 | )
Wuxi Biologics Cayman, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 51,000 |  |  |  | 01/08/20 |  |  | HKD |  |  | 88.61 |  |  | HKD |  |  | 5,033 |  |  |  | (66,193 | )
Convatec Group PLC |  | UBS AG |  |  | 208,000 |  |  |  | 01/09/20 |  |  | GBP |  |  | 2.06 |  |  | GBP |  |  | 414 |  |  |  | (3,918 | )
Rogers Corp. |  | Goldman Sachs International |  |  | 4,100 |  |  |  | 01/09/20 |  |  | CHF |  |  | 298.86 |  |  | CHF |  |  | 1,290 |  |  |  | (66,927 | )
Sanofi |  | Goldman Sachs International |  |  | 6,900 |  |  |  | 01/09/20 |  |  | EUR |  |  | 85.70 |  |  | EUR |  |  | 618 |  |  |  | (29,994 | )
Sanofi ADR |  | JPMorgan Chase Bank N.A. |  |  | 3,500 |  |  |  | 01/09/20 |  |  | USD |  |  | 46.39 |  |  | USD |  |  | 176 |  |  |  | (13,399 | )
Daiichi Sankyo Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 4,400 |  |  |  | 01/14/20 |  |  | JPY |  |  | 6,942.45 |  |  | JPY |  |  | 31,575 |  |  |  | (14,103 | )
Hansoh Pharmaceutical Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 324,000 |  |  |  | 01/14/20 |  |  | HKD |  |  | 24.28 |  |  | HKD |  |  | 8,408 |  |  |  | (79,144 | )
AstraZeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 15,700 |  |  |  | 01/15/20 |  |  | GBP |  |  | 74.59 |  |  | GBP |  |  | 1,186 |  |  |  | (36,897 | )
Amedisys, Inc. |  | Barclays Bank PLC |  |  | 6,900 |  |  |  | 01/17/20 |  |  | USD |  |  | 164.75 |  |  | USD |  |  | 1,152 |  |  |  | (38,080 | )
Daiichi Sankyo Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 4,400 |  |  |  | 01/22/20 |  |  | JPY |  |  | 6,942.45 |  |  | JPY |  |  | 31,575 |  |  |  | (16,047 | )
Banco Santander SA |  | Morgan Stanley & Co. International PLC |  |  | 15,200 |  |  |  | 01/23/20 |  |  | EUR |  |  | 85.62 |  |  | EUR |  |  | 1,361 |  |  |  | (72,760 | )
GlaxoSmithKline PLC |  | Morgan Stanley & Co. International PLC |  |  | 38,900 |  |  |  | 01/23/20 |  |  | GBP |  |  | 17.76 |  |  | GBP |  |  | 690 |  |  |  | (16,186 | )
Merck & Co., Inc. |  | Goldman Sachs International |  |  | 7,000 |  |  |  | 01/23/20 |  |  | EUR |  |  | 106.32 |  |  | EUR |  |  | 736 |  |  |  | (8,351 | )
WuXi AppTec Co. Ltd. |  | Goldman Sachs International |  |  | 64,200 |  |  |  | 01/23/20 |  |  | HKD |  |  | 106.73 |  |  | HKD |  |  | 6,202 |  |  |  | (5,755 | )
Genmab Sponsored ADR |  | Credit Suisse International |  |  | 5,100 |  |  |  | 01/24/20 |  |  | DKK |  |  | 1,647.30 |  |  | DKK |  |  | 7,556 |  |  |  | (3,288 | )
Stryker Corp. |  | Barclays Bank PLC |  |  | 11,800 |  |  |  | 01/24/20 |  |  | USD |  |  | 205.48 |  |  | USD |  |  | 2,477 |  |  |  | (74,029 | )
Stryker Corp. |  | Barclays Bank PLC |  |  | 11,800 |  |  |  | 01/30/20 |  |  | USD |  |  | 205.48 |  |  | USD |  |  | 2,477 |  |  |  | (78,679 | )
Convatec Group PLC |  | Goldman Sachs International |  |  | 218,500 |  |  |  | 02/05/20 |  |  | GBP |  |  | 1.98 |  |  | GBP |  |  | 435 |  |  |  | (20,702 | )
Avantor, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 27,500 |  |  |  | 02/06/20 |  |  | USD |  |  | 18.60 |  |  | USD |  |  | 499 |  |  |  | (21,988 | )
Teladoc Health, Inc. |  | Barclays Bank PLC |  |  | 7,300 |  |  |  | 02/12/20 |  |  | USD |  |  | 85.42 |  |  | USD |  |  | 611 |  |  |  | (31,888 | )
BioMarin Pharmaceutical, Inc. |  | UBS AG |  |  | 11,900 |  |  |  | 02/21/20 |  |  | USD |  |  | 85.57 |  |  | USD |  |  | 1,006 |  |  |  | (48,955 | )
Tricida, Inc. |  | UBS AG |  |  | 5,100 |  |  |  | 02/24/20 |  |  | USD |  |  | 40.88 |  |  | USD |  |  | 192 |  |  |  | (7,680 | )
|  |  | $ | (811,583 | )

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

|  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  |  | N/A |  |  |  | N/A |  |  | $ | 685,336 |  |  | $ | (2,214,426 | ) |  | $ | (5,499,305 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 5,499,305 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,499,305 |

For the period ended December 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | (2,229 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,229 | )
Options written |  |  | — |  |  |  | — |  |  |  | (6,904,281 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,904,281 | )
|  | $ | — |  |  | $ | — |  |  | $ | (6,906,510 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (6,906,510 | )

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

SCHEDULES OF INVESTMENTS |  |  | 65 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Health Sciences Trust (BME)

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | 49 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 49 |
Options written |  |  | — |  |  |  | — |  |  |  | (2,646,072 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,646,072 | )
|  | $ | — |  |  | $ | — |  |  | $ | (2,646,023 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,646,023 | )

| (a) | Options purchased are included in net change in unrealized appreciation (depreciation) on investments. |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased |  | $ | — | (a)
Average value of option contracts written |  | $ | 3,677,811 |

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

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

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments: |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 5,499,305 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (4,687,722 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 811,583 |

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

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities (a) |
Barclays Bank PLC |  | $ | 222,676 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 222,676 |
Credit Suisse International |  |  | 53,249 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 53,249 |
Goldman Sachs International |  |  | 131,729 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 131,729 |
JPMorgan Chase Bank N.A. |  |  | 144,681 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 144,681 |
Morgan Stanley & Co. International PLC |  |  | 198,695 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 198,695 |
UBS AG |  |  | 60,553 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 60,553 |
|  | $ | 811,583 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 811,583 |

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

66 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Health Sciences Trust (BME)

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: |
Biotechnology |  | $ | 72,993,223 |  |  | $ | 2,840,759 |  |  | $ | 2,162,166 |  |  | $ | 77,996,148 |
Health Care Equipment & Supplies |  |  | 130,068,632 |  |  |  | 2,806,408 |  |  |  | — |  |  |  | 132,875,040 |
Health Care Providers & Services |  |  | 93,326,308 |  |  |  | — |  |  |  | 431,098 |  |  |  | 93,757,406 |
Health Care Technology |  |  | 4,598,986 |  |  |  | — |  |  |  | — |  |  |  | 4,598,986 |
Life Sciences Tools & Services |  |  | 30,786,566 |  |  |  | 3,682,551 |  |  |  |  |  |  |  | 34,469,117 |
Pharmaceuticals |  |  | 76,962,489 |  |  |  | 27,678,925 |  |  |  | — |  |  |  | 104,641,414 |
Other Interests |  |  | — |  |  |  | — |  |  |  | 129,309 |  |  |  | 129,309 |
Short-Term Securities |  |  | 3,489,138 |  |  |  | — |  |  |  | — |  |  |  | 3,489,138 |
Subtotal |  | $ | 412,225,342 |  |  | $ | 37,008,643 |  |  | $ | 2,722,573 |  |  | $ | 451,956,558 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 253,877 |
Total Investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 452,210,435 |
Derivative financial Instruments(b) |
Liabilities: |
Equity contracts |  | $ | (4,529,290 | ) |  | $ | (970,015 | ) |  | $ | — |  |  | $ | (5,499,305 | )

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

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS |  |  | 67 |

Consolidated Schedule of Investments December 31, 2019 |  | BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)

Security |  |  |  |  | Shares |  |  | Value |
Common Stocks — 97.6% |
Chemicals — 11.4% |
Albemarle Corp. |  |  |  |  |  |  | 131,688 |  |  | $ | 9,618,492 |
CF Industries Holdings, Inc. |  |  |  |  |  |  | 327,199 |  |  |  | 15,620,488 |
FMC Corp.(b) |  |  |  |  |  |  | 256,777 |  |  |  | 25,631,480 |
Koninklijke DSM NV |  |  |  |  |  |  | 119,358 |  |  |  | 15,605,533 |
Nutrien Ltd. |  |  |  |  |  |  | 230,523 |  |  |  | 11,036,629 |
Umicore SA |  |  |  |  |  |  | 333,958 |  |  |  | 16,275,105 |
|  |  |  | 93,787,727 |
Containers & Packaging — 8.8% |
Graphic Packaging Holding Co.(b) |  |  |  |  |  |  | 822,160 |  |  |  | 13,688,964 |
International Paper Co.(a) |  |  |  |  |  |  | 396,216 |  |  |  | 18,245,747 |
Packaging Corp. of America(b) |  |  |  |  |  |  | 188,828 |  |  |  | 21,146,848 |
Westrock Co.(b) |  |  |  |  |  |  | 457,004 |  |  |  | 19,610,041 |
|  |  |  | 72,691,600 |
Electronic Equipment, Instruments & Components — 0.8% |
Trimble, Inc.(c) |  |  |  |  |  |  | 160,904 |  |  |  | 6,708,088 |
Food Products — 6.7% |
JBS SA |  |  |  |  |  |  | 2,200,208 |  |  |  | 14,111,260 |
Kerry Group PLC, Class A |  |  |  |  |  |  | 102,466 |  |  |  | 12,769,402 |
Salmar ASA |  |  |  |  |  |  | 165,398 |  |  |  | 8,476,017 |
Tyson Foods, Inc., Class A |  |  |  |  |  |  | 218,186 |  |  |  | 19,863,653 |
|  |  |  | 55,220,332 |
Machinery — 0.9% |
Deere & Co. |  |  |  |  |  |  | 40,395 |  |  |  | 6,998,838 |
Metals & Mining — 33.1% |
Anglo American PLC |  |  |  |  |  |  | 1,220,367 |  |  |  | 35,058,598 |
Barrick Gold Corp. |  |  |  |  |  |  | 1,186,922 |  |  |  | 22,064,880 |
BHP Group PLC |  |  |  |  |  |  | 1,814,999 |  |  |  | 42,532,523 |
First Quantum Minerals Ltd. |  |  |  |  |  |  | 1,855,148 |  |  |  | 18,815,062 |
Franco-Nevada Corp. |  |  |  |  |  |  | 136,639 |  |  |  | 14,109,525 |
Freeport-McMoRan, Inc. |  |  |  |  |  |  | 759,184 |  |  |  | 9,960,494 |
Fresnillo PLC |  |  |  |  |  |  | 844,741 |  |  |  | 7,164,982 |
Lundin Mining Corp. |  |  |  |  |  |  | 3,049,792 |  |  |  | 18,225,240 |
Neo Lithium Corp.(c)(d) |  |  |  |  |  |  | 5,113,514 |  |  |  | 1,968,932 |
Newcrest Mining Ltd. |  |  |  |  |  |  | 389,721 |  |  |  | 8,230,507 |
Polyus PJSC — GDR |  |  |  |  |  |  | 173,403 |  |  |  | 9,831,950 |
Rio Tinto PLC — ADR |  |  |  |  |  |  | 230,629 |  |  |  | 13,690,138 |
Stelco Holdings, Inc. |  |  |  |  |  |  | 1,489,537 |  |  |  | 12,514,611 |
Teck Resources Ltd., Class B |  |  |  |  |  |  | 741,734 |  |  |  | 12,883,920 |
Vale SA — ADR |  |  |  |  |  |  | 2,026,989 |  |  |  | 26,756,255 |
Wheaton Precious Metals Corp. |  |  |  |  |  |  | 628,744 |  |  |  | 18,705,134 |
|  |  |  | 272,512,751 |
Oil, Gas & Consumable Fuels — 34.8% |
BP PLC — ADR |  |  |  |  |  |  | 1,178,306 |  |  |  | 44,469,269 |
CNOOC Ltd. |  |  |  |  |  |  | 9,618,000 |  |  |  | 15,993,093 |
ConocoPhillips(a) |  |  |  |  |  |  | 287,339 |  |  |  | 18,685,655 |
EOG Resources, Inc. |  |  |  |  |  |  | 147,942 |  |  |  | 12,391,622 |
Equinor ASA |  |  |  |  |  |  | 643,934 |  |  |  | 12,841,504 |
Exxon Mobil Corp.(a)(b) |  |  |  |  |  |  | 323,708 |  |  |  | 22,588,344 |
Gazprom PJSC — ADR |  |  |  |  |  |  | 1,193,075 |  |  |  | 9,847,072 |
Kosmos Energy Ltd. |  |  |  |  |  |  | 929,959 |  |  |  | 5,300,766 |
Marathon Petroleum Corp. |  |  |  |  |  |  | 201,804 |  |  |  | 12,158,691 |
Petroleo Brasileiro SA — ADR |  |  |  |  |  |  | 557,900 |  |  |  | 8,892,926 |
Royal Dutch Shell PLC — ADR, Class A |  |  |  |  |  |  | 741,430 |  |  |  | 43,729,541 |
Suncor Energy, Inc. |  |  |  |  |  |  | 561,099 |  |  |  | 18,390,030 |
TOTAL SA |  |  |  |  |  |  | 863,909 |  |  |  | 47,938,749 |
Williams Cos., Inc. |  |  |  |  |  |  | 562,575 |  |  |  | 13,344,279 |
|  |  |  | 286,571,541 |

Security |  |  |  |  | Shares |  |  | Value |
Paper & Forest Products — 0.0% |
Precious Woods Holding AG(c) |  |  |  |  |  |  | 20,000 |  |  | $ | 167,390 |
Specialty Retail — 1.1% |
Tractor Supply Co. |  |  |  |  |  |  | 92,625 |  |  |  | 8,654,880 |
Total Common Stocks — 97.6% (Cost — $700,503,701) |  |  |  | 803,313,147 |
|  |  |  |  | Par (000) |  |  |  |
Corporate Bonds — 1.7% |
Metals & Mining — 1.7% |
Osisko Gold Royalties Ltd., 4.00%, 12/31/22 |  |  | CAD |  |  |  | 5,652 |  |  |  | 4,399,555 |
Pilgangoora Operations Pty Ltd., 12.00%, 06/21/22 |  |  | USD |  |  |  | 9,000 |  |  |  | 9,581,183 |
Total Corporate Bonds — 1.7% (Cost — $13,511,495) |  |  |  | 13,980,738 |
Total Long-Term Investments — 99.3% (Cost — $714,015,196) |  |  |  | 817,293,885 |
|  |  |  |  | Shares |  |  |  |
Short-Term Securities — 1.7% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.51%(e)(g) |  |  |  |  |  |  | 13,708,365 |  |  |  | 13,708,365 |
SL Liquidity Series, LLC, Money Market Series, 1.80%(e)(f)(g) |  |  |  |  |  |  | 183,142 |  |  |  | 183,179 |
Total Short-Term Securities — 1.7% (Cost — $13,891,502) |  |  |  | 13,891,544 |
Total Investments Before Options Written — 101.0% (Cost — $727,906,698) |  |  |  | 831,185,429 |
Options Written — (0.9)% (Premiums Received — $6,337,262) |  |  |  | (7,527,774 | )
Total Investments, Net of Options Written — 100.1% (Cost — $721,569,436) |  |  |  | 823,657,655 |
Liabilities in Excess of Other Assets — (0.1)% |  |  |  | (903,917 | )
Net Assets — 100.0% |  |  | $ | 822,753,738 |

(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.

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

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

68 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (continued) December 31, 2019 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

(g) | During the year ended December 31, 2019, investments in issuers considered to be an affiliate/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 12/31/18 |  |  | Net Activity |  |  | Shares Held at 12/31/19 |  |  | Value at 12/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 13,652,388 |  |  |  | 55,977 |  |  |  | 13,708,365 |  |  | $ | 13,708,365 |  |  | $ | 296,199 |  |  | $ | 36 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 276,499 |  |  |  | (93,357 | ) |  |  | 183,142 |  |  |  | 183,179 |  |  |  | 53,396 | (b) |  |  | — |  |  |  | 71 |
|  |  | $ | 13,891,544 |  |  | $ | 349,595 |  |  | $ | 36 |  |  | $ | 71 |

| (a) | Includes net capital gain distributions, if applicable. |

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

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exxon Mobil Corp. |  |  | 106 |  |  |  | 01/03/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 740 |  |  | $ | (2,915 | )
Exxon Mobil Corp. |  |  | 207 |  |  |  | 01/03/20 |  |  | USD |  |  | 70.50 |  |  | USD |  |  | 1,444 |  |  |  | (2,484 | )
Petroleo Brasileiro SA — ADR |  |  | 293 |  |  |  | 01/03/20 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 467 |  |  |  | (3,076 | )
Tyson Foods, Inc. Class A |  |  | 220 |  |  |  | 01/03/20 |  |  | USD |  |  | 90.50 |  |  | USD |  |  | 2,003 |  |  |  | (19,250 | )
BP PLC — ADR |  |  | 785 |  |  |  | 01/10/20 |  |  | USD |  |  | 40.17 |  |  | USD |  |  | 2,963 |  |  |  | (221 | )
ConocoPhillips |  |  | 423 |  |  |  | 01/10/20 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 2,751 |  |  |  | (71,487 | )
EOG Resources, Inc. |  |  | 87 |  |  |  | 01/10/20 |  |  | USD |  |  | 75.50 |  |  | USD |  |  | 729 |  |  |  | (72,645 | )
Exxon Mobil Corp. |  |  | 237 |  |  |  | 01/10/20 |  |  | USD |  |  | 70.50 |  |  | USD |  |  | 1,654 |  |  |  | (11,020 | )
International Paper Co. |  |  | 348 |  |  |  | 01/10/20 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 1,603 |  |  |  | (4,002 | )
International Paper Co. |  |  | 118 |  |  |  | 01/10/20 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 543 |  |  |  | (767 | )
Teck Resources Ltd. |  |  | 219 |  |  |  | 01/10/20 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 380 |  |  |  | (6,460 | )
Tractor Supply Co. |  |  | 105 |  |  |  | 01/10/20 |  |  | USD |  |  | 99.50 |  |  | USD |  |  | 981 |  |  |  | (1,050 | )
Tyson Foods, Inc. Class A |  |  | 166 |  |  |  | 01/10/20 |  |  | USD |  |  | 91.50 |  |  | USD |  |  | 1,511 |  |  |  | (17,430 | )
Williams Cos., Inc. |  |  | 199 |  |  |  | 01/10/20 |  |  | USD |  |  | 22.55 |  |  | USD |  |  | 472 |  |  |  | (24,031 | )
Albemarle Corp. |  |  | 342 |  |  |  | 01/17/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,498 |  |  |  | (135,090 | )
Barrick Gold Corp. |  |  | 1,654 |  |  |  | 01/17/20 |  |  | USD |  |  | 18.00 |  |  | USD |  |  | 3,075 |  |  |  | (129,012 | )
CF Industries Holdings, Inc. |  |  | 433 |  |  |  | 01/17/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 2,067 |  |  |  | (11,691 | )
ConocoPhillips |  |  | 180 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,171 |  |  |  | (94,500 | )
Deere & Co. |  |  | 46 |  |  |  | 01/17/20 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 797 |  |  |  | (10,005 | )
Deere & Co. |  |  | 115 |  |  |  | 01/17/20 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 1,992 |  |  |  | (7,475 | )
EOG Resources, Inc. |  |  | 42 |  |  |  | 01/17/20 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 352 |  |  |  | (37,485 | )
Exxon Mobil Corp. |  |  | 304 |  |  |  | 01/17/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,121 |  |  |  | (28,728 | )
FMC Corp. |  |  | 665 |  |  |  | 01/17/20 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 6,638 |  |  |  | (108,063 | )
First Quantum Minerals Ltd. |  |  | 1,041 |  |  |  | 01/17/20 |  |  | CAD |  |  | 12.00 |  |  | CAD |  |  | 1,371 |  |  |  | (108,225 | )
Franco-Nevada Corp. |  |  | 270 |  |  |  | 01/17/20 |  |  | CAD |  |  | 135.00 |  |  | CAD |  |  | 3,620 |  |  |  | (43,560 | )
Freeport-McMoRan, Inc. |  |  | 1,012 |  |  |  | 01/17/20 |  |  | USD |  |  | 12.00 |  |  | USD |  |  | 1,328 |  |  |  | (120,428 | )
International Paper Co. |  |  | 468 |  |  |  | 01/17/20 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 2,155 |  |  |  | (12,402 | )
Lundin Mining Corp. |  |  | 3,123 |  |  |  | 01/17/20 |  |  | CAD |  |  | 7.00 |  |  | CAD |  |  | 2,423 |  |  |  | (185,184 | )
Lundin Mining Corp. |  |  | 1,326 |  |  |  | 01/17/20 |  |  | CAD |  |  | 8.00 |  |  | CAD |  |  | 1,029 |  |  |  | (9,190 | )
Marathon Petroleum Corp. |  |  | 32 |  |  |  | 01/17/20 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 193 |  |  |  | (320 | )
Nutrien Ltd. |  |  | 406 |  |  |  | 01/17/20 |  |  | CAD |  |  | 66.00 |  |  | CAD |  |  | 2,524 |  |  |  | (2,189 | )
Packaging Corp. of America |  |  | 155 |  |  |  | 01/17/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 1,736 |  |  |  | (10,462 | )
Petroleo Brasileiro SA — ADR |  |  | 138 |  |  |  | 01/17/20 |  |  | USD |  |  | 17.00 |  |  | USD |  |  | 220 |  |  |  | (1,242 | )
Petroleo Brasileiro SA — ADR |  |  | 11 |  |  |  | 01/17/20 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 18 |  |  |  | (390 | )
Rio Tinto PLC — ADR |  |  | 584 |  |  |  | 01/17/20 |  |  | USD |  |  | 54.39 |  |  | USD |  |  | 3,467 |  |  |  | (300,760 | )
Royal Dutch Shell PLC — ADR |  |  | 756 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.50 |  |  | USD |  |  | 4,459 |  |  |  | (12,608 | )
Suncor Energy, Inc. |  |  | 990 |  |  |  | 01/17/20 |  |  | CAD |  |  | 43.50 |  |  | CAD |  |  | 4,213 |  |  |  | (9,911 | )
Suncor Energy, Inc. |  |  | 92 |  |  |  | 01/17/20 |  |  | CAD |  |  | 42.00 |  |  | CAD |  |  | 392 |  |  |  | (6,235 | )
Teck Resources Ltd. |  |  | 910 |  |  |  | 01/17/20 |  |  | USD |  |  | 18.00 |  |  | USD |  |  | 1,581 |  |  |  | (21,385 | )
Tractor Supply Co. |  |  | 80 |  |  |  | 01/17/20 |  |  | USD |  |  | 97.50 |  |  | USD |  |  | 748 |  |  |  | (3,600 | )

CONSOLIDATED SCHEDULES OF INVESTMENTS |  |  | 69 |

Consolidated Schedule of Investments (continued) December 31, 2019 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tyson Foods, Inc. Class A |  |  | 319 |  |  |  | 01/17/20 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 2,904 |  |  | $ | (72,573 | )
Vale SA — ADR |  |  | 1,106 |  |  |  | 01/17/20 |  |  | USD |  |  | 13.50 |  |  | USD |  |  | 1,460 |  |  |  | (21,014 | )
Westrock Co. |  |  | 395 |  |  |  | 01/17/20 |  |  | USD |  |  | 42.50 |  |  | USD |  |  | 1,695 |  |  |  | (46,413 | )
Williams Cos., Inc. |  |  | 199 |  |  |  | 01/17/20 |  |  | USD |  |  | 22.55 |  |  | USD |  |  | 472 |  |  |  | (25,227 | )
BP PLC — ADR |  |  | 914 |  |  |  | 01/24/20 |  |  | USD |  |  | 38.50 |  |  | USD |  |  | 3,449 |  |  |  | (26,963 | )
CF Industries Holdings, Inc. |  |  | 216 |  |  |  | 01/24/20 |  |  | USD |  |  | 46.50 |  |  | USD |  |  | 1,031 |  |  |  | (43,632 | )
ConocoPhillips |  |  | 142 |  |  |  | 01/24/20 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 923 |  |  |  | (32,305 | )
EOG Resources, Inc. |  |  | 179 |  |  |  | 01/24/20 |  |  | USD |  |  | 78.00 |  |  | USD |  |  | 1,499 |  |  |  | (113,218 | )
Exxon Mobil Corp. |  |  | 233 |  |  |  | 01/24/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,626 |  |  |  | (26,212 | )
Exxon Mobil Corp. |  |  | 207 |  |  |  | 01/24/20 |  |  | USD |  |  | 71.00 |  |  | USD |  |  | 1,444 |  |  |  | (14,076 | )
Freeport-McMoRan, Inc. |  |  | 1,012 |  |  |  | 01/24/20 |  |  | USD |  |  | 14.00 |  |  | USD |  |  | 1,328 |  |  |  | (20,746 | )
International Paper Co. |  |  | 238 |  |  |  | 01/24/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 1,096 |  |  |  | (12,971 | )
Marathon Petroleum Corp. |  |  | 209 |  |  |  | 01/24/20 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 1,259 |  |  |  | (11,390 | )
Petroleo Brasileiro SA — ADR |  |  | 585 |  |  |  | 01/24/20 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 932 |  |  |  | (25,155 | )
Royal Dutch Shell PLC — ADR, Class A |  |  | 400 |  |  |  | 01/24/20 |  |  | USD |  |  | 59.00 |  |  | USD |  |  | 2,359 |  |  |  | (33,000 | )
Teck Resources Ltd. |  |  | 218 |  |  |  | 01/24/20 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 379 |  |  |  | (10,900 | )
Teck Resources Ltd. |  |  | 156 |  |  |  | 01/24/20 |  |  | USD |  |  | 18.00 |  |  | USD |  |  | 271 |  |  |  | (4,758 | )
Teck Resources Ltd. |  |  | 233 |  |  |  | 01/24/20 |  |  | USD |  |  | 18.50 |  |  | USD |  |  | 405 |  |  |  | (4,077 | )
Tractor Supply Co. |  |  | 185 |  |  |  | 01/24/20 |  |  | USD |  |  | 98.50 |  |  | USD |  |  | 1,729 |  |  |  | (8,787 | )
Tyson Foods, Inc. Class A |  |  | 167 |  |  |  | 01/24/20 |  |  | USD |  |  | 92.50 |  |  | USD |  |  | 1,520 |  |  |  | (21,710 | )
Vale SA — ADR |  |  | 1,895 |  |  |  | 01/24/20 |  |  | USD |  |  | 13.50 |  |  | USD |  |  | 2,501 |  |  |  | (46,428 | )
Williams Cos., Inc. |  |  | 499 |  |  |  | 01/24/20 |  |  | USD |  |  | 23.50 |  |  | USD |  |  | 1,184 |  |  |  | (32,934 | )
BP PLC — ADR |  |  | 1,029 |  |  |  | 01/31/20 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 3,883 |  |  |  | (60,711 | )
Barrick Gold Corp. |  |  | 1,653 |  |  |  | 01/31/20 |  |  | USD |  |  | 18.50 |  |  | USD |  |  | 3,073 |  |  |  | (106,619 | )
CF Industries Holdings, Inc. |  |  | 225 |  |  |  | 01/31/20 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 1,074 |  |  |  | (29,363 | )
ConocoPhillips |  |  | 187 |  |  |  | 01/31/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,216 |  |  |  | (37,026 | )
ConocoPhillips |  |  | 36 |  |  |  | 01/31/20 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 234 |  |  |  | (11,610 | )
Freeport-McMoRan, Inc. |  |  | 1,012 |  |  |  | 01/31/20 |  |  | USD |  |  | 14.50 |  |  | USD |  |  | 1,328 |  |  |  | (17,204 | )
International Paper Co. |  |  | 412 |  |  |  | 01/31/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 1,897 |  |  |  | (35,638 | )
Marathon Petroleum Corp. |  |  | 358 |  |  |  | 01/31/20 |  |  | USD |  |  | 63.50 |  |  | USD |  |  | 2,157 |  |  |  | (40,275 | )
Petroleo Brasileiro SA — ADR |  |  | 456 |  |  |  | 01/31/20 |  |  | USD |  |  | 16.50 |  |  | USD |  |  | 727 |  |  |  | (13,680 | )
Royal Dutch Shell PLC — ADR, Class A |  |  | 156 |  |  |  | 01/31/20 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 920 |  |  |  | (28,080 | )
Teck Resources Ltd. |  |  | 156 |  |  |  | 01/31/20 |  |  | USD |  |  | 18.00 |  |  | USD |  |  | 271 |  |  |  | (6,084 | )
Teck Resources Ltd. |  |  | 233 |  |  |  | 01/31/20 |  |  | USD |  |  | 18.50 |  |  | USD |  |  | 405 |  |  |  | (5,708 | )
Vale SA — ADR |  |  | 1,297 |  |  |  | 01/31/20 |  |  | USD |  |  | 13.50 |  |  | USD |  |  | 1,712 |  |  |  | (39,559 | )
Vale SA — ADR |  |  | 1,074 |  |  |  | 01/31/20 |  |  | USD |  |  | 13.00 |  |  | USD |  |  | 1,418 |  |  |  | (60,681 | )
Williams Cos., Inc. |  |  | 182 |  |  |  | 01/31/20 |  |  | USD |  |  | 23.50 |  |  | USD |  |  | 432 |  |  |  | (13,286 | )
ConocoPhillips |  |  | 145 |  |  |  | 02/07/20 |  |  | USD |  |  | 68.00 |  |  | USD |  |  | 943 |  |  |  | (15,805 | )
Teck Resources Ltd. |  |  | 841 |  |  |  | 02/07/20 |  |  | USD |  |  | 18.50 |  |  | USD |  |  | 1,461 |  |  |  | (26,492 | )
BP PLC — ADR |  |  | 1,202 |  |  |  | 02/21/20 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 4,536 |  |  |  | (101,569 | )
Barrick Gold Corp. |  |  | 1,440 |  |  |  | 02/21/20 |  |  | USD |  |  | 19.00 |  |  | USD |  |  | 2,677 |  |  |  | (98,640 | )
CF Industries Holdings, Inc. |  |  | 434 |  |  |  | 02/21/20 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 2,072 |  |  |  | (95,914 | )
ConocoPhillips |  |  | 36 |  |  |  | 02/21/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 234 |  |  |  | (9,270 | )
EOG Resources, Inc. |  |  | 283 |  |  |  | 02/21/20 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 2,370 |  |  |  | (168,385 | )
Franco-Nevada Corp. |  |  | 276 |  |  |  | 02/21/20 |  |  | CAD |  |  | 135.00 |  |  | CAD |  |  | 3,701 |  |  |  | (90,332 | )
Nutrien Ltd. |  |  | 300 |  |  |  | 02/21/20 |  |  | CAD |  |  | 66.00 |  |  | CAD |  |  | 1,865 |  |  |  | (11,551 | )
Petroleo Brasileiro SA — ADR |  |  | 456 |  |  |  | 02/21/20 |  |  | USD |  |  | 17.00 |  |  | USD |  |  | 727 |  |  |  | (14,592 | )
Rio Tinto PLC — ADR |  |  | 338 |  |  |  | 02/21/20 |  |  | USD |  |  | 58.75 |  |  | USD |  |  | 2,006 |  |  |  | (78,676 | )
Trimble, Inc. |  |  | 301 |  |  |  | 02/21/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,255 |  |  |  | (87,290 | )
Vale SA — ADR |  |  | 1,107 |  |  |  | 02/21/20 |  |  | USD |  |  | 14.00 |  |  | USD |  |  | 1,461 |  |  |  | (30,443 | )
Westrock Co. |  |  | 193 |  |  |  | 02/21/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 828 |  |  |  | (16,405 | )
Williams Cos., Inc. |  |  | 499 |  |  |  | 02/21/20 |  |  | USD |  |  | 24.00 |  |  | USD |  |  | 1,184 |  |  |  | (33,184 | )
Williams Cos., Inc. |  |  | 202 |  |  |  | 02/21/20 |  |  | USD |  |  | 23.31 |  |  | USD |  |  | 479 |  |  |  | (22,118 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,707,657 | )

70 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (continued) December 31, 2019 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |
Graphic Packaging Holding Co. |  | JPMorgan Chase Bank N.A. |  |  | 87,000 |  |  | 01/06/20 |  |  | USD |  |  |  | 15.07 |  |  |  | USD |  |  |  | 1,449 |  |  | $ | (137,634 | )
Gazprom PJSC — ADR |  | Goldman Sachs International |  |  | 255,000 |  |  | 01/07/20 |  |  | USD |  |  |  | 8.33 |  |  |  | USD |  |  |  | 2,104 |  |  |  | (18,016 | )
Packaging Corp. of America |  | JPMorgan Chase Bank N.A. |  |  | 15,600 |  |  | 01/07/20 |  |  | USD |  |  |  | 112.52 |  |  |  | USD |  |  |  | 1,747 |  |  |  | (13,898 | )
Anglo American PLC |  | Morgan Stanley & Co. International PLC |  |  | 91,800 |  |  | 01/08/20 |  |  | GBP |  |  |  | 21.06 |  |  |  | GBP |  |  |  | 1,991 |  |  |  | (91,001 | )
BHP Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 243,900 |  |  | 01/08/20 |  |  | GBP |  |  |  | 17.44 |  |  |  | GBP |  |  |  | 4,315 |  |  |  | (127,733 | )
Lundin Mining Corp. |  | Goldman Sachs International |  |  | 63,600 |  |  | 01/08/20 |  |  | CAD |  |  |  | 7.44 |  |  |  | CAD |  |  |  | 494 |  |  |  | (16,893 | )
CNOOC Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 1,738,000 |  |  | 01/09/20 |  |  | HKD |  |  |  | 12.90 |  |  |  | HKD |  |  |  | 22,524 |  |  |  | (55,381 | )
Equinor ASA |  | Goldman Sachs International |  |  | 69,100 |  |  | 01/09/20 |  |  | NOK |  |  |  | 182.02 |  |  |  | NOK |  |  |  | 12,098 |  |  |  | (3,073 | )
Fresnillo PLC |  | Morgan Stanley & Co. International PLC |  |  | 112,200 |  |  | 01/09/20 |  |  | GBP |  |  |  | 7.27 |  |  |  | GBP |  |  |  | 718 |  |  |  | (927 | )
Royal Dutch Shell PLC — ADR |  | JPMorgan Chase Bank N.A. |  |  | 63,200 |  |  | 01/09/20 |  |  | USD |  |  |  | 60.20 |  |  |  | USD |  |  |  | 3,728 |  |  |  | (8,618 | )
Vale SA — ADR |  | JPMorgan Chase Bank N.A. |  |  | 162,800 |  |  | 01/09/20 |  |  | USD |  |  |  | 12.98 |  |  |  | USD |  |  |  | 2,149 |  |  |  | (58,587 | )
Anglo American PLC |  | Morgan Stanley & Co. International PLC |  |  | 51,000 |  |  | 01/14/20 |  |  | GBP |  |  |  | 21.48 |  |  |  | GBP |  |  |  | 1,106 |  |  |  | (37,685 | )
Fresnillo PLC |  | Morgan Stanley & Co. International PLC |  |  | 5,300 |  |  | 01/14/20 |  |  | GBP |  |  |  | 6.60 |  |  |  | GBP |  |  |  | 34 |  |  |  | (737 | )
TOTAL SA |  | Credit Suisse International |  |  | 70,200 |  |  | 01/14/20 |  |  | EUR |  |  |  | 50.40 |  |  |  | EUR |  |  |  | 3,473 |  |  |  | (5,884 | )
Umicore SA |  | UBS AG |  |  | 41,550 |  |  | 01/14/20 |  |  | EUR |  |  |  | 40.44 |  |  |  | EUR |  |  |  | 1,805 |  |  |  | (164,932 | )
Westrock Co. |  | Bank of America N.A. |  |  | 62,000 |  |  | 01/14/20 |  |  | USD |  |  |  | 41.20 |  |  |  | USD |  |  |  | 2,660 |  |  |  | (127,163 | )
BHP Group PLC |  | UBS AG |  |  | 237,000 |  |  | 01/15/20 |  |  | GBP |  |  |  | 17.64 |  |  |  | GBP |  |  |  | 4,193 |  |  |  | (112,473 | )
CNOOC Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 296,000 |  |  | 01/15/20 |  |  | HKD |  |  |  | 11.50 |  |  |  | HKD |  |  |  | 3,836 |  |  |  | (56,503 | )
Gazprom PJSC — ADR |  | Goldman Sachs International |  |  | 255,100 |  |  | 01/15/20 |  |  | USD |  |  |  | 7.79 |  |  |  | USD |  |  |  | 2,105 |  |  |  | (120,611 | )
Graphic Packaging Holding Co. |  | Credit Suisse International |  |  | 4,700 |  |  | 01/15/20 |  |  | USD |  |  |  | 16.66 |  |  |  | USD |  |  |  | 78 |  |  |  | (1,049 | )
Graphic Packaging Holding Co. |  | JPMorgan Chase Bank N.A. |  |  | 78,500 |  |  | 01/15/20 |  |  | USD |  |  |  | 16.77 |  |  |  | USD |  |  |  | 1,307 |  |  |  | (13,915 | )
Graphic Packaging Holding Co. |  | UBS AG |  |  | 18,600 |  |  | 01/15/20 |  |  | USD |  |  |  | 16.26 |  |  |  | USD |  |  |  | 310 |  |  |  | (8,812 | )
Salmar ASA |  | Goldman Sachs International |  |  | 33,000 |  |  | 01/15/20 |  |  | NOK |  |  |  | 464.05 |  |  |  | NOK |  |  |  | 14,847 |  |  |  | (20,797 | )
Statoil ASA |  | UBS AG |  |  | 23,100 |  |  | 01/15/20 |  |  | NOK |  |  |  | 170.09 |  |  |  | NOK |  |  |  | 4,044 |  |  |  | (15,563 | )
Trimble, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 34,200 |  |  | 01/15/20 |  |  | USD |  |  |  | 41.19 |  |  |  | USD |  |  |  | 1,426 |  |  |  | (36,663 | )
Statoil ASA |  | Credit Suisse International |  |  | 114,000 |  |  | 01/21/20 |  |  | NOK |  |  |  | 181.33 |  |  |  | NOK |  |  |  | 19,959 |  |  |  | (15,510 | )
Umicore SA |  | UBS AG |  |  | 41,550 |  |  | 01/21/20 |  |  | EUR |  |  |  | 40.44 |  |  |  | EUR |  |  |  | 1,805 |  |  |  | (178,225 | )
Anglo American PLC |  | Morgan Stanley & Co. International PLC |  |  | 258,600 |  |  | 01/22/20 |  |  | GBP |  |  |  | 21.00 |  |  |  | GBP |  |  |  | 5,609 |  |  |  | (335,308 | )
JBS SA |  | Morgan Stanley & Co. International PLC |  |  | 577,000 |  |  | 01/22/20 |  |  | USD |  |  |  | 28.02 |  |  |  | USD |  |  |  | 14,887 |  |  |  | (41,515 | )
Koninkilijke DSM NV |  | Goldman Sachs International |  |  | 23,200 |  |  | 01/22/20 |  |  | EUR |  |  |  | 120.25 |  |  |  | EUR |  |  |  | 2,704 |  |  |  | (10,696 | )
TOTAL SA |  | Credit Suisse International |  |  | 60,500 |  |  | 01/22/20 |  |  | EUR |  |  |  | 49.35 |  |  |  | EUR |  |  |  | 2,993 |  |  |  | (34,064 | )
TOTAL SA |  | Credit Suisse International |  |  | 52,300 |  |  | 01/22/20 |  |  | EUR |  |  |  | 49.00 |  |  |  | EUR |  |  |  | 2,587 |  |  |  | (39,390 | )
Kerry Group PLC, Class A |  | Citibank N.A. |  |  | 27,700 |  |  | 01/23/20 |  |  | EUR |  |  |  | 112.41 |  |  |  | EUR |  |  |  | 3,077 |  |  |  | (67,894 | )
Kerry Group PLC, Class A |  | Goldman Sachs International |  |  | 13,300 |  |  | 01/24/20 |  |  | EUR |  |  |  | 119.65 |  |  |  | EUR |  |  |  | 1,478 |  |  |  | (4,180 | )
Graphic Packaging Holding Co. |  | Bank of America N.A. |  |  | 91,900 |  |  | 01/27/20 |  |  | USD |  |  |  | 16.73 |  |  |  | USD |  |  |  | 1,530 |  |  |  | (25,228 | )
Lundin Mining Corp. |  | Credit Suisse International |  |  | 112,000 |  |  | 01/27/20 |  |  | CAD |  |  |  | 7.50 |  |  |  | CAD |  |  |  | 869 |  |  |  | (33,119 | )
Packaging Corp. of America |  | Barclays Bank PLC |  |  | 44,400 |  |  | 01/27/20 |  |  | USD |  |  |  | 113.72 |  |  |  | USD |  |  |  | 4,972 |  |  |  | (89,632 | )
Statoil ASA |  | Goldman Sachs International |  |  | 46,000 |  |  | 01/29/20 |  |  | NOK |  |  |  | 170.23 |  |  |  | NOK |  |  |  | 8,054 |  |  |  | (35,196 | )
Suncor Energy, Inc. |  | Citibank N.A. |  |  | 64,500 |  |  | 01/29/20 |  |  | CAD |  |  |  | 42.21 |  |  |  | CAD |  |  |  | 2,745 |  |  |  | (45,916 | )
TOTAL SA |  | UBS AG |  |  | 66,700 |  |  | 01/29/20 |  |  | EUR |  |  |  | 47.44 |  |  |  | EUR |  |  |  | 3,300 |  |  |  | (156,014 | )
Umicore SA |  | UBS AG |  |  | 18,300 |  |  | 01/29/20 |  |  | EUR |  |  |  | 43.16 |  |  |  | EUR |  |  |  | 795 |  |  |  | (50,648 | )
Suncor Energy, Inc. |  | Goldman Sachs International |  |  | 12,700 |  |  | 02/03/20 |  |  | CAD |  |  |  | 43.47 |  |  |  | CAD |  |  |  | 541 |  |  |  | (4,689 | )
Fresnillo PLC |  | UBS AG |  |  | 220,400 |  |  | 02/04/20 |  |  | GBP |  |  |  | 5.83 |  |  |  | GBP |  |  |  | 1,411 |  |  |  | (190,214 | )
Koninkilijke DSM NV |  | Morgan Stanley & Co. International PLC |  |  | 24,500 |  |  | 02/04/20 |  |  | EUR |  |  |  | 115.66 |  |  |  | EUR |  |  |  | 2,856 |  |  |  | (93,119 | )
TOTAL SA |  | Goldman Sachs International |  |  | 72,000 |  |  | 02/04/20 |  |  | EUR |  |  |  | 47.70 |  |  |  | EUR |  |  |  | 3,562 |  |  |  | (148,103 | )
Westrock Co. |  | Bank of America N.A. |  |  | 62,000 |  |  | 02/04/20 |  |  | USD |  |  |  | 41.20 |  |  |  | USD |  |  |  | 2,660 |  |  |  | (158,373 | )
Anglo American PLC |  | UBS AG |  |  | 86,700 |  |  | 02/05/20 |  |  | GBP |  |  |  | 22.34 |  |  |  | GBP |  |  |  | 1,881 |  |  |  | (49,223 | )
BHP Group PLC |  | UBS AG |  |  | 245,000 |  |  | 02/05/20 |  |  | GBP |  |  |  | 18.52 |  |  |  | GBP |  |  |  | 4,334 |  |  |  | (64,129 | )
CNOOC Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 1,813,000 |  |  | 02/05/20 |  |  | HKD |  |  |  | 12.72 |  |  |  | HKD |  |  |  | 23,496 |  |  |  | (141,204 | )
FMC Corp. |  | Credit Suisse International |  |  | 36,200 |  |  | 02/05/20 |  |  | USD |  |  |  | 102.19 |  |  |  | USD |  |  |  | 3,613 |  |  |  | (54,899 | )
Royal Dutch Shell PLC — ADR |  | JPMorgan Chase Bank N.A. |  |  | 102,100 |  |  | 02/05/20 |  |  | USD |  |  |  | 59.49 |  |  |  | USD |  |  |  | 6,022 |  |  |  | (93,447 | )
Statoil ASA |  | Goldman Sachs International |  |  | 46,100 |  |  | 02/05/20 |  |  | NOK |  |  |  | 177.65 |  |  |  | NOK |  |  |  | 8,071 |  |  |  | (16,969 | )
JBS SA |  | Credit Suisse International |  |  | 303,000 |  |  | 02/06/20 |  |  | USD |  |  |  | 26.74 |  |  |  | USD |  |  |  | 7,817 |  |  |  | (73,496 | )
Umicore SA |  | UBS AG |  |  | 32,200 |  |  | 02/06/20 |  |  | EUR |  |  |  | 43.99 |  |  |  | EUR |  |  |  | 1,399 |  |  |  | (84,698 | )
Petroleo Brasileiro SA — ADR |  | Bank of America N.A. |  |  | 29,200 |  |  | 02/07/20 |  |  | USD |  |  |  | 16.10 |  |  |  | USD |  |  |  | 465 |  |  |  | (15,712 | )
Lundin Mining Corp. |  | Credit Suisse International |  |  | 104,000 |  |  | 02/10/20 |  |  | CAD |  |  |  | 7.73 |  |  |  | CAD |  |  |  | 807 |  |  |  | (24,151 | )
TOTAL SA |  | Goldman Sachs International |  |  | 23,800 |  |  | 02/11/20 |  |  | EUR |  |  |  | 50.07 |  |  |  | EUR |  |  |  | 1,177 |  |  |  | (15,557 | )
Suncor Energy, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 39,000 |  |  | 02/12/20 |  |  | CAD |  |  |  | 43.47 |  |  |  | CAD |  |  |  | 1,660 |  |  |  | (11,232 | )
Albemarle Corp. |  | JPMorgan Chase Bank N.A. |  |  | 18,400 |  |  | 02/13/20 |  |  | USD |  |  |  | 75.65 |  |  |  | USD |  |  |  | 1,344 |  |  |  | (44,080 | )
Lundin Mining Corp. |  | Credit Suisse International |  |  | 103,700 |  |  | 02/18/20 |  |  | CAD |  |  |  | 7.87 |  |  |  | CAD |  |  |  | 805 |  |  |  | (25,627 | )

