0001528988 false N-CSRS 0001528988 2022-09-01 2022-09-01 0001528988 2022-06-30 2022-06-30 0001528988 2021-12-31 2021-12-31 xbrli:shares iso4217:USD xbrli:shares
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 52
nd
Street, New York, NY 10055
Registrant’s telephone number, including area code: (800)
882-0052,
Option 4
Date of fiscal year end: 12/31/2022
Date of reporting period: 06/30/2022

Item 1 – Report to Stockholders
(a) The Report to Shareholders is attached herewith.

|  | JUNE 30, 2022

|  | 2022 Semi-Annual Report (Unaudited)

BlackRock Energy and Resources Trust (BGR)
BlackRock Enhanced Capital and Income Fund, Inc. (CII)
BlackRock Enhanced Equity Dividend Trust (BDJ)
BlackRock Enhanced Global Dividend Trust (BOE)
BlackRock Enhanced International Dividend Trust (BGY)
BlackRock Health Sciences Trust (BME)
BlackRock Health Sciences Trust II (BMEZ)
BlackRock Innovation and Growth Trust (BIGZ)
BlackRock Resources & Commodities Strategy Trust (BCX)
BlackRock Science and Technology Trust (BST)
BlackRock Science and Technology Trust II (BSTZ)
BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information
(unaudited)
Section 19(a) Notices
BlackRock Energy and Resources Trust’s (BGR), BlackRock Enhanced Capital and Income Fund, Inc.’s (CII), BlackRock Enhanced Equity Dividend Trust’s (BDJ), BlackRock Enhanced Global Dividend Trust’s (BOE), BlackRock Enhanced International Dividend Trust’s (BGY), BlackRock Health Sciences Trust’s (BME), BlackRock Health Sciences Trust II’s (BMEZ), BlackRock Innovation and Growth Trust’s (BIGZ), BlackRock Resources & Commodities Strategy Trust’s (BCX), BlackRock Science and Technology Trust’s (BST), BlackRock Science and Technology Trust II’s (BSTZ) and BlackRock Utilities, Infrastructure & Power Opportunities Trust’s (BUI) (collectively, the“Trusts” or individually, a “Trust”) amounts and sources of distributions reported are estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Trust will provide a Form
1099-DIV
each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.
June 30, 2022

|  | Total Cumulative Distributions for the Fiscal Period |  |  | % Breakdown of the Total Cumulative Distributions for the Fiscal Period |
Trust Name |  |  | Net Income |  |  |  | Net Realized Capital Gains Short-Term |  |  |  | Net Realized Capital Gains Long-Term |  |  |  | Return of Capital | (a) |  |  | Total Per Common Share |  |  |  | Net Income |  |  |  | Net Realized Capital Gains Short-Term |  |  |  | Net Realized Capital Gains Long-Term |  |  |  | Return of Capital |  |  |  | Total Per Common Share |
BGR |  | $ | 0.186381 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.069619 |  |  | $ | 0.256000 |  |  |  | 73 | % |  |  | — | % |  |  | — | % |  |  | 27 | % |  |  | 100 | %
CII |  |  | 0.025717 |  |  |  | 0.343132 |  |  |  | 0.228151 |  |  |  | — |  |  |  | 0.597000 |  |  |  | 4 |  |  |  | 57 |  |  |  | 39 |  |  |  | — |  |  |  | 100 |
BDJ |  |  | 0.082480 |  |  |  | 0.093121 |  |  |  | 0.149199 |  |  |  | — |  |  |  | 0.324800 |  |  |  | 25 |  |  |  | 29 |  |  |  | 46 |  |  |  | — |  |  |  | 100 |
BOE |  |  | 0.126586 |  |  |  | — |  |  |  | 0.251414 |  |  |  | — |  |  |  | 0.378000 |  |  |  | 33 |  |  |  | — |  |  |  | 67 |  |  |  | — |  |  |  | 100 |
BGY |  |  | 0.071189 |  |  |  | — |  |  |  | 0.050024 |  |  |  | 0.081587 |  |  |  | 0.202800 |  |  |  | 35 |  |  |  | — |  |  |  | 25 |  |  |  | 40 |  |  |  | 100 |
BME |  |  | 0.035721 |  |  |  | — |  |  |  | 1.242279 |  |  |  | — |  |  |  | 1.278000 |  |  |  | 3 |  |  |  | — |  |  |  | 97 |  |  |  | — |  |  |  | 100 |
BMEZ |  |  | — |  |  |  | 0.357947 |  |  |  | 0.512053 |  |  |  | — |  |  |  | 0.870000 |  |  |  | — |  |  |  | 41 |  |  |  | 59 |  |  |  | — |  |  |  | 100 |
BIGZ |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.570000 |  |  |  | 0.570000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | 100 |
BCX |  |  | 0.154480 |  |  |  | — |  |  |  | — |  |  |  | 0.105520 |  |  |  | 0.260000 |  |  |  | 59 |  |  |  | — |  |  |  | — |  |  |  | 41 |  |  |  | 100 |
BST |  |  | — |  |  |  | — |  |  |  | 1.500000 |  |  |  | — |  |  |  | 1.500000 |  |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | 100 |
BSTZ |  |  | — |  |  |  | 0.380441 |  |  |  | 0.771559 |  |  |  | — |  |  |  | 1.152000 |  |  |  | — |  |  |  | 33 |  |  |  | 67 |  |  |  | — |  |  |  | 100 |
BUI |  |  | 0.210835 |  |  |  | — |  |  |  | 0.482989 |  |  |  | 0.032176 |  |  |  | 0.726000 |  |  |  | 29 |  |  |  | — |  |  |  | 67 |  |  |  | 4 |  |  |  | 100 |

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

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at
blackrock.com.
Section 19(b) Disclosure
The Trusts, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of each Trust’s Board of Trustees (the “Board”), each have adopted a managed distribution plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a monthly basis:

Exchange Symbol |  | Amount Per Common Share |
BGR |  | $ | 0.0490 |
CII |  |  | 0.0995 |
BDJ |  |  | 0.0562 |
BOE |  |  | 0.0630 |
BGY |  |  | 0.0338 |
BME |  |  | 0.2130 |
BMEZ |  |  | 0.1450 |
BIGZ |  |  | 0.0700 |
BCX |  |  | 0.0450 |
BST |  |  | 0.2500 |
BSTZ |  |  | 0.1920 |
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 net income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net income and short-term capital gains) is not earned on a monthly basis, the Trusts will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, each Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the “1940 Act”).
Shareholders should not draw any conclusions about
each Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance is presented in its financial highlights table.

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

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

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

The Markets in Review
Dear Shareholder,
The
12-month
reporting period as of June 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth that followed the reopening of global economies and the development of
COVID-19
vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a
40-year
high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were particularly steep. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.
The
10-year
U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates three times while indicating that additional large rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have significant room to rise before peaking.
Furthermore, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation. However, markets have been primed to expect sharp tightening, which could weigh on valuations until central banks begin to tap the brakes.
In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near-term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of a higher inflation regime leads us to take an underweight stance on credit in the long-term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities in a
six-
to twelve-month horizon.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit
blackrock.com
for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Rob Kapito
President, BlackRock Advisors, LLC

Total Returns as of June 30, 2022
|  | 6-Month |  | 12-Month
U.S. large cap equities (S&P 500 ® Index) |  | (19.96)% |  | (10.62)%
U.S. small cap equities (Russell 2000 ® Index) |  | (23.43) |  | (25.20)
International equities (MSCI Europe, Australasia, Far East Index) |  | (19.57) |  | (17.77)
Emerging market equities (MSCI Emerging Markets Index) |  | (17.63) |  | (25.28)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |  | 0.15 |  | 0.18
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |  | (11.34) |  | (10.94)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |  | (10.35) |  | (10.29)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |  | (8.98) |  | (8.57)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |  | (14.19) |  | (12.82)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

|  | Page |
Supplemental Information |  |  | 2 |
The Markets in Review |  |  | 4 |
Option Over-Writing Strategy |  |  | 6 |
Derivative Financial Instruments |  |  | 6 |
Semi-Annual Report: |  |  |  |
Trust Summary |  |  | 7 |
Financial Statements: |  |  |  |
Schedules of Investments |  |  | 36 |
Statements of Assets and Liabilities |  |  | 124 |
Statements of Operations |  |  | 127 |
Statements of Changes in Net Assets |  |  | 130 |
Statements of Cash Flows |  |  | 136 |
Financial Highlights |  |  | 141 |
Notes to Financial Statements |  |  | 153 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement |  |  | 165 |
Additional Information |  |  | 170 |
Glossary of Terms Used in this Report |  |  | 173 |

|  | 5

Option Over-Writing Strategy
Overview
In general, the goal of each of the Trusts is to provide total return through a combination of current income and realized and unrealized gains (capital appreciation). The Trusts seek to pursue these goals primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options in an effort to generate current gains from option premiums and to enhance each Trust’s risk-adjusted return. Each Trust’s objectives cannot be achieved in all market conditions.
Each Trust primarily writes single stock covered call options and may also from time to time write single stock put options. When writing (selling) a covered call option, a Trust holds an underlying equity security and enters into an option transaction which allows the counterparty to purchase the equity security at an agreed-upon price (“strike price”) within an agreed-upon time period. The Trust receives cash premiums from the counterparties upon writing (selling) the option, which along with net investment income and net realized gains, if any, are generally available to support current or future distributions paid by the Trust. During the option term, the counterparty may elect to exercise the option if the market value of the equity security rises above the strike price, and the Trust is obligated to sell the equity security to the counterparty at the strike price, realizing a gain or loss. Premiums received increase gains or reduce losses realized on the sale of the equity security. If the option remains unexercised upon its expiration, the Trust realizes gains equal to the premiums received. Alternatively, an option may be closed out by an offsetting purchase or sale of an option prior to expiration. The Trust realizes a capital gain from a closing purchase or sale transaction if the premium paid is less than the premium received from writing the option. The Trust realizes a capital loss from a closing purchase or sale transaction if the premium received is less than the premium paid to purchase the option.
Writing covered call options entails certain risks, which include, but are not limited to, the following: an increase in the value of the underlying equity security above the strike price can result in the exercise of a written option (sale by a Trust to the counterparty) when the Trust might not otherwise have sold the security; exercise of the option by the counterparty may result in a sale below the current market value and a gain or loss being realized by the Trust; and limiting the potential appreciation that could be realized on the underlying equity security to the extent of the strike price of the option. The premium that a Trust receives from writing a covered call option may not be sufficient to offset the potential appreciation on the underlying equity security above the strike price of the option that could have otherwise been realized by the Trust. As such, an option over-writing strategy may outperform the general equity market in flat or falling markets but underperform in rising markets.
Option Over-Writing Strategy Illustration
To illustrate these concepts, assume the following: (1) a common stock purchased at and currently trading at $37.15 per share; (2) a three-month call option is written by a Trust with a strike price of $40 (i.e., 7.7% higher than the current market price); and (3) the Trust receives $2.45, or 6.6% of the common stock’s value, as a premium. If the stock price remains unchanged, the option expires and there would be a 6.6% return for the three-month period. If the stock were to decline in price by 6.6% (i.e., decline to $34.70 per share), the option strategy would “break-even” from an economic perspective resulting in neither a gain nor a loss. If the stock were to climb to a price of $40 or above, the option would be exercised and the stock would return 7.7% coupled with the option premium received of 6.6% for a total return of 14.3%. Under this scenario, the Trust loses the benefit of any appreciation of the stock above $40, and thus is limited to a 14.3% total return. The premium from writing the call option serves to offset some of the unrealized loss on the stock in the event that the price of the stock declines, but if the stock were to decline more than 6.6% under this scenario, the Trust’s downside protection is eliminated and the stock could eventually become worthless.
Each Trust intends to write covered call and other options to varying degrees depending upon market conditions. Please refer to each Trust’s Schedule of Investments and the Notes to Financial Statements for details of written options.
Derivative Financial Instruments
The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Trusts’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

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

Trust Summary as of June 30, 2022 |  | BlackRock Energy and Resources Trust (BGR)

Investment Objective
BlackRock Energy and Resources Trust’s (BGR) (the “Trust”)
investment objective is to provide total return through a combination of current income and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of energy and natural resources companies and equity derivatives with exposure to the energy and natural resources industry. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BGR
Initial Offering Date |  | December 29, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($10.97) (a) |  | 5.36%
Current Monthly Distribution per Common Share (b) |  | $0.0490
Current Annualized Distribution per Common Share (b) |  | $0.5880

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

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

Market Price and Net Asset Value Per Share Summary

|  | 06/30/22 |  |  | 12/31/21 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  |  | $ 10.97 |  |  |  | $ 9.48 |  |  |  | 15.72 | % |  |  | $ 13.63 |  |  |  | $ 9.48 |
Net Asset Value |  |  | 12.51 |  |  |  | 10.77 |  |  |  | 16.16 |  |  |  | 15.19 |  |  |  | 10.77 |

Performance
Returns for the period ended June 30, 2022 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV (a)(b) |  |  | 18.75 | % |  |  | 28.49 | % |  |  | 4.49 | % |  |  | 2.04 | %
Trust at Market Price (a)(b) |  |  | 18.30 |  |  |  | 17.04 |  |  |  | 3.48 |  |  |  | 1.31 |
MSCI World Energy Call Overwrite Index (c) |  |  | 20.13 |  |  |  | 26.14 |  |  |  | N/A |  |  |  | N/A |
MSCI World Energy Index (d) |  |  | 23.96 |  |  |  | 31.20 |  |  |  | 5.34 |  |  |  | 2.44 |

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

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Energy stocks held up much better than the broader market in the first half of the year. An imbalance of supply and demand caused oil and natural gas prices to rally considerably through early June 2022. However, both the commodities and the related equities lost ground late in the period amid concerns about slowing economic growth.
The Trust was hurt by its zero weightings in certain United States-based shale companies that outperformed, including Occidental Petroleum Corp. and Woodside Energy Group Ltd. An underweight in the strong performing oil services sector also hurt results, with the largest effect coming from the lack of a position in Halliburton Co.
A position in the Russian company Gazprom PJSC—the value of which was written down to near zero in late February 2022—detracted from results. Russian companies have always been part of the Trust’s investment universe, and the investment adviser believed Gazprom had high-quality assets. However, the investment adviser did not anticipate either a full-scale invasion of Ukraine or the events that followed. Companies with Russian assets, such as TotalEnergies SE, also lagged during the period.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Energy and Resources Trust (BGR)

On the other hand, stock selection in the integrated oil
sub-sector
helped performance. Suncor Energy Inc. and Cenovus Energy, Inc. were notable contributors in this area. Shares of Suncor rose following the announcement that an activist investor had purchased shares with the aim of improving operational performance. Cenovus rallied after announcing plans to increase cash returns to shareholders by tripling its dividend.
The Canadian oil producer Tourmaline Oil Corp. was another top contributor thanks to its strong results, announcement of a special dividend, and continued focus on capital discipline. A position in the U.S. company Kosmos Energy Ltd., which brought a new plant online, was a further contributor.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy contributed to results in the semiannual period.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
Given the increased risks to global economic growth, the investment adviser reduced the Trust’s weightings in certain holdings with higher sensitivity to the macroeconomic outlook. The investment adviser added to the Trust’s weighting in midstream companies, and it increased the allocation to select oilfield services companies following a pullback in valuations late in the period.
Describe portfolio positioning at period end.
The investment adviser maintained a bias towards higher-quality producers that it expects will benefit the most from strength in oil and gas prices. It was also positioned to capitalize on a potential resurgence in the oilfield services sector, as well as the need for increased liquified natural gas output to replace Russian gas exports to Europe.
As of June 30, 2022, the Trust had in place an option overwriting program whereby 38% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 5.9% out of the money) and for maturities averaging 52 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
TEN LARGEST HOLDINGS

Security (a) |  | Percent of Total Investments |
Exxon Mobil Corp. |  |  | 13.3 | %
Chevron Corp. |  |  | 11.4 |
Shell PLC |  |  | 10.8 |
ConocoPhillips |  |  | 6.7 |
TotalEnergies SE |  |  | 6.5 |
TC Energy Corp. |  |  | 4.7 |
EOG Resources, Inc. |  |  | 4.1 |
Suncor Energy, Inc. |  |  | 3.9 |
Williams Cos., Inc. |  |  | 3.6 |
Pioneer Natural Resources Co. |  |  | 3.5 |

INDUSTRY ALLOCATION

Industry (a)(b) |  | 06/30/22 |
Oil, Gas & Consumable Fuels |  |  | 95.4 | %
Energy Equipment & Services |  |  | 3.7 |
Other* |  |  | 0.9 |

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

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

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

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

Trust Summary as of June 30, 2022 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Investment Objective
BlackRock Enhanced Capital and Income Fund, Inc.’s (CII) (the “Trust”)
investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment objective by investing in a portfolio of equity securities of U.S. and foreign issuers. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust also seeks to achieve its investment objective by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | CII
Initial Offering Date |  | April 30, 2004
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($17.58) (a) |  | 6.79%
Current Monthly Distribution per Common Share (b) |  | $0.0995
Current Annualized Distribution per Common Share (b) |  | $1.1940

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

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

Market Price and Net Asset Value Per Share Summary

|  | 06/30/22 |  |  | 12/31/21 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  |  | $ 17.58 |  |  |  | $ 22.12 |  |  |  | (20.52) | % |  |  | $ 22.12 |  |  |  | $ 16.94 |
Net Asset Value |  |  | 18.44 |  |  |  | 22.10 |  |  |  | (16.56) |  |  |  | 22.26 |  |  |  | 18.01 |

Performance
Returns for the period ended June 30, 2022 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV (a)(b) |  |  | (13.99) | % |  |  | (8.91) | % |  |  | 9.55 | % |  |  | 10.64 | %
Trust at Market Price (a)(b) |  |  | (18.08) |  |  |  | (9.57) |  |  |  | 9.93 |  |  |  | 11.00 |
MSCI USA Call Overwrite Index (c) |  |  | (17.13) |  |  |  | (9.57) |  |  |  | N/A |  |  |  | N/A |
Russell 1000 ® Index (d) |  |  | (20.94) |  |  |  | (13.04) |  |  |  | 11.00 |  |  |  | 12.82 |

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

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
The global equity markets experienced a meaningful downturn in the first six months of the year, as investors reacted to the combination of elevated inflation, rising interest rates and the potential for slower growth.
The Trust’s positioning in the information technology sector, particularly in the software and IT services industries, made the largest contribution to performance. Positioning in the energy sector also proved beneficial, most notably an overweight to and selection within the oil, gas, and consumable fuels industry. Stock selection in the materials and consumer discretionary sectors contributed, as well.
A zero weighting in utilities, which was based on the investment adviser’s view that many companies in the sector were overvalued, was the largest detractor. An underweight in consumer staples also weighed on relative results, as the sector came into favor amid volatile market conditions. An underweight in real estate further detracted, as did stock selection in the specialty retail industry.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance for the
six-month
period.
The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
Due to a combination of portfolio trading activity and market price movements, the Trust’s allocation to health care and consumer staples increased. Its allocations to the information technology and consumer discretionary sectors decreased.
Describe portfolio positioning at period end.
The Trust’s largest absolute sector weightings were in the information technology, health care, and financials. On a relative basis, the Trust’s largest overweights were to the communication services and materials sectors. Conversely, its largest underweights were in information technology and utilities.
As of June 30, 2022, the Trust had in place an option overwriting program whereby 52% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 6.0% out of the money) and for maturities averaging 46 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.

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Trust Summary as of June 30, 2022 (continued) |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Overview of the Trust’s Total Investments
TEN LARGEST HOLDINGS

Security (a) |  | Percent of Total Investments |
Microsoft Corp. |  |  | 6.7 | %
Alphabet, Inc. |  |  | 5.3 |
Apple, Inc. |  |  | 4.5 |
Amazon.com, Inc. |  |  | 4.3 |
UnitedHealth Group, Inc. |  |  | 3.1 |
Comcast Corp. |  |  | 3.0 |
Corteva, Inc. |  |  | 2.9 |
Visa, Inc. |  |  | 2.7 |
Berkshire Hathaway, Inc. |  |  | 2.6 |
Sanofi |  |  | 2.6 |

SECTOR ALLOCATION

Sector (a)(b) |  | 06/30/22 |
Information Technology |  |  | 22.9 | %
Health Care |  |  | 15.0 |
Financials |  |  | 13.0 |
Consumer Discretionary |  |  | 12.6 |
Communication Services |  |  | 12.1 |
Industrials |  |  | 9.2 |
Materials |  |  | 5.2 |
Consumer Staples |  |  | 4.5 |
Energy |  |  | 4.2 |
Real Estate |  |  | 1.3 |

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

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

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

Trust Summary as of June 30, 2022 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Investment Objective
BlackRock Enhanced Equity Dividend Trust’s (BDJ) (the “Trust”)
primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing in common stocks that pay dividends and have the potential for capital appreciation and by employing a strategy of writing (selling) call and put options. The Trust invests, under normal market conditions, at least 80% of its total assets in dividend paying equities. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BDJ
Initial Offering Date |  | August 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($8.83) (a) |  | 7.64%
Current Monthly Distribution per Common Share (b) |  | $0.0562
Current Annualized Distribution per Common Share (b) |  | $0.6744

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

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

Market Price and Net Asset Value Per Share Summary

|  | 06/30/22 |  |  | 12/31/21 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 8.83 |  |  | $ | 10.08 |  |  |  | (12.40 | )% |  | $ | 10.43 |  |  | $ | 8.76 |
Net Asset Value |  |  | 9.09 |  |  |  | 10.23 |  |  |  | (11.14 | ) |  |  | 10.55 |  |  |  | 8.90 |

Performance
Returns for the period ended June 30, 2022 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV (a)(b) |  |  | (8.07 | )% |  |  | (4.79 | )% |  |  | 6.83 | % |  |  | 8.71 | %
Trust at Market Price (a)(b) |  |  | (9.37 | ) |  |  | (4.68 | ) |  |  | 7.83 |  |  |  | 9.72 |
MSCI USA Value Call Overwrite Index (c) |  |  | (9.68 | ) |  |  | (0.31 | ) |  |  | N/A |  |  |  | N/A |
Russell 1000 ® Value Index (d) |  |  | (12.86 | ) |  |  | (6.82 | ) |  |  | 7.17 |  |  |  | 10.50 |

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

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
The global equity markets experienced a meaningful downturn in the first six months of the year, as investors reacted to the combination of elevated inflation, rising interest rates and the potential for slower growth.
Positioning in the industrials sector contributed to Fund performance, largely due to the combination of an overweight allocation and favorable stock selection in the aerospace & defense industry. Positioning in information technology also helped relative performance, led by an underweight in semiconductor stocks and selection in the software industry. An overweight in the energy sector and an underweight in real estate further contributed.
An underweight in consumer staples detracted from performance, as did selection in the sector. Most notably, underweights in the food products and beverages industry weighed on relative results. Other notable detractors included an underweight in the utilities sector and allocation decisions within the health care equipment & supplies industry.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The options overlay strategy detracted from relative performance.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust’s allocations to the energy and information technology sectors increased due to a combination of portfolio trading activity and market price changes. The Trust’s weightings in financials and consumer staples decreased.
Describe portfolio positioning at period end.
In absolute terms, the Trust’s largest allocations were to the health care, financials and information technology sectors. Relative to the benchmark, the Trust’s most significant overweights were in the health care and financials sectors. Its largest underweights were in consumer staples and real estate.
As of June 30, 2022, the Trust had an options overwriting program in place whereby 48% of the underlying equities were overwritten with call options. These call options were typically written at levels above prevailing market prices (estimated to be 5.0% out of the money) with an average time until expiration of 47 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
TEN LARGEST HOLDINGS

Security (a) |  | Percent of Total Investments |
Wells Fargo & Co. |  |  | 3.1 | %
Elevance Health, Inc. |  |  | 2.9 |
Citigroup, Inc. |  |  | 2.8 |
Humana, Inc. |  |  | 2.7 |
BP PLC |  |  | 2.6 |
Cisco Systems, Inc. |  |  | 2.5 |
Enterprise Products Partners LP |  |  | 2.5 |
Medtronic PLC |  |  | 2.4 |
AstraZeneca PLC |  |  | 2.4 |
Sanofi |  |  | 2.2 |

SECTOR ALLOCATION

Sector (a)(b) |  | 06/30/22 |
Health Care |  |  | 23.4 | %
Financials |  |  | 21.2 |
Information Technology |  |  | 13.2 |
Energy |  |  | 8.7 |
Industrials |  |  | 8.2 |
Consumer Discretionary |  |  | 7.7 |
Communication Services |  |  | 6.6 |
Consumer Staples |  |  | 5.5 |
Utilities |  |  | 3.3 |
Materials |  |  | 2.2 |

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

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

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

Trust Summary as of June 30, 2022 |  | BlackRock Enhanced Global Dividend Trust (BOE)

Investment Objective
BlackRock Enhanced Global Dividend Trust’s (BOE) (the “Trust”)
primary investment objective is to provide current income and current gains, with a secondary investment objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies located in countries throughout the world and by employing a strategy of writing (selling) call and put options. Under normal circumstances, the Trust invests at least 80% of its net assets in dividend-paying equity securities and at least 40% of its assets outside of the U.S. (unless market conditions are not deemed favorable by Trust management, in which case the Trust would invest at least 30% of its assets outside of the U.S.). The Trust may invest in securities of companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BOE
Initial Offering Date |  | May 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($9.77) (a) |  | 7.74%
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. Past performance is not an indication of future results. |

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

Market Price and Net Asset Value Per Share Summary

|  | 06/30/22 |  |  | 12/31/21 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 9.77 |  |  | $ | 12.18 |  |  |  | (19.79 | )% |  | $ | 12.40 |  |  | $ | 9.59 |
Net Asset Value |  |  | 11.17 |  |  |  | 13.40 |  |  |  | (16.64 | ) |  |  | 13.48 |  |  |  | 10.93 |

Performance
Returns for the period ended June 30, 2022 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV (a)(b) |  |  | (13.71)% |  |  |  | (10.20)% |  |  |  | 4.02% |  |  |  | 6.49% |
Trust at Market Price (a)(b) |  |  | (16.96) |  |  |  | (16.89) |  |  |  | 3.09 |  |  |  | 6.10 |
MSCI ACWI Call Overwrite Index (c) |  |  | (17.69) |  |  |  | (13.08) |  |  |  | N/A |  |  |  | N/A |
MSCI ACWI (d) |  |  | (20.18) |  |  |  | (15.75) |  |  |  | 7.00 |  |  |  | 8.76 |

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

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Global dividend stocks lost ground in absolute terms during the first half of 2022, but they outperformed the broad-based indexes.
Stock selection in the health care, information technology and communication services contributed to the Trust’s positive relative performance. AstraZeneca PLC was the largest contributor at the individual security level. The company has proven itself to be highly productive in research and development, allowing it to broaden its revenue base considerably over the last few years. BAE Systems PLC, a British aerospace and defense company, also helped results as European defense stocks surged in reaction to Russia’s invasion of Ukraine in February 2022. The U.S. pharmaceutical stock AbbVie, Inc. was an additional contributor of note amid investors’ rotation into more defensive companies.

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Trust Summary as of June 30, 2022 (continued) |  | BlackRock Enhanced Global Dividend Trust (BOE)

Security selection in financials and consumer staples detracted from relative performance, as did an underweight in energy. Synchrony Financial was the largest individual detractor from returns. Shares of the consumer financial services company were hurt by concerns about weaker consumer credit. The investment adviser’s analysis of credit card data suggests the consumer sector remains exceptionally strong, even by
pre-pandemic
standards. While the investment adviser is conscious of the inflationary pressures from higher food and oil prices, robust data indicates that there is some buffer given the reduction in consumer debt in recent years. In addition, deposit balances and payment rates both remained high. Mediatek, Inc., a Taiwanese semiconductor company, detracted from results due to a slowdown in the Chinese smartphone market and increasing concerns surrounding tensions between China and Taiwan. Schneider Electric SE, based in France, also detracted amid the broader rotation from the growth style to value.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance for the
six-month
period.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust added to its weightings in the communication services, energy and industrials sectors. Its allocations to information technology, utilities and consumer staples decreased.
Describe portfolio positioning at period end.
The largest sector weightings were in information technology and health care, driven by the IT services and pharmaceuticals industries, respectively. Regionally, the majority of the portfolio was invested in the United States, Europe, and the U.K.
As of June 30, 2022, the Trust had in place an option overwriting program whereby approximately 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 4.5% out of the money) and for maturities averaging 48 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
TEN LARGEST HOLDINGS

Security (a) |  | Percent of Total Investments |
Microsoft Corp. |  |  | 3.7 | %
Sanofi |  |  | 3.6 |
AstraZeneca PLC |  |  | 3.2 |
Novo Nordisk A/S |  |  | 3.1 |
RELX PLC. |  |  | 3.1 |
Reckitt Benckiser Group PLC. |  |  | 3.1 |
UnitedHealth Group, Inc. |  |  | 2.8 |
AbbVie, Inc. |  |  | 2.7 |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 2.6 |
EDP - Energias de Portugal SA |  |  | 2.6 |

GEOGRAPHIC ALLOCATION

Country/Geographic Region |  | 06/30/22 |
United States |  |  | 44.3 | %
United Kingdom |  |  | 18.7 |
France |  |  | 10.5 |
Taiwan |  |  | 3.9 |
Switzerland |  |  | 3.6 |
Denmark |  |  | 3.1 |
Portugal |  |  | 2.6 |
Canada |  |  | 2.5 |
Ireland |  |  | 2.4 |
Netherlands |  |  | 1.7 |
Sweden |  |  | 1.7 |
Japan |  |  | 1.5 |
Mexico |  |  | 1.2 |
Indonesia |  |  | 1.1 |
Singapore |  |  | 1.1 |
India |  |  | 0.1 |

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

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

Trust Summary as of June 30, 2022 |  | BlackRock Enhanced International Dividend Trust (BGY)

Investment Objective
BlackRock Enhanced International Dividend Trust’s (BGY) (the “Trust”)
primary investment objective is to provide current income and current gains, with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in equity securities issued by companies of any market capitalization located in countries throughout the world and by employing a strategy of writing (selling) call and put options. The Trust invests, under normal circumstances, at least 80% of its net assets in dividend-paying equity securities issued by
non-U.S.
companies of any market capitalization, but intends to invest primarily in securities of large capitalization companies. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BGY
Initial Offering Date |  | May 30, 2007
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($5.06) (a) |  | 8.02%
Current Monthly Distribution per Common Share (b) |  | $0.0338
Current Annualized Distribution per Common Share (b) |  | $0.4056

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

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

Market Price and Net Asset Value Per Share Summary

|  | 06/30/22 |  |  | 12/31/21 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  |  | $ 5.06 |  |  |  | $ 6.28 |  |  |  | (19.43) | % |  |  | $ 6.40 |  |  |  | $ 4.88 |
Net Asset Value |  |  | 5.69 |  |  |  | 6.81 |  |  |  | (16.45) |  |  |  | 6.84 |  |  |  | 5.61 |

Performance
Returns for the period ended June 30, 2022 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV (a)(b) |  |  | (13.36) | % |  |  | (10.93) | % |  |  | 3.74 | % |  |  | 4.79 | %
Trust at Market Price (a)(b) |  |  | (16.45) |  |  |  | (17.29) |  |  |  | 2.93 |  |  |  | 4.59 |
MSCI ACWI ex USA Call Overwrite Index (c) |  |  | (16.77) |  |  |  | (16.97) |  |  |  | N/A |  |  |  | N/A |
MSCI ACWI ex USA Index (d) |  |  | (18.42) |  |  |  | (19.42) |  |  |  | 2.50 |  |  |  | 4.83 |

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

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
International dividend stocks posted negative returns as a group during the first half of 2022, but they outperformed the broad-based indexes. Stocks, in general, faced headwinds from elevated inflation, rising interest rates and the prospect of slowing economic growth.
Stock selection in the consumer discretionary sector was the largest detractor from the Fund’s relative performance, followed by selection in consumer staples.
At the individual stock level, the communications-semiconductor producer Mediatek, Inc. was the most notable detractor. The stock weakened on expectations for slowing consumer spending in China. While smartphone demand appeared to be in the early stages of a recovery, investors remain concerned about the impact that slowing economic growth could have on Mediatek’s end markets. The stock was further pressured by concerns about tension between Taiwan and China in light of Russia’s invasion of Ukraine in February 2022.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Enhanced International Dividend Trust (BGY)

Ferguson PLC, a distributor of plumbing and heating products, also detracted. After performing well in 2021, the stock has since weakened on fears that inflation and supply-chain disruptions could lead to weaker profit margins. The investment adviser maintained the holding on the belief that the company is well positioned and has a resilient supply chain.
Schneider Electric SE, an energy-management company based in France, detracted amid the broader rotation from the growth style to value, as well as concerns about its exposure to China.
Stock selection in health care and communication services contributed positively. BAE Systems PLC was the largest contributor at the individual security level. The stock rallied in anticipation of increased defense spending following Russia’s invasion of Ukraine.
AstraZeneca PLC and Sanofi SA were also top contributors. Pharmaceutical companies have generally proven defensive during the recent market volatility due to their lower sensitivity to economic trends. AstraZeneca further benefited from the growing appreciation of its oncology pipeline, while Sanofi announced solid results and indicated there is room for higher profit margins due to improving cost efficiencies.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from relative performance for the
six-month
period.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Fund reduced its weighting in the information technology sector, particularly in the IT services industry. It also lowered its allocations to consumer staples and utilities. On the other hand, the Fund added to communication services, health care and financials.
Describe portfolio positioning at period end.
The Trust’s largest sector weightings were in financials, industrials and health care. Regionally, the majority of the portfolio was invested in Europe, with a significant allocation to the U.K.
As of June 30, 2022, the Trust had in place an option overwriting program whereby 41.2% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 3.9% out of the money) and for maturities averaging 47.5 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
TEN LARGEST HOLDINGS

Security (a) |  | Percent of Total Investments |
Sanofi |  |  | 5.0 | %
AstraZeneca PLC |  |  | 4.9 |
Novo Nordisk A/S |  |  | 4.8 |
Reckitt Benckiser Group PLC |  |  | 4.8 |
EDP - Energias de Portugal SA |  |  | 4.1 |
EssilorLuxottica SA |  |  | 4.0 |
Prudential PLC |  |  | 3.9 |
RELX PLC |  |  | 3.8 |
Diageo PLC |  |  | 3.8 |
TELUS Corp. |  |  | 3.4 |

GEOGRAPHIC ALLOCATION

Country/Geographic Region |  | 06/30/22 |
United Kingdom |  |  | 28.3 | %
France |  |  | 19.2 |
United States |  |  | 11.9 |
Taiwan |  |  | 5.2 |
Denmark |  |  | 4.8 |
Singapore |  |  | 4.2 |
Portugal |  |  | 4.0 |
Canada |  |  | 3.3 |
India |  |  | 3.1 |
Netherlands |  |  | 2.9 |
Sweden |  |  | 2.5 |
Spain |  |  | 2.5 |
Mexico |  |  | 2.3 |
Switzerland |  |  | 2.1 |
Japan |  |  | 1.9 |
Indonesia |  |  | 1.8 |

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

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

Trust Summary as of June 30, 2022 |  | BlackRock Health Sciences Trust (BME)

Investment Objective
BlackRock Health Sciences Trust’s (BME) (the “Trust”)
investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of companies engaged in the health sciences and related industries and equity derivatives with exposure to the health sciences industry. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BME
Initial Offering Date |  | March 31, 2005
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($42.40) (a) |  | 6.03%
Current Monthly Distribution per Common Share (b) |  | $0.2130
Current Annualized Distribution per Common Share (b) |  | $2.5560

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

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

Market Price and Net Asset Value Per Share Summary

|  | 06/30/22 |  |  | 12/31/21 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 42.40 |  |  | $ | 48.50 |  |  |  | (12.58 | )% |  | $ | 48.50 |  |  | $ | 39.97 |
Net Asset Value |  |  | 41.95 |  |  |  | 47.96 |  |  |  | (12.53 | ) |  |  | 47.96 |  |  |  | 39.35 |

Performance
Returns for the period ended June 30, 2022 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV (a)(b) |  |  | (9.93 | )% |  |  | (7.09 | )% |  |  | 9.96 | % |  |  | 13.58 | %
Trust at Market Price (a)(b) |  |  | (9.97 | ) |  |  | (7.58 | ) |  |  | 9.35 |  |  |  | 13.22 |
MSCI USA Investable Market Index Health Care Call Overwrite Index (c) |  |  | (11.87 | ) |  |  | (5.62 | ) |  |  | N/A |  |  |  | N/A |
Russell 3000 ® Health Care Index (d) |  |  | (11.64 | ) |  |  | (5.14 | ) |  |  | 11.20 |  |  |  | 14.58 |

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Stocks fell sharply in the first half of 2022, reflecting the combination of elevated inflation and rising interest rates. While defensive,
large-cap
stocks held up reasonably well, faster-growing companies—particularly those on the smaller end of the capitalization range—generally lagged the broader market.
Stock selection in the biotechnology
sub-sector
contributed to the Trust’s relative performance, as did an underweight allocation to medical devices & supplies. On the other hand, selection in pharmaceuticals, together with an underweight in the
sub-sector,
detracted.
At the individual stock level, an underweight in Moderna, Inc. was the leading contributor to performance. The stock lost ground as the tailwinds from
COVID-19
continued to slow. In addition, the company indicated that its
non-COVID
pipeline candidates may need more time to receive approval.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Health Sciences Trust (BME)

An overweight position in Cigna Corp. also contributed to results. The insurance provider reported strong earnings, and it benefited from its attractive valuations as investors rotated towards defensive stocks in anticipation of an economic downturn.
An
out-of-benchmark
position in the pharmaceutical giant AstraZeneca PLC was an additional contributor of note. The company reported robust earnings and received positive clinical trial data on a breast cancer treatment. The stock was also helped by the relative strength in defensive companies.
An underweight in the pharmaceutical giant Bristol-Myers Squibb Co. was the largest detractor from relative performance. The company experienced positive momentum earlier in the year after unveiling plans for future product launches across a variety of treatments, and it remained a resilient performer amid the persistent market volatility. Underweight positions in Johnson & Johnson and AbbVie, Inc. also detracted.
The Trust made use of options, principally writing call options on individual stocks, to seek enhanced income returns while continuing to participate in the performance of the underlying equities. The option overlay strategy contributed to results. The Trust also had an elevated cash position at period end. The cash position contributed positively to performance.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust’s allocations to the pharmaceuticals, biotechnology and health care providers & supplies
sub-sectors
increased, while its weighting in the medical devices & supplies industry decreased.
Describe portfolio positioning at period end.
The investment adviser was encouraged by the healthcare sector’s resilience in the midst of the extraordinary macroeconomic and geopolitical challenges that characterized the first half of the year. The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the health care sector. In particular, it looked for selective growth opportunities stemming from innovation and technological developments, especially in the biotechnology, pharmaceuticals and medical devices industries. The investment adviser maintained an emphasis on diversification, risk management and fundamental analysis.
As of June 30, 2022, the Trust’s largest overweight position was in the biotechnology
sub-sector.
The Trust continues to invest in compelling areas of innovation in biotech, particularly in oncology. The Trust also held a large overweight position in the health care providers & services
sub-sector,
with the goal of adding resiliency and defensive characteristics to the portfolio in anticipation of an economic downturn. The medical devices & supplies
sub-sector,
which may be negatively impacted by supply chain issues and cost inflation, was the largest underweight.
As of June 30, 2022, the Trust had in place an option overwriting program whereby 35.3% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 7.0% out of the money) and for maturities averaging 47 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
TEN LARGEST HOLDINGS

Security (a) |  | Percent of Total Investments |
UnitedHealth Group, Inc. |  |  | 10.1 | %
Johnson & Johnson |  |  | 5.6 |
Eli Lilly & Co. |  |  | 5.3 |
Pfizer, Inc. |  |  | 4.5 |
Thermo Fisher Scientific, Inc. |  |  | 4.2 |
Abbott Laboratories |  |  | 4.1 |
AbbVie, Inc. |  |  | 3.8 |
Merck & Co., Inc. |  |  | 3.7 |
Elevance Health, Inc. |  |  | 3.2 |
Amgen, Inc. |  |  | 3.0 |

INDUSTRY ALLOCATION

Industry (a)(b) |  | 06/30/22 |
Pharmaceuticals |  |  | 28.6 | %
Health Care Providers & Services |  |  | 24.4 |
Biotechnology |  |  | 19.4 |
Health Care Equipment & Supplies |  |  | 15.9 |
Life Sciences Tools & Services |  |  | 11.1 |
Other* |  |  | 0.6 |

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

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

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

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

Trust Summary as of June 30, 2022 |  | BlackRock Health Sciences Trust II (BMEZ)

Investment Objective
BlackRock Health Sciences Trust II’s (BMEZ) (the “Trust”)
investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities of companies principally engaged in the health sciences group of industries and equity derivatives with exposure to the health sciences group of industries. Equity derivatives in which the Trust invests include purchased and sold (written) call and put options on equity securities of companies in the health sciences group of industries.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BMEZ
Initial Offering Date |  | January 30, 2020
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($16.43) (a) |  | 10.59%
Current Monthly Distribution per Common Share (b) |  | $0.1450
Current Annualized Distribution per Common Share (b) |  | $1.7400

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

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

Market Price and Net Asset Value Per Share Summary

|  | 06/30/22 |  |  | 12/31/21 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 16.43 |  |  | $ | 25.36 |  |  |  | (35.21 | )% |  | $ | 25.59 |  |  | $ | 15.20 |
Net Asset Value |  |  | 18.91 |  |  |  | 26.47 |  |  |  | (28.56 | ) |  |  | 26.63 |  |  |  | 17.79 |

Performance
Returns for the period ended June 30, 2022 were as follows:

|  |  |  |  | Average Annual Total Returns
|  | 6-month |  |  | 1 Year |  |  | Since Inception (a) |
Trust at NAV (b)(c) |  |  | (25.17)% |  |  |  | (32.60)% |  |  |  | 3.84% |
Trust at Market Price (b)(c) |  |  | (32.14) |  |  |  | (38.38) |  |  |  | (2.03) |
MSCI Custom ACWI SMID Growth HC Call Overwrite Index (d) |  |  | (17.49) |  |  |  | N/A |  |  |  | N/A |
MSCI ACWI 25% Call Overwrite Index (e) |  |  | (4.37) |  |  |  | 1.05 |  |  |  | 11.29 |
MSCI ACWI (f) |  |  | (20.18) |  |  |  | (15.75) |  |  |  | 3.97 |

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

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

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

| (d) | An index representing the Health Care sector stocks within the MSCI ACWI SMID Cap Growth Index and incorporating an option overlay component with a 25% overwrite level. The MSCI ACWI SMID Cap Growth Index captures mid- and small-cap securities exhibiting overall growth style characteristics across certain Developed and Emerging Markets countries. The index commenced on March 31, 2022 and therefore the 6-month index return presented is for the period March 31, 2022 through June 30, 2022. |

| (e) | An index that incorporates an option overlay component on the MSCI ACWI Index with a 25% overwrite level. Effective on March 31, 2022, this index was discontinued and the Trust changed its benchmark to the MSCI Custom ACWI SMID Growth HC Call Overwrite index. The investment adviser believes the new benchmark is a more appropriate benchmark for the Trust. Because the index was discontinued on March 31, 2022, the index returns presented are as follows: the 6-month return is for the period from January 1, 2022 through March 31, 2022, the 1-year return is for the period from July 1, 2021 through March 31, 2022 and the since inception return is for the period from January 30, 2020 through March 31, 2022. |

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Stocks fell sharply in the first half of 2022, reflecting the combination of elevated inflation and rising interest rates. Faster-growing companies, particularly those on the smaller end of the capitalization range, generally lagged the broader market.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Health Sciences Trust II (BMEZ)