CONSOLIDATED SCHEDULES OF INVESTMENTS |  |  | 71 |

Consolidated Schedule of Investments (continued) December 31, 2019 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |
Lundin Mining Corp. |  | Citibank N.A. |  |  | 196,000 |  |  | 02/25/20 |  |  | CAD |  |  |  | 7.99 |  |  |  | CAD |  |  |  | 1,521 |  |  | $ | (45,186 | )
Lundin Mining Corp. |  | Citibank N.A. |  |  | 196,000 |  |  | 03/03/20 |  |  | CAD |  |  |  | 7.99 |  |  |  | CAD |  |  |  | 1,521 |  |  |  | (48,926 | )
|  |  | $ | (3,820,117 | )

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

|  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  |  | N/A |  |  |  | N/A |  |  | $ | 1,372,077 |  |  | $ | (2,562,589 | ) |  | $ | (7,527,774 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options Written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written, at value |  | $ | — |  |  | $ | — |  |  | $ | 7,527,774 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,527,774 |

For the period ended December 31, 2019, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | (12,845 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  | (12,845 | )
Options written |  |  |  |  |  |  |  |  |  |  | 573,394 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 573,394 |
|  | $ | — |  |  | $ | — |  |  | $ | 560,549 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 560,549 |

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(b) |  | $ | — |  |  | $ | — |  |  | $ | (3,011 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,011 | )
Options written |  |  | — |  |  |  | — |  |  |  | (5,446,682 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,446,682 | )
|  | $ | — |  |  | $ | — |  |  | $ | (5,449,693 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5,449,693 | )

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

| (b) | Options purchased are included in net change in unrealized appreciation (depreciation) from investments. |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased |  | $ | 356 |
Average value of option contracts written |  | $ | 9,330,972 |

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

72 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (continued) December 31, 2019 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Derivative Financial Instruments — Offsetting as of Period End

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

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments: |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 7,527,774 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (3,707,657 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 3,820,117 |

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

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged (a) |  |  | Cash Collateral Pledged |  |  | Net Amount of Derivative Liabilities (b) |
Bank of America N.A. |  | $ | 326,476 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 326,476 |
Barclays Bank PLC |  |  | 89,632 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 89,632 |
Citibank N.A. |  |  | 207,922 |  |  |  | — |  |  |  | (35,934 | ) |  |  | — |  |  |  | 171,988 |
Credit Suisse International |  |  | 307,189 |  |  |  | — |  |  |  | (307,189 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 414,780 |  |  |  | — |  |  |  | (414,780 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 659,930 |  |  |  | — |  |  |  | (659,930 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 739,257 |  |  |  | — |  |  |  | (739,257 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 1,074,931 |  |  |  | — |  |  |  | (1,074,931 | ) |  |  | — |  |  |  | — |
|  | $ | 3,820,117 |  |  | $ | — |  |  | $ | (3,232,021 | ) |  | $ | — |  |  | $ | 588,096 |

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

| (b) | Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statement 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 Consolidated 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chemicals |  | $ | 61,907,089 |  |  | $ | 31,880,638 |  |  | $ | — |  |  | $ | 93,787,727 |
Containers & Packaging |  |  | 72,691,600 |  |  |  | — |  |  |  | — |  |  |  | 72,691,600 |
Electronic Equipment, Instruments & Components |  |  | 6,708,088 |  |  |  | — |  |  |  | — |  |  |  | 6,708,088 |
Food Products |  |  | 46,744,315 |  |  |  | 8,476,017 |  |  |  | — |  |  |  | 55,220,332 |
Machinery |  |  | 6,998,838 |  |  |  | — |  |  |  | — |  |  |  | 6,998,838 |
Metals & Mining |  |  | 179,526,141 |  |  |  | 92,986,610 |  |  |  | — |  |  |  | 272,512,751 |
Oil, Gas & Consumable Fuels |  |  | 199,951,123 |  |  |  | 86,620,418 |  |  |  | — |  |  |  | 286,571,541 |
Paper & Forest Products |  |  | — |  |  |  | 167,390 |  |  |  | — |  |  |  | 167,390 |
Specialty Retail |  |  | 8,654,880 |  |  |  | — |  |  |  | — |  |  |  | 8,654,880 |
Corporate Bonds |  |  | 4,399,555 |  |  |  | 9,581,183 |  |  |  | — |  |  |  | 13,980,738 |
Short-Term Securities |  |  | 13,708,365 |  |  |  | — |  |  |  | — |  |  |  | 13,708,365 |
Subtotal |  | $ | 601,289,994 |  |  | $ | 229,712,256 |  |  | $ | — |  |  | $ | 831,002,250 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 183,179 |
Total Investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 831,185,429 |
Derivative Financial Instruments(b) |  |  |  |  |
Liabilities: |
Equity contracts |  | $ | (3,544,775 | ) |  | $ | (3,982,999 | ) |  | $ | — |  |  | $ | (7,527,774 | )

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

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

CONSOLIDATED SCHEDULES OF INVESTMENTS |  |  | 73 |

Consolidated Schedule of Investments (continued) December 31, 2019 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or rend 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 |  |  | Corporate Bonds |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Opening Balance, as of December 31, 2018 |  | $ | 15,030,251 |  |  | $ | 1,578,600 |  |  | $ | 16,608,851 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | (9,184,456 | ) |  |  | 90,000 |  |  |  | (9,094,456 | )
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | 6,561,855 |  |  |  | 221,400 |  |  |  | 6,783,255 |
Purchases |  |  | — |  |  |  | — |  |  |  | — |
Sales |  |  | (12,407,650 | ) |  |  | (1,890,000 | ) |  |  | (14,297,650 | )
Closing Balance, as of December 31, 2019 |  | $ | — |  |  | $ | — |  |  | $ | — |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019(b) |  | $ | — |  |  | $ | — |  |  | $ | — |

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

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019 is generally due to investments no longer held or categorized as Level 3 at period end. |

See notes to consolidated financial statements.

74 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments December 31, 2019 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks — 93.2% |
Banks — 0.6% |
Klarna Holdings AB, (Acquired 08/07/19, cost $3,966,981)(a)(b) |  |  | 17,130 |  |  | $ | 4,433,223 |
Capital Markets — 0.2% |
XP, Inc., Class A(c) |  |  | 46,609 |  |  |  | 1,795,379 |
Communications Equipment — 0.6% |
Viavi Solutions, Inc.(c)(d) |  |  | 285,197 |  |  |  | 4,277,955 |
Diversified Consumer Services — 1.7% |
Arco Platform Ltd., Class A(c) |  |  | 178,434 |  |  |  | 7,886,783 |
TAL Education Group — ADR(c)(d) |  |  | 91,547 |  |  |  | 4,412,565 |
|  |  |  | 12,299,348 |
Diversified Financial Services — 0.4% |  |  |  |  |  |
TransferWise, (Acquired 06/03/19, cost $2,471,478)(a)(b) |  |  | 27,945 |  |  |  | 2,819,930 |
Diversified Telecommunication Services — 0.6% |  |  |  |  |  |
Bandwidth, Inc., Class A(c)(d) |  |  | 70,077 |  |  |  | 4,488,432 |
Electronic Equipment, Instruments & Components — 3.7% |  |  |  |  |  |
Keysight Technologies, Inc.(c)(d) |  |  | 48,994 |  |  |  | 5,028,254 |
Murata Manufacturing Co. Ltd. |  |  | 73,900 |  |  |  | 4,548,439 |
Samsung Electro-Mechanics Co. Ltd. |  |  | 33,360 |  |  |  | 3,588,237 |
Sunny Optical Technology Group Co. Ltd. |  |  | 433,600 |  |  |  | 7,512,600 |
Yageo Corp. |  |  | 457,000 |  |  |  | 6,658,030 |
|  |  |  | 27,335,560 |
Entertainment — 3.2% |  |  |  |  |  |
Activision Blizzard, Inc.(d) |  |  | 112,280 |  |  |  | 6,671,678 |
NetEase, Inc. — ADR(d) |  |  | 14,651 |  |  |  | 4,492,583 |
Netflix, Inc.(c)(d) |  |  | 15,909 |  |  |  | 5,147,675 |
Roku, Inc.(c)(d) |  |  | 54,506 |  |  |  | 7,298,353 |
|  |  |  | 23,610,289 |
Health Care Technology — 1.1% |  |  |  |  |  |
Ping An Healthcare and Technology Co. Ltd.(c)(e) |  |  | 499,378 |  |  |  | 3,644,806 |
Teladoc Health, Inc.(c)(d) |  |  | 56,786 |  |  |  | 4,754,124 |
|  |  |  | 8,398,930 |
Interactive Media & Services — 11.2% |  |  |  |  |  |
Alphabet, Inc., Class A(c)(d) |  |  | 18,684 |  |  |  | 25,025,163 |
Facebook, Inc., Class A(c)(d) |  |  | 50,531 |  |  |  | 10,371,488 |
IAC/InterActiveCorp.(c)(d) |  |  | 26,427 |  |  |  | 6,583,230 |
Kakao Corp.(c) |  |  | 38,281 |  |  |  | 5,070,110 |
Pinterest, Inc., Class A(c)(d) |  |  | 132,688 |  |  |  | 2,473,304 |
Snap, Inc., Class A(c)(d) |  |  | 307,882 |  |  |  | 5,027,713 |
Tencent Holdings Ltd. |  |  | 423,900 |  |  |  | 20,421,859 |
Yandex NV, Class A(c)(d) |  |  | 189,418 |  |  |  | 8,237,789 |
|  |  |  | 83,210,656 |
Internet & Direct Marketing Retail — 10.0% |  |  |  |  |  |
Alibaba Group Holding Ltd. — ADR(c)(d) |  |  | 125,013 |  |  |  | 26,515,257 |
Amazon.com, Inc.(c)(d) |  |  | 12,480 |  |  |  | 23,061,043 |
Delivery Hero SE(c)(e) |  |  | 105,963 |  |  |  | 8,398,545 |
Ensogo Ltd.(c)(b) |  |  | 173,282 |  |  |  | 1 |
Jasper Infotech Private Ltd., Series I, (Acquired 08/08/15, cost $1,998,435)(a)(b) |  |  | 1,054 |  |  |  | 265,661 |
Meituan Dianping, Class B(c) |  |  | 627,396 |  |  |  | 8,197,647 |
MercadoLibre, Inc.(c)(d) |  |  | 14,121 |  |  |  | 8,076,365 |
|  |  |  | 74,514,519 |
IT Services — 18.2% |  |  |  |  |  |
Adyen NV(c)(e) |  |  | 5,501 |  |  |  | 4,525,098 |
Endava PLC, ADR(c) |  |  | 74,433 |  |  |  | 3,468,578 |
GMO Payment Gateway, Inc. |  |  | 83,300 |  |  |  | 5,704,492 |
Mastercard, Inc., Class A(d) |  |  | 78,207 |  |  |  | 23,351,828 |

Security |  | Shares |  |  | Value |
IT Services (continued) |  |  |  |  |  |
MongoDB, Inc.(c)(d) |  |  | 29,217 |  |  | $ | 3,845,249 |
Network International Holdings PLC(c)(e) |  |  | 518,898 |  |  |  | 4,392,617 |
Okta, Inc.(c)(d) |  |  | 70,468 |  |  |  | 8,129,893 |
Pagseguro Digital Ltd., Class A (c)(d) |  |  | 145,697 |  |  |  | 4,977,010 |
PayPal Holdings, Inc.(c)(d) |  |  | 108,079 |  |  |  | 11,690,905 |
Shopify, Inc., Class A(c)(d) |  |  | 24,001 |  |  |  | 9,542,318 |
Square, Inc., Class A(c)(d) |  |  | 151,049 |  |  |  | 9,449,625 |
StoneCo Ltd., Class A(c)(d) |  |  | 164,056 |  |  |  | 6,544,194 |
TRAX Ltd., (Acquired 09/12/19, cost $4,000,013)(a)(b) |  |  | 106,667 |  |  |  | 3,979,746 |
Twilio, Inc., Class A(c)(d) |  |  | 105,410 |  |  |  | 10,359,695 |
Tyro Payments Ltd.(c) |  |  | 469,990 |  |  |  | 1,160,950 |
Visa, Inc., Class A(d) |  |  | 109,303 |  |  |  | 20,538,034 |
Wix.com Ltd.(c)(d) |  |  | 31,495 |  |  |  | 3,854,358 |
|  |  |  | 135,514,590 |
Professional Services — 0.6% |  |  |  |  |  |
HeadHunter Group PLC, ADR |  |  | 197,029 |  |  |  | 4,226,272 |
Road & Rail — 0.3% |  |  |  |  |  |
Uber Technologies, Inc.(c)(d) |  |  | 85,473 |  |  |  | 2,541,967 |
Semiconductors & Semiconductor Equipment — 14.2% |  |  |  |  |  |
Advanced Micro Devices, Inc.(c)(d) |  |  | 259,135 |  |  |  | 11,883,931 |
ASML Holding NV |  |  | 38,455 |  |  |  | 11,384,850 |
Cree, Inc.(c)(d) |  |  | 117,709 |  |  |  | 5,432,270 |
Inphi Corp.(c)(d) |  |  | 87,198 |  |  |  | 6,454,396 |
Lam Research Corp.(d) |  |  | 37,918 |  |  |  | 11,087,223 |
Marvell Technology Group Ltd.(d) |  |  | 370,758 |  |  |  | 9,847,333 |
Micron Technology, Inc.(c)(d) |  |  | 123,884 |  |  |  | 6,662,482 |
Monolithic Power Systems, Inc.(d) |  |  | 30,837 |  |  |  | 5,489,603 |
ON Semiconductor Corp.(c)(d) |  |  | 159,846 |  |  |  | 3,897,045 |
Silicon Laboratories, Inc.(c)(d) |  |  | 38,269 |  |  |  | 4,438,439 |
Skyworks Solutions, Inc.(d) |  |  | 41,063 |  |  |  | 4,963,695 |
SOITEC(c) |  |  | 77,629 |  |  |  | 8,195,762 |
STMicroelectronics NV |  |  | 273,979 |  |  |  | 7,392,120 |
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR(d) |  |  | 147,934 |  |  |  | 8,594,965 |
|  |  |  | 105,724,114 |
Software — 23.0% |  |  |  |  |  |
Adobe, Inc.(c)(d) |  |  | 45,768 |  |  |  | 15,094,744 |
Altium Ltd. |  |  | 203,034 |  |  |  | 4,947,161 |
Aspen Technology, Inc.(c)(d) |  |  | 32,593 |  |  |  | 3,941,471 |
Atlassian Corp. PLC, Class A(c)(d) |  |  | 49,029 |  |  |  | 5,900,150 |
Autodesk, Inc.(c)(d) |  |  | 38,191 |  |  |  | 7,006,521 |
Avalara, Inc.(c)(d) |  |  | 87,853 |  |  |  | 6,435,232 |
Cadence Design Systems, Inc.(c)(d) |  |  | 56,636 |  |  |  | 3,928,273 |
Coupa Software, Inc.(c)(d) |  |  | 49,253 |  |  |  | 7,203,251 |
Crowdstrike Holdings, Inc., Class A(c)(d) |  |  | 45,670 |  |  |  | 2,277,563 |
Elastic NV(c)(d) |  |  | 40,881 |  |  |  | 2,628,648 |
Fair Isaac Corp.(c)(d) |  |  | 13,437 |  |  |  | 5,034,575 |
Kingdee International Software Group Co. Ltd. |  |  | 4,483,000 |  |  |  | 4,484,970 |
Microsoft Corp.(d) |  |  | 235,864 |  |  |  | 37,195,753 |
RingCentral, Inc., Class A(c)(d) |  |  | 38,010 |  |  |  | 6,411,147 |
salesforce.com, Inc.(c)(d) |  |  | 98,923 |  |  |  | 16,088,837 |
ServiceNow, Inc.(c)(d) |  |  | 30,117 |  |  |  | 8,502,631 |
Smartsheet, Inc., Class A(c)(d) |  |  | 58,280 |  |  |  | 2,617,938 |
SVMK, Inc.(c)(d) |  |  | 199,985 |  |  |  | 3,573,732 |
TeamViewer AG(c) |  |  | 253,980 |  |  |  | 9,082,273 |
Xero Ltd.(c) |  |  | 114,004 |  |  |  | 6,404,927 |
Zendesk, Inc.(c)(d) |  |  | 73,677 |  |  |  | 5,645,868 |
Zoom Video Communications, Inc., Class A(c)(d) |  |  | 39,443 |  |  |  | 2,683,702 |
Zscaler, Inc.(c)(d) |  |  | 81,950 |  |  |  | 3,810,675 |
|  |  |  | 170,900,042 |

SCHEDULES OF INVESTMENTS |  |  | 75 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Technology Hardware, Storage & Peripherals — 3.5% |  |  |  |
Apple, Inc.(d) |  |  | 89,009 |  |  | $ | 26,137,493 |
Total Common Stocks — 93.1% (Cost — $324,361,105) |  |  |  | 692,228,699 |
Preferred Stocks — 6.4% |  |  |  |  |  |  |  |
Diversified Financial Services — 0.4% |  |  |  |  |  |  |  |
TransferWise (Seed Preferred), (Acquired 06/03/19, cost $849,295), 0.00%(a)(b) |  |  | 9,603 |  |  |  | 969,039 |
TransferWise, Series A, (Acquired 06/03/19, cost $1,004,242), 0.00%(a)(b) |  |  | 11,355 |  |  |  | 1,145,833 |
TransferWise, Series B, (Acquired 06/03/19, cost $288,408), 0.00%(a)(b) |  |  | 3,261 |  |  |  | 329,068 |
TransferWise, Series C, (Acquired 06/03/19, cost $161,315), 0.00%(a)(b) |  |  | 1,824 |  |  |  | 184,060 |
TransferWise, Series D, (Acquired 06/03/19, cost $44,579), 0.00%(a)(b) |  |  | 504 |  |  |  | 50,859 |
TransferWise, Series E, (Acquired 06/03/19, cost $4,688), 0.00%(a)(b) |  |  | 53 |  |  |  | 5,348 |
|  |  |  |  |  |  | 2,684,207 |
Internet & Direct Marketing Retail — 0.5% |  |  |  |  |  |
Postmates, Inc., Series F, (Acquired 01/08/19, Cost $3,130,001), 0.00%(a)(b) |  |  | 392,275 |  |  |  | 3,357,874 |
IT Services — 0.9% |  |  |  |  |  |
Ant Financial, Series A-18 (Acquired 05/18/18, $6,492,863), 0.00%(a)(b) |  |  | 1,157,373 |  |  |  | 6,863,222 |
Road & Rail — 1.5% |  |  |  |  |  |
FlixMobility GmbH, Series F (Acquired 07/26/19, $5,479,356), 0.00%(a)(b) |  |  | 275 |  |  |  | 5,524,918 |
Xiaoju Kuaizhi, Inc.,(a)(b): Series A-17 (Acquired 07/28/15, cost $3,016,964), 0.00% |  |  | 110,003 |  |  |  | 5,602,453 |
|  |  |  |  |  |  | 11,127,371 |
Semiconductors & Semiconductor Equipment — 0.8% |  |  |  |  |  |
Innovium, Inc., Series E (Acquired 08/21/19, $3,000,003), 0.00%(a)(b) |  |  | 353,478 |  |  |  | 3,046,980 |
Psiquantum Corp., Series C (Acquired 09/09/19, $3,200,234), 0.00%(a)(b) |  |  | 690,003 |  |  |  | 3,194,714 |
|  |  |  |  |  |  | 6,241,694 |
Software — 2.3% |  |  |  |  |  |
C3 AI, Inc., Series H (Acquired 08/14/19, cost $7,129,478), 0.00%(a)(b) |  |  | 1,415,000 |  |  |  | 7,131,600 |
Databricks, Inc., Series F, (Acquired 10/22/19, cost $3,999,999), 0.00%(a)(b) |  |  | 93,135 |  |  |  | 4,000,148 |
GitLab, Inc., Series E (Acquired 09/10/19, cost $2,915,501), 0.00%(a)(b) |  |  | 156,500 |  |  |  | 2,870,210 |

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |  |  |
Unqork, Inc., Series B (Acquired 09/19/19, $3,198,416), 0.00%(a)(b) |  |  | 7,027 |  |  | $ | 3,211,690 |
|  |  |  |  |  |  | 17,213,648 |
Total Preferred Stocks — 6.4% (Cost — $43,915,342) |  |  |  |  |  |  | 47,488,016 |
Warrants — 0.1% |  |  |  |  |  |  |  |
IT Services — 0.1% |  |  |  |  |  |
TRAX Ltd., (Acquired 09/12/19, cost $0)(a)(b) |  |  | 17,065 |  |  |  | 19,454 |
Total Warrants — 0.1% (Cost — $—) |  |  |  | 19,454 |
Total Long-Term Investments — 99.6% (Cost — $368,276,447) |  |  |  | 739,736,169 |
Short-Term Securities — 1.2% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.51%(f)(g) |  |  | 8,881,516 |  |  |  | 8,881,516 |
Total Short-Term Securities — 1.2% (Cost — $8,881,516) |  |  |  | 8,881,516 |
Total Investments Before Options Written — 100.8% (Cost — $377,157,963) |  |  |  | 748,617,685 |
Options Written — (1.4)% (Premiums Received — $7,482,654) |  |  |  | (10,388,743 | )
Total Investments, Net of Options Written — 99.4% (Cost — $369,675,309) |  |  |  | 738,228,942 |
Other Assets Less Liabilities — 0.6% |  |  |  | 4,442,576 |
Net Assets — 100.0% |  |  | $ | 742,671,518 |

(a) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $59,006,029, representing 7.9% of its net assets as of period end, and an original cost of $56,352,249.

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

(c) | Non-income producing security.

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

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

(g) | During the year ended December 31, 2019, investments in issuers considered to be an affiliate/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 12/31/18 |  |  | Net Activity |  |  | Shares Held at 12/31/19 |  |  | Value at 12/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 4,738,937 |  |  |  | 4,142,579 |  |  |  | 8,881,516 |  |  | $ | 8,881,516 |  |  | $ | 90,006 |  |  | $ | 4 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series(b) |  |  | 1,710,252 |  |  |  | (1,710,252 | ) |  |  | — |  |  |  | — |  |  |  | 416,427 | (c) |  |  | (117 | ) |  |  | 167 |
|  |  | $ | 8,881,516 |  |  | $ | 506,433 |  |  | $ | (113 | ) |  | $ | 167 |

| (a) | Includes net capital gain distributions, if applicable. |

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

| (c) | 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. |

76 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust (BST)

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alphabet, Inc. |  |  | 6 |  |  |  | 01/03/20 |  |  | USD |  |  | 1,290.00 |  |  | USD |  |  | 804 |  |  | $ | (29,310 | )
Marvell Technology Group Ltd. |  |  | 162 |  |  |  | 01/03/20 |  |  | USD |  |  | 26.50 |  |  | USD |  |  | 430 |  |  |  | (4,212 | )
Mastercard, Inc. |  |  | 38 |  |  |  | 01/03/20 |  |  | USD |  |  | 295.00 |  |  | USD |  |  | 1,135 |  |  |  | (15,295 | )
ServiceNow, Inc. |  |  | 29 |  |  |  | 01/03/20 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 819 |  |  |  | (3,117 | )
Snap, Inc. |  |  | 77 |  |  |  | 01/03/20 |  |  | USD |  |  | 16.50 |  |  | USD |  |  | 126 |  |  |  | (1,078 | )
Visa, Inc. |  |  | 7 |  |  |  | 01/03/20 |  |  | USD |  |  | 187.50 |  |  | USD |  |  | 132 |  |  |  | (787 | )
Zoom Video Communications, Inc. |  |  | 52 |  |  |  | 01/03/20 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 354 |  |  |  | (780 | )
Adobe, Inc. |  |  | 63 |  |  |  | 01/10/20 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 2,078 |  |  |  | (128,520 | )
Advanced Micro Devices, Inc. |  |  | 89 |  |  |  | 01/10/20 |  |  | USD |  |  | 39.00 |  |  | USD |  |  | 408 |  |  |  | (61,855 | )
Alibaba Group Holding Ltd. — ADR |  |  | 70 |  |  |  | 01/10/20 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 1,485 |  |  |  | (57,050 | )
Crowdstrike Holdings, Inc. |  |  | 90 |  |  |  | 01/10/20 |  |  | USD |  |  | 58.50 |  |  | USD |  |  | 449 |  |  |  | (1,800 | )
Facebook, Inc. |  |  | 78 |  |  |  | 01/10/20 |  |  | USD |  |  | 197.50 |  |  | USD |  |  | 1,601 |  |  |  | (66,300 | )
Marvell Technology Group Ltd. |  |  | 85 |  |  |  | 01/10/20 |  |  | USD |  |  | 26.50 |  |  | USD |  |  | 226 |  |  |  | (4,547 | )
Mastercard, Inc. |  |  | 39 |  |  |  | 01/10/20 |  |  | USD |  |  | 297.50 |  |  | USD |  |  | 1,165 |  |  |  | (14,235 | )
Micron Technology, Inc. |  |  | 140 |  |  |  | 01/10/20 |  |  | USD |  |  | 54.00 |  |  | USD |  |  | 753 |  |  |  | (14,840 | )
Microsoft Corp. |  |  | 49 |  |  |  | 01/10/20 |  |  | USD |  |  | 152.50 |  |  | USD |  |  | 773 |  |  |  | (26,705 | )
NetEase, Inc. |  |  | 14 |  |  |  | 01/10/20 |  |  | USD |  |  | 324.05 |  |  | USD |  |  | 429 |  |  |  | (1,015 | )
Okta, Inc. |  |  | 82 |  |  |  | 01/10/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 946 |  |  |  | (9,430 | )
ServiceNow, Inc. |  |  | 54 |  |  |  | 01/10/20 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 1,525 |  |  |  | (32,130 | )
Twilio, Inc., Class A |  |  | 138 |  |  |  | 01/10/20 |  |  | USD |  |  | 106.75 |  |  | USD |  |  | 1,356 |  |  |  | (3,662 | )
Visa, Inc. |  |  | 61 |  |  |  | 01/10/20 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 1,146 |  |  |  | (23,180 | )
salesforce.com, Inc. |  |  | 71 |  |  |  | 01/10/20 |  |  | USD |  |  | 162.50 |  |  | USD |  |  | 1,155 |  |  |  | (14,732 | )
Activision Blizzard, Inc. |  |  | 176 |  |  |  | 01/17/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,046 |  |  |  | (82,280 | )
Adobe, Inc. |  |  | 43 |  |  |  | 01/17/20 |  |  | USD |  |  | 305.00 |  |  | USD |  |  | 1,418 |  |  |  | (111,693 | )
Advanced Micro Devices, Inc. |  |  | 185 |  |  |  | 01/17/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 848 |  |  |  | (113,313 | )
Advanced Micro Devices, Inc. |  |  | 155 |  |  |  | 01/17/20 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 711 |  |  |  | (139,113 | )
Alibaba Group Holding Ltd. — ADR |  |  | 69 |  |  |  | 01/17/20 |  |  | USD |  |  | 190.00 |  |  | USD |  |  | 1,463 |  |  |  | (156,113 | )
Alphabet, Inc. |  |  | 9 |  |  |  | 01/17/20 |  |  | USD |  |  | 1,360.00 |  |  | USD |  |  | 1,205 |  |  |  | (8,730 | )
Amazon.com, Inc. |  |  | 17 |  |  |  | 01/17/20 |  |  | USD |  |  | 1,810.00 |  |  | USD |  |  | 3,141 |  |  |  | (95,243 | )
Aspen Technology, Inc. |  |  | 62 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 750 |  |  |  | (6,510 | )
Atlassian Corp. PLC, Class A |  |  | 100 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,203 |  |  |  | (23,000 | )
Atlassian Corp. PLC, Class A |  |  | 38 |  |  |  | 01/17/20 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 457 |  |  |  | (4,275 | )
Autodesk, Inc. |  |  | 60 |  |  |  | 01/17/20 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 1,101 |  |  |  | (86,700 | )
Avalara, Inc. |  |  | 155 |  |  |  | 01/17/20 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 1,135 |  |  |  | (28,675 | )
Bandwidth, Inc., Class A |  |  | 111 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 711 |  |  |  | (57,165 | )
Cadence Design Systems, Inc. |  |  | 15 |  |  |  | 01/17/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 104 |  |  |  | (1,650 | )
Coupa Software, Inc. |  |  | 92 |  |  |  | 01/17/20 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 1,346 |  |  |  | (84,180 | )
Cree, Inc. |  |  | 199 |  |  |  | 01/17/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 918 |  |  |  | (5,771 | )
Cree, Inc. |  |  | 111 |  |  |  | 01/17/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 512 |  |  |  | (22,977 | )
Crowdstrike Holdings, Inc. |  |  | 132 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 658 |  |  |  | (2,640 | )
Elastic NV |  |  | 104 |  |  |  | 01/17/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 669 |  |  |  | (4,940 | )
Facebook, Inc. |  |  | 20 |  |  |  | 01/17/20 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 411 |  |  |  | (8,200 | )
Fair Isaac Corp. |  |  | 26 |  |  |  | 01/17/20 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 974 |  |  |  | (26,650 | )
IAC/InterActiveCorp. |  |  | 49 |  |  |  | 01/17/20 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 1,221 |  |  |  | (98,245 | )
Inphi Corp. |  |  | 156 |  |  |  | 01/17/20 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 1,155 |  |  |  | (5,850 | )
Keysight Technologies, Inc. |  |  | 93 |  |  |  | 01/17/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 954 |  |  |  | (930 | )
Lam Research Corp. |  |  | 60 |  |  |  | 01/17/20 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 1,754 |  |  |  | (68,700 | )
Marvell Technology Group Ltd. |  |  | 84 |  |  |  | 01/17/20 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 223 |  |  |  | (4,032 | )
MercadoLibre, Inc. |  |  | 26 |  |  |  | 01/17/20 |  |  | USD |  |  | 560.00 |  |  | USD |  |  | 1,487 |  |  |  | (57,720 | )
MercadoLibre, Inc. |  |  | 35 |  |  |  | 01/17/20 |  |  | USD |  |  | 520.00 |  |  | USD |  |  | 2,002 |  |  |  | (191,100 | )
Micron Technology, Inc. |  |  | 177 |  |  |  | 01/17/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 952 |  |  |  | (73,455 | )
MongoDB, Inc. |  |  | 54 |  |  |  | 01/17/20 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 711 |  |  |  | (31,050 | )
MongoDB, Inc. |  |  | 39 |  |  |  | 01/17/20 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 513 |  |  |  | (7,020 | )
Monolithic Power Systems, Inc. |  |  | 52 |  |  |  | 01/17/20 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 926 |  |  |  | (16,380 | )
NetEase, Inc. |  |  | 40 |  |  |  | 01/17/20 |  |  | USD |  |  | 296.55 |  |  | USD |  |  | 1,227 |  |  |  | (55,400 | )

SCHEDULES OF INVESTMENTS |  |  | 77 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust (BST)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Netflix, Inc. |  |  | 23 |  |  |  | 01/17/20 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 744 |  |  | $ | (38,755 | )
ON Semiconductor Corp. |  |  | 294 |  |  |  | 01/17/20 |  |  | USD |  |  | 23.00 |  |  | USD |  |  | 717 |  |  |  | (46,305 | )
ON Semiconductor Corp. |  |  | 75 |  |  |  | 01/17/20 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 183 |  |  |  | (3,000 | )
Okta, Inc. |  |  | 104 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,200 |  |  |  | (7,800 | )
Pagseguro Digital Ltd. |  |  | 257 |  |  |  | 01/17/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 878 |  |  |  | (1,927 | )
PayPal Holdings, Inc. |  |  | 153 |  |  |  | 01/17/20 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 1,655 |  |  |  | (18,742 | )
Pinterest, Inc., Class A |  |  | 239 |  |  |  | 01/17/20 |  |  | USD |  |  | 22.00 |  |  | USD |  |  | 445 |  |  |  | (1,195 | )
RingCentral, Inc. |  |  | 61 |  |  |  | 01/17/20 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 1,029 |  |  |  | (5,185 | )
Roku, Inc. |  |  | 70 |  |  |  | 01/17/20 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 937 |  |  |  | (11,970 | )
SVMK, Inc. |  |  | 187 |  |  |  | 01/17/20 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 334 |  |  |  | (14,025 | )
ServiceNow, Inc. |  |  | 30 |  |  |  | 01/17/20 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 847 |  |  |  | (22,950 | )
Shopify, Inc. |  |  | 58 |  |  |  | 01/17/20 |  |  | USD |  |  | 320.00 |  |  | USD |  |  | 2,306 |  |  |  | (455,010 | )
Shopify, Inc. |  |  | 7 |  |  |  | 01/17/20 |  |  | USD |  |  | 375.00 |  |  | USD |  |  | 278 |  |  |  | (20,230 | )
Silicon Laboratories, Inc. |  |  | 70 |  |  |  | 01/17/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 812 |  |  |  | (23,450 | )
Skyworks Solutions, Inc. |  |  | 65 |  |  |  | 01/17/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 786 |  |  |  | (104,650 | )
Smartsheet, Inc., Class A |  |  | 53 |  |  |  | 01/17/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 238 |  |  |  | (1,590 | )
Snap, Inc. |  |  | 77 |  |  |  | 01/17/20 |  |  | USD |  |  | 17.00 |  |  | USD |  |  | 126 |  |  |  | (2,233 | )
Square, Inc. |  |  | 125 |  |  |  | 01/17/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 782 |  |  |  | (10,375 | )
StoneCo Ltd., Class A |  |  | 252 |  |  |  | 01/17/20 |  |  | USD |  |  | 36.00 |  |  | USD |  |  | 1,005 |  |  |  | (107,100 | )
StoneCo Ltd., Class A |  |  | 203 |  |  |  | 01/17/20 |  |  | USD |  |  | 42.00 |  |  | USD |  |  | 810 |  |  |  | (12,180 | )
TAL Education Group |  |  | 170 |  |  |  | 01/17/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 819 |  |  |  | (33,575 | )
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 42 |  |  |  | 01/17/20 |  |  | USD |  |  | 53.27 |  |  | USD |  |  | 244 |  |  |  | (21,102 | )
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR |  |  | 218 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,267 |  |  |  | (13,080 | )
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR |  |  | 35 |  |  |  | 01/17/20 |  |  | USD |  |  | 52.00 |  |  | USD |  |  | 203 |  |  |  | (21,503 | )
Teladoc Health, Inc. |  |  | 104 |  |  |  | 01/17/20 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 871 |  |  |  | (10,400 | )
Twilio, Inc., Class A |  |  | 207 |  |  |  | 01/17/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 2,034 |  |  |  | (19,769 | )
Uber Technologies, Inc. |  |  | 142 |  |  |  | 01/17/20 |  |  | USD |  |  | 32.00 |  |  | USD |  |  | 422 |  |  |  | (3,905 | )
Viavi Solutions, Inc. |  |  | 405 |  |  |  | 01/17/20 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 608 |  |  |  | (2,632 | )
Visa, Inc. |  |  | 152 |  |  |  | 01/17/20 |  |  | USD |  |  | 190.00 |  |  | USD |  |  | 2,856 |  |  |  | (23,788 | )
Wix.com Ltd. |  |  | 78 |  |  |  | 01/17/20 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 955 |  |  |  | (4,680 | )
Wix.com Ltd. |  |  | 69 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 844 |  |  |  | (13,282 | )
Yandex NV, Class A |  |  | 74 |  |  |  | 01/17/20 |  |  | USD |  |  | 36.00 |  |  | USD |  |  | 322 |  |  |  | (58,090 | )
Zendesk, Inc. |  |  | 61 |  |  |  | 01/17/20 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 467 |  |  |  | (10,980 | )
Zoom Video Communications, Inc. |  |  | 75 |  |  |  | 01/17/20 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 510 |  |  |  | (1,687 | )
Zoom Video Communications, Inc. |  |  | 15 |  |  |  | 01/17/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 102 |  |  |  | (1,912 | )
Zscaler, Inc. |  |  | 305 |  |  |  | 01/17/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 1,418 |  |  |  | (45,750 | )
salesforce.com, Inc. |  |  | 128 |  |  |  | 01/17/20 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 2,082 |  |  |  | (5,952 | )
Activision Blizzard, Inc. |  |  | 96 |  |  |  | 01/24/20 |  |  | USD |  |  | 56.50 |  |  | USD |  |  | 570 |  |  |  | (33,600 | )
Adobe, Inc. |  |  | 32 |  |  |  | 01/24/20 |  |  | USD |  |  | 322.50 |  |  | USD |  |  | 1,055 |  |  |  | (36,160 | )
Advanced Micro Devices, Inc. |  |  | 309 |  |  |  | 01/24/20 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 1,417 |  |  |  | (116,648 | )
Alibaba Group Holding Ltd. — ADR |  |  | 131 |  |  |  | 01/24/20 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 2,779 |  |  |  | (84,823 | )
Apple, Inc. |  |  | 84 |  |  |  | 01/24/20 |  |  | USD |  |  | 262.50 |  |  | USD |  |  | 2,467 |  |  |  | (269,430 | )
Atlassian Corp. PLC, Class A |  |  | 159 |  |  |  | 01/24/20 |  |  | USD |  |  | 127.00 |  |  | USD |  |  | 1,913 |  |  |  | (51,675 | )
Autodesk, Inc. |  |  | 27 |  |  |  | 01/24/20 |  |  | USD |  |  | 177.50 |  |  | USD |  |  | 495 |  |  |  | (22,545 | )
Autodesk, Inc. |  |  | 11 |  |  |  | 01/24/20 |  |  | USD |  |  | 187.50 |  |  | USD |  |  | 202 |  |  |  | (3,003 | )
Coupa Software, Inc. |  |  | 83 |  |  |  | 01/24/20 |  |  | USD |  |  | 157.50 |  |  | USD |  |  | 1,214 |  |  |  | (15,977 | )
Lam Research Corp. |  |  | 40 |  |  |  | 01/24/20 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 1,170 |  |  |  | (63,300 | )
Marvell Technology Group Ltd. |  |  | 84 |  |  |  | 01/24/20 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 223 |  |  |  | (5,124 | )
Marvell Technology Group Ltd. |  |  | 154 |  |  |  | 01/24/20 |  |  | USD |  |  | 27.50 |  |  | USD |  |  | 409 |  |  |  | (6,699 | )
Mastercard, Inc. |  |  | 40 |  |  |  | 01/24/20 |  |  | USD |  |  | 295.00 |  |  | USD |  |  | 1,194 |  |  |  | (29,200 | )
Microsoft Corp. |  |  | 470 |  |  |  | 01/24/20 |  |  | USD |  |  | 152.50 |  |  | USD |  |  | 7,412 |  |  |  | (280,825 | )
Netflix, Inc. |  |  | 32 |  |  |  | 01/24/20 |  |  | USD |  |  | 342.50 |  |  | USD |  |  | 1,035 |  |  |  | (25,840 | )
Okta, Inc. |  |  | 18 |  |  |  | 01/24/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 208 |  |  |  | (2,160 | )
PayPal Holdings, Inc. |  |  | 150 |  |  |  | 01/24/20 |  |  | USD |  |  | 109.00 |  |  | USD |  |  | 1,623 |  |  |  | (29,400 | )
Roku, Inc. |  |  | 176 |  |  |  | 01/24/20 |  |  | USD |  |  | 157.50 |  |  | USD |  |  | 2,357 |  |  |  | (37,136 | )
Snap, Inc. |  |  | 257 |  |  |  | 01/24/20 |  |  | USD |  |  | 15.50 |  |  | USD |  |  | 420 |  |  |  | (29,555 | )
Snap, Inc. |  |  | 272 |  |  |  | 01/24/20 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 444 |  |  |  | (22,576 | )
StoneCo Ltd., Class A |  |  | 164 |  |  |  | 01/24/20 |  |  | USD |  |  | 41.50 |  |  | USD |  |  | 654 |  |  |  | (15,990 | )
Twilio, Inc., Class A |  |  | 160 |  |  |  | 01/24/20 |  |  | USD |  |  | 103.00 |  |  | USD |  |  | 1,572 |  |  |  | (28,000 | )
Uber Technologies, Inc. |  |  | 157 |  |  |  | 01/24/20 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 467 |  |  |  | (16,485 | )
Yandex NV, Class A |  |  | 74 |  |  |  | 01/24/20 |  |  | USD |  |  | 40.50 |  |  | USD |  |  | 322 |  |  |  | (24,420 | )
Zoom Video Communications, Inc. |  |  | 75 |  |  |  | 01/24/20 |  |  | USD |  |  | 67.00 |  |  | USD |  |  | 510 |  |  |  | (23,250 | )

78 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust (BST)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
salesforce.com, Inc. |  |  | 82 |  |  |  | 01/24/20 |  |  | USD |  |  | 162.50 |  |  | USD |  |  | 1,334 |  |  | $ | (28,085 | )
Marvell Technology Group Ltd. |  |  | 251 |  |  |  | 01/30/20 |  |  | USD |  |  | 26.50 |  |  | USD |  |  | 667 |  |  |  | (25,014 | )
Activision Blizzard, Inc. |  |  | 141 |  |  |  | 01/31/20 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 838 |  |  |  | (15,439 | )
Adobe, Inc. |  |  | 22 |  |  |  | 01/31/20 |  |  | USD |  |  | 330.00 |  |  | USD |  |  | 726 |  |  |  | (16,885 | )
Advanced Micro Devices, Inc. |  |  | 129 |  |  |  | 01/31/20 |  |  | USD |  |  | 42.00 |  |  | USD |  |  | 592 |  |  |  | (68,370 | )
Alibaba Group Holding Ltd. — ADR |  |  | 58 |  |  |  | 01/31/20 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,230 |  |  |  | (17,168 | )
Alphabet, Inc. |  |  | 22 |  |  |  | 01/31/20 |  |  | USD |  |  | 1,357.50 |  |  | USD |  |  | 2,947 |  |  |  | (47,410 | )
Amazon.com, Inc. |  |  | 19 |  |  |  | 01/31/20 |  |  | USD |  |  | 1,845.00 |  |  | USD |  |  | 3,511 |  |  |  | (115,710 | )
Apple, Inc. |  |  | 20 |  |  |  | 01/31/20 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 587 |  |  |  | (37,050 | )
Autodesk, Inc. |  |  | 24 |  |  |  | 01/31/20 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 440 |  |  |  | (17,520 | )
Autodesk, Inc. |  |  | 11 |  |  |  | 01/31/20 |  |  | USD |  |  | 187.50 |  |  | USD |  |  | 202 |  |  |  | (3,712 | )
Cree, Inc. |  |  | 101 |  |  |  | 01/31/20 |  |  | USD |  |  | 46.50 |  |  | USD |  |  | 466 |  |  |  | (25,200 | )
Crowdstrike Holdings, Inc. |  |  | 74 |  |  |  | 01/31/20 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 369 |  |  |  | (16,095 | )
Facebook, Inc. |  |  | 79 |  |  |  | 01/31/20 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 1,621 |  |  |  | (61,225 | )
Lam Research Corp. |  |  | 32 |  |  |  | 01/31/20 |  |  | USD |  |  | 307.50 |  |  | USD |  |  | 936 |  |  |  | (16,640 | )
Marvell Technology Group Ltd. |  |  | 161 |  |  |  | 01/31/20 |  |  | USD |  |  | 27.50 |  |  | USD |  |  | 428 |  |  |  | (9,016 | )
Mastercard, Inc. |  |  | 40 |  |  |  | 01/31/20 |  |  | USD |  |  | 295.00 |  |  | USD |  |  | 1,194 |  |  |  | (37,600 | )
MercadoLibre, Inc. |  |  | 31 |  |  |  | 01/31/20 |  |  | USD |  |  | 590.00 |  |  | USD |  |  | 1,773 |  |  |  | (40,145 | )
Micron Technology, Inc. |  |  | 116 |  |  |  | 01/31/20 |  |  | USD |  |  | 53.00 |  |  | USD |  |  | 624 |  |  |  | (30,044 | )
Okta, Inc. |  |  | 222 |  |  |  | 01/31/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 2,561 |  |  |  | (38,295 | )
PayPal Holdings, Inc. |  |  | 76 |  |  |  | 01/31/20 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 822 |  |  |  | (20,786 | )
Pinterest, Inc., Class A |  |  | 212 |  |  |  | 01/31/20 |  |  | USD |  |  | 19.50 |  |  | USD |  |  | 395 |  |  |  | (11,130 | )
Roku, Inc. |  |  | 51 |  |  |  | 01/31/20 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 683 |  |  |  | (37,358 | )
Snap, Inc. |  |  | 154 |  |  |  | 01/31/20 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 251 |  |  |  | (15,400 | )
Square, Inc. |  |  | 311 |  |  |  | 01/31/20 |  |  | USD |  |  | 67.00 |  |  | USD |  |  | 1,946 |  |  |  | (25,813 | )
StoneCo Ltd., Class A |  |  | 245 |  |  |  | 01/31/20 |  |  | USD |  |  | 41.50 |  |  | USD |  |  | 977 |  |  |  | (30,013 | )
Twilio, Inc., Class A |  |  | 29 |  |  |  | 01/31/20 |  |  | USD |  |  | 106.00 |  |  | USD |  |  | 285 |  |  |  | (4,524 | )
Yandex NV, Class A |  |  | 350 |  |  |  | 01/31/20 |  |  | USD |  |  | 43.50 |  |  | USD |  |  | 1,522 |  |  |  | (48,125 | )
Zscaler, Inc. |  |  | 227 |  |  |  | 01/31/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 1,056 |  |  |  | (47,670 | )
salesforce.com, Inc. |  |  | 65 |  |  |  | 01/31/20 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 1,057 |  |  |  | (18,297 | )
Viavi Solutions, Inc. |  |  | 406 |  |  |  | 02/03/20 |  |  | USD |  |  | 16.01 |  |  | USD |  |  | 609 |  |  |  | (6,831 | )
Marvell Technology Group Ltd. |  |  | 162 |  |  |  | 02/06/20 |  |  | USD |  |  | 27.50 |  |  | USD |  |  | 430 |  |  |  | (10,923 | )
Advanced Micro Devices, Inc. |  |  | 88 |  |  |  | 02/21/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 404 |  |  |  | (63,360 | )
Alibaba Group Holding Ltd. — ADR |  |  | 42 |  |  |  | 02/21/20 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 891 |  |  |  | (54,705 | )
Alibaba Group Holding Ltd. — ADR |  |  | 67 |  |  |  | 02/21/20 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,421 |  |  |  | (66,833 | )
Amazon.com, Inc. |  |  | 7 |  |  |  | 02/21/20 |  |  | USD |  |  | 1,810.00 |  |  | USD |  |  | 1,293 |  |  |  | (64,978 | )
Apple, Inc. |  |  | 54 |  |  |  | 02/21/20 |  |  | USD |  |  | 275.00 |  |  | USD |  |  | 1,586 |  |  |  | (127,845 | )
Apple, Inc. |  |  | 20 |  |  |  | 02/21/20 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 587 |  |  |  | (40,150 | )
Atlassian Corp. PLC, Class A |  |  | 23 |  |  |  | 02/21/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 277 |  |  |  | (12,420 | )
Avalara, Inc. |  |  | 155 |  |  |  | 02/21/20 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 1,135 |  |  |  | (51,925 | )
Bandwidth, Inc., Class A |  |  | 142 |  |  |  | 02/21/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 910 |  |  |  | (66,030 | )
Elastic NV |  |  | 105 |  |  |  | 02/21/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 675 |  |  |  | (19,425 | )
IAC/InterActiveCorp. |  |  | 43 |  |  |  | 02/21/20 |  |  | USD |  |  | 241.75 |  |  | USD |  |  | 1,071 |  |  |  | (73,884 | )
Inphi Corp. |  |  | 149 |  |  |  | 02/21/20 |  |  | USD |  |  | 73.75 |  |  | USD |  |  | 1,103 |  |  |  | (57,177 | )
Keysight Technologies, Inc. |  |  | 92 |  |  |  | 02/21/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 944 |  |  |  | (34,960 | )
Marvell Technology Group Ltd. |  |  | 154 |  |  |  | 02/21/20 |  |  | USD |  |  | 28.00 |  |  | USD |  |  | 409 |  |  |  | (10,934 | )
MongoDB, Inc. |  |  | 97 |  |  |  | 02/21/20 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 1,277 |  |  |  | (69,840 | )
Okta, Inc. |  |  | 37 |  |  |  | 02/21/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 427 |  |  |  | (18,315 | )
Pagseguro Digital Ltd. |  |  | 360 |  |  |  | 02/21/20 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 1,230 |  |  |  | (79,200 | )
Pinterest, Inc., Class A |  |  | 13 |  |  |  | 02/21/20 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 24 |  |  |  | (1,267 | )
RingCentral, Inc. |  |  | 10 |  |  |  | 02/21/20 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 169 |  |  |  | (5,000 | )
RingCentral, Inc. |  |  | 61 |  |  |  | 02/21/20 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 1,029 |  |  |  | (41,480 | )
Roku, Inc. |  |  | 57 |  |  |  | 02/21/20 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 763 |  |  |  | (61,275 | )
Shopify, Inc. |  |  | 10 |  |  |  | 02/21/20 |  |  | USD |  |  | 390.00 |  |  | USD |  |  | 398 |  |  |  | (33,900 | )
Shopify, Inc. |  |  | 81 |  |  |  | 02/21/20 |  |  | USD |  |  | 455.00 |  |  | USD |  |  | 3,220 |  |  |  | (83,835 | )
Skyworks Solutions, Inc. |  |  | 86 |  |  |  | 02/21/20 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 1,040 |  |  |  | (190,060 | )
Smartsheet, Inc., Class A |  |  | 96 |  |  |  | 02/21/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 431 |  |  |  | (29,280 | )
Square, Inc. |  |  | 92 |  |  |  | 02/21/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 576 |  |  |  | (7,682 | )
TAL Education Group |  |  | 150 |  |  |  | 02/21/20 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 723 |  |  |  | (36,375 | )
Twilio, Inc., Class A |  |  | 151 |  |  |  | 02/21/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,484 |  |  |  | (63,043 | )
Yandex NV, Class A |  |  | 166 |  |  |  | 02/21/20 |  |  | USD |  |  | 41.00 |  |  | USD |  |  | 722 |  |  |  | (61,420 | )
Zendesk, Inc. |  |  | 196 |  |  |  | 02/21/20 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 1,502 |  |  |  | (44,590 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (7,183,541 | )

SCHEDULES OF INVESTMENTS |  |  | 79 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust (BST)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Altium Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 18,700 |  |  |  | 01/07/20 |  |  | AUD |  |  | 33.57 |  |  | AUD |  |  | 649 |  |  | $ | (16,570 | )
Arco Platform Ltd., Class A |  | JPMorgan Chase Bank N.A. |  |  | 11,000 |  |  |  | 01/07/20 |  |  | USD |  |  | 44.32 |  |  | USD |  |  | 486 |  |  |  | (10,328 | )
Delivery Hero AG |  | Citibank N.A. |  |  | 26,600 |  |  |  | 01/07/20 |  |  | EUR |  |  | 43.22 |  |  | EUR |  |  | 1,880 |  |  |  | (818,987 | )
Endava PLC |  | JPMorgan Chase Bank N.A. |  |  | 4,300 |  |  |  | 01/07/20 |  |  | USD |  |  | 40.36 |  |  | USD |  |  | 200 |  |  |  | (26,881 | )
Kakao Corp. |  | Goldman Sachs International |  |  | 7,000 |  |  |  | 01/07/20 |  |  | KRW |  |  | 142,773.66 |  |  | KRW |  |  | 1,074,500 |  |  |  | (65,314 | )
Monolithic Power Systems, Inc. |  | Citibank N.A. |  |  | 5,800 |  |  |  | 01/07/20 |  |  | USD |  |  | 164.76 |  |  | USD |  |  | 1,033 |  |  |  | (77,548 | )
StoneCo Ltd. Class A |  | JPMorgan Chase Bank N.A. |  |  | 20,200 |  |  |  | 01/07/20 |  |  | USD |  |  | 41.45 |  |  | USD |  |  | 806 |  |  |  | (7,267 | )
Adyen NV |  | Morgan Stanley & Co. International PLC |  |  | 1,300 |  |  |  | 01/08/20 |  |  | EUR |  |  | 654.22 |  |  | EUR |  |  | 950 |  |  |  | (115,709 | )
Altium Ltd. |  | Goldman Sachs International |  |  | 37,400 |  |  |  | 01/08/20 |  |  | AUD |  |  | 34.85 |  |  | AUD |  |  | 1,299 |  |  |  | (15,637 | )
Elastic NV |  | Citibank N.A. |  |  | 7,000 |  |  |  | 01/08/20 |  |  | USD |  |  | 77.83 |  |  | USD |  |  | 450 |  |  |  | (64 | )
Endava PLC |  | Credit Suisse International |  |  | 2,200 |  |  |  | 01/08/20 |  |  | USD |  |  | 44.73 |  |  | USD |  |  | 103 |  |  |  | (4,756 | )
HeadHunter Group PLC |  | Citibank N.A. |  |  | 24,200 |  |  |  | 01/08/20 |  |  | USD |  |  | 20.56 |  |  | USD |  |  | 519 |  |  |  | (27,577 | )
Ping An Healthcare and Technology Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 92,000 |  |  |  | 01/08/20 |  |  | HKD |  |  | 59.06 |  |  | HKD |  |  | 5,232 |  |  |  | (11,124 | )
SVMK, Inc. |  | Barclays Bank PLC |  |  | 5,100 |  |  |  | 01/08/20 |  |  | USD |  |  | 17.87 |  |  | USD |  |  | 91 |  |  |  | (1,888 | )
SVMK, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 9,400 |  |  |  | 01/08/20 |  |  | USD |  |  | 17.85 |  |  | USD |  |  | 168 |  |  |  | (3,601 | )
Smartsheet, Inc., Class A |  | Citibank N.A. |  |  | 5,400 |  |  |  | 01/08/20 |  |  | USD |  |  | 43.35 |  |  | USD |  |  | 243 |  |  |  | (11,617 | )
Sunny Optical Technology Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 46,800 |  |  |  | 01/08/20 |  |  | HKD |  |  | 132.82 |  |  | HKD |  |  | 6,318 |  |  |  | (25,162 | )
Murata Manufacturing Co. Ltd. |  | BNP Paribas S.A. |  |  | 15,500 |  |  |  | 01/09/20 |  |  | JPY |  |  | 6,309.39 |  |  | JPY |  |  | 104,563 |  |  |  | (55,332 | )
STMicroelectronics NV |  | Goldman Sachs International |  |  | 70,600 |  |  |  | 01/09/20 |  |  | EUR |  |  | 21.96 |  |  | EUR |  |  | 1,698 |  |  |  | (166,670 | )
Samsung Electro-Mechanics Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 11,400 |  |  |  | 01/09/20 |  |  | KRW |  |  | 114,533.94 |  |  | KRW |  |  | 1,425,000 |  |  |  | (103,967 | )
Sunny Optical Technology Group Co. Ltd. |  | UBS AG |  |  | 44,500 |  |  |  | 01/09/20 |  |  | HKD |  |  | 138.53 |  |  | HKD |  |  | 6,008 |  |  |  | (9,867 | )
Yageo Corp. |  | Morgan Stanley & Co. International PLC |  |  | 82,000 |  |  |  | 01/09/20 |  |  | USD |  |  | 334.73 |  |  | USD |  |  | 35,812 |  |  |  | (277,472 | )
Wix.com Ltd. |  | Citibank N.A. |  |  | 7,700 |  |  |  | 01/10/20 |  |  | USD |  |  | 124.17 |  |  | USD |  |  | 942 |  |  |  | (11,997 | )
SOITEC |  | Goldman Sachs International |  |  | 6,200 |  |  |  | 01/14/20 |  |  | EUR |  |  | 106.70 |  |  | EUR |  |  | 584 |  |  |  | (257 | )
Arco Platform Ltd., Class A |  | Barclays Bank PLC |  |  | 23,200 |  |  |  | 01/15/20 |  |  | USD |  |  | 45.58 |  |  | USD |  |  | 1,025 |  |  |  | (20,799 | )
Cadence Design Systems, Inc. |  | Citibank N.A. |  |  | 9,100 |  |  |  | 01/15/20 |  |  | USD |  |  | 68.22 |  |  | USD |  |  | 631 |  |  |  | (21,650 | )
Endava PLC |  | Barclays Bank PLC |  |  | 8,700 |  |  |  | 01/15/20 |  |  | USD |  |  | 48.34 |  |  | USD |  |  | 405 |  |  |  | (5,595 | )
GMO Payment Gateway, Inc. |  | Goldman Sachs International |  |  | 15,000 |  |  |  | 01/15/20 |  |  | JPY |  |  | 7,518.48 |  |  | JPY |  |  | 112,200 |  |  |  | (34,274 | )
Kakao Corp. |  | JPMorgan Chase Bank N.A. |  |  | 550 |  |  |  | 01/15/20 |  |  | KRW |  |  | 153,000.00 |  |  | KRW |  |  | 84,425 |  |  |  | (1,463 | )
Kingdee International Software Group Co. Ltd. |  | Goldman Sachs International |  |  | 624,000 |  |  |  | 01/15/20 |  |  | HKD |  |  | 8.26 |  |  | HKD |  |  | 4,867 |  |  |  | (3,770 | )
Meituan Dianping |  | JPMorgan Chase Bank N.A. |  |  | 112,700 |  |  |  | 01/15/20 |  |  | HKD |  |  | 108.82 |  |  | HKD |  |  | 11,475 |  |  |  | (13,169 | )
TeamViewer AG |  | Morgan Stanley & Co. International PLC |  |  | 32,000 |  |  |  | 01/15/20 |  |  | EUR |  |  | 29.62 |  |  | EUR |  |  | 1,020 |  |  |  | (81,503 | )
Yageo Corp. |  | JPMorgan Chase Bank N.A. |  |  | 43,200 |  |  |  | 01/15/20 |  |  | USD |  |  | 391.11 |  |  | USD |  |  | 18,867 |  |  |  | (66,460 | )
Endava PLC |  | JPMorgan Chase Bank N.A. |  |  | 5,000 |  |  |  | 01/21/20 |  |  | USD |  |  | 47.07 |  |  | USD |  |  | 233 |  |  |  | (6,712 | )
Adyen NV |  | Credit Suisse International |  |  | 1,900 |  |  |  | 01/22/20 |  |  | EUR |  |  | 672.59 |  |  | EUR |  |  | 1,389 |  |  |  | (130,798 | )
Cadence Design Systems, Inc. |  | Citibank N.A. |  |  | 9,100 |  |  |  | 01/22/20 |  |  | USD |  |  | 68.22 |  |  | USD |  |  | 631 |  |  |  | (24,113 | )
SOITEC |  | Morgan Stanley & Co. International PLC |  |  | 6,200 |  |  |  | 01/22/20 |  |  | EUR |  |  | 106.70 |  |  | EUR |  |  | 584 |  |  |  | (918 | )
ASML Holding NV |  | Morgan Stanley & Co. International PLC |  |  | 8,500 |  |  |  | 01/23/20 |  |  | EUR |  |  | 269.58 |  |  | EUR |  |  | 2,243 |  |  |  | (36,671 | )
Adyen NV |  | Citibank N.A. |  |  | 500 |  |  |  | 01/23/20 |  |  | EUR |  |  | 735.62 |  |  | EUR |  |  | 366 |  |  |  | (8,596 | )
Altium Ltd. |  | Goldman Sachs International |  |  | 7,841 |  |  |  | 01/23/20 |  |  | AUD |  |  | 37.12 |  |  | AUD |  |  | 272 |  |  |  | (1,601 | )
GMO Payment Gateway, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 11,200 |  |  |  | 01/23/20 |  |  | JPY |  |  | 7,655.71 |  |  | JPY |  |  | 83,776 |  |  |  | (25,973 | )
Meituan Dianping |  | Goldman Sachs International |  |  | 85,100 |  |  |  | 01/23/20 |  |  | HKD |  |  | 109.11 |  |  | HKD |  |  | 8,665 |  |  |  | (15,483 | )
Ping An Healthcare and Technology Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 65,300 |  |  |  | 01/23/20 |  |  | HKD |  |  | 58.76 |  |  | HKD |  |  | 3,714 |  |  |  | (18,354 | )
SVMK, Inc. |  | Barclays Bank PLC |  |  | 5,100 |  |  |  | 01/23/20 |  |  | USD |  |  | 17.87 |  |  | USD |  |  | 91 |  |  |  | (3,223 | )
SVMK, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 9,400 |  |  |  | 01/23/20 |  |  | USD |  |  | 17.77 |  |  | USD |  |  | 168 |  |  |  | (6,496 | )
Xero Ltd. |  | Goldman Sachs International |  |  | 21,000 |  |  |  | 01/23/20 |  |  | AUD |  |  | 83.13 |  |  | AUD |  |  | 1,681 |  |  |  | (19,413 | )
Network International Holdings PLC |  | Citibank N.A. |  |  | 191,300 |  |  |  | 01/24/20 |  |  | GBP |  |  | 5.90 |  |  | GBP |  |  | 1,222 |  |  |  | (130,297 | )
Silicon Laboratories, Inc. |  | Citibank N.A. |  |  | 6,300 |  |  |  | 01/24/20 |  |  | USD |  |  | 118.64 |  |  | USD |  |  | 731 |  |  |  | (21,466 | )
Tencent Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 74,300 |  |  |  | 01/24/20 |  |  | HKD |  |  | 339.90 |  |  | HKD |  |  | 27,892 |  |  |  | (341,697 | )
Aspen Technology, Inc. |  | Barclays Bank PLC |  |  | 5,600 |  |  |  | 01/27/20 |  |  | USD |  |  | 123.22 |  |  | USD |  |  | 677 |  |  |  | (17,601 | )
Kakao Corp. |  | Goldman Sachs International |  |  | 550 |  |  |  | 01/28/20 |  |  | KRW |  |  | 153,000.00 |  |  | KRW |  |  | 84,425 |  |  |  | (1,964 | )
SOITEC |  | UBS AG |  |  | 8,100 |  |  |  | 01/28/20 |  |  | EUR |  |  | 117.42 |  |  | EUR |  |  | 762 |  |  |  | (323 | )
SVMK, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 10,200 |  |  |  | 01/28/20 |  |  | USD |  |  | 18.00 |  |  | USD |  |  | 182 |  |  |  | (6,581 | )
Kingdee International Software Group Co. Ltd. |  | Goldman Sachs International |  |  | 577,000 |  |  |  | 01/29/20 |  |  | HKD |  |  | 8.44 |  |  | HKD |  |  | 4,501 |  |  |  | (5,124 | )
ON Semiconductor Corp. |  | JPMorgan Chase Bank N.A. |  |  | 19,000 |  |  |  | 01/29/20 |  |  | USD |  |  | 24.56 |  |  | USD |  |  | 463 |  |  |  | (15,019 | )
Viavi Solutions, Inc. |  | Citibank N.A. |  |  | 22,000 |  |  |  | 01/30/20 |  |  | USD |  |  | 15.04 |  |  | USD |  |  | 330 |  |  |  | (9,466 | )
Arco Platform Ltd., Class A |  | JPMorgan Chase Bank N.A. |  |  | 14,000 |  |  |  | 01/31/20 |  |  | USD |  |  | 48.87 |  |  | USD |  |  | 619 |  |  |  | (8,666 | )
Snap, Inc., Class A |  | UBS AG |  |  | 27,300 |  |  |  | 01/31/20 |  |  | USD |  |  | 15.89 |  |  | USD |  |  | 446 |  |  |  | (29,000 | )
Delivery Hero AG |  | Goldman Sachs International |  |  | 10,500 |  |  |  | 02/05/20 |  |  | EUR |  |  | 68.50 |  |  | EUR |  |  | 742 |  |  |  | (52,700 | )
Endava PLC |  | Bank of America N.A. |  |  | 5,000 |  |  |  | 02/05/20 |  |  | USD |  |  | 47.97 |  |  | USD |  |  | 233 |  |  |  | (7,310 | )
Xero Ltd. |  | Goldman Sachs International |  |  | 19,000 |  |  |  | 02/05/20 |  |  | AUD |  |  | 83.80 |  |  | AUD |  |  | 1,521 |  |  |  | (21,629 | )
Kingdee International Software Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 368,000 |  |  |  | 02/06/20 |  |  | HKD |  |  | 8.19 |  |  | HKD |  |  | 2,870 |  |  |  | (7,306 | )

80 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust (BST)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SOITEC |  | Credit Suisse International |  |  | 8,100 |  |  |  | 02/06/20 |  |  |  | EUR |  |  |  | 121.28 |  |  |  | EUR |  |  |  | 762 |  |  | $ | (331 | )
SVMK, Inc. |  | Citibank N.A. |  |  | 15,000 |  |  |  | 02/06/20 |  |  |  | USD |  |  |  | 18.65 |  |  |  | USD |  |  |  | 268 |  |  |  | (11,374 | )
Endava PLC |  | Barclays Bank PLC |  |  | 800 |  |  |  | 02/12/20 |  |  |  | USD |  |  |  | 48.32 |  |  |  | USD |  |  |  | 37 |  |  |  | (1,219 | )
Teladoc Health, Inc. |  | Barclays Bank PLC |  |  | 10,000 |  |  |  | 02/12/20 |  |  |  | USD |  |  |  | 85.42 |  |  |  | USD |  |  |  | 837 |  |  |  | (43,683 | )
Tencent Holdings Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 74,100 |  |  |  | 02/12/20 |  |  |  | HKD |  |  |  | 388.93 |  |  |  | HKD |  |  |  | 27,817 |  |  |  | (46,679 | )
Arco Platform Ltd., Class A |  | JPMorgan Chase Bank N.A. |  |  | 14,000 |  |  |  | 02/13/20 |  |  |  | USD |  |  |  | 48.87 |  |  |  | USD |  |  |  | 619 |  |  |  | (13,141 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,205,202 | )

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

|  | Swap Premium Paid |  |  | Swap Premium Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  |  | N/A |  |  |  | N/A |  |  | $ | 1,898,756 |  |  | $ | (4,804,845 | ) |  | $ | (10,388,743 | )

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 10,388,743 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10,388,743 |

For the period ended December 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | (15,344 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (15,344 | )
Options written |  |  | — |  |  |  | — |  |  |  | (19,500,509 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (19,500,509 | )
|  | $ | — |  |  | $ | — |  |  | $ | (19,515,853 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (19,515,853 | )
(a)Options purchased are included in net realized gain (loss) from investments. |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (6,133,637 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (6,133,637 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts purchased |  | $ | 1,628 |
Average value of option contracts written |  | $ | 8,465,665 |

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 |  | $ | — |  |  | $ | 10,388,743 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (7,183,541 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 3,205,202 |

SCHEDULES OF INVESTMENTS |  |  | 81 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust (BST)

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

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged |  |  | Cash Collateral Pledged (a) |  |  | Net Amount of Derivative Liabilities (b) |
Bank of America N.A. |  | $ | 7,310 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,310 |
Barclays Bank PLC |  |  | 94,008 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 94,008 |
BNP Paribas S.A. |  |  | 55,332 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 55,332 |
Citibank N.A. |  |  | 1,174,752 |  |  |  | — |  |  |  | — |  |  |  | (960,000 | ) |  |  | 214,752 |
Credit Suisse International |  |  | 135,885 |  |  |  | — |  |  |  | — |  |  |  | (20,000 | ) |  |  | 115,885 |
Goldman Sachs International |  |  | 403,836 |  |  |  | — |  |  |  | — |  |  |  | (403,836 | ) |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 649,171 |  |  |  | — |  |  |  | — |  |  |  | (649,171 | ) |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 645,718 |  |  |  | — |  |  |  | — |  |  |  | (440,000 | ) |  |  | 205,718 |
UBS AG |  |  | 39,190 |  |  |  | — |  |  |  | — |  |  |  | (39,190 | ) |  |  | — |
|  | $ | 3,205,202 |  |  | $ | — |  |  | $ | — |  |  | $ | (2,512,197 | ) |  | $ | 693,005 |

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

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Banks |  | $ | — |  |  | $ | — |  |  | $ | 4,433,223 |  |  | $ | 4,433,223 |
Capital Markets |  |  | 1,795,379 |  |  |  | — |  |  |  | — |  |  |  | 1,795,379 |
Communications Equipment |  |  | 4,277,955 |  |  |  | — |  |  |  | — |  |  |  | 4,277,955 |
Diversified Consumer Services |  |  | 12,299,348 |  |  |  | — |  |  |  | — |  |  |  | 12,299,348 |
Diversified Financial Services |  |  | — |  |  |  | — |  |  |  | 2,819,930 |  |  |  | 2,819,930 |
Diversified Telecommunication Services |  |  | 4,488,432 |  |  |  | — |  |  |  | — |  |  |  | 4,488,432 |
Electronic Equipment, Instruments & Components |  |  | 5,028,254 |  |  |  | 22,307,306 |  |  |  | — |  |  |  | 27,335,560 |
Entertainment |  |  | 23,610,289 |  |  |  | — |  |  |  | — |  |  |  | 23,610,289 |
Health Care Technology |  |  | 4,754,124 |  |  |  | 3,644,806 |  |  |  | — |  |  |  | 8,398,930 |
Interactive Media & Services |  |  | 57,718,687 |  |  |  | 25,491,969 |  |  |  | — |  |  |  | 83,210,656 |
Internet & Direct Marketing Retail |  |  | 57,652,665 |  |  |  | 16,596,192 |  |  |  | 265,662 |  |  |  | 74,514,519 |
IT Services |  |  | 116,912,637 |  |  |  | 14,622,207 |  |  |  | 3,979,746 |  |  |  | 135,514,590 |
Professional Services |  |  | 4,226,272 |  |  |  | — |  |  |  | — |  |  |  | 4,226,272 |
Road & Rail |  |  | 2,541,967 |  |  |  | — |  |  |  | — |  |  |  | 2,541,967 |
Semiconductors & Semiconductor Equipment |  |  | 78,751,382 |  |  |  | 26,972,732 |  |  |  | — |  |  |  | 105,724,114 |
Software |  |  | 155,062,984 |  |  |  | 15,837,058 |  |  |  | — |  |  |  | 170,900,042 |
Technology Hardware, Storage & Peripherals |  |  | 26,137,493 |  |  |  | — |  |  |  | — |  |  |  | 26,137,493 |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 47,488,016 |  |  |  | 47,488,016 |
Warrants |  |  | — |  |  |  | — |  |  |  | 19,454 |  |  |  | 19,454 |
Short-Term Securities |  |  | 8,881,516 |  |  |  | — |  |  |  | — |  |  |  | 8,881,516 |
|  | $ | 564,139,384 |  |  | $ | 125,472,270 |  |  | $ | 59,006,031 |  |  | $ | 748,617,685 |
Derivative Financial Instruments(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity contracts |  | $ | (6,907,031 | ) |  | $ | (3,481,712 | ) |  | $ | — |  |  | $ | (10,388,743 | )

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

82 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust (BST)

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 |  |  | Warrants |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2018 |  | $ | 211,760 |  |  | $ | 15,491,176 |  |  | $ | — |  |  | $ | 15,702,936 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)(a)(b) |  |  | 848,329 |  |  |  | 591,372 |  |  |  | 19,454 |  |  |  | 1,459,155 |
Purchases |  |  | 10,438,472 |  |  |  | 34,405,516 |  |  |  | — |  |  |  | 44,843,988 |
Sales |  |  | — |  |  |  | (3,000,048 | ) |  |  | — |  |  |  | (3,000,048 | )
Closing Balance, as of December 31, 2019 |  | $ | 11,498,561 |  |  | $ | 47,488,016 |  |  | $ | 19,454 |  |  | $ | 59,006,031 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019(b) |  | $ | 848,329 |  |  | $ | 1,640,603 |  |  | $ | 19,454 |  |  | $ | 2,508,386 |

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

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019 is generally due to investments no longer held or categorized as Level 3 at period end. |

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock 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. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $1. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.

|  | Value |  |  | Valuation Approach |  |  | Unobservable Inputs |  |  | Range of unobservable Inputs Utilized (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 11,498,560 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 4.86x – 12.50x |  |  |  | 8.09x |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 34% |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 3.0 |  |  |  | — |
Preferred Stocks(b)(c) |  |  | 47,488,016 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 4.00x – 15.50x |  |  |  | 7.84x |
|  |  |  |  |  |  |  |  |  |  | EBITDA Multiple |  |  |  | 15.00x |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 32% – 66% |  |  |  | 44 | %
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 2.6 – 5.0 |  |  |  | 3.6 |
|  |  |  |  |  |  |  |  |  |  | Recent Transactions |  |  |  | — |  |  |  | — |
|  |  |  |  |  |  | Income |  |  |  | Discount Rate |  |  |  | 15% |  |  |  | — |
Warrants |  |  | 19,454 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 4.86x |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 34% |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 3.0 |  |  |  | — |
|  | $ | 59,006,030 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

| (b) | For the period ended December 31, 2019, the valuation technique for investments classified as Preferred Stocks amounting to $6,863,222 changed to a hybrid of a Current Value Method and Discounted Cash Flow Method. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued. |

| (c) | For the period ended December 31, 2019, the valuation technique for investments classified as Preferred Stocks amounting to $5,602,453 changed to Transaction Price approach. The investments were previously valued utilizing Current Value Method. The change was due to consideration of the information that was available at the time the investments were valued. |

See notes to financial statements.

SCHEDULES OF INVESTMENTS |  |  | 83 |

Schedule of Investments December 31, 2019 |  | BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks — 89.5% |
Automobiles — 1.3% |  |  |  |
Tesla, Inc.(a)(b) |  |  | 51,796 |  |  | $ | 21,667,821 |
Banks — 1.1% |
Klarna Holdings AB, (Acquired 08/07/19, cost $16,335,486)(c)(d) |  |  | 70,539 |  |  |  | 18,255,407 |
Capital Markets — 1.0% |
ChaSerg Technology Acquisition Corp.(a)(e) |  |  | 980,000 |  |  |  | 10,593,800 |
XP, Inc., Class A (a) |  |  | 141,138 |  |  |  | 5,436,636 |
|  |  |  | 16,030,436 |
Communications Equipment — 2.2% |
Acacia Communications, Inc.(a) |  |  | 144,009 |  |  |  | 9,765,250 |
Lumentum Holdings, Inc. (a)(e) |  |  | 217,936 |  |  |  | 17,282,325 |
Viavi Solutions, Inc.(a) |  |  | 593,929 |  |  |  | 8,908,935 |
|  |  |  | 35,956,510 |
Diversified Consumer Services — 2.8% |
Afya Ltd., Class A(a)(e) |  |  | 510,830 |  |  |  | 13,853,709 |
Arco Platform Ltd., Class A(a) |  |  | 378,459 |  |  |  | 16,727,888 |
New Oriental Education & Technology Group, Inc. — ADR(a) |  |  | 125,047 |  |  |  | 15,161,949 |
|  |  |  | 45,743,546 |
Diversified Telecommunication Services — 0.5% |
Bandwidth, Inc., Class A(a) |  |  | 133,045 |  |  |  | 8,521,532 |
Electronic Equipment, Instruments & Components — 5.5% |
Keysight Technologies, Inc.(a) |  |  | 147,594 |  |  |  | 15,147,572 |
Murata Manufacturing Co. Ltd. |  |  | 274,000 |  |  |  | 16,864,307 |
Samsung Electro-Mechanics Co. Ltd. |  |  | 114,664 |  |  |  | 12,333,383 |
Sunny Optical Technology Group Co. Ltd. |  |  | 1,436,300 |  |  |  | 24,885,485 |
Yageo Corp. |  |  | 1,454,000 |  |  |  | 21,183,318 |
|  |  |  | 90,414,065 |
Entertainment — 3.2% |
Activision Blizzard, Inc. |  |  | 362,759 |  |  |  | 21,555,140 |
NetEase, Inc. — ADR(b) |  |  | 55,299 |  |  |  | 16,956,885 |
Roku, Inc.(a)(b) |  |  | 105,863 |  |  |  | 14,175,056 |
|  |  |  | 52,687,081 |
Health Care Technology — 2.1% |
Livongo Health, Inc.(a)(e) |  |  | 250,164 |  |  |  | 6,269,110 |
Ping An Healthcare and Technology Co. Ltd.(a)(f) |  |  | 2,000,600 |  |  |  | 14,601,762 |
Teladoc Health, Inc.(a) |  |  | 154,611 |  |  |  | 12,944,033 |
|  |  |  | 33,814,905 |
Hotels, Restaurants & Leisure — 1.2% |
Luckin Coffee, Inc., ADR(a)(e) |  |  | 487,817 |  |  |  | 19,200,477 |
Interactive Media & Services — 5.0% |
IAC/InterActiveCorp.(a)(b) |  |  | 59,770 |  |  |  | 14,889,305 |
Kakao Corp.(a) |  |  | 160,676 |  |  |  | 21,280,664 |
Pinterest, Inc., Class A(a) |  |  | 457,182 |  |  |  | 8,521,872 |
Snap, Inc., Class A(a)(e) |  |  | 1,257,022 |  |  |  | 20,527,169 |
Yandex NV, Class A(a) |  |  | 373,538 |  |  |  | 16,245,168 |
|  |  |  | 81,464,178 |
Internet & Direct Marketing Retail — 6.7% |
Delivery Hero SE(a)(f) |  |  | 334,164 |  |  |  | 26,485,578 |
Farfetch Ltd., Class A(a)(e) |  |  | 1,225,993 |  |  |  | 12,689,028 |
Meituan Dianping, Class B(a) |  |  | 1,433,400 |  |  |  | 18,729,012 |
MercadoLibre, Inc.(a)(b) |  |  | 28,105 |  |  |  | 16,074,374 |
RealReal, Inc.(a) |  |  | 374,505 |  |  |  | 7,059,419 |
Trainline PLC(a)(f) |  |  | 2,114,672 |  |  |  | 14,322,274 |
Zalando SE (a)(f) |  |  | 271,500 |  |  |  | 13,691,780 |
|  |  |  | 109,051,465 |

Security |  | Shares |  |  | Value |
IT Services — 16.0% |
Adyen NV(a)(f) |  |  | 17,419 |  |  | $ | 14,328,792 |
Endava PLC, ADR(a) |  |  | 219,008 |  |  |  | 10,205,773 |
EPAM Systems, Inc.(a)(b)(e) |  |  | 59,682 |  |  |  | 12,662,133 |
GDS Holdings Ltd. — ADR(a)(e) |  |  | 430,461 |  |  |  | 22,203,178 |
Global Payments, Inc.(b) |  |  | 84,922 |  |  |  | 15,503,360 |
GMO Payment Gateway, Inc. |  |  | 319,700 |  |  |  | 21,893,469 |
MongoDB, Inc.(a)(e) |  |  | 73,941 |  |  |  | 9,731,375 |
Network International Holdings PLC(a)(f) |  |  | 2,055,528 |  |  |  | 17,400,621 |
Okta, Inc.(a)(e) |  |  | 127,495 |  |  |  | 14,709,098 |
Pagseguro Digital Ltd., Class A(a)(e) |  |  | 271,959 |  |  |  | 9,290,119 |
Shopify, Inc., Class A(a)(b)(e) |  |  | 51,524 |  |  |  | 20,484,912 |
Square, Inc., Class A(a) |  |  | 337,910 |  |  |  | 21,139,650 |
StoneCo Ltd., Class A(a) |  |  | 294,113 |  |  |  | 11,732,168 |
TRAX Ltd., (Acquired 09/12/19, cost $10,999,988)(c)(d) |  |  | 293,333 |  |  |  | 10,944,254 |
Twilio, Inc., Class A(a)(e) |  |  | 204,646 |  |  |  | 20,112,609 |
Tyro Payments Ltd.(a) |  |  | 1,969,640 |  |  |  | 4,865,326 |
Wirecard AG(e) |  |  | 94,197 |  |  |  | 11,358,533 |
Wix.com Ltd.(a) |  |  | 102,561 |  |  |  | 12,551,415 |
|  |  |  | 261,116,785 |
Multiline Retail — 1.3% |
Magazine Luiza SA |  |  | 1,877,085 |  |  |  | 22,257,925 |
Professional Services — 0.6% |
CoStar Group, Inc.(a)(b) |  |  | 18,025 |  |  |  | 10,784,358 |
Semiconductors & Semiconductor Equipment — 18.2% |
Advanced Micro Devices, Inc.(a) |  |  | 521,352 |  |  |  | 23,909,203 |
BE Semiconductor Industries NV |  |  | 237,950 |  |  |  | 9,237,944 |
Cree, Inc.(a)(e) |  |  | 338,798 |  |  |  | 15,635,528 |
Ichor Holdings Ltd.(a)(e) |  |  | 429,730 |  |  |  | 14,297,117 |
Inphi Corp.(a) |  |  | 231,200 |  |  |  | 17,113,424 |
Lasertec Corp. |  |  | 434,600 |  |  |  | 22,040,738 |
MACOM Technology Solutions Holdings, Inc.(a) |  |  | 620,343 |  |  |  | 16,501,124 |
Marvell Technology Group Ltd. |  |  | 837,960 |  |  |  | 22,256,218 |
Micron Technology, Inc.(a) |  |  | 389,616 |  |  |  | 20,953,548 |
MKS Instruments, Inc. |  |  | 104,784 |  |  |  | 11,527,288 |
Monolithic Power Systems, Inc.(b) |  |  | 80,700 |  |  |  | 14,366,214 |
ON Semiconductor Corp.(a)(e) |  |  | 627,161 |  |  |  | 15,290,185 |
Silicon Laboratories, Inc.(a) |  |  | 133,312 |  |  |  | 15,461,526 |
Skyworks Solutions, Inc. |  |  | 182,305 |  |  |  | 22,037,028 |
SOITEC SA(a) |  |  | 168,756 |  |  |  | 17,816,590 |
STMicroelectronics NV |  |  | 808,731 |  |  |  | 21,820,053 |
Win Semiconductors Corp. |  |  | 1,774,000 |  |  |  | 17,480,086 |
|  |  |  | 297,743,814 |
Software — 20.8% |
Alteryx, Inc., Class A(a)(e) |  |  | 102,680 |  |  |  | 10,275,188 |
Altium Ltd. |  |  | 606,973 |  |  |  | 14,789,608 |
Anaplan, Inc. (a) |  |  | 347,924 |  |  |  | 18,231,218 |
Aspen Technology, Inc.(a) |  |  | 82,859 |  |  |  | 10,020,139 |
Atlassian Corp. PLC, Class A(a) |  |  | 105,176 |  |  |  | 12,656,880 |
Avalara, Inc.(a) |  |  | 164,003 |  |  |  | 12,013,220 |
Cadence Design Systems, Inc.(a)(e) |  |  | 277,132 |  |  |  | 19,221,876 |
Cloudflare, Inc., Class A(a) |  |  | 283,122 |  |  |  | 4,830,061 |
Coupa Software, Inc.(a) |  |  | 73,772 |  |  |  | 10,789,155 |
Crowdstrike Holdings, Inc., Class A(a)(e) |  |  | 143,601 |  |  |  | 7,161,382 |
Elastic NV(a) |  |  | 171,421 |  |  |  | 11,022,370 |
Fair Isaac Corp.(a)(b) |  |  | 41,965 |  |  |  | 15,723,446 |
Five9, Inc.(a) |  |  | 187,174 |  |  |  | 12,274,871 |
Kingdee International Software Group Co. Ltd. |  |  | 12,322,000 |  |  |  | 12,327,416 |
Linx SA, ADR(a)(e) |  |  | 1,529,503 |  |  |  | 13,398,446 |
RIB Software SE(e) |  |  | 322,760 |  |  |  | 8,138,188 |
RingCentral, Inc., Class A(a) |  |  | 105,479 |  |  |  | 17,791,143 |
Smartsheet, Inc., Class A(a)(e) |  |  | 244,161 |  |  |  | 10,967,712 |
Splunk, Inc.(a)(e) |  |  | 105,703 |  |  |  | 15,831,138 |

84 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Software (continued) |
SVMK, Inc.(a)(e) |  |  | 670,257 |  |  | $ | 11,977,493 |
TeamViewer AG(a) |  |  | 645,634 |  |  |  | 23,087,739 |
Trade Desk, Inc., Class A(a)(b) |  |  | 41,122 |  |  |  | 10,682,673 |
Weimob, Inc.(a)(e)(f) |  |  | 20,125,000 |  |  |  | 8,754,095 |
Xero Ltd.(a) |  |  | 246,720 |  |  |  | 13,861,123 |
Zendesk, Inc.(a) |  |  | 167,148 |  |  |  | 12,808,551 |
Zoom Video Communications, Inc., Class A(a)(e) |  |  | 123,162 |  |  |  | 8,379,942 |
Zscaler, Inc.(a)(e) |  |  | 279,115 |  |  |  | 12,978,847 |
|  |  |  | 339,993,920 |
Total Common Stocks — 89.5% (Cost — $1,312,612,621) |  |  |  | 1,464,704,225 |
Preferred Stocks — 5.6% |
Road & Rail — 1.1% |
FlixMobility GmbH, Series F (Acquired 07/26/19, $16,936,192), 0.00%(c)(d) |  |  | 850 |  |  |  | 17,077,019 |
Semiconductors & Semiconductor Equipment — 1.1% |
Innovium, Inc., Series E (Acquired 08/21/19 , $8,999,992), 0.00%(c)(d) |  |  | 1,060,432 |  |  |  | 9,140,924 |
Psiquantum Corp., Series C (Acquired 09/09/19 , $9,101,310), 0.00%(c)(d) |  |  | 1,962,335 |  |  |  | 9,085,611 |
|  |  |  | 18,226,535 |
Software — 3.4% |
C3 AI, Inc., Series H (Acquired 08/14/19, cost $24,890,190), 0.00%(c)(d) |  |  | 4,940,000 |  |  |  | 24,897,600 |
Databricks, Inc., Series F, (Acquired 10/22/19, cost $13,200,019), 0.00%(c)(d) |  |  | 307,346 |  |  |  | 13,200,511 |
GitLab, Inc., Series E (Acquired 09/10/19 , $11,670,984), 0.00%(c)(d) |  |  | 626,482 |  |  |  | 11,489,680 |
Unqork, Inc., Series B (Acquired 09/19/19 , $6,801,016), 0.00%(c)(d) |  |  | 14,942 |  |  |  | 6,829,241 |
|  |  |  | 56,417,032 |
Total Preferred Stocks — 5.6% (Cost — $91,599,703) |  |  |  | 91,720,586 |
Warrants — 0.0% |  |  |  |  |  |  |  |
IT Services — 0.0% |  |  |  |  |  |  |  |
TRAX Ltd., (Acquired 09/12/19, cost $0)(c)(d) |  |  | 46,928 |  |  |  | 53,498 |
Total Warrants — 0.0% (Cost — $— ) |  |  |  | 53,498 |
Total Long-Term Investments — 95.1% (Cost — $1,404,212,324) |  |  |  | 1,556,478,309 |

Security |  | Shares |  |  | Value |
Short-Term Securities — 10.0% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.51%(g)(i) |  |  | 96,230,373 |  |  | $ | 96,230,373 |
SL Liquidity Series, LLC, Money Market Series, 1.80%(g)(h)(i) |  |  | 66,908,133 |  |  |  | 66,921,514 |
Total Short-Term Securities — 10.0% (Cost — $163,151,887) |  |  |  | 163,151,887 |
Total Investments Before Options Written — 105.1% (Cost — $1,567,364,211) |  |  |  | 1,719,630,196 |
Options Written — (1.3)% (Premiums Received — $14,797,471) |  |  |  | (21,364,251 | )
Total Investments, Net of Options Written — 103.8% (Cost — $1,552,566,740) |  |  |  | 1,698,265,945 |
Liabilities in Excess of Other Assets — (3.8)% |  |  |  | (62,299,960 | )
Net Assets — 100.0% |  |  | $ | 1,635,965,985 |

(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) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $120,973,745 representing 7.4% of its net assets as of period end, and an original cost of $118,935,177.