An overweight allocation to the medical devices and supplies industry was the leading detractor from performance relative to MSCI Custom ACWI SMID Growth Health Care Call Overwrite Index. Security selection in biotechnology detracted, as well. An overweight position in Masimo Corp. was the largest detractor from relative performance at the individual security level. Masimo’s unexpected acquisition of the consumer electronics company Sound United was not well received by market participants. Investors struggled to see how the unlikely pairing would fit together given the latter company’s focus outside of medical technology. The Trust no longer holds a position in Masimo.
Small-cap
biotechnology stocks were especially vulnerable to the impact rising rates had on faster-growing companies. An overweight in Kymera Therapeutics, Inc. was a top detractor as the high-growth, development stage biotechnology company traded down amid the broader
sell-off
in stocks that lack current profits. The investment adviser exited the position on the view that the company no longer offered an attractive risk-reward profile. Similarly, an overweight in the clinical genetic-testing company Natera, Inc. detracted from results. An unfavorable report from a short seller alleged that the company had deceptive billing practices and misleading testing results, leading to an investor class action lawsuit.
An overweight in Tandem Diabetes Care, Inc. was another key detractor. Despite receiving the first FDA approval for an insulin-delivery mobile app, the stock plunged after the company reported weak quarterly results in May 2022.
On the positive side, overweight allocations to the biotechnology and health care providers & services industries contributed to performance. An overweight position in Vertex Pharmaceuticals, Inc. was the largest individual contributor. The biotechnology company paid $60 million for Catalyst Bioscience’s complement pipeline, including preclinical-stage therapies for hemophilia. An overweight in Seagen, Inc. also contributed positively. The U.S. biotechnology company was rumored to be the target of an acquisition by the pharmaceutical giant Merck. The purchase would provide the latter company with access to the suite of antibody-drug conjugates and other oncology therapies that Seagen has pioneered. An overweight in LHC Group Inc. contributed, as well. Shares of the
at-home
healthcare provider surged on the news that it would be acquired by UnitedHealth.
The Japanese pharmaceutical company Daiichi Sankyo Co Ltd. was a further contributor. The FDA approved Enhertu, an antibody-drug conjugate (ADC) developed in partnership with AstraZeneca. The breast cancer drug was found to reduce disease progression or death by 72% compared to legacy ADC therapies.
The Trust’s cash position, while not a core aspect of its strategy, nonetheless contributed positively at a time of poor market performance.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy contributed to relative performance.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust’s weightings the pharmaceuticals and biotechnology
sub-sectors
increased during the period, while its allocation to the medical devices & supplies
sub-sector
decreased. Its weighting in the health care providers & services industry was unchanged.
Describe portfolio positioning at period end.
The first half of 2022 was historically volatile amid macroeconomic and geopolitical headwinds. The investment adviser was encouraged by the healthcare sector’s resilience in the midst of these extraordinary challenges.
The investment adviser continued to identify investment opportunities in stable, cash-flow generating companies across the health care sector. It remained focused on small and
mid-cap
companies, where the vast majority of clinical innovation is taking place. It also saw promising developments in medical devices, such as precision surgical tools and minimally invasive procedures. It found the biotechnology industry to be especially fertile ground to find innovative companies, particularly those focused on oncology. As of June 30, 2022, biotechnology was the Trust’s largest sector weighting due to its attractive valuations and robust fundamentals.
The investment adviser believed the long-term, secular drivers for the health care sector—aging global demographics and innovation in medical technology—remained in place. These trends, together with favorable valuations across the sector, act as the foundation for a compelling long-term investment opportunity.
As of June 30, 2022, the Trust had in place an option overwriting program whereby 24% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 9.6% out of the money) and for maturities averaging 48 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Health Sciences Trust II (BMEZ)

Overview of the Trust’s Total Investments
TEN LARGEST HOLDINGS

Security (a) |  | Percent of Total Investments |
Vertex Pharmaceuticals, Inc. |  |  | 3.2 | %
Alcon, Inc. |  |  | 2.5 |
ResMed, Inc. |  |  | 2.0 |
Argenx SE |  |  | 1.9 |
Daiichi Sankyo Co. Ltd. |  |  | 1.8 |
Waters Corp. |  |  | 1.8 |
LHC Group, Inc. |  |  | 1.8 |
Quest Diagnostics, Inc. |  |  | 1.7 |
Alkermes PLC |  |  | 1.7 |
Sarepta Therapeutics, Inc. |  |  | 1.7 |

INDUSTRY ALLOCATION

Industry (a)(b) |  | 06/30/22 |
Biotechnology |  |  | 36.6 | %
Health Care Equipment & Supplies |  |  | 23.4 |
Health Care Providers & Services |  |  | 14.7 |
Life Sciences Tools & Services |  |  | 13.4 |
Pharmaceuticals |  |  | 7.4 |
Diversified Financial Services |  |  | 2.3 |
Other* |  |  | 2.2 |

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

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

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

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

Trust Summary as of June 30, 2022 |  | BlackRock Innovation and Growth Trust (BIGZ)

Investment Objective
BlackRock Innovation and Growth Trust’s (BIGZ) (the “Trust”)
investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust will invest primarily in equity securities issued by
mid-
and small-capitalization companies that the Trust’s adviser believes have above-average earnings growth potential. In selecting investments for the Trust, the Trust’s adviser focuses on
mid-
and small-capitalization growth companies that are “innovative.” These are companies that have introduced, or are seeking to introduce, a new product or service that potentially changes the marketplace. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BIGZ
Initial Offering Date |  | March 29, 2021
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($7.94) (a) |  | 10.58%
Current Monthly Distribution per Common Share (b) |  | $0.0700
Current Annualized Distribution per Common Share (b) |  | $0.8400

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

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

Market Price and Net Asset Value Per Share Summary

|  |  | 06/30/22 |  |  |  | 12/31/21 |  |  |  | Change |  |  |  | High |  |  |  | Low |
Closing Market Price |  |  | $ 7.94 |  |  |  | $ 14.54 |  |  |  | (45.39) | % |  |  | $ 14.97 |  |  |  | $ 7.38 |
Net Asset Value |  |  | 9.48 |  |  |  | 16.72 |  |  |  | (43.30) |  |  |  | 16.72 |  |  |  | 9.12 |

Performance
Returns for the period ended June 30, 2022 were as follows:

|  |  |  |  | Average Annual Total Returns
|  | 6-month |  |  | 1 Year |  |  | Since Inception (a) |
Trust at NAV (b)(c) |  |  | (40.12)% |  |  |  | (47.58)% |  |  |  | (40.54)% |
Trust at Market Price (b)(c) |  |  | (42.33) |  |  |  | (57.26) |  |  |  | (48.37) |
MSCI USA SMID Growth Call Overwrite Index (d) |  |  | (27.12) |  |  |  | (25.24) |  |  |  | (15.56) |
Russell 2500 ™ Growth Index (e) |  |  | (29.45) |  |  |  | (31.81) |  |  |  | (20.67) |

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

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

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

| (d) | An index that incorporates an option overlay component on the MSCI USA SMID Growth Index with a 25% overwrite level. |

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Shares of smaller, innovative growth companies generally fell sharply in the first half of 2022 due to the adverse combination of elevated inflation and rising interest rates.
From a sector perspective, the Trust’s positioning in health care was the largest detractor from relative performance. The shortfall was most pronounced in the health care equipment & supplies industry, where Masimo Corp. and FIGS, Inc. lagged. The Trust was also hurt by its overweight position in 10X Genomics, Inc. in the life sciences tools & services industry. The company has significant exposure to slowing growth in China, as well as the ongoing supply-chain issues in the country.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Innovation and Growth Trust (BIGZ)

Stock selection in the information technology sector also weighed on relative performance. The software industry was a source of weakness due to the poor showing for Bill.com Holdings, Inc. and Avalara, Inc. A zero weighting in the outperforming energy sector was another key detractor. The investment adviser believed small- to
mid-cap
stocks in this space generally lacked the quality characteristics sought after in potential investments. However, the category outperformed due to the rally in oil and natural gas prices.
Stock selection in the machinery industry made the largest contribution to relative performance. An overweight in Chart Industries, Inc., a leading global manufacturer of highly engineered equipment for the clean energy and industrials gas markets, was a notable contributor.
The Trust also benefited from strong stock selection in the capital markets industry within the financial sector. Tradeweb Markets, Inc., an international financial services company that builds and operates electronic
over-the-counter
marketplaces, was a leading contributor. A zero weighting in the alternative asset manager KKR & Co., Inc. also helped relative performance.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy detracted from performance over the
six-month
period.
Describe recent portfolio activity.
Due to a combination of market changes and portfolio activity, the Trust’s allocations to the financials and consumer discretionary increased, while its weightings in health care and industrials decreased. The Trust boosted its stake in private companies from 18% to 27%, reflecting the investment adviser’s effort to increase the portfolio’s weighting in this area.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe portfolio positioning at period end.
In the public portion of the portfolio, the largest sector overweights (relative to the MSCI USA SMID Growth Call Overwrite Index) were in the information technology and consumer discretionary sectors. Its largest underweights were in industrials and materials.
As of June 30, 2022, the Trust had in place an option overwriting program whereby 10.8% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 14.1% out of the money) and for maturities averaging 55 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Innovation and Growth Trust (BIGZ)

Overview of the Trust’s Total Investments
TEN LARGEST HOLDINGS

Security (a) |  | Percent of Total Investments |
Monolithic Power Systems, Inc. |  |  | 3.1 | %
Bio-Techne Corp. |  |  | 2.9 |
Entegris, Inc. |  |  | 2.8 |
Axon Enterprise, Inc. |  |  | 2.7 |
Paylocity Holding Corp. |  |  | 2.6 |
Five9, Inc. |  |  | 2.6 |
Planet Fitness, Inc. |  |  | 2.5 |
Tradeweb Markets, Inc. |  |  | 2.4 |
Chart Industries, Inc. |  |  | 2.4 |
Globant SA |  |  | 2.4 |

INDUSTRY ALLOCATION

Industry (a)(b) |  | 06/30/22 |
Software |  |  | 25.8 | %
Life Sciences Tools & Services |  |  | 10.6 |
Semiconductors & Semiconductor Equipment |  |  | 10.4 |
Aerospace & Defense |  |  | 6.4 |
IT Services |  |  | 6.3 |
Hotels, Restaurants & Leisure |  |  | 5.8 |
Capital Markets |  |  | 4.6 |
Health Care Technology |  |  | 4.0 |
Diversified Consumer Services |  |  | 3.4 |
Machinery |  |  | 2.4 |
Interactive Media & Services |  |  | 2.2 |
Internet & Direct Marketing Retail |  |  | 1.9 |
Auto Components |  |  | 1.8 |
Entertainment |  |  | 1.7 |
Leisure Products |  |  | 1.7 |
Biotechnology |  |  | 1.7 |
Food Products |  |  | 1.6 |
Health Care Equipment & Supplies |  |  | 1.2 |
Equity Real Estate Investment Trusts (REITs) |  |  | 1.2 |
Wireless Telecommunication Services |  |  | 1.1 |
Internet Software & Services |  |  | 1.0 |
Other* |  |  | 3.2 |

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

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

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

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

Trust Summary as of June 30, 2022 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Investment Objective
BlackRock Resources
& Commodities Strategy Trust’s (BCX) (the “Trust”)
primary investment objective is to seek high current income and current gains, with a secondary objective of capital appreciation. The Trust will seek to achieve its investment objectives, under normal market conditions, by investing at least 80% of its total assets in equity securities issued by commodity or natural resources companies, derivatives with exposure to commodity or natural resources companies or investments in securities and derivatives linked to the underlying price movement of commodities or natural resources. While permitted, the Trust does not currently expect to invest in securities and derivatives linked to the underlying price movement of commodities or natural resources. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BCX
Initial Offering Date |  | March 30, 2011
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($8.98) (a) |  | 6.01%
Current Monthly Distribution per Common Share (b) |  | $0.0450
Current Annualized Distribution per Common Share (b) |  | $0.5400

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

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

Market Price and Net Asset Value Per Share Summary

|  |  | 06/30/22 |  |  |  | 12/31/21 |  |  |  | Change |  |  |  | High |  |  |  | Low |
Closing Market Price |  |  | $ 8.98 |  |  |  | $ 9.35 |  |  |  | (3.96) | % |  |  | $ 11.53 |  |  |  | $ 8.75 |
Net Asset Value |  |  | 9.95 |  |  |  | 10.21 |  |  |  | (2.55) |  |  |  | 12.11 |  |  |  | 9.83 |

Performance
Returns for the period ended June 30, 2022 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV (a)(b) |  |  | (0.05) | % |  |  | 5.76 | % |  |  | 8.74 | % |  |  | 4.09 | %
Trust at Market Price (a)(b) |  |  | (1.50) |  |  |  | 0.31 |  |  |  | 9.57 |  |  |  | 3.76 |
MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index (c) |  |  | (2.57) |  |  |  | 0.52 |  |  |  | N/A |  |  |  | N/A |
S&P Global Natural Resources Net Index (d) |  |  | (1.73) |  |  |  | 2.27 |  |  |  | 8.21 |  |  |  | 4.00 |

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

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Natural resources stocks generally performed well through
mid-April
2022 thanks to the backdrop of sharply rising commodity prices. However, concerns about slowing growth led to a sharp
sell-off
thereafter, causing the sector to finish with a loss for the full period.
Stock selection within the agriculture sector contributed to the Trust’s relative performance, while security selection within the mining sector modestly detracted. At the individual stock level, the Trust’s zero weighting in Norilsk Nickel—which fell to zero due to the sanctions that followed Russia’s invasion of Ukraine—was the leading contributor to relative performance. An underweight in Freeport-McMoRan Inc., which was hurt by the decline in copper prices late in the period, also contributed. Among stocks the Trust held, CF Industries Holdings, Inc. was a notable contributor thanks to rising prices for nitrogen fertilizers.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Positions in the Russian companies Polyus PJSC and Gazprom PJSC—which were written down to near zero in late February 2022—were the largest detractors from performance. Russian companies have always been part of the Trust’s investment universe, and the investment adviser believed both companies had high-quality assets. However, the investment adviser did not anticipate either a full-scale invasion of Ukraine or the events that followed. An overweight in First Quantum Minerals Ltd. also detracted due in part to a decline in copper prices.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. This strategy detracted from results in the semiannual period.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust maintained an overweight in the energy sector, and it continued to have underweight positions in the mining and agriculture sectors.
In energy, the investment adviser maintained a bias towards higher-quality producers that were expected to benefit the most from strength in oil and gas prices. Given the increased risks to global economic growth, the investment adviser reduced the Trust’s weightings in certain holdings with higher sensitivity to the macroeconomic outlook.
In the mining sector, the investment adviser continued to emphasize companies with stronger balance sheets and lower costs. In agriculture, the Fund was underweight in the paper and packaging industry in favor of health and wellness companies that are positioned to take advantage of consumers’ shifting preferences with respect to food and nutrition.
Describe portfolio positioning at period end.
As the close of the period, 45.3% of the portfolio was invested in the energy sector, 25.4% in the mining sector and 25.9% in the agriculture sector, and 2.8% was held in cash.
As of June 30, 2022, the Trust had in place an option overwriting program whereby 31% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 6.1% out of the money) and for maturities averaging 49 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
TEN LARGEST HOLDINGS

Security (a) |  | Percent of Total Investments |
Exxon Mobil Corp. |  |  | 8.5 | %
TotalEnergies SE |  |  | 7.0 |
Shell PLC |  |  | 5.7 |
Glencore PLC |  |  | 5.5 |
Chevron Corp. |  |  | 5.0 |
Nutrien Ltd. |  |  | 4.6 |
ConocoPhillips |  |  | 4.1 |
Suncor Energy, Inc. |  |  | 3.6 |
Vale SA |  |  | 3.4 |
FMC Corp. |  |  | 3.0 |

INDUSTRY ALLOCATION

Industry (a)(b) |  | 06/30/22 |
Oil, Gas & Consumable Fuels |  |  | 45.6 | %
Metals & Mining |  |  | 25.2 |
Chemicals |  |  | 13.8 |
Food Products |  |  | 7.3 |
Machinery |  |  | 4.5 |
Paper & Forest Products |  |  | 2.6 |
Other* |  |  | 1.0 |

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

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

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

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

Trust Summary as of June 30, 2022 |  | BlackRock Science and Technology Trust (BST)

Investment Objective
BlackRock Science and Technology Trust’s (BST) (the “Trust”)
investment objective is to provide income and total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities of U.S. and
non-U.S.
science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology (high growth science and technology stocks), and/or potential to generate current income from advantageous dividend yields (cyclical science and technology stocks). The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BST
Initial Offering Date |  | October 30, 2014
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($32.49) (a) |  | 9.23%
Current Monthly Distribution per Common Share (b) |  | $0.2500
Current Annualized Distribution per Common Share (b) |  | $3.0000

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

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

Market Price and Net Asset Value Per Share Summary

|  | 06/30/22 |  |  | 12/31/21 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  |  | $ 32.49 |  |  |  | $ 49.97 |  |  |  | (34.98) | % |  |  | $ 50.99 |  |  |  | $ 31.25 |
Net Asset Value |  |  | 33.61 |  |  |  | 52.40 |  |  |  | (35.86) |  |  |  | 52.59 |  |  |  | 33.58 |

Performance
Returns for the period ended June 30, 2022 were as follows:

|  |  |  |  | Average Annual Total Returns
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | Since Inception (a) |
Trust at NAV (b)(c)(d) |  |  | (33.40 | )% |  |  | (33.89 | )% |  |  | 15.04 | % |  |  | 15.45% |
Trust at Market Price (b)(c)(d) |  |  | (32.49 | ) |  |  | (40.01 | ) |  |  | 16.06 |  |  |  | 14.25 |
MSCI ACWI Information Technology Call Overwrite Index (e) |  |  | (27.09 | ) |  |  | (18.97 | ) |  |  | N/A |  |  |  | N/A |
MSCI ACWI Information Technology Index (f) |  |  | (29.73 | ) |  |  | (20.45 | ) |  |  | 16.24 |  |  |  | 15.86 |

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

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

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

| (d) | For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on June 30, 2022. |

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Stocks fell sharply in the first half of 2022, reflecting the combination of elevated inflation and rising interest rates. Faster-growing companies, particularly those on the smaller end of the capitalization range, generally lagged the broader market.
An overweight in the internet
sub-sector
detracted from the Fund’s relative performance, as did security selection in the services
sub-sector.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Science and Technology Trust (BST)

At the individual stock level, an underweight position in Apple, Inc. was the largest detractor from results. The company reported strong earnings and record revenues in the first quarter, and it benefited from a larger “flight to quality” at a time of market volatility.
An overweight in Marvell Technology, Inc. was another detractor of note. Shares of the richly valued analog semiconductor manufacturer traded down on anticipation of reduced demand and slower medium-term growth. More broadly, investors rotated out of the semiconductor sector amid an uncertain growth outlook.
An underweight in Microsoft Corp. was also a key detractor from relative performance. As was the case with Apple, the stock benefited from investors’ preference for larger, more stable companies.
An overweight in Unity Software, Inc. detracted, as well. The company has created a virtual reality rendering tool that allows users to create their own content, including in the metaverse. However, the shares lagged amid the broader downturn in the stocks of higher-growth companies.
On the positive side, security selection in semiconductors—together with an underweight in the group—contributed to relative performance.
The Trust benefited from its
closed-end
structure, with private investments making up three of the top four contributors in the semi-annual period. At an individual position level, an
out-of-benchmark
private position in GrubMarket, Inc. was the leading contributor. The food-tech company announced the acquisition of Daylight Foods, one of the largest food service businesses in the San Francisco area. Daylight provides produce, dairy, and other products to restaurants, grocery stores and caterers, which will help GrubMarket expand its offerings. An
out-of-benchmark
private position in Voltron Data also contributed positively. In February 2022, the open-source coding platform received additional funding that should allow it to bring one of its tools directly to consumers. An
out-of-benchmark
private position in PsiQuantum was another contributor of note. The quantum-based
software-as-a-service
company received funding from the U.S. Department of Defense to accelerate its developments in photonic quantum computers. The investment adviser believed PsiQuantum was well positioned to be one of the first movers in the quantum computing space.
An underweight in the semiconductor producer Nvidia Corp. also contributed to relative returns. Investors grew concerned about the sustainability of the company’s sales momentum given the potential impact that slower consumer spending would have on its gaming business.
The Trust’s cash position, while not a core aspect of its strategy, nonetheless contributed positively at a time of poor market performance.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed to relative performance for the
six-month
period.
Describe recent portfolio activity.
The Trust increased its allocation to the services and hardware
sub-sectors
and decreased its weightings in the software and content & infrastructure
sub-sectors.
Its allocation to semiconductors was unchanged.
From a regional perspective, the Trust’s allocations to the United States and China increased, while its weighting in other emerging markets decreased.
The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.
Describe portfolio positioning at period end.
The Trust held 29% of net asset value in software, 19% in semiconductors, 17% in services, 16% in internet, 10% in hardware, 4% in new industries, and less than 1% in content & infrastructure. These industry weightings were a residual effect of
bottom-up
stock selection.
As of June 30, 2022, the Trust had in place an option overwriting program whereby 28% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 11.6% out of the money) and for maturities averaging 45 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Science and Technology Trust (BST)

Overview of the Trust’s Total Investments
TEN LARGEST HOLDINGS

Security (a) |  | Percent of Total Investments |
Apple, Inc. |  |  | 6.4 | %
Microsoft Corp. |  |  | 6.3 |
Alphabet, Inc. |  |  | 2.9 |
Mastercard, Inc. |  |  | 2.8 |
Marvell Technology, Inc. |  |  | 2.4 |
Visa, Inc. |  |  | 2.3 |
Tesla, Inc. |  |  | 2.2 |
Bolt Financial, Inc. |  |  | 2.0 |
Klarna Holdings AB |  |  | 1.9 |
Amazon.com, Inc. |  |  | 1.7 |

INDUSTRY ALLOCATION

Industry (a)(b) |  | 06/30/22 |
Software |  |  | 31.5 | %
Semiconductors & Semiconductor Equipment |  |  | 19.7 |
IT Services |  |  | 17.6 |
Interactive Media & Services |  |  | 7.6 |
Technology Hardware, Storage & Peripherals |  |  | 6.4 |
Internet & Direct Marketing Retail |  |  | 2.8 |
Automobiles |  |  | 2.2 |
Banks |  |  | 1.9 |
Electronic Equipment, Instruments & Components |  |  | 1.8 |
Food & Staples Retailing |  |  | 1.5 |
Other* |  |  | 7.0 |

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

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

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

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

Trust Summary as of June 30, 2022 |  | BlackRock Science and Technology Trust II (BSTZ)

Investment Objective
BlackRock Science and Technology Trust II’s (BSTZ) (the “Trust”)
investment objective is to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities issued by U.S. and
non-U.S.
science and technology companies in any market capitalization range, selected for their rapid and sustainable growth potential from the development, advancement and use of science and/or technology. The Trust seeks to pursue this goal primarily by investing in a portfolio of equity securities and also by employing a strategy of writing (selling) call and put options.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BSTZ
Initial Offering Date |  | June 27, 2019
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($19.59) (a) |  | 11.76%
Current Monthly Distribution per Common Share (b) |  | $0.1920
Current Annualized Distribution per Common Share (b) |  | $2.3040

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

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

Market Price and Net Asset Value Per Share Summary

|  | 06/30/22 |  |  | 12/31/21 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 19.59 |  |  | $ | 38.94 |  |  |  | (49.69 | )% |  | $ | 39.04 |  |  | $ | 19.34 |
Net Asset Value |  |  | 22.96 |  |  |  | 38.82 |  |  |  | (40.86 | ) |  |  | 38.84 |  |  |  | 22.96 |

Performance
Returns for the period ended June 30, 2022 were as follows:

|  |  |  |  | Average Annual Total Returns
|  | 6-month |  |  | 1 Year |  |  | Since Inception (a) |
Trust at NAV (b)(c)(d) |  |  | (38.15 | )% |  |  | (41.00 | )% |  |  | 11.88% |
Trust at Market Price (b)(c)(d) |  |  | (47.39 | ) |  |  | (48.14 | ) |  |  | 6.13 |
MSCI Custom ACWI SMID Growth IT Call Overwrite Index (e) |  |  | (21.98 | ) |  |  | N/A |  |  |  | N/A |
MSCI ACWI 25% Call Overwrite Index (f) |  |  | (4.37 | ) |  |  | 1.05 |  |  |  | 12.29 |
MSCI ACWI (g) |  |  | (20.18 | ) |  |  | (15.75 | ) |  |  | 6.36 |

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

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

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

| (d) | For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on June 30, 2022. |

| (e) | An index representing the Information Technology (IT) sector stocks within the MSCI ACWI SMID Cap Growth Index and incorporating an option overlay component with a 25% overwrite level. The MSCI ACWI SMID Cap Growth Index captures mid- and small-cap securities exhibiting overall growth style characteristics across certain Developed and Emerging Markets. The index commenced on March 31, 2022 and therefore the 6-month index return shown is for the period March 31, 2022 through June 30, 2022. |

| (f) | An index that incorporates an option overlay component on the MSCI ACWI Index with a 25% overwrite level. Effective on March 31, 2022, this index was discontinued and the Trust changed its benchmark to the MSCI Custom ACWI SMID Growth IT Call Overwrite index. The investment adviser believes the new benchmark is a more appropriate benchmark for the Trust. Because the index was discontinued on March 31, 2022, the index returns presented are as follows: the 6-month return is for the period from January 1, 2022 through March 31, 2022, the 1-year return is for the period from July 1, 2021 through March 31, 2022 and the since inception return is for the period from June 27, 2019 through March 31, 2022. |

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Science and Technology Trust II (BSTZ)

The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Stocks fell sharply in the first half of 2022 due to concerns about elevated inflation, rising interest rates and slowing growth. Faster-growing companies, particularly those on the smaller end of the capitalization range, generally lagged the broader market.
Security selection in the services and software
sub-sectors
detracted from the Trust’s relative performance. At the individual stock level, an overweight position in the Japanese semiconductor company Lasertec Corp. was the largest detractor. The stock declined due to supply-chain issues and the broader concerns about a possible economic downturn. An overweight in Marvell Technology, Inc. was another detractor of note. The company, which was a top performer in 2021, experienced profit taking amid the rotation out of richly valued growth stocks. A private position in the Swedish payments-solutions company Klarna Bank AB detracted, as well. The stock’s valuation came under pressure on concerns about increased competition after Apple unveiled its own version of the service. Additionally, Klarna announced a 10% cut to its workforce, suggesting that it may facing headwinds from slowing economic growth.
On the positive side, a number of the Trust’s private holdings were top contributors in the semiannual period. A private position in GrubMarket, Inc. a technology company that provides grocers with inventory management software, was the largest contributor to relative performance. The company maintained strong momentum at a time of supply-chain disruptions throughout the food industry. A private position in the artificial intelligence data company Databricks was also a top contributor. The company benefited from positive secular growth trends as enterprises continued to adopt artificial intelligence and automation in their processes. A private investment in Credo Technology Group Holdings, Ltd., a semiconductor manufacturer that went public in January 2022, also added value. The Trust initiated a position in Credo in 2020 due to the strength and innovation of the company’s data-center product.
The Trust’s had an above-average cash position at times throughout the period. After the exiting certain positions, the Trust held cash in anticipation of initiating new positions at more attractive prices. The cash position contributed to performance in the falling market.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed to relative performance for the
six-month
period.
The Trust’s practice of maintaining a specified level of monthly distributions did not have a material impact on the Trust’s investment strategy.
Describe recent portfolio activity.
The Trust reduced its allocation to higher-valuation growth companies, and it increased its weighting in higher-quality, economically stable stocks that may prove more resilient amid continuing economic uncertainty. The Trust also took advantage of select opportunities in China, where valuations were attractive and the regulatory and economic environment showed signs of improvement.
The investment adviser continued to focus on companies that are positioned to capitalize on long-term secular demand trends. For example, it identified opportunities among companies seeing heightened demand from the migration to remote work, as well as those benefiting from the increased adoption of emerging technologies, such as artificial intelligence, cloud computing, digital transformation and
e-commerce.
The Trust did not make any additional investments in private technology companies during the reporting period.
Describe portfolio positioning at period end.
The investment adviser continued to take advantage of the Fund’s
closed-end
structure by harvesting the illiquidity premium in private companies. As of June 30, 2022, the Trust held 22 private investments, comprising 32.6% of total assets for a total commitment of approximately $589 million.
At the end of the period, the Trust held 30% of net asset value in software, 23% in semiconductors, 15% in services, 10% in internet, 9% in hardware, 6% in new industries, and 2% in content & infrastructure. These industry weightings were a residual effect of
bottom-up
stock selection.
As of June 30, 2022, the Trust had in place an option overwriting program whereby 23.7% of the underlying equities were overwritten with call options on individual stocks. These call options were typically written at prices above the prevailing market prices (estimated to be 5.0% out of the money) and for maturities averaging 47 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Science and Technology Trust II (BSTZ)

Overview of the Trust’s Total Investments
TEN LARGEST HOLDINGS

Security (a) |  | Percent of Total Investments |
Klarna Holdings AB |  |  | 3.6 | %
Databricks, Inc. |  |  | 3.2 |
Tesla, Inc. |  |  | 3.2 |
ByteDance Ltd. |  |  | 3.0 |
Marvell Technology, Inc. |  |  | 2.9 |
Credo Technology Group Holding Ltd. |  |  | 2.9 |
SambaNova Systems, Inc. |  |  | 2.8 |
PsiQuantum Corp. |  |  | 2.3 |
GrubMarket, Inc. |  |  | 2.2 |
Synopsys, Inc. |  |  | 2.1 |

INDUSTRY ALLOCATION

Industry (a)(b) |  | 06/30/22 |
Software |  |  | 25.8 | %
Semiconductors & Semiconductor Equipment |  |  | 24.0 |
IT Services |  |  | 15.2 |
Interactive Media & Services |  |  | 7.4 |
Banks |  |  | 3.7 |
Electronic Equipment, Instruments & Components |  |  | 3.5 |
Automobiles |  |  | 3.3 |
Professional Services |  |  | 2.4 |
Food & Staples Retailing |  |  | 2.2 |
Diversified Consumer Services |  |  | 2.1 |
Entertainment |  |  | 1.9 |
Internet & Direct Marketing Retail |  |  | 1.5 |
Technology Hardware, Storage & Peripherals |  |  | 1.4 |
Media |  |  | 1.0 |
Food Products |  |  | 1.0 |
Other* |  |  | 3.6 |

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

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

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

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

Trust Summary as of June 30, 2022 |  | BlackRock Utilities, Infrastructure & Power Opportunities Tryst (BUI)

Investment Objective
BlackRock Utilities, Infrastructure
& Power Opportunities Trust’s (BUI) (the “Trust”)
investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its total assets in equity securities issued by companies that are engaged in the Utilities, Infrastructure and Power Opportunities business segments anywhere in the world and by employing a strategy of writing (selling) call and put options. The Trust considers the “Utilities” business segment to include products, technologies and services connected to the management, ownership, operation, construction, development or financing of facilities used to generate, transmit or distribute electricity, water, natural resources or telecommunications, the “Infrastructure” business segment to include companies that own or operate infrastructure assets or that are involved in the development, construction, distribution or financing of infrastructure assets and the “Power Opportunities” business segment to include companies with a significant involvement in, supporting, or necessary to renewable energy technology and development, alternative fuels, energy efficiency, automotive and sustainable mobility and technologies that enable or support the growth and adoption of new power and energy sources. Under normal circumstances, the Trust invests a substantial amount of its total assets in foreign issuers, issuers that primarily trade in a market located outside the United States or issuers that do a substantial amount of business outside the United States. The Trust may invest directly in such securities or synthetically through the use of d
erivative
s.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information

Symbol on New York Stock Exchange |  | BUI
Initial Offering Date |  | November 25, 2011
Current Distribution Rate on Closing Market Price as of June 30, 2022 ($21.88) (a) |  | 6.64%
Current Monthly Distribution per Common Share (b) |  | $0.1210
Current Annualized Distribution per Common Share (b) |  | $1.4520

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

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

Market Price and Net Asset Value Per Share Summary

|  | 06/30/22 |  |  | 12/31/21 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  |  | $ 21.88 |  |  |  | $ 26.62 |  |  |  | (17.81) | % |  |  | $ 27.28 |  |  |  | $ 20.46 |
Net Asset Value |  |  | 21.66 |  |  |  | 25.86 |  |  |  | (16.24) |  |  |  | 25.86 |  |  |  | 21.06 |

Performance
Returns for the period ended June 30, 2022 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Trust at NAV (a)(b) |  |  | (13.61 | )% |  |  | (7.55 | )% |  |  | 7.87 | % |  |  | 8.32 | %
Trust at Market Price (a)(b) |  |  | (15.22 | ) |  |  | (9.81 | ) |  |  | 8.26 |  |  |  | 9.09 |
MSCI World Select Energy, Utilities and Industry Call Overwrite Index (c) |  |  | (17.05 | ) |  |  | (11.51 | ) |  |  | N/A |  |  |  | N/A |
MSCI ACWI (d) |  |  | (20.18 | ) |  |  | (15.75 | ) |  |  | 7.00 |  |  |  | 8.76 |

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Infrastructure stocks, as a group, posted a negative return but strongly outperformed the broad-based global stock indexes in the first half of 2022.

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

Trust Summary as of June 30, 2022 (continued) |  | BlackRock Utilities, Infrastructure & Power Opportunities Tryst (BUI)

The lack of a position in Enbridge, Inc., which gained ground amid the broader strength in the midstream energy sector, was the largest detractor from relative performance. Companies with exposure to end markets perceived as being more sensitive to slower economic growth also performed poorly. Most notably, shares of the insulation producer Kingspan Group PLC fell after the company reported that it had seen a slowdown in order flow. Sika AG was also impacted by the perception that could be hurt by weaker economic growth. The Italian utility Enel S.p.A., which was pressured by broad-based weakness in the European markets, was an additional detractor of note.
Manufacturing businesses generally performed poorly due to concerns about supply chain challenges, which adversely affected the Fund’s holdings in energy efficiency stocks. While some companies, such as Atlas Copco AB, reported modestly weaker profits due to supply chain issues, others continued to beat earnings expectations.
On the positive side, overweight positions in the midstream energy stocks The Williams Companies, Inc. and TC Energy Corp. were among the largest contributors to relative performance. Shares of the utility RWE AG also rose amid growing expectations that it will accelerate its exit from coal.
The Trust used an options overlay strategy in which calls were written on a portion of the portfolio’s holdings. The Trust’s options overlay strategy contributed to relative performance in the
six-month
period.
Describe recent portfolio activity.
New positions in a natural gas utility, a world-class hydrogen energy solutions provider and an energy efficiency company, were initiated. The investment adviser increased the Fund’s weightings in selected industrial energy efficiency companies and clean power utility companies that were expected to generate earnings growth despite near-term uncertainty about the global economy. These purchases were funded by exiting positions in certain semiconductor stocks with vulnerability to supply-chain concerns.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe portfolio positioning at period end.
The utilities sector accounted for approximately 53% of the Trust’s assets. The Trust had about 26% and 10% of its assets invested in the industrials and energy sectors, respectively, and the remainder was invested in other infrastructure- and power-related sectors. As of June 30, 2022, the Trust had in place an option overwriting program whereby 33% 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 4.4% out of the money) and for maturities averaging 50 days.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
TEN LARGEST HOLDINGS

Security (a) |  | Percent of Total Investments |
NextEra Energy, Inc. |  |  | 8.9 | %
Enel SpA |  |  | 4.7 |
TC Energy Corp. |  |  | 4.3 |
RWE AG |  |  | 4.0 |
Waste Management, Inc. |  |  | 3.7 |
American Electric Power Co., Inc. |  |  | 3.4 |
Sempra Energy |  |  | 3.2 |
Dominion Energy, Inc. |  |  | 3.1 |
Williams Cos., Inc. |  |  | 3.1 |
Duke Energy Corp. |  |  | 2.9 |

INDUSTRY ALLOCATION

Industry (a)(b) |  | 06/30/22 |
Electric Utilities |  |  | 30.5 | %
Multi-Utilities |  |  | 13.6 |
Independent Power and Renewable Electricity Producers |  |  | 10.7 |
Oil, Gas & Consumable Fuels |  |  | 10.4 |
Electrical Equipment |  |  | 7.9 |
Commercial Services & Supplies |  |  | 6.2 |
Building Products |  |  | 5.9 |
Chemicals |  |  | 4.2 |
Machinery |  |  | 4.1 |
Construction & Engineering |  |  | 3.1 |
Semiconductors & Semiconductor Equipment |  |  | 2.5 |
Electronic Equipment, Instruments & Components |  |  | 0.9 |

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

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

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

Schedule of Investments (unaudited) June 30, 2022 |  | BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Energy Equipment & Services — 3.7% |
Halliburton Co. (a) |  |  | 229,136 |  |  | $ | 7,185,705 |
Patterson-UTI Energy, Inc. (a) |  |  | 118,800 |  |  |  | 1,872,288 |
Tenaris SA |  |  | 311,650 |  |  |  | 4,002,871 |
|  |  |  |  |  |  | 13,060,864 |
Food Products — 0.4% |  |  |  |
Darling Ingredients, Inc. (a)(b) |  |  | 25,424 |  |  |  | 1,520,355 |
Metals & Mining — 0.5% |  |  |  |
Glencore PLC |  |  | 346,650 |  |  |  | 1,877,608 |
Oil, Gas & Consumable Fuels — 94.4% |  |  |  |
ARC Resources Ltd. |  |  | 304,480 |  |  |  | 3,839,116 |
Canadian Natural Resources Ltd. |  |  | 203,909 |  |  |  | 10,957,416 |
Cenovus Energy, Inc. |  |  | 446,056 |  |  |  | 8,486,569 |
Cheniere Energy, Inc. (a) |  |  | 41,400 |  |  |  | 5,507,442 |
Chevron Corp. (a)(c) |  |  | 277,970 |  |  |  | 40,244,496 |
ConocoPhillips (a) |  |  | 264,442 |  |  |  | 23,749,592 |
Devon Energy Corp. (a) |  |  | 15,717 |  |  |  | 866,164 |
EOG Resources, Inc. (a) |  |  | 129,979 |  |  |  | 14,354,881 |
Equinor ASA |  |  | 141,033 |  |  |  | 4,914,349 |
Exxon Mobil Corp. (a)(c) |  |  | 548,395 |  |  |  | 46,964,548 |
Gazprom PJSC (d) |  |  | 879,200 |  |  |  | 160 |
Hess Corp. (a) |  |  | 94,890 |  |  |  | 10,052,647 |
Kosmos Energy Ltd. (a)(b) |  |  | 227,884 |  |  |  | 1,410,602 |
Marathon Petroleum Corp. (a) |  |  | 71,616 |  |  |  | 5,887,551 |
Ovintiv, Inc. (a) |  |  | 89,800 |  |  |  | 3,968,262 |
Phillips 66 (a) |  |  | 107,248 |  |  |  | 8,793,263 |
Pioneer Natural Resources Co. (a)(c) |  |  | 54,994 |  |  |  | 12,268,061 |
Repsol SA |  |  | 501,366 |  |  |  | 7,391,137 |
Santos Ltd. |  |  | 1,013,286 |  |  |  | 5,137,541 |
Shell PLC, ADR (a) |  |  | 730,622 |  |  |  | 38,204,224 |
Suncor Energy, Inc. |  |  | 394,479 |  |  |  | 13,839,863 |
TC Energy Corp. |  |  | 317,064 |  |  |  | 16,424,664 |
TotalEnergies SE |  |  | 433,148 |  |  |  | 22,799,597 |

Security |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |
Tourmaline Oil Corp. |  |  | 126,483 |  |  | $ | 6,576,684 |
Valero Energy Corp. (a) |  |  | 101,374 |  |  |  | 10,774,029 |
Williams Cos., Inc. (a) |  |  | 408,732 |  |  |  | 12,756,526 |
|  |  |  |  |  |  | 336,169,384 |
Total Long-Term Investments — 99.0% (Cost: $245,104,027) |  |  |  | 352,628,211 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 0.4% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (e)(f) |  |  | 1,406,858 |  |  |  | 1,406,858 |
Total Short-Term Securities — 0.4% (Cost: $1,406,858) |  |  |  | 1,406,858 |
Total Investments Before Options Written — 99.4% (Cost: $246,510,885) |  |  |  | 354,035,069 |
Options Written — (0.6)% (Premiums Received: $(5,472,215)) |  |  |  | (2,083,915 | )
Total Investments, Net of Options Written — 98.8% (Cost: $241,038,670) |  |  |  | 351,951,154 |
Other Assets Less Liabilities — 1.2% |  |  |  | 4,431,384 |
Net Assets — 100.0% |  |  |  |  |  | $ | 356,382,538 |

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

(b) | Non-income producing security.

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

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

(e) | Affiliate of the Trust.

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

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry
sub-classifications
used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry
sub-classifications
for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/21 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/22 |  |  | Shares Held at 06/30/22 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 2,725,280 |  |  | $ | — |  |  | $ | (1,318,422 | ) (a) |  | $ | — |  |  | $ | — |  |  | $ | 1,406,858 |  |  |  | 1,406,858 |  |  | $ | 7,015 |  |  | $ | — |

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

Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pioneer Natural Resources Co. |  |  | 109 |  |  |  | 07/01/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 2,432 |  |  | $ | (545 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Valero Energy Corp. |  |  | 124 |  |  |  | 07/08/22 |  |  | USD |  |  | 124.00 |  |  | USD |  |  | 1,318 |  |  | $ | (1,736) |
Arc Resources Ltd. |  |  | 521 |  |  |  | 07/15/22 |  |  | CAD |  |  | 18.00 |  |  | CAD |  |  | 846 |  |  |  | (6,678) |
Arc Resources Ltd. |  |  | 102 |  |  |  | 07/15/22 |  |  | CAD |  |  | 21.50 |  |  | CAD |  |  | 166 |  |  |  | (317) |
Canadian Natural Resources Limited |  |  | 192 |  |  |  | 07/15/22 |  |  | CAD |  |  | 84.00 |  |  | CAD |  |  | 1,328 |  |  |  | (970) |
Cenovus Energy Inc. |  |  | 562 |  |  |  | 07/15/22 |  |  | CAD |  |  | 26.50 |  |  | CAD |  |  | 1,376 |  |  |  | (17,246) |
Cheniere Energy, Inc. |  |  | 108 |  |  |  | 07/15/22 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 1,437 |  |  |  | (9,180) |
Darling Ingredients, Inc. |  |  | 20 |  |  |  | 07/15/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 120 |  |  |  | (300) |
Exxon Mobil Corp. |  |  | 879 |  |  |  | 07/15/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 7,528 |  |  |  | (9,669) |
HESS Corp. |  |  | 190 |  |  |  | 07/15/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 2,013 |  |  |  | (8,550) |
Kosmos Energy Ltd. |  |  | 311 |  |  |  | 07/15/22 |  |  | USD |  |  | 9.00 |  |  | USD |  |  | 193 |  |  |  | (172) |
Marathon Petroleum Corp. |  |  | 40 |  |  |  | 07/15/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 329 |  |  |  | (460) |
Ovintiv Inc. |  |  | 214 |  |  |  | 07/15/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 946 |  |  |  | (4,280) |
Patterson-UTI Energy, Inc. |  |  | 58 |  |  |  | 07/15/22 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 91 |  |  |  | (870) |
Patterson-UTI Energy, Inc. |  |  | 140 |  |  |  | 07/15/22 |  |  | USD |  |  | 19.00 |  |  | USD |  |  | 221 |  |  |  | (3,500) |
Phillips 66 |  |  | 192 |  |  |  | 07/15/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,574 |  |  |  | (1,440) |
Shell PLC, ADR |  |  | 325 |  |  |  | 07/15/22 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 1,699 |  |  |  | (7,313) |
Shell PLC, ADR |  |  | 724 |  |  |  | 07/15/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 3,786 |  |  |  | (5,430) |
Tourmaline Oil Corp. |  |  | 272 |  |  |  | 07/15/22 |  |  | CAD |  |  | 68.50 |  |  | CAD |  |  | 1,820 |  |  |  | (45,326) |
Williams Cos., Inc. |  |  | 234 |  |  |  | 07/15/22 |  |  | USD |  |  | 32.00 |  |  | USD |  |  | 730 |  |  |  | (12,285) |
ConocoPhillips |  |  | 384 |  |  |  | 07/22/22 |  |  | USD |  |  | 127.00 |  |  | USD |  |  | 3,449 |  |  |  | (14,592) |
Devon Energy Corp. |  |  | 59 |  |  |  | 07/22/22 |  |  | USD |  |  | 83.00 |  |  | USD |  |  | 325 |  |  |  | (826) |
EOG Resources, Inc. |  |  | 143 |  |  |  | 07/22/22 |  |  | USD |  |  | 153.20 |  |  | USD |  |  | 1,579 |  |  |  | (5,005) |
Exxon Mobil Corp. |  |  | 4 |  |  |  | 07/22/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 34 |  |  |  | (46) |
Exxon Mobil Corp. |  |  | 387 |  |  |  | 07/22/22 |  |  | USD |  |  | 109.00 |  |  | USD |  |  | 3,314 |  |  |  | (3,096) |
Marathon Petroleum Corp. |  |  | 411 |  |  |  | 07/22/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 3,379 |  |  |  | (6,576) |
Valero Energy Corp. |  |  | 137 |  |  |  | 07/22/22 |  |  | USD |  |  | 146.00 |  |  | USD |  |  | 1,456 |  |  |  | (2,466) |
Kosmos Energy Ltd. |  |  | 310 |  |  |  | 07/25/22 |  |  | USD |  |  | 9.10 |  |  | USD |  |  | 192 |  |  |  | (713) |
Shell PLC, ADR |  |  | 802 |  |  |  | 07/25/22 |  |  | USD |  |  | 59.50 |  |  | USD |  |  | 4,194 |  |  |  | (22,381) |
Darling Ingredients, Inc. |  |  | 76 |  |  |  | 07/27/22 |  |  | USD |  |  | 79.00 |  |  | USD |  |  | 454 |  |  |  | (471) |
Chevron Corp. |  |  | 193 |  |  |  | 07/29/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 2,794 |  |  |  | (18,914) |
ConocoPhillips |  |  | 99 |  |  |  | 07/29/22 |  |  | USD |  |  | 127.00 |  |  | USD |  |  | 889 |  |  |  | (3,267) |
ConocoPhillips |  |  | 100 |  |  |  | 07/29/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 898 |  |  |  | (26,500) |
EOG Resources, Inc. |  |  | 163 |  |  |  | 07/29/22 |  |  | USD |  |  | 138.20 |  |  | USD |  |  | 1,800 |  |  |  | (7,743) |
Exxon Mobil Corp. |  |  | 113 |  |  |  | 07/29/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 968 |  |  |  | (13,051) |
Halliburton Co. |  |  | 346 |  |  |  | 07/29/22 |  |  | USD |  |  | 34.00 |  |  | USD |  |  | 1,085 |  |  |  | (36,676) |
Phillips 66 |  |  | 145 |  |  |  | 07/29/22 |  |  | USD |  |  | 94.00 |  |  | USD |  |  | 1,189 |  |  |  | (14,500) |
Pioneer Natural Resources Co. |  |  | 99 |  |  |  | 07/29/22 |  |  | USD |  |  | 245.00 |  |  | USD |  |  | 2,208 |  |  |  | (52,470) |
Chevron Corp. |  |  | 622 |  |  |  | 08/05/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 9,005 |  |  |  | (217,700) |
Conocophillips |  |  | 371 |  |  |  | 08/05/22 |  |  | USD |  |  | 102.00 |  |  | USD |  |  | 3,332 |  |  |  | (50,456) |
EOG Resources, Inc. |  |  | 187 |  |  |  | 08/05/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 2,065 |  |  |  | (28,985) |
Exxon Mobil Corp. |  |  | 700 |  |  |  | 08/05/22 |  |  | USD |  |  | 94.00 |  |  | USD |  |  | 5,995 |  |  |  | (120,750) |
Halliburton Co. |  |  | 354 |  |  |  | 08/05/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 1,110 |  |  |  | (35,577) |
Hess Corp. |  |  | 165 |  |  |  | 08/05/22 |  |  | USD |  |  | 114.00 |  |  | USD |  |  | 1,748 |  |  |  | (66,000) |
Marathon Petroleum Corp. |  |  | 53 |  |  |  | 08/05/22 |  |  | USD |  |  | 94.00 |  |  | USD |  |  | 436 |  |  |  | (7,314) |
Phillips 66 |  |  | 102 |  |  |  | 08/05/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 836 |  |  |  | (22,440) |
Shell PLC, ADR |  |  | 690 |  |  |  | 08/05/22 |  |  | USD |  |  | 54.50 |  |  | USD |  |  | 3,608 |  |  |  | (109,954) |
Williams Cos., Inc. |  |  | 408 |  |  |  | 08/05/22 |  |  | USD |  |  | 33.00 |  |  | USD |  |  | 1,273 |  |  |  | (28,560) |
Chevron Corp. |  |  | 241 |  |  |  | 08/12/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 3,489 |  |  |  | (97,605) |
Halliburton Co. |  |  | 170 |  |  |  | 08/12/22 |  |  | USD |  |  | 36.44 |  |  | USD |  |  | 533 |  |  |  | (13,968) |
Williams Cos., Inc. |  |  | 408 |  |  |  | 08/12/22 |  |  | USD |  |  | 33.09 |  |  | USD |  |  | 1,273 |  |  |  | (31,419) |
Arc Resources Ltd. |  |  | 570 |  |  |  | 08/19/22 |  |  | CAD |  |  | 23.00 |  |  | CAD |  |  | 925 |  |  |  | (5,092) |
Arc Resources Ltd. |  |  | 102 |  |  |  | 08/19/22 |  |  | CAD |  |  | 21.00 |  |  | CAD |  |  | 166 |  |  |  | (1,664) |
Canadian Natural Resources Limited |  |  | 298 |  |  |  | 08/19/22 |  |  | CAD |  |  | 82.00 |  |  | CAD |  |  | 2,061 |  |  |  | (24,309) |
Cenovus Energy Inc. |  |  | 1,196 |  |  |  | 08/19/22 |  |  | CAD |  |  | 31.00 |  |  | CAD |  |  | 2,929 |  |  |  | (38,095) |
Cheniere Energy, Inc. |  |  | 49 |  |  |  | 08/19/22 |  |  | USD |  |  | 141.35 |  |  | USD |  |  | 652 |  |  |  | (25,136) |
ConocoPhillips |  |  | 20 |  |  |  | 08/19/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 180 |  |  |  | (3,190) |
Ovintiv Inc. |  |  | 127 |  |  |  | 08/19/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 561 |  |  |  | (9,843) |
Patterson-UTI Energy, Inc. |  |  | 253 |  |  |  | 08/19/22 |  |  | USD |  |  | 18.00 |  |  | USD |  |  | 399 |  |  |  | (20,240) |
Phillips 66 |  |  | 21 |  |  |  | 08/19/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 172 |  |  |  | (735) |
Shell PLC, ADR |  |  | 200 |  |  |  | 08/19/22 |  |  | USD |  |  | 56.50 |  |  | USD |  |  | 1,046 |  |  |  | (30,132) |
Suncor Energy Inc. |  |  | 336 |  |  |  | 08/19/22 |  |  | CAD |  |  | 49.00 |  |  | CAD |  |  | 1,517 |  |  |  | (46,464) |
Suncor Energy Inc. |  |  | 579 |  |  |  | 08/19/22 |  |  | CAD |  |  | 52.00 |  |  | CAD |  |  | 2,615 |  |  |  | (47,680) |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TC Energy Corp. |  |  | 523 |  |  |  | 08/19/22 |  |  | CAD |  |  | 72.00 |  |  | CAD |  |  | 3,487 |  |  | $ | (21,128) |
Tourmaline Oil Corp. |  |  | 210 |  |  |  | 08/19/22 |  |  | CAD |  |  | 74.00 |  |  | CAD |  |  | 1,406 |  |  |  | (40,949) |
Valero Energy Corp. |  |  | 124 |  |  |  | 08/19/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,318 |  |  |  | (30,628) |
Williams Cos., Inc. |  |  | 28 |  |  |  | 08/19/22 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 87 |  |  |  | (280) |
Williams Cos., Inc. |  |  | 453 |  |  |  | 08/19/22 |  |  | USD |  |  | 32.00 |  |  | USD |  |  | 1,414 |  |  |  | (57,757) |
Canadian Natural Resources Limited |  |  | 284 |  |  |  | 09/16/22 |  |  | CAD |  |  | 75.00 |  |  | CAD |  |  | 1,964 |  |  |  | (77,773) |
Suncor Energy Inc. |  |  | 579 |  |  |  | 09/16/22 |  |  | CAD |  |  | 52.00 |  |  | CAD |  |  | 2,615 |  |  |  | (69,721) |
TC Energy Corp. |  |  | 681 |  |  |  | 09/16/22 |  |  | CAD |  |  | 68.00 |  |  | CAD |  |  | 4,541 |  |  |  | (116,657) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,863,761) |

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  |  | Notional Amount (000) |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Santos Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 40,600 |  |  | 07/06/22 |  |  | AUD |  |  |  | 8.37 |  |  | AUD |  | 298 |  | $ | (43) |
Total SA |  | Morgan Stanley & Co. International PLC |  |  | 76,000 |  |  | 07/12/22 |  |  | EUR |  |  |  | 54.27 |  |  | EUR |  | 3,817 |  |  | (9,685) |
Statoil ASA |  | Morgan Stanley & Co. International PLC |  |  | 46,200 |  |  | 07/13/22 |  |  | NOK |  |  |  | 371.42 |  |  | NOK |  | 15,857 |  |  | (11,538) |
Total SA |  | Goldman Sachs International |  |  | 28,900 |  |  | 07/19/22 |  |  | EUR |  |  |  | 55.74 |  |  | EUR |  | 1,452 |  |  | (3,440) |
Santos Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 173,800 |  |  | 07/26/22 |  |  | AUD |  |  |  | 9.11 |  |  | AUD |  | 1,277 |  |  | (1,508) |
Tenaris SA |  | Goldman Sachs International |  |  | 49,700 |  |  | 07/27/22 |  |  | EUR |  |  |  | 16.02 |  |  | EUR |  | 609 |  |  | (631) |
Total SA |  | UBS AG |  |  | 16,500 |  |  | 07/27/22 |  |  | EUR |  |  |  | 57.38 |  |  | EUR |  | 829 |  |  | (2,256) |
Tenaris SA |  | Goldman Sachs International |  |  | 68,800 |  |  | 08/02/22 |  |  | EUR |  |  |  | 15.14 |  |  | EUR |  | 843 |  |  | (2,528) |
Repsol SA |  | Credit Suisse International |  |  | 110,500 |  |  | 08/09/22 |  |  | EUR |  |  |  | 14.41 |  |  | EUR |  | 1,554 |  |  | (64,012) |
Repsol SA |  | Merrill Lynch International |  |  | 80,000 |  |  | 08/09/22 |  |  | EUR |  |  |  | 15.75 |  |  | EUR |  | 1,125 |  |  | (14,557) |
Santos Ltd. |  | JPMorgan International Bank Ltd. |  |  | 170,700 |  |  | 08/09/22 |  |  | AUD |  |  |  | 7.90 |  |  | AUD |  | 1,254 |  |  | (20,064) |
Total SA |  | JPMorgan International Bank Ltd. |  |  | 44,500 |  |  | 08/09/22 |  |  | EUR |  |  |  | 50.96 |  |  | EUR |  | 2,235 |  |  | (82,863) |
Statoil ASA |  | Morgan Stanley & Co. International PLC |  |  | 7,500 |  |  | 08/11/22 |  |  | NOK |  |  |  | 369.60 |  |  | NOK |  | 2,574 |  |  | (7,029) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (220,154) |

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 3,473,668 |  |  | $ | (85,368 | ) |  | $ | (2,083,915) |

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 2,083,915 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,083,915 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Energy and Resources Trust (BGR)

For the period ended June 30, 2022, 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 |  | $ | — |  |  | $ | — |  |  | $ | (22,929,880 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (22,929,880 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 2,067,367 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,067,367 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | 4,301,425 |

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 2,083,915 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 2,083,915 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (1,863,761 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 220,154 |

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)
Credit Suisse International |  | $ | 64,012 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 64,012 |
Goldman Sachs International |  |  | 6,599 |  |  |  | — |  |  |  | (6,599 | ) |  |  | — |  |  |  | — |
JPMorgan International Bank Ltd. |  |  | 102,927 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 102,927 |
Merrill Lynch International |  |  | 14,557 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,557 |
Morgan Stanley & Co. International PLC |  |  | 29,803 |  |  |  | — |  |  |  | (29,803 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 2,256 |  |  |  | — |  |  |  | (2,256 | ) |  |  | — |  |  |  | — |
|  | $ | 220,154 |  |  | $ | — |  |  | $ | (38,658 | ) |  | $ | — |  |  | $ | 181,496 |

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

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Energy and Resources Trust (BGR)

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Equipment & Services |  | $ | 9,057,993 |  |  | $ | 4,002,871 |  |  | $ | — |  |  | $ | 13,060,864 |
Food Products |  |  | 1,520,355 |  |  |  | — |  |  |  | — |  |  |  | 1,520,355 |
Metals & Mining |  |  | — |  |  |  | 1,877,608 |  |  |  | — |  |  |  | 1,877,608 |
Oil, Gas & Consumable Fuels |  |  | 295,926,600 |  |  |  | 40,242,624 |  |  |  | 160 |  |  |  | 336,169,384 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 1,406,858 |  |  |  | — |  |  |  | — |  |  |  | 1,406,858 |
|  | $ | 307,911,806 |  |  | $ | 46,123,103 |  |  | $ | 160 |  |  | $ | 354,035,069 |
Derivative Financial Instruments (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (1,584,089) |  |  | $ | (499,826) |  |  | $ | — |  |  | $ | (2,083,915) |

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

See notes to financial statements.

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

Schedule of Investments (unaudited) June 30, 2022 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Air Freight & Logistics — 1.3% |
CH Robinson Worldwide, Inc. |  |  | 103,481 |  |  | $ | 10,489,869 |
Automobiles — 1.5% |  |  |  |  |  |
General Motors Co. (a) |  |  | 379,081 |  |  |  | 12,039,613 |
Banks — 2.9% |
First Citizens BancShares, Inc., Class A |  |  | 16,390 |  |  |  | 10,715,454 |
JPMorgan Chase & Co. |  |  | 112,011 |  |  |  | 12,613,559 |
|  |  |  |  | 23,329,013 |
Beverages — 1.6% |
Monster Beverage Corp. (a) |  |  | 138,650 |  |  |  | 12,852,855 |
Capital Markets — 3.0% |
Intercontinental Exchange, Inc. |  |  | 129,357 |  |  |  | 12,164,732 |
Morgan Stanley |  |  | 160,011 |  |  |  | 12,170,437 |
|  |  |  |  | 24,335,169 |
Chemicals — 3.7% |
Axalta Coating Systems Ltd. (a) |  |  | 319,365 |  |  |  | 7,061,160 |
Corteva, Inc. |  |  | 432,168 |  |  |  | 23,397,576 |
|  |  |  |  | 30,458,736 |
Communications Equipment — 0.9% |
Ciena Corp. (a) |  |  | 163,232 |  |  |  | 7,459,702 |
Construction & Engineering — 1.3% |
Quanta Services, Inc. |  |  | 85,268 |  |  |  | 10,687,491 |
Consumer Finance — 0.8% |
Capital One Financial Corp. |  |  | 66,550 |  |  |  | 6,933,845 |
Containers & Packaging — 1.4% |
Sealed Air Corp. |  |  | 194,320 |  |  |  | 11,216,150 |
Diversified Financial Services — 2.6% |
Berkshire Hathaway, Inc., Class B (a) |  |  | 76,398 |  |  |  | 20,858,182 |
Entertainment — 1.2% |
World Wrestling Entertainment, Inc., Class A |  |  | 161,754 |  |  |  | 10,108,007 |
Food Products — 1.7% |
Mondelez International, Inc., Class A |  |  | 224,520 |  |  |  | 13,940,447 |
Health Care Providers & Services — 8.7% |
Elevance Health, Inc. (b) |  |  | 27,125 |  |  |  | 13,089,982 |
Humana, Inc. |  |  | 33,908 |  |  |  | 15,871,318 |
Laboratory Corp. of America Holdings |  |  | 71,215 |  |  |  | 16,689,947 |
UnitedHealth Group, Inc. |  |  | 48,393 |  |  |  | 24,856,097 |
|  |  |  |  | 70,507,344 |
Health Care Technology — 0.7% |
Veeva Systems, Inc., Class A (a) |  |  | 28,996 |  |  |  | 5,742,368 |
Hotels, Restaurants & Leisure — 0.7% |
Las Vegas Sands Corp. (a) |  |  | 171,448 |  |  |  | 5,758,938 |
Insurance — 3.6% |
Progressive Corp. |  |  | 138,920 |  |  |  | 16,152,228 |
Reinsurance Group of America, Inc. |  |  | 113,740 |  |  |  | 13,340,565 |
|  |  |  |  |  |  | 29,492,793 |

Security |  | Shares |  |  | Value |
Interactive Media & Services (a) — 6.9% |
Alphabet, Inc., Class A (b) |  |  | 19,639 |  |  | $ | 42,798,487 |
Meta Platforms, Inc., Class A |  |  | 85,039 |  |  |  | 13,712,539 |
|  |  |  |  | 56,511,026 |
Internet & Direct Marketing Retail — 4.3% |
Amazon.com, Inc. (a)(b) |  |  | 327,480 |  |  |  | 34,781,651 |
IT Services — 5.8% |
Fidelity National Information Services, Inc. |  |  | 129,701 |  |  |  | 11,889,691 |
FleetCor Technologies, Inc. (a) |  |  | 64,982 |  |  |  | 13,653,368 |
Visa, Inc., Class A (b) |  |  | 110,910 |  |  |  | 21,837,070 |
|  |  |  |  | 47,380,129 |
Life Sciences Tools & Services — 1.7% |
Avantor, Inc. (a) |  |  | 444,900 |  |  |  | 13,836,390 |
Machinery — 4.7% |
Caterpillar, Inc. |  |  | 81,880 |  |  |  | 14,636,869 |
Fortive Corp. |  |  | 229,273 |  |  |  | 12,467,866 |
Otis Worldwide Corp. |  |  | 158,447 |  |  |  | 11,197,449 |
|  |  |  |  | 38,302,184 |
Media — 3.9% |
Comcast Corp., Class A |  |  | 622,022 |  |  |  | 24,408,143 |
Fox Corp., Class A |  |  | 219,468 |  |  |  | 7,058,091 |
|  |  |  |  | 31,466,234 |
Multiline Retail — 3.7% |
Dollar General Corp. |  |  | 69,788 |  |  |  | 17,128,767 |
Dollar Tree, Inc. (a) |  |  | 83,172 |  |  |  | 12,962,356 |
|  |  |  |  | 30,091,123 |
Oil, Gas & Consumable Fuels — 4.2% |
ConocoPhillips (b) |  |  | 204,768 |  |  |  | 18,390,214 |
EQT Corp. |  |  | 451,907 |  |  |  | 15,545,601 |
|  |  |  |  | 33,935,815 |
Personal Products — 1.2% |
Unilever PLC, ADR |  |  | 218,168 |  |  |  | 9,998,639 |
Pharmaceuticals — 3.9% |
Novo Nordisk A/S, ADR |  |  | 97,913 |  |  |  | 10,910,446 |
Sanofi, ADR |  |  | 414,482 |  |  |  | 20,736,534 |
|  |  |  |  | 31,646,980 |
Real Estate Management & Development — 1.3% |
CBRE Group, Inc., Class A (a) |  |  | 142,154 |  |  |  | 10,463,956 |
Road & Rail — 1.8% |
Norfolk Southern Corp. |  |  | 64,100 |  |  |  | 14,569,289 |
Semiconductors & Semiconductor Equipment — 4.9% |
Analog Devices, Inc. |  |  | 95,530 |  |  |  | 13,955,978 |
Applied Materials, Inc. |  |  | 119,880 |  |  |  | 10,906,682 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 179,060 |  |  |  | 14,638,155 |
|  |  |  |  | 39,500,815 |
Software — 6.6% |
Microsoft Corp. (b) |  |  | 210,311 |  |  |  | 54,014,174 |
Specialty Retail — 2.4% |
Bath & Body Works, Inc. |  |  | 207,890 |  |  |  | 5,596,399 |
Ross Stores, Inc. |  |  | 195,398 |  |  |  | 13,722,801 |
|  |  |  |  | 19,319,200 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Technology Hardware, Storage & Peripherals — 4.5% |
Apple, Inc. (b) |  |  | 269,018 |  |  | $ | 36,780,141 |
Total Long-Term Investments — 99.4% (Cost: $619,870,762) |  |  |  | 808,808,268 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.1% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (c)(d) |  |  | 9,203,965 |  |  |  | 9,203,965 |
Total Short-Term Securities — 1.1% (Cost: $9,203,965) |  |  |  | 9,203,965 |
Total Investments Before Options Written — 100.5% (Cost: $629,074,727) |  |  |  | 818,012,233 |
Options Written — (1.0)% (Premiums Received: $(11,579,401)) |  |  |  | (8,671,931 | )
Total Investments, Net of Options Written — 99.5% (Cost: $617,495,326) |  |  |  | 809,340,302 |
Other Assets Less Liabilities — 0.5% |  |  |  | 4,260,591 |
Net Assets — 100.0% |  |  |  |  |  | $ | 813,600,893 |

(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) | Affiliate of the Trust.

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

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/21 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/22 |  |  | Shares Held at 06/30/22 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 10,297,753 |  |  | $ | — |  |  | $ | (1,093,788 | ) (a) |  | $ | — |  |  | $ | — |  |  | $ | 9,203,965 |  |  |  | 9,203,965 |  |  | $ | 21,813 |  |  | $ | — |

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

Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Analog Devices, Inc. |  |  | 151 |  |  |  | 07/01/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 2,206 |  |  | $ | (11,325 | )
Anthem, Inc. |  |  | 72 |  |  |  | 07/01/22 |  |  | USD |  |  | 505.00 |  |  | USD |  |  | 3,475 |  |  |  | (14,400 | )
Fox Corp., Class A |  |  | 220 |  |  |  | 07/01/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 708 |  |  |  | (5,500 | )
UnitedHealth Group, Inc. |  |  | 118 |  |  |  | 07/01/22 |  |  | USD |  |  | 505.00 |  |  | USD |  |  | 6,061 |  |  |  | (116,525 | )
Analog Devices, Inc. |  |  | 102 |  |  |  | 07/08/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 1,490 |  |  |  | (10,200 | )
Anthem, Inc. |  |  | 23 |  |  |  | 07/08/22 |  |  | USD |  |  | 465.00 |  |  | USD |  |  | 1,110 |  |  |  | (46,345 | )
Anthem, Inc. |  |  | 28 |  |  |  | 07/08/22 |  |  | USD |  |  | 477.50 |  |  | USD |  |  | 1,351 |  |  |  | (31,080 | )
Dollar General Corp. |  |  | 177 |  |  |  | 07/08/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 4,344 |  |  |  | (130,095 | )
Dollar Tree, Inc. |  |  | 153 |  |  |  | 07/08/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 2,385 |  |  |  | (22,261 | )
Humana, Inc. |  |  | 107 |  |  |  | 07/08/22 |  |  | USD |  |  | 440.00 |  |  | USD |  |  | 5,008 |  |  |  | (309,230 | )
Monster Beverage Corp. |  |  | 222 |  |  |  | 07/08/22 |  |  | USD |  |  | 92.00 |  |  | USD |  |  | 2,058 |  |  |  | (43,290 | )
Norfolk Southern Corp. |  |  | 216 |  |  |  | 07/08/22 |  |  | USD |  |  | 255.00 |  |  | USD |  |  | 4,909 |  |  |  | (46,440 | )
UnitedHealth Group, Inc. |  |  | 165 |  |  |  | 07/08/22 |  |  | USD |  |  | 515.00 |  |  | USD |  |  | 8,475 |  |  |  | (136,125 | )
Alphabet Inc., Class A |  |  | 77 |  |  |  | 07/15/22 |  |  | USD |  |  | 2,425.00 |  |  | USD |  |  | 16,780 |  |  |  | (62,370 | )
Amazon.com, Inc. |  |  | 240 |  |  |  | 07/15/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 2,549 |  |  |  | (4,320 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Amount Notional (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amazon.com, Inc. |  |  | 180 |  |  |  | 07/15/22 |  |  | USD |  |  | 117.00 |  |  | USD |  |  | 1,912 |  |  | $ | (13,410 | )
Analog Devices, Inc. |  |  | 27 |  |  |  | 07/15/22 |  |  | USD |  |  | 152.50 |  |  | USD |  |  | 394 |  |  |  | (4,928 | )
Anthem, Inc. |  |  | 24 |  |  |  | 07/15/22 |  |  | USD |  |  | 480.00 |  |  | USD |  |  | 1,158 |  |  |  | (30,120 | )
Apple, Inc. |  |  | 57 |  |  |  | 07/15/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 779 |  |  |  | (1,881 | )
Apple, Inc. |  |  | 110 |  |  |  | 07/15/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,504 |  |  |  | (1,375 | )
Avantor, Inc. |  |  | 348 |  |  |  | 07/15/22 |  |  | USD |  |  | 31.25 |  |  | USD |  |  | 1,082 |  |  |  | (26,482 | )
Axalta Coating Systems Ltd. |  |  | 423 |  |  |  | 07/15/22 |  |  | USD |  |  | 27.00 |  |  | USD |  |  | 935 |  |  |  | (16,920 | )
C.H. Robinson Worldwide, Inc. |  |  | 103 |  |  |  | 07/15/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,044 |  |  |  | (11,845 | )
Capital One Financial Corp. |  |  | 94 |  |  |  | 07/15/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 979 |  |  |  | (2,350 | )
Caterpillar, Inc. |  |  | 136 |  |  |  | 07/15/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 2,431 |  |  |  | (1,156 | )
CBRE Group, Inc., Class A |  |  | 430 |  |  |  | 07/15/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 3,165 |  |  |  | (58,050 | )
Ciena Corp. |  |  | 230 |  |  |  | 07/15/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,051 |  |  |  | (1,150 | )
Ciena Corp. |  |  | 275 |  |  |  | 07/15/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 1,257 |  |  |  | (4,813 | )
Comcast Corp., Class A |  |  | 140 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 549 |  |  |  | (7,140 | )
Dollar Tree, Inc. |  |  | 127 |  |  |  | 07/15/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 1,979 |  |  |  | (2,731 | )
EQT Corp. |  |  | 806 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 2,773 |  |  |  | (32,240 | )
Facebook, Inc., Class A |  |  | 91 |  |  |  | 07/15/22 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 1,467 |  |  |  | (910 | )
Fidelity National Information Services, Inc. |  |  | 113 |  |  |  | 07/15/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 1,036 |  |  |  | (4,520 | )
Fidelity National Information Services, Inc. |  |  | 307 |  |  |  | 07/15/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 2,814 |  |  |  | (9,210 | )
First Citizens BancShares, Inc., Class A |  |  | 37 |  |  |  | 07/15/22 |  |  | USD |  |  | 690.00 |  |  | USD |  |  | 2,419 |  |  |  | (19,332 | )
Fortive Corp. |  |  | 814 |  |  |  | 07/15/22 |  |  | USD |  |  | 58.50 |  |  | USD |  |  | 4,427 |  |  |  | (19,019 | )
Fox Corp., Class A |  |  | 512 |  |  |  | 07/15/22 |  |  | USD |  |  | 36.00 |  |  | USD |  |  | 1,647 |  |  |  | (5,120 | )
General Motors Co. |  |  | 294 |  |  |  | 07/15/22 |  |  | USD |  |  | 39.00 |  |  | USD |  |  | 934 |  |  |  | (1,176 | )
Humana, Inc. |  |  | 108 |  |  |  | 07/15/22 |  |  | USD |  |  | 445.00 |  |  | USD |  |  | 5,055 |  |  |  | (295,380 | )
Humana, Inc. |  |  | 3 |  |  |  | 07/15/22 |  |  | USD |  |  | 465.00 |  |  | USD |  |  | 140 |  |  |  | (4,395 | )
Intercontinental Exchange, Inc. |  |  | 477 |  |  |  | 07/15/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 4,486 |  |  |  | (3,578 | )
Laboratory Corp. of America Holdings |  |  | 197 |  |  |  | 07/15/22 |  |  | USD |  |  | 253.00 |  |  | USD |  |  | 4,617 |  |  |  | (13,932 | )
Laboratory Corp. of America Holdings |  |  | 54 |  |  |  | 07/15/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 1,266 |  |  |  | (5,400 | )
Las Vegas Sands Corp. |  |  | 406 |  |  |  | 07/15/22 |  |  | USD |  |  | 36.00 |  |  | USD |  |  | 1,364 |  |  |  | (32,277 | )
Microsoft Corp. |  |  | 259 |  |  |  | 07/15/22 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 6,652 |  |  |  | (15,799 | )
Monster Beverage Corp. |  |  | 108 |  |  |  | 07/15/22 |  |  | USD |  |  | 92.50 |  |  | USD |  |  | 1,001 |  |  |  | (26,190 | )
Novo Nordisk A/S |  |  | 636 |  |  |  | 07/15/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 7,087 |  |  |  | (461,100 | )
Otis Worldwide Corp. |  |  | 435 |  |  |  | 07/15/22 |  |  | USD |  |  | 73.05 |  |  | USD |  |  | 3,074 |  |  |  | (36,588 | )
Progressive Corp. |  |  | 684 |  |  |  | 07/15/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 7,953 |  |  |  | (232,560 | )
Quanta Services, Inc. |  |  | 306 |  |  |  | 07/15/22 |  |  | USD |  |  | 120.50 |  |  | USD |  |  | 3,835 |  |  |  | (216,156 | )
Reinsurance Group of America, Inc. |  |  | 249 |  |  |  | 07/15/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 2,921 |  |  |  | (99,600 | )
Ross Stores, Inc. |  |  | 22 |  |  |  | 07/15/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 155 |  |  |  | (110 | )
Sanofi, ADR |  |  | 740 |  |  |  | 07/15/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 3,702 |  |  |  | (9,250 | )
Sanofi, ADR |  |  | 165 |  |  |  | 07/15/22 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 825 |  |  |  | (12,375 | )
Sealed Air Corp. |  |  | 241 |  |  |  | 07/15/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,391 |  |  |  | (4,820 | )
Sealed Air Corp. |  |  | 232 |  |  |  | 07/15/22 |  |  | USD |  |  | 61.37 |  |  | USD |  |  | 1,339 |  |  |  | (8,879 | )
Unilever PLC, ADR |  |  | 161 |  |  |  | 07/15/22 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 738 |  |  |  | (3,131 | )
Unilever PLC, ADR |  |  | 57 |  |  |  | 07/15/22 |  |  | USD |  |  | 47.51 |  |  | USD |  |  | 261 |  |  |  | (1,601 | )
Veeva Systems, Inc., Class A |  |  | 122 |  |  |  | 07/15/22 |  |  | USD |  |  | 190.00 |  |  | USD |  |  | 2,416 |  |  |  | (147,010 | )
Visa, Inc., Class A |  |  | 149 |  |  |  | 07/15/22 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 2,934 |  |  |  | (6,482 | )
Visa, Inc., Class A |  |  | 55 |  |  |  | 07/15/22 |  |  | USD |  |  | 202.50 |  |  | USD |  |  | 1,083 |  |  |  | (16,362 | )
World Wrestling Entertainment, Inc., Class A |  |  | 420 |  |  |  | 07/15/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,625 |  |  |  | (39,900 | )
Alphabet Inc., Class A |  |  | 10 |  |  |  | 07/22/22 |  |  | USD |  |  | 2,520.00 |  |  | USD |  |  | 2,179 |  |  |  | (7,500 | )
Alphabet Inc., Class A |  |  | 40 |  |  |  | 07/22/22 |  |  | USD |  |  | 2,375.00 |  |  | USD |  |  | 8,717 |  |  |  | (92,800 | )
Amazon.com, Inc. |  |  | 234 |  |  |  | 07/22/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 2,485 |  |  |  | (19,071 | )
Analog Devices, Inc. |  |  | 102 |  |  |  | 07/22/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 1,490 |  |  |  | (8,415 | )
Anthem, Inc. |  |  | 29 |  |  |  | 07/22/22 |  |  | USD |  |  | 485.00 |  |  | USD |  |  | 1,399 |  |  |  | (42,775 | )
Apple, Inc. |  |  | 396 |  |  |  | 07/22/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 5,414 |  |  |  | (10,494 | )
Capital One Financial Corp. |  |  | 94 |  |  |  | 07/22/22 |  |  | USD |  |  | 114.00 |  |  | USD |  |  | 979 |  |  |  | (13,160 | )
Comcast Corp., Class A |  |  | 343 |  |  |  | 07/22/22 |  |  | USD |  |  | 44.00 |  |  | USD |  |  | 1,346 |  |  |  | (1,887 | )
ConocoPhillips |  |  | 212 |  |  |  | 07/22/22 |  |  | USD |  |  | 127.00 |  |  | USD |  |  | 1,904 |  |  |  | (8,056 | )
Dollar Tree, Inc. |  |  | 153 |  |  |  | 07/22/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 2,385 |  |  |  | (29,376 | )
Facebook, Inc., Class A |  |  | 231 |  |  |  | 07/22/22 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 3,725 |  |  |  | (53,592 | )
Humana, Inc. |  |  | 2 |  |  |  | 07/22/22 |  |  | USD |  |  | 475.00 |  |  | USD |  |  | 94 |  |  |  | (2,170 | )
JPMorgan Chase & Co. |  |  | 121 |  |  |  | 07/22/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 1,363 |  |  |  | (1,089 | )
Las Vegas Sands Corp. |  |  | 116 |  |  |  | 07/22/22 |  |  | USD |  |  | 34.00 |  |  | USD |  |  | 390 |  |  |  | (22,040 | )
Microsoft Corp. |  |  | 336 |  |  |  | 07/22/22 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 8,629 |  |  |  | (25,200 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Morgan Stanley |  |  | 436 |  |  |  | 07/22/22 |  |  | USD |  |  | 86.00 |  |  | USD |  |  | 3,316 |  |  | $ | (13,298 | )
Norfolk Southern Corp. |  |  | 110 |  |  |  | 07/22/22 |  |  | USD |  |  | 245.00 |  |  | USD |  |  | 2,500 |  |  |  | (16,225 | )
UnitedHealth Group, Inc. |  |  | 31 |  |  |  | 07/22/22 |  |  | USD |  |  | 505.00 |  |  | USD |  |  | 1,592 |  |  |  | (69,130 | )
Visa, Inc., Class A |  |  | 38 |  |  |  | 07/22/22 |  |  | USD |  |  | 225.00 |  |  | USD |  |  | 748 |  |  |  | (931 | )
Visa, Inc., Class A |  |  | 38 |  |  |  | 07/22/22 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 748 |  |  |  | (12,046 | )
EQT Corp. |  |  | 805 |  |  |  | 07/26/22 |  |  | USD |  |  | 39.50 |  |  | USD |  |  | 2,769 |  |  |  | (119,140 | )
World Wrestling Entertainment, Inc., Class A |  |  | 368 |  |  |  | 07/28/22 |  |  | USD |  |  | 66.00 |  |  | USD |  |  | 2,300 |  |  |  | (52,794 | )
Apple, Inc. |  |  | 109 |  |  |  | 07/29/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 1,490 |  |  |  | (49,867 | )
Apple, Inc. |  |  | 103 |  |  |  | 07/29/22 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 1,408 |  |  |  | (27,552 | )
Applied Materials, Inc. |  |  | 197 |  |  |  | 07/29/22 |  |  | USD |  |  | 108.00 |  |  | USD |  |  | 1,792 |  |  |  | (10,540 | )
Berkshire Hathaway, Inc., Class B |  |  | 293 |  |  |  | 07/29/22 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 7,999 |  |  |  | (133,315 | )
Ciena Corp. |  |  | 293 |  |  |  | 07/29/22 |  |  | USD |  |  | 53.00 |  |  | USD |  |  | 1,339 |  |  |  | (6,868 | )
Comcast Corp., Class A |  |  | 625 |  |  |  | 07/29/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 2,453 |  |  |  | (26,250 | )
ConocoPhillips |  |  | 373 |  |  |  | 07/29/22 |  |  | USD |  |  | 127.00 |  |  | USD |  |  | 3,350 |  |  |  | (12,309 | )
ConocoPhillips |  |  | 186 |  |  |  | 07/29/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 1,670 |  |  |  | (49,290 | )
Dollar General Corp. |  |  | 61 |  |  |  | 07/29/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 1,497 |  |  |  | (35,685 | )
Fox Corp., Class A |  |  | 694 |  |  |  | 07/29/22 |  |  | USD |  |  | 34.00 |  |  | USD |  |  | 2,232 |  |  |  | (31,230 | )
General Motors Co. |  |  | 322 |  |  |  | 07/29/22 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 1,023 |  |  |  | (11,270 | )
JPMorgan Chase & Co. |  |  | 82 |  |  |  | 07/29/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 923 |  |  |  | (3,813 | )
Microsoft Corp. |  |  | 181 |  |  |  | 07/29/22 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 4,649 |  |  |  | (137,560 | )
Mondelez International, Inc., Class A |  |  | 204 |  |  |  | 07/29/22 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 1,267 |  |  |  | (27,540 | )
Monster Beverage Corp. |  |  | 224 |  |  |  | 07/29/22 |  |  | USD |  |  | 94.00 |  |  | USD |  |  | 2,076 |  |  |  | (57,680 | )
Morgan Stanley |  |  | 139 |  |  |  | 07/29/22 |  |  | USD |  |  | 77.00 |  |  | USD |  |  | 1,057 |  |  |  | (39,337 | )
Ross Stores, Inc. |  |  | 187 |  |  |  | 07/29/22 |  |  | USD |  |  | 86.00 |  |  | USD |  |  | 1,313 |  |  |  | (19,635 | )
Visa, Inc., Class A |  |  | 76 |  |  |  | 07/29/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,496 |  |  |  | (24,624 | )
Analog Devices, Inc. |  |  | 76 |  |  |  | 08/05/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,110 |  |  |  | (22,800 | )
Apple, Inc. |  |  | 318 |  |  |  | 08/05/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 4,348 |  |  |  | (61,692 | )
Applied Materials, Inc. |  |  | 390 |  |  |  | 08/05/22 |  |  | USD |  |  | 103.00 |  |  | USD |  |  | 3,548 |  |  |  | (55,380 | )
Bath & Body Works, Inc. |  |  | 230 |  |  |  | 08/05/22 |  |  | USD |  |  | 33.00 |  |  | USD |  |  | 619 |  |  |  | (7,475 | )
Bath & Body Works, Inc. |  |  | 185 |  |  |  | 08/05/22 |  |  | USD |  |  | 32.00 |  |  | USD |  |  | 498 |  |  |  | (8,788 | )
Berkshire Hathaway, Inc., Class B |  |  | 203 |  |  |  | 08/05/22 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 5,542 |  |  |  | (115,202 | )
Capital One Financial Corp. |  |  | 244 |  |  |  | 08/05/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 2,542 |  |  |  | (50,020 | )
Caterpillar, Inc. |  |  | 191 |  |  |  | 08/05/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 3,414 |  |  |  | (53,002 | )
Comcast Corp., Class A |  |  | 659 |  |  |  | 08/05/22 |  |  | USD |  |  | 41.00 |  |  | USD |  |  | 2,586 |  |  |  | (51,072 | )
Conocophillips |  |  | 559 |  |  |  | 08/05/22 |  |  | USD |  |  | 102.00 |  |  | USD |  |  | 5,020 |  |  |  | (76,024 | )
Dollar General Corp. |  |  | 44 |  |  |  | 08/05/22 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 1,080 |  |  |  | (14,520 | )
Dollar Tree, Inc. |  |  | 107 |  |  |  | 08/05/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 1,668 |  |  |  | (21,881 | )
General Motors Co. |  |  | 710 |  |  |  | 08/05/22 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 2,255 |  |  |  | (31,595 | )
JPMorgan Chase & Co. |  |  | 172 |  |  |  | 08/05/22 |  |  | USD |  |  | 121.00 |  |  | USD |  |  | 1,937 |  |  |  | (22,962 | )
Las Vegas Sands Corp. |  |  | 406 |  |  |  | 08/05/22 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 1,364 |  |  |  | (55,825 | )
Microsoft Corp. |  |  | 182 |  |  |  | 08/05/22 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 4,674 |  |  |  | (144,235 | )
Mondelez International, Inc., Class A |  |  | 294 |  |  |  | 08/05/22 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 1,825 |  |  |  | (43,365 | )
Norfolk Southern Corp. |  |  | 90 |  |  |  | 08/05/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 2,046 |  |  |  | (36,450 | )
Ross Stores, Inc. |  |  | 108 |  |  |  | 08/05/22 |  |  | USD |  |  | 83.00 |  |  | USD |  |  | 758 |  |  |  | (4,590 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 15 |  |  |  | 08/05/22 |  |  | USD |  |  | 93.00 |  |  | USD |  |  | 123 |  |  |  | (893 | )
Visa, Inc., Class A |  |  | 39 |  |  |  | 08/05/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 768 |  |  |  | (14,723 | )
Visa, Inc., Class A |  |  | 48 |  |  |  | 08/05/22 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 945 |  |  |  | (26,160 | )
Apple, Inc. |  |  | 218 |  |  |  | 08/12/22 |  |  | USD |  |  | 147.68 |  |  | USD |  |  | 2,980 |  |  |  | (64,576 | )
Applied Materials, Inc. |  |  | 192 |  |  |  | 08/12/22 |  |  | USD |  |  | 104.73 |  |  | USD |  |  | 1,747 |  |  |  | (33,663 | )
Comcast Corp., Class A |  |  | 303 |  |  |  | 08/12/22 |  |  | USD |  |  | 40.22 |  |  | USD |  |  | 1,189 |  |  |  | (36,688 | )
Intercontinental Exchange, Inc. |  |  | 363 |  |  |  | 08/12/22 |  |  | USD |  |  | 101.00 |  |  | USD |  |  | 3,414 |  |  |  | (50,012 | )
JPMorgan Chase & Co. |  |  | 181 |  |  |  | 08/12/22 |  |  | USD |  |  | 119.97 |  |  | USD |  |  | 2,038 |  |  |  | (33,894 | )
Otis Worldwide Corp. |  |  | 430 |  |  |  | 08/12/22 |  |  | USD |  |  | 79.00 |  |  | USD |  |  | 3,039 |  |  |  | (21,349 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 235 |  |  |  | 08/12/22 |  |  | USD |  |  | 91.14 |  |  | USD |  |  | 1,921 |  |  |  | (25,383 | )
Apple, Inc. |  |  | 334 |  |  |  | 08/19/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 4,566 |  |  |  | (29,058 | )
Apple, Inc. |  |  | 103 |  |  |  | 08/19/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,408 |  |  |  | (25,492 | )
Avantor, Inc. |  |  | 1,110 |  |  |  | 08/19/22 |  |  | USD |  |  | 32.50 |  |  | USD |  |  | 3,452 |  |  |  | (130,425 | )
CBRE Group, Inc., Class A |  |  | 494 |  |  |  | 08/19/22 |  |  | USD |  |  | 72.21 |  |  | USD |  |  | 3,636 |  |  |  | (238,379 | )
Ciena Corp. |  |  | 263 |  |  |  | 08/19/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 1,202 |  |  |  | (26,957 | )
Comcast Corp., Class A |  |  | 417 |  |  |  | 08/19/22 |  |  | USD |  |  | 42.50 |  |  | USD |  |  | 1,636 |  |  |  | (24,603 | )
Corteva, Inc. |  |  | 322 |  |  |  | 08/19/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,743 |  |  |  | (25,760 | )
EQT Corp. |  |  | 197 |  |  |  | 08/19/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 678 |  |  |  | (12,805 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Facebook, Inc., Class A |  |  | 231 |  |  |  | 08/19/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 3,725 |  |  | $ | (90,667 | )
Fidelity National Information Services, Inc. |  |  | 116 |  |  |  | 08/19/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 1,063 |  |  |  | (23,490 | )
Fidelity National Information Services, Inc. |  |  | 307 |  |  |  | 08/19/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 2,814 |  |  |  | (32,235 | )
First Citizens BancShares, Inc., Class A |  |  | 28 |  |  |  | 08/19/22 |  |  | USD |  |  | 660.00 |  |  | USD |  |  | 1,831 |  |  |  | (95,200 | )
FleetCor Technologies, Inc. |  |  | 422 |  |  |  | 08/19/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 8,867 |  |  |  | (202,560 | )
Fortive Corp. |  |  | 676 |  |  |  | 08/19/22 |  |  | USD |  |  | 56.00 |  |  | USD |  |  | 3,676 |  |  |  | (128,868 | )
General Motors Co. |  |  | 190 |  |  |  | 08/19/22 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 603 |  |  |  | (13,205 | )
JPMorgan Chase & Co. |  |  | 172 |  |  |  | 08/19/22 |  |  | USD |  |  | 123.50 |  |  | USD |  |  | 1,937 |  |  |  | (23,050 | )
Laboratory Corp. of America Holdings |  |  | 211 |  |  |  | 08/19/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 4,945 |  |  |  | (289,070 | )
Las Vegas Sands Corp. |  |  | 186 |  |  |  | 08/19/22 |  |  | USD |  |  | 36.00 |  |  | USD |  |  | 625 |  |  |  | (38,874 | )
Microsoft Corp. |  |  | 409 |  |  |  | 08/19/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 10,504 |  |  |  | (293,457 | )
Mondelez International, Inc., Class A |  |  | 400 |  |  |  | 08/19/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,484 |  |  |  | (39,000 | )
Morgan Stanley |  |  | 465 |  |  |  | 08/19/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 3,537 |  |  |  | (107,880 | )
Otis Worldwide Corp. |  |  | 164 |  |  |  | 08/19/22 |  |  | USD |  |  | 72.18 |  |  | USD |  |  | 1,159 |  |  |  | (41,737 | )
Progressive Corp. |  |  | 218 |  |  |  | 08/19/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 2,535 |  |  |  | (124,260 | )
Quanta Services, Inc. |  |  | 292 |  |  |  | 08/19/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 3,660 |  |  |  | (173,740 | )
Ross Stores, Inc. |  |  | 73 |  |  |  | 08/19/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 513 |  |  |  | (5,110 | )
Sanofi, ADR |  |  | 752 |  |  |  | 08/19/22 |  |  | USD |  |  | 51.25 |  |  | USD |  |  | 3,762 |  |  |  | (112,944 | )
Sealed Air Corp. |  |  | 786 |  |  |  | 08/19/22 |  |  | USD |  |  | 61.37 |  |  | USD |  |  | 4,537 |  |  |  | (112,064 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 108 |  |  |  | 08/19/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 883 |  |  |  | (7,452 | )
Unilever PLC, ADR |  |  | 654 |  |  |  | 08/19/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 2,997 |  |  |  | (132,435 | )
Veeva Systems, Inc., Class A |  |  | 66 |  |  |  | 08/19/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 1,307 |  |  |  | (97,680 | )
World Wrestling Entertainment, Inc., Class A |  |  | 263 |  |  |  | 08/19/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,643 |  |  |  | (69,037 | )
Corteva, Inc. |  |  | 1,406 |  |  |  | 09/16/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 7,612 |  |  |  | (421,800 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (8,657,326 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Axalta Coating Systems Ltd. |  | Barclays Bank PLC |  |  | 14,300 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 24.20 |  |  |  | USD |  |  |  | 316 |  |  | $ | (3,538) |
Axalta Coating Systems Ltd. |  | Goldman Sachs International |  |  | 71,100 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 28.89 |  |  |  | USD |  |  |  | 1,572 |  |  |  | (11,067) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (14,605) |

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 4,642,455 |  |  | $ | (1,734,985 | ) |  | $ | (8,671,931 | )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 8,671,931 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8,671,931 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

For the period ended June 30, 2022, 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 |  | $ | — |  |  | $ | — |  |  | $ | 21,229,943 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 21,229,943 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 3,506,035 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,506,035 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | 11,545,012 |

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 8,671,931 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 8,671,931 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (8,657,326 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 14,605 |

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 |  | $ | 3,538 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,538 |
Goldman Sachs International |  |  | 11,067 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,067 |
|  | $ | 14,605 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,605 |

| (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. |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced Capital and Income Fund, Inc. (CII)

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 808,808,268 |  |  | $ | — |  |  | $ | — |  |  | $ | 808,808,268 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 9,203,965 |  |  |  | — |  |  |  | — |  |  |  | 9,203,965 |
|  | $ | 818,012,233 |  |  | $ | — |  |  | $ | — |  |  | $ | 818,012,233 |
Derivative Financial Instruments (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (7,230,129 | ) |  | $ | (1,441,802 | ) |  | $ | — |  |  | $ | (8,671,931 | )

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

See notes to financial statements.