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

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

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

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

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

(i) | During the period ended December 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Net Activity |  |  | Shares Held at 12/31/19 |  |  | Value at 12/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 96,230,373 |  |  |  | 96,230,373 |  |  | $ | 96,230,373 |  |  | $ | 4,189,240 |  |  | $ | 102 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 66,908,133 |  |  |  | 66,908,133 |  |  |  | 66,921,514 |  |  |  | 1,122,071 | (b) |  |  | (5,353 | ) |  |  | — |
|  |  |  |  |  |  |  |  |  | $ | 163,151,887 |  |  | $ | 5,311,311 |  |  | $ | (5,251 | ) |  | $ | — |

| (a) | Includes net capital gain distributions, if applicable. |

| (b) | 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. |

SCHEDULES OF INVESTMENTS |  |  | 85 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust II (BSTZ)

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

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marvell Technology Group Ltd. |  |  | 366 |  |  |  | 01/03/20 |  |  | USD |  |  | 26.50 |  |  | USD |  |  | 972 |  |  | $ | (9,516 | )
Snap, Inc., Class A |  |  | 491 |  |  |  | 01/03/20 |  |  | USD |  |  | 16.50 |  |  | USD |  |  | 802 |  |  |  | (6,874 | )
Zoom Video Communications, Inc., Class A |  |  | 59 |  |  |  | 01/03/20 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 401 |  |  |  | (885 | )
Advanced Micro Devices, Inc. |  |  | 133 |  |  |  | 01/10/20 |  |  | USD |  |  | 39.00 |  |  | USD |  |  | 610 |  |  |  | (92,435 | )
Crowdstrike Holdings, Inc., Class A |  |  | 90 |  |  |  | 01/10/20 |  |  | USD |  |  | 58.50 |  |  | USD |  |  | 449 |  |  |  | (1,800 | )
Farfetch Ltd., Class A |  |  | 1,000 |  |  |  | 01/10/20 |  |  | USD |  |  | 10.07 |  |  | USD |  |  | 1,035 |  |  |  | (60,189 | )
Marvell Technology Group Ltd. |  |  | 165 |  |  |  | 01/10/20 |  |  | USD |  |  | 26.50 |  |  | USD |  |  | 438 |  |  |  | (8,827 | )
Micron Technology, Inc. |  |  | 340 |  |  |  | 01/10/20 |  |  | USD |  |  | 54.00 |  |  | USD |  |  | 1,829 |  |  |  | (36,040 | )
NetEase, Inc. — ADR |  |  | 6 |  |  |  | 01/10/20 |  |  | USD |  |  | 324.05 |  |  | USD |  |  | 184 |  |  |  | (435 | )
Okta, Inc. |  |  | 177 |  |  |  | 01/10/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 2,042 |  |  |  | (20,355 | )
Tesla, Inc. |  |  | 33 |  |  |  | 01/10/20 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 1,380 |  |  |  | (227,618 | )
Trade Desk, Inc., Class A |  |  | 20 |  |  |  | 01/10/20 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 520 |  |  |  | (7,900 | )
Twilio, Inc., Class A |  |  | 68 |  |  |  | 01/10/20 |  |  | USD |  |  | 106.75 |  |  | USD |  |  | 668 |  |  |  | (1,805 | )
Activision Blizzard, Inc. |  |  | 174 |  |  |  | 01/17/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,034 |  |  |  | (81,345 | )
Advanced Micro Devices, Inc. |  |  | 235 |  |  |  | 01/17/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,078 |  |  |  | (143,938 | )
Advanced Micro Devices, Inc. |  |  | 215 |  |  |  | 01/17/20 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 986 |  |  |  | (192,963 | )
Afya Ltd., Class A |  |  | 760 |  |  |  | 01/17/20 |  |  | USD |  |  | 28.25 |  |  | USD |  |  | 2,061 |  |  |  | (47,005 | )
Alteryx, Inc., Class A |  |  | 256 |  |  |  | 01/17/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 2,562 |  |  |  | (50,560 | )
Anaplan, Inc. |  |  | 275 |  |  |  | 01/17/20 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 1,441 |  |  |  | (48,813 | )
Anaplan, Inc. |  |  | 275 |  |  |  | 01/17/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,441 |  |  |  | (22,000 | )
Aspen Technology, Inc. |  |  | 125 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,512 |  |  |  | (13,125 | )
Atlassian Corp. PLC, Class A |  |  | 67 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 806 |  |  |  | (15,410 | )
Atlassian Corp. PLC, Class A |  |  | 277 |  |  |  | 01/17/20 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 3,333 |  |  |  | (31,163 | )
Avalara, Inc. |  |  | 205 |  |  |  | 01/17/20 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 1,502 |  |  |  | (37,925 | )
Bandwidth, Inc., Class A |  |  | 149 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 954 |  |  |  | (76,735 | )
Cadence Design Systems, Inc. |  |  | 184 |  |  |  | 01/17/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,276 |  |  |  | (20,240 | )
CoStar Group, Inc. |  |  | 23 |  |  |  | 01/17/20 |  |  | USD |  |  | 580.00 |  |  | USD |  |  | 1,376 |  |  |  | (61,065 | )
CoStar Group, Inc. |  |  | 23 |  |  |  | 01/17/20 |  |  | USD |  |  | 600.00 |  |  | USD |  |  | 1,376 |  |  |  | (31,970 | )
Coupa Software, Inc. |  |  | 368 |  |  |  | 01/17/20 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 5,382 |  |  |  | (336,720 | )
Cree, Inc. |  |  | 216 |  |  |  | 01/17/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 997 |  |  |  | (6,264 | )
Cree, Inc. |  |  | 18 |  |  |  | 01/17/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 83 |  |  |  | (3,726 | )
Crowdstrike Holdings, Inc., Class A |  |  | 689 |  |  |  | 01/17/20 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 3,436 |  |  |  | (13,780 | )
EPAM Systems, Inc. |  |  | 71 |  |  |  | 01/17/20 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,506 |  |  |  | (41,180 | )
EPAM Systems, Inc. |  |  | 78 |  |  |  | 01/17/20 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,655 |  |  |  | (13,260 | )
Elastic NV |  |  | 406 |  |  |  | 01/17/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,611 |  |  |  | (19,285 | )
Fair Isaac Corp. |  |  | 41 |  |  |  | 01/17/20 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 1,536 |  |  |  | (42,025 | )
Farfetch Ltd., Class A |  |  | 2,000 |  |  |  | 01/17/20 |  |  | USD |  |  | 11.00 |  |  | USD |  |  | 2,070 |  |  |  | (65,000 | )
Five9, Inc. |  |  | 270 |  |  |  | 01/17/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,771 |  |  |  | (62,775 | )
GDS Holdings Ltd. — ADR |  |  | 296 |  |  |  | 01/17/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 1,527 |  |  |  | (143,560 | )
Global Payments, Inc. |  |  | 106 |  |  |  | 01/17/20 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 1,935 |  |  |  | (19,875 | )
IAC/InterActiveCorp. |  |  | 75 |  |  |  | 01/17/20 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 1,868 |  |  |  | (150,375 | )
Ichor Holdings Ltd. |  |  | 125 |  |  |  | 01/17/20 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 416 |  |  |  | (8,437 | )
Inphi Corp. |  |  | 307 |  |  |  | 01/17/20 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 2,272 |  |  |  | (11,512 | )
Keysight Technologies, Inc. |  |  | 174 |  |  |  | 01/17/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 1,786 |  |  |  | (1,740 | )
Livongo Health, Inc. |  |  | 281 |  |  |  | 01/17/20 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 704 |  |  |  | (4,215 | )
Luckin Coffee, Inc., ADR |  |  | 240 |  |  |  | 01/17/20 |  |  | USD |  |  | 29.00 |  |  | USD |  |  | 945 |  |  |  | (254,400 | )
Luckin Coffee, Inc., ADR |  |  | 214 |  |  |  | 01/17/20 |  |  | USD |  |  | 32.00 |  |  | USD |  |  | 842 |  |  |  | (172,270 | )
Lumentum Holdings, Inc. |  |  | 210 |  |  |  | 01/17/20 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 1,665 |  |  |  | (112,350 | )
MACOM Technology Solutions Holdings, Inc. |  |  | 1,550 |  |  |  | 01/17/20 |  |  | USD |  |  | 26.65 |  |  | USD |  |  | 4,123 |  |  |  | (149,685 | )
MKS Instruments, Inc. |  |  | 120 |  |  |  | 01/17/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,320 |  |  |  | (3,300 | )
MKS Instruments, Inc. |  |  | 54 |  |  |  | 01/17/20 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 594 |  |  |  | (16,200 | )
MKS Instruments, Inc. |  |  | 69 |  |  |  | 01/17/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 759 |  |  |  | (7,072 | )
Marvell Technology Group Ltd. |  |  | 165 |  |  |  | 01/17/20 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 438 |  |  |  | (7,920 | )
MercadoLibre, Inc. |  |  | 12 |  |  |  | 01/17/20 |  |  | USD |  |  | 560.00 |  |  | USD |  |  | 686 |  |  |  | (26,640 | )
MercadoLibre, Inc. |  |  | 68 |  |  |  | 01/17/20 |  |  | USD |  |  | 520.00 |  |  | USD |  |  | 3,889 |  |  |  | (371,280 | )

86 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust II (BSTZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Micron Technology, Inc. |  |  | 292 |  |  |  | 01/17/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 1,570 |  |  | $ | (121,180 | )
MongoDB, Inc. |  |  | 6 |  |  |  | 01/17/20 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 79 |  |  |  | (3,450 | )
MongoDB, Inc. |  |  | 219 |  |  |  | 01/17/20 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 2,882 |  |  |  | (39,420 | )
Monolithic Power Systems, Inc. |  |  | 74 |  |  |  | 01/17/20 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 1,317 |  |  |  | (23,310 | )
NetEase, Inc. — ADR |  |  | 128 |  |  |  | 01/17/20 |  |  | USD |  |  | 296.55 |  |  | USD |  |  | 3,925 |  |  |  | (177,280 | )
New Oriental Education & Technology Group, Inc. — ADR |  |  | 312 |  |  |  | 01/17/20 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 3,783 |  |  |  | (17,160 | )
ON Semiconductor Corp. |  |  | 109 |  |  |  | 01/17/20 |  |  | USD |  |  | 23.00 |  |  | USD |  |  | 266 |  |  |  | (17,167 | )
ON Semiconductor Corp. |  |  | 134 |  |  |  | 01/17/20 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 327 |  |  |  | (5,360 | )
Pagseguro Digital Ltd., Class A |  |  | 401 |  |  |  | 01/17/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,370 |  |  |  | (3,007 | )
Pinterest, Inc., Class A |  |  | 221 |  |  |  | 01/17/20 |  |  | USD |  |  | 22.00 |  |  | USD |  |  | 412 |  |  |  | (1,105 | )
RingCentral, Inc., Class A |  |  | 145 |  |  |  | 01/17/20 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 2,446 |  |  |  | (12,325 | )
Roku, Inc. |  |  | 161 |  |  |  | 01/17/20 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 2,156 |  |  |  | (27,531 | )
SVMK, Inc. |  |  | 230 |  |  |  | 01/17/20 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 411 |  |  |  | (17,250 | )
Shopify, Inc., Class A |  |  | 182 |  |  |  | 01/17/20 |  |  | USD |  |  | 320.00 |  |  | USD |  |  | 7,236 |  |  |  | (1,427,790 | )
Shopify, Inc., Class A |  |  | 4 |  |  |  | 01/17/20 |  |  | USD |  |  | 375.00 |  |  | USD |  |  | 159 |  |  |  | (11,560 | )
Silicon Laboratories, Inc. |  |  | 120 |  |  |  | 01/17/20 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 1,392 |  |  |  | (40,200 | )
Skyworks Solutions, Inc. |  |  | 286 |  |  |  | 01/17/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 3,457 |  |  |  | (460,460 | )
Smartsheet, Inc., Class A |  |  | 198 |  |  |  | 01/17/20 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 889 |  |  |  | (5,940 | )
Snap, Inc., Class A |  |  | 491 |  |  |  | 01/17/20 |  |  | USD |  |  | 17.00 |  |  | USD |  |  | 802 |  |  |  | (14,239 | )
Splunk, Inc |  |  | 103 |  |  |  | 01/17/20 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 1,543 |  |  |  | (109,695 | )
Square, Inc., Class A |  |  | 411 |  |  |  | 01/17/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,571 |  |  |  | (34,113 | )
StoneCo Ltd., Class A |  |  | 278 |  |  |  | 01/17/20 |  |  | USD |  |  | 36.00 |  |  | USD |  |  | 1,109 |  |  |  | (118,150 | )
StoneCo Ltd., Class A |  |  | 388 |  |  |  | 01/17/20 |  |  | USD |  |  | 42.00 |  |  | USD |  |  | 1,548 |  |  |  | (23,280 | )
Teladoc Health, Inc. |  |  | 74 |  |  |  | 01/17/20 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 620 |  |  |  | (7,400 | )
Tesla, Inc. |  |  | 38 |  |  |  | 01/17/20 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 1,590 |  |  |  | (194,370 | )
Tesla, Inc. |  |  | 13 |  |  |  | 01/17/20 |  |  | USD |  |  | 355.00 |  |  | USD |  |  | 544 |  |  |  | (84,370 | )
Twilio, Inc., Class A |  |  | 493 |  |  |  | 01/17/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 4,845 |  |  |  | (47,082 | )
Viavi Solutions, Inc. |  |  | 465 |  |  |  | 01/17/20 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 698 |  |  |  | (3,022 | )
Wix.com Ltd. |  |  | 188 |  |  |  | 01/17/20 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 2,301 |  |  |  | (11,280 | )
Wix.com Ltd. |  |  | 290 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 3,549 |  |  |  | (55,825 | )
Yandex NV, Class A |  |  | 465 |  |  |  | 01/17/20 |  |  | USD |  |  | 36.00 |  |  | USD |  |  | 2,022 |  |  |  | (365,025 | )
Zendesk, Inc. |  |  | 247 |  |  |  | 01/17/20 |  |  | USD |  |  | 77.50 |  |  | USD |  |  | 1,893 |  |  |  | (44,460 | )
Zoom Video Communications, Inc., Class A |  |  | 309 |  |  |  | 01/17/20 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 2,102 |  |  |  | (6,952 | )
Zoom Video Communications, Inc., Class A |  |  | 65 |  |  |  | 01/17/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 442 |  |  |  | (8,287 | )
Zscaler, Inc. |  |  | 1,485 |  |  |  | 01/17/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 6,905 |  |  |  | (222,750 | )
Activision Blizzard, Inc. |  |  | 327 |  |  |  | 01/24/20 |  |  | USD |  |  | 56.50 |  |  | USD |  |  | 1,943 |  |  |  | (114,450 | )
Advanced Micro Devices, Inc. |  |  | 232 |  |  |  | 01/24/20 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 1,064 |  |  |  | (87,580 | )
Coupa Software, Inc. |  |  | 37 |  |  |  | 01/24/20 |  |  | USD |  |  | 157.50 |  |  | USD |  |  | 541 |  |  |  | (7,122 | )
Cree, Inc. |  |  | 316 |  |  |  | 01/24/20 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 1,458 |  |  |  | (30,968 | )
Luckin Coffee, Inc., ADR |  |  | 200 |  |  |  | 01/24/20 |  |  | USD |  |  | 31.50 |  |  | USD |  |  | 787 |  |  |  | (174,000 | )
Lumentum Holdings, Inc. |  |  | 308 |  |  |  | 01/24/20 |  |  | USD |  |  | 78.00 |  |  | USD |  |  | 2,442 |  |  |  | (112,420 | )
Marvell Technology Group Ltd. |  |  | 166 |  |  |  | 01/24/20 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 441 |  |  |  | (10,126 | )
Marvell Technology Group Ltd. |  |  | 218 |  |  |  | 01/24/20 |  |  | USD |  |  | 27.50 |  |  | USD |  |  | 579 |  |  |  | (9,483 | )
Okta, Inc. |  |  | 122 |  |  |  | 01/24/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,408 |  |  |  | (14,640 | )
Roku, Inc. |  |  | 297 |  |  |  | 01/24/20 |  |  | USD |  |  | 157.50 |  |  | USD |  |  | 3,977 |  |  |  | (62,667 | )
Snap, Inc., Class A |  |  | 273 |  |  |  | 01/24/20 |  |  | USD |  |  | 15.50 |  |  | USD |  |  | 446 |  |  |  | (31,395 | )
Snap, Inc., Class A |  |  | 452 |  |  |  | 01/24/20 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 738 |  |  |  | (37,516 | )
Square, Inc., Class A |  |  | 57 |  |  |  | 01/24/20 |  |  | USD |  |  | 147.00 |  |  | USD |  |  | 854 |  |  |  | (34,200 | )
StoneCo Ltd., Class A |  |  | 387 |  |  |  | 01/24/20 |  |  | USD |  |  | 41.50 |  |  | USD |  |  | 1,544 |  |  |  | (37,733 | )
Tesla, Inc. |  |  | 12 |  |  |  | 01/24/20 |  |  | USD |  |  | 367.50 |  |  | USD |  |  | 502 |  |  |  | (65,940 | )
Tesla, Inc. |  |  | 7 |  |  |  | 01/24/20 |  |  | USD |  |  | 405.00 |  |  | USD |  |  | 293 |  |  |  | (18,305 | )
Trade Desk, Inc., Class A |  |  | 47 |  |  |  | 01/24/20 |  |  | USD |  |  | 252.50 |  |  | USD |  |  | 1,221 |  |  |  | (76,375 | )
Twilio, Inc., Class A |  |  | 140 |  |  |  | 01/24/20 |  |  | USD |  |  | 103.00 |  |  | USD |  |  | 1,376 |  |  |  | (24,500 | )
Yandex NV, Class A |  |  | 346 |  |  |  | 01/24/20 |  |  | USD |  |  | 40.50 |  |  | USD |  |  | 1,505 |  |  |  | (114,180 | )
Zoom Video Communications, Inc., Class A |  |  | 309 |  |  |  | 01/24/20 |  |  | USD |  |  | 67.00 |  |  | USD |  |  | 2,102 |  |  |  | (95,790 | )
Activision Blizzard, Inc. |  |  | 85 |  |  |  | 01/31/20 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 505 |  |  |  | (9,307 | )
Advanced Micro Devices, Inc. |  |  | 91 |  |  |  | 01/31/20 |  |  | USD |  |  | 42.00 |  |  | USD |  |  | 417 |  |  |  | (48,230 | )
Advanced Micro Devices, Inc. |  |  | 132 |  |  |  | 01/31/20 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 605 |  |  |  | (35,442 | )
Coupa Software, Inc. |  |  | 74 |  |  |  | 01/31/20 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,082 |  |  |  | (24,420 | )
Cree, Inc. |  |  | 262 |  |  |  | 01/31/20 |  |  | USD |  |  | 46.50 |  |  | USD |  |  | 1,209 |  |  |  | (65,369 | )
Crowdstrike Holdings, Inc., Class A |  |  | 146 |  |  |  | 01/31/20 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 728 |  |  |  | (31,755 | )
Luckin Coffee, Inc., ADR |  |  | 438 |  |  |  | 01/31/20 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 1,724 |  |  |  | (286,890 | )

SCHEDULES OF INVESTMENTS |  |  | 87 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust II (BSTZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marvell Technology Group Ltd. |  |  | 367 |  |  |  | 01/31/20 |  |  | USD |  |  | 27.50 |  |  | USD |  |  | 975 |  |  | $ | (20,552 | )
MercadoLibre, Inc. |  |  | 102 |  |  |  | 01/31/20 |  |  | USD |  |  | 590.00 |  |  | USD |  |  | 5,834 |  |  |  | (132,090 | )
Micron Technology, Inc. |  |  | 5 |  |  |  | 01/31/20 |  |  | USD |  |  | 53.00 |  |  | USD |  |  | 27 |  |  |  | (1,295 | )
Okta, Inc. |  |  | 176 |  |  |  | 01/31/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 2,031 |  |  |  | (30,360 | )
Pinterest, Inc., Class A |  |  | 578 |  |  |  | 01/31/20 |  |  | USD |  |  | 19.50 |  |  | USD |  |  | 1,077 |  |  |  | (30,345 | )
Roku, Inc. |  |  | 162 |  |  |  | 01/31/20 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 2,169 |  |  |  | (118,665 | )
Snap, Inc., Class A |  |  | 982 |  |  |  | 01/31/20 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 1,604 |  |  |  | (98,200 | )
Splunk, Inc |  |  | 53 |  |  |  | 01/31/20 |  |  | USD |  |  | 144.00 |  |  | USD |  |  | 794 |  |  |  | (46,375 | )
Square, Inc., Class A |  |  | 140 |  |  |  | 01/31/20 |  |  | USD |  |  | 67.00 |  |  | USD |  |  | 876 |  |  |  | (11,620 | )
StoneCo Ltd., Class A |  |  | 470 |  |  |  | 01/31/20 |  |  | USD |  |  | 41.50 |  |  | USD |  |  | 1,875 |  |  |  | (57,575 | )
Trade Desk, Inc., Class A |  |  | 35 |  |  |  | 01/31/20 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 909 |  |  |  | (22,050 | )
Twilio, Inc., Class A |  |  | 136 |  |  |  | 01/31/20 |  |  | USD |  |  | 106.00 |  |  | USD |  |  | 1,337 |  |  |  | (21,216 | )
Yandex NV, Class A |  |  | 30 |  |  |  | 01/31/20 |  |  | USD |  |  | 43.50 |  |  | USD |  |  | 130 |  |  |  | (4,125 | )
Zscaler, Inc. |  |  | 263 |  |  |  | 01/31/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 1,223 |  |  |  | (55,230 | )
Viavi Solutions, Inc. |  |  | 465 |  |  |  | 02/03/20 |  |  | USD |  |  | 16.01 |  |  | USD |  |  | 698 |  |  |  | (7,824 | )
Marvell Technology Group Ltd. |  |  | 366 |  |  |  | 02/06/20 |  |  | USD |  |  | 27.50 |  |  | USD |  |  | 972 |  |  |  | (24,677 | )
Activision Blizzard, Inc. |  |  | 320 |  |  |  | 02/07/20 |  |  | USD |  |  | 59.50 |  |  | USD |  |  | 1,901 |  |  |  | (66,080 | )
Micron Technology, Inc. |  |  | 337 |  |  |  | 02/07/20 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 1,812 |  |  |  | (30,330 | )
Advanced Micro Devices, Inc. |  |  | 134 |  |  |  | 02/21/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 615 |  |  |  | (96,480 | )
Advanced Micro Devices, Inc. |  |  | 131 |  |  |  | 02/21/20 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 601 |  |  |  | (45,523 | )
Anaplan, Inc. |  |  | 44 |  |  |  | 02/21/20 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 231 |  |  |  | (6,050 | )
Anaplan, Inc. |  |  | 275 |  |  |  | 02/21/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,441 |  |  |  | (59,813 | )
Atlassian Corp. PLC, Class A |  |  | 277 |  |  |  | 02/21/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 3,333 |  |  |  | (149,580 | )
Avalara, Inc. |  |  | 205 |  |  |  | 02/21/20 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 1,502 |  |  |  | (68,675 | )
Bandwidth, Inc., Class A |  |  | 184 |  |  |  | 02/21/20 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,179 |  |  |  | (85,560 | )
Cadence Design Systems, Inc. |  |  | 180 |  |  |  | 02/21/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,248 |  |  |  | (51,300 | )
Cloudflare, Inc., Class A |  |  | 376 |  |  |  | 02/21/20 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 641 |  |  |  | (18,800 | )
Elastic NV |  |  | 406 |  |  |  | 02/21/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,611 |  |  |  | (75,110 | )
Five9, Inc. |  |  | 160 |  |  |  | 02/21/20 |  |  | USD |  |  | 66.60 |  |  | USD |  |  | 1,049 |  |  |  | (49,877 | )
Global Payments, Inc. |  |  | 106 |  |  |  | 02/21/20 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 1,935 |  |  |  | (57,770 | )
IAC/InterActiveCorp. |  |  | 75 |  |  |  | 02/21/20 |  |  | USD |  |  | 241.75 |  |  | USD |  |  | 1,868 |  |  |  | (128,867 | )
Ichor Holdings Ltd. |  |  | 280 |  |  |  | 02/21/20 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 932 |  |  |  | (50,400 | )
Inphi Corp. |  |  | 243 |  |  |  | 02/21/20 |  |  | USD |  |  | 73.75 |  |  | USD |  |  | 1,799 |  |  |  | (93,249 | )
Keysight Technologies, Inc. |  |  | 194 |  |  |  | 02/21/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,991 |  |  |  | (73,720 | )
Livongo Health, Inc. |  |  | 282 |  |  |  | 02/21/20 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 707 |  |  |  | (28,200 | )
Marvell Technology Group Ltd. |  |  | 62 |  |  |  | 02/21/20 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 165 |  |  |  | (6,789 | )
Marvell Technology Group Ltd. |  |  | 219 |  |  |  | 02/21/20 |  |  | USD |  |  | 28.00 |  |  | USD |  |  | 582 |  |  |  | (15,549 | )
MongoDB, Inc. |  |  | 223 |  |  |  | 02/21/20 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 2,935 |  |  |  | (160,560 | )
Okta, Inc. |  |  | 353 |  |  |  | 02/21/20 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 4,073 |  |  |  | (174,735 | )
Pagseguro Digital Ltd., Class A |  |  | 680 |  |  |  | 02/21/20 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 2,323 |  |  |  | (149,600 | )
Pinterest, Inc., Class A |  |  | 343 |  |  |  | 02/21/20 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 639 |  |  |  | (33,443 | )
RingCentral, Inc., Class A |  |  | 24 |  |  |  | 02/21/20 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 405 |  |  |  | (12,000 | )
RingCentral, Inc., Class A |  |  | 82 |  |  |  | 02/21/20 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 1,383 |  |  |  | (55,760 | )
Roku, Inc. |  |  | 68 |  |  |  | 02/21/20 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 911 |  |  |  | (73,100 | )
Shopify, Inc., Class A |  |  | 146 |  |  |  | 02/21/20 |  |  | USD |  |  | 390.00 |  |  | USD |  |  | 5,805 |  |  |  | (494,940 | )
Shopify, Inc., Class A |  |  | 2 |  |  |  | 02/21/20 |  |  | USD |  |  | 455.00 |  |  | USD |  |  | 80 |  |  |  | (2,070 | )
Skyworks Solutions, Inc. |  |  | 159 |  |  |  | 02/21/20 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 1,922 |  |  |  | (351,390 | )
Smartsheet, Inc., Class A |  |  | 214 |  |  |  | 02/21/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 961 |  |  |  | (65,270 | )
Splunk, Inc |  |  | 51 |  |  |  | 02/21/20 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 764 |  |  |  | (35,190 | )
Square, Inc., Class A |  |  | 293 |  |  |  | 02/21/20 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,833 |  |  |  | (24,465 | )
Tesla, Inc. |  |  | 26 |  |  |  | 02/21/20 |  |  | USD |  |  | 385.00 |  |  | USD |  |  | 1,088 |  |  |  | (132,015 | )
Twilio, Inc., Class A |  |  | 493 |  |  |  | 02/21/20 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 4,845 |  |  |  | (205,828 | )
Yandex NV, Class A |  |  | 44 |  |  |  | 02/21/20 |  |  | USD |  |  | 41.00 |  |  | USD |  |  | 191 |  |  |  | (16,280 | )
Zendesk, Inc. |  |  | 170 |  |  |  | 02/21/20 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 1,303 |  |  |  | (38,675 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (12,801,622 | )

88 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust II (BSTZ)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Altium Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 40,900 |  |  |  | 01/07/20 |  |  | AUD |  |  | 33.57 |  |  | AUD |  |  | 1,420 |  |  | $ | (36,241 | )
Arco Platform Ltd., Class A |  | JPMorgan Chase Bank N.A. |  |  | 18,000 |  |  |  | 01/07/20 |  |  | USD |  |  | 44.32 |  |  | USD |  |  | 796 |  |  |  | (16,900 | )
BE Semiconductor Industries NV |  | Credit Suisse International |  |  | 14,400 |  |  |  | 01/07/20 |  |  | EUR |  |  | 34.62 |  |  | EUR |  |  | 498 |  |  |  | (7,705 | )
Delivery Hero AG |  | Citibank N.A. |  |  | 15,700 |  |  |  | 01/07/20 |  |  | EUR |  |  | 43.22 |  |  | EUR |  |  | 1,109 |  |  |  | (483,387 | )
Endava PLC, ADR |  | JPMorgan Chase Bank N.A. |  |  | 9,200 |  |  |  | 01/07/20 |  |  | USD |  |  | 40.36 |  |  | USD |  |  | 429 |  |  |  | (57,512 | )
Kakao Corp. |  | Goldman Sachs International |  |  | 11,000 |  |  |  | 01/07/20 |  |  | KRW |  |  | 142,773.66 |  |  | KRW |  |  | 1,684,821 |  |  |  | (102,637 | )
Monolithic Power Systems, Inc. |  | Citibank N.A. |  |  | 12,300 |  |  |  | 01/07/20 |  |  | USD |  |  | 164.76 |  |  | USD |  |  | 2,190 |  |  |  | (164,456 | )
StoneCo Ltd., Class A |  | JPMorgan Chase Bank N.A. |  |  | 38,800 |  |  |  | 01/07/20 |  |  | USD |  |  | 41.45 |  |  | USD |  |  | 1,548 |  |  |  | (13,958 | )
Weimob, Inc. |  | Goldman Sachs International |  |  | 668,000 |  |  |  | 01/07/20 |  |  | HKD |  |  | 4.06 |  |  | HKD |  |  | 2,265 |  |  |  | (3 | )
Wirecard AG |  | Goldman Sachs International |  |  | 4,600 |  |  |  | 01/07/20 |  |  | EUR |  |  | 120.50 |  |  | EUR |  |  | 495 |  |  |  | (1,175 | )
Xero Ltd. |  | Goldman Sachs International |  |  | 12,900 |  |  |  | 01/07/20 |  |  | AUD |  |  | 70.14 |  |  | AUD |  |  | 1,033 |  |  |  | (89,353 | )
Adyen NV |  | Morgan Stanley & Co. International PLC |  |  | 8,700 |  |  |  | 01/08/20 |  |  | EUR |  |  | 654.22 |  |  | EUR |  |  | 6,380 |  |  |  | (774,359 | )
Altium Ltd. |  | Goldman Sachs International |  |  | 64,900 |  |  |  | 01/08/20 |  |  | AUD |  |  | 34.85 |  |  | AUD |  |  | 2,253 |  |  |  | (27,134 | )
Elastic NV |  | Citibank N.A. |  |  | 30,200 |  |  |  | 01/08/20 |  |  | USD |  |  | 77.83 |  |  | USD |  |  | 1,942 |  |  |  | (277 | )
Endava PLC, ADR |  | Credit Suisse International |  |  | 12,600 |  |  |  | 01/08/20 |  |  | USD |  |  | 44.73 |  |  | USD |  |  | 587 |  |  |  | (27,241 | )
Lasertec Corp. |  | JPMorgan Chase Bank N.A. |  |  | 43,200 |  |  |  | 01/08/20 |  |  | JPY |  |  | 4,318.58 |  |  | JPY |  |  | 238,051 |  |  |  | (493,195 | )
Magazine Luiza SA |  | Citibank N.A. |  |  | 148,000 |  |  |  | 01/08/20 |  |  | USD |  |  | 45.65 |  |  | USD |  |  | 7,060 |  |  |  | (100,949 | )
Network International Holdings PLC |  | Citibank N.A. |  |  | 100,000 |  |  |  | 01/08/20 |  |  | GBP |  |  | 5.53 |  |  | GBP |  |  | 639 |  |  |  | (116,967 | )
Ping An Healthcare and Technology Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 208,700 |  |  |  | 01/08/20 |  |  | HKD |  |  | 59.06 |  |  | HKD |  |  | 11,869 |  |  |  | (25,234 | )
SVMK, Inc. |  | Barclays Bank PLC |  |  | 16,200 |  |  |  | 01/08/20 |  |  | USD |  |  | 17.87 |  |  | USD |  |  | 289 |  |  |  | (5,997 | )
SVMK, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 28,300 |  |  |  | 01/08/20 |  |  | USD |  |  | 17.85 |  |  | USD |  |  | 506 |  |  |  | (10,840 | )
Smartsheet, Inc., Class A |  | Citibank N.A. |  |  | 19,800 |  |  |  | 01/08/20 |  |  | USD |  |  | 43.35 |  |  | USD |  |  | 889 |  |  |  | (42,596 | )
Weimob, Inc. |  | UBS AG |  |  | 1,234,000 |  |  |  | 01/08/20 |  |  | HKD |  |  | 3.88 |  |  | HKD |  |  | 4,183 |  |  |  | (138 | )
Wirecard AG |  | Citibank N.A. |  |  | 9,300 |  |  |  | 01/08/20 |  |  | EUR |  |  | 127.02 |  |  | EUR |  |  | 1,000 |  |  |  | (510 | )
GMO Payment Gateway, Inc. |  | Societe Generale |  |  | 16,000 |  |  |  | 01/09/20 |  |  | JPY |  |  | 7,747.36 |  |  | JPY |  |  | 119,053 |  |  |  | (16,139 | )
Lasertec Corp. |  | Goldman Sachs International |  |  | 65,400 |  |  |  | 01/09/20 |  |  | JPY |  |  | 4,073.65 |  |  | JPY |  |  | 360,383 |  |  |  | (893,981 | )
Murata Manufacturing Co. Ltd. |  | BNP Paribas S.A. |  |  | 23,900 |  |  |  | 01/09/20 |  |  | JPY |  |  | 6,309.39 |  |  | JPY |  |  | 159,833 |  |  |  | (85,318 | )
RIB Software SE |  | Goldman Sachs International |  |  | 32,500 |  |  |  | 01/09/20 |  |  | EUR |  |  | 24.06 |  |  | EUR |  |  | 731 |  |  |  | (1,834 | )
RealReal, Inc. |  | Citibank N.A. |  |  | 37,500 |  |  |  | 01/09/20 |  |  | USD |  |  | 19.66 |  |  | USD |  |  | 707 |  |  |  | (15,075 | )
SOITEC SA |  | Goldman Sachs International |  |  | 18,200 |  |  |  | 01/09/20 |  |  | EUR |  |  | 108.15 |  |  | EUR |  |  | 1,713 |  |  |  | (28 | )
STMicroelectronics NV |  | Goldman Sachs International |  |  | 78,100 |  |  |  | 01/09/20 |  |  | EUR |  |  | 21.96 |  |  | EUR |  |  | 1,878 |  |  |  | (184,376 | )
Samsung Electro-Mechanics Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 27,000 |  |  |  | 01/09/20 |  |  | KRW |  |  | 114,533.94 |  |  | KRW |  |  | 3,358,503 |  |  |  | (246,237 | )
Sunny Optical Technology Group Co. Ltd. |  | UBS AG |  |  | 220,500 |  |  |  | 01/09/20 |  |  | HKD |  |  | 138.53 |  |  | HKD |  |  | 29,770 |  |  |  | (48,892 | )
Trainline PLC |  | Goldman Sachs International |  |  | 264,300 |  |  |  | 01/09/20 |  |  | GBP |  |  | 4.55 |  |  | GBP |  |  | 1,351 |  |  |  | (183,480 | )
Win Semiconductors Corp. |  | JPMorgan Chase Bank N.A. |  |  | 391,000 |  |  |  | 01/09/20 |  |  | USD |  |  | 298.94 |  |  | USD |  |  | 115,494 |  |  |  | (68,918 | )
Win Semiconductors Corp. |  | Morgan Stanley & Co. International PLC |  |  | 52,000 |  |  |  | 01/09/20 |  |  | USD |  |  | 329.34 |  |  | USD |  |  | 15,360 |  |  |  | (465 | )
Wix.com Ltd. |  | Citibank N.A. |  |  | 18,800 |  |  |  | 01/10/20 |  |  | USD |  |  | 124.17 |  |  | USD |  |  | 2,301 |  |  |  | (29,291 | )
Network International Holdings PLC |  | Citibank N.A. |  |  | 223,000 |  |  |  | 01/14/20 |  |  | GBP |  |  | 5.37 |  |  | GBP |  |  | 1,425 |  |  |  | (308,708 | )
SOITEC SA |  | Goldman Sachs International |  |  | 7,000 |  |  |  | 01/14/20 |  |  | EUR |  |  | 106.70 |  |  | EUR |  |  | 659 |  |  |  | (290 | )
Weimob, Inc. |  | Goldman Sachs International |  |  | 1,190,000 |  |  |  | 01/14/20 |  |  | HKD |  |  | 3.35 |  |  | HKD |  |  | 4,034 |  |  |  | (19,693 | )
Xero Ltd. |  | Goldman Sachs International |  |  | 29,500 |  |  |  | 01/14/20 |  |  | AUD |  |  | 79.98 |  |  | AUD |  |  | 2,362 |  |  |  | (40,120 | )
Arco Platform Ltd., Class A |  | Barclays Bank PLC |  |  | 15,800 |  |  |  | 01/15/20 |  |  | USD |  |  | 45.58 |  |  | USD |  |  | 698 |  |  |  | (14,165 | )
Cadence Design Systems, Inc. |  | Citibank N.A. |  |  | 16,400 |  |  |  | 01/15/20 |  |  | USD |  |  | 68.22 |  |  | USD |  |  | 1,138 |  |  |  | (39,018 | )
Cloudflare, Inc., Class A |  | Citibank N.A. |  |  | 33,100 |  |  |  | 01/15/20 |  |  | USD |  |  | 17.36 |  |  | USD |  |  | 565 |  |  |  | (19,817 | )
GMO Payment Gateway, Inc. |  | Goldman Sachs International |  |  | 40,300 |  |  |  | 01/15/20 |  |  | JPY |  |  | 7,518.48 |  |  | JPY |  |  | 299,865 |  |  |  | (92,082 | )
Kakao Corp. |  | JPMorgan Chase Bank N.A. |  |  | 2,300 |  |  |  | 01/15/20 |  |  | KRW |  |  | 153,000.00 |  |  | KRW |  |  | 352,281 |  |  |  | (6,120 | )
Kingdee International Software Group Co. Ltd. |  | Goldman Sachs International |  |  | 578,000 |  |  |  | 01/15/20 |  |  | HKD |  |  | 8.26 |  |  | HKD |  |  | 4,508 |  |  |  | (3,492 | )
Meituan Dianping, Class B |  | JPMorgan Chase Bank N.A. |  |  | 143,400 |  |  |  | 01/15/20 |  |  | HKD |  |  | 108.82 |  |  | HKD |  |  | 14,601 |  |  |  | (16,756 | )
TeamViewer AG |  | Morgan Stanley & Co. International PLC |  |  | 53,000 |  |  |  | 01/15/20 |  |  | EUR |  |  | 29.62 |  |  | EUR |  |  | 1,690 |  |  |  | (134,989 | )
Trainline PLC |  | Goldman Sachs International |  |  | 264,300 |  |  |  | 01/15/20 |  |  | GBP |  |  | 5.27 |  |  | GBP |  |  | 1,351 |  |  |  | (26,474 | )
Yageo Corp. |  | JPMorgan Chase Bank N.A. |  |  | 174,000 |  |  |  | 01/15/20 |  |  | USD |  |  | 391.11 |  |  | USD |  |  | 75,991 |  |  |  | (267,687 | )
GDS Holdings Ltd. — ADR |  | Morgan Stanley & Co. International PLC |  |  | 24,000 |  |  |  | 01/17/20 |  |  | USD |  |  | 52.03 |  |  | USD |  |  | 1,238 |  |  |  | (28,147 | )
Magazine Luiza SA |  | Citibank N.A. |  |  | 149,000 |  |  |  | 01/17/20 |  |  | USD |  |  | 45.65 |  |  | USD |  |  | 7,107 |  |  |  | (123,061 | )
Delivery Hero AG |  | Morgan Stanley & Co. International PLC |  |  | 50,800 |  |  |  | 01/21/20 |  |  | EUR |  |  | 45.65 |  |  | EUR |  |  | 3,590 |  |  |  | (1,443,217 | )
Endava PLC, ADR |  | JPMorgan Chase Bank N.A. |  |  | 8,900 |  |  |  | 01/21/20 |  |  | USD |  |  | 47.07 |  |  | USD |  |  | 415 |  |  |  | (11,947 | )