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

Schedule of Investments (unaudited) June 30, 2022 |  | BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |
Aerospace & Defense — 3.1% |
Airbus SE |  |  | 119,371 |  |  | $ | 11,675,661 |
BAE Systems PLC |  |  | 2,527,475 |  |  |  | 25,588,142 |
Huntington Ingalls Industries, Inc. (a) |  |  | 66,700 |  |  |  | 14,528,594 |
|  |  |  |  | 51,792,397 |
Auto Components — 0.6% |  |  |  |  |  |
Lear Corp. (a) |  |  | 81,241 |  |  |  | 10,227,429 |
Automobiles — 2.0% |
General Motors Co. (a)(b)(c) |  |  | 1,067,062 |  |  |  | 33,889,889 |
Banks (a) — 10.6% |
Bank of America Corp. |  |  | 863,441 |  |  |  | 26,878,918 |
Citigroup, Inc. (b) |  |  | 972,863 |  |  |  | 44,741,970 |
First Citizens BancShares, Inc., Class A |  |  | 44,582 |  |  |  | 29,146,820 |
JPMorgan Chase & Co. |  |  | 242,028 |  |  |  | 27,254,773 |
Wells Fargo & Co. (b) |  |  | 1,287,552 |  |  |  | 50,433,412 |
|  |  |  |  | 178,455,893 |
Beverages — 1.4% |
Constellation Brands, Inc., Class A (a) |  |  | 100,759 |  |  |  | 23,482,893 |
Capital Markets (a) — 1.6% |
Charles Schwab Corp. |  |  | 235,485 |  |  |  | 14,877,942 |
Raymond James Financial, Inc. |  |  | 145,689 |  |  |  | 13,026,054 |
|  |  |  |  | 27,903,996 |
Chemicals (a) — 1.1% |
Corteva, Inc. |  |  | — |  |  |  | — |
PPG Industries, Inc. |  |  | 156,624 |  |  |  | 17,908,388 |
|  |  |  |  | 17,908,388 |
Communications Equipment — 2.4% |
Cisco Systems, Inc. (a) |  |  | 963,064 |  |  |  | 41,065,049 |
Consumer Finance — 0.6% |
Capital One Financial Corp. (a) |  |  | 91,389 |  |  |  | 9,521,820 |
Containers & Packaging — 1.1% |
Sealed Air Corp. (a) |  |  | 319,545 |  |  |  | 18,444,137 |
Diversified Financial Services (a) — 1.1% |
Apollo Global Management, Inc. |  |  | 264,444 |  |  |  | 12,820,245 |
Equitable Holdings, Inc. |  |  | 236,746 |  |  |  | 6,171,968 |
|  |  |  |  | 18,992,213 |
Diversified Telecommunication Services — 2.0% |
Verizon Communications, Inc. (a)(b) |  |  | 684,013 |  |  |  | 34,713,660 |
Electric Utilities (a) — 1.1% |
American Electric Power Co., Inc. |  |  | 130,469 |  |  |  | 12,517,196 |
Edison International |  |  | 105,809 |  |  |  | 6,691,361 |
|  |  |  |  | 19,208,557 |
Entertainment — 0.6% |
Activision Blizzard, Inc. |  |  | 122,674 |  |  |  | 9,551,398 |
Food & Staples Retailing — 0.5% |
Walmart, Inc. (a) |  |  | 68,270 |  |  |  | 8,300,267 |
Food Products — 0.5% |
Mondelez International, Inc., Class A (a) |  |  | 140,499 |  |  |  | 8,723,583 |
Health Care Equipment & Supplies — 6.2% |
Alcon, Inc. |  |  | 122,865 |  |  |  | 8,615,482 |
DENTSPLY SIRONA, Inc. (a) |  |  | 398,412 |  |  |  | 14,235,261 |
Koninklijke Philips NV |  |  | 976,640 |  |  |  | 20,947,488 |

Security |  | Shares |  |  | Value |
Health Care Equipment & Supplies (continued) |
Medtronic PLC (a) |  |  | 438,234 |  |  | $ | 39,331,501 |
Zimmer Biomet Holdings, Inc. (a) |  |  | 210,185 |  |  |  | 22,082,036 |
|  |  |  |  | 105,211,768 |
Health Care Providers & Services (a) — 9.9% |
AmerisourceBergen Corp. |  |  | 91,906 |  |  |  | 13,002,861 |
Cigna Corp. |  |  | 111,914 |  |  |  | 29,491,577 |
Elevance Health, Inc. |  |  | 97,605 |  |  |  | 47,102,221 |
Humana, Inc. |  |  | 93,828 |  |  |  | 43,918,072 |
Laboratory Corp. of America Holdings |  |  | 145,285 |  |  |  | 34,048,993 |
|  |  |  |  | 167,563,724 |
Household Durables — 1.9% |
Newell Brands, Inc. (a) |  |  | 842,181 |  |  |  | 16,035,126 |
Panasonic Holdings Corp. |  |  | 1,969,100 |  |  |  | 15,898,879 |
|  |  |  |  | 31,934,005 |
Industrial Conglomerates — 1.4% |
General Electric Co. (a) |  |  | 100,304 |  |  |  | 6,386,356 |
Siemens AG, Registered Shares |  |  | 165,312 |  |  |  | 16,993,494 |
|  |  |  |  | 23,379,850 |
Insurance — 6.4% |
Allstate Corp. (a) |  |  | 81,223 |  |  |  | 10,293,391 |
American International Group, Inc. (a) |  |  | 625,824 |  |  |  | 31,998,381 |
Fidelity National Financial, Inc. (a) |  |  | 515,981 |  |  |  | 19,070,658 |
MetLife, Inc. (a) |  |  | 79,586 |  |  |  | 4,997,205 |
Prudential PLC |  |  | 945,693 |  |  |  | 11,763,694 |
Willis Towers Watson PLC (a) |  |  | 153,685 |  |  |  | 30,335,882 |
|  |  |  |  | 108,459,211 |
IT Services (a) — 6.3% |
Cognizant Technology Solutions Corp., Class A |  |  | 451,681 |  |  |  | 30,483,951 |
Fidelity National Information Services, Inc. |  |  | 369,582 |  |  |  | 33,879,582 |
SS&C Technologies Holdings, Inc. |  |  | 460,206 |  |  |  | 26,724,162 |
Visa, Inc., Class A |  |  | 81,548 |  |  |  | 16,055,986 |
|  |  |  |  | 107,143,681 |
Machinery — 1.0% |
Komatsu Ltd. |  |  | 750,200 |  |  |  | 16,704,823 |
Media (a) — 2.7% |
Comcast Corp., Class A |  |  | 728,217 |  |  |  | 28,575,235 |
Fox Corp., Class A |  |  | 552,557 |  |  |  | 17,770,233 |
|  |  |  |  | 46,345,468 |
Multiline Retail — 1.4% |
Dollar General Corp. (a) |  |  | 96,316 |  |  |  | 23,639,799 |
Multi-Utilities (a) — 2.0% |
Public Service Enterprise Group, Inc. |  |  | 259,296 |  |  |  | 16,408,251 |
Sempra Energy |  |  | 119,531 |  |  |  | 17,961,923 |
|  |  |  |  | 34,370,174 |
Oil, Gas & Consumable Fuels — 8.3% |
BP PLC, ADR |  |  | 8,946,829 |  |  |  | 42,009,789 |
ConocoPhillips (a)(b) |  |  | 234,254 |  |  |  | 21,038,352 |
Enterprise Products Partners LP (a) |  |  | 1,644,702 |  |  |  | 40,081,387 |
EQT Corp. (a) |  |  | 624,923 |  |  |  | 21,497,351 |
Hess Corp. (a) |  |  | 149,016 |  |  |  | 15,786,755 |
|  |  |  |  | 140,413,634 |
Personal Products — 2.0% |
Unilever PLC, ADR (a) |  |  | 723,046 |  |  |  | 33,137,198 |
Pharmaceuticals — 6.3% |
AstraZeneca PLC |  |  | 292,855 |  |  |  | 38,633,939 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced Equity Dividend Trust (BDJ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Pharmaceuticals (continued) |
Bayer AG, Registered Shares |  |  | 524,286 |  |  | $ | 31,308,449 |
Sanofi |  |  | 360,681 |  |  |  | 36,373,245 |
|  |  |  |  |  |  | 106,315,633 |
Professional Services — 1.4% |  |  |  |
Leidos Holdings, Inc. (a)(b) |  |  | 227,685 |  |  |  | 22,930,156 |
Road & Rail — 1.0% |  |  |  |
Union Pacific Corp. (a) |  |  | 83,021 |  |  |  | 17,706,719 |
Semiconductors & Semiconductor Equipment — 0.5% |
Analog Devices, Inc. (a) |  |  | 57,723 |  |  |  | 8,432,753 |
Software — 2.6% |  |  |  |
CDK Global, Inc. |  |  | 395,139 |  |  |  | 21,641,763 |
Microsoft Corp. (a) |  |  | 85,822 |  |  |  | 22,041,664 |
|  |  |  |  |  |  | 43,683,427 |
Specialty Retail — 1.3% |  |  |  |
Ross Stores, Inc. (a) |  |  | 302,775 |  |  |  | 21,263,888 |
Technology Hardware, Storage & Peripherals — 0.8% |
Samsung Electronics Co. Ltd., GDR, Registered Shares (d) |  |  | 12,124 |  |  |  | 13,200,300 |
Textiles, Apparel & Luxury Goods — 0.2% |  |  |  |
Ralph Lauren Corp., Class A (a) |  |  | 47,393 |  |  |  | 4,248,782 |
Tobacco — 1.0% |  |  |  |
Altria Group, Inc. (a) |  |  | 383,570 |  |  |  | 16,021,719 |
British American Tobacco PLC |  |  | 7,422 |  |  |  | 318,138 |
|  |  |  |  |  |  | 16,339,857 |
Wireless Telecommunication Services — 1.0% |  |  |  |
Rogers Communications, Inc., Class B |  |  | 346,658 |  |  |  | 16,611,145 |
Total Long-Term Investments — 95.9% (Cost: $1,464,188,211) |  |  |  | 1,621,217,564 |

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 4.9% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (e)(f) |  |  | 82,052,911 |  |  | $ | 82,052,911 |
Total Short-Term Securities — 4.9% (Cost: $82,052,911) |  |  |  | 82,052,911 |
Total Investments Before Options Written — 100.8% (Cost: $1,546,241,122) |  |  |  | 1,703,270,475 |
Options Written — (1.0)% (Premiums Received: $(21,753,162)) |  |  |  | (15,848,170 | )
Total Investments, Net of Options Written — 99.8% (Cost: $1,524,487,960) |  |  |  | 1,687,422,305 |
Other Assets Less Liabilities — 0.2% |  |  |  | 3,229,379 |
Net Assets — 100.0% |  |  |  |  |  | $ | 1,690,651,684 |

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

(e) | Affiliate of the Trust.

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

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/21 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/22 |  |  | Shares Held at 06/30/22 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 62,262,015 |  |  | $ | 19,790,896 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 82,052,911 |  |  |  | 82,052,911 |  |  | $ | 118,850 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series (b) |  |  | — |  |  |  | 0 | (a) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10 | (c) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 82,052,911 |  |  |  |  |  |  | $ | 118,860 |  |  | $ | — |

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

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

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AmerisourceBergen Corp. |  |  | 257 |  |  |  | 07/01/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 3,636 |  |  | $ | (6,425 | )
Cigna Corp. |  |  | 69 |  |  |  | 07/01/22 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 1,818 |  |  |  | (11,213 | )
Constellation Brands, Inc., Class A |  |  | 216 |  |  |  | 07/01/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 5,034 |  |  |  | (1,080 | )
Fox Corp., Class A |  |  | 1,223 |  |  |  | 07/01/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 3,933 |  |  |  | (30,575 | )
SS&C Technologies Holdings, Inc. |  |  | 738 |  |  |  | 07/01/22 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 4,286 |  |  |  | — |
American International Group, Inc. |  |  | 625 |  |  |  | 07/08/22 |  |  | USD |  |  | 62.00 |  |  | USD |  |  | 3,196 |  |  |  | (134,375 | )
Analog Devices, Inc. |  |  | 82 |  |  |  | 07/08/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 1,198 |  |  |  | (8,200 | )
Anthem, Inc. |  |  | 84 |  |  |  | 07/08/22 |  |  | USD |  |  | 465.00 |  |  | USD |  |  | 4,054 |  |  |  | (169,260 | )
Anthem, Inc. |  |  | 111 |  |  |  | 07/08/22 |  |  | USD |  |  | 477.50 |  |  | USD |  |  | 5,357 |  |  |  | (123,210 | )
Cigna Corp. |  |  | 109 |  |  |  | 07/08/22 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 2,872 |  |  |  | (75,210 | )
Dollar General Corp. |  |  | 119 |  |  |  | 07/08/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 2,921 |  |  |  | (87,465 | )
Humana, Inc. |  |  | 112 |  |  |  | 07/08/22 |  |  | USD |  |  | 440.00 |  |  | USD |  |  | 5,242 |  |  |  | (323,680 | )
PPG Industries, Inc. |  |  | 372 |  |  |  | 07/08/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 4,253 |  |  |  | (16,740 | )
Ross Stores, Inc. |  |  | 114 |  |  |  | 07/08/22 |  |  | USD |  |  | 89.00 |  |  | USD |  |  | 801 |  |  |  | (7,980 | )
Allstate Corp. |  |  | 148 |  |  |  | 07/15/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 1,876 |  |  |  | (3,700 | )
Allstate Corp. |  |  | 149 |  |  |  | 07/15/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,888 |  |  |  | (55,130 | )
American Electric Power Co., Inc. |  |  | 177 |  |  |  | 07/15/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 1,698 |  |  |  | (5,310 | )
American International Group, Inc. |  |  | 429 |  |  |  | 07/15/22 |  |  | USD |  |  | 54.00 |  |  | USD |  |  | 2,193 |  |  |  | (19,305 | )
AmerisourceBergen Corp. |  |  | 125 |  |  |  | 07/15/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,769 |  |  |  | (5,625 | )
Analog Devices, Inc. |  |  | 154 |  |  |  | 07/15/22 |  |  | USD |  |  | 152.50 |  |  | USD |  |  | 2,250 |  |  |  | (28,105 | )
Anthem, Inc. |  |  | 84 |  |  |  | 07/15/22 |  |  | USD |  |  | 480.00 |  |  | USD |  |  | 4,054 |  |  |  | (105,420 | )
Apollo Global Management, Inc. |  |  | 239 |  |  |  | 07/15/22 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 1,159 |  |  |  | (7,170 | )
Capital One Financial Corp. |  |  | 98 |  |  |  | 07/15/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,021 |  |  |  | (2,450 | )
Charles Schwab Corp. |  |  | 540 |  |  |  | 07/15/22 |  |  | USD |  |  | 66.00 |  |  | USD |  |  | 3,412 |  |  |  | (48,600 | )
Cigna Corp. |  |  | 274 |  |  |  | 07/15/22 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 7,220 |  |  |  | (245,230 | )
Cigna Corp. |  |  | 166 |  |  |  | 07/15/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 4,374 |  |  |  | (67,230 | )
Citigroup, Inc. |  |  | 861 |  |  |  | 07/15/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 3,960 |  |  |  | (24,108 | )
Constellation Brands, Inc., Class A |  |  | 141 |  |  |  | 07/15/22 |  |  | USD |  |  | 255.00 |  |  | USD |  |  | 3,286 |  |  |  | (5,640 | )
Dentsply Sirona, Inc. |  |  | 1,212 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 4,330 |  |  |  | (293,910 | )
Edison International |  |  | 290 |  |  |  | 07/15/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 1,834 |  |  |  | (13,050 | )
EQT Corp. |  |  | 201 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 691 |  |  |  | (8,040 | )
Fidelity National Financial, Inc. |  |  | 1,418 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 5,241 |  |  |  | (17,725 | )
Fidelity National Information Services, Inc. |  |  | 519 |  |  |  | 07/15/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 4,758 |  |  |  | (20,760 | )
Fidelity National Information Services, Inc. |  |  | 170 |  |  |  | 07/15/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,558 |  |  |  | (5,100 | )
First Citizens BancShares, Inc., Class A |  |  | 106 |  |  |  | 07/15/22 |  |  | USD |  |  | 690.00 |  |  | USD |  |  | 6,930 |  |  |  | (55,385 | )
Fox Corp., Class A |  |  | 929 |  |  |  | 07/15/22 |  |  | USD |  |  | 36.00 |  |  | USD |  |  | 2,988 |  |  |  | (9,290 | )
General Motors Co. |  |  | 1,287 |  |  |  | 07/15/22 |  |  | USD |  |  | 39.00 |  |  | USD |  |  | 4,088 |  |  |  | (5,148 | )
Humana, Inc. |  |  | 112 |  |  |  | 07/15/22 |  |  | USD |  |  | 445.00 |  |  | USD |  |  | 5,242 |  |  |  | (306,320 | )
Humana, Inc. |  |  | 145 |  |  |  | 07/15/22 |  |  | USD |  |  | 465.00 |  |  | USD |  |  | 6,787 |  |  |  | (212,425 | )
Huntington Ingalls Industries, Inc. |  |  | 247 |  |  |  | 07/15/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 5,380 |  |  |  | (242,060 | )
Laboratory Corp. of America Holdings |  |  | 342 |  |  |  | 07/15/22 |  |  | USD |  |  | 253.00 |  |  | USD |  |  | 8,015 |  |  |  | (24,186 | )
Lear Corp. |  |  | 241 |  |  |  | 07/15/22 |  |  | USD |  |  | 142.00 |  |  | USD |  |  | 3,034 |  |  |  | (17,292 | )
Leidos Holdings, Inc. |  |  | 362 |  |  |  | 07/15/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 3,646 |  |  |  | (95,025 | )
Microsoft Corp. |  |  | 146 |  |  |  | 07/15/22 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 3,750 |  |  |  | (8,906 | )
Newell Brands, Inc. |  |  | 1,180 |  |  |  | 07/15/22 |  |  | USD |  |  | 22.00 |  |  | USD |  |  | 2,247 |  |  |  | (11,800 | )
Newell Brands, Inc. |  |  | 949 |  |  |  | 07/15/22 |  |  | USD |  |  | 23.00 |  |  | USD |  |  | 1,807 |  |  |  | (9,490 | )
PPG Industries, Inc. |  |  | 175 |  |  |  | 07/15/22 |  |  | USD |  |  | 118.00 |  |  | USD |  |  | 2,001 |  |  |  | (35,875 | )
PPG Industries, Inc. |  |  | 175 |  |  |  | 07/15/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 2,001 |  |  |  | (22,313 | )
Public Service Enterprise Group, Inc. |  |  | 412 |  |  |  | 07/15/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 2,607 |  |  |  | (144,200 | )
Ralph Lauren Corp., Class A |  |  | 131 |  |  |  | 07/15/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 1,174 |  |  |  | (6,878 | )
Raymond James Financial, Inc. |  |  | 315 |  |  |  | 07/15/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 2,816 |  |  |  | (22,837 | )
Rogers Communications Inc., Class B |  |  | 693 |  |  |  | 07/15/22 |  |  | CAD |  |  | 66.00 |  |  | CAD |  |  | 4,274 |  |  |  | (6,999 | )
Ross Stores, Inc. |  |  | 248 |  |  |  | 07/15/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 1,742 |  |  |  | (1,240 | )
Sealed Air Corp. |  |  | 633 |  |  |  | 07/15/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 3,654 |  |  |  | (12,660 | )
Sealed Air Corp. |  |  | 147 |  |  |  | 07/15/22 |  |  | USD |  |  | 61.37 |  |  | USD |  |  | 848 |  |  |  | (5,626 | )
Sempra Energy |  |  | 270 |  |  |  | 07/15/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 4,057 |  |  |  | (9,450 | )
Sempra Energy |  |  | 270 |  |  |  | 07/15/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 4,057 |  |  |  | (22,950 | )
SS&C Technologies Holdings, Inc. |  |  | 370 |  |  |  | 07/15/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,149 |  |  |  | (16,650 | )
Unilever PLC, ADR |  |  | 1,051 |  |  |  | 07/15/22 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 4,817 |  |  |  | (20,438 | )
Unilever PLC, ADR |  |  | 435 |  |  |  | 07/15/22 |  |  | USD |  |  | 47.51 |  |  | USD |  |  | 1,994 |  |  |  | (12,220 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Union Pacific Corp. |  |  | 221 |  |  |  | 07/15/22 |  |  | USD |  |  | 225.00 |  |  | USD |  |  | 4,713 |  |  | $ | (18,233) |
Verizon Communications, Inc. |  |  | 819 |  |  |  | 07/15/22 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 4,156 |  |  |  | (13,923) |
Verizon Communications, Inc. |  |  | 483 |  |  |  | 07/15/22 |  |  | USD |  |  | 50.50 |  |  | USD |  |  | 2,451 |  |  |  | (37,674) |
Visa, Inc., Class A |  |  | 76 |  |  |  | 07/15/22 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 1,496 |  |  |  | (3,306) |
Visa, Inc., Class A |  |  | 29 |  |  |  | 07/15/22 |  |  | USD |  |  | 202.50 |  |  | USD |  |  | 571 |  |  |  | (8,628) |
Willis Towers Watson PLC |  |  | 322 |  |  |  | 07/15/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 6,356 |  |  |  | (83,720) |
Zimmer Biomet Holdings, Inc. |  |  | 596 |  |  |  | 07/15/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 6,262 |  |  |  | (16,390) |
American International Group, Inc. |  |  | 1,177 |  |  |  | 07/22/22 |  |  | USD |  |  | 59.00 |  |  | USD |  |  | 6,018 |  |  |  | (23,540) |
Analog Devices, Inc. |  |  | 83 |  |  |  | 07/22/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 1,213 |  |  |  | (6,848) |
Anthem, Inc. |  |  | 111 |  |  |  | 07/22/22 |  |  | USD |  |  | 485.00 |  |  | USD |  |  | 5,357 |  |  |  | (163,725) |
Apollo Global Management, Inc. |  |  | 360 |  |  |  | 07/22/22 |  |  | USD |  |  | 56.00 |  |  | USD |  |  | 1,745 |  |  |  | (9,900) |
Capital One Financial Corp. |  |  | 94 |  |  |  | 07/22/22 |  |  | USD |  |  | 114.00 |  |  | USD |  |  | 979 |  |  |  | (13,160) |
Charles Schwab Corp. |  |  | 377 |  |  |  | 07/22/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,382 |  |  |  | (21,112) |
Cisco Systems, Inc. |  |  | 696 |  |  |  | 07/22/22 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 2,968 |  |  |  | (4,176) |
Cisco Systems, Inc. |  |  | 725 |  |  |  | 07/22/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 3,091 |  |  |  | (15,950) |
Citigroup, Inc. |  |  | 632 |  |  |  | 07/22/22 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 2,907 |  |  |  | (18,328) |
Comcast Corp., Class A |  |  | 328 |  |  |  | 07/22/22 |  |  | USD |  |  | 44.00 |  |  | USD |  |  | 1,287 |  |  |  | (1,804) |
ConocoPhillips |  |  | 512 |  |  |  | 07/22/22 |  |  | USD |  |  | 127.00 |  |  | USD |  |  | 4,598 |  |  |  | (19,456) |
Constellation Brands, Inc., Class A |  |  | 244 |  |  |  | 07/22/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 5,687 |  |  |  | (82,960) |
Hess Corp. |  |  | 305 |  |  |  | 07/22/22 |  |  | USD |  |  | 136.00 |  |  | USD |  |  | 3,231 |  |  |  | (9,913) |
Humana, Inc. |  |  | 147 |  |  |  | 07/22/22 |  |  | USD |  |  | 475.00 |  |  | USD |  |  | 6,881 |  |  |  | (159,495) |
JPMorgan Chase & Co. |  |  | 385 |  |  |  | 07/22/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 4,335 |  |  |  | (3,465) |
Medtronic PLC |  |  | 742 |  |  |  | 07/22/22 |  |  | USD |  |  | 99.00 |  |  | USD |  |  | 6,659 |  |  |  | (26,712) |
MetLife, Inc. |  |  | 352 |  |  |  | 07/22/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,210 |  |  |  | (36,080) |
Microsoft Corp. |  |  | 18 |  |  |  | 07/22/22 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 462 |  |  |  | (1,350) |
Mondelez International, Inc., Class A |  |  | 382 |  |  |  | 07/22/22 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 2,372 |  |  |  | (21,010) |
Verizon Communications, Inc. |  |  | 409 |  |  |  | 07/22/22 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 2,076 |  |  |  | (32,106) |
Visa, Inc., Class A |  |  | 40 |  |  |  | 07/22/22 |  |  | USD |  |  | 225.00 |  |  | USD |  |  | 788 |  |  |  | (980) |
Visa, Inc., Class A |  |  | 68 |  |  |  | 07/22/22 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 1,339 |  |  |  | (21,556) |
Wells Fargo & Co. |  |  | 1,795 |  |  |  | 07/22/22 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 7,031 |  |  |  | (8,975) |
EQT Corp. |  |  | 201 |  |  |  | 07/26/22 |  |  | USD |  |  | 39.50 |  |  | USD |  |  | 691 |  |  |  | (29,748) |
American Electric Power Co., Inc. |  |  | 282 |  |  |  | 07/28/22 |  |  | USD |  |  | 93.00 |  |  | USD |  |  | 2,706 |  |  |  | (117,557) |
Huntington Ingalls Industries, Inc. |  |  | 119 |  |  |  | 07/28/22 |  |  | USD |  |  | 211.00 |  |  | USD |  |  | 2,592 |  |  |  | (133,075) |
Leidos Holdings, Inc. |  |  | 362 |  |  |  | 07/28/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 3,646 |  |  |  | (135,805) |
American International Group, Inc. |  |  | 1,211 |  |  |  | 07/29/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 6,192 |  |  |  | (87,797) |
AmerisourceBergen Corp. |  |  | 62 |  |  |  | 07/29/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 877 |  |  |  | (8,215) |
AmerisourceBergen Corp. |  |  | 61 |  |  |  | 07/29/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 863 |  |  |  | (3,813) |
Apollo Global Management, Inc. |  |  | 309 |  |  |  | 07/29/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,498 |  |  |  | (18,540) |
Bank of America Corp. |  |  | 1,591 |  |  |  | 07/29/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 4,953 |  |  |  | (34,206) |
Cisco Systems, Inc. |  |  | 1,537 |  |  |  | 07/29/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 6,554 |  |  |  | (52,258) |
Citigroup, Inc. |  |  | 1,260 |  |  |  | 07/29/22 |  |  | USD |  |  | 48.00 |  |  | USD |  |  | 5,795 |  |  |  | (145,530) |
Cognizant Technology Solutions Corp., Class A |  |  | 1,159 |  |  |  | 07/29/22 |  |  | USD |  |  | 69.08 |  |  | USD |  |  | 7,822 |  |  |  | (194,720) |
Comcast Corp., Class A |  |  | 913 |  |  |  | 07/29/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 3,583 |  |  |  | (38,346) |
ConocoPhillips |  |  | 276 |  |  |  | 07/29/22 |  |  | USD |  |  | 127.00 |  |  | USD |  |  | 2,479 |  |  |  | (9,108) |
ConocoPhillips |  |  | 153 |  |  |  | 07/29/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 1,374 |  |  |  | (40,545) |
Dollar General Corp. |  |  | 209 |  |  |  | 07/29/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 5,130 |  |  |  | (122,265) |
Fox Corp., Class A |  |  | 887 |  |  |  | 07/29/22 |  |  | USD |  |  | 34.00 |  |  | USD |  |  | 2,853 |  |  |  | (39,915) |
General Electric |  |  | 137 |  |  |  | 07/29/22 |  |  | USD |  |  | 69.00 |  |  | USD |  |  | 872 |  |  |  | (16,920) |
General Motors Co. |  |  | 57 |  |  |  | 07/29/22 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 181 |  |  |  | (1,995) |
JPMorgan Chase & Co. |  |  | 88 |  |  |  | 07/29/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 991 |  |  |  | (4,092) |
Medtronic PLC |  |  | 218 |  |  |  | 07/29/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 1,957 |  |  |  | (12,426) |
Medtronic PLC |  |  | 1,114 |  |  |  | 07/29/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 9,998 |  |  |  | (239,510) |
MetLife, Inc. |  |  | 155 |  |  |  | 07/29/22 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 973 |  |  |  | (34,100) |
Microsoft Corp. |  |  | 137 |  |  |  | 07/29/22 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 3,519 |  |  |  | (104,120) |
Mondelez International, Inc., Class A |  |  | 272 |  |  |  | 07/29/22 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 1,689 |  |  |  | (36,720) |
Ross Stores, Inc. |  |  | 323 |  |  |  | 07/29/22 |  |  | USD |  |  | 86.00 |  |  | USD |  |  | 2,268 |  |  |  | (33,915) |
Union Pacific Corp. |  |  | 117 |  |  |  | 07/29/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 2,495 |  |  |  | (52,065) |
Verizon Communications, Inc. |  |  | 406 |  |  |  | 07/29/22 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 2,060 |  |  |  | (37,149) |
Visa, Inc., Class A |  |  | 132 |  |  |  | 07/29/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 2,599 |  |  |  | (42,768) |
Wells Fargo & Co. |  |  | 145 |  |  |  | 07/29/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 568 |  |  |  | (6,960) |
Wells Fargo & Co. |  |  | 1,812 |  |  |  | 07/29/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 7,098 |  |  |  | (260,022) |
Altria Group, Inc. |  |  | 1,409 |  |  |  | 08/05/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 5,885 |  |  |  | (46,497) |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apollo Global Management, Inc. |  |  | 546 |  |  |  | 08/05/22 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 2,647 |  |  | $ | (99,645 | )
Bank of America Corp. |  |  | 865 |  |  |  | 08/05/22 |  |  | USD |  |  | 34.00 |  |  | USD |  |  | 2,693 |  |  |  | (38,925 | )
Capital One Financial Corp. |  |  | 310 |  |  |  | 08/05/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 3,230 |  |  |  | (63,550 | )
Cisco Systems, Inc. |  |  | 2,338 |  |  |  | 08/05/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 9,969 |  |  |  | (59,619 | )
Citigroup, Inc. |  |  | 523 |  |  |  | 08/05/22 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 2,405 |  |  |  | (25,365 | )
Comcast Corp., Class A |  |  | 966 |  |  |  | 08/05/22 |  |  | USD |  |  | 41.00 |  |  | USD |  |  | 3,791 |  |  |  | (74,865 | )
Conocophillips |  |  | 71 |  |  |  | 08/05/22 |  |  | USD |  |  | 102.00 |  |  | USD |  |  | 638 |  |  |  | (9,656 | )
Dollar General Corp. |  |  | 201 |  |  |  | 08/05/22 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 4,933 |  |  |  | (66,330 | )
Enterprise Products Partners LP |  |  | 2,511 |  |  |  | 08/05/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 6,119 |  |  |  | (121,783 | )
General Electric |  |  | 414 |  |  |  | 08/05/22 |  |  | USD |  |  | 69.00 |  |  | USD |  |  | 2,636 |  |  |  | (61,272 | )
General Motors Co. |  |  | 1,983 |  |  |  | 08/05/22 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 6,298 |  |  |  | (88,243 | )
Hess Corp. |  |  | 204 |  |  |  | 08/05/22 |  |  | USD |  |  | 114.00 |  |  | USD |  |  | 2,161 |  |  |  | (81,600 | )
JPMorgan Chase & Co. |  |  | 254 |  |  |  | 08/05/22 |  |  | USD |  |  | 121.00 |  |  | USD |  |  | 2,860 |  |  |  | (33,909 | )
Medtronic PLC |  |  | 336 |  |  |  | 08/05/22 |  |  | USD |  |  | 92.00 |  |  | USD |  |  | 3,016 |  |  |  | (85,680 | )
Microsoft Corp. |  |  | 35 |  |  |  | 08/05/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 899 |  |  |  | (22,925 | )
Ross Stores, Inc. |  |  | 511 |  |  |  | 08/05/22 |  |  | USD |  |  | 83.00 |  |  | USD |  |  | 3,589 |  |  |  | (21,718 | )
SS&C Technologies Holdings, Inc. |  |  | 738 |  |  |  | 08/05/22 |  |  | USD |  |  | 65.25 |  |  | USD |  |  | 4,286 |  |  |  | (23,469 | )
Union Pacific Corp. |  |  | 118 |  |  |  | 08/05/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 2,517 |  |  |  | (57,820 | )
Verizon Communications, Inc. |  |  | 964 |  |  |  | 08/05/22 |  |  | USD |  |  | 52.00 |  |  | USD |  |  | 4,892 |  |  |  | (64,106 | )
Visa, Inc., Class A |  |  | 68 |  |  |  | 08/05/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,339 |  |  |  | (25,670 | )
Visa, Inc., Class A |  |  | 35 |  |  |  | 08/05/22 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 689 |  |  |  | (19,075 | )
Walmart, Inc. |  |  | 375 |  |  |  | 08/05/22 |  |  | USD |  |  | 127.00 |  |  | USD |  |  | 4,559 |  |  |  | (58,500 | )
Wells Fargo & Co. |  |  | 1,398 |  |  |  | 08/05/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 5,476 |  |  |  | (79,686 | )
Bank of America Corp. |  |  | 1,252 |  |  |  | 08/12/22 |  |  | USD |  |  | 34.10 |  |  | USD |  |  | 3,897 |  |  |  | (66,127 | )
Citigroup, Inc. |  |  | 1,286 |  |  |  | 08/12/22 |  |  | USD |  |  | 48.72 |  |  | USD |  |  | 5,914 |  |  |  | (150,070 | )
Comcast Corp., Class A |  |  | 788 |  |  |  | 08/12/22 |  |  | USD |  |  | 40.22 |  |  | USD |  |  | 3,092 |  |  |  | (95,414 | )
Enterprise Products Partners LP |  |  | 4,071 |  |  |  | 08/12/22 |  |  | USD |  |  | 25.30 |  |  | USD |  |  | 9,921 |  |  |  | (176,087 | )
Hess Corp. |  |  | 310 |  |  |  | 08/12/22 |  |  | USD |  |  | 121.00 |  |  | USD |  |  | 3,284 |  |  |  | (95,325 | )
JPMorgan Chase & Co. |  |  | 248 |  |  |  | 08/12/22 |  |  | USD |  |  | 119.97 |  |  | USD |  |  | 2,793 |  |  |  | (46,440 | )
Microsoft Corp. |  |  | 87 |  |  |  | 08/12/22 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 2,234 |  |  |  | (76,995 | )
Verizon Communications, Inc. |  |  | 422 |  |  |  | 08/12/22 |  |  | USD |  |  | 52.00 |  |  | USD |  |  | 2,142 |  |  |  | (30,806 | )
Allstate Corp. |  |  | 149 |  |  |  | 08/19/22 |  |  | USD |  |  | 123.82 |  |  | USD |  |  | 1,888 |  |  |  | (100,756 | )
Altria Group, Inc. |  |  | 700 |  |  |  | 08/19/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 2,924 |  |  |  | (34,546 | )
American Electric Power Co., Inc. |  |  | 360 |  |  |  | 08/19/22 |  |  | USD |  |  | 106.25 |  |  | USD |  |  | 3,454 |  |  |  | (11,077 | )
Bank of America Corp. |  |  | 1,040 |  |  |  | 08/19/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 3,238 |  |  |  | (43,680 | )
Charles Schwab Corp. |  |  | 378 |  |  |  | 08/19/22 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 2,388 |  |  |  | (77,490 | )
Citigroup, Inc. |  |  | 788 |  |  |  | 08/19/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 3,624 |  |  |  | (71,708 | )
Cognizant Technology Solutions Corp., Class A |  |  | 339 |  |  |  | 08/19/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,288 |  |  |  | (74,580 | )
Cognizant Technology Solutions Corp., Class A |  |  | 755 |  |  |  | 08/19/22 |  |  | USD |  |  | 73.00 |  |  | USD |  |  | 5,095 |  |  |  | (90,499 | )
Comcast Corp., Class A |  |  | 1,010 |  |  |  | 08/19/22 |  |  | USD |  |  | 42.50 |  |  | USD |  |  | 3,963 |  |  |  | (59,590 | )
ConocoPhillips |  |  | 276 |  |  |  | 08/19/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 2,479 |  |  |  | (43,574 | )
Dentsply Sirona, Inc. |  |  | 980 |  |  |  | 08/19/22 |  |  | USD |  |  | 36.50 |  |  | USD |  |  | 3,502 |  |  |  | (184,094 | )
Edison International |  |  | 291 |  |  |  | 08/19/22 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 1,840 |  |  |  | (76,387 | )
Enterprise Products Partners LP |  |  | 2,463 |  |  |  | 08/19/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 6,002 |  |  |  | (142,854 | )
EQT Corp. |  |  | 603 |  |  |  | 08/19/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 2,074 |  |  |  | (39,195 | )
Equitable Holdings, Inc. |  |  | 866 |  |  |  | 08/19/22 |  |  | USD |  |  | 27.50 |  |  | USD |  |  | 2,258 |  |  |  | (70,137 | )
Fidelity National Financial, Inc. |  |  | 1,418 |  |  |  | 08/19/22 |  |  | USD |  |  | 39.42 |  |  | USD |  |  | 5,241 |  |  |  | (108,707 | )
Fidelity National Information Services, Inc. |  |  | 582 |  |  |  | 08/19/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 5,335 |  |  |  | (117,855 | )
Fidelity National Information Services, Inc. |  |  | 170 |  |  |  | 08/19/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,558 |  |  |  | (17,850 | )
First Citizens BancShares, Inc., Class A |  |  | 129 |  |  |  | 08/19/22 |  |  | USD |  |  | 660.00 |  |  | USD |  |  | 8,434 |  |  |  | (438,600 | )
General Motors Co. |  |  | 941 |  |  |  | 08/19/22 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 2,989 |  |  |  | (65,399 | )
JPMorgan Chase & Co. |  |  | 356 |  |  |  | 08/19/22 |  |  | USD |  |  | 123.50 |  |  | USD |  |  | 4,009 |  |  |  | (47,707 | )
Laboratory Corp. of America Holdings |  |  | 199 |  |  |  | 08/19/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 4,664 |  |  |  | (272,630 | )
Laboratory Corp. of America Holdings |  |  | 258 |  |  |  | 08/19/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 6,046 |  |  |  | (239,940 | )
Leidos Holdings, Inc. |  |  | 474 |  |  |  | 08/19/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 4,774 |  |  |  | (149,310 | )
Microsoft Corp. |  |  | 49 |  |  |  | 08/19/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 1,258 |  |  |  | (35,157 | )
Mondelez International, Inc., Class A |  |  | 120 |  |  |  | 08/19/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 745 |  |  |  | (11,700 | )
Newell Brands, Inc. |  |  | 1,132 |  |  |  | 08/19/22 |  |  | USD |  |  | 19.66 |  |  | USD |  |  | 2,155 |  |  |  | (107,946 | )
PPG Industries, Inc. |  |  | 143 |  |  |  | 08/19/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 1,635 |  |  |  | (11,798 | )
Public Service Enterprise Group, Inc. |  |  | 412 |  |  |  | 08/19/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 2,607 |  |  |  | (181,280 | )
Ralph Lauren Corp., Class A |  |  | 129 |  |  |  | 08/19/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 1,156 |  |  |  | (36,120 | )
Raymond James Financial, Inc. |  |  | 486 |  |  |  | 08/19/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 4,345 |  |  |  | (121,500 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rogers Communications Inc., Class B |  |  | 700 |  |  |  | 08/19/22 |  |  | CAD |  |  | 62.00 |  |  | CAD |  |  | 4,318 |  |  | $ | (106,588 | )
Ross Stores, Inc. |  |  | 469 |  |  |  | 08/19/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 3,294 |  |  |  | (32,830 | )
Sealed Air Corp. |  |  | 500 |  |  |  | 08/19/22 |  |  | USD |  |  | 61.37 |  |  | USD |  |  | 2,886 |  |  |  | (71,287 | )
Sempra Energy |  |  | 117 |  |  |  | 08/19/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,758 |  |  |  | (38,025 | )
SS&C Technologies Holdings, Inc. |  |  | 358 |  |  |  | 08/19/22 |  |  | USD |  |  | 60.50 |  |  | USD |  |  | 2,079 |  |  |  | (65,310 | )
Unilever PLC, ADR |  |  | 2,490 |  |  |  | 08/19/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 11,412 |  |  |  | (504,225 | )
Verizon Communications, Inc. |  |  | 259 |  |  |  | 08/19/22 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 1,314 |  |  |  | (17,742 | )
Willis Towers Watson PLC |  |  | 274 |  |  |  | 08/19/22 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 5,408 |  |  |  | (213,720 | )
Zimmer Biomet Holdings, Inc. |  |  | 560 |  |  |  | 08/19/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 5,883 |  |  |  | (184,800 | )
Equitable Holdings, Inc. |  |  | 80 |  |  |  | 09/16/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 209 |  |  |  | (3,400 | )
Newell Brands, Inc. |  |  | 948 |  |  |  | 09/16/22 |  |  | USD |  |  | 21.00 |  |  | USD |  |  | 1,805 |  |  |  | (63,990 | )
Public Service Enterprise Group, Inc. |  |  | 412 |  |  |  | 09/16/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 2,607 |  |  |  | (193,640 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (12,939,759 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcon, Inc. |  | UBS AG |  |  | 33,400 |  |  |  | 07/06/22 |  |  |  | CHF |  |  |  | 73.37 |  |  |  | CHF |  |  |  | 2,236 |  |  | $ | (380 | )
AstraZeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 107,700 |  |  |  | 07/06/22 |  |  |  | GBP |  |  |  | 106.27 |  |  |  | GBP |  |  |  | 11,672 |  |  |  | (371,060 | )
Samsung Electronics Co. Ltd., Registered Shares, GDR |  | Goldman Sachs International |  |  | 4,500 |  |  |  | 07/06/22 |  |  |  | USD |  |  |  | 1,345.39 |  |  |  | USD |  |  |  | 4,899 |  |  |  | — |
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 32,700 |  |  |  | 07/12/22 |  |  |  | GBP |  |  |  | 7.87 |  |  |  | GBP |  |  |  | 272 |  |  |  | (18,512 | )
Komatsu Ltd. |  | Goldman Sachs International |  |  | 271,200 |  |  |  | 07/12/22 |  |  |  | JPY |  |  |  | 3,260.07 |  |  |  | JPY |  |  |  | 819,352 |  |  |  | (11,440 | )
Panasonic Corp. |  | Bank of America N.A. |  |  | 233,000 |  |  |  | 07/12/22 |  |  |  | JPY |  |  |  | 1,182.59 |  |  |  | JPY |  |  |  | 255,253 |  |  |  | (6,790 | )
BP PLC |  | UBS AG |  |  | 1,527,100 |  |  |  | 07/13/22 |  |  |  | GBP |  |  |  | 4.39 |  |  |  | GBP |  |  |  | 5,890 |  |  |  | (7,308 | )
Bayer AG, Registered Shares |  | Goldman Sachs International |  |  | 75,000 |  |  |  | 07/19/22 |  |  |  | EUR |  |  |  | 68.74 |  |  |  | EUR |  |  |  | 4,274 |  |  |  | (3,794 | )
Koninklijke Philips Electronics NV |  | Goldman Sachs International |  |  | 59,100 |  |  |  | 07/19/22 |  |  |  | EUR |  |  |  | 24.26 |  |  |  | EUR |  |  |  | 1,210 |  |  |  | (2,554 | )
Prudential PLC |  | Barclays Bank PLC |  |  | 235,700 |  |  |  | 07/19/22 |  |  |  | GBP |  |  |  | 10.70 |  |  |  | GBP |  |  |  | 2,409 |  |  |  | (57,222 | )
BP PLC |  | Morgan Stanley & Co. International PLC |  |  | 1,534,600 |  |  |  | 07/21/22 |  |  |  | GBP |  |  |  | 4.69 |  |  |  | GBP |  |  |  | 5,919 |  |  |  | (3,947 | )
Alcon, Inc. |  | UBS AG |  |  | 34,500 |  |  |  | 07/26/22 |  |  |  | CHF |  |  |  | 75.24 |  |  |  | CHF |  |  |  | 2,309 |  |  |  | (9,449 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 378,200 |  |  |  | 07/26/22 |  |  |  | GBP |  |  |  | 8.16 |  |  |  | GBP |  |  |  | 3,145 |  |  |  | (133,502 | )
European Aeronautic Defence and Space Company |  | Barclays Bank PLC |  |  | 4,500 |  |  |  | 07/26/22 |  |  |  | EUR |  |  |  | 98.77 |  |  |  | EUR |  |  |  | 420 |  |  |  | (8,469 | )
European Aeronautic Defence and Space Company |  | UBS AG |  |  | 25,950 |  |  |  | 07/26/22 |  |  |  | EUR |  |  |  | 112.65 |  |  |  | EUR |  |  |  | 2,422 |  |  |  | (4,357 | )
Komatsu Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 36,500 |  |  |  | 07/26/22 |  |  |  | JPY |  |  |  | 3,650.40 |  |  |  | JPY |  |  |  | 110,274 |  |  |  | (150 | )
Panasonic Corp. |  | Morgan Stanley & Co. International PLC |  |  | 159,800 |  |  |  | 07/26/22 |  |  |  | JPY |  |  |  | 1,249.56 |  |  |  | JPY |  |  |  | 175,062 |  |  |  | (4,039 | )
AstraZeneca PLC |  | Goldman Sachs International |  |  | 51,800 |  |  |  | 07/27/22 |  |  |  | GBP |  |  |  | 103.63 |  |  |  | GBP |  |  |  | 5,614 |  |  |  | (392,358 | )
AstraZeneca PLC |  | Goldman Sachs International |  |  | 800 |  |  |  | 07/27/22 |  |  |  | GBP |  |  |  | 99.22 |  |  |  | GBP |  |  |  | 87 |  |  |  | (9,640 | )
Bayer AG, Registered Shares |  | Credit Suisse International |  |  | 58,600 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 67.53 |  |  |  | EUR |  |  |  | 3,339 |  |  |  | (8,283 | )
EQT Corp. |  | Barclays Bank PLC |  |  | 149,500 |  |  |  | 07/27/22 |  |  |  | USD |  |  |  | 43.95 |  |  |  | USD |  |  |  | 5,143 |  |  |  | (36,572 | )
Willis Towers Watson PLC |  | Goldman Sachs International |  |  | 24,900 |  |  |  | 07/27/22 |  |  |  | USD |  |  |  | 211.25 |  |  |  | USD |  |  |  | 4,915 |  |  |  | (46,536 | )
BP PLC |  | Goldman Sachs International |  |  | 384,400 |  |  |  | 07/28/22 |  |  |  | GBP |  |  |  | 4.52 |  |  |  | GBP |  |  |  | 1,483 |  |  |  | (5,644 | )
Lear Corp. |  | Citibank N.A. |  |  | 28,200 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 130.57 |  |  |  | USD |  |  |  | 3,550 |  |  |  | (122,685 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 986,500 |  |  |  | 08/02/22 |  |  |  | GBP |  |  |  | 7.93 |  |  |  | GBP |  |  |  | 8,205 |  |  |  | (560,581 | )
Komatsu Ltd. |  | Goldman Sachs International |  |  | 193,000 |  |  |  | 08/02/22 |  |  |  | JPY |  |  |  | 3,462.86 |  |  |  | JPY |  |  |  | 583,093 |  |  |  | (6,424 | )
Koninklijke Philips Electronics NV |  | Goldman Sachs International |  |  | 237,600 |  |  |  | 08/02/22 |  |  |  | EUR |  |  |  | 24.59 |  |  |  | EUR |  |  |  | 4,863 |  |  |  | (26,435 | )
Panasonic Corp. |  | UBS AG |  |  | 237,800 |  |  |  | 08/02/22 |  |  |  | JPY |  |  |  | 1,197.20 |  |  |  | JPY |  |  |  | 260,511 |  |  |  | (11,067 | )
AstraZeneca PLC |  | Credit Suisse International |  |  | 800 |  |  |  | 08/03/22 |  |  |  | GBP |  |  |  | 99.13 |  |  |  | GBP |  |  |  | 87 |  |  |  | (10,246 | )
Bayer AG, Registered Shares |  | Goldman Sachs International |  |  | 76,200 |  |  |  | 08/03/22 |  |  |  | EUR |  |  |  | 65.28 |  |  |  | EUR |  |  |  | 4,342 |  |  |  | (26,639 | )
Newell Brands, Inc. |  | Goldman Sachs International |  |  | 42,200 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 21.70 |  |  |  | USD |  |  |  | 803 |  |  |  | (7,872 | )
European Aeronautic Defence and Space Company |  | Barclays Bank PLC |  |  | 4,500 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 98.77 |  |  |  | EUR |  |  |  | 420 |  |  |  | (12,851 | )
European Aeronautic Defence and Space Company |  | JPMorgan Chase Bank N.A. |  |  | 21,300 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 101.38 |  |  |  | EUR |  |  |  | 1,988 |  |  |  | (41,970 | )
European Aeronautic Defence and Space Company |  | JPMorgan Chase Bank N.A. |  |  | 9,400 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 97.55 |  |  |  | EUR |  |  |  | 877 |  |  |  | (30,413 | )
Koninklijke Philips Electronics NV |  | Barclays Bank PLC |  |  | 140,100 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 20.70 |  |  |  | EUR |  |  |  | 2,867 |  |  |  | (162,069 | )
Koninklijke Philips Electronics NV |  | JPMorgan Chase Bank N.A. |  |  | 44,700 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 20.63 |  |  |  | EUR |  |  |  | 915 |  |  |  | (54,270 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Panasonic Corp. |  | Goldman Sachs International |  |  | 348,600 |  |  |  | 08/09/22 |  |  |  | JPY |  |  |  | 1,140.69 |  |  |  | JPY |  |  |  | 381,893 |  |  | $ | (73,241 | )
Prudential PLC |  | JPMorgan Chase Bank N.A. |  |  | 123,000 |  |  |  | 08/09/22 |  |  |  | GBP |  |  |  | 9.70 |  |  |  | GBP |  |  |  | 1,257 |  |  |  | (129,688 | )
Sanofi |  | Credit Suisse International |  |  | 65,200 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 98.75 |  |  |  | EUR |  |  |  | 6,274 |  |  |  | (140,342 | )
Sanofi |  | Goldman Sachs International |  |  | 79,100 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 98.21 |  |  |  | EUR |  |  |  | 7,612 |  |  |  | (187,068 | )
Siemens AG, Registered Shares |  | JPMorgan Chase Bank N.A. |  |  | 82,100 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 105.27 |  |  |  | EUR |  |  |  | 8,053 |  |  |  | (162,544 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,908,411 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 9,940,021 |  |  | $ | (4,035,029 | ) |  |  | $ (15,848,170 | )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 15,848,170 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15,848,170 |

For the period ended June 30, 2022, 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 |  | $ | — |  |  | $ | — |  |  | $ | 5,531,647 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,531,647 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 7,748,497 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,748,497 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | 22,334,354 |

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 |  | $ | — |  |  | $ | 15,848,170 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 15,848,170 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (12,939,759 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 2,908,411 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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 |
Bank of America N.A. |  | $ | 6,790 |  |  | $ | — |  |  | $ | (6,790 | ) |  | $ | — |  |  | $ | — |
Barclays Bank PLC |  |  | 277,183 |  |  |  | — |  |  |  | (277,183 | ) |  |  | — |  |  |  | — |
Citibank N.A. |  |  | 122,685 |  |  |  | — |  |  |  | (122,685 | ) |  |  | — |  |  |  | — |
Credit Suisse International |  |  | 158,871 |  |  |  | — |  |  |  | (158,871 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 1,360,226 |  |  |  | — |  |  |  | (1,360,226 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 419,035 |  |  |  | — |  |  |  | (419,035 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 531,060 |  |  |  | — |  |  |  | (531,060 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 32,561 |  |  |  | — |  |  |  | (32,561 | ) |  |  | — |  |  |  | — |
|  | $ | 2,908,411 |  |  | $ | — |  |  | $ | (2,908,411 | ) |  | $ | — |  |  | $ | — |

| (a) | Excess of collateral received/pledged, if any, 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 financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 14,528,594 |  |  | $ | 37,263,803 |  |  | $ | — |  |  | $ | 51,792,397 |
Auto Components |  |  | 10,227,429 |  |  |  | — |  |  |  | — |  |  |  | 10,227,429 |
Automobiles |  |  | 33,889,889 |  |  |  | — |  |  |  | — |  |  |  | 33,889,889 |
Banks |  |  | 178,455,893 |  |  |  | — |  |  |  | — |  |  |  | 178,455,893 |
Beverages |  |  | 23,482,893 |  |  |  | — |  |  |  | — |  |  |  | 23,482,893 |
Capital Markets |  |  | 27,903,996 |  |  |  | — |  |  |  | — |  |  |  | 27,903,996 |
Chemicals |  |  | 17,908,388 |  |  |  | — |  |  |  | — |  |  |  | 17,908,388 |
Communications Equipment |  |  | 41,065,049 |  |  |  | — |  |  |  | — |  |  |  | 41,065,049 |
Consumer Finance |  |  | 9,521,820 |  |  |  | — |  |  |  | — |  |  |  | 9,521,820 |
Containers & Packaging |  |  | 18,444,137 |  |  |  | — |  |  |  | — |  |  |  | 18,444,137 |
Diversified Financial Services |  |  | 18,992,213 |  |  |  | — |  |  |  | — |  |  |  | 18,992,213 |
Diversified Telecommunication Services |  |  | 34,713,660 |  |  |  | — |  |  |  | — |  |  |  | 34,713,660 |
Electric Utilities |  |  | 19,208,557 |  |  |  | — |  |  |  | — |  |  |  | 19,208,557 |
Entertainment |  |  | 9,551,398 |  |  |  | — |  |  |  | — |  |  |  | 9,551,398 |
Food & Staples Retailing |  |  | 8,300,267 |  |  |  | — |  |  |  | — |  |  |  | 8,300,267 |
Food Products |  |  | 8,723,583 |  |  |  | — |  |  |  | — |  |  |  | 8,723,583 |
Health Care Equipment & Supplies |  |  | 75,648,798 |  |  |  | 29,562,970 |  |  |  | — |  |  |  | 105,211,768 |
Health Care Providers & Services |  |  | 167,563,724 |  |  |  | — |  |  |  | — |  |  |  | 167,563,724 |
Household Durables |  |  | 16,035,126 |  |  |  | 15,898,879 |  |  |  | — |  |  |  | 31,934,005 |
Industrial Conglomerates |  |  | 6,386,356 |  |  |  | 16,993,494 |  |  |  | — |  |  |  | 23,379,850 |
Insurance |  |  | 96,695,517 |  |  |  | 11,763,694 |  |  |  | — |  |  |  | 108,459,211 |
IT Services |  |  | 107,143,681 |  |  |  | — |  |  |  | — |  |  |  | 107,143,681 |
Machinery |  |  | — |  |  |  | 16,704,823 |  |  |  | — |  |  |  | 16,704,823 |
Media |  |  | 46,345,468 |  |  |  | — |  |  |  | — |  |  |  | 46,345,468 |
Multiline Retail |  |  | 23,639,799 |  |  |  | — |  |  |  | — |  |  |  | 23,639,799 |
Multi-Utilities |  |  | 34,370,174 |  |  |  | — |  |  |  | — |  |  |  | 34,370,174 |
Oil, Gas & Consumable Fuels |  |  | 98,403,845 |  |  |  | 42,009,789 |  |  |  | — |  |  |  | 140,413,634 |
Personal Products |  |  | 33,137,198 |  |  |  | — |  |  |  | — |  |  |  | 33,137,198 |
Pharmaceuticals |  |  | — |  |  |  | 106,315,633 |  |  |  | — |  |  |  | 106,315,633 |
Professional Services |  |  | 22,930,156 |  |  |  | — |  |  |  | — |  |  |  | 22,930,156 |
Road & Rail |  |  | 17,706,719 |  |  |  | — |  |  |  | — |  |  |  | 17,706,719 |
Semiconductors & Semiconductor Equipment |  |  | 8,432,753 |  |  |  | — |  |  |  | — |  |  |  | 8,432,753 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced Equity Dividend Trust (BDJ)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Common Stocks (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Software |  | $ | 43,683,427 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,683,427 |
Specialty Retail |  |  | 21,263,888 |  |  |  | — |  |  |  | — |  |  |  | 21,263,888 |
Technology Hardware, Storage & Peripherals |  |  | — |  |  |  | 13,200,300 |  |  |  | — |  |  |  | 13,200,300 |
Textiles, Apparel & Luxury Goods |  |  | 4,248,782 |  |  |  | — |  |  |  | — |  |  |  | 4,248,782 |
Tobacco |  |  | 16,021,719 |  |  |  | 318,138 |  |  |  | — |  |  |  | 16,339,857 |
Wireless Telecommunication Services |  |  | 16,611,145 |  |  |  | — |  |  |  | — |  |  |  | 16,611,145 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 82,052,911 |  |  |  | — |  |  |  | — |  |  |  | 82,052,911 |
|  | $ | 1,413,238,952 |  |  | $ | 290,031,523 |  |  | $ | — |  |  | $ | 1,703,270,475 |
Derivative Financial Instruments (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  |  | (10,799,419 | ) |  |  | (5,048,751 | ) |  |  | — |  |  |  | (15,848,170 | )
|  | $ | (10,799,419 | ) |  | $ | (5,048,751 | ) |  | $ | — |  |  | $ | (15,848,170 | )

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

See notes to financial statements.

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

Schedule of Investments (unaudited) June 30, 2022 |  | BlackRock Enhanced Global Dividend Trust (BOE) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |
Canada — 2.5% |
TELUS Corp. |  |  | 792,734 |  |  | $ | 17,656,684 |
Denmark — 3.2% |  |  |  |  |  |
Novo Nordisk A/S, Class B |  |  | 202,994 |  |  |  | 22,512,503 |
France — 10.6% |  |  |  |  |  |
EssilorLuxottica SA |  |  | 97,410 |  |  |  | 14,768,581 |
Kering SA |  |  | 23,649 |  |  |  | 12,255,546 |
LVMH Moet Hennessy Louis Vuitton SE |  |  | 14,424 |  |  |  | 8,840,146 |
Sanofi |  |  | 257,118 |  |  |  | 25,929,328 |
Schneider Electric SE |  |  | 113,557 |  |  |  | 13,530,938 |
|  |  |  |  |  |  | 75,324,539 |
India — 0.1% |  |  |  |  |  |
Jasper Infotech Private Ltd., Series I, (Acquired 08/31/18, Cost: $2,637,143) (a)(b) |  |  | 566,400 |  |  |  | 718,671 |
Indonesia — 1.1% |  |  |  |  |  |
Bank Rakyat Indonesia Persero Tbk PT |  |  | 28,868,800 |  |  |  | 8,062,061 |
Ireland — 2.4% |  |  |  |  |  |
Medtronic PLC (c) |  |  | 190,383 |  |  |  | 17,086,874 |
Japan — 1.6% |  |  |  |  |  |
KDDI Corp. |  |  | 352,200 |  |  |  | 11,106,402 |
Mexico — 1.2% |  |  |  |  |  |
Wal-Mart de Mexico SAB de CV |  |  | 2,393,573 |  |  |  | 8,252,140 |
Netherlands — 1.8% |  |  |  |  |  |
Koninklijke KPN NV |  |  | 3,506,894 |  |  |  | 12,477,980 |
Portugal — 2.6% |  |  |  |  |  |
EDP - Energias de Portugal SA |  |  | 3,958,327 |  |  |  | 18,447,115 |
Singapore — 1.1% |  |  |  |  |  |
DBS Group Holdings Ltd. |  |  | 358,668 |  |  |  | 7,674,560 |
Sweden — 1.7% |  |  |  |  |  |
Epiroc AB, Class A |  |  | 779,483 |  |  |  | 12,085,933 |
Switzerland — 3.7% |  |  |  |  |  |
TE Connectivity Ltd. (c) |  |  | 98,615 |  |  |  | 11,158,287 |
Zurich Insurance Group AG |  |  | 33,939 |  |  |  | 14,799,892 |
|  |  |  |  |  |  | 25,958,179 |
Taiwan — 3.9% |  |  |  |  |  |
MediaTek, Inc. |  |  | 426,000 |  |  |  | 9,351,203 |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 1,157,000 |  |  |  | 18,542,481 |
|  |  |  |  |  |  | 27,893,684 |
United Kingdom — 18.9% |  |  |  |  |  |
AstraZeneca PLC |  |  | 175,406 |  |  |  | 23,139,863 |
BAE Systems PLC |  |  | 803,638 |  |  |  | 8,136,026 |
Diageo PLC |  |  | 401,623 |  |  |  | 17,347,182 |
Ferguson PLC |  |  | 125,838 |  |  |  | 14,096,686 |
Prudential PLC |  |  | 1,402,887 |  |  |  | 17,450,836 |
Reckitt Benckiser Group PLC |  |  | 290,368 |  |  |  | 21,839,238 |
RELX PLC |  |  | 828,206 |  |  |  | 22,397,128 |
Taylor Wimpey PLC |  |  | 7,095,555 |  |  |  | 10,107,191 |
|  |  |  |  |  |  | 134,514,150 |

Security |  | Shares |  |  | Value |
United States — 44.4% |  |  |  |  |  |
AbbVie, Inc. (c)(d) |  |  | 125,721 |  |  | $ | 19,255,429 |
Assurant, Inc. (c) |  |  | 89,581 |  |  |  | 15,484,076 |
Baker Hughes Co., Class A (c) |  |  | 223,619 |  |  |  | 6,455,881 |
Chevron Corp. |  |  | 48,789 |  |  |  | 7,063,671 |
Citizens Financial Group, Inc. (c) |  |  | 399,761 |  |  |  | 14,267,470 |
Comcast Corp., Class A (c) |  |  | 425,427 |  |  |  | 16,693,755 |
Estee Lauder Cos., Inc., Class A (c)(d) |  |  | 67,639 |  |  |  | 17,225,624 |
Fidelity National Information Services, Inc. (c)(d) |  |  | 198,913 |  |  |  | 18,234,355 |
Hasbro, Inc. (c) |  |  | 212,496 |  |  |  | 17,399,172 |
Intercontinental Exchange, Inc. (c)(d) |  |  | 185,314 |  |  |  | 17,426,929 |
International Flavors & Fragrances, Inc. (c) |  |  | 58,211 |  |  |  | 6,934,094 |
Intuit, Inc. (c) |  |  | 30,027 |  |  |  | 11,573,607 |
M&T Bank Corp. (c) |  |  | 107,735 |  |  |  | 17,171,882 |
Microsoft Corp. (c)(d) |  |  | 102,626 |  |  |  | 26,357,436 |
Otis Worldwide Corp. (c) |  |  | 209,445 |  |  |  | 14,801,478 |
Paychex, Inc. (c) |  |  | 68,032 |  |  |  | 7,746,804 |
Philip Morris International, Inc. (c) |  |  | 149,803 |  |  |  | 14,791,548 |
Synchrony Financial (c) |  |  | 431,346 |  |  |  | 11,913,777 |
Texas Instruments, Inc. (c) |  |  | 65,523 |  |  |  | 10,067,609 |
UnitedHealth Group, Inc. (c) |  |  | 39,152 |  |  |  | 20,109,642 |
Visa, Inc., Class A (c) |  |  | 85,368 |  |  |  | 16,808,105 |
Williams Cos., Inc. (c) |  |  | 245,901 |  |  |  | 7,674,570 |
|  |  |  |  |  |  | 315,456,914 |
Total Long-Term Investments — 100.8% (Cost: $697,252,623) |  |  |  | 715,228,389 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 0.3% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (e)(f) |  |  | 2,371,617 |  |  |  | 2,371,617 |
Total Short-Term Securities — 0.3% (Cost: $2,371,617) |  |  |  | 2,371,617 |
Total Investments Before Options Written — 101.1% (Cost: $699,624,240) |  |  |  | 717,600,006 |
Options Written — (0.9)% (Premiums Received: $(7,763,333)) |  |  |  | (6,470,808 | )
Total Investments, Net of Options Written —100.2% (Cost: $691,860,907) |  |  |  | 711,129,198 |
Liabilities in Excess of Other Assets — (0.2)% |  |  |  | (1,290,172 | )
Net Assets — 100.0% |  |  | $ | 709,839,026 |

(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 $718,671, representing 0.1% of its net assets as of period end, and an original cost of $2,637,143.

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

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

(e) | Affiliate of the Trust.

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced Global Dividend Trust (BOE)

Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/21 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/22 |  |  | Shares Held at 06/30/22 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 11,262,594 |  |  | $ | — |  |  | $ | (8,890,977 | ) (a) |  | $ | — |  |  | $ | — |  |  | $ | 2,371,617 |  |  |  | 2,371,617 |  |  | $ | 10,303 |  |  | $ | — |

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

Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UnitedHealth Group, Inc. |  |  | 45 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 505.00 |  |  |  | USD |  |  |  | 2,311 |  |  | $ | (44,437 | )
AbbVie, Inc. |  |  | 268 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 4,105 |  |  |  | (123,280 | )
Intuit, Inc. |  |  | 14 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 405.00 |  |  |  | USD |  |  |  | 540 |  |  |  | (3,675 | )
AbbVie, Inc. |  |  | 126 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 1,930 |  |  |  | (114,660 | )
Assurant, Inc. |  |  | 145 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 2,506 |  |  |  | (69,600 | )
Baker Hughes Co., Class A |  |  | 506 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 1,461 |  |  |  | (5,060 | )
Citizens Financial Group, Inc. |  |  | 663 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 2,366 |  |  |  | (9,945 | )
Estee Lauder Cos., Inc., Class A |  |  | 168 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 4,278 |  |  |  | (91,560 | )
Fidelity National Information Services, Inc. |  |  | 68 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 623 |  |  |  | (2,721 | )
Fidelity National Information Services, Inc. |  |  | 307 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 2,814 |  |  |  | (9,210 | )
Hasbro, Inc. |  |  | 312 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 92.50 |  |  |  | USD |  |  |  | 2,555 |  |  |  | (7,800 | )
Hasbro, Inc. |  |  | 165 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 1,351 |  |  |  | (14,025 | )
Intercontinental Exchange, Inc. |  |  | 196 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 1,843 |  |  |  | (1,470 | )
International Flavors & Fragrances, Inc. |  |  | 130 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,549 |  |  |  | (34,125 | )
Intuit, Inc. |  |  | 61 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 420.00 |  |  |  | USD |  |  |  | 2,351 |  |  |  | (14,640 | )
M&T Bank Corp. |  |  | 86 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 1,371 |  |  |  | (2,150 | )
M&T Bank Corp. |  |  | 117 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 1,865 |  |  |  | (4,973 | )
Microsoft Corp. |  |  | 223 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 280.00 |  |  |  | USD |  |  |  | 5,727 |  |  |  | (13,603 | )
Otis Worldwide Corp. |  |  | 711 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 73.05 |  |  |  | USD |  |  |  | 5,025 |  |  |  | (59,802 | )
Paychex, Inc. |  |  | 374 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 4,259 |  |  |  | (24,310 | )
Philip Morris International, Inc. |  |  | 359 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 104.00 |  |  |  | USD |  |  |  | 3,545 |  |  |  | (11,668 | )
Synchrony Financial |  |  | 652 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 1,801 |  |  |  | (3,260 | )
TE Connectivity Ltd. |  |  | 241 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 2,727 |  |  |  | (77,120 | )
UnitedHealth Group, Inc. |  |  | 32 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 480.00 |  |  |  | USD |  |  |  | 1,644 |  |  |  | (120,080 | )
Visa, Inc., Class A |  |  | 2 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 39 |  |  |  | (87 | )
Visa, Inc., Class A |  |  | 153 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 202.50 |  |  |  | USD |  |  |  | 3,012 |  |  |  | (45,517 | )
Williams Cos., Inc. |  |  | 234 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 32.00 |  |  |  | USD |  |  |  | 730 |  |  |  | (12,285 | )
AbbVie, Inc. |  |  | 268 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 4,105 |  |  |  | (148,740 | )
Comcast Corp., Class A |  |  | 171 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 671 |  |  |  | (941 | )
Intuit, Inc. |  |  | 60 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 390.00 |  |  |  | USD |  |  |  | 2,313 |  |  |  | (84,300 | )
Microsoft Corp. |  |  | 114 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 285.00 |  |  |  | USD |  |  |  | 2,928 |  |  |  | (8,550 | )
UnitedHealth Group, Inc. |  |  | 99 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 505.00 |  |  |  | USD |  |  |  | 5,085 |  |  |  | (220,770 | )
Visa, Inc., Class A |  |  | 33 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 225.00 |  |  |  | USD |  |  |  | 650 |  |  |  | (809 | )
Visa, Inc., Class A |  |  | 41 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 807 |  |  |  | (12,997 | )
Comcast Corp., Class A |  |  | 377 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 1,479 |  |  |  | (15,834 | )
Medtronic PLC |  |  | 52 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 467 |  |  |  | (11,180 | )
Microsoft Corp. |  |  | 18 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 265.00 |  |  |  | USD |  |  |  | 462 |  |  |  | (13,680 | )
Synchrony Financial |  |  | 717 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 33.00 |  |  |  | USD |  |  |  | 1,980 |  |  |  | (21,510 | )
Texas Instruments, Inc. |  |  | 147 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 2,259 |  |  |  | (26,386 | )
Visa, Inc., Class A |  |  | 82 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 1,614 |  |  |  | (26,568 | )
Comcast Corp., Class A |  |  | 444 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 41.00 |  |  |  | USD |  |  |  | 1,742 |  |  |  | (34,410 | )
Medtronic PLC |  |  | 614 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 92.00 |  |  |  | USD |  |  |  | 5,511 |  |  |  | (156,570 | )
Microsoft Corp. |  |  | 19 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 265.00 |  |  |  | USD |  |  |  | 488 |  |  |  | (15,058 | )
Philip Morris International, Inc. |  |  | 315 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 101.00 |  |  |  | USD |  |  |  | 3,110 |  |  |  | (77,962 | )
Synchrony Financial |  |  | 572 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 32.00 |  |  |  | USD |  |  |  | 1,580 |  |  |  | (28,600 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Texas Instruments, Inc. |  |  | 147 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 2,259 |  |  | $ | (56,227 | )
Visa, Inc., Class A |  |  | 41 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 807 |  |  |  | (15,478 | )
Visa, Inc., Class A |  |  | 32 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 630 |  |  |  | (17,440 | )
Williams Cos., Inc. |  |  | 117 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 33.00 |  |  |  | USD |  |  |  | 365 |  |  |  | (8,190 | )
Baker Hughes Co., Class A |  |  | 500 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 35.25 |  |  |  | USD |  |  |  | 1,444 |  |  |  | (13,812 | )
Comcast Corp., Class A |  |  | 432 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 40.22 |  |  |  | USD |  |  |  | 1,695 |  |  |  | (52,308 | )
Intercontinental Exchange, Inc. |  |  | 637 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 101.00 |  |  |  | USD |  |  |  | 5,990 |  |  |  | (87,761 | )
Williams Cos., Inc. |  |  | 117 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 33.09 |  |  |  | USD |  |  |  | 365 |  |  |  | (9,010 | )
AbbVie, Inc. |  |  | 29 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 444 |  |  |  | (8,744 | )
Assurant, Inc. |  |  | 258 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 184.50 |  |  |  | USD |  |  |  | 4,460 |  |  |  | (52,853 | )
Citizens Financial Group, Inc. |  |  | 736 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 37.50 |  |  |  | USD |  |  |  | 2,627 |  |  |  | (86,480 | )
Comcast Corp., Class A |  |  | 489 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 42.50 |  |  |  | USD |  |  |  | 1,919 |  |  |  | (28,851 | )
Fidelity National Information Services, Inc. |  |  | 14 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 128 |  |  |  | (2,835 | )
Fidelity National Information Services, Inc. |  |  | 307 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 2,814 |  |  |  | (32,235 | )
Hasbro, Inc. |  |  | 480 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 87.50 |  |  |  | USD |  |  |  | 3,930 |  |  |  | (96,000 | )
International Flavors & Fragrances, Inc. |  |  | 130 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 1,549 |  |  |  | (70,850 | )
M&T Bank Corp. |  |  | 174 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 2,773 |  |  |  | (71,340 | )
Microsoft Corp. |  |  | 87 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 2,234 |  |  |  | (62,422 | )
Otis Worldwide Corp. |  |  | 231 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 72.18 |  |  |  | USD |  |  |  | 1,632 |  |  |  | (58,788 | )
TELUS Corp. |  |  | 1,387 |  |  |  | 08/19/22 |  |  |  | CAD |  |  |  | 29.00 |  |  |  | CAD |  |  |  | 3,977 |  |  |  | (71,117 | )
Williams Cos., Inc. |  |  | 440 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 1,373 |  |  |  | (4,400 | )
Williams Cos., Inc. |  |  | 198 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 32.00 |  |  |  | USD |  |  |  | 618 |  |  |  | (25,245 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,758,314 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AstraZeneca PLC |  | Morgan Stanley & Co. International PLC |  |  | 7,600 |  |  |  | 07/06/22 |  |  |  | GBP |  |  |  | 106.27 |  |  |  | GBP |  |  |  | 821 |  |  | $ | (26,184 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 163,500 |  |  |  | 07/06/22 |  |  |  | GBP |  |  |  | 7.78 |  |  |  | GBP |  |  |  | 1,357 |  |  |  | (106,933 | )
Relx PLC |  | Credit Suisse International |  |  | 56,000 |  |  |  | 07/06/22 |  |  |  | EUR |  |  |  | 27.92 |  |  |  | EUR |  |  |  | 1,446 |  |  |  | (292 | )
Relx PLC |  | Morgan Stanley & Co. International PLC |  |  | 153,600 |  |  |  | 07/06/22 |  |  |  | EUR |  |  |  | 26.65 |  |  |  | EUR |  |  |  | 3,966 |  |  |  | (13,403 | )
TELUS Corp. |  | Royal Bank of Canada |  |  | 109,000 |  |  |  | 07/06/22 |  |  |  | CAD |  |  |  | 32.17 |  |  |  | CAD |  |  |  | 3,125 |  |  |  | (371 | )
Wal-Mart de Mexico SAB de CV |  | Citibank N.A. |  |  | 810,200 |  |  |  | 07/06/22 |  |  |  | MXN |  |  |  | 77.83 |  |  |  | MXN |  |  |  | 56,171 |  |  |  | — |
Reckitt Benckiser Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 27,600 |  |  |  | 07/08/22 |  |  |  | GBP |  |  |  | 64.17 |  |  |  | GBP |  |  |  | 1,703 |  |  |  | (5,343 | )
Taylor Wimpey PLC |  | Morgan Stanley & Co. International PLC |  |  | 674,500 |  |  |  | 07/08/22 |  |  |  | GBP |  |  |  | 1.30 |  |  |  | GBP |  |  |  | 787 |  |  |  | (164 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 258,300 |  |  |  | 07/12/22 |  |  |  | GBP |  |  |  | 7.87 |  |  |  | GBP |  |  |  | 2,144 |  |  |  | (146,224 | )
KDDI Corp. |  | Bank of America N.A. |  |  | 112,500 |  |  |  | 07/12/22 |  |  |  | JPY |  |  |  | 4,711.97 |  |  |  | JPY |  |  |  | 482,513 |  |  |  | (3,339 | )
Prudential PLC |  | JPMorgan Chase Bank N.A. |  |  | 169,800 |  |  |  | 07/12/22 |  |  |  | GBP |  |  |  | 10.60 |  |  |  | GBP |  |  |  | 1,725 |  |  |  | (33,166 | )
EDP-Energias de Portugal SA |  | Goldman Sachs International |  |  | 343,100 |  |  |  | 07/13/22 |  |  |  | EUR |  |  |  | 4.81 |  |  |  | EUR |  |  |  | 1,527 |  |  |  | (2,692 | )
EssilorLuxottica SA |  | UBS AG |  |  | 9,300 |  |  |  | 07/13/22 |  |  |  | EUR |  |  |  | 157.64 |  |  |  | EUR |  |  |  | 1,329 |  |  |  | (4,999 | )
Zurich Insurance Group AG |  | UBS AG |  |  | 7,600 |  |  |  | 07/13/22 |  |  |  | CHF |  |  |  | 448.41 |  |  |  | CHF |  |  |  | 3,156 |  |  |  | (759 | )
TELUS Corp. |  | Royal Bank of Canada |  |  | 109,000 |  |  |  | 07/14/22 |  |  |  | CAD |  |  |  | 32.17 |  |  |  | CAD |  |  |  | 3,125 |  |  |  | (4,919 | )
DBS Group Holdings Ltd. |  | Goldman Sachs International |  |  | 70,400 |  |  |  | 07/19/22 |  |  |  | SGD |  |  |  | 31.75 |  |  |  | SGD |  |  |  | 2,089 |  |  |  | (2,096 | )
EDP-Energias de Portugal SA |  | Goldman Sachs International |  |  | 250,000 |  |  |  | 07/19/22 |  |  |  | EUR |  |  |  | 4.75 |  |  |  | EUR |  |  |  | 1,113 |  |  |  | (5,503 | )
LVMH Moet Hennessy Louis Vuitton SE |  | Goldman Sachs International |  |  | 5,100 |  |  |  | 07/19/22 |  |  |  | EUR |  |  |  | 628.74 |  |  |  | EUR |  |  |  | 2,967 |  |  |  | (17,977 | )
Mediatek, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 48,025 |  |  |  | 07/19/22 |  |  |  | USD |  |  |  | 912.26 |  |  |  | USD |  |  |  | 31,264 |  |  |  | (314 | )
Novo Nisk, Class B |  | Morgan Stanley & Co. International PLC |  |  | 30,650 |  |  |  | 07/19/22 |  |  |  | DKK |  |  |  | 817.63 |  |  |  | DKK |  |  |  | 24,128 |  |  |  | (53,857 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 78,400 |  |  |  | 07/19/22 |  |  |  | GBP |  |  |  | 10.81 |  |  |  | GBP |  |  |  | 797 |  |  |  | (15,992 | )
EssilorLuxottica SA |  | Goldman Sachs International |  |  | 36,600 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 154.01 |  |  |  | EUR |  |  |  | 5,230 |  |  |  | (59,256 | )
Ferguson PLC |  | Goldman Sachs International |  |  | 15,800 |  |  |  | 07/20/22 |  |  |  | GBP |  |  |  | 97.40 |  |  |  | GBP |  |  |  | 1,452 |  |  |  | (18,484 | )
Koninklijke KPN NV |  | Goldman Sachs International |  |  | 789,000 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 3.44 |  |  |  | EUR |  |  |  | 2,683 |  |  |  | (25,910 | )
PPR S.A. |  | Credit Suisse International |  |  | 8,300 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 529.31 |  |  |  | EUR |  |  |  | 4,068 |  |  |  | (37,177 | )
Schneider Electric SE |  | Barclays Bank PLC |  |  | 19,850 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 133.36 |  |  |  | EUR |  |  |  | 2,241 |  |  |  | (989 | )
Taylor Wimpey PLC |  | Goldman Sachs International |  |  | 704,400 |  |  |  | 07/20/22 |  |  |  | GBP |  |  |  | 1.33 |  |  |  | GBP |  |  |  | 822 |  |  |  | (348 | )
Wal-Mart de Mexico SAB de CV |  | Citibank N.A. |  |  | 267,000 |  |  |  | 07/20/22 |  |  |  | MXN |  |  |  | 70.40 |  |  |  | MXN |  |  |  | 18,511 |  |  |  | (14,166 | )
Mediatek, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 96,000 |  |  |  | 07/21/22 |  |  |  | USD |  |  |  | 916.70 |  |  |  | USD |  |  |  | 62,496 |  |  |  | (804 | )
Reckitt Benckiser Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 74,100 |  |  |  | 07/26/22 |  |  |  | GBP |  |  |  | 61.08 |  |  |  | GBP |  |  |  | 4,572 |  |  |  | (182,259 | )
TE Connectivity Ltd. |  | Goldman Sachs International |  |  | 20,200 |  |  |  | 07/26/22 |  |  |  | USD |  |  |  | 121.78 |  |  |  | USD |  |  |  | 2,286 |  |  |  | (21,781 | )
AstraZeneca PLC |  | Goldman Sachs International |  |  | 36,550 |  |  |  | 07/27/22 |  |  |  | GBP |  |  |  | 99.22 |  |  |  | GBP |  |  |  | 3,947 |  |  |  | (440,410 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AstraZeneca PLC |  | Goldman Sachs International |  |  | 15,800 |  |  |  | 07/27/22 |  |  |  | GBP |  |  |  | 103.63 |  |  |  | GBP |  |  |  | 1,706 |  |  | $ | (119,677 | )
Diageo PLC |  | Credit Suisse International |  |  | 76,400 |  |  |  | 07/27/22 |  |  |  | GBP |  |  |  | 36.53 |  |  |  | GBP |  |  |  | 2,697 |  |  |  | (87,589 | )
EDP-Energias de Portugal SA |  | Morgan Stanley & Co. International PLC |  |  | 489,400 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 4.86 |  |  |  | EUR |  |  |  | 2,179 |  |  |  | (7,547 | )
Novo Nisk, Class B |  | Morgan Stanley & Co. International PLC |  |  | 30,650 |  |  |  | 07/27/22 |  |  |  | DKK |  |  |  | 817.63 |  |  |  | DKK |  |  |  | 24,128 |  |  |  | (74,156 | )
Prudential PLC |  | Goldman Sachs International |  |  | 90,700 |  |  |  | 07/27/22 |  |  |  | GBP |  |  |  | 11.18 |  |  |  | GBP |  |  |  | 922 |  |  |  | (14,563 | )
Schneider Electric SE |  | Goldman Sachs International |  |  | 19,850 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 132.69 |  |  |  | EUR |  |  |  | 2,241 |  |  |  | (2,853 | )
Taylor Wimpey PLC |  | Goldman Sachs International |  |  | 1,140,000 |  |  |  | 07/27/22 |  |  |  | GBP |  |  |  | 1.30 |  |  |  | GBP |  |  |  | 1,330 |  |  |  | (7,347 | )
Estee Lauder Cos., Inc., Class A |  | JPMorgan Chase Bank N.A. |  |  | 13,600 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 255.53 |  |  |  | USD |  |  |  | 3,464 |  |  |  | (147,953 | )
KDDI Corp. |  | JPMorgan Chase Bank N.A. |  |  | 81,200 |  |  |  | 07/28/22 |  |  |  | JPY |  |  |  | 4,490.04 |  |  |  | JPY |  |  |  | 348,267 |  |  |  | (20,002 | )
Relx PLC |  | JPMorgan Chase Bank N.A. |  |  | 34,000 |  |  |  | 07/28/22 |  |  |  | EUR |  |  |  | 24.79 |  |  |  | EUR |  |  |  | 878 |  |  |  | (47,496 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | JPMorgan Chase Bank N.A. |  |  | 136,000 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 522.02 |  |  |  | USD |  |  |  | 64,736 |  |  |  | (8,990 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | Morgan Stanley & Co. International PLC |  |  | 228,000 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 524.80 |  |  |  | USD |  |  |  | 108,528 |  |  |  | (13,254 | )
DBS Group Holdings Ltd. |  | UBS AG |  |  | 91,100 |  |  |  | 08/02/22 |  |  |  | SGD |  |  |  | 31.39 |  |  |  | SGD |  |  |  | 2,704 |  |  |  | (10,710 | )
EDP-Energias de Portugal SA |  | Merrill Lynch International |  |  | 489,400 |  |  |  | 08/02/22 |  |  |  | EUR |  |  |  | 4.63 |  |  |  | EUR |  |  |  | 2,179 |  |  |  | (32,904 | )
Ferguson PLC |  | JPMorgan Chase Bank N.A. |  |  | 27,800 |  |  |  | 08/02/22 |  |  |  | GBP |  |  |  | 89.94 |  |  |  | GBP |  |  |  | 2,554 |  |  |  | (176,031 | )
Mediatek, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 48,000 |  |  |  | 08/02/22 |  |  |  | USD |  |  |  | 967.20 |  |  |  | USD |  |  |  | 31,248 |  |  |  | (264 | )
AstraZeneca PLC |  | Credit Suisse International |  |  | 36,550 |  |  |  | 08/03/22 |  |  |  | GBP |  |  |  | 99.13 |  |  |  | GBP |  |  |  | 3,947 |  |  |  | (468,129 | )
Diageo PLC |  | JPMorgan Chase Bank N.A. |  |  | 65,700 |  |  |  | 08/03/22 |  |  |  | GBP |  |  |  | 35.10 |  |  |  | GBP |  |  |  | 2,320 |  |  |  | (111,042 | )
Epiroc AB, Class A |  | JPMorgan Chase Bank N.A. |  |  | 87,700 |  |  |  | 08/03/22 |  |  |  | SEK |  |  |  | 179.93 |  |  |  | SEK |  |  |  | 13,852 |  |  |  | (8,116 | )
Relx PLC |  | JPMorgan Chase Bank N.A. |  |  | 78,000 |  |  |  | 08/03/22 |  |  |  | EUR |  |  |  | 24.77 |  |  |  | EUR |  |  |  | 2,014 |  |  |  | (115,137 | )
EDP-Energias de Portugal SA |  | Morgan Stanley & Co. International PLC |  |  | 104,700 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 4.65 |  |  |  | EUR |  |  |  | 466 |  |  |  | (8,039 | )
EssilorLuxottica SA |  | Goldman Sachs International |  |  | 7,600 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 141.92 |  |  |  | EUR |  |  |  | 1,086 |  |  |  | (62,075 | )
Ferguson PLC |  | Merrill Lynch International |  |  | 13,100 |  |  |  | 08/09/22 |  |  |  | GBP |  |  |  | 95.94 |  |  |  | GBP |  |  |  | 1,204 |  |  |  | (39,777 | )
Novo Nisk, Class B |  | Morgan Stanley & Co. International PLC |  |  | 30,100 |  |  |  | 08/09/22 |  |  |  | DKK |  |  |  | 796.64 |  |  |  | DKK |  |  |  | 23,695 |  |  |  | (135,079 | )
Prudential PLC |  | JPMorgan Chase Bank N.A. |  |  | 152,200 |  |  |  | 08/09/22 |  |  |  | GBP |  |  |  | 9.70 |  |  |  | GBP |  |  |  | 1,546 |  |  |  | (160,476 | )
Relx PLC |  | JPMorgan Chase Bank N.A. |  |  | 56,000 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 25.36 |  |  |  | EUR |  |  |  | 1,446 |  |  |  | (62,988 | )
Sanofi |  | Credit Suisse International |  |  | 57,850 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 98.75 |  |  |  | EUR |  |  |  | 5,573 |  |  |  | (124,522 | )
Sanofi |  | Goldman Sachs International |  |  | 57,900 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 98.21 |  |  |  | EUR |  |  |  | 5,578 |  |  |  | (136,931 | )
Taylor Wimpey PLC |  | Merrill Lynch International |  |  | 674,000 |  |  |  | 08/09/22 |  |  |  | GBP |  |  |  | 1.33 |  |  |  | GBP |  |  |  | 786 |  |  |  | (5,619 | )
Diageo PLC |  | UBS AG |  |  | 38,700 |  |  |  | 08/11/22 |  |  |  | GBP |  |  |  | 36.29 |  |  |  | GBP |  |  |  | 1,366 |  |  |  | (37,531 | )
Koninklijke KPN NV |  | UBS AG |  |  | 789,100 |  |  |  | 08/11/22 |  |  |  | EUR |  |  |  | 3.47 |  |  |  | EUR |  |  |  | 2,684 |  |  |  | (51,502 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | UBS AG |  |  | 156,000 |  |  |  | 08/11/22 |  |  |  | USD |  |  |  | 508.65 |  |  |  | USD |  |  |  | 74,256 |  |  |  | (29,178 | )
Zurich Insurance Group AG |  | Goldman Sachs International |  |  | 7,600 |  |  |  | 08/11/22 |  |  |  | CHF |  |  |  | 425.31 |  |  |  | CHF |  |  |  | 3,156 |  |  |  | (58,280 | )
EDP-Energias de Portugal SA |  | Morgan Stanley & Co. International PLC |  |  | 104,700 |  |  |  | 08/16/22 |  |  |  | EUR |  |  |  | 4.65 |  |  |  | EUR |  |  |  | 466 |  |  |  | (9,184 | )
Epiroc AB, Class A |  | Merrill Lynch International |  |  | 87,700 |  |  |  | 08/17/22 |  |  |  | SEK |  |  |  | 167.61 |  |  |  | SEK |  |  |  | 13,852 |  |  |  | (34,672 | )
Epiroc AB, Class A |  | Morgan Stanley & Co. International PLC |  |  | 87,700 |  |  |  | 09/01/22 |  |  |  | SEK |  |  |  | 170.92 |  |  |  | SEK |  |  |  | 13,852 |  |  |  | (36,770 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,712,494 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 3,308,915 |  |  | $ | (2,016,390 | ) |  | $ | (6,470,808 | )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 6,470,808 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,470,808 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced Global Dividend Trust (BOE)