SCHEDULES OF INVESTMENTS |  |  | 89 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust II (BSTZ)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cadence Design Systems, Inc. |  | Citibank N.A. |  |  | 16,400 |  |  |  | 01/22/20 |  |  | USD |  |  | 68.22 |  |  | USD |  |  | 1,138 |  |  | $ | (43,456 | )
SOITEC SA |  | Morgan Stanley & Co. International PLC |  |  | 7,000 |  |  |  | 01/22/20 |  |  | EUR |  |  | 106.70 |  |  | EUR |  |  | 659 |  |  |  | (1,037 | )
Adyen NV |  | Citibank N.A. |  |  | 2,650 |  |  |  | 01/23/20 |  |  | EUR |  |  | 735.62 |  |  | EUR |  |  | 1,943 |  |  |  | (45,559 | )
Altium Ltd. |  | Goldman Sachs International |  |  | 40,900 |  |  |  | 01/23/20 |  |  | AUD |  |  | 37.12 |  |  | AUD |  |  | 1,420 |  |  |  | (8,350 | )
BE Semiconductor Industries NV |  | Goldman Sachs International |  |  | 45,000 |  |  |  | 01/23/20 |  |  | EUR |  |  | 35.78 |  |  | EUR |  |  | 1,557 |  |  |  | (34,242 | )
GMO Payment Gateway, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 23,600 |  |  |  | 01/23/20 |  |  | JPY |  |  | 7,655.71 |  |  | JPY |  |  | 175,604 |  |  |  | (54,729 | )
Kingdee International Software Group Co. Ltd. |  | UBS AG |  |  | 578,000 |  |  |  | 01/23/20 |  |  | HKD |  |  | 8.55 |  |  | HKD |  |  | 4,508 |  |  |  | (2,590 | )
Meituan Dianping, Class B |  | Goldman Sachs International |  |  | 214,900 |  |  |  | 01/23/20 |  |  | HKD |  |  | 109.11 |  |  | HKD |  |  | 21,881 |  |  |  | (39,098 | )
Network International Holdings PLC |  | Goldman Sachs International |  |  | 100,700 |  |  |  | 01/23/20 |  |  | GBP |  |  | 5.96 |  |  | GBP |  |  | 643 |  |  |  | (63,764 | )
Ping An Healthcare and Technology Co. Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 291,400 |  |  |  | 01/23/20 |  |  | HKD |  |  | 58.76 |  |  | HKD |  |  | 16,572 |  |  |  | (81,906 | )
SVMK, Inc. |  | Barclays Bank PLC |  |  | 16,200 |  |  |  | 01/23/20 |  |  | USD |  |  | 17.87 |  |  | USD |  |  | 289 |  |  |  | (10,238 | )
SVMK, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 28,300 |  |  |  | 01/23/20 |  |  | USD |  |  | 17.77 |  |  | USD |  |  | 506 |  |  |  | (19,558 | )
Weimob, Inc. |  | UBS AG |  |  | 1,000,000 |  |  |  | 01/23/20 |  |  | HKD |  |  | 3.40 |  |  | HKD |  |  | 3,390 |  |  |  | (17,487 | )
Afya Ltd., Class A |  | Citibank N.A. |  |  | 25,500 |  |  |  | 01/24/20 |  |  | USD |  |  | 29.54 |  |  | USD |  |  | 692 |  |  |  | (11,359 | )
Network International Holdings PLC |  | Citibank N.A. |  |  | 90,200 |  |  |  | 01/24/20 |  |  | GBP |  |  | 5.90 |  |  | GBP |  |  | 576 |  |  |  | (61,436 | )
RIB Software SE |  | Goldman Sachs International |  |  | 32,000 |  |  |  | 01/24/20 |  |  | EUR |  |  | 25.48 |  |  | EUR |  |  | 719 |  |  |  | (2,255 | )
Silicon Laboratories, Inc. |  | Citibank N.A. |  |  | 12,400 |  |  |  | 01/24/20 |  |  | USD |  |  | 118.64 |  |  | USD |  |  | 1,438 |  |  |  | (42,250 | )
Wirecard AG |  | Goldman Sachs International |  |  | 9,600 |  |  |  | 01/24/20 |  |  | EUR |  |  | 120.91 |  |  | EUR |  |  | 1,032 |  |  |  | (8,392 | )
Zalando SE |  | Credit Suisse International |  |  | 67,000 |  |  |  | 01/24/20 |  |  | EUR |  |  | 43.36 |  |  | EUR |  |  | 3,012 |  |  |  | (173,461 | )
Aspen Technology, Inc. |  | Barclays Bank PLC |  |  | 8,200 |  |  |  | 01/27/20 |  |  | USD |  |  | 123.22 |  |  | USD |  |  | 992 |  |  |  | (25,773 | )
Silicon Laboratories, Inc. |  | Barclays Bank PLC |  |  | 8,200 |  |  |  | 01/27/20 |  |  | USD |  |  | 116.34 |  |  | USD |  |  | 951 |  |  |  | (27,801 | )
Kakao Corp. |  | Goldman Sachs International |  |  | 2,300 |  |  |  | 01/28/20 |  |  | KRW |  |  | 153,000.00 |  |  | KRW |  |  | 352,281 |  |  |  | (8,213 | )
SOITEC SA |  | UBS AG |  |  | 4,900 |  |  |  | 01/28/20 |  |  | EUR |  |  | 117.42 |  |  | EUR |  |  | 461 |  |  |  | (196 | )
SVMK, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 32,500 |  |  |  | 01/28/20 |  |  | USD |  |  | 18.00 |  |  | USD |  |  | 581 |  |  |  | (20,968 | )
Kingdee International Software Group Co. Ltd. |  | Goldman Sachs International |  |  | 600,000 |  |  |  | 01/29/20 |  |  | HKD |  |  | 8.44 |  |  | HKD |  |  | 4,680 |  |  |  | (5,328 | )
ON Semiconductor Corp. |  | JPMorgan Chase Bank N.A. |  |  | 33,600 |  |  |  | 01/29/20 |  |  | USD |  |  | 24.56 |  |  | USD |  |  | 819 |  |  |  | (26,560 | )
Viavi Solutions, Inc. |  | Citibank N.A. |  |  | 55,400 |  |  |  | 01/30/20 |  |  | USD |  |  | 15.04 |  |  | USD |  |  | 831 |  |  |  | (23,836 | )
Arco Platform Ltd., Class A |  | JPMorgan Chase Bank N.A. |  |  | 31,000 |  |  |  | 01/31/20 |  |  | USD |  |  | 48.87 |  |  | USD |  |  | 1,370 |  |  |  | (19,189 | )
Snap, Inc., Class A |  | UBS AG |  |  | 45,300 |  |  |  | 01/31/20 |  |  | USD |  |  | 15.89 |  |  | USD |  |  | 740 |  |  |  | (48,121 | )
Delivery Hero AG |  | Goldman Sachs International |  |  | 17,000 |  |  |  | 02/05/20 |  |  | EUR |  |  | 68.50 |  |  | EUR |  |  | 1,201 |  |  |  | (85,324 | )
Endava PLC, ADR |  | Bank of America N.A. |  |  | 8,900 |  |  |  | 02/05/20 |  |  | USD |  |  | 47.97 |  |  | USD |  |  | 415 |  |  |  | (13,013 | )
RIB Software SE |  | Goldman Sachs International |  |  | 17,000 |  |  |  | 02/05/20 |  |  | EUR |  |  | 20.99 |  |  | EUR |  |  | 382 |  |  |  | (36,850 | )
Weimob, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 800,000 |  |  |  | 02/05/20 |  |  | HKD |  |  | 3.54 |  |  | HKD |  |  | 2,712 |  |  |  | (11,634 | )
Xero Ltd. |  | Goldman Sachs International |  |  | 19,000 |  |  |  | 02/05/20 |  |  | AUD |  |  | 83.80 |  |  | AUD |  |  | 1,521 |  |  |  | (21,629 | )
GDS Holdings Ltd. — ADR |  | Morgan Stanley & Co. International PLC |  |  | 54,000 |  |  |  | 02/06/20 |  |  | USD |  |  | 52.03 |  |  | USD |  |  | 2,785 |  |  |  | (99,207 | )
Kingdee International Software Group Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 1,245,000 |  |  |  | 02/06/20 |  |  | HKD |  |  | 8.19 |  |  | HKD |  |  | 9,711 |  |  |  | (24,717 | )
Magazine Luiza SA |  | Morgan Stanley & Co. International PLC |  |  | 172,200 |  |  |  | 02/06/20 |  |  | USD |  |  | 50.32 |  |  | USD |  |  | 8,214 |  |  |  | (55,586 | )
SOITEC SA |  | Credit Suisse International |  |  | 5,000 |  |  |  | 02/06/20 |  |  | EUR |  |  | 121.28 |  |  | EUR |  |  | 471 |  |  |  | (204 | )
SVMK, Inc. |  | Citibank N.A. |  |  | 23,000 |  |  |  | 02/06/20 |  |  | USD |  |  | 18.65 |  |  | USD |  |  | 411 |  |  |  | (17,440 | )
RealReal, Inc. |  | Credit Suisse International |  |  | 56,000 |  |  |  | 02/10/20 |  |  | USD |  |  | 18.17 |  |  | USD |  |  | 1,056 |  |  |  | (116,858 | )
Endava PLC, ADR |  | Barclays Bank PLC |  |  | 12,500 |  |  |  | 02/12/20 |  |  | USD |  |  | 48.32 |  |  | USD |  |  | 583 |  |  |  | (19,045 | )
Teladoc Health, Inc. |  | Barclays Bank PLC |  |  | 31,200 |  |  |  | 02/12/20 |  |  | USD |  |  | 85.42 |  |  | USD |  |  | 2,612 |  |  |  | (136,291 | )
Arco Platform Ltd., Class A |  | JPMorgan Chase Bank N.A. |  |  | 31,000 |  |  |  | 02/13/20 |  |  | USD |  |  | 48.87 |  |  | USD |  |  | 1,370 |  |  |  | (29,098 | )
|  |  | $ | (8,562,629 | )

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

|  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  |  | N/A |  |  |  | N/A |  |  | $ | 4,169,038 |  |  | $ | (10,735,818 | ) |  | $ | (21,364,251 | )

90 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust II (BSTZ)

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 21,364,251 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 21,364,251 |

For the period ended December 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased(a) |  | $ | — |  |  | $ | — |  |  | $ | (3,515) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,515) |
Options written |  |  | — |  |  |  | — |  |  |  | 3,472,843 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,472,843 |
|  |  | $— |  |  | $ | — |  |  | $ | 3,469,328 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,469,328 |

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (6,566,780) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (6,566,780) |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts purchased |  | $ | 23 |
Average value of option contracts written |  | $ | 9,256,674 |

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 |  | $ | — |  |  | $ | 21,364,251 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (12,801,622 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 8,562,629 |

SCHEDULES OF INVESTMENTS |  |  | 91 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust II (BSTZ)

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

pledged by the Trust:

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged |  |  | Cash Collateral Pledged (a) |  |  | Net Amount of Derivative Liabilities (b) |
Bank of America N.A. |  | $ | 13,013 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,013 |
Barclays Bank PLC |  |  | 239,310 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 239,310 |
BNP Paribas S.A. |  |  | 85,318 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 85,318 |
Citibank N.A. |  |  | 1,689,448 |  |  |  | — |  |  |  | — |  |  |  | (1,689,448 | ) |  |  | — |
Credit Suisse International |  |  | 325,469 |  |  |  | — |  |  |  | — |  |  |  | (325,469 | ) |  |  | — |
Goldman Sachs International |  |  | 1,979,597 |  |  |  | — |  |  |  | — |  |  |  | (1,979,597 | ) |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 1,206,527 |  |  |  | — |  |  |  | — |  |  |  | (1,200,000 | ) |  |  | 6,527 |
Morgan Stanley & Co. International PLC |  |  | 2,890,384 |  |  |  | — |  |  |  | — |  |  |  | (2,890,384 | ) |  |  | — |
Societe Generale |  |  | 16,139 |  |  |  | — |  |  |  | — |  |  |  | (16,139 | ) |  |  | — |
UBS AG |  |  | 117,424 |  |  |  | — |  |  |  | — |  |  |  | (117,424 | ) |  |  | — |
|  | $ | 8,562,629 |  |  | $ | — |  |  | $ | — |  |  | $ | (8,218,461 | ) |  | $ | 344,168 |

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

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobiles |  | $ | 21,667,821 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,667,821 |
Banks |  |  | — |  |  |  | — |  |  |  | 18,255,407 |  |  |  | 18,255,407 |
Capital Markets |  |  | 16,030,436 |  |  |  | — |  |  |  | — |  |  |  | 16,030,436 |
Communications Equipment |  |  | 35,956,510 |  |  |  | — |  |  |  | — |  |  |  | 35,956,510 |
Diversified Consumer Services |  |  | 45,743,546 |  |  |  | — |  |  |  | — |  |  |  | 45,743,546 |
Diversified Telecommunication Services |  |  | 8,521,532 |  |  |  | — |  |  |  | — |  |  |  | 8,521,532 |
Electronic Equipment, Instruments & Components |  |  | 15,147,572 |  |  |  | 75,266,493 |  |  |  | — |  |  |  | 90,414,065 |
Entertainment |  |  | 52,687,081 |  |  |  | — |  |  |  | — |  |  |  | 52,687,081 |
Health Care Technology |  |  | 19,213,143 |  |  |  | 14,601,762 |  |  |  | — |  |  |  | 33,814,905 |
Hotels, Restaurants & Leisure |  |  | 19,200,477 |  |  |  | — |  |  |  | — |  |  |  | 19,200,477 |
Interactive Media & Services |  |  | 60,183,514 |  |  |  | 21,280,664 |  |  |  | — |  |  |  | 81,464,178 |
Internet & Direct Marketing Retail |  |  | 35,822,821 |  |  |  | 73,228,644 |  |  |  | — |  |  |  | 109,051,465 |
IT Services |  |  | 196,549,649 |  |  |  | 53,622,882 |  |  |  | 10,944,254 |  |  |  | 261,116,785 |
Multiline Retail |  |  | 22,257,925 |  |  |  | — |  |  |  | — |  |  |  | 22,257,925 |
Professional Services |  |  | 10,784,358 |  |  |  | — |  |  |  | — |  |  |  | 10,784,358 |
Semiconductors & Semiconductor Equipment |  |  | 209,348,403 |  |  |  | 88,395,411 |  |  |  | — |  |  |  | 297,743,814 |
Software |  |  | 282,123,490 |  |  |  | 57,870,430 |  |  |  | — |  |  |  | 339,993,920 |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 91,720,586 |  |  |  | 91,720,586 |
Warrants |  |  | — |  |  |  | — |  |  |  | 53,498 |  |  |  | 53,498 |
Short-Term Securities |  |  | 96,230,373 |  |  |  | — |  |  |  | — |  |  |  | 96,230,373 |
|  | $ | 1,147,468,651 |  |  | $ | 384,266,286 |  |  | $ | 120,973,745 |  |  | $ | 1,652,708,682 |
Investments Valued at NAV(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 66,921,514 |
Total Investments |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,719,630,196 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity contracts |  | $ | (12,060,729 | ) |  | $ | (9,303,522 | ) |  | $ | — |  |  | $ | (21,364,251 | )

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

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

92 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Science and Technology Trust II (BSTZ)

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 |  |  | Warrants |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening Balance, as of June 27, 2019(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation)(b)(c) |  |  | 1,864,188 |  |  |  | 120,883 |  |  |  | 53,498 |  |  |  | 2,038,569 |
Purchases |  |  | 27,335,473 |  |  |  | 91,599,703 |  |  |  | — |  |  |  | 118,935,176 |
Sales |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Closing Balance, as of December 31, 2019 |  | $ | 29,199,661 |  |  | $ | 91,720,586 |  |  | $ | 53,498 |  |  | $ | 120,973,745 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019(c) |  | $ | 1,864,188 |  |  | $ | 120,883 |  |  | $ | 53,498 |  |  | $ | 2,038,569 |

| (a) | Commencement of operations |

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

| (c) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019 is generally due to investments no longer held or categorized as Level 3 at period end. |

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock 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 (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 29,199,661 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 4.86x – 8.36x |  |  |  | 7.05x |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 34% |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 3.0 |  |  |  | — |
Preferred Stocks |  |  | 91,720,586 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 4.00x – 15.50x |  |  |  | 10.05x |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 32% – 66% |  |  |  | 45% |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 2.6 – 5.0 |  |  |  | 3.6 |
|  |  |  |  |  |  |  |  |  |  | Recent Transactions |  |  |  | — |  |  |  | — |
Warrants |  |  | 53,498 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 4.86x |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 34% |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 3.0 |  |  |  | — |
|  | $ | 120,973,745 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS |  |  | 93 |

Schedule of Investments December 31, 2019 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks — 97.4% |
Building Products — 4.9% |
Johnson Controls International PLC(a) |  |  | 191,659 |  |  | $ | 7,802,438 |
Kingspan Group PLC |  |  | 85,625 |  |  |  | 5,229,681 |
Sika AG, Registered Shares |  |  | 29,890 |  |  |  | 5,613,203 |
|  |  |  | 18,645,322 |
Chemicals — 5.5% |
Air Liquide SA |  |  | 42,189 |  |  |  | 5,981,166 |
Johnson Matthey PLC |  |  | 135,445 |  |  |  | 5,385,478 |
Linde PLC |  |  | 27,302 |  |  |  | 5,858,212 |
Umicore SA |  |  | 79,910 |  |  |  | 3,894,333 |
|  |  |  | 21,119,189 |
Commercial Services & Supplies — 2.3% |
Waste Connections, Inc.(a) |  |  | 97,050 |  |  |  | 8,811,170 |
Construction & Engineering — 4.8% |
Quanta Services, Inc.(a) |  |  | 137,060 |  |  |  | 5,579,713 |
Vinci SA |  |  | 116,200 |  |  |  | 12,941,607 |
|  |  |  | 18,521,320 |
Electric Utilities — 30.1% |
American Electric Power Co., Inc.(a) |  |  | 64,450 |  |  |  | 6,091,170 |
Duke Energy Corp.(a) |  |  | 94,568 |  |  |  | 8,625,547 |
Enel SpA |  |  | 2,531,475 |  |  |  | 20,109,589 |
Entergy Corp.(a) |  |  | 48,700 |  |  |  | 5,834,260 |
Exelon Corp.(a) |  |  | 127,108 |  |  |  | 5,794,854 |
FirstEnergy Corp.(a) |  |  | 185,130 |  |  |  | 8,997,318 |
Fortis, Inc.(a) |  |  | 144,250 |  |  |  | 5,989,260 |
Iberdrola SA |  |  | 1,243,049 |  |  |  | 12,810,324 |
NextEra Energy, Inc.(a)(b) |  |  | 152,745 |  |  |  | 36,988,729 |
Xcel Energy, Inc.(a) |  |  | 67,150 |  |  |  | 4,263,354 |
|  |  |  | 115,504,405 |
Electrical Equipment — 9.0% |
ABB Ltd., Registered Shares |  |  | 218,278 |  |  |  | 5,265,550 |
Eaton Corp. PLC(a) |  |  | 65,250 |  |  |  | 6,180,480 |
Schneider Electric SE |  |  | 90,882 |  |  |  | 9,337,191 |
Siemens Gamesa Renewable Energy SA |  |  | 168,166 |  |  |  | 2,961,515 |
Vestas Wind Systems A/S |  |  | 106,260 |  |  |  | 10,732,943 |
|  |  |  | 34,477,679 |
Electronic Equipment, Instruments & Components — 1.7% |
Hexagon AB, Class B |  |  | 116,100 |  |  |  | 6,507,552 |
Independent Power and Renewable Electricity Producers — 8.2% |
AES Corp.(a) |  |  | 293,050 |  |  |  | 5,831,695 |
China Longyuan Power Group Corp. Ltd., Class H |  |  | 12,875,000 |  |  |  | 8,142,035 |
EDP Renovaveis SA |  |  | 1,471,000 |  |  |  | 17,325,217 |
|  |  |  | 31,298,947 |
Machinery — 1.4% |
Atlas Copco AB, Class B |  |  | 155,000 |  |  |  | 5,381,761 |

Security |  | Shares |  |  | Value |
Multi-Utilities — 16.0% |
CMS Energy Corp.(a) |  |  | 128,150 |  |  | $ | 8,052,946 |
Dominion Energy, Inc.(a) |  |  | 138,648 |  |  |  | 11,482,827 |
National Grid PLC |  |  | 958,124 |  |  |  | 11,973,832 |
Public Service Enterprise Group, Inc.(a) |  |  | 145,582 |  |  |  | 8,596,617 |
RWE AG |  |  | 395,100 |  |  |  | 12,106,637 |
Sempra Energy(a) |  |  | 35,800 |  |  |  | 5,422,984 |
WEC Energy Group, Inc.(a) |  |  | 40,780 |  |  |  | 3,761,140 |
|  |  |  | 61,396,983 |
Oil, Gas & Consumable Fuels — 10.9% |
Enbridge, Inc. |  |  | 260,740 |  |  |  | 10,369,630 |
Enterprise Products Partners LP(a) |  |  | 131,703 |  |  |  | 3,708,756 |
TC Energy Corp. |  |  | 228,300 |  |  |  | 12,159,122 |
Williams Cos., Inc.(a) |  |  | 651,955 |  |  |  | 15,464,373 |
|  |  |  | 41,701,881 |
Semiconductors & Semiconductor Equipment — 2.6% |
First Solar, Inc.(a)(c) |  |  | 72,200 |  |  |  | 4,040,312 |
Texas Instruments, Inc.(a) |  |  | 44,260 |  |  |  | 5,678,115 |
|  |  |  | 9,718,427 |
Total Long-Term Investments — 97.4% (Cost — $271,392,208) |  |  |  | 373,084,636 |
Short-Term Securities — 3.3% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.51%(d)(e) |  |  | 12,716,146 |  |  |  | 12,716,146 |
Total Short-Term Securities — 3.3% (Cost — $12,716,146) |  |  |  | 12,716,146 |
Total Investments Before Options Written — 100.7% (Cost — $284,108,354) |  |  |  | 385,800,782 |
Options Written — (1.0)% (Premiums Received — $2,369,014) |  |  |  | (3,730,309 | )
Total Investments, Net of Options Written — 99.7% (Cost — $281,739,340) |  |  |  | 382,070,473 |
Other Assets Less Liabilities — 0.3% |  |  |  | 1,266,637 |
Net Assets — 100.0% |  |  | $ | 383,337,110 |

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

(e) | During the year ended December 31, 2019, investments in issuers considered to be an affiliate/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 12/31/18 |  |  | Net Activity |  |  | Shares Held at 12/31/19 |  |  | Value at 12/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 9,797,799 |  |  |  | 2,918,347 |  |  |  | 12,716,146 |  |  | $ | 12,716,146 |  |  | $ | 172,565 |  |  | $ | 23 |  |  | $ | — |

| (a) | Includes net capital gain distributions, if applicable. |

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.

94 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Johnson Controls International PLC |  |  | 101 |  |  |  | 01/10/20 |  |  | USD |  |  | 42.00 |  |  | USD |  |  | 411 |  |  | $ | (353 | )
Texas Instruments, Inc. |  |  | 52 |  |  |  | 01/10/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 667 |  |  |  | (18,928 | )
Williams Cos., Inc. |  |  | 292 |  |  |  | 01/10/20 |  |  | USD |  |  | 22.55 |  |  | USD |  |  | 693 |  |  |  | (35,262 | )
American Electric Power Co., Inc. |  |  | 122 |  |  |  | 01/17/20 |  |  | USD |  |  | 91.26 |  |  | USD |  |  | 1,153 |  |  |  | (43,123 | )
CMS Energy Corp. |  |  | 200 |  |  |  | 01/17/20 |  |  | USD |  |  | 61.01 |  |  | USD |  |  | 1,257 |  |  |  | (41,609 | )
Dominion Energy, Inc. |  |  | 188 |  |  |  | 01/17/20 |  |  | USD |  |  | 82.50 |  |  | USD |  |  | 1,557 |  |  |  | (19,740 | )
Dominion Resources, Inc. |  |  | 297 |  |  |  | 01/17/20 |  |  | USD |  |  | 82.36 |  |  | USD |  |  | 2,460 |  |  |  | (33,592 | )
Duke Energy Corp. |  |  | 162 |  |  |  | 01/17/20 |  |  | USD |  |  | 87.50 |  |  | USD |  |  | 1,478 |  |  |  | (62,370 | )
Duke Energy Corp. |  |  | 168 |  |  |  | 01/17/20 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 1,532 |  |  |  | (28,560 | )
Entergy Corp. |  |  | 72 |  |  |  | 01/17/20 |  |  | USD |  |  | 119.29 |  |  | USD |  |  | 863 |  |  |  | (13,352 | )
Enterprise Products Partners LP |  |  | 61 |  |  |  | 01/17/20 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 172 |  |  |  | (8,082 | )
Exelon Corp. |  |  | 323 |  |  |  | 01/17/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 1,473 |  |  |  | (3,230 | )
Exelon Corp. |  |  | 273 |  |  |  | 01/17/20 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,245 |  |  |  | (26,618 | )
First Solar, Inc. |  |  | 84 |  |  |  | 01/17/20 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 470 |  |  |  | (18,186 | )
FirstEnergy Corp. |  |  | 177 |  |  |  | 01/17/20 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 860 |  |  |  | (6,637 | )
FirstEnergy Corp. |  |  | 61 |  |  |  | 01/17/20 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 296 |  |  |  | (10,675 | )
FirstEnergy Corp. |  |  | 159 |  |  |  | 01/17/20 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 773 |  |  |  | (15,105 | )
Fortis, Inc. |  |  | 250 |  |  |  | 01/17/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,038 |  |  |  | (43,125 | )
Johnson Controls International PLC |  |  | 344 |  |  |  | 01/17/20 |  |  | USD |  |  | 44.00 |  |  | USD |  |  | 1,400 |  |  |  | (3,096 | )
NextEra Energy, Inc. |  |  | 168 |  |  |  | 01/17/20 |  |  | USD |  |  | 222.35 |  |  | USD |  |  | 4,068 |  |  |  | (336,625 | )
Public Service Enterprise Group, Inc. |  |  | 303 |  |  |  | 01/17/20 |  |  | USD |  |  | 61.22 |  |  | USD |  |  | 1,789 |  |  |  | (4,196 | )
Sempra Energy |  |  | 125 |  |  |  | 01/17/20 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,894 |  |  |  | (32,813 | )
TC Energy Corp. |  |  | 195 |  |  |  | 01/17/20 |  |  | CAD |  |  | 71.00 |  |  | CAD |  |  | 1,349 |  |  |  | (2,853 | )
Texas Instruments, Inc. |  |  | 29 |  |  |  | 01/17/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 372 |  |  |  | (12,325 | )
WEC Energy Group, Inc. |  |  | 71 |  |  |  | 01/17/20 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 655 |  |  |  | (18,815 | )
Waste Connections, Inc. |  |  | 170 |  |  |  | 01/17/20 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 1,543 |  |  |  | (27,200 | )
Williams Cos., Inc. |  |  | 292 |  |  |  | 01/17/20 |  |  | USD |  |  | 22.55 |  |  | USD |  |  | 693 |  |  |  | (37,016 | )
Xcel Energy, Inc. |  |  | 111 |  |  |  | 01/17/20 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 705 |  |  |  | (12,111 | )
NextEra Energy, Inc. |  |  | 154 |  |  |  | 01/22/20 |  |  | USD |  |  | 235.52 |  |  | USD |  |  | 3,729 |  |  |  | (118,964 | )
Eaton Corp. |  |  | 181 |  |  |  | 01/24/20 |  |  | USD |  |  | 93.00 |  |  | USD |  |  | 1,714 |  |  |  | (51,585 | )
First Solar, Inc. |  |  | 96 |  |  |  | 01/24/20 |  |  | USD |  |  | 56.50 |  |  | USD |  |  | 537 |  |  |  | (16,128 | )
FirstEnergy Corp. |  |  | 63 |  |  |  | 01/24/20 |  |  | USD |  |  | 49.10 |  |  | USD |  |  | 306 |  |  |  | (3,186 | )
Johnson Controls International PLC |  |  | 112 |  |  |  | 01/24/20 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 456 |  |  |  | (560 | )
Williams Cos., Inc. |  |  | 378 |  |  |  | 01/24/20 |  |  | USD |  |  | 23.50 |  |  | USD |  |  | 897 |  |  |  | (24,948 | )
WEC Energy Group, Inc. |  |  | 71 |  |  |  | 01/29/20 |  |  | USD |  |  | 92.45 |  |  | USD |  |  | 655 |  |  |  | (10,554 | )
Xcel Energy, Inc. |  |  | 124 |  |  |  | 01/29/20 |  |  | USD |  |  | 61.90 |  |  | USD |  |  | 787 |  |  |  | (29,741 | )
Eaton Corp. |  |  | 47 |  |  |  | 01/31/20 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 445 |  |  |  | (9,987 | )
Enterprise Products Partners LP |  |  | 102 |  |  |  | 01/31/20 |  |  | USD |  |  | 28.00 |  |  | USD |  |  | 287 |  |  |  | (7,140 | )
First Solar, Inc. |  |  | 72 |  |  |  | 01/31/20 |  |  | USD |  |  | 58.50 |  |  | USD |  |  | 403 |  |  |  | (8,964 | )
FirstEnergy Corp. |  |  | 63 |  |  |  | 01/31/20 |  |  | USD |  |  | 49.25 |  |  | USD |  |  | 306 |  |  |  | (3,426 | )
Johnson Controls International PLC |  |  | 113 |  |  |  | 01/31/20 |  |  | USD |  |  | 42.00 |  |  | USD |  |  | 460 |  |  |  | (5,480 | )
NextEra Energy, Inc. |  |  | 212 |  |  |  | 01/31/20 |  |  | USD |  |  | 243.00 |  |  | USD |  |  | 5,134 |  |  |  | (89,372 | )
Quanta Services, Inc. |  |  | 342 |  |  |  | 01/31/20 |  |  | USD |  |  | 41.50 |  |  | USD |  |  | 1,392 |  |  |  | (29,664 | )
Texas Instruments, Inc. |  |  | 73 |  |  |  | 01/31/20 |  |  | USD |  |  | 131.00 |  |  | USD |  |  | 937 |  |  |  | (18,031 | )
Williams Cos., Inc. |  |  | 468 |  |  |  | 01/31/20 |  |  | USD |  |  | 23.50 |  |  | USD |  |  | 1,110 |  |  |  | (34,164 | )
Enterprise Products Partners LP |  |  | 297 |  |  |  | 02/07/20 |  |  | USD |  |  | 28.50 |  |  | USD |  |  | 836 |  |  |  | (14,108 | )
FirstEnergy Corp. |  |  | 124 |  |  |  | 02/10/20 |  |  | USD |  |  | 49.00 |  |  | USD |  |  | 603 |  |  |  | (6,489 | )
AES Corp. |  |  | 450 |  |  |  | 02/21/20 |  |  | USD |  |  | 19.00 |  |  | USD |  |  | 896 |  |  |  | (49,500 | )
AES Corp. |  |  | 445 |  |  |  | 02/21/20 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 886 |  |  |  | (20,025 | )
American Electric Power Co., Inc. |  |  | 103 |  |  |  | 02/21/20 |  |  | USD |  |  | 92.50 |  |  | USD |  |  | 973 |  |  |  | (31,930 | )
CMS Energy Corp. |  |  | 248 |  |  |  | 02/21/20 |  |  | USD |  |  | 62.75 |  |  | USD |  |  | 1,558 |  |  |  | (30,485 | )
Fortis, Inc. |  |  | 254 |  |  |  | 02/21/20 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,055 |  |  |  | (48,260 | )
Public Service Enterprise Group, Inc. |  |  | 206 |  |  |  | 02/21/20 |  |  | USD |  |  | 60.24 |  |  | USD |  |  | 1,216 |  |  |  | (18,687 | )
TC Energy Corp. |  |  | 258 |  |  |  | 02/21/20 |  |  | CAD |  |  | 70.00 |  |  | CAD |  |  | 1,784 |  |  |  | (22,650 | )
TC Energy Corp. |  |  | 194 |  |  |  | 02/21/20 |  |  | CAD |  |  | 71.00 |  |  | CAD |  |  | 1,342 |  |  |  | (11,130 | )
Williams Cos., Inc. |  |  | 378 |  |  |  | 02/21/20 |  |  | USD |  |  | 24.00 |  |  | USD |  |  | 897 |  |  |  | (25,137 | )
Williams Cos., Inc. |  |  | 473 |  |  |  | 02/21/20 |  |  | USD |  |  | 23.31 |  |  | USD |  |  | 1,122 |  |  |  | (51,792 | )
Entergy Corp. |  |  | 98 |  |  |  | 03/20/20 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,174 |  |  |  | (10,780 | )
Waste Connections, Inc. |  |  | 170 |  |  |  | 03/20/20 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 1,543 |  |  |  | (20,825 | )
|  |  | $ | (1,739,289 | )

SCHEDULES OF INVESTMENTS |  |  | 95 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |
Enbridge, Inc. |  | Credit Suisse International |  |  | 30,600 |  |  |  | 01/06/20 |  |  | USD |  |  | 37.20 |  |  | USD |  |  | 1,217 |  |  | $ | (79,119 | )
Atlas Copco AB, Class B |  | Morgan Stanley & Co. International PLC |  |  | 27,500 |  |  |  | 01/07/20 |  |  | SEK |  |  | 323.48 |  |  | SEK |  |  | 8,943 |  |  |  | (16,517 | )
Iberdrola SA |  | Goldman Sachs International |  |  | 116,700 |  |  |  | 01/07/20 |  |  | EUR |  |  | 9.05 |  |  | EUR |  |  | 1,072 |  |  |  | (19,996 | )
Johnson Matthey PLC |  | UBS AG |  |  | 18,900 |  |  |  | 01/07/20 |  |  | GBP |  |  | 32.05 |  |  | GBP |  |  | 567 |  |  |  | (753 | )
China Longyuan Power Group Corp. Ltd., Class H |  | JPMorgan Chase Bank N.A. |  |  | 1,080,000 |  |  |  | 01/08/20 |  |  | HKD |  |  | 4.53 |  |  | HKD |  |  | 5,324 |  |  |  | (55,087 | )
RWE AG |  | Citibank N.A. |  |  | 43,000 |  |  |  | 01/08/20 |  |  | EUR |  |  | 27.01 |  |  | EUR |  |  | 1,175 |  |  |  | (26,879 | )
ABB Ltd. |  | Goldman Sachs International |  |  | 59,100 |  |  |  | 01/09/20 |  |  | CHF |  |  | 22.11 |  |  | CHF |  |  | 1,380 |  |  |  | (75,772 | )
Sika AG, Registered Shares |  | Goldman Sachs International |  |  | 6,100 |  |  |  | 01/09/20 |  |  | CHF |  |  | 179.22 |  |  | CHF |  |  | 1,109 |  |  |  | (23,322 | )
Vinci SA |  | UBS AG |  |  | 17,800 |  |  |  | 01/09/20 |  |  | EUR |  |  | 103.82 |  |  | EUR |  |  | 1,767 |  |  |  | (368 | )
Air Liquide SA |  | Morgan Stanley & Co. International PLC |  |  | 7,400 |  |  |  | 01/14/20 |  |  | EUR |  |  | 123.00 |  |  | EUR |  |  | 935 |  |  |  | (30,208 | )
Enel SpA |  | Credit Suisse International |  |  | 259,000 |  |  |  | 01/14/20 |  |  | EUR |  |  | 7.00 |  |  | EUR |  |  | 1,834 |  |  |  | (38,345 | )
Iberdrola SA |  | Credit Suisse International |  |  | 318,300 |  |  |  | 01/14/20 |  |  | EUR |  |  | 8.73 |  |  | EUR |  |  | 2,925 |  |  |  | (165,646 | )
Kingspan Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 10,500 |  |  |  | 01/14/20 |  |  | EUR |  |  | 48.72 |  |  | EUR |  |  | 572 |  |  |  | (67,507 | )
National Grid PLC |  | Goldman Sachs International |  |  | 229,300 |  |  |  | 01/14/20 |  |  | GBP |  |  | 9.02 |  |  | GBP |  |  | 2,162 |  |  |  | (139,375 | )
Enbridge, Inc. |  | Credit Suisse International |  |  | 27,200 |  |  |  | 01/15/20 |  |  | USD |  |  | 38.74 |  |  | USD |  |  | 1,082 |  |  |  | (34,588 | )
Quanta Services, Inc. |  | Citibank N.A. |  |  | 13,700 |  |  |  | 01/15/20 |  |  | USD |  |  | 43.08 |  |  | USD |  |  | 558 |  |  |  | (1,835 | )
RWE AG |  | Morgan Stanley & Co. International PLC |  |  | 42,000 |  |  |  | 01/15/20 |  |  | EUR |  |  | 26.53 |  |  | EUR |  |  | 1,147 |  |  |  | (47,020 | )
Schneider Electric SA |  | Morgan Stanley & Co. International PLC |  |  | 22,400 |  |  |  | 01/15/20 |  |  | EUR |  |  | 89.44 |  |  | EUR |  |  | 2,052 |  |  |  | (69,037 | )
Air Liquide SA |  | Morgan Stanley & Co. International PLC |  |  | 7,500 |  |  |  | 01/22/20 |  |  | EUR |  |  | 123.00 |  |  | EUR |  |  | 948 |  |  |  | (33,211 | )
Enel SpA |  | Goldman Sachs International |  |  | 364,600 |  |  |  | 01/22/20 |  |  | EUR |  |  | 6.76 |  |  | EUR |  |  | 2,581 |  |  |  | (133,853 | )
Gamesa Corp. Tecnologica SA |  | Morgan Stanley & Co. International PLC |  |  | 64,000 |  |  |  | 01/22/20 |  |  | EUR |  |  | 15.14 |  |  | EUR |  |  | 1,005 |  |  |  | (52,588 | )
Hexagon AB, Class B |  | Goldman Sachs International |  |  | 27,900 |  |  |  | 01/22/20 |  |  | SEK |  |  | 557.24 |  |  | SEK |  |  | 14,648 |  |  |  | (7,606 | )
Johnson Matthey PLC |  | UBS AG |  |  | 28,500 |  |  |  | 01/22/20 |  |  | GBP |  |  | 29.13 |  |  | GBP |  |  | 856 |  |  |  | (51,033 | )
Sika AG, Registered Shares |  | UBS AG |  |  | 4,400 |  |  |  | 01/22/20 |  |  | CHF |  |  | 174.63 |  |  | CHF |  |  | 800 |  |  |  | (37,801 | )
Vinci SA |  | Goldman Sachs International |  |  | 22,900 |  |  |  | 01/22/20 |  |  | EUR |  |  | 99.52 |  |  | EUR |  |  | 2,274 |  |  |  | (34,866 | )
EDP Renováveis, S.A. |  | Morgan Stanley & Co. International PLC |  |  | 40,000 |  |  |  | 01/23/20 |  |  | EUR |  |  | 10.42 |  |  | EUR |  |  | 420 |  |  |  | (9,641 | )
Enel SpA |  | Goldman Sachs International |  |  | 227,200 |  |  |  | 01/23/20 |  |  | EUR |  |  | 7.12 |  |  | EUR |  |  | 1,609 |  |  |  | (9,176 | )
Hexagon AB, Class B |  | Goldman Sachs International |  |  | 12,700 |  |  |  | 01/23/20 |  |  | SEK |  |  | 551.82 |  |  | SEK |  |  | 6,668 |  |  |  | (8,005 | )
Linde PLC |  | Goldman Sachs International |  |  | 6,400 |  |  |  | 01/23/20 |  |  | EUR |  |  | 192.65 |  |  | EUR |  |  | 1,224 |  |  |  | (22,912 | )
RWE AG |  | Goldman Sachs International |  |  | 42,000 |  |  |  | 01/23/20 |  |  | EUR |  |  | 26.65 |  |  | EUR |  |  | 1,147 |  |  |  | (49,089 | )
Schneider Electric SA |  | UBS AG |  |  | 12,600 |  |  |  | 01/23/20 |  |  | EUR |  |  | 90.82 |  |  | EUR |  |  | 1,154 |  |  |  | (31,696 | )
Linde PLC |  | Credit Suisse International |  |  | 3,200 |  |  |  | 01/24/20 |  |  | EUR |  |  | 186.25 |  |  | EUR |  |  | 612 |  |  |  | (24,436 | )
Umicore SA |  | Credit Suisse International |  |  | 23,200 |  |  |  | 01/24/20 |  |  | EUR |  |  | 40.59 |  |  | EUR |  |  | 1,008 |  |  |  | (98,333 | )
Vestas Wind Systems A/S |  | Credit Suisse International |  |  | 20,200 |  |  |  | 01/24/20 |  |  | DKK |  |  | 679.59 |  |  | DKK |  |  | 13,592 |  |  |  | (65,585 | )
Kingspan Group PLC |  | UBS AG |  |  | 19,500 |  |  |  | 01/28/20 |  |  | EUR |  |  | 51.61 |  |  | EUR |  |  | 1,062 |  |  |  | (71,755 | )
National Grid PLC |  | Goldman Sachs International |  |  | 106,100 |  |  |  | 01/28/20 |  |  | GBP |  |  | 9.10 |  |  | GBP |  |  | 1,001 |  |  |  | (54,553 | )
China Longyuan Power Group Corp. Ltd., Class H |  | Morgan Stanley & Co. International PLC |  |  | 1,081,000 |  |  |  | 01/29/20 |  |  | HKD |  |  | 4.36 |  |  | HKD |  |  | 5,329 |  |  |  | (82,091 | )
EDP Renováveis, S.A. |  | Morgan Stanley & Co. International PLC |  |  | 40,000 |  |  |  | 01/29/20 |  |  | EUR |  |  | 10.44 |  |  | EUR |  |  | 420 |  |  |  | (10,129 | )
AES Corp. |  | Credit Suisse International |  |  | 13,000 |  |  |  | 02/03/20 |  |  | USD |  |  | 18.91 |  |  | USD |  |  | 259 |  |  |  | (13,215 | )
ABB Ltd. |  | Goldman Sachs International |  |  | 17,300 |  |  |  | 02/04/20 |  |  | CHF |  |  | 23.80 |  |  | CHF |  |  | 404 |  |  |  | (6,317 | )
Atlas Copco AB, Class B |  | Goldman Sachs International |  |  | 26,800 |  |  |  | 02/05/20 |  |  | SEK |  |  | 343.33 |  |  | SEK |  |  | 8,716 |  |  |  | (10,775 | )
Enbridge, Inc. |  | Credit Suisse International |  |  | 33,400 |  |  |  | 02/06/20 |  |  | USD |  |  | 38.43 |  |  | USD |  |  | 1,328 |  |  |  | (60,813 | )
TransCanada Corp. |  | Goldman Sachs International |  |  | 15,300 |  |  |  | 02/06/20 |  |  | CAD |  |  | 68.45 |  |  | CAD |  |  | 1,058 |  |  |  | (18,499 | )
Umicore SA |  | UBS AG |  |  | 4,800 |  |  |  | 02/06/20 |  |  | EUR |  |  | 43.99 |  |  | EUR |  |  | 209 |  |  |  | (12,626 | )
Vestas Wind Systems A/S |  | Credit Suisse International |  |  | 20,200 |  |  |  | 02/11/20 |  |  | DKK |  |  | 679.59 |  |  | DKK |  |  | 13,592 |  |  |  | (89,042 | )
|  |  | $ | (1,991,020 | )

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

|  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  |  | N/A |  |  |  | N/A |  |  | $ | 295,958 |  |  | $ | (1,657,253 | ) |  | $ | (3,730,309 | )

96 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 3,730,309 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,730,309 |

For the period ended December 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (9,458,772 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (9,458,772 | )

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (2,556,761 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,556,761 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |
Average value of option contracts written |  | $ | 3,559,863 |

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 |  | $ | — |  |  | $ | 3,730,309 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (1,739,289 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 1,991,020 |

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

Counterparty |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  | Derivatives Available for Offset |  |  | Non-cash Collateral Pledged (a) |  |  | Cash Collateral Pledged (a) |  |  | Net Amount of Derivative Liabilities (b) |
Citibank N.A. |  | $ | 28,714 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 28,714 |
Credit Suisse International |  |  | 669,122 |  |  |  | — |  |  |  | (669,122 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 614,116 |  |  |  | — |  |  |  | — |  |  |  | (614,116 | ) |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 55,087 |  |  |  | — |  |  |  | (55,087 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 417,949 |  |  |  | — |  |  |  | (417,949 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 206,032 |  |  |  | — |  |  |  | (206,032 | ) |  |  | — |  |  |  | — |
|  | $ | 1,991,020 |  |  | $ | — |  |  | $ | (1,348,190 | ) |  | $ | (614,116 | ) |  | $ | 28,714 |

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

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

SCHEDULES OF INVESTMENTS |  |  | 97 |

Schedule of Investments (continued) December 31, 2019 |  | BlackRock Utilities, Infrastructure & Power Opportunities 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: |
Building Products |  | $ | 13,032,119 |  |  | $ | 5,613,203 |  |  | $ | — |  |  | $ | 18,645,322 |
Chemicals |  |  | — |  |  |  | 21,119,189 |  |  |  | — |  |  |  | 21,119,189 |
Commercial Services & Supplies |  |  | 8,811,170 |  |  |  |  |  |  |  | — |  |  |  | 8,811,170 |
Construction & Engineering |  |  | 5,579,713 |  |  |  | 12,941,607 |  |  |  | — |  |  |  | 18,521,320 |
Electric Utilities |  |  | 82,584,492 |  |  |  | 32,919,913 |  |  |  | — |  |  |  | 115,504,405 |
Electrical Equipment |  |  | 6,180,480 |  |  |  | 28,297,199 |  |  |  | — |  |  |  | 34,477,679 |
Electronic Equipment, Instruments & Components |  |  | — |  |  |  | 6,507,552 |  |  |  | — |  |  |  | 6,507,552 |
Independent Power and Renewable Electricity Producers |  |  | 23,156,912 |  |  |  | 8,142,035 |  |  |  | — |  |  |  | 31,298,947 |
Machinery |  |  | — |  |  |  | 5,381,761 |  |  |  | — |  |  |  | 5,381,761 |
Multi-Utilities |  |  | 37,316,514 |  |  |  | 24,080,469 |  |  |  | — |  |  |  | 61,396,983 |
Oil, Gas & Consumable Fuels |  |  | 41,701,881 |  |  |  | — |  |  |  | — |  |  |  | 41,701,881 |
Semiconductors & Semiconductor Equipment |  |  | 9,718,427 |  |  |  | — |  |  |  | — |  |  |  | 9,718,427 |
Short-Term Securities |  |  | 12,716,146 |  |  |  | — |  |  |  | — |  |  |  | 12,716,146 |
|  | $ | 240,797,854 |  |  | $ | 145,002,928 |  |  | $ | — |  |  | $ | 385,800,782 |
Derivative Financial Instruments(a) |
Liabilities: |
Equity contracts |  | $ | (790,043 | ) |  | $ | (2,940,266 | ) |  | $ | — |  |  | $ | (3,730,309 | )

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

See notes to financial statements.