For the period ended June 30, 2022, 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 |  | $ | — |  |  | $ | — |  |  | $ | 5,691,315 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,691,315 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 2,914,829 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,914,829 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | 8,333,591 |

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 |  | $ | — |  |  | $ | 6,470,808 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 6,470,808 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (2,758,314 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 3,712,494 |

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. |  | $ | 3,339 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,339 |
Barclays Bank PLC |  |  | 989 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 989 |
Citibank N.A. |  |  | 14,166 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,166 |
Credit Suisse International |  |  | 717,709 |  |  |  | — |  |  |  | (717,709 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 996,183 |  |  |  | — |  |  |  | (996,183 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 892,465 |  |  |  | — |  |  |  | (892,465 | ) |  |  | — |  |  |  | — |
Merrill Lynch International |  |  | 112,972 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 112,972 |
Morgan Stanley & Co. International PLC |  |  | 834,702 |  |  |  | — |  |  |  | (834,702 | ) |  |  | — |  |  |  | — |
Royal Bank of Canada |  |  | 5,290 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,290 |
UBS AG |  |  | 134,679 |  |  |  | — |  |  |  | — |  |  |  | (26,000 | ) |  |  | 108,679 |
|  | $ | 3,712,494 |  |  | $ | — |  |  | $ | (3,441,059 | ) |  | $ | (26,000 | ) |  | $ | 245,435 |

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

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced Global Dividend Trust (BOE)

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  | $ | 17,656,684 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,656,684 |
Denmark |  |  | — |  |  |  | 22,512,503 |  |  |  | — |  |  |  | 22,512,503 |
France |  |  | — |  |  |  | 75,324,539 |  |  |  | — |  |  |  | 75,324,539 |
India |  |  | — |  |  |  | — |  |  |  | 718,671 |  |  |  | 718,671 |
Indonesia |  |  | — |  |  |  | 8,062,061 |  |  |  | — |  |  |  | 8,062,061 |
Ireland |  |  | 17,086,874 |  |  |  | — |  |  |  | — |  |  |  | 17,086,874 |
Japan |  |  | — |  |  |  | 11,106,402 |  |  |  | — |  |  |  | 11,106,402 |
Mexico |  |  | 8,252,140 |  |  |  | — |  |  |  | — |  |  |  | 8,252,140 |
Netherlands |  |  | — |  |  |  | 12,477,980 |  |  |  | — |  |  |  | 12,477,980 |
Portugal |  |  | — |  |  |  | 18,447,115 |  |  |  | — |  |  |  | 18,447,115 |
Singapore |  |  | — |  |  |  | 7,674,560 |  |  |  | — |  |  |  | 7,674,560 |
Sweden |  |  | — |  |  |  | 12,085,933 |  |  |  | — |  |  |  | 12,085,933 |
Switzerland |  |  | 11,158,287 |  |  |  | 14,799,892 |  |  |  | — |  |  |  | 25,958,179 |
Taiwan |  |  | — |  |  |  | 27,893,684 |  |  |  | — |  |  |  | 27,893,684 |
United Kingdom |  |  | — |  |  |  | 134,514,150 |  |  |  | — |  |  |  | 134,514,150 |
United States |  |  | 315,456,914 |  |  |  | — |  |  |  | — |  |  |  | 315,456,914 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 2,371,617 |  |  |  | — |  |  |  | — |  |  |  | 2,371,617 |
|  | $ | 371,982,516 |  |  | $ | 344,898,819 |  |  | $ | 718,671 |  |  | $ | 717,600,006 |
Derivative Financial Instruments (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (2,423,980 | ) |  | $ | (4,046,828 | ) |  | $ | — |  |  | $ | (6,470,808 | )

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

See notes to financial statements.

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

Schedule of Investments (unaudited) June 30, 2022 |  | BlackRock Enhanced International Dividend Trust (BGY) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Canada — 3.3% |  |  |  |  |  |
TELUS Corp. |  |  | 882,602 |  |  | $ | 19,658,328 |
Denmark — 4.8% |  |  |  |  |  |
Novo Nordisk A/S, Class B |  |  | 254,077 |  |  |  | 28,177,725 |
France — 19.2% |  |  |  |  |  |
Air Liquide SA |  |  | 80,457 |  |  |  | 10,829,735 |
EssilorLuxottica SA |  |  | 153,852 |  |  |  | 23,325,898 |
Kering SA |  |  | 34,745 |  |  |  | 18,005,790 |
LVMH Moet Hennessy Louis Vuitton SE |  |  | 26,362 |  |  |  | 16,156,679 |
Sanofi |  |  | 290,085 |  |  |  | 29,253,919 |
Schneider Electric SE |  |  | 130,926 |  |  |  | 15,600,550 |
|  |  |  |  |  |  | 113,172,571 |
India — 3.1% |  |  |  |  |  |
HDFC Bank Ltd. |  |  | 994,804 |  |  |  | 17,040,109 |
Jasper Infotech Private Ltd., Series I, (Acquired 01/25/22, Cost: $3,948,600) (a)(b)(c) |  |  | 848,000 |  |  |  | 1,075,939 |
|  |  |  |  |  |  | 18,116,048 |
Indonesia — 1.8% |  |  |  |  |  |
Bank Rakyat Indonesia Persero Tbk PT |  |  | 38,965,000 |  |  |  | 10,881,582 |
Japan — 1.9% |  |  |  |  |  |
KDDI Corp. |  |  | 360,400 |  |  |  | 11,364,983 |
Mexico — 2.3% |  |  |  |  |  |
Wal-Mart de Mexico SAB de CV |  |  | 3,955,437 |  |  |  | 13,636,861 |
Netherlands — 2.9% |  |  |  |  |  |
Koninklijke KPN NV |  |  | 4,779,805 |  |  |  | 17,007,162 |
Portugal — 4.0% |  |  |  |  |  |
EDP - Energias de Portugal SA |  |  | 5,092,166 |  |  |  | 23,731,180 |
Singapore — 4.2% |  |  |  |  |  |
DBS Group Holdings Ltd. |  |  | 569,700 |  |  |  | 12,190,095 |
United Overseas Bank Ltd. |  |  | 679,100 |  |  |  | 12,829,639 |
|  |  |  |  |  |  | 25,019,734 |
Spain — 2.5% |  |  |  |  |  |
Bankinter SA |  |  | 2,348,631 |  |  |  | 14,690,349 |
Sweden — 2.5% |  |  |  |  |  |
Epiroc AB, Class A |  |  | 970,480 |  |  |  | 15,047,353 |
Switzerland — 2.1% |  |  |  |  |  |
Zurich Insurance Group AG |  |  | 27,837 |  |  |  | 12,138,972 |
Taiwan — 5.2% |  |  |  |  |  |
MediaTek, Inc. |  |  | 554,000 |  |  |  | 12,160,954 |
Taiwan Semiconductor Manufacturing Co. Ltd. |  |  | 1,146,000 |  |  |  | 18,366,191 |
|  |  |  |  |  |  | 30,527,145 |

Security |  | Shares |  |  | Value |
United Kingdom — 28.2% |  |  |  |  |  |
AstraZeneca PLC |  |  | 217,832 |  |  | $ | 28,736,775 |
BAE Systems PLC |  |  | 1,000,554 |  |  |  | 10,129,603 |
Diageo PLC |  |  | 510,690 |  |  |  | 22,058,080 |
Ferguson PLC |  |  | 171,255 |  |  |  | 19,184,411 |
Prudential PLC |  |  | 1,834,902 |  |  |  | 22,824,770 |
Reckitt Benckiser Group PLC |  |  | 369,546 |  |  |  | 27,794,396 |
RELX PLC |  |  | 820,936 |  |  |  | 22,200,526 |
Taylor Wimpey PLC |  |  | 9,660,526 |  |  |  | 13,760,837 |
|  |  |  |  |  |  | 166,689,398 |
United States (d)(e) — 10.4% |  |  |  |  |  |
Baker Hughes Co., Class A |  |  | 366,826 |  |  |  | 10,590,267 |
Estee Lauder Cos., Inc., Class A |  |  | 67,274 |  |  |  | 17,132,669 |
Otis Worldwide Corp. |  |  | 268,552 |  |  |  | 18,978,570 |
Visa, Inc., Class A |  |  | 76,436 |  |  |  | 15,049,484 |
|  |  |  |  |  |  | 61,750,990 |
Total Long-Term Investments — 98.4% (Cost: $554,589,060) |  |  |  |  |  |  | 581,610,381 |
Short-Term Securities |
Money Market Funds — 1.4% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (f)(g) |  |  | 8,325,690 |  |  |  | 8,325,690 |
Total Short-Term Securities — 1.4% (Cost: $8,325,690) |  |  |  |  |  |  | 8,325,690 |
Total Investments Before Options Written — 99.8% (Cost: $562,914,750) |  |  |  | 589,936,071 |
Options Written — (1.0)% (Premiums Received: $(6,072,338)) |  |  |  |  |  |  | (5,937,531 | )
Total Investments, Net of Options Written — 98.8% (Cost: $556,842,412) |  |  |  | 583,998,540 |
Other Assets Less Liabilities — 1.2% |  |  |  |  |  |  | 6,915,204 |
Net Assets — 100.0% |  |  |  |  |  | $ | 590,913,744 |

(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 $1,075,939, representing 0.2% of its net assets as of period end, and an original cost of $3,948,600.

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

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

(f) | Affiliate of the Trust.

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

Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/21 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/22 |  |  | Shares Held at 06/30/22 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 5,586,240 |  |  | $ | 2,739,450 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8,325,690 |  |  |  | 8,325,690 |  |  | $ | 13,794 |  |  | $ | — |

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced International Dividend Trust (BGY)

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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Baker Hughes Co., Class A |  |  | 850 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 38.00 |  |  |  | USD |  |  |  | 2,454 |  |  | $ | (8,500 | )
Estee Lauder Cos., Inc., Class A |  |  | 166 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 4,228 |  |  |  | (90,470 | )
Otis Worldwide Corp. |  |  | 155 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 73.05 |  |  |  | USD |  |  |  | 1,095 |  |  |  | (13,037 | )
Visa, Inc., Class A |  |  | 3 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 59 |  |  |  | (131 | )
Visa, Inc., Class A |  |  | 66 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 202.50 |  |  |  | USD |  |  |  | 1,299 |  |  |  | (19,635 | )
Visa, Inc., Class A |  |  | 79 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 225.00 |  |  |  | USD |  |  |  | 1,555 |  |  |  | (1,936 | )
Visa, Inc., Class A |  |  | 40 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 788 |  |  |  | (12,680 | )
Visa, Inc., Class A |  |  | 82 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 1,614 |  |  |  | (26,568 | )
Visa, Inc., Class A |  |  | 41 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 807 |  |  |  | (15,477 | )
Visa, Inc., Class A |  |  | 32 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 630 |  |  |  | (17,440 | )
Baker Hughes Co., Class A |  |  | 800 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 35.25 |  |  |  | USD |  |  |  | 2,310 |  |  |  | (22,098 | )
Otis Worldwide Corp. |  |  | 590 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 79.00 |  |  |  | USD |  |  |  | 4,170 |  |  |  | (29,293 | )
Otis Worldwide Corp. |  |  | 463 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 72.18 |  |  |  | USD |  |  |  | 3,272 |  |  |  | (117,831 | )
TELUS Corp. |  |  | 1,739 |  |  |  | 08/19/22 |  |  |  | CAD |  |  |  | 29.00 |  |  |  | CAD |  |  |  | 4,986 |  |  |  | (89,166 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (464,262 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 236,500 |  |  |  | 07/06/22 |  |  |  | GBP |  |  |  | 7.78 |  |  |  | GBP |  |  |  | 1,963 |  |  | $ | (154,676 | )
Bankinter SA |  | Credit Suisse International |  |  | 540,600 |  |  |  | 07/06/22 |  |  |  | EUR |  |  |  | 5.48 |  |  |  | EUR |  |  |  | 3,218 |  |  |  | (286,802 | )
Relx PLC |  | Credit Suisse International |  |  | 71,700 |  |  |  | 07/06/22 |  |  |  | EUR |  |  |  | 27.92 |  |  |  | EUR |  |  |  | 1,851 |  |  |  | (374 | )
TELUS Corp. |  | Royal Bank of Canada |  |  | 111,600 |  |  |  | 07/06/22 |  |  |  | CAD |  |  |  | 32.17 |  |  |  | CAD |  |  |  | 3,200 |  |  |  | (380 | )
Wal-Mart de Mexico SAB de CV |  | Citibank N.A. |  |  | 1,200,900 |  |  |  | 07/06/22 |  |  |  | MXN |  |  |  | 77.83 |  |  |  | MXN |  |  |  | 83,258 |  |  |  | — |
Reckitt Benckiser Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 51,700 |  |  |  | 07/08/22 |  |  |  | GBP |  |  |  | 64.17 |  |  |  | GBP |  |  |  | 3,190 |  |  |  | (10,009 | )
Taylor Wimpey PLC |  | Morgan Stanley & Co. International PLC |  |  | 1,115,800 |  |  |  | 07/08/22 |  |  |  | GBP |  |  |  | 1.30 |  |  |  | GBP |  |  |  | 1,302 |  |  |  | (272 | )
United Overseas Bank Ltd. |  | UBS AG |  |  | 156,600 |  |  |  | 07/08/22 |  |  |  | SGD |  |  |  | 30.21 |  |  |  | SGD |  |  |  | 4,111 |  |  |  | — |
KDDI Corp. |  | Bank of America N.A. |  |  | 139,500 |  |  |  | 07/12/22 |  |  |  | JPY |  |  |  | 4,711.97 |  |  |  | JPY |  |  |  | 598,316 |  |  |  | (4,140 | )
Prudential PLC |  | JPMorgan Chase Bank N.A. |  |  | 169,200 |  |  |  | 07/12/22 |  |  |  | GBP |  |  |  | 10.61 |  |  |  | GBP |  |  |  | 1,719 |  |  |  | (33,048 | )
Air Liquide SA |  | Goldman Sachs International |  |  | 22,220 |  |  |  | 07/13/22 |  |  |  | EUR |  |  |  | 153.61 |  |  |  | EUR |  |  |  | 2,847 |  |  |  | (35 | )
EDP-Energias de Portugal SA |  | Goldman Sachs International |  |  | 391,900 |  |  |  | 07/13/22 |  |  |  | EUR |  |  |  | 4.81 |  |  |  | EUR |  |  |  | 1,745 |  |  |  | (3,075 | )
EssilorLuxottica SA |  | UBS AG |  |  | 16,800 |  |  |  | 07/13/22 |  |  |  | EUR |  |  |  | 157.64 |  |  |  | EUR |  |  |  | 2,401 |  |  |  | (9,031 | )
Zurich Insurance Group AG |  | UBS AG |  |  | 6,300 |  |  |  | 07/13/22 |  |  |  | CHF |  |  |  | 448.41 |  |  |  | CHF |  |  |  | 2,616 |  |  |  | (629 | )
TELUS Corp. |  | Royal Bank of Canada |  |  | 111,600 |  |  |  | 07/14/22 |  |  |  | CAD |  |  |  | 32.17 |  |  |  | CAD |  |  |  | 3,200 |  |  |  | (5,036 | )
Air Liquide SA |  | Merrill Lynch International |  |  | 22,000 |  |  |  | 07/19/22 |  |  |  | EUR |  |  |  | 151.22 |  |  |  | EUR |  |  |  | 2,819 |  |  |  | (213 | )
DBS Group Holdings Ltd. |  | Goldman Sachs International |  |  | 113,900 |  |  |  | 07/19/22 |  |  |  | SGD |  |  |  | 31.75 |  |  |  | SGD |  |  |  | 3,381 |  |  |  | (3,392 | )
EDP-Energias de Portugal SA |  | Goldman Sachs International |  |  | 128,000 |  |  |  | 07/19/22 |  |  |  | EUR |  |  |  | 4.75 |  |  |  | EUR |  |  |  | 570 |  |  |  | (2,817 | )
LVMH Moet Hennessy Louis Vuitton SE |  | Goldman Sachs International |  |  | 9,300 |  |  |  | 07/19/22 |  |  |  | EUR |  |  |  | 628.74 |  |  |  | EUR |  |  |  | 5,410 |  |  |  | (32,782 | )
Mediatek, Inc. |  | Morgan Stanley & Co. International PLC |  |  | 225,817 |  |  |  | 07/19/22 |  |  |  | USD |  |  |  | 912.26 |  |  |  | USD |  |  |  | 147,007 |  |  |  | (1,477 | )
Novo Nisk, Class B |  | Credit Suisse International |  |  | 14,900 |  |  |  | 07/19/22 |  |  |  | DKK |  |  |  | 789.60 |  |  |  | DKK |  |  |  | 11,729 |  |  |  | (48,057 | )
Prudential PLC |  | Morgan Stanley & Co. International PLC |  |  | 119,800 |  |  |  | 07/19/22 |  |  |  | GBP |  |  |  | 10.81 |  |  |  | GBP |  |  |  | 1,217 |  |  |  | (24,437 | )
EssilorLuxottica SA |  | Goldman Sachs International |  |  | 47,300 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 154.01 |  |  |  | EUR |  |  |  | 6,759 |  |  |  | (76,580 | )
Ferguson PLC |  | Goldman Sachs International |  |  | 12,400 |  |  |  | 07/20/22 |  |  |  | GBP |  |  |  | 97.40 |  |  |  | GBP |  |  |  | 1,139 |  |  |  | (14,507 | )
Koninklijke KPN NV |  | Goldman Sachs International |  |  | 1,075,000 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 3.44 |  |  |  | EUR |  |  |  | 3,656 |  |  |  | (35,301 | )
PPR S.A. |  | Credit Suisse International |  |  | 11,400 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 529.32 |  |  |  | EUR |  |  |  | 5,587 |  |  |  | (51,062 | )
PPR S.A. |  | Goldman Sachs International |  |  | 1,900 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 534.11 |  |  |  | EUR |  |  |  | 931 |  |  |  | (7,158 | )
Schneider Electric SE |  | Barclays Bank PLC |  |  | 22,950 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 133.36 |  |  |  | EUR |  |  |  | 2,591 |  |  |  | (1,144 | )
Taylor Wimpey PLC |  | Goldman Sachs International |  |  | 984,000 |  |  |  | 07/20/22 |  |  |  | GBP |  |  |  | 1.33 |  |  |  | GBP |  |  |  | 1,148 |  |  |  | (486 | )
Wal-Mart de Mexico SAB de CV |  | Citibank N.A. |  |  | 579,000 |  |  |  | 07/20/22 |  |  |  | MXN |  |  |  | 70.40 |  |  |  | MXN |  |  |  | 40,142 |  |  |  | (30,719 | )
BAE Systems PLC |  | Morgan Stanley & Co. International PLC |  |  | 113,800 |  |  |  | 07/26/22 |  |  |  | GBP |  |  |  | 8.16 |  |  |  | GBP |  |  |  | 945 |  |  |  | (40,171 | )
Reckitt Benckiser Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 77,600 |  |  |  | 07/26/22 |  |  |  | GBP |  |  |  | 61.08 |  |  |  | GBP |  |  |  | 4,788 |  |  |  | (190,867 | )
AstraZeneca PLC |  | Goldman Sachs International |  |  | 59,900 |  |  |  | 07/27/22 |  |  |  | GBP |  |  |  | 99.22 |  |  |  | GBP |  |  |  | 6,469 |  |  |  | (721,766 | )
Diageo PLC |  | JPMorgan Chase Bank N.A. |  |  | 69,500 |  |  |  | 07/27/22 |  |  |  | GBP |  |  |  | 35.10 |  |  |  | GBP |  |  |  | 2,454 |  |  |  | (112,426 | )
EDP-Energias de Portugal SA |  | Goldman Sachs International |  |  | 82,500 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 4.58 |  |  |  | EUR |  |  |  | 367 |  |  |  | (6,412 | )
EDP-Energias de Portugal SA |  | Morgan Stanley & Co. International PLC |  |  | 422,500 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 4.86 |  |  |  | EUR |  |  |  | 1,881 |  |  |  | (6,516 | )
Novo Nisk, Class B |  | Morgan Stanley & Co. International PLC |  |  | 13,500 |  |  |  | 07/27/22 |  |  |  | DKK |  |  |  | 817.63 |  |  |  | DKK |  |  |  | 10,627 |  |  |  | (32,662 | )
Prudential PLC |  | Goldman Sachs International |  |  | 183,100 |  |  |  | 07/27/22 |  |  |  | GBP |  |  |  | 11.18 |  |  |  | GBP |  |  |  | 1,860 |  |  |  | (29,399 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Schneider Electric SE |  | Goldman Sachs International |  |  | 22,950 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 132.69 |  |  |  | EUR |  |  |  | 2,591 |  |  | $ | (3,299 | )
Taylor Wimpey PLC |  | Goldman Sachs International |  |  | 1,132,000 |  |  |  | 07/27/22 |  |  |  | GBP |  |  |  | 1.30 |  |  |  | GBP |  |  |  | 1,320 |  |  |  | (7,295 | )
United Overseas Bank Ltd. |  | Goldman Sachs International |  |  | 75,000 |  |  |  | 07/27/22 |  |  |  | SGD |  |  |  | 29.07 |  |  |  | SGD |  |  |  | 1,969 |  |  |  | (337 | )
Bankinter SA |  | Barclays Bank PLC |  |  | 281,500 |  |  |  | 07/28/22 |  |  |  | EUR |  |  |  | 5.65 |  |  |  | EUR |  |  |  | 1,675 |  |  |  | (136,468 | )
Estee Lauder Cos., Inc., Class A |  | JPMorgan Chase Bank N.A. |  |  | 13,600 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 255.54 |  |  |  | USD |  |  |  | 3,464 |  |  |  | (147,953 | )
KDDI Corp. |  | JPMorgan Chase Bank N.A. |  |  | 58,700 |  |  |  | 07/28/22 |  |  |  | JPY |  |  |  | 4,490.04 |  |  |  | JPY |  |  |  | 251,764 |  |  |  | (14,460 | )
Relx PLC |  | JPMorgan Chase Bank N.A. |  |  | 100,800 |  |  |  | 07/28/22 |  |  |  | EUR |  |  |  | 24.79 |  |  |  | EUR |  |  |  | 2,603 |  |  |  | (140,811 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | JPMorgan Chase Bank N.A. |  |  | 160,000 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 522.02 |  |  |  | USD |  |  |  | 76,160 |  |  |  | (10,576 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | Morgan Stanley & Co. International PLC |  |  | 230,000 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 524.80 |  |  |  | USD |  |  |  | 109,480 |  |  |  | (13,370 | )
BAE Systems PLC |  | Goldman Sachs International |  |  | 100,000 |  |  |  | 08/02/22 |  |  |  | GBP |  |  |  | 7.93 |  |  |  | GBP |  |  |  | 830 |  |  |  | (56,825 | )
DBS Group Holdings Ltd. |  | UBS AG |  |  | 142,500 |  |  |  | 08/02/22 |  |  |  | SGD |  |  |  | 31.39 |  |  |  | SGD |  |  |  | 4,229 |  |  |  | (16,753 | )
EDP-Energias de Portugal SA |  | Merrill Lynch International |  |  | 587,300 |  |  |  | 08/02/22 |  |  |  | EUR |  |  |  | 4.63 |  |  |  | EUR |  |  |  | 2,615 |  |  |  | (39,486 | )
Ferguson PLC |  | JPMorgan Chase Bank N.A. |  |  | 42,400 |  |  |  | 08/02/22 |  |  |  | GBP |  |  |  | 89.94 |  |  |  | GBP |  |  |  | 3,896 |  |  |  | (268,480 | )
Mediatek, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 28,000 |  |  |  | 08/02/22 |  |  |  | USD |  |  |  | 967.20 |  |  |  | USD |  |  |  | 18,228 |  |  |  | (154 | )
AstraZeneca PLC |  | Credit Suisse International |  |  | 59,900 |  |  |  | 08/03/22 |  |  |  | GBP |  |  |  | 99.13 |  |  |  | GBP |  |  |  | 6,469 |  |  |  | (767,193 | )
Diageo PLC |  | JPMorgan Chase Bank N.A. |  |  | 69,500 |  |  |  | 08/03/22 |  |  |  | GBP |  |  |  | 35.10 |  |  |  | GBP |  |  |  | 2,454 |  |  |  | (117,464 | )
Epiroc AB, Class A |  | JPMorgan Chase Bank N.A. |  |  | 109,300 |  |  |  | 08/03/22 |  |  |  | SEK |  |  |  | 179.93 |  |  |  | SEK |  |  |  | 17,264 |  |  |  | (10,115 | )
Relx PLC |  | JPMorgan Chase Bank N.A. |  |  | 83,000 |  |  |  | 08/03/22 |  |  |  | EUR |  |  |  | 24.77 |  |  |  | EUR |  |  |  | 2,143 |  |  |  | (122,517 | )
United Overseas Bank Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 74,000 |  |  |  | 08/03/22 |  |  |  | SGD |  |  |  | 27.67 |  |  |  | SGD |  |  |  | 1,943 |  |  |  | (5,886 | )
EDP-Energias de Portugal SA |  | Credit Suisse International |  |  | 294,300 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 4.42 |  |  |  | EUR |  |  |  | 1,310 |  |  |  | (47,227 | )
EssilorLuxottica SA |  | Goldman Sachs International |  |  | 10,700 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 141.92 |  |  |  | EUR |  |  |  | 1,529 |  |  |  | (87,395 | )
EssilorLuxottica SA |  | JPMorgan Chase Bank N.A. |  |  | 9,800 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 144.68 |  |  |  | EUR |  |  |  | 1,400 |  |  |  | (63,632 | )
Ferguson PLC |  | Merrill Lynch International |  |  | 22,300 |  |  |  | 08/09/22 |  |  |  | GBP |  |  |  | 95.94 |  |  |  | GBP |  |  |  | 2,049 |  |  |  | (67,712 | )
Novo Nisk, Class B |  | Morgan Stanley & Co. International PLC |  |  | 85,900 |  |  |  | 08/09/22 |  |  |  | DKK |  |  |  | 796.64 |  |  |  | DKK |  |  |  | 67,620 |  |  |  | (385,491 | )
Prudential PLC |  | JPMorgan Chase Bank N.A. |  |  | 170,100 |  |  |  | 08/09/22 |  |  |  | GBP |  |  |  | 9.70 |  |  |  | GBP |  |  |  | 1,728 |  |  |  | (179,349 | )
Relx PLC |  | JPMorgan Chase Bank N.A. |  |  | 113,900 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 25.36 |  |  |  | EUR |  |  |  | 2,941 |  |  |  | (128,114 | )
Sanofi |  | Credit Suisse International |  |  | 65,250 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 98.75 |  |  |  | EUR |  |  |  | 6,286 |  |  |  | (140,450 | )
Sanofi |  | Goldman Sachs International |  |  | 65,300 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 98.21 |  |  |  | EUR |  |  |  | 6,291 |  |  |  | (154,431 | )
Taylor Wimpey PLC |  | Merrill Lynch International |  |  | 1,115,000 |  |  |  | 08/09/22 |  |  |  | GBP |  |  |  | 1.33 |  |  |  | GBP |  |  |  | 1,301 |  |  |  | (9,295 | )
Diageo PLC |  | UBS AG |  |  | 90,900 |  |  |  | 08/11/22 |  |  |  | GBP |  |  |  | 36.29 |  |  |  | GBP |  |  |  | 3,209 |  |  |  | (88,154 | )
Koninklijke KPN NV |  | UBS AG |  |  | 1,075,900 |  |  |  | 08/11/22 |  |  |  | EUR |  |  |  | 3.47 |  |  |  | EUR |  |  |  | 3,659 |  |  |  | (70,220 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  | UBS AG |  |  | 125,000 |  |  |  | 08/11/22 |  |  |  | USD |  |  |  | 508.65 |  |  |  | USD |  |  |  | 59,500 |  |  |  | (23,380 | )
Zurich Insurance Group AG |  | Goldman Sachs International |  |  | 6,300 |  |  |  | 08/11/22 |  |  |  | CHF |  |  |  | 425.31 |  |  |  | CHF |  |  |  | 2,616 |  |  |  | (48,311 | )
EDP-Energias de Portugal SA |  | Morgan Stanley & Co. International PLC |  |  | 385,000 |  |  |  | 08/16/22 |  |  |  | EUR |  |  |  | 4.65 |  |  |  | EUR |  |  |  | 1,714 |  |  |  | (33,770 | )
Epiroc AB, Class A |  | Merrill Lynch International |  |  | 109,300 |  |  |  | 08/17/22 |  |  |  | SEK |  |  |  | 167.61 |  |  |  | SEK |  |  |  | 17,264 |  |  |  | (43,212 | )
Epiroc AB, Class A |  | Morgan Stanley & Co. International PLC |  |  | 109,300 |  |  |  | 09/01/22 |  |  |  | SEK |  |  |  | 170.92 |  |  |  | SEK |  |  |  | 17,264 |  |  |  | (45,826 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (5,473,269 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 2,538,578 |  |  | $ | (2,403,771 | ) |  | $ | (5,937,531 | )

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 |  | $ | — |  |  | $ | — |  |  | $ | 5,937,531 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5,937,531 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced International Dividend Trust (BGY)

For the period ended June 30, 2022, 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 |  | $ | — |  |  | $ | — |  |  | $ | 935,870 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 935,870 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 2,361,202 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,361,202 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | 6,836,414 |

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 5,937,531 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 5,937,531 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (464,262 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 5,473,269 |

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. |  | $ | 4,140 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,140 |
Barclays Bank PLC |  |  | 137,612 |  |  |  | — |  |  |  | — |  |  |  | (34,000) |  |  |  | 103,612 |
Citibank N.A. |  |  | 30,719 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 30,719 |
Credit Suisse International |  |  | 1,341,165 |  |  |  | — |  |  |  | (1,341,165 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 1,291,603 |  |  |  | — |  |  |  | (1,291,603 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 1,349,099 |  |  |  | — |  |  |  | (1,349,099 | ) |  |  | — |  |  |  | — |
Merrill Lynch International |  |  | 159,918 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 159,918 |
Morgan Stanley & Co. International PLC |  |  | 945,430 |  |  |  | — |  |  |  | (624,430 | ) |  |  | (321,000 | ) |  |  | — |
Royal Bank of Canada |  |  | 5,416 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,416 |
UBS AG |  |  | 208,167 |  |  |  | — |  |  |  | (208,167 | ) |  |  | — |  |  |  | — |
|  | $ | 5,473,269 |  |  | $ | — |  |  | $ | (4,814,464 | ) |  | $ | (355,000 | ) |  | $ | 303,805 |

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

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Enhanced International Dividend Trust (BGY)

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  | $ | 19,658,328 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,658,328 |
Denmark |  |  | — |  |  |  | 28,177,725 |  |  |  | — |  |  |  | 28,177,725 |
France |  |  | — |  |  |  | 113,172,571 |  |  |  | — |  |  |  | 113,172,571 |
India |  |  | — |  |  |  | 17,040,109 |  |  |  | 1,075,939 |  |  |  | 18,116,048 |
Indonesia |  |  | — |  |  |  | 10,881,582 |  |  |  | — |  |  |  | 10,881,582 |
Japan |  |  | — |  |  |  | 11,364,983 |  |  |  | — |  |  |  | 11,364,983 |
Mexico |  |  | 13,636,861 |  |  |  | — |  |  |  | — |  |  |  | 13,636,861 |
Netherlands |  |  | — |  |  |  | 17,007,162 |  |  |  | — |  |  |  | 17,007,162 |
Portugal |  |  | — |  |  |  | 23,731,180 |  |  |  | — |  |  |  | 23,731,180 |
Singapore |  |  | — |  |  |  | 25,019,734 |  |  |  | — |  |  |  | 25,019,734 |
Spain |  |  | — |  |  |  | 14,690,349 |  |  |  | — |  |  |  | 14,690,349 |
Sweden |  |  | — |  |  |  | 15,047,353 |  |  |  | — |  |  |  | 15,047,353 |
Switzerland |  |  | — |  |  |  | 12,138,972 |  |  |  | — |  |  |  | 12,138,972 |
Taiwan |  |  | — |  |  |  | 30,527,145 |  |  |  | — |  |  |  | 30,527,145 |
United Kingdom |  |  | — |  |  |  | 166,689,398 |  |  |  | — |  |  |  | 166,689,398 |
United States |  |  | 61,750,990 |  |  |  | — |  |  |  | — |  |  |  | 61,750,990 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 8,325,690 |  |  |  | — |  |  |  | — |  |  |  | 8,325,690 |
|  | $ | 103,371,869 |  |  | $ | 485,488,263 |  |  | $ | 1,075,939 |  |  | $ | 589,936,071 |
Derivative Financial Instruments (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (282,003) |  |  | $ | (5,655,528) |  |  | $ | — |  |  | $ | (5,937,531) |

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

See notes to financial statements.