98 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

December 31, 2019

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |  |  | BGY |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments at value — unaffiliated(a) |  | $ | 366,795,923 |  |  | $ | 800,233,823 |  |  | $ | 1,910,907,502 |  |  | $ | 806,690,695 |  |  | $ | 662,175,725 |
Investments at value — affiliated(b) |  |  | 12,745,390 |  |  |  | 4,423,595 |  |  |  | — |  |  |  | 1,138,392 |  |  |  | 17,518,842 |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — options written |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,705,000 |  |  |  | 5,511,000 |
Collateral — OTC derivatives |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 450,000 |  |  |  | 2,493,000 |
Foreign currency at value(c) |  |  | — |  |  |  | — |  |  |  | 1,188 |  |  |  | 373,094 |  |  |  | 512,561 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 573,409 |  |  |  | — |
Options written |  |  | — |  |  |  | 82,688 |  |  |  | 138,486 |  |  |  | 136,056 |  |  |  | — |
Dividends — affiliated |  |  | 15,146 |  |  |  | 6,903 |  |  |  | 25,861 |  |  |  | 4,159 |  |  |  | 22,981 |
Dividends — unaffiliated |  |  | 291,202 |  |  |  | 929,347 |  |  |  | 2,070,064 |  |  |  | 3,558,406 |  |  |  | 3,577,429 |
Deferred offering costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Prepaid expenses |  |  | 2,686 |  |  |  | 10,954 |  |  |  | 13,760 |  |  |  | 5,872 |  |  |  | 4,936 |
Total assets |  |  | 379,850,347 |  |  |  | 805,687,310 |  |  |  | 1,913,156,861 |  |  |  | 817,635,083 |  |  |  | 691,816,474 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | 27,693 |  |  |  | 35,774 |  |  |  | 553,855 |  |  |  | — |  |  |  | — |
Options written at value(d) |  |  | 3,553,695 |  |  |  | 11,303,321 |  |  |  | 25,599,474 |  |  |  | 7,620,728 |  |  |  | 6,538,218 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,319 |  |  |  | — |
Income dividend distributions |  |  | 137,117 |  |  |  | 196,405 |  |  |  | 1,371,868 |  |  |  | 130,318 |  |  |  | 170,535 |
Investment advisory fees |  |  | 597,735 |  |  |  | 1,104,130 |  |  |  | 2,496,262 |  |  |  | 1,092,941 |  |  |  | 1,000,488 |
Trustees’ and Officer’s fees |  |  | 545,696 |  |  |  | 240,311 |  |  |  | 1,096,421 |  |  |  | 793,565 |  |  |  | 683,377 |
Options written |  |  | — |  |  |  | 47,006 |  |  |  | 97,224 |  |  |  | 63,815 |  |  |  | — |
Other accrued expenses |  |  | 92,588 |  |  |  | 121,967 |  |  |  | 266,467 |  |  |  | 207,615 |  |  |  | 176,729 |
Total liabilities |  |  | 4,954,524 |  |  |  | 13,048,914 |  |  |  | 31,481,571 |  |  |  | 9,923,301 |  |  |  | 8,569,347 |
NET ASSETS |  | $ | 374,895,823 |  |  | $ | 792,638,396 |  |  | $ | 1,881,675,290 |  |  | $ | 807,711,782 |  |  | $ | 683,247,127 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital |  | $ | 562,214,597 |  |  | $ | 561,321,996 |  |  | $ | 1,320,628,954 |  |  | $ | 765,971,776 |  |  | $ | 655,666,945 |
Accumulated earnings (loss) |  |  | (187,318,774 | ) |  |  | 231,316,400 |  |  |  | 561,046,336 |  |  |  | 41,740,006 |  |  |  | 27,580,182 |
NET ASSETS |  | $ | 374,895,823 |  |  | $ | 792,638,396 |  |  | $ | 1,881,675,290 |  |  | $ | 807,711,782 |  |  | $ | 683,247,127 |
Net asset value(e)(f) |  | $ | 12.57 |  |  | $ | 17.96 |  |  | $ | 10.03 |  |  | $ | 12.32 |  |  | $ | 6.47 |
(a)Investments at cost — unaffiliated |  | $ | 358,628,402 |  |  | $ | 563,039,897 |  |  | $ | 1,424,594,641 |  |  | $ | 720,538,805 |  |  | $ | 590,943,630 |
(b)Investments at cost — affiliated |  | $ | 12,745,390 |  |  | $ | 4,423,595 |  |  | $ | — |  |  | $ | 1,138,392 |  |  | $ | 17,518,842 |
(c)Foreign currency at cost |  | $ | — |  |  | $ | — |  |  | $ | 1,293 |  |  | $ | 376,977 |  |  | $ | 507,053 |
(d)Premiums received |  | $ | 2,439,918 |  |  | $ | 8,711,246 |  |  | $ | 20,683,026 |  |  | $ | 5,828,656 |  |  | $ | 4,710,918 |
(e)Shares outstanding, unlimited number of shares authorized, $0.001 par value |  |  | 29,825,326 |  |  |  | — |  |  |  | 187,542,405 |  |  |  | 65,582,991 |  |  |  | 105,679,515 |
(f)Shares outstanding, 200 million shares authorized, $0.10 par value |  |  | — |  |  |  | 44,121,400 |  |  |  | — |  |  |  | — |  |  |  | — |

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 99 |

Statements of Assets and Liabilities (continued)

December 31, 2019

|  | BME |  |  | BCX(a) |  |  | BST |  |  | BSTZ |  |  | BUI |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments at value — unaffiliated(b)(c) |  | $ | 448,467,420 |  |  | $ | 817,293,885 |  |  | $ | 739,736,169 |  |  | $ | 1,556,478,309 |  |  | $ | 373,084,636 |
Investments at value — affiliated(d) |  |  | 3,743,015 |  |  |  | 13,891,544 |  |  |  | 8,881,516 |  |  |  | 163,151,887 |  |  |  | 12,716,146 |
Cash |  |  | 74,997 |  |  |  | — |  |  |  | — |  |  |  | 501,313 |  |  |  | 61,749 |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — options written |  |  | 50,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Collateral — OTC derivatives |  |  | — |  |  |  | — |  |  |  | 2,930,000 |  |  |  | 8,750,000 |  |  |  | 760,000 |
Foreign currency at value(e) |  |  | 208 |  |  |  | 87,051 |  |  |  | 2,527 |  |  |  | 1,130 |  |  |  | — |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 4,457 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options written |  |  | — |  |  |  | — |  |  |  | 59,885 |  |  |  | 71,442 |  |  |  | — |
Securities lending income — affiliated |  |  | 7,511 |  |  |  | 1,300 |  |  |  | 6,359 |  |  |  | 117,203 |  |  |  | — |
Capital shares sold |  |  | 452,063 |  |  |  | — |  |  |  | 2,241,558 |  |  |  | — |  |  |  | 355,769 |
Dividends — affiliated |  |  | 6,830 |  |  |  | 20,194 |  |  |  | 24,005 |  |  |  | 114,714 |  |  |  | 15,283 |
Dividends — unaffiliated |  |  | 392,969 |  |  |  | 1,210,641 |  |  |  | 159,486 |  |  |  | 271,053 |  |  |  | 688,915 |
Deferred offering costs |  |  | 149,604 |  |  |  | — |  |  |  | 251,428 |  |  |  | — |  |  |  | 125,359 |
Prepaid expenses |  |  | 5,610 |  |  |  | 5,949 |  |  |  | 5,414 |  |  |  | 1,988 |  |  |  | 2,754 |
Total assets |  |  | 453,354,684 |  |  |  | 832,510,564 |  |  |  | 754,298,347 |  |  |  | 1,729,459,039 |  |  |  | 387,810,611 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash collateral on securities loaned at value |  |  | 253,802 |  |  |  | 180,501 |  |  |  | — |  |  |  | 66,926,868 |  |  |  | — |
Options written at value(f) |  |  | 5,499,305 |  |  |  | 7,527,774 |  |  |  | 10,388,743 |  |  |  | 21,364,251 |  |  |  | 3,730,309 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income dividend distributions |  |  | — |  |  |  | 167,988 |  |  |  | — |  |  |  | 1,520,679 |  |  |  | — |
Investment advisory fees |  |  | 718,756 |  |  |  | 1,337,275 |  |  |  | 1,041,624 |  |  |  | 3,283,857 |  |  |  | 602,274 |
Offering costs |  |  | — |  |  |  | — |  |  |  | 38,740 |  |  |  | — |  |  |  | 35,780 |
Trustees’ and Officer’s fees |  |  | 23,629 |  |  |  | 337,034 |  |  |  | 405 |  |  |  | 8,823 |  |  |  | 66 |
Options written |  |  | — |  |  |  | — |  |  |  | 260 |  |  |  | 310 |  |  |  | — |
Other accrued expenses |  |  | 86,601 |  |  |  | 206,254 |  |  |  | 157,057 |  |  |  | 388,266 |  |  |  | 105,072 |
Total liabilities |  |  | 6,582,093 |  |  |  | 9,756,826 |  |  |  | 11,626,829 |  |  |  | 93,493,054 |  |  |  | 4,473,501 |
NET ASSETS |  | $ | 446,772,591 |  |  | $ | 822,753,738 |  |  | $ | 742,671,518 |  |  | $ | 1,635,965,985 |  |  | $ | 383,337,110 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital |  | $ | 292,148,150 |  |  | $ | 1,159,411,839 |  |  | $ | 357,335,272 |  |  | $ | 1,518,686,036 |  |  | $ | 289,145,613 |
Accumulated earnings (loss) |  |  | 154,624,441 |  |  |  | (336,658,101 | ) |  |  | 385,336,246 |  |  |  | 117,279,949 |  |  |  | 94,191,497 |
NET ASSETS |  | $ | 446,772,591 |  |  | $ | 822,753,738 |  |  | $ | 742,671,518 |  |  | $ | 1,635,965,985 |  |  | $ | 383,337,110 |
Net asset value(g) |  | $ | 41.19 |  |  | $ | 9.04 |  |  | $ | 32.45 |  |  | $ | 20.95 |  |  | $ | 22.02 |
(a)Consolidated Statement of Assets and Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b)Investments at cost — unaffiliated |  | $ | 288,796,721 |  |  | $ | 714,015,196 |  |  | $ | 368,276,447 |  |  | $ | 1,404,212,324 |  |  | $ | 271,392,208 |
(c)Securities loaned at value |  | $ | 246,262 |  |  | $ | 182,896 |  |  | $ | — |  |  | $ | 65,785,325 |  |  | $ | — |
(d)Investments at cost — affiliated |  | $ | 3,743,011 |  |  | $ | 13,891,502 |  |  | $ | 8,881,516 |  |  | $ | 163,151,887 |  |  | $ | 12,716,146 |
(e)Foreign currency at cost |  | $ | 208 |  |  | $ | 86,693 |  |  | $ | 2,551 |  |  | $ | 1,111 |  |  | $ | — |
(f)Premiums received |  | $ | 3,970,215 |  |  | $ | 6,337,262 |  |  | $ | 7,482,654 |  |  | $ | 14,797,471 |  |  | $ | 2,369,014 |
(g)Shares outstanding, unlimited number of shares authorized, $0.001 par value |  |  | 10,846,893 |  |  |  | 91,060,104 |  |  |  | 22,886,341 |  |  |  | 78,089,962 |  |  |  | 17,412,428 |

See notes to financial statements.

100 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

Year Ended December 31, 2019

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |  |  | BGY |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  | $ | 182,286 |  |  | $ | 97,853 |  |  | $ | 462,065 |  |  | $ | 101,682 |  |  | $ | 213,854 |
Dividends — unaffiliated |  |  | 15,393,101 |  |  |  | 14,937,455 |  |  |  | 51,670,029 |  |  |  | 29,069,245 |  |  |  | 25,033,689 |
Foreign taxes withheld |  |  | (1,112,462 | ) |  |  | (248,573 | ) |  |  | (1,057,923 | ) |  |  | (1,066,135 | ) |  |  | (1,542,859 | )
Total investment income |  |  | 14,462,925 |  |  |  | 14,786,735 |  |  |  | 51,074,171 |  |  |  | 28,104,792 |  |  |  | 23,704,684 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting services |  |  | 44,249 |  |  |  | 49,240 |  |  |  | 94,248 |  |  |  | 59,248 |  |  |  | 49,250 |
Custodian |  |  | 51,454 |  |  |  | 40,083 |  |  |  | 191,006 |  |  |  | 113,255 |  |  |  | 93,501 |
Investment advisory |  |  | 4,529,844 |  |  |  | 6,301,352 |  |  |  | 14,284,281 |  |  |  | 7,892,036 |  |  |  | 6,589,265 |
Miscellaneous |  |  | 111,561 |  |  |  | 37,382 |  |  |  | 71,183 |  |  |  | 191,618 |  |  |  | 220,359 |
Trustees and Officer |  |  | 157,724 |  |  |  | 104,579 |  |  |  | 360,951 |  |  |  | 238,620 |  |  |  | 205,758 |
Printing |  |  | 10,471 |  |  |  | 16,454 |  |  |  | 31,129 |  |  |  | 16,818 |  |  |  | 13,992 |
Professional |  |  | 82,025 |  |  |  | 112,946 |  |  |  | 215,608 |  |  |  | 141,771 |  |  |  | 125,418 |
Rating agency |  |  | 11,575 |  |  |  | 15,213 |  |  |  | 25,655 |  |  |  | 15,692 |  |  |  | 14,389 |
Registration |  |  | 11,109 |  |  |  | 16,433 |  |  |  | 69,832 |  |  |  | 25,439 |  |  |  | 40,166 |
Transfer agent |  |  | 76,569 |  |  |  | 84,385 |  |  |  | 173,888 |  |  |  | 109,900 |  |  |  | 101,034 |
Total expenses |  |  | 5,086,581 |  |  |  | 6,778,067 |  |  |  | 15,517,781 |  |  |  | 8,804,397 |  |  |  | 7,453,132 |
Less fees waived and/or reimbursed by the Manager |  |  | (699,307 | ) |  |  | (3,486 | ) |  |  | (15,836 | ) |  |  | (1,384,562 | ) |  |  | (666,617 | )
Total expenses after fees waived and/or reimbursed |  |  | 4,387,274 |  |  |  | 6,774,581 |  |  |  | 15,501,945 |  |  |  | 7,419,835 |  |  |  | 6,786,515 |
Net investment income (loss) |  |  | 10,075,651 |  |  |  | 8,012,154 |  |  |  | 35,572,226 |  |  |  | 20,684,957 |  |  |  | 16,918,169 |
REALIZED AND UNREALIZED GAIN (LOSS) |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (28,390,493 | ) |  |  | 36,580,957 |  |  |  | 139,435,416 |  |  |  | (16,932,069 | ) |  |  | (18,168,276 | )
Capital gain distributions from investment companies — affiliated |  |  | 23 |  |  |  | 9 |  |  |  | 14 |  |  |  | 3 |  |  |  | 33 |
Foreign currency transactions |  |  | (22,343 | ) |  |  | 644 |  |  |  | (73,535 | ) |  |  | (89,352 | ) |  |  | (176,051 | )
Options written |  |  | 3,610,497 |  |  |  | (16,485,259 | ) |  |  | (59,909,611 | ) |  |  | (20,867,912 | ) |  |  | (18,604,008 | )
|  |  | (24,802,316 | ) |  |  | 20,096,351 |  |  |  | 79,452,284 |  |  |  | (37,889,330 | ) |  |  | (36,948,302 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 63,622,918 |  |  |  | 141,651,888 |  |  |  | 287,584,817 |  |  |  | 153,553,322 |  |  |  | 139,155,898 |
Foreign currency translations |  |  | 2,171 |  |  |  | — |  |  |  | 6,556 |  |  |  | 39,331 |  |  |  | 64,960 |
Options written |  |  | (3,619,831 | ) |  |  | (7,152,549 | ) |  |  | (18,297,872 | ) |  |  | (5,578,406 | ) |  |  | (4,725,459 | )
|  |  | 60,005,258 |  |  |  | 134,499,339 |  |  |  | 269,293,501 |  |  |  | 148,014,247 |  |  |  | 134,495,399 |
Net realized and unrealized gain |  |  | 35,202,942 |  |  |  | 154,595,690 |  |  |  | 348,745,785 |  |  |  | 110,124,917 |  |  |  | 97,547,097 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | 45,278,593 |  |  | $ | 162,607,844 |  |  | $ | 384,318,011 |  |  | $ | 130,809,874 |  |  | $ | 114,465,266 |

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 101 |

Statements of Operations (continued)

Year Ended December 31, 2019

|  | BME |  |  | BCX(a) |  |  | BST |  |  | BSTZ(b) |  |  | BUI |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  | $ | 384,813 |  |  | $ | 296,199 |  |  | $ | 90,006 |  |  | $ | 4,189,240 |  |  | $ | 172,565 |
Dividends — unaffiliated |  |  | 4,554,484 |  |  |  | 30,660,068 |  |  |  | 2,459,385 |  |  |  | 1,275,063 |  |  |  | 10,572,639 |
Interest — unaffiliated |  |  | — |  |  |  | 1,272,933 |  |  |  | — |  |  |  | — |  |  |  | — |
Securities lending income — affiliated — net |  |  | 56,867 |  |  |  | 53,396 |  |  |  | 416,427 |  |  |  | 1,122,071 |  |  |  | — |
Foreign taxes withheld |  |  | (54,876 | ) |  |  | (1,877,131 | ) |  |  | (118,366 | ) |  |  | (63,280 | ) |  |  | (591,544 | )
Total investment income |  |  | 4,941,288 |  |  |  | 30,405,465 |  |  |  | 2,847,452 |  |  |  | 6,523,094 |  |  |  | 10,153,660 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting services |  |  | 29,249 |  |  |  | 59,248 |  |  |  | 49,250 |  |  |  | 83,250 |  |  |  | 49,250 |
Custodian |  |  | 91,570 |  |  |  | 109,166 |  |  |  | 120,480 |  |  |  | 92,432 |  |  |  | 61,073 |
Investment advisory |  |  | 3,949,031 |  |  |  | 8,295,268 |  |  |  | 7,091,952 |  |  |  | 9,849,811 |  |  |  | 3,524,799 |
Miscellaneous |  |  | 31,978 |  |  |  | 234,559 |  |  |  | 57,238 |  |  |  | 67,261 |  |  |  | 71,901 |
Trustees and Officer |  |  | 33,538 |  |  |  | 132,931 |  |  |  | 47,313 |  |  |  | 44,119 |  |  |  | 25,247 |
Offering costs |  |  | 46,886 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Printing |  |  | 11,443 |  |  |  | 16,919 |  |  |  | 16,007 |  |  |  | 25,670 |  |  |  | 10,213 |
Professional |  |  | 53,483 |  |  |  | 166,371 |  |  |  | 126,191 |  |  |  | 144,151 |  |  |  | 103,975 |
Rating agency |  |  | 11,749 |  |  |  | 43,496 |  |  |  | 14,892 |  |  |  | 20,180 |  |  |  | 38,726 |
Registration |  |  | 10,909 |  |  |  | 35,257 |  |  |  | 9,085 |  |  |  | — |  |  |  | 9,248 |
Transfer agent |  |  | 51,178 |  |  |  | 120,815 |  |  |  | 92,403 |  |  |  | 89,668 |  |  |  | 65,540 |
Total expenses |  |  | 4,321,014 |  |  |  | 9,214,030 |  |  |  | 7,624,811 |  |  |  | 10,416,542 |  |  |  | 3,959,972 |
Less fees waived and/or reimbursed by the Manager |  |  | (13,292 | ) |  |  | (10,518 | ) |  |  | (1,067,290 | ) |  |  | (139,587 | ) |  |  | (94,302 | )
Total expenses after fees waived and/or reimbursed |  |  | 4,307,722 |  |  |  | 9,203,512 |  |  |  | 6,557,521 |  |  |  | 10,276,955 |  |  |  | 3,865,670 |
Net investment income (loss) |  |  | 633,566 |  |  |  | 21,201,953 |  |  |  | (3,710,069 | ) |  |  | (3,753,861 | ) |  |  | 6,287,990 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 30,006,790 |  |  |  | (20,859,691 | ) |  |  | 95,478,465 |  |  |  | (32,270,130 | ) |  |  | 28,254,428 |
Investments — affiliated |  |  | 81 |  |  |  | — |  |  |  | (117 | ) |  |  | (5,353 | ) |  |  | — |
Capital gain distributions from investment companies — affiliated |  |  | 12 |  |  |  | 36 |  |  |  | 4 |  |  |  | 102 |  |  |  | 23 |
Foreign currency transactions |  |  | (9,234 | ) |  |  | 39,548 |  |  |  | (30,827 | ) |  |  | 85,191 |  |  |  | (143,384 | )
Options written |  |  | (6,904,281 | ) |  |  | 573,394 |  |  |  | (19,500,509 | ) |  |  | 3,472,843 |  |  |  | (9,458,772 | )
|  |  | 23,093,368 |  |  |  | (20,246,713 | ) |  |  | 75,947,016 |  |  |  | (28,717,347 | ) |  |  | 18,652,295 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 58,798,290 |  |  |  | 113,474,366 |  |  |  | 152,759,308 |  |  |  | 152,265,985 |  |  |  | 57,528,582 |
Investments — affiliated |  |  | 4 |  |  |  | 71 |  |  |  | 167 |  |  |  | — |  |  |  | — |
Foreign currency translations |  |  | 477 |  |  |  | 3,844 |  |  |  | 115 |  |  |  | 1,302 |  |  |  | 16,451 |
Options written |  |  | (2,646,072 | ) |  |  | (5,446,682 | ) |  |  | (6,133,637 | ) |  |  | (6,566,780 | ) |  |  | (2,556,761 | )
|  |  | 56,152,699 |  |  |  | 108,031,599 |  |  |  | 146,625,953 |  |  |  | 145,700,507 |  |  |  | 54,988,272 |
Net realized and unrealized gain |  |  | 79,246,067 |  |  |  | 87,784,886 |  |  |  | 222,572,969 |  |  |  | 116,983,160 |  |  |  | 73,640,567 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | 79,879,633 |  |  | $ | 108,986,839 |  |  | $ | 218,862,900 |  |  | $ | 113,229,299 |  |  | $ | 79,928,557 |

(a) Consolidated Statement of Operations.

(b) Commencement of Operations June 27, 2019.

See notes to financial statements.

102 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

|  | BGR |  |  |  |  |  | CII |
|  | Year Ended December 31, |  |  |  |  |  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  |  |  |  | 2019 |  |  | 2018 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 10,075,651 |  |  | $ | 8,403,497 |  |  |  |  |  |  | $ | 8,012,154 |  |  | $ | 7,566,999 |
Net realized gain (loss) |  |  | (24,802,316 | ) |  |  | 4,084,438 |  |  |  |  |  |  |  | 20,096,351 |  |  |  | 35,126,726 |
Net change in unrealized appreciation (depreciation) |  |  | 60,005,258 |  |  |  | (98,385,944 | ) |  |  |  |  |  |  | 134,499,339 |  |  |  | (83,178,025 | )
Net increase (decrease) in net assets resulting from operations |  |  | 45,278,593 |  |  |  | (85,898,009 | ) |  |  |  |  |  |  | 162,607,844 |  |  |  | (40,484,300 | )
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (10,080,237 | ) |  |  | (8,135,490 | ) |  |  |  |  |  |  | (27,696,642 | ) |  |  | (19,927,105 | )
From return of capital |  |  | (17,693,107 | ) |  |  | (19,637,853 | ) |  |  |  |  |  |  | (16,349,752 | ) |  |  | (23,911,918 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (27,773,344 | ) |  |  | (27,773,343 | ) |  |  |  |  |  |  | (44,046,394 | ) |  |  | (43,839,023 | )
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 17,505,249 |  |  |  | (113,671,352 | ) |  |  |  |  |  |  | 118,561,450 |  |  |  | (84,323,323 | )
Beginning of year |  |  | 357,390,574 |  |  |  | 471,061,926 |  |  |  |  |  |  |  | 674,076,946 |  |  |  | 758,400,269 |
End of year |  | $ | 374,895,823 |  |  | $ | 357,390,574 |  |  |  |  |  |  | $ | 792,638,396 |  |  | $ | 674,076,946 |

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

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 103 |

Statements of Changes in Net Assets (continued)

|  | BDJ |  |  |  |  |  | BOE |
|  | Year Ended December 31, |  |  |  |  |  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  |  |  |  | 2019 |  |  | 2018 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 35,572,226 |  |  | $ | 33,747,656 |  |  |  |  |  |  | $ | 20,684,957 |  |  | $ | 21,234,142 |
Net realized gain (loss) |  |  | 79,452,284 |  |  |  | 131,492,050 |  |  |  |  |  |  |  | (37,889,330 | ) |  |  | 384,068 |
Net change in unrealized appreciation (depreciation) |  |  | 269,293,501 |  |  |  | (290,361,539 | ) |  |  |  |  |  |  | 148,014,247 |  |  |  | (112,910,961 | )
Net increase (decrease) in net assets resulting from operations |  |  | 384,318,011 |  |  |  | (125,121,833 | ) |  |  |  |  |  |  | 130,809,874 |  |  |  | (91,292,751 | )
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (140,879,229 | ) |  |  | (105,098,764 | ) |  |  |  |  |  |  | (20,682,389 | ) |  |  | (56,899,700 | )
From return of capital |  |  | — |  |  |  | — |  |  |  |  |  |  |  | (29,979,719 | ) |  |  | (1,381,549 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (140,879,229 | ) |  |  | (105,098,764 | ) |  |  |  |  |  |  | (50,662,108 | ) |  |  | (58,281,249 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | — |  |  |  | — |  |  |  |  |  |  |  | (27,037,545 | ) |  |  | (7,051,296 | )
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 243,438,782 |  |  |  | (230,220,597 | ) |  |  |  |  |  |  | 53,110,221 |  |  |  | (156,625,296 | )
Beginning of year |  |  | 1,638,236,508 |  |  |  | 1,868,457,105 |  |  |  |  |  |  |  | 754,601,561 |  |  |  | 911,226,857 |
End of year |  | $ | 1,881,675,290 |  |  | $ | 1,638,236,508 |  |  |  |  |  |  | $ | 807,711,782 |  |  | $ | 754,601,561 |

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

See notes to financial statements.

104 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)

|  | BGY |  |  |  |  |  | BME |
|  | Year Ended December 31, |  |  |  |  |  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  |  |  |  | 2019 |  |  | 2018 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 16,918,169 |  |  | $ | 18,248,886 |  |  |  |  |  |  | $ | 633,566 |  |  | $ | 655,319 |
Net realized gain (loss) |  |  | (36,948,302 | ) |  |  | 85,049,308 |  |  |  |  |  |  |  | 23,093,368 |  |  |  | 23,295,553 |
Net change in unrealized appreciation (depreciation) |  |  | 134,495,399 |  |  |  | (194,507,169 | ) |  |  |  |  |  |  | 56,152,699 |  |  |  | (1,509,114 | )
Net increase (decrease) in net assets resulting from operations |  |  | 114,465,266 |  |  |  | (91,208,975 | ) |  |  |  |  |  |  | 79,879,633 |  |  |  | 22,441,758 |
DISTRIBUTIONS TO SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (36,797,115 | ) |  |  | (48,308,022 | ) |  |  |  |  |  |  | (25,002,003 | ) |  |  | (22,690,477 | )
From return of capital |  |  | (6,617,930 | ) |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  | (43,415,045 | ) |  |  | (48,308,022 | ) |  |  |  |  |  |  | (25,002,003 | ) |  |  | (22,690,477 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from shares sold |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 37,463,441 |  |  |  | 19,980,202 |
Reinvestment of common distributions |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 1,756,542 |  |  |  | 1,085,098 |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (11,037,544 | ) |  |  | (6,926,639 | ) |  |  |  |  |  |  | — |  |  |  | — |
Net increase in net assets derived from capital share transactions |  |  | (11,037,544 | ) |  |  | (6,926,639 | ) |  |  |  |  |  |  | 39,219,983 |  |  |  | 21,065,300 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 60,012,677 |  |  |  | (146,443,636 | ) |  |  |  |  |  |  | 94,097,613 |  |  |  | 20,816,581 |
Beginning of year |  |  | 623,234,450 |  |  |  | 769,678,086 |  |  |  |  |  |  |  | 352,674,978 |  |  |  | 331,858,397 |
End of year |  | $ | 683,247,127 |  |  | $ | 623,234,450 |  |  |  |  |  |  | $ | 446,772,591 |  |  | $ | 352,674,978 |

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

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 105 |

Statements of Changes in Net Assets (continued)

|  | BCX(a) |  |  |  |  |  | BST |
|  | Year Ended December 31, |  |  |  |  |  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  |  |  |  | 2019 |  |  | 2018 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 21,201,953 |  |  | $ | 20,773,524 |  |  |  |  |  |  | $ | (3,710,069 | ) |  | $ | (2,924,164 | )
Net realized gain (loss) |  |  | (20,246,713 | ) |  |  | 41,800,914 |  |  |  |  |  |  |  | 75,947,016 |  |  |  | 65,743,514 |
Net change in unrealized appreciation (depreciation) |  |  | 108,031,599 |  |  |  | (215,389,129 | ) |  |  |  |  |  |  | 146,625,953 |  |  |  | (57,603,461 | )
Net increase (decrease) in net assets resulting from operations |  |  | 108,986,839 |  |  |  | (152,814,691 | ) |  |  |  |  |  |  | 218,862,900 |  |  |  | 5,215,889 |
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (21,302,066 | ) |  |  | (17,715,545 | ) |  |  |  |  |  |  | (78,918,792 | ) |  |  | (39,423,699 | )
From return of capital |  |  | (36,208,319 | ) |  |  | (41,596,743 | ) |  |  |  |  |  |  | — |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  | (57,510,385 | ) |  |  | (59,312,288 | ) |  |  |  |  |  |  | (78,918,792 | ) |  |  | (39,423,699 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from shares sold |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 9,976,531 |  |  |  | — |
Reinvestment of common distributions |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 4,843,194 |  |  |  | 1,815,026 |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (27,004,375 | ) |  |  | (17,063,427 | ) |  |  |  |  |  |  | — |  |  |  | — |
Net increase in net assets derived from capital share transactions |  |  | (27,004,375 | ) |  |  | (17,063,427 | ) |  |  |  |  |  |  | 14,819,725 |  |  |  | 1,815,026 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 24,472,079 |  |  |  | (229,190,406 | ) |  |  |  |  |  |  | 154,763,833 |  |  |  | (32,392,784 | )
Beginning of year |  |  | 798,281,659 |  |  |  | 1,027,472,065 |  |  |  |  |  |  |  | 587,907,685 |  |  |  | 620,300,469 |
End of year |  | $ | 822,753,738 |  |  | $ | 798,281,659 |  |  |  |  |  |  | $ | 742,671,518 |  |  | $ | 587,907,685 |

(a) | Consolidated Statements of Changes in Net Assets.

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

See notes to financial statements.

106 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)

|  | BSTZ |  |  |  |  |  | BUI |
|  | Period from 06/27/19(a) to 12/31/19 |  |  |  |  |  | Year Ended December 31, |
|  |  |  |  | 2019 |  |  | 2018 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | (3,753,861 | ) |  |  |  |  |  | $ | 6,287,990 |  |  | $ | 8,349,272 |
Net realized gain (loss) |  |  | (28,717,347 | ) |  |  |  |  |  |  | 18,652,295 |  |  |  | 6,588,181 |
Net change in unrealized appreciation (depreciation) |  |  | 145,700,507 |  |  |  |  |  |  |  | 54,988,272 |  |  |  | (30,087,212 | )
Net increase (decrease) in net assets resulting from operations |  |  | 113,229,299 |  |  |  |  |  |  |  | 79,928,557 |  |  |  | (15,149,759 | )
DISTRIBUTIONS TO SHAREHOLDERS(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | — |  |  |  |  |  |  |  | (22,233,727 | ) |  |  | (24,524,104 | )
From return of capital |  |  | (39,001,740 | ) |  |  |  |  |  |  | (2,538,581 | ) |  |  | (98,239 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (39,001,740 | ) |  |  |  |  |  |  | (24,772,308 | ) |  |  | (24,622,343 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from shares sold |  |  | 1,557,499,120 |  |  |  |  |  |  |  | 7,651,380 |  |  |  | — |
Reinvestment of common distributions |  |  | 4,139,306 |  |  |  |  |  |  |  | 1,596,219 |  |  |  | 928,907 |
Net increase in net assets derived from capital share transactions |  |  | 1,561,638,426 |  |  |  |  |  |  |  | 9,247,599 |  |  |  | 928,907 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 1,635,865,985 |  |  |  |  |  |  |  | 64,403,848 |  |  |  | (38,843,195 | )
Beginning of year |  |  | 100,000 |  |  |  |  |  |  |  | 318,933,262 |  |  |  | 357,776,457 |
End of year |  | $ | 1,635,965,985 |  |  |  |  |  |  | $ | 383,337,110 |  |  | $ | 318,933,262 |

(a) | Commencement of operations.

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

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 107 |

Statements of Cash Flows

Year Ended December 31, 2019

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |  |  | BGY |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
Net increase in net assets resulting from operations |  | $ | 45,278,593 |  |  | $ | 162,607,844 |  |  | $ | 384,318,011 |  |  | $ | 130,809,874 |  |  | $ | 114,465,266 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  | 111,948,035 |  |  |  | 288,356,634 |  |  |  | 837,692,026 |  |  |  | 270,198,780 |  |  |  | 231,418,235 |
Purchases of long-term investments |  |  | (89,653,544 | ) |  |  | (247,610,670 | ) |  |  | (718,834,500 | ) |  |  | (206,585,873 | ) |  |  | (178,311,261 | )
Net proceeds from sales (purchases) of short-term securities |  |  | (7,738,415 | ) |  |  | 10,365,759 |  |  |  | 44,526,058 |  |  |  | 18,564,054 |  |  |  | 7,971,101 |
Premiums paid on closing options written |  |  | (18,354,922 | ) |  |  | (81,669,440 | ) |  |  | (218,275,230 | ) |  |  | (70,978,934 | ) |  |  | (57,353,292 | )
Premiums received from options written |  |  | 20,866,264 |  |  |  | 65,872,243 |  |  |  | 156,785,150 |  |  |  | 48,505,554 |  |  |  | 37,570,392 |
Net realized (gain) loss on investments and options written |  |  | 24,779,979 |  |  |  | (20,071,004 | ) |  |  | (79,305,834 | ) |  |  | 37,985,325 |  |  |  | 36,904,954 |
Net unrealized appreciation on investments, options written and foreign currency translations |  |  | (60,003,087 | ) |  |  | (134,499,339 | ) |  |  | (269,286,952 | ) |  |  | (147,974,372 | ) |  |  | (134,434,949 | )
(Increase) Decrease in Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | (6,112 | ) |  |  | 6,956 |  |  |  | 56,134 |  |  |  | 6,959 |  |  |  | (22,981 | )
Dividends — unaffiliated |  |  | 325,386 |  |  |  | (54,914 | ) |  |  | (15,951 | ) |  |  | (269,446 | ) |  |  | (361,842 | )
Deferred offering costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Prepaid expenses |  |  | (2,686 | ) |  |  | (3,571 | ) |  |  | (6,748 | ) |  |  | (5,344 | ) |  |  | (4,936 | )
Increase (Decrease) in Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fees |  |  | 265,962 |  |  |  | 604,655 |  |  |  | 1,359,049 |  |  |  | 551,098 |  |  |  | 517,274 |
Trustees’ and Officer’s fees |  |  | 96,761 |  |  |  | 48,425 |  |  |  | 206,338 |  |  |  | 148,830 |  |  |  | 125,512 |
Other accrued expenses |  |  | (8,278 | ) |  |  | 26,617 |  |  |  | 19,281 |  |  |  | 33,375 |  |  |  | 33,777 |
Net cash provided by operating activities |  |  | 27,793,936 |  |  |  | 43,980,195 |  |  |  | 139,236,832 |  |  |  | 80,989,880 |  |  |  | 58,517,250 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
Cash dividends paid to Common Shareholders |  |  | (27,805,070 | ) |  |  | (44,061,114 | ) |  |  | (139,834,508 | ) |  |  | (50,728,516 | ) |  |  | (43,443,738 | )
Payments on Common Shares redeemed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (28,122,861 | ) |  |  | (11,704,428 | )
Increase in bank overdraft |  |  | 4,658 |  |  |  | 35,774 |  |  |  | 553,855 |  |  |  | — |  |  |  | — |
Net cash used for financing activities |  |  | (27,800,412 | ) |  |  | (44,025,340 | ) |  |  | (139,280,653 | ) |  |  | (78,851,377 | ) |  |  | (55,148,166 | )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |
Cash impact from foreign exchange fluctuations |  | $ | 17 |  |  | $ | — |  |  | $ | 7 |  |  | $ | (544 | ) |  | $ | 4,507 |
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency |  |  | (6,459 | ) |  |  | (45,145 | ) |  |  | (43,814 | ) |  |  | 2,137,959 |  |  |  | 3,373,591 |
Restricted and unrestricted cash and foreign currency at beginning of year |  |  | 6,459 |  |  |  | 45,145 |  |  |  | 45,002 |  |  |  | 3,390,135 |  |  |  | 5,142,970 |
Restricted and unrestricted cash and foreign currency at end of year |  | $ | — |  |  | $ | — |  |  | $ | 1,188 |  |  | $ | 5,528,094 |  |  | $ | 8,516,561 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital shares issued in reinvestment of distributions paid to Common Shareholders |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — options written |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,705,000 |  |  |  | 5,511,000 |
Collateral — OTC derivatives |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 450,000 |  |  |  | 2,493,000 |
Foreign currency at value |  |  | — |  |  |  | — |  |  |  | 1,188 |  |  |  | 373,094 |  |  |  | 512,561 |
|  | $ | — |  |  | $ | — |  |  | $ | 1,188 |  |  | $ | 5,528,094 |  |  | $ | 8,516,561 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE BEGINNING OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  | — |  |  |  | 45,145 |  |  |  | 43,458 |  |  |  | — |  |  |  | — |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — options written |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,785,000 |  |  |  | 4,136,000 |
Collateral — OTC derivatives |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 201,000 |
Foreign currency at value |  |  | 6,459 |  |  |  | — |  |  |  | 1,544 |  |  |  | 605,135 |  |  |  | 805,970 |
|  | $ | 6,459 |  |  | $ | 45,145 |  |  | $ | 45,002 |  |  | $ | 3,390,135 |  |  | $ | 5,142,970 |

See notes to financial statements.

108 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Statements of Cash Flows (continued)

Year Ended December 31, 2019

|  | BME |  |  | BCX(a) |  |  | BST |  |  | BSTZ(b) |  |  | BUI |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
Net increase in net assets resulting from operations |  | $ | 79,879,633 |  |  | $ | 108,986,839 |  |  | $ | 218,862,900 |  |  | $ | 113,229,299 |  |  | $ | 79,928,557 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  | 182,049,111 |  |  |  | 635,589,612 |  |  |  | 329,269,886 |  |  |  | 173,918,062 |  |  |  | 158,539,126 |
Purchases of long-term investments |  |  | (214,060,707 | ) |  |  | (571,430,716 | ) |  |  | (233,470,900 | ) |  |  | (1,610,400,515 | ) |  |  | (135,726,150 | )
Net proceeds from sales (purchases) of short-term securities |  |  | 22,229,255 |  |  |  | 37,386 |  |  |  | (2,432,448 | ) |  |  | (163,157,240 | ) |  |  | (2,918,347 | )
Premiums paid on closing options written |  |  | (31,680,127 | ) |  |  | (58,862,271 | ) |  |  | (88,412,146 | ) |  |  | (24,338,098 | ) |  |  | (27,401,131 | )
Premiums received from options written |  |  | 26,407,460 |  |  |  | 57,477,850 |  |  |  | 68,542,541 |  |  |  | 42,537,280 |  |  |  | 17,861,739 |
Net realized (gain) loss on investments and options written |  |  | (23,280,815 | ) |  |  | 20,333,004 |  |  |  | (76,199,703 | ) |  |  | 28,802,639 |  |  |  | (18,897,220 | )
Net unrealized appreciation on investments, options written and foreign currency translations |  |  | (56,152,224 | ) |  |  | (108,028,074 | ) |  |  | (146,625,953 | ) |  |  | (145,699,224 | ) |  |  | (54,971,940 | )
(Increase) Decrease in Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | 40,221 |  |  |  | 15,896 |  |  |  | (4,076 | ) |  |  | (114,714 | ) |  |  | (4,292 | )
Dividends — unaffiliated |  |  | (87,976 | ) |  |  | 485,448 |  |  |  | (119,199 | ) |  |  | (271,053 | ) |  |  | 185,420 |
Securities lending income — affiliated |  |  | (7,434 | ) |  |  | 748 |  |  |  | (2,361 | ) |  |  | (117,203 | ) |  |  | — |
Deferred offering costs |  |  | (76,717 | ) |  |  | — |  |  |  | (251,428 | ) |  |  | — |  |  |  | (125,359 | )
Prepaid expenses |  |  | (5,610 | ) |  |  | (5,949 | ) |  |  | (5,414 | ) |  |  | (1,988 | ) |  |  | (2,754 | )
Increase (Decrease) in Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash collateral on securities loaned at value |  |  | 249,127 |  |  |  | (93,484 | ) |  |  | (1,710,283 | ) |  |  | 66,926,868 |  |  |  | — |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fees |  |  | 415,894 |  |  |  | 646,857 |  |  |  | 636,995 |  |  |  | 3,283,857 |  |  |  | 333,374 |
Trustees’ and Officer’s fees |  |  | (3,202 | ) |  |  | 38,255 |  |  |  | (16,193 | ) |  |  | 8,823 |  |  |  | (7,600 | )
Other accrued expenses |  |  | (18,295 | ) |  |  | 32,583 |  |  |  | (11,167 | ) |  |  | 388,266 |  |  |  | (278 | )
Net cash provided by (used for) operating activities |  |  | (14,102,406 | ) |  |  | 85,223,984 |  |  |  | 68,051,051 |  |  |  | (1,515,004,941 | ) |  |  | 16,793,145 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
Cash dividends paid to Common Shareholders |  |  | (23,245,461 | ) |  |  | (57,544,481 | ) |  |  | (74,075,598 | ) |  |  | (33,341,755 | ) |  |  | (23,176,089 | )
Payments for offering costs |  |  | (24,000 | ) |  |  | — |  |  |  | 38,740 |  |  |  | — |  |  |  | 35,780 |
Payments on Common Shares redeemed |  |  | — |  |  |  | (27,838,068 | ) |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from issuance of Common Shares |  |  | 37,496,782 |  |  |  | — |  |  |  | 7,734,973 |  |  |  | 1,557,499,120 |  |  |  | 7,295,611 |
Decrease in bank overdraft |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (126,775 | )
Net cash (provided by) used for financing activities |  |  | 14,227,321 |  |  |  | (85,382,549 | ) |  |  | (66,301,885 | ) |  |  | 1,524,157,365 |  |  |  | (15,971,473 | )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |
Cash impact from foreign exchange fluctuations |  | $ | 2 |  |  | $ | 319 |  |  | $ | 64 |  |  | $ | 19 |  |  | $ | 20 |
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency |  |  | 124,917 |  |  |  | (158,246 | ) |  |  | 1,749,230 |  |  |  | 9,152,443 |  |  |  | 821,692 |
Restricted and unrestricted cash and foreign currency at beginning of period |  |  | 288 |  |  |  | 245,297 |  |  |  | 1,183,297 |  |  |  | 100,000 |  |  |  | 57 |
Restricted and unrestricted cash and foreign currency at end of period |  | $ | 125,205 |  |  | $ | 87,051 |  |  | $ | 2,932,527 |  |  | $ | 9,252,443 |  |  | $ | 821,749 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital shares issued in reinvestment of distributions paid to Common Shareholders |  |  | 1,756,542 |  |  |  | — |  |  |  | 4,843,194 |  |  |  | 4,139,306 |  |  |  | 1,596,219 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  | 74,997 |  |  |  | — |  |  |  | — |  |  |  | 501,313 |  |  |  | 61,749 |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — options written |  |  | 50,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Collateral — OTC derivatives |  |  | — |  |  |  | — |  |  |  | 2,930,000 |  |  |  | 8,750,000 |  |  |  | 760,000 |
Foreign currency at value |  |  | 208 |  |  |  | 87,051 |  |  |  | 2,527 |  |  |  | 1,130 |  |  |  | — |
|  | $ | 125,205 |  |  | $ | 87,051 |  |  | $ | 2,932,527 |  |  | $ | 9,252,443 |  |  | $ | 821,749 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE BEGINNING OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  | — |  |  |  | 43,980 |  |  |  | 21,377 |  |  |  | 100,000 |  |  |  | — |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — written options |  |  | — |  |  |  | — |  |  |  | 1,160,000 |  |  |  | — |  |  |  | — |
Foreign currency at value |  |  | 288 |  |  |  | 201,317 |  |  |  | 1,920 |  |  |  | — |  |  |  | 57 |
|  | $ | 288 |  |  | $ | 245,297 |  |  | $ | 1,183,297 |  |  | $ | 100,000 |  |  | $ | 57 |

(a) | Consolidated Statement of Cash Flows.

(b) | Commencement of operations June 27, 2019.

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 109 |

Financial Highlights

(For a share outstanding throughout each period)

|  | BGR |
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of year |  | $ | 11.98 |  |  | $ | 15.79 |  |  | $ | 16.33 |  |  | $ | 14.05 |  |  | $ | 21.15 |
Net investment income(a) |  |  | 0.34 |  |  |  | 0.28 |  |  |  | 0.40 | (b) |  |  | 0.27 |  |  |  | 0.29 |
Net realized and unrealized gain (loss) |  |  | 1.18 |  |  |  | (3.16 | ) |  |  | (0.01 | ) |  |  | 3.01 |  |  |  | (5.89 | )
Net increase (decrease) from investment operations |  |  | 1.52 |  |  |  | (2.88 | ) |  |  | 0.39 |  |  |  | 3.28 |  |  |  | (5.60 | )
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.34 | ) |  |  | (0.27 | ) |  |  | (0.40 | ) |  |  | (0.27 | ) |  |  | (0.29 | )
From return of capital |  |  | (0.59 | ) |  |  | (0.66 | ) |  |  | (0.53 | ) |  |  | (0.73 | ) |  |  | (1.21 | )
Total distributions |  |  | (0.93 | ) |  |  | (0.93 | ) |  |  | (0.93 | ) |  |  | (1.00 | ) |  |  | (1.50 | )
Net asset value, end of year |  | $ | 12.57 |  |  | $ | 11.98 |  |  | $ | 15.79 |  |  | $ | 16.33 |  |  | $ | 14.05 |
Market price, end of year |  | $ | 11.88 |  |  | $ | 10.45 |  |  | $ | 14.18 |  |  | $ | 14.44 |  |  | $ | 12.53 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 13.74 | % |  |  | (18.84 | )% |  |  | 3.49 | % |  |  | 25.07 | % |  |  | (27.47 | )%
Based on market price |  |  | 23.23 | % |  |  | (21.16 | )% |  |  | 5.11 | % |  |  | 24.01 | % |  |  | (31.42 | )%
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.35 | % |  |  | 1.29 | % |  |  | 1.31 | % |  |  | 1.31 | % |  |  | 1.29 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.16 | % |  |  | 1.14 | % |  |  | 1.18 | % |  |  | 1.24 | % |  |  | 1.26 | %
Net investment income |  |  | 2.67 | % |  |  | 1.87 | % |  |  | 2.69 | %(b) |  |  | 1.80 | % |  |  | 1.60 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 374,896 |  |  | $ | 357,391 |  |  | $ | 471,062 |  |  | $ | 487,064 |  |  | $ | 418,981 |
Portfolio turnover rate |  |  | 24 | % |  |  | 32 | % |  |  | 24 | % |  |  | 33 | % |  |  | 56 | %

(a) | Based on average shares outstanding.

(b) | Net investment income per share and the ratio of net investment income to average net assets include $0.15 per share and 0.99%, respectively, resulting from a special dividend from BakerHughes, Inc. in July 2017.

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

(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

See notes to financial statements.

110 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | CII |
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of year |  | $ | 15.28 |  |  | $ | 17.19 |  |  | $ | 15.08 |  |  | $ | 15.11 |  |  | $ | 15.67 |
Net investment income(a) |  |  | 0.18 |  |  |  | 0.17 |  |  |  | 0.15 |  |  |  | 0.13 |  |  |  | 0.11 |
Net realized and unrealized gain (loss) |  |  | 3.50 |  |  |  | (1.09 | ) |  |  | 2.95 |  |  |  | 0.99 |  |  |  | 0.53 |
Net increase (decrease) from investment operations |  |  | 3.68 |  |  |  | (0.92 | ) |  |  | 3.10 |  |  |  | 1.12 |  |  |  | 0.64 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.19 | ) |  |  | (0.17 | )(c) |  |  | (0.15 | ) |  |  | (0.13 | ) |  |  | (0.14 | )
From net realized gain |  |  | (0.44 | ) |  |  | (0.28 | )(c) |  |  | — |  |  |  | (0.04 | ) |  |  | (1.06 | )
From return of capital |  |  | (0.37 | ) |  |  | (0.54 | ) |  |  | (0.84 | ) |  |  | (0.98 | ) |  |  | — |
Total distributions |  |  | (1.00 | ) |  |  | (0.99 | ) |  |  | (0.99 | ) |  |  | (1.15 | ) |  |  | (1.20 | )
Net asset value, end of year |  | $ | 17.96 |  |  | $ | 15.28 |  |  | $ | 17.19 |  |  | $ | 15.08 |  |  | $ | 15.11 |
Market price, end of year |  | $ | 17.25 |  |  | $ | 14.08 |  |  | $ | 16.38 |  |  | $ | 13.71 |  |  | $ | 14.14 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 25.08 | % |  |  | (5.44 | )% |  |  | 21.69 | % |  |  | 8.66 | % |  |  | 4.66 | %
Based on market price |  |  | 30.38 | % |  |  | (8.56 | )% |  |  | 27.54 | % |  |  | 5.56 | % |  |  | 9.86 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 0.91 | % |  |  | 0.90 | % |  |  | 0.93 | % |  |  | 0.95 | % |  |  | 0.94 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.91 | % |  |  | 0.90 | % |  |  | 0.93 | % |  |  | 0.95 | % |  |  | 0.94 | %
Net investment income |  |  | 1.08 | % |  |  | 1.00 | % |  |  | 0.94 | % |  |  | 0.89 | % |  |  | 0.71 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 792,638 |  |  | $ | 674,077 |  |  | $ | 758,400 |  |  | $ | 665,159 |  |  | $ | 666,492 |
Portfolio turnover rate |  |  | 32 | % |  |  | 27 | % |  |  | 32 | % |  |  | 54 | % |  |  | 133 | %

(a) | Based on average shares outstanding.

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

(c) | Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

See notes to financial statements.

FINANCIAL HIGHLIGHTS |  |  | 111 |

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BDJ |
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of year |  | $ | 8.74 |  |  | $ | 9.96 |  |  | $ | 9.22 |  |  | $ | 8.70 |  |  | $ | 9.24 |
Net investment income(a) |  |  | 0.18 |  |  |  | 0.18 | (b) |  |  | 0.16 |  |  |  | 0.17 |  |  |  | 0.17 |
Net realized and unrealized gain (loss) |  |  | 1.86 |  |  |  | (0.84 | ) |  |  | 1.14 |  |  |  | 0.91 |  |  |  | (0.15 | )
Net increase (decrease) from investment operations |  |  | 2.04 |  |  |  | (0.66 | ) |  |  | 1.30 |  |  |  | 1.08 |  |  |  | 0.02 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.08 | ) |  |  | (0.18 | )(d) |  |  | (0.17 | ) |  |  | (0.17 | ) |  |  | (0.17 | )
From net realized gain |  |  | (0.67 | ) |  |  | (0.38 | )(d) |  |  | (0.39 | ) |  |  | — |  |  |  | — |
From return of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.39 | ) |  |  | (0.39 | )
Total distributions |  |  | (0.75 | ) |  |  | (0.56 | ) |  |  | (0.56 | ) |  |  | (0.56 | ) |  |  | (0.56 | )
Net asset value, end of year |  | $ | 10.03 |  |  | $ | 8.74 |  |  | $ | 9.96 |  |  | $ | 9.22 |  |  | $ | 8.70 |
Market price, end of year |  | $ | 9.92 |  |  | $ | 7.77 |  |  | $ | 9.23 |  |  | $ | 8.15 |  |  | $ | 7.61 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 24.52 | % |  |  | (6.59 | )% |  |  | 15.06 | % |  |  | 13.90 | % |  |  | 1.10 | %
Based on market price |  |  | 38.53 | % |  |  | (10.39 | )% |  |  | 20.63 | % |  |  | 15.11 | % |  |  | 0.63 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 0.87 | % |  |  | 0.85 | % |  |  | 0.86 | % |  |  | 0.87 | % |  |  | 0.86 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.87 | % |  |  | 0.85 | % |  |  | 0.86 | % |  |  | 0.85 | % |  |  | 0.85 | %
Net investment income |  |  | 1.99 | % |  |  | 1.85 | %(b) |  |  | 1.73 | % |  |  | 1.91 | % |  |  | 1.85 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 1,881,675 |  |  | $ | 1,638,237 |  |  | $ | 1,868,457 |  |  | $ | 1,741,649 |  |  | $ | 1,643,508 |
Portfolio turnover rate |  |  | 40 | % |  |  | 34 | % |  |  | 42 | % |  |  | 33 | % |  |  | 26 | %

(a) | Based on average Common Shares outstanding.

(b) | Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.14%, respectively, resulting from a special dividend.

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

(d) | Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

See notes to financial statements.

112 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BOE |
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of year |  | $ | 11.07 |  |  | $ | 13.22 |  |  | $ | 13.38 |  |  | $ | 14.25 |  |  | $ | 15.27 |
Net investment income(a) |  |  | 0.30 |  |  |  | 0.31 |  |  |  | 0.17 |  |  |  | 0.15 |  |  |  | 0.11 |
Net realized and unrealized gain (loss) |  |  | 1.71 |  |  |  | (1.61 | ) |  |  | 1.96 |  |  |  | 0.03 |  |  |  | 0.03 |
Net increase (decrease) from investment operations |  |  | 2.01 |  |  |  | (1.30 | ) |  |  | 2.13 |  |  |  | 0.18 |  |  |  | 0.14 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.31 | ) |  |  | (0.31 | )(d) |  |  | (0.19 | ) |  |  | (0.10 | ) |  |  | (0.17 | )
In excess of net investment income(c) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.10 | )
From net realized gain |  |  | — |  |  |  | (0.52 | )(d) |  |  | (2.10 | ) |  |  | — |  |  |  | — |
From return of capital |  |  | (0.45 | ) |  |  | (0.02 | ) |  |  | — |  |  |  | (0.95 | ) |  |  | (0.89 | )
Total distributions |  |  | (0.76 | ) |  |  | (0.85 | ) |  |  | (2.29 | ) |  |  | (1.05 | ) |  |  | (1.16 | )
Net asset value, end of year |  | $ | 12.32 |  |  | $ | 11.07 |  |  | $ | 13.22 |  |  | $ | 13.38 |  |  | $ | 14.25 |
Market price, end of year |  | $ | 10.99 |  |  | $ | 9.37 |  |  | $ | 12.51 |  |  | $ | 11.57 |  |  | $ | 12.76 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 19.54 | % |  |  | (9.63 | )% |  |  | 17.22 | %(f) |  |  | 2.62 | % |  |  | 1.81 | %
Based on market price |  |  | 25.98 | % |  |  | (19.16 | )% |  |  | 28.28 | % |  |  | (0.90 | )% |  |  | 6.03 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.12 | % |  |  | 1.08 | % |  |  | 1.09 | %(g) |  |  | 1.10 | % |  |  | 1.08 | %(g)
Total expenses after fees waived and/or reimbursed |  |  | 0.94 | % |  |  | 0.94 | % |  |  | 1.02 | %(g) |  |  | 1.05 | % |  |  | 1.05 | %(g)
Net investment income |  |  | 2.62 | % |  |  | 2.52 | % |  |  | 1.20 | %(g) |  |  | 1.15 | % |  |  | 0.73 | %(g)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 807,712 |  |  | $ | 754,602 |  |  | $ | 911,227 |  |  | $ | 929,897 |  |  | $ | 990,318 |
Portfolio turnover rate |  |  | 26 | % |  |  | 28 | % |  |  | 133 | % |  |  | 64 | % |  |  | 72 | %

(a) | Based on average shares outstanding.

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

(c) | Taxable distribution.

(d) | Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(f) | Includes payment received from an affiliate, which had no impact on the Trust’s total return.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS |  |  | 113 |

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BGY |
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of year |  | $ | 5.79 |  |  | $ | 7.06 |  |  | $ | 6.28 |  |  | $ | 6.95 |  |  | $ | 7.61 |
Net investment income(a) |  |  | 0.16 |  |  |  | 0.17 | (b) |  |  | 0.09 |  |  |  | 0.09 |  |  |  | 0.08 |
Net realized and unrealized gain (loss) |  |  | 0.93 |  |  |  | (1.00 | ) |  |  | 1.15 |  |  |  | (0.24 | ) |  |  | (0.15 | )
Net increase (decrease) from investment operations |  |  | 1.09 |  |  |  | (0.83 | ) |  |  | 1.24 |  |  |  | (0.15 | ) |  |  | (0.07 | )
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.16 | ) |  |  | (0.16 | )(d) |  |  | (0.09 | ) |  |  | (0.07 | ) |  |  | (0.11 | )
From net realized gain |  |  | (0.19 | ) |  |  | (0.28 | )(d) |  |  | — |  |  |  | — |  |  |  | — |
From return of capital |  |  | (0.06 | ) |  |  | — |  |  |  | (0.37 | ) |  |  | (0.45 | ) |  |  | (0.48 | )
Total distributions |  |  | (0.41 | ) |  |  | (0.44 | ) |  |  | (0.46 | ) |  |  | (0.52 | ) |  |  | (0.59 | )
Net asset value, end of year |  | $ | 6.47 |  |  | $ | 5.79 |  |  | $ | 7.06 |  |  | $ | 6.28 |  |  | $ | 6.95 |
Market price, end of year |  | $ | 5.89 |  |  | $ | 4.98 |  |  | $ | 6.52 |  |  | $ | 5.51 |  |  | $ | 6.24 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 20.20 | % |  |  | (11.48 | )% |  |  | 20.88 | %(f) |  |  | (1.12 | )% |  |  | (0.47 | )%
Based on market price |  |  | 27.22 | % |  |  | (17.55 | )% |  |  | 27.23 | % |  |  | (3.37 | )% |  |  | 0.90 | %
Ratios to Average Net Assets(g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.13 | % |  |  | 1.09 | % |  |  | 1.12 | % |  |  | 1.12 | % |  |  | 1.09 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.03 | % |  |  | 0.99 | % |  |  | 1.02 | % |  |  | 1.02 | % |  |  | 1.01 | %
Net investment income |  |  | 2.57 | % |  |  | 2.59 | %(b) |  |  | 1.31 | % |  |  | 1.41 | % |  |  | 1.09 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 683,247 |  |  | $ | 623,234 |  |  | $ | 769,678 |  |  | $ | 690,628 |  |  | $ | 764,154 |
Portfolio turnover rate |  |  | 28 | % |  |  | 60 | % |  |  | 90 | % |  |  | 74 | % |  |  | 67 | %

(a) | Based on average shares outstanding.

(b) | Net investment income per share and the ratio of net investment income to average net assets include $0.01 per share and 0.10%, respectively, resulting from a special dividend.

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

(d) | Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(f) | Includes payment received from an affiliate, which had no impact on the Trust’s total return.

(g) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Investments in underlying funds |  |  | — | % |  |  | — | % |  |  | 0.02 | % |  |  | 0.01 | % |  |  | 0.01 | %

See notes to financial statements.

114 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BME |
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of year |  | $ | 35.87 |  |  | $ | 35.69 |  |  | $ | 31.30 |  |  | $ | 36.19 |  |  | $ | 38.61 |
Net investment income (loss)(a) |  |  | 0.06 |  |  |  | 0.07 |  |  |  | 0.02 |  |  |  | 0.02 |  |  |  | (0.06 | )
Net realized and unrealized gain (loss) |  |  | 7.66 |  |  |  | 2.51 |  |  |  | 6.77 |  |  |  | (1.91 | ) |  |  | 4.34 |
Net increase (decrease) from investment operations |  |  | 7.72 |  |  |  | 2.58 |  |  |  | 6.79 |  |  |  | (1.89 | ) |  |  | 4.28 |
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.12 | ) |  |  | (0.07 | )(c) |  |  | (0.04 | ) |  |  | (0.03 | ) |  |  | (0.63 | )
From net realized gain |  |  | (2.28 | ) |  |  | (2.33 | )(c) |  |  | (2.11 | ) |  |  | (2.97 | ) |  |  | (6.07 | )
From return of capital |  |  | — |  |  |  | — |  |  |  | (0.25 | ) |  |  | — |  |  |  | — |
Total distributions |  |  | (2.40 | ) |  |  | (2.40 | ) |  |  | (2.40 | ) |  |  | (3.00 | ) |  |  | (6.70 | )
Net asset value, end of year |  | $ | 41.19 |  |  | $ | 35.87 |  |  | $ | 35.69 |  |  | $ | 31.30 |  |  | $ | 36.19 |
Market price, end of year |  | $ | 42.50 |  |  | $ | 36.45 |  |  | $ | 36.50 |  |  | $ | 31.75 |  |  | $ | 39.35 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 22.26 | % |  |  | 7.26 | % |  |  | 22.17 | % |  |  | (5.36 | )% |  |  | 10.70 | %
Based on market price |  |  | 24.15 | % |  |  | 6.57 | % |  |  | 23.17 | % |  |  | (11.71 | )% |  |  | 8.87 | %
Ratios to Average Net Assets(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.12 | % |  |  | 1.15 | %(f) |  |  | 1.13 | %
Total expenses after fees waived and/or reimbursed and excluding amortization of offering costs |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.12 | % |  |  | 1.14 | % |  |  | 1.12 | %
Net investment income (loss) |  |  | 0.16 | % |  |  | 0.19 | % |  |  | 0.06 | % |  |  | 0.07 | % |  |  | (0.14 | )%
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 446,773 |  |  | $ | 352,675 |  |  | $ | 331,858 |  |  | $ | 270,693 |  |  | $ | 297,530 |
Portfolio turnover rate |  |  | 47 | % |  |  | 37 | % |  |  | 38 | % |  |  | 59 | % |  |  | 68 | %

(a) | Based on average shares outstanding.

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

(c) | Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(e) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Investments in underlying funds |  |  | 0.01 | % |  |  | 0.01 | % |  |  | 0.01 | % |  |  | — | % |  |  | — | %

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS |  |  | 115 |

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BCX |
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of year |  | $ | 8.44 |  |  | $ | 10.64 |  |  | $ | 9.86 |  |  | $ | 8.35 |  |  | $ | 11.67 |
Net investment income(a) |  |  | 0.23 |  |  |  | 0.22 |  |  |  | 0.20 | (b) |  |  | 0.14 |  |  |  | 0.25 |
Net realized and unrealized gain (loss) |  |  | 0.99 |  |  |  | (1.80 | ) |  |  | 1.19 |  |  |  | 1.95 |  |  |  | (2.76 | )
Net increase (decrease) from investment operations |  |  | 1.22 |  |  |  | (1.58 | ) |  |  | 1.39 |  |  |  | 2.09 |  |  |  | (2.51 | )
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.23 | ) |  |  | (0.19 | ) |  |  | (0.24 | ) |  |  | (0.15 | ) |  |  | (0.25 | )
From return of capital |  |  | (0.39 | ) |  |  | (0.43 | ) |  |  | (0.37 | ) |  |  | (0.43 | ) |  |  | (0.56 | )
Total distributions |  |  | (0.62 | ) |  |  | (0.62 | ) |  |  | (0.61 | ) |  |  | (0.58 | ) |  |  | (0.81 | )
Net asset value, end of year |  | $ | 9.04 |  |  | $ | 8.44 |  |  | $ | 10.64 |  |  | $ | 9.86 |  |  | $ | 8.35 |
Market price, end of year |  | $ | 8.07 |  |  | $ | 7.06 |  |  | $ | 9.77 |  |  | $ | 8.27 |  |  | $ | 7.11 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 15.88 | % |  |  | (14.90 | )% |  |  | 15.60 | % |  |  | 27.41 | % |  |  | (21.31 | )%
Based on market price |  |  | 23.67 | % |  |  | (22.47 | )% |  |  | 26.55 | % |  |  | 25.50 | % |  |  | (19.47 | )%
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.11 | % |  |  | 1.08 | % |  |  | 1.08 | % |  |  | 1.08 | % |  |  | 1.07 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.11 | % |  |  | 1.08 | % |  |  | 1.08 | % |  |  | 1.08 | % |  |  | 1.07 | %
Net investment income |  |  | 2.56 | % |  |  | 2.17 | % |  |  | 2.06 | %(b) |  |  | 1.61 | % |  |  | 2.43 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 822,754 |  |  | $ | 798,282 |  |  | $ | 1,027,472 |  |  | $ | 976,899 |  |  | $ | 827,040 |
Portfolio turnover rate |  |  | 69 | % |  |  | 66 | % |  |  | 73 | % |  |  | 101 | % |  |  | 74 | %

(a) | Based on average shares outstanding.

(b) | Net investment income per share and the ratio of net investment income to average net assets include less than $0.04 per share and 0.39% respectively, resulting from a special dividend from Baker Hughes Inc. in July 2017.

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

(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

See notes to financial statements.

116 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BST |
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of year |  | $ | 26.21 |  |  | $ | 27.73 |  |  | $ | 20.10 |  |  | $ | 19.70 |  |  | $ | 19.43 |
Net investment income (loss)(a) |  |  | (0.17 | ) |  |  | (0.13 | ) |  |  | (0.05 | ) |  |  | 0.00 | (b) |  |  | 0.03 |
Net realized and unrealized gain |  |  | 9.92 |  |  |  | 0.37 |  |  |  | 8.96 |  |  |  | 1.60 |  |  |  | 1.44 |
Net increase from investment operations |  |  | 9.75 |  |  |  | 0.24 |  |  |  | 8.91 |  |  |  | 1.60 |  |  |  | 1.47 |
Distributions(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | — |  |  |  | — | (d) |  |  | (0.05 | ) |  |  | — |  |  |  | (0.03 | )
From net realized gain |  |  | (3.51 | ) |  |  | (1.76 | )(d) |  |  | (0.22 | ) |  |  | — |  |  |  | (0.01 | )
From return of capital |  |  | — |  |  |  | — |  |  |  | (1.01 | ) |  |  | (1.20 | ) |  |  | (1.16 | )
Total distributions |  |  | (3.51 | ) |  |  | (1.76 | ) |  |  | (1.28 | ) |  |  | (1.20 | ) |  |  | (1.20 | )
Net asset value, end of year |  | $ | 32.45 |  |  | $ | 26.21 |  |  | $ | 27.73 |  |  | $ | 20.10 |  |  | $ | 19.70 |
Market price, end of year |  | $ | 33.27 |  |  | $ | 27.48 |  |  | $ | 26.69 |  |  | $ | 17.94 |  |  | $ | 17.31 |
Total Return(e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 37.82 | % |  |  | 0.24 | % |  |  | 45.73 | % |  |  | 9.36 | % |  |  | 8.61 | %
Based on market price |  |  | 34.77 | % |  |  | 9.18 | % |  |  | 57.15 | % |  |  | 11.08 | % |  |  | 5.36 | %
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.08 | % |  |  | 1.09 | % |  |  | 1.09 | % |  |  | 1.10 | % |  |  | 1.12 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.92 | % |  |  | 0.89 | % |  |  | 0.89 | % |  |  | 0.90 | % |  |  | 0.92 | %
Net investment income (loss) |  |  | (0.52 | )% |  |  | (0.43 | )% |  |  | (0.19 | )% |  |  | 0.02 | % |  |  | 0.15 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 742,672 |  |  | $ | 587,908 |  |  | $ | 620,300 |  |  | $ | 452,443 |  |  | $ | 443,477 |
Portfolio turnover rate |  |  | 32 | % |  |  | 53 | % |  |  | 41 | % |  |  | 74 | % |  |  | 91 | %

(a) | Based on average shares outstanding.

(b) | Amount is less than $0.005 per share.

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

(d) | Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

(e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

See notes to financial statements.

FINANCIAL HIGHLIGHTS |  |  | 117 |

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BSTZ |
|  | Period from 06/27/19 (a) to 12/31/19 |
Net asset value, beginning of period |  | $ | 20.00 |
Net investment income(b) |  |  | (0.05 | )
Net realized and unrealized gain |  |  | 1.50 |
Net increase from investment operations |  |  | 1.45 |
Distribution from return of capital |  |  | (0.50 | )
Net asset value, end of period |  | $ | 20.95 |
Market price, end of period |  | $ | 20.50 |
Total Return(c) |
Based on net asset value |  |  | 7.40 | %(d)
Based on market price |  |  | 5.10 | %(d)
Ratios to Average Net Assets |
Total expenses |  |  | 1.32 | %(e)(f)
Total expenses after fees waived and/or reimbursed |  |  | 1.30 | %(e)(f)
Net investment loss |  |  | (0.48 | )%(e)(f)
Supplemental Data |
Net assets, end of period (000) |  | $ | 1,635,966 |
Portfolio turnover rate |  |  | 16 | %

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

(b) | Based on average shares outstanding.

(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) | Aggregate total return.

(e) | Annualized.

(f) | Excludes expenses incurred indirectly as a result of investments in underlying funds of 0.04%.

See notes to financial statements.

118 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BUI |
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of year |  | $ | 18.77 |  |  | $ | 21.12 |  |  | $ | 19.42 |  |  | $ | 19.50 |  |  | $ | 22.47 |
Net investment income(a) |  |  | 0.37 |  |  |  | 0.49 |  |  |  | 0.56 |  |  |  | 0.56 |  |  |  | 0.47 |
Net realized and unrealized gain (loss) |  |  | 4.33 |  |  |  | (1.39 | ) |  |  | 2.59 |  |  |  | 0.81 |  |  |  | (1.99 | )
Net increase (decrease) from investment operations |  |  | 4.70 |  |  |  | (0.90 | ) |  |  | 3.15 |  |  |  | 1.37 |  |  |  | (1.52 | )
Distributions(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.24 | ) |  |  | (0.63 | )(c) |  |  | (0.47 | ) |  |  | (0.49 | ) |  |  | (0.42 | )
From net realized gain |  |  | (1.06 | ) |  |  | (0.81 | )(c) |  |  | (0.98 | ) |  |  | (0.53 | ) |  |  | (0.54 | )
From return of capital |  |  | (0.15 | ) |  |  | (0.01 | ) |  |  | — |  |  |  | (0.43 | ) |  |  | (0.49 | )
Total distributions |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | )
Net asset value, end of year |  | $ | 22.02 |  |  | $ | 18.77 |  |  | $ | 21.12 |  |  | $ | 19.42 |  |  | $ | 19.50 |
Market price, end of year |  | $ | 22.31 |  |  | $ | 19.76 |  |  | $ | 21.62 |  |  | $ | 18.41 |  |  | $ | 16.78 |
Total Return(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 25.63 | % |  |  | (4.40 | )% |  |  | 16.62 | % |  |  | 7.57 | % |  |  | (6.09 | )%
Based on market price |  |  | 20.91 | % |  |  | (1.68 | )% |  |  | 25.93 | % |  |  | 18.50 | % |  |  | (12.45 | )%
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.12 | % |  |  | 1.12 | % |  |  | 1.11 | % |  |  | 1.13 | % |  |  | 1.11 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.10 | % |  |  | 1.09 | % |  |  | 1.09 | % |  |  | 1.13 | % |  |  | 1.11 | %
Net investment income |  |  | 1.78 | % |  |  | 2.46 | % |  |  | 2.70 | % |  |  | 2.83 | % |  |  | 2.24 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 383,337 |  |  | $ | 318,933 |  |  | $ | 357,776 |  |  | $ | 328,297 |  |  | $ | 329,747 |
Portfolio turnover rate |  |  | 39 | % |  |  | 28 | % |  |  | 31 | % |  |  | 8 | % |  |  | 20 | %

(a) | Based on average shares outstanding.

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

(c) | Amount previously presented incorrectly as solely distributions from net investment income has been revised to reflect the proper classification of distributions between net realized gain and net investment income.

(d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

See notes to financial statements.

FINANCIAL HIGHLIGHTS |  |  | 119 |

Notes to Financial Statements

1. | ORGANIZATION

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

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

| * | Commenced operations on June 27, 2019. |

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 non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

Prior to commencement of operations on June 27, 2019, BSTZ had no operations other than those relating to organizational matters and the sale of 5,000 common shares on May 3, 2019 to BlackRock Financial Management, Inc., an affiliate of BSTZ, for $100,000. Investment operations for BSTZ commenced on June 27, 2019.

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 BCX to hold these commodity-related instruments 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 year ended December 31, 2019, 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 executed. 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, are 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 New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Trust does not isolate the 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 to be excluded from treatment as a

120 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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

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

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital. See Note 8, Income Tax Information, for the tax character of each Trust’s distributions paid during the period.

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

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan.

Organization and Offering Costs: Organization costs associated with the establishment of BSTZ and offering expenses of BSTZ with respect to the issuance of shares in the amounts of $140,500 and $1,353,100, respectively, were paid by the Manager. BSTZ is not obligated to repay any such organizational costs or offering expenses paid by the Manager.

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: 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 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 the fair values of their financial instruments using various independent dealers or pricing services under policies approved by 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’s assets and liabilities:

| • |  | 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.

| • |  | 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 may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), 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.

NOTES TO FINANCIAL STATEMENTS |  |  | 121 |

Notes to Financial Statements (continued)

| • |  | Investments in open-end U.S. mutual funds are valued at 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.

| • |  | 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 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 will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Global Valuation Committee and third party pricing services utilize one or a combination of, but not limited to, the following inputs.

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

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards 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 the Global Valuation Committee’s 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

122 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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. 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.

As of December 31, 2019, certain investments of BME, BCX, and BSTZ were valued using NAV or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4. | SECURITIES AND OTHER INVESTMENTS

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Certain Trusts may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Trusts collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Trust is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Trust and any additional required collateral is delivered to the Trust, or excess collateral returned by the Trust, on the next business day. During the term of the loan, the Trusts are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The market value of any securities on loan, all of which were classified as common stocks in the Trusts’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value-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 tables are a summary of the Trusts’ securities lending agreements by counterparty which are subject to offset under an MSLA:

Counterparty |  | Securities Loaned at Value |  |  | Cash Collateral Received (a) |  |  | Net Amount (b) |
BME |  |  |  |  |  |  |  |  |  |  |  |
Citigroup Global Markets, Inc. |  | $ | 11,421 |  |  | $ | (11,421) |  |  | $ | — |
Credit Suisse Securities (USA) LLC |  |  | 46,885 |  |  |  | (46,885 | ) |  |  | — |
Deutsche Bank Securities Inc. |  |  | 11,266 |  |  |  | (10,903 | ) |  |  | 363 |
Goldman Sachs & Co |  |  | 102,871 |  |  |  | (102,871 | ) |  |  |  |
Morgan Stanley & Co. LLC |  |  | 73,819 |  |  |  | (73,819 | ) |  |  | — |
|  | $ | 246,262 |  |  | $ | (245,899) |  |  | $ | 363 |
BCX |  |  |  |  |  |  |  |  |  |  |  |
Goldman Sachs & Co. |  | $ | 182,896 |  |  | $ | (180,501 | ) |  | $ | 2,395 |
|  | $ | 182,896 |  |  | $ | (180,501 | ) |  | $ | 2,395 |

NOTES TO FINANCIAL STATEMENTS |  |  | 123 |

Notes to Financial Statements (continued)

Counterparty |  | Securities Loaned at Value |  |  | Cash Collateral Received (a) |  |  | Net Amount (b) |
BSTZ |  |  |  |  |  |  |  |  |  |  |  |
Citigroup Global Markets, Inc. |  | $ | 19,901,714 |  |  | $ | (19,901,714 | ) |  | $ | — |
Credit Suisse Securities (USA) LLC |  |  | 104,397 |  |  |  | (104,397 | ) |  |  | — |
Goldman Sachs & Co |  |  | 16,971,064 |  |  |  | (16,971,064 | ) |  |  | — |
JP Morgan Securities LLC |  |  | 22,930,163 |  |  |  | (22,930,163 | ) |  |  | — |
TD Prime Services LLC |  |  | 3,330,600 |  |  |  | (3,330,600 | ) |  |  | — |
UBS Securities LLC |  |  | 2,547,387 |  |  |  | (2,547,387 | ) |  |  | — |
|  | $ | 65,785,325 |  |  | $ | (65,785,325 | ) |  | $ | — |

| (a) | Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Trust is disclosed in the Trust’s Statement of Assets and Liabilities. |

| (b) | The market value of the loaned securities is determined as of December 31, 2019. Additional collateral is delivered to each Trust on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. |

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Trusts benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned 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. Such losses are borne entirely by the Trusts.

5. | DERIVATIVE FINANCIAL INSTRUMENTS

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Options: Certain Trusts purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value — unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

Master Netting Arrangements: In order to define 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.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trusts and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from their counterparties are not fully

124 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, each Trust, except BCX pays the Manager a monthly fee at the following annual rates:

Average weekly value of each Trust’s net assets: |  |  |  |
BGR |  |  | 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 |
BST |  |  | 1.00 |
BSTZ |  |  | 1.25 |
BUI |  |  | 1.00 |

For purposes of calculating these fees, “net assets” mean the total assets of BGR, BDJ, BOE, BGY, BME, CII, BCX and BUI minus the sum of its accrued liabilities.

For such services, BCX pays the Manager a monthly fee of 1.00% of the sum of the average daily value of the net assets of the Trust (excluding the value of the Trust’s interest in the Subsidiary) and the average daily value of the net assets of its subsidiary, which fee is allocated pro rata between the Trust and the Subsidiary based on the average daily value of their respective net assets (excluding, in the case of the Trust, the value of the Trust’s interest in the Subsidiary).

For purposes of calculating these fees, “managed assets” are determined as total assets of BST and BSTZ (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

With respect to BGR, BOE, BGY, BCX and BUI, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.

The Manager provides investment management and other services to 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.

Distribution Fees: BME, BST and BUI have entered into Distribution Agreements with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BME’s, BST’s and BUI’s common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BME, BST and BUI will compensate BRIL with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BME’s, BST’s and BUI’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the year ended December 31, 2019 amounted to $75,264, $16,844 and $14,955 for BME, BST and BUI, respectively.

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 |  |  | 0.15 | % |  |  | 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 their average weekly net assets (BGR and BOE) or average daily net assets (BUI and BGY), as follows:

BGR |  |  | 0.220 | %
BOE |  |  | 0.175 |
BUI |  |  | 0.025 |
BGY |  |  | 0.100 |

NOTES TO FINANCIAL STATEMENTS |  |  | 125 |

Notes to Financial Statements (continued)

For BGR, prior to July 3, 2019, the portion of investment advisory fees which the Manager had voluntarily waived was an annual rate of 0.15% of the Trust’s average weekly net assets.

These voluntary waivers may be reduced or discontinued at any time without notice.

For the year ended December 31, 2019, the investment advisory fees waived, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations, were as follows:

BGR |  | $ | 692,861 |
BOE |  |  | 1,381,106 |
BGY |  |  | 658,926 |
BST |  |  | 1,063,793 |
BUI |  |  | 88,120 |

With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2021. Prior to December 1, 2019, this waiver and/or reimbursement was voluntary. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2019, the amounts waived were as follows:

|  | Amount Waived |
BGR |  | $ | 6,446 |
CII |  |  | 3,486 |
BDJ |  |  | 15,836 |
BOE |  |  | 3,456 |
BGY |  |  | 7,691 |
BME |  |  | 13,292 |
BCX |  |  | 10,518 |
BST |  |  | 3,497 |
BSTZ |  |  | 139,587 |
BUI |  |  | 6,182 |

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, 2021. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the year ended December 31, 2019, there were no fees waived and/or reimbursed by the Manager pursuant to these arrangements.

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Trusts, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Trusts are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company 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% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Trust retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level (such securities, the “specials only securities”). Each Trust retains 82% of securities lending income (which excludes collateral investment expenses).

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Fixed-Income Complex in a calendar year exceeds a specified threshold, each Trust, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income (which excludes collateral investment expenses) in an amount equal to 85% of securities lending income.

Prior to January 1, 2019, each Trust (other than BSTZ, which commenced operations after such date) retained 80% of securities lending income (which excluded collateral investment expenses). In addition, commencing the business day following the date that the aggregate securities lending income earned across a complex of closed-end funds referred to as the Closed-End Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year 85% of securities lending income (which excluded collateral investment expenses).