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

Schedule of Investments (unaudited) June 30, 2022 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Biotechnology — 18.3% |
AbbVie, Inc. |  |  | 133,468 |  |  | $ | 20,441,959 |
Acumen Pharmaceuticals, Inc. (a) |  |  | 152,651 |  |  |  | 717,460 |
Alkermes PLC (a) |  |  | 22,001 |  |  |  | 655,410 |
Alnylam Pharmaceuticals, Inc. (a) |  |  | 15,583 |  |  |  | 2,272,781 |
Ambrx Biopharma, Inc., ADR (a) |  |  | 43,409 |  |  |  | 115,034 |
Amgen, Inc. (b) |  |  | 67,126 |  |  |  | 16,331,756 |
Arcutis Biotherapeutics, Inc. (a) |  |  | 42,854 |  |  |  | 913,219 |
Argenx SE, ADR (a) |  |  | 6,666 |  |  |  | 2,525,614 |
Biogen, Inc. (a) |  |  | 39,237 |  |  |  | 8,001,994 |
BioMarin Pharmaceutical, Inc. (a) |  |  | 34,340 |  |  |  | 2,845,756 |
Cerevel Therapeutics Holdings, Inc. (a) |  |  | 16,785 |  |  |  | 443,795 |
Decibel Therapeutics, Inc. (a) |  |  | 46,884 |  |  |  | 197,382 |
Design Therapeutics, Inc. (a) |  |  | 13,967 |  |  |  | 195,538 |
Enanta Pharmaceuticals, Inc. (a) |  |  | 3,150 |  |  |  | 148,901 |
Everest Medicines Ltd. (a)(c) |  |  | 30,500 |  |  |  | 87,631 |
Exact Sciences Corp. (a) |  |  | 15,501 |  |  |  | 610,584 |
Genmab A/S (a) |  |  | 2,498 |  |  |  | 810,463 |
Genmab A/S, ADR (a) |  |  | 16,911 |  |  |  | 549,438 |
Gilead Sciences, Inc. |  |  | 135,169 |  |  |  | 8,354,796 |
Horizon Therapeutics PLC (a) |  |  | 17,217 |  |  |  | 1,373,228 |
Imago Biosciences, Inc. (a) |  |  | 47,824 |  |  |  | 640,363 |
Immuneering Corp., Class A (a)(d) |  |  | 14,456 |  |  |  | 78,207 |
Immunocore Holdings PLC, ADR (a) |  |  | 9,668 |  |  |  | 360,713 |
Incyte Corp. (a) |  |  | 26,918 |  |  |  | 2,044,960 |
Ionis Pharmaceuticals, Inc. (a) |  |  | 15,110 |  |  |  | 559,372 |
Krystal Biotech, Inc. (a) |  |  | 4,198 |  |  |  | 275,641 |
Moderna, Inc. (a) |  |  | 29,223 |  |  |  | 4,174,506 |
Monte Rosa Therapeutics, Inc. (a) |  |  | 28,575 |  |  |  | 276,320 |
MoonLake Immunotherapeutics (a)(d) |  |  | 11,715 |  |  |  | 61,504 |
Neurocrine Biosciences, Inc. (a) |  |  | 23,254 |  |  |  | 2,266,800 |
PMV Pharmaceuticals, Inc. (a) |  |  | 17,490 |  |  |  | 249,232 |
Point Biopharma Global, Inc. (a)(d) |  |  | 27,000 |  |  |  | 183,870 |
Prothena Corp. PLC (a) |  |  | 17,159 |  |  |  | 465,867 |
Regeneron Pharmaceuticals, Inc. (a) |  |  | 9,757 |  |  |  | 5,767,655 |
Revolution Medicines, Inc. (a) |  |  | 10,535 |  |  |  | 205,327 |
Sarepta Therapeutics, Inc. (a) |  |  | 22,753 |  |  |  | 1,705,565 |
Seagen, Inc. (a) |  |  | 20,872 |  |  |  | 3,693,092 |
Sierra Oncology, Inc. (a) |  |  | 10,571 |  |  |  | 581,299 |
Sigilon Therapeutics, Inc. (a) |  |  | 19,555 |  |  |  | 16,231 |
Talaris Therapeutics, Inc. (a) |  |  | 23,939 |  |  |  | 107,965 |
Tenaya Therapeutics, Inc. (a) |  |  | 25,502 |  |  |  | 143,576 |
TScan Therapeutics, Inc. (a) |  |  | 29,940 |  |  |  | 94,161 |
Vertex Pharmaceuticals, Inc. (a) |  |  | 41,974 |  |  |  | 11,827,853 |
|  |  |  |  |  |  | 103,372,818 |
Diversified Financial Services (a) — 0.3% |  |  |  |  |  |
Health Assurance Acquisition Corp., Class A |  |  | 90,235 |  |  |  | 891,522 |
Health Sciences Acquisitions Corp. 2 |  |  | 13,696 |  |  |  | 136,412 |
MedTech Acquisition Corp., Class A |  |  | 42,753 |  |  |  | 420,690 |
|  |  |  |  |  |  | 1,448,624 |
Health Care Equipment & Supplies — 14.8% |  |  |  |
Abbott Laboratories (b) |  |  | 206,357 |  |  |  | 22,420,688 |
ABIOMED, Inc. (a) |  |  | 14,359 |  |  |  | 3,553,996 |
Alcon, Inc. |  |  | 53,199 |  |  |  | 3,718,078 |
Bausch & Lomb Corp. (a)(d) |  |  | 75,830 |  |  |  | 1,155,649 |
Baxter International, Inc. |  |  | 71,467 |  |  |  | 4,590,325 |
Boston Scientific Corp. (a) |  |  | 260,597 |  |  |  | 9,712,450 |
Cooper Cos., Inc. |  |  | 5,056 |  |  |  | 1,583,135 |
DexCom, Inc. (a) |  |  | 41,320 |  |  |  | 3,079,580 |

Security |  | Shares |  |  | Value |
Health Care Equipment & Supplies (continued) |  |  |  |
Edwards Lifesciences Corp. (a) |  |  | 42,331 |  |  | $ | 4,025,255 |
Insulet Corp. (a) |  |  | 7,050 |  |  |  | 1,536,477 |
Intuitive Surgical, Inc. (a) |  |  | 20,504 |  |  |  | 4,115,358 |
Medtronic PLC |  |  | 91,659 |  |  |  | 8,226,395 |
Nevro Corp. (a) |  |  | 41,187 |  |  |  | 1,805,226 |
Novocure Ltd. (a) |  |  | 10,555 |  |  |  | 733,573 |
Omnicell, Inc. (a) |  |  | 6,425 |  |  |  | 730,844 |
ResMed, Inc. |  |  | 20,674 |  |  |  | 4,333,891 |
Stryker Corp. |  |  | 30,152 |  |  |  | 5,998,137 |
Teleflex, Inc. |  |  | 4,190 |  |  |  | 1,030,111 |
Zimmer Biomet Holdings, Inc. |  |  | 14,617 |  |  |  | 1,535,662 |
|  |  |  |  |  |  | 83,884,830 |
Health Care Providers & Services — 23.3% |  |  |  |  |  |
Agiliti, Inc. (a) |  |  | 75,106 |  |  |  | 1,540,424 |
Agilon Health, Inc. (a) |  |  | 21,477 |  |  |  | 468,843 |
Amedisys, Inc. (a) |  |  | 22,677 |  |  |  | 2,383,806 |
AmerisourceBergen Corp. |  |  | 53,668 |  |  |  | 7,592,949 |
Centene Corp. (a) |  |  | 70,991 |  |  |  | 6,006,549 |
Cigna Corp. |  |  | 53,494 |  |  |  | 14,096,739 |
CVS Health Corp. |  |  | 45,115 |  |  |  | 4,180,356 |
Elevance Health, Inc. (b) |  |  | 35,882 |  |  |  | 17,315,936 |
Encompass Health Corp. |  |  | 43,989 |  |  |  | 2,465,583 |
Guardant Health, Inc. (a) |  |  | 11,675 |  |  |  | 470,969 |
HCA Healthcare, Inc. |  |  | 8,085 |  |  |  | 1,358,765 |
Henry Schein, Inc. (a) |  |  | 14,175 |  |  |  | 1,087,789 |
LHC Group, Inc. (a) |  |  | 20,224 |  |  |  | 3,149,686 |
McKesson Corp. |  |  | 23,385 |  |  |  | 7,628,421 |
Quest Diagnostics, Inc. |  |  | 58,849 |  |  |  | 7,825,740 |
UnitedHealth Group, Inc. (b) |  |  | 105,815 |  |  |  | 54,349,758 |
|  |  |  |  |  |  | 131,922,313 |
Health Care Technology — 0.1% |  |  |  |  |  |
Teladoc Health, Inc. (a) |  |  | 18,461 |  |  |  | 613,090 |
Life Sciences Tools & Services — 10.6% |  |  |  |  |  |
10X Genomics, Inc., Class A (a) |  |  | 8,445 |  |  |  | 382,136 |
Agilent Technologies, Inc. |  |  | 62,230 |  |  |  | 7,391,057 |
Avantor, Inc. (a) |  |  | 125,192 |  |  |  | 3,893,471 |
Danaher Corp. |  |  | 53,025 |  |  |  | 13,442,898 |
Icon PLC (a) |  |  | 9,290 |  |  |  | 2,013,143 |
IQVIA Holdings, Inc. (a) |  |  | 22,533 |  |  |  | 4,889,436 |
IsoPlexis Corp. (a) |  |  | 30,336 |  |  |  | 65,526 |
Nautilus Biotechnology, Inc. (a) |  |  | 16,560 |  |  |  | 44,546 |
QIAGEN NV (a) |  |  | 25,121 |  |  |  | 1,185,711 |
Rapid Micro Biosystems, Inc., Class A (a)(d) |  |  | 20,561 |  |  |  | 88,412 |
Thermo Fisher Scientific, Inc. (e) |  |  | 41,358 |  |  |  | 22,468,974 |
Waters Corp. (a) |  |  | 10,760 |  |  |  | 3,561,345 |
West Pharmaceutical Services, Inc. |  |  | 2,815 |  |  |  | 851,172 |
|  |  |  |  |  |  | 60,277,827 |
Pharmaceuticals — 27.2% |  |  |  |  |  |
AstraZeneca PLC |  |  | 75,201 |  |  |  | 9,920,646 |
AstraZeneca PLC, ADR |  |  | 24,607 |  |  |  | 1,625,784 |
Bristol-Myers Squibb Co. |  |  | 108,356 |  |  |  | 8,343,412 |
Daiichi Sankyo Co. Ltd. |  |  | 104,800 |  |  |  | 2,665,324 |
Eli Lilly & Co. |  |  | 87,986 |  |  |  | 28,527,701 |
Hansoh Pharmaceutical Group Co. Ltd. (c) |  |  | 882,438 |  |  |  | 1,786,883 |
Johnson & Johnson (b)(e) |  |  | 171,201 |  |  |  | 30,389,890 |
Merck & Co., Inc. (b) |  |  | 221,709 |  |  |  | 20,213,210 |
Pfizer, Inc. (b) |  |  | 466,186 |  |  |  | 24,442,132 |
Roche Holding AG |  |  | 5,766 |  |  |  | 1,927,573 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust (BME) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Pharmaceuticals (continued) |
Sanofi |  |  | 81,522 |  |  | $ | 8,221,170 |
Sanofi, ADR |  |  | 62,750 |  |  |  | 3,139,382 |
Zoetis, Inc., Class A |  |  | 74,312 |  |  |  | 12,773,490 |
|  |  |  |  |  |  | 153,976,597 |
Total Common Stocks — 94.6% (Cost: $385,232,243) |  |  |  | 535,496,099 |
|  | Benefical Interest (000) |  |  |  |
Other Interests |
Pharmaceuticals — 0.0% |  |  |  |  |  |
Afferent Pharmaceuticals, Inc. (f)(g) |  | $ | 190 |  |  |  | 150,226 |
Total Other Interests — 0.0% (Cost: $ — ) |  |  |  | 150,226 |
|  | Shares |  |  |  |
Preferred Securities |
Preferred Stocks — 0.9% (f)(h) |  |  |  |  |  |
Biotechnology — 0.3% |  |  |  |  |  |
Affinvax, Inc., Series C, (Acquired 01/06/21, Cost: $199,992) |  |  | 6,331 |  |  |  | 400,816 |
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $265,002) |  |  | 44,167 |  |  |  | 212,002 |
Goldfinch Biopharma, Inc., Series B, (Acquired 06/26/20, Cost: $224,200) |  |  | 190,000 |  |  |  | 254,600 |
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $590,800) |  |  | 21,100 |  |  |  | 531,720 |
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $260,568) |  |  | 106,790 |  |  |  | 260,567 |
|  |  |  |  |  |  | 1,659,705 |
Health Care Equipment & Supplies — 0.3% |  |  |  |
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $595,999) |  |  | 101,741 |  |  |  | 397,807 |
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $1,070,001) |  |  | 367,395 |  |  |  | 988,292 |
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $515,759) |  |  | 4,243,029 |  |  |  | 340,893 |
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $286,998) |  |  | 92,580 |  |  |  | 205,528 |
|  |  |  |  |  |  | 1,932,520 |
Pharmaceuticals — 0.1% |  |  |  |  |  |
Insitro, Inc., Series C, (Acquired 03/10/21, Cost: $560,000) |  |  | 30,616 |  |  |  | 391,885 |
Software — 0.2% |  |  |  |  |  |
Carbon Health Technologies, Inc., (Acquired 07/09/21, Cost: $907,000) |  |  | 907 |  |  |  | 892,189 |
|  |  |  | 4,876,299 |
Total Preferred Securities — 0.9% (Cost: $5,476,319) |  |  |  | 4,876,299 |

Security |  | Shares |  |  | Value |
Warrants |  |  |  |  |  |  |  |
Diversified Financial Services — 0.0% |
Health Assurance Acquisition Corp. (Expires 11/12/2025) (a) |  |  | 12,859 |  |  | $ | 1,733 |
Health Care Providers & Services — 0.0% |
CareMax, Inc. (Expires 06/08/2026) (a) |  |  | 4,201 |  |  |  | 2,731 |
Pharmaceuticals — 0.0% |
Nuvation Bio, Inc. (Expires 7/7/2027) (a) |  |  | 4,050 |  |  |  | 1,134 |
Total Warrants — 0.0% (Cost: $53,161) |  |  |  | 5,598 |
Total Long-Term Investments — 95.5% (Cost: $390,761,723) |  |  |  | 540,528,222 |
Short-Term Securities |
Money Market Funds — 5.7% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (i)(j) |  |  | 31,712,586 |  |  |  | 31,712,585 |
SL Liquidity Series, LLC, Money Market Series, 1.73% (i)(j)(k) |  |  | 588,991 |  |  |  | 588,874 |
Total Short-Term Securities — 5.7% (Cost: $32,301,485) |  |  |  | 32,301,459 |
Total Investments Before Options Written — 101.2% (Cost: $423,063,208) |  |  |  | 572,829,681 |
Options Written — (1.1)% (Premiums Received: $(4,879,676)) |  |  |  | (6,201,260 | )
Total Investments, Net of Options Written — 100.1% (Cost: $418,183,532) |  |  |  | 566,628,421 |
Liabilities in Excess of Other Assets — (0.1)% |  |  |  | (567,492 | )
Net Assets — 100.0% |  |  | $ | 566,060,929 |

(a) | Non-income producing security.

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

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

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

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

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

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

(h) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $4,876,299, representing 0.9% of its net assets as of period end, and an original cost of $5,476,319.

(i) | Affiliate of the Trust.

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

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

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust (BME)

Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/21 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/22 |  |  | Shares Held at 06/30/22 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 27,581,316 |  |  | $ | 4,131,269 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31,712,585 |  |  |  | 31,712,586 |  |  | $ | 58,372 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 211,489 |  |  |  | 377,587 | (a) |  |  | — |  |  |  | (184 | ) |  |  | (18 | ) |  |  | 588,874 |  |  |  | 588,991 |  |  |  | 6,274 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (184 | ) |  | $ | (18 | ) |  | $ | 32,301,459 |  |  |  |  |  |  | $ | 64,646 |  |  | $ | — |

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

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

Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AmerisourceBergen Corp. |  |  | 44 |  |  |  | 07/01/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 623 |  |  | $ | (1,100) |
Baxter International, Inc. |  |  | 124 |  |  |  | 07/01/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 796 |  |  |  | (620) |
Biogen, Inc. |  |  | 75 |  |  |  | 07/01/22 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 1,530 |  |  |  | (10,125) |
Boston Scientific Corp. |  |  | 86 |  |  |  | 07/01/22 |  |  | USD |  |  | 41.00 |  |  | USD |  |  | 321 |  |  |  | (6,450) |
Centene Corp. |  |  | 112 |  |  |  | 07/01/22 |  |  | USD |  |  | 86.00 |  |  | USD |  |  | 948 |  |  |  | (1,400) |
Cigna Corp. |  |  | 111 |  |  |  | 07/01/22 |  |  | USD |  |  | 265.00 |  |  | USD |  |  | 2,925 |  |  |  | (18,037) |
McKesson Corp. |  |  | 19 |  |  |  | 07/01/22 |  |  | USD |  |  | 330.00 |  |  | USD |  |  | 620 |  |  |  | (1,663) |
UnitedHealth Group, Inc. |  |  | 65 |  |  |  | 07/01/22 |  |  | USD |  |  | 505.00 |  |  | USD |  |  | 3,339 |  |  |  | (64,187) |
Abbott Laboratories |  |  | 170 |  |  |  | 07/08/22 |  |  | USD |  |  | 109.00 |  |  | USD |  |  | 1,847 |  |  |  | (25,585) |
AbbVie, Inc. |  |  | 201 |  |  |  | 07/08/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 3,079 |  |  |  | (92,460) |
AmerisourceBergen Corp. |  |  | 136 |  |  |  | 07/08/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,924 |  |  |  | (28,560) |
Amgen, Inc. |  |  | 59 |  |  |  | 07/08/22 |  |  | USD |  |  | 245.00 |  |  | USD |  |  | 1,435 |  |  |  | (11,889) |
Anthem, Inc. |  |  | 50 |  |  |  | 07/08/22 |  |  | USD |  |  | 465.00 |  |  | USD |  |  | 2,413 |  |  |  | (100,750) |
Anthem, Inc. |  |  | 18 |  |  |  | 07/08/22 |  |  | USD |  |  | 477.50 |  |  | USD |  |  | 869 |  |  |  | (19,980) |
Baxter International, Inc. |  |  | 18 |  |  |  | 07/08/22 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 116 |  |  |  | (900) |
Biogen, Inc. |  |  | 74 |  |  |  | 07/08/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,509 |  |  |  | (14,060) |
Centene Corp. |  |  | 87 |  |  |  | 07/08/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 736 |  |  |  | (11,528) |
Cigna Corp. |  |  | 70 |  |  |  | 07/08/22 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 1,845 |  |  |  | (48,300) |
Edwards Lifesciences Corp. |  |  | 117 |  |  |  | 07/08/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,113 |  |  |  | (26,325) |
McKesson Corp. |  |  | 32 |  |  |  | 07/08/22 |  |  | USD |  |  | 345.00 |  |  | USD |  |  | 1,044 |  |  |  | (3,840) |
UnitedHealth Group, Inc. |  |  | 2 |  |  |  | 07/08/22 |  |  | USD |  |  | 515.00 |  |  | USD |  |  | 103 |  |  |  | (1,650) |
Vertex Pharmaceuticals, Inc. |  |  | 55 |  |  |  | 07/08/22 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 1,550 |  |  |  | (17,050) |
10X Genomics, Inc., Class A |  |  | 32 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 145 |  |  |  | (22,560) |
Abbott Laboratories |  |  | 236 |  |  |  | 07/15/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 2,564 |  |  |  | (2,006) |
ABIOMED, Inc. |  |  | 29 |  |  |  | 07/15/22 |  |  | USD |  |  | 272.00 |  |  | USD |  |  | 718 |  |  |  | (4,185) |
Agilent Technologies, Inc. |  |  | 30 |  |  |  | 07/15/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 356 |  |  |  | (825) |
Agilent Technologies, Inc. |  |  | 60 |  |  |  | 07/15/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 713 |  |  |  | (4,500) |
Agilent Technologies, Inc. |  |  | 20 |  |  |  | 07/15/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 238 |  |  |  | (4,900) |
Agilon Health, Inc. |  |  | 41 |  |  |  | 07/15/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 90 |  |  |  | (3,895) |
Alkermes PLC |  |  | 20 |  |  |  | 07/15/22 |  |  | USD |  |  | 31.00 |  |  | USD |  |  | 60 |  |  |  | (1,950) |
Alnylam Pharmaceuticals, Inc. |  |  | 43 |  |  |  | 07/15/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 627 |  |  |  | (45,795) |
Amedisys, Inc. |  |  | 40 |  |  |  | 07/15/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 420 |  |  |  | (11,200) |
AmerisourceBergen Corp. |  |  | 3 |  |  |  | 07/15/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 42 |  |  |  | (135) |
Amgen, Inc. |  |  | 70 |  |  |  | 07/15/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 1,703 |  |  |  | (9,590) |
Anthem, Inc. |  |  | 50 |  |  |  | 07/15/22 |  |  | USD |  |  | 480.00 |  |  | USD |  |  | 2,413 |  |  |  | (62,750) |
Arcutis Biotherapeutics, Inc. |  |  | 54 |  |  |  | 07/15/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 115 |  |  |  | (1,755) |
Argenx SE |  |  | 8 |  |  |  | 07/15/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 303 |  |  |  | (26,680) |
Avantor, Inc. |  |  | 245 |  |  |  | 07/15/22 |  |  | USD |  |  | 31.25 |  |  | USD |  |  | 762 |  |  |  | (18,644) |
Baxter International, Inc. |  |  | 17 |  |  |  | 07/15/22 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 109 |  |  |  | (595) |
Baxter International, Inc. |  |  | 79 |  |  |  | 07/15/22 |  |  | USD |  |  | 68.00 |  |  | USD |  |  | 507 |  |  |  | (4,740) |
BioMarin Pharmaceutical, Inc. |  |  | 61 |  |  |  | 07/15/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 506 |  |  |  | (3,965) |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BioMarin Pharmaceutical, Inc. |  |  | 2 |  |  |  | 07/15/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 17 |  |  | $ | (290) |
Boston Scientific Corp. |  |  | 43 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 160 |  |  |  | (968) |
Centene Corp. |  |  | 70 |  |  |  | 07/15/22 |  |  | USD |  |  | 87.50 |  |  | USD |  |  | 592 |  |  |  | (7,350) |
Cerevel Therapeutics Holdings, Inc. |  |  | 31 |  |  |  | 07/15/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 82 |  |  |  | (5,270) |
Cigna Corp. |  |  | 22 |  |  |  | 07/15/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 580 |  |  |  | (8,910) |
Cooper Cos., Inc. |  |  | 13 |  |  |  | 07/15/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 407 |  |  |  | (6,240) |
Danaher Corp. |  |  | 79 |  |  |  | 07/15/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 2,003 |  |  |  | (11,060) |
Danaher Corp. |  |  | 10 |  |  |  | 07/15/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 254 |  |  |  | (9,150) |
DexCom, Inc. |  |  | 84 |  |  |  | 07/15/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 626 |  |  |  | (3,990) |
Eli Lilly & Co. |  |  | 125 |  |  |  | 07/15/22 |  |  | USD |  |  | 320.00 |  |  | USD |  |  | 4,053 |  |  |  | (140,312) |
Encompass Health Corp. |  |  | 167 |  |  |  | 07/15/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 936 |  |  |  | (16,700) |
Exact Sciences Corp. |  |  | 58 |  |  |  | 07/15/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 228 |  |  |  | (3,770) |
Gilead Sciences, Inc. |  |  | 38 |  |  |  | 07/15/22 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 235 |  |  |  | (2,223) |
Guardant Health, Inc. |  |  | 22 |  |  |  | 07/15/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 89 |  |  |  | (2,365) |
Henry Schein, Inc. |  |  | 80 |  |  |  | 07/15/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 614 |  |  |  | (6,000) |
Horizon Therapeutics PLC |  |  | 41 |  |  |  | 07/15/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 327 |  |  |  | (9,123) |
Immunocore Holdings PLC |  |  | 18 |  |  |  | 07/15/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 67 |  |  |  | (15,390) |
Incyte Corp. |  |  | 102 |  |  |  | 07/15/22 |  |  | USD |  |  | 72.50 |  |  | USD |  |  | 775 |  |  |  | (41,565) |
Insulet Corp. |  |  | 13 |  |  |  | 07/15/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 283 |  |  |  | (12,350) |
Intuitive Surgical, Inc. |  |  | 57 |  |  |  | 07/15/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 1,144 |  |  |  | (2,138) |
Intuitive Surgical, Inc. |  |  | 20 |  |  |  | 07/15/22 |  |  | USD |  |  | 215.00 |  |  | USD |  |  | 401 |  |  |  | (4,500) |
Ionis Pharmaceuticals, Inc. |  |  | 14 |  |  |  | 07/15/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 52 |  |  |  | (245) |
Ionis Pharmaceuticals, Inc. |  |  | 14 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 52 |  |  |  | (980) |
IQVIA Holdings, Inc. |  |  | 26 |  |  |  | 07/15/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 564 |  |  |  | (27,430) |
Johnson & Johnson |  |  | 78 |  |  |  | 07/15/22 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 1,385 |  |  |  | (14,118) |
Johnson & Johnson |  |  | 78 |  |  |  | 07/15/22 |  |  | USD |  |  | 182.50 |  |  | USD |  |  | 1,385 |  |  |  | (7,722) |
Krystal Biotech, Inc. |  |  | 10 |  |  |  | 07/15/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 66 |  |  |  | (7,100) |
Merck & Co., Inc. |  |  | 336 |  |  |  | 07/15/22 |  |  | USD |  |  | 92.50 |  |  | USD |  |  | 3,063 |  |  |  | (42,504) |
Moderna, Inc. |  |  | 58 |  |  |  | 07/15/22 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 829 |  |  |  | (40,455) |
Neurocrine Biosciences, Inc. |  |  | 44 |  |  |  | 07/15/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 429 |  |  |  | (36,740) |
Nevro Corp. |  |  | 61 |  |  |  | 07/15/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 267 |  |  |  | (12,505) |
Novocure Ltd. |  |  | 40 |  |  |  | 07/15/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 278 |  |  |  | (7,600) |
Pfizer, Inc. |  |  | 199 |  |  |  | 07/15/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,043 |  |  |  | (7,861) |
Qiagen NV |  |  | 17 |  |  |  | 07/15/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 80 |  |  |  | (4,505) |
Quest Diagnostics, Inc. |  |  | 46 |  |  |  | 07/15/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 612 |  |  |  | (5,175) |
Regeneron Pharmaceuticals, Inc. |  |  | 22 |  |  |  | 07/15/22 |  |  | USD |  |  | 690.00 |  |  | USD |  |  | 1,300 |  |  |  | (1,980) |
ResMed, Inc. |  |  | 35 |  |  |  | 07/15/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 734 |  |  |  | (19,075) |
ResMed, Inc. |  |  | 43 |  |  |  | 07/15/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 901 |  |  |  | (8,385) |
Revolution Medicines, Inc. |  |  | 20 |  |  |  | 07/15/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 39 |  |  |  | (550) |
Sanofi, ADR |  |  | 134 |  |  |  | 07/15/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 670 |  |  |  | (1,675) |
Sarepta Therapeutics, Inc. |  |  | 59 |  |  |  | 07/15/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 442 |  |  |  | (13,275) |
Seagen, Inc. |  |  | 64 |  |  |  | 07/15/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,132 |  |  |  | (156,800) |
Teladoc Health, Inc. |  |  | 30 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 100 |  |  |  | (1,170) |
UnitedHealth Group, Inc. |  |  | 209 |  |  |  | 07/15/22 |  |  | USD |  |  | 480.00 |  |  | USD |  |  | 10,735 |  |  |  | (784,272) |
Vertex Pharmaceuticals, Inc. |  |  | 54 |  |  |  | 07/15/22 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 1,522 |  |  |  | (33,210) |
West Pharmaceutical Services, Inc. |  |  | 5 |  |  |  | 07/15/22 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 151 |  |  |  | (2,950) |
Zimmer Biomet Holdings, Inc. |  |  | 40 |  |  |  | 07/15/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 420 |  |  |  | (1,100) |
Zoetis, Inc., Class A |  |  | 119 |  |  |  | 07/15/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 2,045 |  |  |  | (26,180) |
Zoetis, Inc., Class A |  |  | 39 |  |  |  | 07/15/22 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 670 |  |  |  | (6,435) |
Abbott Laboratories |  |  | 103 |  |  |  | 07/22/22 |  |  | USD |  |  | 112.00 |  |  | USD |  |  | 1,119 |  |  |  | (16,377) |
AbbVie, Inc. |  |  | 201 |  |  |  | 07/22/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 3,079 |  |  |  | (111,555) |
AmerisourceBergen Corp. |  |  | 17 |  |  |  | 07/22/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 241 |  |  |  | (808) |
Amgen, Inc. |  |  | 60 |  |  |  | 07/22/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 1,460 |  |  |  | (16,470) |
Anthem, Inc. |  |  | 19 |  |  |  | 07/22/22 |  |  | USD |  |  | 485.00 |  |  | USD |  |  | 917 |  |  |  | (28,025) |
AstraZeneca PLC |  |  | 93 |  |  |  | 07/22/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 614 |  |  |  | (22,785) |
Baxter International, Inc. |  |  | 77 |  |  |  | 07/22/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 495 |  |  |  | (9,625) |
Boston Scientific Corp. |  |  | 273 |  |  |  | 07/22/22 |  |  | USD |  |  | 43.00 |  |  | USD |  |  | 1,017 |  |  |  | (17,745) |
Bristol-Myers Squibb Co. |  |  | 287 |  |  |  | 07/22/22 |  |  | USD |  |  | 78.00 |  |  | USD |  |  | 2,210 |  |  |  | (34,153) |
CVS Health Corp. |  |  | 25 |  |  |  | 07/22/22 |  |  | USD |  |  | 97.00 |  |  | USD |  |  | 232 |  |  |  | (1,650) |
Gilead Sciences, Inc. |  |  | 82 |  |  |  | 07/22/22 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 507 |  |  |  | (7,380) |
Gilead Sciences, Inc. |  |  | 100 |  |  |  | 07/22/22 |  |  | USD |  |  | 61.00 |  |  | USD |  |  | 618 |  |  |  | (27,600) |
Gilead Sciences, Inc. |  |  | 39 |  |  |  | 07/22/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 241 |  |  |  | (1,326) |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Johnson & Johnson |  |  | 338 |  |  |  | 07/22/22 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 6,000 |  |  | $ | (92,950) |
McKesson Corp. |  |  | 17 |  |  |  | 07/22/22 |  |  | USD |  |  | 330.00 |  |  | USD |  |  | 555 |  |  |  | (11,730) |
Medtronic PLC |  |  | 93 |  |  |  | 07/22/22 |  |  | USD |  |  | 99.00 |  |  | USD |  |  | 835 |  |  |  | (3,348) |
Merck & Co., Inc. |  |  | 260 |  |  |  | 07/22/22 |  |  | USD |  |  | 92.00 |  |  | USD |  |  | 2,370 |  |  |  | (48,100) |
Moderna, Inc. |  |  | 53 |  |  |  | 07/22/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 757 |  |  |  | (59,227) |
Pfizer, Inc. |  |  | 199 |  |  |  | 07/22/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,043 |  |  |  | (11,244) |
Pfizer, Inc. |  |  | 138 |  |  |  | 07/22/22 |  |  | USD |  |  | 52.00 |  |  | USD |  |  | 724 |  |  |  | (24,909) |
Teladoc Health, Inc. |  |  | 30 |  |  |  | 07/22/22 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 100 |  |  |  | (3,180) |
UnitedHealth Group, Inc. |  |  | 126 |  |  |  | 07/22/22 |  |  | USD |  |  | 505.00 |  |  | USD |  |  | 6,472 |  |  |  | (280,980) |
Vertex Pharmaceuticals, Inc. |  |  | 50 |  |  |  | 07/22/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 1,409 |  |  |  | (80,750) |
Waters Corp. |  |  | 40 |  |  |  | 07/28/22 |  |  | USD |  |  | 333.00 |  |  | USD |  |  | 1,324 |  |  |  | (50,547) |
Abbott Laboratories |  |  | 169 |  |  |  | 07/29/22 |  |  | USD |  |  | 111.00 |  |  | USD |  |  | 1,836 |  |  |  | (40,306) |
AmerisourceBergen Corp. |  |  | 1 |  |  |  | 07/29/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 14 |  |  |  | (133) |
AmerisourceBergen Corp. |  |  | 2 |  |  |  | 07/29/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 28 |  |  |  | (125) |
Amgen, Inc. |  |  | 66 |  |  |  | 07/29/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 1,606 |  |  |  | (20,031) |
Baxter International, Inc. |  |  | 40 |  |  |  | 07/29/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 257 |  |  |  | (2,200) |
Boston Scientific Corp. |  |  | 265 |  |  |  | 07/29/22 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 988 |  |  |  | (47,037) |
CVS Health Corp. |  |  | 108 |  |  |  | 07/29/22 |  |  | USD |  |  | 92.00 |  |  | USD |  |  | 1,001 |  |  |  | (32,238) |
Edwards Lifesciences Corp. |  |  | 89 |  |  |  | 07/29/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 846 |  |  |  | (69,420) |
Eli Lilly & Co. |  |  | 209 |  |  |  | 07/29/22 |  |  | USD |  |  | 325.00 |  |  | USD |  |  | 6,776 |  |  |  | (245,052) |
Gilead Sciences, Inc. |  |  | 254 |  |  |  | 07/29/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,570 |  |  |  | (89,408) |
Johnson & Johnson |  |  | 155 |  |  |  | 07/29/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 2,751 |  |  |  | (93,775) |
Medtronic PLC |  |  | 22 |  |  |  | 07/29/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 197 |  |  |  | (1,254) |
Medtronic PLC |  |  | 108 |  |  |  | 07/29/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 969 |  |  |  | (23,220) |
Sarepta Therapeutics, Inc. |  |  | 17 |  |  |  | 07/29/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 127 |  |  |  | (6,630) |
Abbott Laboratories |  |  | 100 |  |  |  | 08/05/22 |  |  | USD |  |  | 111.00 |  |  | USD |  |  | 1,087 |  |  |  | (27,850) |
Boston Scientific Corp. |  |  | 323 |  |  |  | 08/05/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,204 |  |  |  | (23,417) |
Bristol-Myers Squibb Co. |  |  | 124 |  |  |  | 08/05/22 |  |  | USD |  |  | 79.00 |  |  | USD |  |  | 955 |  |  |  | (18,166) |
CVS Health Corp. |  |  | 38 |  |  |  | 08/05/22 |  |  | USD |  |  | 97.00 |  |  | USD |  |  | 352 |  |  |  | (5,529) |
Medtronic PLC |  |  | 125 |  |  |  | 08/05/22 |  |  | USD |  |  | 92.00 |  |  | USD |  |  | 1,122 |  |  |  | (31,875) |
Pfizer, Inc. |  |  | 820 |  |  |  | 08/05/22 |  |  | USD |  |  | 53.00 |  |  | USD |  |  | 4,299 |  |  |  | (141,040) |
Teladoc Health, Inc. |  |  | 10 |  |  |  | 08/05/22 |  |  | USD |  |  | 39.00 |  |  | USD |  |  | 33 |  |  |  | (1,940) |
AbbVie, Inc. |  |  | 104 |  |  |  | 08/19/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 1,593 |  |  |  | (31,356) |
Agilent Technologies, Inc. |  |  | 83 |  |  |  | 08/19/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 986 |  |  |  | (29,880) |
Agilon Health, Inc. |  |  | 40 |  |  |  | 08/19/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 87 |  |  |  | (8,900) |
Alcon, Inc. |  |  | 28 |  |  |  | 08/19/22 |  |  | USD |  |  | 72.50 |  |  | USD |  |  | 196 |  |  |  | (6,300) |
Alkermes PLC |  |  | 24 |  |  |  | 08/19/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 71 |  |  |  | (4,380) |
Alnylam Pharmaceuticals, Inc. |  |  | 16 |  |  |  | 08/19/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 233 |  |  |  | (28,800) |
Amedisys, Inc. |  |  | 45 |  |  |  | 08/19/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 473 |  |  |  | (8,775) |
Arcutis Biotherapeutics, Inc. |  |  | 55 |  |  |  | 08/19/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 117 |  |  |  | (13,612) |
Arcutis Biotherapeutics, Inc. |  |  | 53 |  |  |  | 08/19/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 113 |  |  |  | (5,830) |
Argenx SE |  |  | 17 |  |  |  | 08/19/22 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 644 |  |  |  | (56,695) |
Avantor, Inc. |  |  | 230 |  |  |  | 08/19/22 |  |  | USD |  |  | 32.50 |  |  | USD |  |  | 715 |  |  |  | (27,025) |
Bausch & Lomb Corp. |  |  | 144 |  |  |  | 08/19/22 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 219 |  |  |  | (9,000) |
BioMarin Pharmaceutical, Inc. |  |  | 67 |  |  |  | 08/19/22 |  |  | USD |  |  | 77.00 |  |  | USD |  |  | 555 |  |  |  | (61,537) |
Cerevel Therapeutics Holdings, Inc. |  |  | 32 |  |  |  | 08/19/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 85 |  |  |  | (8,400) |
Cooper Cos., Inc. |  |  | 6 |  |  |  | 08/19/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 188 |  |  |  | (3,300) |
Danaher Corp. |  |  | 112 |  |  |  | 08/19/22 |  |  | USD |  |  | 280.00 |  |  | USD |  |  | 2,839 |  |  |  | (39,200) |
DexCom, Inc. |  |  | 73 |  |  |  | 08/19/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 544 |  |  |  | (48,180) |
Enanta Pharmaceuticals, Inc. |  |  | 11 |  |  |  | 08/19/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 52 |  |  |  | (7,865) |
Genmab A/S |  |  | 64 |  |  |  | 08/19/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 208 |  |  |  | (25,120) |
Guardant Health, Inc. |  |  | 22 |  |  |  | 08/19/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 89 |  |  |  | (7,920) |
HCA Healthcare, Inc. |  |  | 44 |  |  |  | 08/19/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 739 |  |  |  | (9,790) |
Horizon Therapeutics PLC |  |  | 40 |  |  |  | 08/19/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 319 |  |  |  | (9,600) |
Icon PLC |  |  | 35 |  |  |  | 08/19/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 758 |  |  |  | (44,275) |
IQVIA Holdings, Inc. |  |  | 26 |  |  |  | 08/19/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 564 |  |  |  | (26,390) |
IQVIA Holdings, Inc. |  |  | 33 |  |  |  | 08/19/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 716 |  |  |  | (21,120) |
Krystal Biotech, Inc. |  |  | 10 |  |  |  | 08/19/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 66 |  |  |  | (9,350) |
Merck & Co., Inc. |  |  | 246 |  |  |  | 08/19/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 2,243 |  |  |  | (47,601) |
Neurocrine Biosciences, Inc. |  |  | 44 |  |  |  | 08/19/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 429 |  |  |  | (34,320) |
Omnicell, Inc. |  |  | 24 |  |  |  | 08/19/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 273 |  |  |  | (8,100) |
Pfizer, Inc. |  |  | 415 |  |  |  | 08/19/22 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 2,176 |  |  |  | (96,280) |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust (BME)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Qiagen NV |  |  | 78 |  |  |  | 08/19/22 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 368 |  |  | $ | (21,844) |
Quest Diagnostics, Inc. |  |  | 40 |  |  |  | 08/19/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 532 |  |  |  | (17,400) |
Quest Diagnostics, Inc. |  |  | 91 |  |  |  | 08/19/22 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 1,210 |  |  |  | (11,603) |
Regeneron Pharmaceuticals, Inc. |  |  | 15 |  |  |  | 08/19/22 |  |  | USD |  |  | 615.00 |  |  | USD |  |  | 887 |  |  |  | (29,925) |
Sanofi, ADR |  |  | 104 |  |  |  | 08/19/22 |  |  | USD |  |  | 51.25 |  |  | USD |  |  | 520 |  |  |  | (15,620) |
Sarepta Therapeutics, Inc. |  |  | 10 |  |  |  | 08/19/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 75 |  |  |  | (2,375) |
Seagen, Inc. |  |  | 111 |  |  |  | 08/19/22 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 1,964 |  |  |  | (150,405) |
Stryker Corp. |  |  | 114 |  |  |  | 08/19/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 2,268 |  |  |  | (66,120) |
Thermo Fisher Scientific, Inc. |  |  | 148 |  |  |  | 08/19/22 |  |  | USD |  |  | 550.00 |  |  | USD |  |  | 8,041 |  |  |  | (342,620) |
Zimmer Biomet Holdings, Inc. |  |  | 15 |  |  |  | 08/19/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 158 |  |  |  | (4,950) |
Zoetis, Inc., Class A |  |  | 116 |  |  |  | 08/19/22 |  |  | USD |  |  | 165.50 |  |  | USD |  |  | 1,994 |  |  |  | (140,046) |
ABIOMED, Inc. |  |  | 25 |  |  |  | 09/16/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 619 |  |  |  | (35,375) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (5,779,084) |

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Daiichi Sankyo Co. Ltd. |  | Goldman Sachs International |  |  | 22,600 |  |  |  | 07/06/22 |  |  |  | JPY |  |  |  | 3,500.12 |  |  |  | JPY |  |  |  | 77,676 |  |  | $ | (6,388) |
Roche Holding AG |  | Morgan Stanley & Co. International PLC |  |  | 1,100 |  |  |  | 07/06/22 |  |  |  | CHF |  |  |  | 330.67 |  |  |  | CHF |  |  |  | 350 |  |  |  | (587) |
Alkermes PLC |  | Citibank N.A. |  |  | 1,900 |  |  |  | 07/07/22 |  |  |  | USD |  |  |  | 31.06 |  |  |  | USD |  |  |  | 57 |  |  |  | (977) |
Alcon, Inc. |  | Barclays Bank PLC |  |  | 6,900 |  |  |  | 07/11/22 |  |  |  | USD |  |  |  | 75.62 |  |  |  | USD |  |  |  | 482 |  |  |  | (821) |
Alcon, Inc. |  | Citibank N.A. |  |  | 6,800 |  |  |  | 07/11/22 |  |  |  | USD |  |  |  | 74.49 |  |  |  | USD |  |  |  | 475 |  |  |  | (1,545) |
AstraZeneca PLC |  | Merrill Lynch International |  |  | 21,900 |  |  |  | 07/19/22 |  |  |  | GBP |  |  |  | 108.29 |  |  |  | GBP |  |  |  | 2,365 |  |  |  | (67,565) |
Daiichi Sankyo Co. Ltd. |  | Goldman Sachs International |  |  | 10,400 |  |  |  | 07/20/22 |  |  |  | JPY |  |  |  | 3,517.50 |  |  |  | JPY |  |  |  | 35,745 |  |  |  | (5,542) |
Alcon, Inc. |  | Bank of America N.A. |  |  | 3,700 |  |  |  | 07/25/22 |  |  |  | USD |  |  |  | 76.85 |  |  |  | USD |  |  |  | 259 |  |  |  | (1,515) |
Alkermes PLC |  | Citibank N.A. |  |  | 2,000 |  |  |  | 07/26/22 |  |  |  | USD |  |  |  | 30.69 |  |  |  | USD |  |  |  | 60 |  |  |  | (1,754) |
Teleflex, Inc. |  | Barclays Bank PLC |  |  | 1,500 |  |  |  | 07/26/22 |  |  |  | USD |  |  |  | 261.64 |  |  |  | USD |  |  |  | 369 |  |  |  | (5,853) |
West Pharmaceutical Services, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 500 |  |  |  | 07/26/22 |  |  |  | USD |  |  |  | 316.62 |  |  |  | USD |  |  |  | 151 |  |  |  | (3,439) |
AstraZeneca PLC |  | Goldman Sachs International |  |  | 3,000 |  |  |  | 07/27/22 |  |  |  | GBP |  |  |  | 99.22 |  |  |  | GBP |  |  |  | 324 |  |  |  | (36,148) |
Agilent Technologies, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 4,300 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 118.64 |  |  |  | USD |  |  |  | 511 |  |  |  | (20,434) |
Hansoh Pharmaceutical Group Ltd. |  | Goldman Sachs International |  |  | 110,000 |  |  |  | 07/28/22 |  |  |  | HKD |  |  |  | 13.87 |  |  |  | HKD |  |  |  | 1,742 |  |  |  | (33,311) |
Insulet Corp. |  | Barclays Bank PLC |  |  | 1,300 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 216.11 |  |  |  | USD |  |  |  | 283 |  |  |  | (19,220) |
Quest Diagnostics, Inc. |  | Bank of America N.A. |  |  | 4,600 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 139.79 |  |  |  | USD |  |  |  | 612 |  |  |  | (8,594) |
Roche Holding AG |  | JPMorgan Chase Bank N.A. |  |  | 1,000 |  |  |  | 07/28/22 |  |  |  | CHF |  |  |  | 309.78 |  |  |  | CHF |  |  |  | 319 |  |  |  | (14,153) |
AstraZeneca PLC |  | Credit Suisse International |  |  | 3,000 |  |  |  | 08/03/22 |  |  |  | GBP |  |  |  | 99.13 |  |  |  | GBP |  |  |  | 324 |  |  |  | (38,424) |
Hansoh Pharmaceutical Group Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 158,000 |  |  |  | 08/03/22 |  |  |  | HKD |  |  |  | 14.42 |  |  |  | HKD |  |  |  | 2,503 |  |  |  | (42,138) |
Ionis Pharmaceuticals, Inc. |  | Barclays Bank PLC |  |  | 2,900 |  |  |  | 08/03/22 |  |  |  | USD |  |  |  | 35.48 |  |  |  | USD |  |  |  | 107 |  |  |  | (10,484) |
Daiichi Sankyo Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 6,800 |  |  |  | 08/09/22 |  |  |  | JPY |  |  |  | 3,226.10 |  |  |  | JPY |  |  |  | 23,372 |  |  |  | (15,561) |
Sanofi |  | Credit Suisse International |  |  | 15,200 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 98.75 |  |  |  | EUR |  |  |  | 1,464 |  |  |  | (32,718) |
Sanofi |  | Goldman Sachs International |  |  | 15,700 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 98.21 |  |  |  | EUR |  |  |  | 1,513 |  |  |  | (37,130) |
Genmab A/S |  | Goldman Sachs International |  |  | 900 |  |  |  | 08/11/22 |  |  |  | DKK |  |  |  | 2,371.95 |  |  |  | DKK |  |  |  | 2,067 |  |  |  | (11,138) |
Hansoh Pharmaceutical Group Ltd. |  | Goldman Sachs International |  |  | 66,000 |  |  |  | 08/11/22 |  |  |  | HKD |  |  |  | 17.40 |  |  |  | HKD |  |  |  | 1,045 |  |  |  | (6,737) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (422,176) |

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 955,304 |  |  | $ | (2,276,888 | ) |  | $ | (6,201,260) |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust (BME)

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 6,201,260 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,201,260 |

For the period ended June 30, 2022, 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) |  | $ | — |  |  | $ | — |  |  | $ | (274 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (274 | )
Options written |  |  | — |  |  |  | — |  |  |  | 6,064,252 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,064,252 |
|  | $ | — |  |  | $ | — |  |  | $ | 6,063,978 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6,063,978 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 2,413,383 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,413,383 |

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts purchased |  | $ | 25 |
Average value of option contracts written |  | $ | (6,807,414 | )

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 |  | $ | — |  |  | $ | 6,201,260 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 6,201,260 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (5,779,084 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 422,176 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust (BME)

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. |  | $ | 10,109 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 10,109 |
Barclays Bank PLC |  |  | 36,378 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 36,378 |
Citibank N.A. |  |  | 4,276 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,276 |
Credit Suisse International |  |  | 71,142 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 71,142 |
Goldman Sachs International |  |  | 136,394 |  |  |  | — |  |  |  | (136,394 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 95,725 |  |  |  | — |  |  |  | (95,725 | ) |  |  | — |  |  |  | — |
Merrill Lynch International |  |  | 67,565 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 67,565 |
Morgan Stanley & Co. International PLC |  |  | 587 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 587 |
|  | $ | 422,176 |  |  | $ | — |  |  | $ | (232,119 | ) |  | $ | — |  |  | $ | 190,057 |

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

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

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Biotechnology |  | $ | 102,474,724 |  |  | $ | 898,094 |  |  | $ | — |  |  | $ | 103,372,818 |
Diversified Financial Services |  |  | 1,448,624 |  |  |  | — |  |  |  | — |  |  |  | 1,448,624 |
Health Care Equipment & Supplies |  |  | 83,884,830 |  |  |  | — |  |  |  | — |  |  |  | 83,884,830 |
Health Care Providers & Services |  |  | 131,922,313 |  |  |  | — |  |  |  | — |  |  |  | 131,922,313 |
Health Care Technology |  |  | 613,090 |  |  |  | — |  |  |  | — |  |  |  | 613,090 |
Life Sciences Tools & Services |  |  | 60,277,827 |  |  |  | — |  |  |  | — |  |  |  | 60,277,827 |
Pharmaceuticals |  |  | 129,455,001 |  |  |  | 24,521,596 |  |  |  | — |  |  |  | 153,976,597 |
Other Interests |  |  | — |  |  |  | — |  |  |  | 150,226 |  |  |  | 150,226 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 4,876,299 |  |  |  | 4,876,299 |
Warrants |  |  | 5,598 |  |  |  | — |  |  |  | — |  |  |  | 5,598 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 31,712,585 |  |  |  | — |  |  |  | — |  |  |  | 31,712,585 |
|  | $ | 541,794,592 |  |  | $ | 25,419,690 |  |  | $ | 5,026,525 |  |  |  | 572,240,807 |
Investments Valued at NAV (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 588,874 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 572,829,681 |
Derivative Financial Instruments (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (5,466,661 | ) |  | $ | (734,599 | ) |  | $ | — |  |  | $ | (6,201,260 | )

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

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

See notes to financial statements.