126 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

The share of securities lending income earned by each Trust is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended December 31, 2019, each Trust paid BIM the following amounts for securities lending agent services:

BME |  | $ | 12,100 |
BCX |  |  | 11,475 |
BST |  |  | 89,229 |
BSTZ |  |  | 215,327 |

Trustees and Officers: Certain trustees and/or officers of the Trusts are trustees and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

Other Transactions: The Trusts may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the period ended December 31, 2019, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

|  | Purchases |  |  | Sales |  |  | Net Realized Gain (Loss) |
BST |  | $ | — |  |  | $ | 818,872 |  |  | $ | (1,069,052 | )
BSTZ |  |  | 237,801 |  |  |  | — |  |  |  | — |

7. | PURCHASES AND SALES

For the year ended December 31, 2019, purchases and sales of investments, excluding short-term securities, were as follows:

|  | Purchases |  |  | Sales |
BGR |  | $ | 89,653,544 |  |  | $ | 111,948,035 |
CII |  |  | 236,657,991 |  |  |  | 288,345,277 |
BDJ |  |  | 717,591,358 |  |  |  | 836,864,608 |
BOE |  |  | 206,594,835 |  |  |  | 270,762,197 |
BGY |  |  | 178,310,793 |  |  |  | 231,418,235 |
BME |  |  | 213,309,398 |  |  |  | 182,051,339 |
BCX |  |  | 571,418,855 |  |  |  | 635,589,612 |
BST |  |  | 230,545,748 |  |  |  | 329,313,090 |
BSTZ |  |  | 1,610,392,703 |  |  |  | 173,913,766 |
BUI |  |  | 135,726,150 |  |  |  | 158,539,126 |

8. | INCOME TAX INFORMATION

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for each of the four years ended December 31, 2019, except for BSTZ, which remains open for the period ended December 31, 2019. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of December 31, 2019, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of period end, the following permanent differences attributable to non-deductible expenses and net operating losses were reclassified to the following accounts:

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |  |  | BGY |  |  | BME |  |  | BCX |  |  | BST |  |  | BSTZ |  |  | BUI |
Paid-in capital |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (46,886 | ) |  | $ | — |  |  | $ | (3,736,092 | ) |  | $ | (4,050,650 | ) |  | $ | (27,175 | )
Accumulated earnings (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 46,886 |  |  |  | — |  |  |  | 3,736,092 |  |  |  | 4,050,650 |  |  |  | 27,175 |

NOTES TO FINANCIAL STATEMENTS |  |  | 127 |

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |  |  | BGY |  |  | BME |  |  | BCX |  |  | BST |  |  | BSTZ |  |  | BUI |
Ordinary income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
12/31/2019 |  | $ | 10,080,237 |  |  | $ | 8,072,143 |  |  | $ | 22,868,103 |  |  | $ | 20,682,389 |  |  | $ | 16,830,492 |  |  | $ | 1,199,799 |  |  | $ | 21,302,066 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,110,805 |
12/31/2018 |  |  | 8,135,490 |  |  |  | 7,552,897 |  |  |  | 33,730,833 |  |  |  | 22,660,720 |  |  |  | 17,828,120 |  |  |  | 692,439 |  |  |  | 17,715,545 |  |  |  | — |  |  |  | — |  |  |  | 12,194,916 |
Long-term capital gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
12/31/2019 |  |  | — |  |  |  | 19,624,499 |  |  |  | 118,011,126 |  |  |  | — |  |  |  | 19,966,623 |  |  |  | 23,802,204 |  |  |  | — |  |  |  | 78,918,792 |  |  |  | — |  |  |  | 18,122,922 |
12/31/2018 |  |  | — |  |  |  | 12,374,208 |  |  |  | 71,367,931 |  |  |  | 34,238,980 |  |  |  | 30,479,902 |  |  |  | 21,998,038 |  |  |  | — |  |  |  | 39,423,699 |  |  |  | — |  |  |  | 12,329,188 |
Return of capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
12/31/2019 |  |  | 17,693,107 |  |  |  | 16,349,752 |  |  |  | — |  |  |  | 29,979,719 |  |  |  | 6,617,930 |  |  |  | — |  |  |  | 36,208,319 |  |  |  | — |  |  |  | 39,001,740 |  |  |  | 2,538,581 |
12/31/2018 |  |  | 19,637,853 |  |  |  | 23,911,918 |  |  |  | — |  |  |  | 1,381,549 |  |  |  | — |  |  |  | — |  |  |  | 41,596,743 |  |  |  | — |  |  |  | — |  |  |  | 98,239 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
12/31/2019 |  | $ | 27,773,344 |  |  | $ | 44,046,394 |  |  | $ | 140,879,229 |  |  | $ | 50,662,108 |  |  | $ | 43,415,045 |  |  | $ | 25,002,003 |  |  | $ | 57,510,385 |  |  | $ | 78,918,792 |  |  | $ | 39,001,740 |  |  | $ | 24,772,308 |
12/31/2018 |  | $ | 27,773,343 |  |  | $ | 43,839,023 |  |  | $ | 105,098,764 |  |  | $ | 58,281,249 |  |  | $ | 48,308,022 |  |  | $ | 22,690,477 |  |  | $ | 59,312,288 |  |  | $ | 39,423,699 |  |  | $ | — |  |  | $ | 24,622,343 |

As of period end, the tax components of accumulated earnings (losses) were as follows:

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |  |  | BGY |  |  | BME |  |  | BCX |  |  | BST |  |  | BSTZ |  |  | BUI |
Undistributed ordinary income |  | $ | — |  |  | $ | — |  |  | $ | 20,731,046 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Undistributed long-term capital gains |  |  | — |  |  |  | — |  |  |  | 84,545,997 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25,963,356 |  |  |  | — |  |  |  | — |
Non-expiring capital loss carryforwards(a) |  |  | (185,729,928 | ) |  |  | — |  |  |  | — |  |  |  | (29,524,908 | ) |  |  | (27,853,009 | ) |  |  | — |  |  |  | (426,115,393 | ) |  |  | — |  |  |  | (16,443,625 | ) |  |  | — |
Net unrealized gains (losses)(b) |  |  | (1,588,846 | ) |  |  | 231,316,400 |  |  |  | 455,769,293 |  |  |  | 71,264,914 |  |  |  | 55,451,537 |  |  |  | 154,892,206 |  |  |  | 89,457,292 |  |  |  | 361,137,630 |  |  |  | 145,121,027 |  |  |  | 94,207,095 |
Qualified late-year losses(c) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (18,346 | ) |  |  | (267,765 | ) |  |  | — |  |  |  | (1,764,740 | ) |  |  | (11,397,453 | ) |  |  | (15,598 | )
|  | $ | (187,318,774 | ) |  | $ | 231,316,400 |  |  | $ | 561,046,336 |  |  | $ | 41,740,006 |  |  | $ | 27,580,182 |  |  | $ | 154,624,441 |  |  | $ | (336,658,101 | ) |  | $ | 385,336,246 |  |  | $ | 117,279,949 |  |  | $ | 94,191,497 |

| (a) | Amounts available to offset future realized capital gains. |

| (b) | The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains/losses on certain options contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of partnership income and the deferral of compensation to Trustees. |

| (c) | The Trust has elected to defer certain qualified late-year losses and recognize such losses in the next taxable period. |

As of December 31, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |  |  | BGY |  |  | BME |  |  | BCX |  |  | BST |  |  | BSTZ |  |  | BUI |
Tax cost |  | $ | 377,799,446 |  |  | $ | 568,752,706 |  |  | $ | 1,440,427,871 |  |  | $ | 727,564,540 |  |  | $ | 618,133,158 |  |  | $ | 293,412,772 |  |  | $ | 736,678,354 |  |  | $ | 378,138,367 |  |  | $ | 1,568,107,455 |  |  | $ | 282,713,507 |
Gross unrealized appreciation |  | $ | 25,230,236 |  |  | $ | 243,955,051 |  |  | $ | 504,070,926 |  |  | $ | 107,865,633 |  |  | $ | 83,515,198 |  |  | $ | 160,793,889 |  |  | $ | 121,216,412 |  |  | $ | 375,393,861 |  |  | $ | 216,578,649 |  |  | $ | 104,331,581 |
Gross unrealized depreciation |  |  | (24,602,146 | ) |  |  | (10,642,414 | ) |  |  | (38,396,489 | ) |  |  | (29,393,158 | ) |  |  | (23,781,089 | ) |  |  | (3,525,316 | ) |  |  | (27,899,849 | ) |  |  | (7,820,632 | ) |  |  | (71,622,688 | ) |  |  | (2,608,872 | )
Net unrealized appreciation |  | $ | 628,090 |  |  | $ | 233,312,637 |  |  | $ | 465,674,437 |  |  | $ | 78,472,475 |  |  | $ | 59,734,109 |  |  | $ | 157,268,573 |  |  | $ | 93,316,563 |  |  | $ | 367,573,229 |  |  | $ | 144,955,961 |  |  | $ | 101,722,709 |

9. | PRINCIPAL RISKS

In the normal course of business, certain Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. BME’s, BST’s and BUI’s prospectuses provide details of the risks to which each Trust is subject.

The Trusts may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise trusts to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trusts’ net asset value and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

128 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that 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.

Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. 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 |
Health Care |  |  | BME |
Information Technology |  |  | BST, BSTZ |
Materials |  |  | BCX |
Utilities |  |  | BUI |

Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.

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 more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

BGY and BOE 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.

NOTES TO FINANCIAL STATEMENTS |  |  | 129 |

Notes to Financial Statements (continued)

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has voted to withdraw from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

10. | CAPITAL SHARE TRANSACTIONS

Each Trust is authorized to issue an unlimited number of shares, with the exception of CII, all of which were initially classified as Common Shares. CII is authorized to issue 200 million Common Shares. The par value for each Trust’s Common Shares is $0.001, except for CII, which is $0.10. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

For the periods shown, shares issued and outstanding increased by the following amounts as a result of shares issued through the Shelf Offering:

|  | Year Ended 12/31/19 |  |  | Year Ended 12/31/18 |
BME |  |  | 969,840 |  |  |  | 504,770 |
BST |  |  | 304,272 |  |  |  | — |
BUI |  |  | 349,552 |  |  |  | — |

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

|  | Year Ended 12/31/19 |  |  | Year Ended 12/31/18 |
BME |  |  | 46,035 |  |  |  | 28,688 |
BST |  |  | 150,491 |  |  |  | 60,353 |
BSTZ |  |  | 210,006 |  |  |  | — |
BUI |  |  | 75,584 |  |  |  | 46,552 |

For the year ended December 31, 2019 and year December 31, 2018, for BGR, CII, and BDJ shares issued and outstanding remained constant.

Shares of BSTZ issued and outstanding for the period June 27, 2019 to December 31, 2019, increased by 77,874,956 from the Trust’s initial public offering. As of December 31, 2019, BlackRock Financial Management, Inc., an affiliate of BSTZ, owned 5,000 shares of BSTZ.

BME, BST and BUI have each filed a prospectus with the SEC allowing it to issue an additional 5,000,000, 13,000,000 and 5,000,000 Common Shares, respectively, through an equity Shelf Offerings. Under the Shelf Offerings, BME, BST and BUI, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above BME, BST and BUI NAV per Common Share (calculated within 48 hours of pricing). As of period end, 4,520,794, 12,695,728 and 4,650,448 Common Shares, respectively, remain available for issuance under the Shelf Offerings. From June 9, 2016 to April 28, 2019 and August 12, 2015 to June 8, 2016, BME was authorized to issue 2,500,000 Common Shares and 453,000 Common Shares, respectively, under previous Shelf Offerings. See Additional Information — Shelf Offering Program for additional information about the Shelf Offerings.

Initial costs incurred by each of BME, BST and BUI in connection with its Shelf Offering are recorded as “Deferred offering cost” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the shelf offering period will be charged to expense. Any subsequent costs incurred to keep the filing active will be charged to expense as incurred.

The Trusts (other than BSTZ) participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2018 through November 30, 2019, the Trusts (other than BSTZ) were permitted to repurchase up to 5% of their outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2018, subject to certain conditions. From December 1, 2019 through November 30, 2020, the Trusts (other than BSTZ) may repurchase up to 5% of their outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2019, subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts.

The total cost of the shares repurchased is reflected in the Trusts’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:

BOE |  | Shares |  |  | Amount |
December 31, 2019 |  |  | 2,600,735 |  |  | $ | 27,037,545 |
December 31, 2018 |  |  | 728,069 |  |  |  | 7,051,296 |

BGY |  | Shares |  |  | Amount |
December 31, 2019 |  |  | 2,027,081 |  |  | $ | 11,037,544 |
December 31, 2018 |  |  | 1,342,421 |  |  |  | 6,926,639 |

BCX |  | Shares |  |  | Amount |
December 31, 2019 |  |  | 3,485,024 |  |  | $ | 27,004,375 |
December 31, 2018 |  |  | 2,000,565 |  |  |  | 17,063,427 |

130 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

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 |
|  | Paid (a) |  |  | Declared (b) |
BGR |  | $ | 0.077600 |  |  | $ | 0.077600 |
CII |  |  | 0.087500 |  |  |  | 0.087500 |
BDJ |  |  | 0.050000 |  |  |  | 0.050000 |
BOE |  |  | 0.063000 |  |  |  | 0.063000 |
BME |  |  | 0.200000 |  |  |  | 0.200000 |
BGY |  |  | 0.033800 |  |  |  | 0.033800 |
BCX |  |  | 0.051600 |  |  |  | 0.051600 |
BST |  |  | 0.165500 |  |  |  | 0.165500 |
BSTZ |  |  | 0.100000 |  |  |  | 0.100000 |
BUI |  |  | 0.121000 |  |  |  | 0.121000 |

| (a) | Net investment income dividend paid on January 31, 2020 to shareholders of record on January 15, 2020. |

| (b) | Net investment income dividend declared on February 3, 2020, payable to shareholders of record on February 14, 2020. |

NOTES TO FINANCIAL STATEMENTS |  |  | 131 |

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees/Directors of BlackRock Energy and Resources Trust, BlackRock Enhanced Capital and Income Fund, Inc., BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Health Sciences Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Trust, BlackRock Science and Technology Trust II, and BlackRock Utilities, Infrastructure & Power Opportunities Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities of BlackRock Resources & Commodities Strategy Trust, including the consolidated schedule of investments, as of December 31, 2019, the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes. We have also audited the accompanying statement of assets and liabilities of BlackRock Science and Technology Trust II, including the schedule of investments, as of December 31, 2019, the related statements of operations, changes in net assets, and cash flows, and the financial highlights for the period from June 27, 2019 (commencement of operations) through December 31, 2019, and the related notes. We have also audited the accompanying statements of assets and liabilities of BlackRock Energy and Resources Trust, BlackRock Enhanced Capital and Income Fund, Inc., BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Health Sciences Trust, BlackRock Science and Technology Trust, and BlackRock Utilities, Infrastructure & Power Opportunities Trust, (collectively, with BlackRock Resources & Commodities Strategy Trust and BlackRock Science and Technology Trust II, the “Funds”), including the schedules of investments, as of December 31, 2019, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of BlackRock Science and Technology Trust II as of December 31, 2019, the results of its operations and its cash flows, the changes in its net assets, and the financial highlights for the period from June 27, 2019 (commencement of operations) through December 31, 2019, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of BlackRock Energy and Resources Trust, BlackRock Enhanced Capital and Income Fund, Inc., BlackRock Enhanced Equity Dividend Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Enhanced International Dividend Trust, BlackRock Health Sciences Trust, BlackRock Resources & Commodities Strategy Trust, BlackRock Science and Technology Trust, and BlackRock Utilities, Infrastructure & Power Opportunities Trust as of December 31, 2019, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2020

We have served as the auditor of one or more BlackRock investment companies since 1992.

132 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Important Tax Information (unaudited)

During the fiscal year ended December 31, 2019, the following information is provided with respect to the distributions paid:

|  | Payable Date |  | Long-Term Capital Gains |  |  | Non-Taxable Return of Capital |  |  | Qualified Dividend Income for Individuals (a) |  |  | Dividends Qualifying for the Dividends Received Deduction for Corporations (a) |  |  | Short-Term Capital Gain Dividends for Non-U.S. Residents (b) |  |  | Foreign Source Income |  |  | Foreign Taxes Paid (c) |
BGR |  | 01/31/19 — 12/31/19 |  |  | — | % |  |  | 63.71 | % |  |  | 36.29 | % |  |  | 19.69 | % |  |  | — | % |  |  | 23.16 | % |  |  | 3.87 | %
CII |  | 01/31/19 — 12/31/19 |  |  | 44.55 |  |  |  | 37.12 |  |  |  | 18.33 |  |  |  | 18.33 |  |  |  | — |  |  |  | — |  |  |  | — |
BDJ |  | 01/31/19 — 11/30/19 |  |  | 93.75 |  |  |  | — |  |  |  | 6.25 |  |  |  | 5.19 |  |  |  | 6.25 |  |  |  | — |  |  |  | — |
|  | 12/31/19 |  |  | 59.82 |  |  |  | — |  |  |  | 40.18 |  |  |  | 37.43 |  |  |  | 3.99 |  |  |  | — |  |  |  | — |
BOE |  | 01/31/19 — 12/31/19 |  |  | — |  |  |  | 59.18 |  |  |  | 40.82 |  |  |  | 21.71 |  |  |  | — |  |  |  | 24.56 |  |  |  | 1.92 |
BGY |  | 01/31/19 — 05/31/19 |  |  | 100.00 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | 06/30/19 |  |  | 49.23 |  |  |  | 14.33 |  |  |  | 36.44 |  |  |  | 1.40 |  |  |  | — |  |  |  | 38.33 |  |  |  | 3.04 |
|  | 07/31/19 — 12/31/19 |  |  | — |  |  |  | 28.22 |  |  |  | 71.78 |  |  |  | 2.76 |  |  |  | — |  |  |  | 75.49 |  |  |  | 5.98 |
BME |  | 1/31/19 |  |  | 96.89 |  |  |  | — |  |  |  | 3.11 |  |  |  | 3.11 |  |  |  | — |  |  |  | — |  |  |  | — |
|  | 02/28/19 — 12/31/19 |  |  | 95.06 |  |  |  | — |  |  |  | 4.94 |  |  |  | 4.94 |  |  |  | — |  |  |  | — |  |  |  | — |
BCX |  | 01/31/19 — 12/31/19 |  |  | — |  |  |  | 62.96 |  |  |  | 37.04 |  |  |  | 10.61 |  |  |  | — |  |  |  | 28.49 |  |  |  | 3.04 |
BST |  | 01/31/19 — 12/31/19 |  |  | 100.00 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
BSTZ |  | 01/31/19 — 12/31/19 |  |  | — |  |  |  | 100.00 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
BUI |  | 01/31/19 — 12/31/19 |  |  | 73.16 |  |  |  | 10.25 |  |  |  | 16.59 |  |  |  | 16.59 |  |  |  | — |  |  |  | — |  |  |  | — |

| (a) | The Trusts hereby designate the percentages indicated above to the maximum amount allowable by law. |

| (b) | Represents the portion of the dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations. |

| (c) | The foreign taxes paid represent taxes incurred by the fund on income received from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid. |

IMPORTANT TAX INFORMATION |  |  | 133 |

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Utilities, Infrastructure & Power Opportunities Trust (the “Fund”) met in person on September 5, 2019 (the “September Meeting”) to consider the approval to continue the investment advisory agreement (the “Advisory Agreement”) between the Fund and BlackRock Advisors, LLC (the “Manager”), the Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager, BlackRock International Limited and the Fund. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the “Agreements.”

The continuation of the Agreements was considered by the Board at in-person meetings on May 1, 2019 (the “May Meeting”) and June 5-6, 2019 (the “June Meeting”). At the June Meeting, the continuation of the Agreements was approved by the Board for a three-month term ending September 30, 2019, with further continuation to be considered by the Board at the September Meeting. At the September Meeting, the Board considered materials relating to its approval of the Agreements at the June Meeting, as well as additional information provided by the Manager. The factors considered by the Board at the September Meeting in connection with approval of the continuation of the Agreements were substantially the same as the factors considered at the May and June Meetings. A discussion of the basis for the Board’s approval of the Agreements at the June Meeting and the September Meeting is included below under “Board Considerations in Approving the Agreements.”

Activities and Composition of the Board

On the date of the September Meeting, the Board consisted of eleven individuals, nine of whom were not “interested persons” of the Fund 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 the Fund 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 Co-Chairs of the Board are Independent Board Members. The 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

Consistent with the requirements of the 1940 Act, the Board considers the continuation of the Agreements on at least an annual basis. The Board has four quarterly meetings per year, each typically extending for two days, and additional in-person and telephonic meetings throughout the year, as needed. While the Board also has a fifth one-day meeting to consider specific information surrounding the renewal of the Agreements, the Board’s consideration entails a year-long deliberative process whereby the Board and its committees assess BlackRock’s services to the Fund. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management; accounting, administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of management.

During the year, the Board, acting directly and through its committees, considers information that is relevant to its consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the 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 the 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’ analyses of the reasons for any over-performance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to the Fund; (e) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock and the Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) the use of brokerage commissions and execution quality of portfolio transactions; (k) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (l) 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 Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) the Fund’s market discount/premium compared to peer funds.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the May Meeting, the Board requested and received materials specifically relating to the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on Lipper classifications, regarding the Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”), the investment performance of the Fund as compared with a peer group of funds (“Performance Peers”) and other metrics, as applicable; (b) information on the composition of the Expense Peers and Performance Peers, and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts,

134 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreement (continued)

sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and the Fund’s operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the 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) the methodology for measuring estimated fund profitability; (b) fund expenses and potential fee waivers; (c) differences in services provided and management fees between closed-end funds and other product channels; and (d) BlackRock’s option overwrite strategy.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared with Performance Peers and other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund’s fees and expenses compared to Expense Peers; (e) the sharing of potential economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The 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: At the May Meeting and the June Meeting, the Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund’s portfolio management team discussing the Fund’s performance and the Fund’s investment objective, strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the Fund’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. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to the Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of other service providers including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Fund and BlackRock: The Board, including the Independent Board Members, also reviewed and considered the performance history of the Fund. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included a comprehensive analysis of the Fund’s performance as of December 31, 2018. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the performance of the Fund as compared with its custom benchmark. The Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of the Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and the Performance Peer funds (for example, the investment objective(s) and investment strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to affect long-term performance disproportionately.

DISCLOSURE OF INVESTMENT ADVISORY AGREEMENTS AND SUB-ADVISORY AGREEMENT |  |  | 135 |

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreement (continued)

At the September Meeting, the Board noted that, as of December 31, 2018, for the one-, three- and five-year periods reported, the Fund ranked in the first, second and second quartiles, respectively, against its Performance Peers.

BlackRock believes that certain other performance metrics may be more appropriate than the Performance Peers, and the Board was provided with a comparison of Fund performance relative to these metrics. These metrics include Fund return, Sharpe Ratio, stability of distribution and yield. Based on an overall rating relative to these metrics, as determined by BlackRock, the Fund generally performed in line with expectations, as of June 30, 2019.

Additionally, the Board noted that, since the Fund’s current portfolio management team has managed the Fund, the Fund had outperformed its customized benchmark, as of June 30, 2019.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund: The Board, including the Independent Board Members, reviewed the Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund’s total expense ratio, as well as its actual management fee rate as a percentage of total assets, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock’s estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2018 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

In addition, the Board considered the estimated cost of the services provided to the Fund by BlackRock, and BlackRock’s and its affiliates’ estimated profits relating to the management of the Fund and the other funds advised by BlackRock and its affiliates. As part of its analysis, the Board reviewed BlackRock’s methodology in allocating its costs of managing the Fund, to the Fund. The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

At the May Meeting and the June Meeting, the Board noted that the Fund’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers. The Board also noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by the Fund. An advisory fee waiver has been in effect since 2017, although the amount of such waiver may have varied from time to time. After discussion between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 2.5 basis points voluntary advisory fee waiver.

D. Economies of Scale: At the May Meeting and the June Meeting, the Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Fund increase. The Board also considered the extent to which the Fund 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 Fund to more fully participate in these economies of scale. The Board considered the Fund’s asset levels and whether the current fee was appropriate.

Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. They are typically priced at scale at a fund’s inception.

E. Other Factors Deemed Relevant by the Board Members: At the May Meeting and the June Meeting, the Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Fund, 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 Fund, including for administrative, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

136 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreement (continued)

The Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued 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: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

Conclusion

At the September Meeting, the Board, including the Independent Board Members, approved the continuation of the Advisory Agreement between the Manager and the Fund for a nine-month term ending June 30, 2020, and the Sub-Advisory Agreement between the Manager, the Sub-Advisor and the Fund, for a nine-month term ending June 30, 2020. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

DISCLOSURE OF INVESTMENT ADVISORY AGREEMENTS AND SUB-ADVISORY AGREEMENT |  |  | 137 |

Trustee and Officer Information

Independent Trustees (a)
Name Year of Birth (b) |  | Position(s) Held (Length of Service) (c) |  | Principal Occupation(s) During Past Five Years |  | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen (d) |  | Public Company and Other Investment Company Directorships Held During Past Five Years
Richard E. Cavanagh 1946 |  | Co-Chair of the Board and Trustee (Since 2007) |  | Director, The Guardian Life Insurance Company of America since 1998; Board Chair, Volunteers of America (a not-for-profit organization) from 2015 to 2018 (board member since 2009); Director, Arch Chemicals (chemical and allied products) from 1999 to 2011; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Faculty Member/Adjunct Lecturer, Harvard University since 2007 and Executive Dean from 1987 to 1995; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007. |  | 86 RICs consisting of 110 Portfolios |  | None
Karen P. Robards 1950 |  | Co-Chair of the Board and Trustee (Since 2007) |  | Principal of Robards & Company, LLC (consulting and private investing) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Director of Enable Injections, LLC (medical devices) since 2019; Investment Banker at Morgan Stanley from 1976 to 1987. |  | 86 RICs consisting of 110 Portfolios |  | Greenhill & Co., Inc.; AtriCure, Inc. (medical devices) from 2000 until 2017
Michael J. Castellano 1946 |  | Trustee (Since 2011) |  | Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from 2004 to 2011; Director, Support Our Aging Religious (non-profit) from 2009 to June 2015 and since 2017; Director, National Advisory Board of Church Management at Villanova University since 2010; Trustee, Domestic Church Media Foundation since 2012; Director, CircleBlack Inc. (financial technology company) since 2015. |  | 86 RICs consisting of 110 Portfolios |  | None
Cynthia L. Egan 1955 |  | Trustee (Since 2016) |  | Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. |  | 86 RICs consisting of 110 Portfolios |  | Unum (insurance); The Hanover Insurance Group (insurance); Envestnet (investment platform) from 2013 until 2016
Frank J. Fabozzi (d) 1948 |  | Trustee Trustee (Since 2007) |  | Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) since 2011; Visiting Professor, Princeton University for the 2013 to 2014 academic year and Spring 2017 semester; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; Board Member, BlackRock Equity-Liquidity Funds from 2014 to 2016; affiliated professor Karlsruhe Institute of Technology from 2008 to 2011. |  | 87 RICs consisting of 111 Portfolios |  | None
Henry Gabbay 1947 |  | Trustee (Since 2019) |  | Board Member, BlackRock Equity-Bond Board from 2007 to 2018; Board Member, BlackRock Equity-Liquidity and BlackRock Closed-End Fund Boards from 2007 through 2014; Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Allocation Target Shares (formerly, BlackRock Bond Allocation Target Shares) from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006. |  | 86 RICs consisting of 110 Portfolios |  | None

138 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (continued)

Independent Trustees (a) (continued)
Name Year of Birth (b) |  | Position(s) Held (Length of Service) (c) |  | Principal Occupation(s) During Past Five Years |  | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen (d) |  | Public Company and Other Investment Company Directorships Held During Past Five Years
R. Glenn Hubbard 1958 |  | Trustee (Since 2007) |  | Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. |  | 86 RICs consisting of 110 Portfolios |  | ADP (data and information services); Metropolitan Life Insurance Company (insurance); KKR Financial Corporation (finance) from 2004 until 2014
W. Carl Kester (d) 1951 |  | Trustee (Since 2007) |  | George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. |  | 87 RICs consisting of 111 Portfolios |  | None
Catherine A. Lynch (d) 1961 |  | Trustee (Since 2016) |  | Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999. |  | 87 RICs consisting of 111 Portfolios |  | None
Interested Trustees (a)(e)
Name Year of Birth (b) |  | Position(s) Held (Length of Service) (c) |  | Principal Occupation(s) During Past Five Years |  | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen (d) |  | Public Company and Other Investment Company Directorships Held During Past Five Years
Robert Fairbairn 1965 |  | Trustee (Since 2018) |  | Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. |  | 123 RICs consisting of 287 Portfolios |  | None
John M. Perlowski (d) 1964 |  | Trustee (Since 2015); President and Chief Executive Officer (Since 2010) |  | Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. |  | 124 RICs consisting of 288 Portfolios |  | None
(a)The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.
(b)Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.
(c)Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; W. Carl Kester, 1995; and Karen P. Robards, 1998. Mr. Gabbay became a member of the boards of the open-end funds in the BlackRock Fixed-Income Complex in 2007.
(d)Dr. Fabozzi, Dr. Kester, Ms. Lynch and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund.
(e)Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the Act 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex.

TRUSTEE AND OFFICER INFORMATION |  |  | 139 |

Trustee and Officer Information (continued)

Officers Who Are Not Trustees (a)
Name Year of Birth (b) |  | Position(s) Held (Length of Service) |  | Principal Occupation(s) During Past Five Years
Jonathan Diorio 1980 |  | Vice President (Since 2015) |  | Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015.
Neal J. Andrews 1966 |  | Chief Financial Officer (Since 2007) |  | Chief Financial Officer of the iShares® exchange traded funds since 2019; Managing Director of BlackRock, Inc. since 2006.
Jay M. Fife 1970 |  | Treasurer (Since 2007) |  | Managing Director of BlackRock, Inc. since 2007.
Charles Park 1967 |  | Chief Compliance Officer (Since 2014) |  | Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Janey Ahn 1975 |  | Secretary (Since 2012) |  | Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.
(a)The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.
(b)Officers of the Trust serve at the pleasure of the Board.

Effective February 1, 2020, the portfolio managers of BOE and BGY are Andrew Wheatley-Hubbard, CFA, Kyle G. McClements, CFA, Christopher Accettella and Olivia Treharne, CFA. Ms. Treharne joined the Funds’ portfolio management team effective February 1, 2020. Ms. Treharne has been a Director of BlackRock, Inc. since 2019.

Effective February 1, 2020, the portfolio managers of CII are Todd Burnside, Kyle G. McClements, CFA, Christopher Accettella and Joseph Wolfe, CFA. Mr. Wolfe joined the Fund’s portfolio management team effective February 1, 2020. Mr. Wolfe has been a Director of BlackRock, Inc. since 2012.

Effective February 19, 2020, Henry Gabbay resigned as a Trustee of the Trusts.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International LTD.(a)

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

Boston, MA 02116

Distributor

BlackRock Investments, LLC(b)

New York, NY 10022

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809

(a) | For BGR, BOE, BGY, BCX and BUI.

(b) | For BME.

140 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on July 29, 2019 for shareholders of record on May 30, 2019, to elect trustee nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.

Shareholders elected the Class III Trustees as follows:

|  | Richard E. Cavanagh |  |  | Cynthia L. Egan |  |  | Robert Fairbairn |  |  | Henry Gabbay |
|  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
BDJ |  |  | 170,034,248 |  |  |  | 4,587,151 |  |  |  | 171,886,470 |  |  |  | 2,734,929 |  |  |  | 171,863,112 |  |  |  | 2,758,287 |  |  |  | 171,886,547 |  |  |  | 2,734,852 |
BGR |  |  | 27,105,070 |  |  |  | 695,053 |  |  |  | 27,100,230 |  |  |  | 699,893 |  |  |  | 27,092,089 |  |  |  | 708,034 |  |  |  | 27,109,596 |  |  |  | 690,527 |
BOE |  |  | 60,554,664 |  |  |  | 2,971,275 |  |  |  | 60,507,302 |  |  |  | 3,018,637 |  |  |  | 60,559,380 |  |  |  | 2,966,559 |  |  |  | 60,544,768 |  |  |  | 2,981,171 |
BME |  |  | 9,504,772 |  |  |  | 189,250 |  |  |  | 9,510,984 |  |  |  | 183,038 |  |  |  | 9,493,781 |  |  |  | 200,241 |  |  |  | 9,503,504 |  |  |  | 190,518 |
BGY |  |  | 97,850,317 |  |  |  | 4,608,941 |  |  |  | 97,775,838 |  |  |  | 4,683,420 |  |  |  | 97,815,187 |  |  |  | 4,644,071 |  |  |  | 97,843,487 |  |  |  | 4,615,771 |
BCX |  |  | 85,577,418 |  |  |  | 1,290,974 |  |  |  | 85,603,602 |  |  |  | 1,264,790 |  |  |  | 85,633,884 |  |  |  | 1,234,508 |  |  |  | 85,608,936 |  |  |  | 1,259,456 |
BUI |  |  | 15,335,204 |  |  |  | 361,075 |  |  |  | 15,328,845 |  |  |  | 367,434 |  |  |  | 15,351,326 |  |  |  | 344,953 |  |  |  | 15,344,514 |  |  |  | 351,765 |
BST |  |  | 20,533,523 |  |  |  | 422,811 |  |  |  | 20,616,714 |  |  |  | 339,620 |  |  |  | 20,593,341 |  |  |  | 362,993 |  |  |  | 20,578,096 |  |  |  | 378,238 |

For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Michael J. Castellano, R. Glenn Hubbard, Catherine A. Lynch, John M. Perlowski, Karen P. Robards, Frank J. Fabozzi and W. Carl Kester.

Shareholders elected the Class III Trustees as follows:

|  | Richard E. Cavanagh |  |  | Frank J. Fabozzi |  |  | Robert Fairbairn |  |  | Henry Gabbay |
|  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
CII |  |  | 40,829,123 |  |  |  | 958,035 |  |  |  | 40,485,306 |  |  |  | 1,301,852 |  |  |  | 40,849,860 |  |  |  | 937,298 |  |  |  | 40,850,553 |  |  |  | 936,605 |

For the Trust listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Michael J. Castellano, Cynthia L. Egan, R. Glenn Hubbard, Catherine A. Lynch, John M. Perlowski, Karen P. Robards, and W. Carl Kester.

Fund Certification

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

General Information

The Trusts, other than BME, 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, other than BME, have not been updated after completion of the respective Trust’s offerings and the information contained in each such Trust’s Statement of Additional Information may have become outdated.

BME’s, BST’s and BUI’s Statements of Additional Information include additional information about the Board and are available, without charge upon request by calling 800-882-0052.

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. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for BME, BST and BUI only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports 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.

ADDITIONAL INFORMATION |  |  | 141 |

Additional Information (continued)

Householding

The Trusts will mail only one copy of shareholder documents, including, for BME, BST and BUI only, prospectuses, 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 (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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q, as applicable. The Trusts’ Forms N-PORT and N-Q, as applicable, are available on the SEC’s website at sec.gov. The Trusts’ Forms N-Q, as applicable, 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 blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at blackrock.com or by calling (800) 882-0052 and (2) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Shelf Offering Program

From time-to-time, 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.

None of the Trusts, other than BME, BST and BUI, have filed a registration statement with respect to any current Shelf Offerings. This report is not an offer to sell these Trusts’ Common Shares and is not a solicitation of an offer to buy these Trusts’ Common Shares. If any of the Trusts other than BME, BST and BUI file a registration statement with respect to any current Shelf Offering, the prospectus contained therein will contain more complete information about such Trusts and should be read carefully before investing.

BME, BST (on September 30, 2019) and BUI (on October 10, 2019) have filed a prospectus with the SEC in connection with their Shelf Offering. This report and the prospectus of BME, BST and BUI are not offers to sell these Trusts’ Common Shares or solicitations of an offer to buy these Trusts’ Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of these Trusts contains important information about the Trusts, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of these Trusts carefully and in its entirety before investing. Copies of the prospectus for these Trusts can be obtained from BlackRock at blackrock.com.

Dividend Policy

Each Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust. The distributions paid by 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. Furthermore, the final tax characterization of distributions is determined after the year-end of the Trust and is reported in each Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. The Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital. A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made. Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value per share (“NAV”) and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.

142 |  | 2019 BLACKROCK ANNUAL REPORT TO SHAREHOLDERS

Additional Information (continued)

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.

Glossary of Terms Used in this Report

Currency
AUD |  | Australian Dollar
CAD |  | Canadian Dollar
CHF |  | Swiss Franc
DKK |  | Danish Krone
EUR |  | Euro
GBP |  | British Pound
HKD |  | Hong Kong Dollar
INR |  | Indian Rupee
JPY |  | Japanese Yen
KRW |  | South Korean Won
NOK |  | Norwegian Krone
NZD |  | New Zealand Dollar
SEK |  | Swedish Krona
SGD |  | Singapore Dollar
TWD |  | Taiwan New Dollar
USD |  | U.S. Dollar
ZAR |  | South African Rand
Portfolio Abbreviations
ADR |  | American Depositary Receipts
GDR |  | Global Depositary Receipts
OTC |  | Over-the-Counter

ADDITIONAL INFORMATION / GLOSSARY OF TERMS USED IN THIS REPORT |  |  | 143 |

Want to know more?

blackrock.com | 877-275-1255 (1-877-ASK-1BLK)

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

CEF-BK9-12/19-AR

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

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

Michael Castellano

Frank J. Fabozzi

Henry Gabbay

Catherine A. Lynch

Karen P. Robards

The registrant’s board of directors has determined that Karen P. Robards qualifies as an audit committee financial expert pursuant to Item 3(c)(4) of Form N-CSR.

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.

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

Item 4 – | Principal Accountant Fees and Services

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

2

|  | (a) Audit Fees |  | (b) Audit-Related Fees1 |  | (c) Tax Fees2 |  | (d) All Other Fees
Entity Name |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End
BlackRock Utilities, Infrastructure & Power Opportunities Trust |  | $51,102 |  | $51,102 |  | $4,000 |  | $0 |  | $18,700 |  | $18,900 |  | $0 |  | $0

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC ( the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

|  | Current Fiscal Year End |  | Previous Fiscal Year End
(b) Audit-Related Fees1 |  | $0 |  | $0
(c) Tax Fees2 |  | $0 |  | $0
(d) All Other Fees3 |  | $2,050,500 |  | $2,274,000

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

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

3 Non-audit fees of $2,050,500 and $2,274,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

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

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

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved

3

subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

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

(f) Not Applicable

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

Entity Name |  | Current Fiscal Year End |  | Previous Fiscal Year End
BlackRock Utilities, Infrastructure & Power Opportunities Trust |  | $22,700 |  | $18,900

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

Current Fiscal Year End |  | Previous Fiscal Year End
$2,050,500 |  | $2,274,000

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

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

Item 5 – | Audit Committee of Listed Registrants

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

Michael Castellano

Frank J. Fabozzi

Henry Gabbay

Catherine A. Lynch

Karen P. Robards

4

| (b) | Not Applicable

Item 6 – | Investments

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

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

Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.

Item 8 – | Portfolio Managers of Closed-End Management Investment Companies

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

| The registrant is managed by a team of investment professionals comprised of Kyle G. McClements, CFA, Managing Director at BlackRock, Christopher Accettella, Director at BlackRock and Alastair Bishop, Managing 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 2017.

5

Portfolio Manager |  | Biography
Kyle G. McClements, CFA |  | Managing Director of BlackRock since 2009; Director of BlackRock from 2006 to 2008; Vice President of BlackRock in 2005; Vice President of State Street Research & Management from 2004 to 2005.
Christopher Accettella |  | Director of BlackRock since 2008; Vice President of BlackRock, Inc. from 2005 to 2008.
Alastair Bishop |  | Managing Director of BlackRock since 2019; Director of BlackRock from 2010 to 2018.

| (a)(2) As of December 31, 2019:

|  | (ii) Number of Other Accounts Managed and Assets by Account Type |  | (iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts
Kyle G. McClements, CFA |  | 10 |  | 10 |  | 0 |  | 0 |  | 6 |  | 0
|  | $8.61 Billion |  | $954.9 Million |  | $0 |  | $0 |  | $574.8 Million |  | $0
Christopher Accettella |  | 9 |  | 6 |  | 0 |  | 0 |  | 5 |  | 0
|  | $8.19 Billion |  | $609.2 Million |  | $0 |  | $0 |  | $545.3 Million |  | $0
Alastair Bishop |  | 7 |  | 13 |  | 2 |  | 0 |  | 1 |  | 2
|  | $2.35 Billion |  | $2.99 Billion |  | $0.06 Million |  | $0 |  | $0.158 Million |  | $0.06 Million

(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any

6

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 December 31, 2019:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of December 31, 2019.

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

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

Discretionary Incentive Compensation - Mr. 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: 50% HSBCMINGBP / 50% MSW_NTGBP Index, in GBP; BCX Overwrite Benchmark Strategy Index (BX3); BGR Option Overwriting Strategy Composite Index (NEW); Bloomberg Commodity Index Total Return; DAX Global Agribusiness Index in USD; E_GF Historical Performance Shell; E_GMO

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Historical Performance Shell; EMIX Global Mining Constrained Weights Index (Open) Net; EMIX Global Mining Index (Close); EMIX Mining Index- expressed in GBP; FTSE Gold Mines Index (Gross Total Return); FTSE Gold Mining Index - GBP Price; LIBOR 3 Month Index; MSCI 10/40 DW Energy (Net); MSCI World Energy Net Daily TR Index; MSCI World SMID Energy Index total return (net); NYSE Arca Gold Miners Index EUR Net Total Return; S&P Global Clean Energy Index; S&P Global Natural Resources Index; S&P Global Natural Resources Index - In GBP; S&P Global Natural Resources Net Return; S&P North American Natural Resources Sector Index; SNP Glob Infrastr Utilities Option Overwrite Strategy Composite Index - 3.

A smaller element of portfolio manager discretionary compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation. These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.

Discretionary Incentive Compensation - Messrs. Accettella and McClements

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets or strategies under management or supervision by that portfolio manager, and/or the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the funds, other accounts or strategies managed by each portfolio manager. Performance is generally measured on a pre-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. The performance of some funds, other accounts or strategies may not be measured against a specific benchmark.

Distribution of Discretionary Incentive Compensation.

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

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

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

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

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($280,000 for 2019). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. Messrs. Accettella and McClements are eligible to participate in these plans.

United Kingdom-based portfolio managers are also eligible to participate in broad-based plans offered generally to BlackRock employees, including broad-based retirement, health and other employee benefit plans. For example, BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution to the RSP is between 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.

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(a)(4) Beneficial Ownership of Securities – As of December 31, 2019.

Portfolio Manager |  | Dollar Range of Equity Securities of the Fund Beneficially Owned
Kyle McClements, CFA |  | $100,001 - $500,000
Christopher Accettella |  | $10,001 - $50,000
Alastair Bishop |  | $50,001 - $100,000

(b) Not Applicable

Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – | Controls and Procedures

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

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

Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(a) The following table shows the dollar amounts of income, and dollar amounts of fees and/or compensation paid, relating to the Fund’s securities lending activities during the fiscal year ended December 31, 2019. The Fund did not engage in any securities lending activity during the fiscal year ended December 31, 2019.

BlackRock Utilities, Infrastructure & Power Opportunities Trust
(1) |  | Gross income from securities lending activities |  | $0
(2) |  | Fees and/or compensation for securities lending activities and related services |  |
|  | (a) |  | Securities lending income paid to BIM for services as securities lending agent |  | $0
|  | (b) |  | Collateral management expenses (including fees deducted from a polled cash collateral vehicle) not included in (a) |  | $0
|  | (c) |  | Administrative fees not included in (a) |  | $0
|  | (d) |  | Indemnification fees not included in (a) |  | $0
|  | (e) |  | Rebate (paid to borrowers) |  | $0
|  | (f) |  | Other fees not included in (a) |  | $0
(3) |  | Aggregate fees/compensation for securities lending activities |  | $0
(4) |  | Net income from securities lending activities |  | $0

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

Item 13 – | Exhibits attached hereto

(a)(1) – Code of Ethics – See Item 2

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(a)(4) – Not Applicable

(b) – Certifications – Attached hereto

(c) – Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 20091

1 The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Utilities, Infrastructure & Power Opportunities Trust
By: |  | /s/ John M. Perlowski
|  | John M. Perlowski
|  | Chief Executive Officer (principal executive officer) of
|  | BlackRock Utilities, Infrastructure & Power Opportunities Trust
Date: March 6, 2020

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 Utilities, Infrastructure & Power Opportunities Trust
Date: March 6, 2020
By: |  | /s/ Neal J. Andrews
|  | Neal J. Andrews
|  | Chief Financial Officer (principal financial officer) of
|  | BlackRock Utilities, Infrastructure & Power Opportunities Trust
Date: March 6, 2020

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