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

Schedule of Investments (unaudited) June 30, 2022 |  | BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Biotechnology — 31.6% |  |  |  |  |  |
Abbisko Cayman Ltd., (Acquired 10/29/21, Cost: $14,841,983) (a) |  |  | 10,378,250 |  |  | $ | 4,734,941 |
AbbVie, Inc. |  |  | 194,795 |  |  |  | 29,834,802 |
Acumen Pharmaceuticals, Inc. (b) |  |  | 1,426,503 |  |  |  | 6,704,564 |
Akouos, Inc. (b) |  |  | 287,850 |  |  |  | 1,350,016 |
Alkermes PLC (b) |  |  | 1,163,110 |  |  |  | 34,649,047 |
Alnylam Pharmaceuticals, Inc. (b)(c) |  |  | 88,342 |  |  |  | 12,884,681 |
Ambrx Biopharma, Inc., ADR (b) |  |  | 1,265,827 |  |  |  | 3,354,442 |
Annexon, Inc. (b) |  |  | 237,835 |  |  |  | 896,638 |
Applied Molecular Transport, Inc. (b) |  |  | 99,096 |  |  |  | 288,369 |
Arcutis Biotherapeutics, Inc. (b) |  |  | 511,332 |  |  |  | 10,896,485 |
Argenx SE, ADR (b) |  |  | 104,304 |  |  |  | 39,518,700 |
Arrowhead Pharmaceuticals, Inc. (b) |  |  | 81,025 |  |  |  | 2,852,890 |
Biogen, Inc. (b) |  |  | 71,495 |  |  |  | 14,580,690 |
Biohaven Pharmaceutical Holding Co. Ltd. (b) |  |  | 198,310 |  |  |  | 28,895,750 |
BioMarin Pharmaceutical, Inc. (b) |  |  | 365,103 |  |  |  | 30,256,086 |
Biomea Fusion, Inc. (b)(d) |  |  | 521,404 |  |  |  | 6,246,420 |
Cerevel Therapeutics Holdings, Inc. (b) |  |  | 266,656 |  |  |  | 7,050,385 |
Connect Biopharma Holdings Ltd. (b) |  |  | 1,125,262 |  |  |  | 978,978 |
Day One Biopharmaceuticals, Inc. (b) |  |  | 378,535 |  |  |  | 6,775,776 |
Decibel Therapeutics, Inc. (b) |  |  | 793,527 |  |  |  | 3,340,749 |
Design Therapeutics, Inc. (b) |  |  | 841,761 |  |  |  | 11,784,654 |
Enanta Pharmaceuticals, Inc. (b) |  |  | 20,508 |  |  |  | 969,413 |
Everest Medicines Ltd., (Acquired 05/29/20, Cost: $11,209,200) (a) |  |  | 3,113,667 |  |  |  | 8,928,163 |
Everest Medicines Ltd. (b)(e) |  |  | 433,000 |  |  |  | 1,244,077 |
Exact Sciences Corp. (b) |  |  | 239,870 |  |  |  | 9,448,479 |
Exelixis, Inc. (b) |  |  | 599,520 |  |  |  | 12,482,006 |
Fate Therapeutics, Inc. (b) |  |  | 54,634 |  |  |  | 1,353,831 |
Galapagos NV, ADR (b) |  |  | 74,410 |  |  |  | 4,152,078 |
Genmab A/S (b) |  |  | 34,827 |  |  |  | 11,299,439 |
Genmab A/S, ADR (b) |  |  | 114,086 |  |  |  | 3,706,654 |
Gilead Sciences, Inc |  |  | 254,765 |  |  |  | 15,747,025 |
Gracell Biotechnologies, Inc., ADR (b) |  |  | 340,846 |  |  |  | 1,874,653 |
Halozyme Therapeutics, Inc. (b) |  |  | 502,750 |  |  |  | 22,121,000 |
Horizon Therapeutics PLC (b) |  |  | 186,009 |  |  |  | 14,836,078 |
Imago Biosciences, Inc. (b) |  |  | 1,120,866 |  |  |  | 15,008,396 |
Immuneering Corp., Class A (b)(d) |  |  | 817,261 |  |  |  | 4,421,382 |
Immunocore Holdings PLC, ADR (b) |  |  | 59,868 |  |  |  | 2,233,675 |
Immunocore Ltd. |  |  | 321,900 |  |  |  | 12,010,089 |
ImmunoGen, Inc. (b) |  |  | 497,785 |  |  |  | 2,240,032 |
Insmed, Inc. (b) |  |  | 125,556 |  |  |  | 2,475,964 |
Ionis Pharmaceuticals, Inc. (b) |  |  | 468,285 |  |  |  | 17,335,911 |
Karuna Therapeutics, Inc. (b) |  |  | 32,205 |  |  |  | 4,074,255 |
Keros Therapeutics, Inc. (b) |  |  | 200,607 |  |  |  | 5,542,771 |
Kinnate Biopharma, Inc. (b) |  |  | 295,538 |  |  |  | 3,726,734 |
Kronos Bio, Inc. (b) |  |  | 284,272 |  |  |  | 1,034,750 |
Krystal Biotech, Inc. (b) |  |  | 86,357 |  |  |  | 5,670,201 |
Legend Biotech Corp., ADR (b) |  |  | 49,415 |  |  |  | 2,717,825 |
LianBio, ADR (b) |  |  | 615,188 |  |  |  | 1,328,806 |
Monte Rosa Therapeutics, Inc. (b)(d) |  |  | 764,573 |  |  |  | 7,393,421 |
MoonLake Immunotherapeutics (b)(d) |  |  | 216,150 |  |  |  | 1,134,788 |
Neurocrine Biosciences, Inc. (b) |  |  | 293,280 |  |  |  | 28,588,934 |
Omega Therapeutics, Inc. (b)(d) |  |  | 408,287 |  |  |  | 1,551,491 |
PMV Pharmaceuticals, Inc. (b) |  |  | 305,830 |  |  |  | 4,358,077 |
Point Biopharma Global, Inc. (b)(d) |  |  | 394,898 |  |  |  | 2,689,255 |
Prothena Corp. PLC (b) |  |  | 218,511 |  |  |  | 5,932,574 |
RAPT Therapeutics, Inc. (b) |  |  | 178,545 |  |  |  | 3,258,446 |
Revolution Medicines, Inc. (b) |  |  | 280,503 |  |  |  | 5,467,003 |

Security |  | Shares |  |  | Value |
Biotechnology (continued) |  |  |  |  |  |
Sage Therapeutics, Inc. (b) |  |  | 62,405 |  |  | $ | 2,015,681 |
Sarepta Therapeutics, Inc. (b)(c) |  |  | 459,519 |  |  |  | 34,445,544 |
Seagen, Inc. (b)(c)(f) |  |  | 79,130 |  |  |  | 14,001,262 |
Sierra Oncology, Inc. (b) |  |  | 200,737 |  |  |  | 11,038,528 |
Sigilon Therapeutics, Inc. (b) |  |  | 564,538 |  |  |  | 468,567 |
Talaris Therapeutics, Inc. (b) |  |  | 748,614 |  |  |  | 3,376,249 |
Tenaya Therapeutics, Inc. (b) |  |  | 165,729 |  |  |  | 933,054 |
TScan Therapeutics, Inc. (b) |  |  | 855,317 |  |  |  | 2,689,972 |
Twist Bioscience Corp. (b) |  |  | 204,550 |  |  |  | 7,151,068 |
Ultragenyx Pharmaceutical, Inc. (b) |  |  | 56,345 |  |  |  | 3,361,543 |
United Therapeutics Corp. (b)(c)(f) |  |  | 55,704 |  |  |  | 13,126,091 |
Vertex Pharmaceuticals, Inc. (b)(f) |  |  | 235,570 |  |  |  | 66,381,270 |
Zentalis Pharmaceuticals, Inc. (b) |  |  | 191,741 |  |  |  | 5,387,922 |
|  |  |  |  |  |  | 670,609,490 |
Diversified Financial Services (b) — 2.3% |  |  |  |  |  |
DA32 Life Science Tech Acquisition Corp., Class A (g) |  |  | 1,496,819 |  |  |  | 14,504,176 |
Eucrates Biomedical Acquisition Corp. (g) |  |  | 897,657 |  |  |  | 8,886,804 |
Health Assurance Acquisition Corp., Class A |  |  | 1,361,273 |  |  |  | 13,449,377 |
Health Sciences Acquisitions Corp. 2 |  |  | 233,344 |  |  |  | 2,324,106 |
MedTech Acquisition Corp., Class A |  |  | 917,284 |  |  |  | 9,026,075 |
|  |  |  |  |  |  | 48,190,538 |
Electronic Equipment, Instruments & Components — 0.3% |
908 Devices, Inc. (b) |  |  | 274,084 |  |  |  | 5,643,390 |
Health Care Equipment & Supplies — 21.3% |  |  |  |  |  |
ABIOMED, Inc. (b)(c) |  |  | 98,636 |  |  |  | 24,413,396 |
Alcon, Inc. |  |  | 736,189 |  |  |  | 51,452,249 |
Align Technology, Inc. (b) |  |  | 36,710 |  |  |  | 8,688,156 |
Bausch & Lomb Corp. (b)(d) |  |  | 505,947 |  |  |  | 7,710,632 |
Baxter International, Inc. |  |  | 225,890 |  |  |  | 14,508,915 |
ConvaTec Group PLC (e) |  |  | 4,411,215 |  |  |  | 12,091,049 |
Cooper Cos., Inc. |  |  | 73,600 |  |  |  | 23,045,632 |
DexCom, Inc. (b) |  |  | 346,628 |  |  |  | 25,834,185 |
Edwards Lifesciences Corp. (b) |  |  | 173,153 |  |  |  | 16,465,119 |
Globus Medical, Inc., Class A (b) |  |  | 104,070 |  |  |  | 5,842,490 |
Hologic, Inc. (b)(c) |  |  | 269,455 |  |  |  | 18,673,231 |
Insulet Corp. (b) |  |  | 109,670 |  |  |  | 23,901,480 |
Intuitive Surgical, Inc. (b)(f) |  |  | 71,013 |  |  |  | 14,253,019 |
Nevro Corp. (b)(c) |  |  | 511,890 |  |  |  | 22,436,139 |
Novocure Ltd. (b) |  |  | 127,530 |  |  |  | 8,863,335 |
Nyxoah SA (b)(d) |  |  | 648,041 |  |  |  | 6,156,389 |
Omnicell, Inc. (b) |  |  | 140,725 |  |  |  | 16,007,469 |
Penumbra, Inc. (b) |  |  | 111,508 |  |  |  | 13,884,976 |
Pulmonx Corp. (b) |  |  | 183,221 |  |  |  | 2,697,013 |
ResMed, Inc. (c) |  |  | 196,756 |  |  |  | 41,245,960 |
SI-BONE, Inc. (b) |  |  | 204,910 |  |  |  | 2,704,812 |
Silk Road Medical, Inc. (b) |  |  | 204,932 |  |  |  | 7,457,475 |
Sonova Holding AG, Registered Shares |  |  | 47,915 |  |  |  | 15,312,740 |
STERIS PLC |  |  | 98,550 |  |  |  | 20,316,082 |
Tandem Diabetes Care, Inc. (b)(c) |  |  | 238,345 |  |  |  | 14,107,641 |
Teleflex, Inc. |  |  | 59,702 |  |  |  | 14,677,737 |
Zimmer Biomet Holdings, Inc. |  |  | 187,613 |  |  |  | 19,710,622 |
|  |  |  |  |  |  | 452,457,943 |
Health Care Providers & Services — 12.2% |  |  |  |  |  |
Addus HomeCare Corp. (b) |  |  | 42,050 |  |  |  | 3,501,924 |
Agilon Health, Inc. (b) |  |  | 282,683 |  |  |  | 6,170,970 |
Amedisys, Inc. (b) |  |  | 164,226 |  |  |  | 17,263,437 |
AmerisourceBergen Corp. |  |  | 193,455 |  |  |  | 27,370,013 |
Amplifon SpA |  |  | 291,905 |  |  |  | 8,974,490 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Health Care Providers & Services (continued) |
Cano Health, Inc. (b) |  |  | 887,562 |  |  | $ | 3,887,522 |
CareMax, Inc., (Acquired 07/22/21, Cost: $14,077,000) (a) |  |  | 1,407,700 |  |  |  | 5,109,951 |
Chemed Corp. |  |  | 10,662 |  |  |  | 5,004,636 |
CVS Health Corp. |  |  | 160,650 |  |  |  | 14,885,829 |
Elevance Health, Inc. |  |  | 45,345 |  |  |  | 21,882,590 |
Encompass Health Corp. (c) |  |  | 370,028 |  |  |  | 20,740,069 |
Guardant Health, Inc. (b) |  |  | 233,615 |  |  |  | 9,424,029 |
Henry Schein, Inc. (b) |  |  | 67,505 |  |  |  | 5,180,334 |
Kindstar Globalgene Technology, Inc. (b)(e) |  |  | 4,092,500 |  |  |  | 1,130,635 |
LHC Group, Inc. (b)(c) |  |  | 233,659 |  |  |  | 36,390,053 |
Quest Diagnostics, Inc. |  |  | 260,825 |  |  |  | 34,684,509 |
R1 RCM, Inc. (b) |  |  | 690,615 |  |  |  | 14,475,290 |
UnitedHealth Group, Inc. (c) |  |  | 45,900 |  |  |  | 23,575,617 |
|  |  |  |  |  |  | 259,651,898 |
Health Care Technology (b) — 0.3% |  |  |  |  |  |
Sophia Genetics SA |  |  | 291,485 |  |  |  | 1,055,176 |
Teladoc Health, Inc. |  |  | 184,446 |  |  |  | 6,125,451 |
|  |  |  |  |  |  | 7,180,627 |
Life Sciences Tools & Services — 13.1% |  |  |  |  |  |
10X Genomics, Inc., Class A (b) |  |  | 90,120 |  |  |  | 4,077,930 |
Agilent Technologies, Inc. |  |  | 218,710 |  |  |  | 25,976,187 |
Avantor, Inc. (b)(c) |  |  | 998,624 |  |  |  | 31,057,206 |
Bruker Corp. |  |  | 208,102 |  |  |  | 13,060,482 |
Cytek Biosciences, Inc. (b) |  |  | 840,842 |  |  |  | 9,022,235 |
Danaher Corp. |  |  | 62,605 |  |  |  | 15,871,620 |
Gerresheimer AG |  |  | 243,305 |  |  |  | 15,894,465 |
IQVIA Holdings, Inc. (b) |  |  | 100,512 |  |  |  | 21,810,099 |
IsoPlexis Corp. (b) |  |  | 1,601,113 |  |  |  | 3,458,404 |
Lonza Group AG, Registered Shares |  |  | 19,017 |  |  |  | 10,157,689 |
Mettler-Toledo International, Inc. (b)(c) |  |  | 9,350 |  |  |  | 10,741,000 |
QIAGEN NV (b) |  |  | 645,525 |  |  |  | 30,468,780 |
Rapid Micro Biosystems, Inc., Class A (b)(d) |  |  | 549,778 |  |  |  | 2,364,045 |
Sotera Health Co. (b) |  |  | 1,179,907 |  |  |  | 23,114,378 |
Waters Corp. (b) |  |  | 109,980 |  |  |  | 36,401,180 |
West Pharmaceutical Services, Inc. |  |  | 39,055 |  |  |  | 11,809,060 |
Wuxi Biologics Cayman, Inc. (b)(e) |  |  | 1,233,303 |  |  |  | 11,427,069 |
|  |  |  |  |  |  | 276,711,829 |
Pharmaceuticals — 6.6% |  |  |  |  |  |
Antengene Corp. Ltd., (Acquired 11/18/20, Cost: $7,091,948) (a) |  |  | 5,019,274 |  |  |  | 4,509,594 |
AstraZeneca PLC, ADR |  |  | 193,960 |  |  |  | 12,814,937 |
Daiichi Sankyo Co. Ltd. |  |  | 1,462,400 |  |  |  | 37,192,463 |
H Lundbeck A/S |  |  | 1,603,360 |  |  |  | 7,786,887 |
H Lundbeck A/S (b) |  |  | 400,840 |  |  |  | 1,923,566 |
Nuvation Bio, Inc. (b) |  |  | 200,496 |  |  |  | 649,607 |
Pfizer, Inc. |  |  | 234,765 |  |  |  | 12,308,729 |

Security |  | Shares |  |  | Value |
Pharmaceuticals (continued) |
UCB SA |  |  | 344,377 |  |  | $ | 29,182,249 |
Zoetis, Inc., Class A |  |  | 191,775 |  |  |  | 32,964,205 |
|  |  |  |  |  |  | 139,332,237 |
Total Common Stocks — 87.7% (Cost: $2,043,027,812) |  |  |  | 1,859,777,952 |
|  | Benefical Interest (000) |  |  |  |
Other Interests |
Biotechnology — 0.2% |
Vividion Therapeutics, Inc. (h) |  | $ | 3,810 |  |  |  | 3,961,905 |
Total Other Interests — 0.2% (Cost: $ — ) |  |  |  | 3,961,905 |
|  | Shares |  |  |  |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 9.4% (h) |
Biotechnology — 3.8% |  |  |  |  |  |
Affinvax, Inc., Series C, (Acquired 01/06/21, Cost: $5,786,041) (a) |  |  | 183,164 |  |  |  | 11,596,113 |
Amunix Pharmaceuticals, Inc., Series B |  |  | 5,657,068 |  |  |  | 3,677,094 |
Bright Peak Therapeutics AG, Series B, (Acquired 05/14/21, Cost: $8,000,003) (a) |  |  | 2,048,132 |  |  |  | 4,342,040 |
Cellarity, Inc., Series B, (Acquired 01/15/21, Cost: $14,584,998) (a) |  |  | 2,430,833 |  |  |  | 11,667,998 |
Goldfinch Biopharma, Inc., Series B, (Acquired 06/26/20, Cost: $4,543,847) (a) |  |  | 3,850,718 |  |  |  | 5,159,962 |
Laronde, Inc., Series B, (Acquired 07/28/21, Cost: $13,498,156) (a) |  |  | 482,077 |  |  |  | 12,148,340 |
Mirvie, Inc., Series B, (Acquired 10/15/21, Cost: $6,250,000) (a) |  |  | 2,793,833 |  |  |  | 6,202,309 |
Neurogene, Inc., Series B, (Acquired 12/14/20, Cost: $9,549,916) (a) |  |  | 3,913,900 |  |  |  | 9,549,916 |
NiKang Therapeutics, Inc., Series C, (Acquired 05/20/21, Cost: $7,999,996) (a) |  |  | 1,394,189 |  |  |  | 5,716,175 |
Numab Therapeutics AG, (Acquired 05/07/21, Cost: $7,770,441) (a) |  |  | 815,851 |  |  |  | 6,597,570 |
OnKure, Inc., Series B, (Acquired 03/03/21, Cost: $4,500,001) (a) |  |  | 1,628,488 |  |  |  | 4,462,057 |
|  |  |  |  |  |  | 81,119,574 |
Health Care Equipment & Supplies (a) — 1.4% |
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $13,225,003) |  |  | 2,257,597 |  |  |  | 8,827,205 |
Nucleix Ltd., Series AA, (Acquired 03/25/21, Cost: $6,929,998) |  |  | 2,379,480 |  |  |  | 6,400,801 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust II (BMEZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Health Care Equipment & Supplies (continued) |
Quanta Dialysis Technologies Ltd., Series D, (Acquired 06/18/21, Cost: $14,071,890) |  |  | 115,766,240 |  |  | $ | 9,300,870 |
Swift Health Systems, Inc., Series D, (Acquired 08/27/21, Cost: $6,441,930) |  |  | 2,078,042 |  |  |  | 4,613,253 |
|  |  |  |  |  |  | 29,142,129 |
Health Care Providers & Services (a) — 2.1% |
Adicon Holdings Ltd., (Acquired 12/22/20, Cost: $17,840,000) |  |  | 10,696,226 |  |  |  | 21,285,490 |
Everly Well, Inc., Series D, (Acquired 11/25/20, Cost: $9,999,986) |  |  | 382,775 |  |  |  | 22,687,074 |
|  |  |  |  |  |  | 43,972,564 |
Pharmaceuticals (a) — 0.6% |  |  |  |  |  |
Insitro, Inc. Series B, (Acquired 05/21/20, Cost: $4,999,999) |  |  | 802,478 |  |  |  | 10,271,719 |
Series C, (Acquired 03/10/21, Cost: $3,600,018) |  |  | 196,818 |  |  |  | 2,519,270 |
|  |  |  |  |  |  | 12,790,989 |
Semiconductors & Semiconductor Equipment — 0.7% |
PsiQuantum Corp., Series C, (Acquired 05/21/21, Cost: $14,999,997) (a) |  |  | 571,947 |  |  |  | 14,618,965 |
Software — 0.8% |  |  |  |  |  |
Carbon Health Technologies, Inc., (Acquired 07/09/21, Cost: $17,100,000) (a) |  |  | 17,100 |  |  |  | 16,820,757 |
|  |  |  |  | 198,464,978 |
Total Preferred Securities — 9.4% (Cost: $191,692,220) |  |  |  | 198,464,978 |
Warrants |  |  |  |  |  |  |  |
Diversified Financial Services (b) — 0.0% |  |  |  |  |  |
Eucrates Biomedical Acquisition Corp. (Expires 12/14/2025) |  |  | 297,180 |  |  |  | 8,915 |
Health Assurance Acquisition Corp. (Expires 11/12/2025) |  |  | 202,809 |  |  |  | 27,339 |
|  |  |  |  |  |  | 36,254 |
Health Care Providers & Services — 0.0% |
CareMax, Inc. (Expires 06/08/2026) (b) |  |  | 63,808 |  |  |  | 41,475 |
Pharmaceuticals — 0.0% |  |  |  |  |  |
Nuvation Bio, Inc. (Expires 7/7/2027) (b) |  |  | 68,880 |  |  |  | 19,287 |
Total Warrants — 0.0% (Cost: $1,262,989) |  |  |  |  |  |  | 97,016 |
Total Long-Term Investments — 97.3% (Cost: $2,235,983,021) |  |  |  |  |  |  | 2,062,301,851 |

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 4.2% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (g)(i) |  |  | 81,844,430 |  |  | $ | 81,844,430 |
SL Liquidity Series, LLC, Money Market Series, 1.73% (g)(i)(j) |  |  | 6,856,866 |  |  |  | 6,855,495 |
Total Short-Term Securities — 4.2% (Cost: $88,700,438) |  |  |  | 88,699,925 |
Total Investments Before Options Written — 101.5% (Cost: $2,324,683,459) |  |  |  | 2,151,001,776 |
Options Written — (0.9)% (Premiums Received: $(16,177,632)) |  |  |  | (19,713,887 | )
Total Investments, Net of Options Written — 100.6% (Cost: $2,308,505,827) |  |  |  | 2,131,287,889 |
Liabilities in Excess of Other Assets — (0.6)% |  |  |  | (11,740,476 | )
Net Assets — 100.0% |  |  | $ | 2,119,547,413 |

(a) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $218,070,533, representing 10.3% of its net assets as of period end, and an original cost of $238,912,351.

(b) | Non-income producing security.

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

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

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

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

(g) | Affiliate of the Trust.

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

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

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

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust II (BMEZ)

Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/21 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/22 |  |  | Shares Held at 06/30/22 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 61,616,484 |  |  | $ | 20,227,946 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 81,844,430 |  |  |  | 81,844,430 |  |  | $ | 167,503 |  |  | $ | — |
DA32 Life Science Tech Acquisition Corp., Class A |  |  | 14,683,795 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (179,619 | ) |  |  | 14,504,176 |  |  |  | 1,496,819 |  |  |  | — |  |  |  | — |
Eucrates Biomedical Acquisition Corp. |  |  | 8,761,132 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 125,672 |  |  |  | 8,886,804 |  |  |  | 897,657 |  |  |  | — |  |  |  | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 4,939,518 |  |  |  | 1,917,516 | (a) |  |  | — |  |  |  | (1,164 | ) |  |  | (375 | ) |  |  | 6,855,495 |  |  |  | 6,856,866 |  |  |  | 102,720 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,164 | ) |  | $ | (54,322 | ) |  | $ | 112,090,905 |  |  |  |  |  |  | $ | 270,223 |  |  | $ | — |

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

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

Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Biogen, Inc. |  |  | 53 |  |  |  | 07/01/22 |  |  | USD |  |  | 205.00 |  |  | USD |  |  | 1,081 |  |  | $ | (7,155 | )
Tandem Diabetes Care, Inc. |  |  | 131 |  |  |  | 07/01/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 775 |  |  |  | (52,400 | )
AbbVie, Inc. |  |  | 41 |  |  |  | 07/08/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 628 |  |  |  | (18,860 | )
AmerisourceBergen Corp. |  |  | 34 |  |  |  | 07/08/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 481 |  |  |  | (7,140 | )
Anthem, Inc. |  |  | 124 |  |  |  | 07/08/22 |  |  | USD |  |  | 465.00 |  |  | USD |  |  | 5,984 |  |  |  | (249,860 | )
AstraZeneca PLC |  |  | 310 |  |  |  | 07/08/22 |  |  | USD |  |  | 68.00 |  |  | USD |  |  | 2,048 |  |  |  | (9,145 | )
Baxter International, Inc. |  |  | 180 |  |  |  | 07/08/22 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 1,156 |  |  |  | (9,000 | )
Biogen, Inc. |  |  | 54 |  |  |  | 07/08/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,101 |  |  |  | (10,260 | )
Edwards Lifesciences Corp. |  |  | 570 |  |  |  | 07/08/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 5,420 |  |  |  | (128,250 | )
Exact Sciences Corp. |  |  | 265 |  |  |  | 07/08/22 |  |  | USD |  |  | 57.00 |  |  | USD |  |  | 1,044 |  |  |  | (82,150 | )
UnitedHealth Group, Inc. |  |  | 146 |  |  |  | 07/08/22 |  |  | USD |  |  | 505.00 |  |  | USD |  |  | 7,499 |  |  |  | (213,890 | )
Vertex Pharmaceuticals, Inc. |  |  | 222 |  |  |  | 07/08/22 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 6,256 |  |  |  | (68,820 | )
10X Genomics, Inc., Class A |  |  | 288 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,303 |  |  |  | (203,040 | )
908 Devices, Inc. |  |  | 225 |  |  |  | 07/15/22 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 463 |  |  |  | (91,687 | )
AbbVie, Inc. |  |  | 271 |  |  |  | 07/15/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 4,151 |  |  |  | (18,564 | )
ABIOMED, Inc. |  |  | 148 |  |  |  | 07/15/22 |  |  | USD |  |  | 272.00 |  |  | USD |  |  | 3,663 |  |  |  | (21,360 | )
Addus HomeCare Corp. |  |  | 134 |  |  |  | 07/15/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 1,116 |  |  |  | (35,510 | )
Agilent Technologies, Inc. |  |  | 283 |  |  |  | 07/15/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 3,361 |  |  |  | (7,783 | )
Agilent Technologies, Inc. |  |  | 132 |  |  |  | 07/15/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,568 |  |  |  | (32,340 | )
Agilon Health, Inc. |  |  | 684 |  |  |  | 07/15/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 1,493 |  |  |  | (64,980 | )
Alkermes PLC |  |  | 885 |  |  |  | 07/15/22 |  |  | USD |  |  | 31.00 |  |  | USD |  |  | 2,636 |  |  |  | (86,287 | )
Alnylam Pharmaceuticals, Inc. |  |  | 183 |  |  |  | 07/15/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 2,669 |  |  |  | (194,895 | )
Amedisys, Inc. |  |  | 263 |  |  |  | 07/15/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 2,765 |  |  |  | (73,640 | )
AmerisourceBergen Corp. |  |  | 162 |  |  |  | 07/15/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 2,292 |  |  |  | (7,290 | )
Anthem, Inc. |  |  | 123 |  |  |  | 07/15/22 |  |  | USD |  |  | 480.00 |  |  | USD |  |  | 5,936 |  |  |  | (154,365 | )
Arcutis Biotherapeutics, Inc. |  |  | 548 |  |  |  | 07/15/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 1,168 |  |  |  | (17,810 | )
Argenx SE |  |  | 182 |  |  |  | 07/15/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 6,896 |  |  |  | (606,970 | )
Arrowhead Pharmaceuticals, Inc. |  |  | 259 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 912 |  |  |  | (17,483 | )
Avantor, Inc. |  |  | 1,410 |  |  |  | 07/15/22 |  |  | USD |  |  | 31.25 |  |  | USD |  |  | 4,385 |  |  |  | (107,297 | )
Baxter International, Inc. |  |  | 181 |  |  |  | 07/15/22 |  |  | USD |  |  | 67.50 |  |  | USD |  |  | 1,163 |  |  |  | (6,335 | )
Baxter International, Inc. |  |  | 181 |  |  |  | 07/15/22 |  |  | USD |  |  | 68.00 |  |  | USD |  |  | 1,163 |  |  |  | (10,860 | )
Biogen, Inc. |  |  | 121 |  |  |  | 07/15/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 2,468 |  |  |  | (16,033 | )
BioMarin Pharmaceutical, Inc. |  |  | 299 |  |  |  | 07/15/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 2,478 |  |  |  | (19,435 | )
BioMarin Pharmaceutical, Inc. |  |  | 285 |  |  |  | 07/15/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 2,362 |  |  |  | (41,325 | )
Bruker Corp. |  |  | 333 |  |  |  | 07/15/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,090 |  |  |  | (92,407 | )
Cerevel Therapeutics Holdings, Inc. |  |  | 455 |  |  |  | 07/15/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 1,203 |  |  |  | (77,350 | )
Cooper Cos., Inc. |  |  | 192 |  |  |  | 07/15/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 6,012 |  |  |  | (92,160 | )
Danaher Corp. |  |  | 200 |  |  |  | 07/15/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 5,070 |  |  |  | (183,000 | )
Day One Biopharmaceuticals, Inc. |  |  | 600 |  |  |  | 07/15/22 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 1,074 |  |  |  | (63,000 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DexCom, Inc. |  |  | 580 |  |  |  | 07/15/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 4,323 |  |  | $ | (27,550 | )
Encompass Health Corp. |  |  | 1,184 |  |  |  | 07/15/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 6,636 |  |  |  | (118,400 | )
Exact Sciences Corp. |  |  | 502 |  |  |  | 07/15/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,977 |  |  |  | (32,630 | )
Fate Therapeutics, Inc. |  |  | 87 |  |  |  | 07/15/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 216 |  |  |  | (4,350 | )
Galapagos NV |  |  | 238 |  |  |  | 07/15/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 1,328 |  |  |  | (55,335 | )
Gilead Sciences, Inc. |  |  | 408 |  |  |  | 07/15/22 |  |  | USD |  |  | 63.00 |  |  | USD |  |  | 2,522 |  |  |  | (23,868 | )
Globus Medical, Inc., Class A |  |  | 166 |  |  |  | 07/15/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 932 |  |  |  | (14,110 | )
Guardant Health, Inc. |  |  | 499 |  |  |  | 07/15/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 2,013 |  |  |  | (53,643 | )
Halozyme Therapeutics, Inc. |  |  | 804 |  |  |  | 07/15/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 3,538 |  |  |  | (82,410 | )
Henry Schein, Inc. |  |  | 216 |  |  |  | 07/15/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 1,658 |  |  |  | (16,200 | )
Hologic, Inc. |  |  | 862 |  |  |  | 07/15/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 5,974 |  |  |  | (109,905 | )
Horizon Therapeutics PLC |  |  | 234 |  |  |  | 07/15/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 1,866 |  |  |  | (52,065 | )
Horizon Therapeutics PLC |  |  | 239 |  |  |  | 07/15/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 1,906 |  |  |  | (13,743 | )
Immunocore Holdings PLC |  |  | 96 |  |  |  | 07/15/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 358 |  |  |  | (82,080 | )
Insmed, Inc. |  |  | 401 |  |  |  | 07/15/22 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 791 |  |  |  | (102,255 | )
Insulet Corp. |  |  | 175 |  |  |  | 07/15/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 3,814 |  |  |  | (166,250 | )
Intuitive Surgical, Inc. |  |  | 228 |  |  |  | 07/15/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 4,576 |  |  |  | (8,550 | )
Ionis Pharmaceuticals, Inc. |  |  | 375 |  |  |  | 07/15/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,388 |  |  |  | (6,563 | )
Ionis Pharmaceuticals, Inc. |  |  | 375 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,388 |  |  |  | (26,250 | )
IQVIA Holdings, Inc. |  |  | 90 |  |  |  | 07/15/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,953 |  |  |  | (94,950 | )
Karuna Therapeutics, Inc. |  |  | 51 |  |  |  | 07/15/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 645 |  |  |  | (73,440 | )
Krystal Biotech, Inc. |  |  | 138 |  |  |  | 07/15/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 906 |  |  |  | (97,980 | )
Mettler-Toledo International, Inc. |  |  | 29 |  |  |  | 07/15/22 |  |  | USD |  |  | 1,250.00 |  |  | USD |  |  | 3,331 |  |  |  | (11,020 | )
Neurocrine Biosciences, Inc. |  |  | 469 |  |  |  | 07/15/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 4,572 |  |  |  | (391,615 | )
Nevro Corp. |  |  | 409 |  |  |  | 07/15/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,793 |  |  |  | (83,845 | )
Novocure Ltd. |  |  | 408 |  |  |  | 07/15/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 2,836 |  |  |  | (77,520 | )
Penumbra, Inc. |  |  | 106 |  |  |  | 07/15/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 1,320 |  |  |  | (50,880 | )
Pfizer, Inc. |  |  | 126 |  |  |  | 07/15/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 661 |  |  |  | (4,977 | )
Pulmonx Corp. |  |  | 346 |  |  |  | 07/15/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 509 |  |  |  | (110,720 | )
Qiagen NV |  |  | 799 |  |  |  | 07/15/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 3,771 |  |  |  | (211,735 | )
Quest Diagnostics, Inc. |  |  | 172 |  |  |  | 07/15/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 2,287 |  |  |  | (19,350 | )
R1 RCM, Inc. |  |  | 1,209 |  |  |  | 07/15/22 |  |  | USD |  |  | 25.25 |  |  | USD |  |  | 2,534 |  |  |  | (3,194 | )
ResMed, Inc. |  |  | 294 |  |  |  | 07/15/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 6,163 |  |  |  | (160,230 | )
ResMed, Inc. |  |  | 335 |  |  |  | 07/15/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 7,023 |  |  |  | (65,325 | )
Revolution Medicines, Inc. |  |  | 450 |  |  |  | 07/15/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 877 |  |  |  | (12,375 | )
Sarepta Therapeutics, Inc. |  |  | 340 |  |  |  | 07/15/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 2,549 |  |  |  | (76,500 | )
Seagen, Inc. |  |  | 401 |  |  |  | 07/15/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 7,095 |  |  |  | (982,450 | )
Silk Road Medical, Inc. |  |  | 293 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 1,066 |  |  |  | (28,568 | )
STERIS PLC |  |  | 188 |  |  |  | 07/15/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 3,876 |  |  |  | (90,240 | )
STERIS PLC |  |  | 127 |  |  |  | 07/15/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 2,618 |  |  |  | (15,240 | )
Tandem Diabetes Care, Inc. |  |  | 300 |  |  |  | 07/15/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,776 |  |  |  | (11,250 | )
Teladoc Health, Inc. |  |  | 200 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 664 |  |  |  | (7,800 | )
Teleflex, Inc. |  |  | 99 |  |  |  | 07/15/22 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 2,434 |  |  |  | (47,520 | )
United Therapeutics Corp. |  |  | 94 |  |  |  | 07/15/22 |  |  | USD |  |  | 200.00 |  |  | USD |  |  | 2,215 |  |  |  | (336,050 | )
Vertex Pharmaceuticals, Inc. |  |  | 171 |  |  |  | 07/15/22 |  |  | USD |  |  | 285.00 |  |  | USD |  |  | 4,819 |  |  |  | (105,165 | )
Waters Corp. |  |  | 59 |  |  |  | 07/15/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 1,953 |  |  |  | (32,450 | )
Waters Corp. |  |  | 98 |  |  |  | 07/15/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 3,244 |  |  |  | (20,825 | )
West Pharmaceutical Services, Inc. |  |  | 62 |  |  |  | 07/15/22 |  |  | USD |  |  | 310.00 |  |  | USD |  |  | 1,875 |  |  |  | (36,580 | )
Zentalis Pharmaceuticals, Inc. |  |  | 353 |  |  |  | 07/15/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 992 |  |  |  | (139,435 | )
Zimmer Biomet Holdings, Inc. |  |  | 250 |  |  |  | 07/15/22 |  |  | USD |  |  | 115.00 |  |  | USD |  |  | 2,627 |  |  |  | (6,875 | )
Zoetis, Inc., Class A |  |  | 613 |  |  |  | 07/15/22 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 10,537 |  |  |  | (101,145 | )
AbbVie, Inc. |  |  | 41 |  |  |  | 07/22/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 628 |  |  |  | (22,755 | )
AmerisourceBergen Corp. |  |  | 261 |  |  |  | 07/22/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 3,693 |  |  |  | (12,398 | )
AstraZeneca PLC |  |  | 310 |  |  |  | 07/22/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,048 |  |  |  | (75,950 | )
CVS Health Corp. |  |  | 256 |  |  |  | 07/22/22 |  |  | USD |  |  | 97.00 |  |  | USD |  |  | 2,372 |  |  |  | (16,896 | )
Gilead Sciences, Inc. |  |  | 407 |  |  |  | 07/22/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 2,516 |  |  |  | (13,838 | )
Pfizer, Inc. |  |  | 126 |  |  |  | 07/22/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 661 |  |  |  | (7,119 | )
Tandem Diabetes Care, Inc. |  |  | 165 |  |  |  | 07/22/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 977 |  |  |  | (54,862 | )
Teladoc Health, Inc. |  |  | 200 |  |  |  | 07/22/22 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 664 |  |  |  | (21,200 | )
Vertex Pharmaceuticals, Inc. |  |  | 360 |  |  |  | 07/22/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 10,144 |  |  |  | (581,400 | )
Waters Corp. |  |  | 96 |  |  |  | 07/28/22 |  |  | USD |  |  | 333.00 |  |  | USD |  |  | 3,177 |  |  |  | (121,313 | )
Align Technology, Inc. |  |  | 117 |  |  |  | 07/29/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 2,769 |  |  |  | (81,900 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AmerisourceBergen Corp. |  |  | 81 |  |  |  | 07/29/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,146 |  |  | $ | (10,733 | )
AmerisourceBergen Corp. |  |  | 81 |  |  |  | 07/29/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 1,146 |  |  |  | (5,063 | )
Baxter International, Inc. |  |  | 90 |  |  |  | 07/29/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 578 |  |  |  | (4,950 | )
Edwards Lifesciences Corp. |  |  | 98 |  |  |  | 07/29/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 932 |  |  |  | (76,440 | )
Sarepta Therapeutics, Inc. |  |  | 233 |  |  |  | 07/29/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 1,747 |  |  |  | (90,870 | )
CVS Health Corp. |  |  | 258 |  |  |  | 08/05/22 |  |  | USD |  |  | 97.00 |  |  | USD |  |  | 2,391 |  |  |  | (37,539 | )
Pfizer, Inc. |  |  | 249 |  |  |  | 08/05/22 |  |  | USD |  |  | 53.00 |  |  | USD |  |  | 1,306 |  |  |  | (42,828 | )
Teladoc Health, Inc. |  |  | 190 |  |  |  | 08/05/22 |  |  | USD |  |  | 39.00 |  |  | USD |  |  | 631 |  |  |  | (36,860 | )
908 Devices, Inc. |  |  | 89 |  |  |  | 08/19/22 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 183 |  |  |  | (25,143 | )
908 Devices, Inc. |  |  | 491 |  |  |  | 08/19/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 1,011 |  |  |  | (81,015 | )
AbbVie, Inc. |  |  | 271 |  |  |  | 08/19/22 |  |  | USD |  |  | 160.00 |  |  | USD |  |  | 4,151 |  |  |  | (81,706 | )
Agilon Health, Inc. |  |  | 220 |  |  |  | 08/19/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 480 |  |  |  | (48,950 | )
Alcon, Inc. |  |  | 711 |  |  |  | 08/19/22 |  |  | USD |  |  | 72.50 |  |  | USD |  |  | 4,969 |  |  |  | (159,975 | )
Alkermes PLC |  |  | 1,066 |  |  |  | 08/19/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 3,176 |  |  |  | (194,545 | )
Alnylam Pharmaceuticals, Inc. |  |  | 99 |  |  |  | 08/19/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 1,444 |  |  |  | (178,200 | )
Amedisys, Inc. |  |  | 262 |  |  |  | 08/19/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 2,754 |  |  |  | (51,090 | )
Arcutis Biotherapeutics, Inc. |  |  | 545 |  |  |  | 08/19/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 1,161 |  |  |  | (134,887 | )
Arcutis Biotherapeutics, Inc. |  |  | 543 |  |  |  | 08/19/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 1,157 |  |  |  | (59,730 | )
Argenx SE |  |  | 151 |  |  |  | 08/19/22 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 5,721 |  |  |  | (503,585 | )
Avantor, Inc. |  |  | 1,785 |  |  |  | 08/19/22 |  |  | USD |  |  | 32.50 |  |  | USD |  |  | 5,551 |  |  |  | (209,737 | )
Bausch & Lomb Corp. |  |  | 810 |  |  |  | 08/19/22 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 1,234 |  |  |  | (50,625 | )
BioMarin Pharmaceutical, Inc. |  |  | 583 |  |  |  | 08/19/22 |  |  | USD |  |  | 77.00 |  |  | USD |  |  | 4,831 |  |  |  | (535,465 | )
Bruker Corp. |  |  | 333 |  |  |  | 08/19/22 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 2,090 |  |  |  | (166,500 | )
Cerevel Therapeutics Holdings, Inc. |  |  | 398 |  |  |  | 08/19/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 1,052 |  |  |  | (104,475 | )
Chemed Corp. |  |  | 34 |  |  |  | 08/19/22 |  |  | USD |  |  | 460.00 |  |  | USD |  |  | 1,596 |  |  |  | (88,400 | )
Cooper Cos., Inc. |  |  | 44 |  |  |  | 08/19/22 |  |  | USD |  |  | 340.00 |  |  | USD |  |  | 1,378 |  |  |  | (24,200 | )
Day One Biopharmaceuticals, Inc. |  |  | 611 |  |  |  | 08/19/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 1,094 |  |  |  | (126,782 | )
DexCom, Inc. |  |  | 529 |  |  |  | 08/19/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 3,943 |  |  |  | (349,140 | )
Enanta Pharmaceuticals, Inc. |  |  | 65 |  |  |  | 08/19/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 307 |  |  |  | (46,475 | )
Exelixis, Inc. |  |  | 1,918 |  |  |  | 08/19/22 |  |  | USD |  |  | 19.00 |  |  | USD |  |  | 3,993 |  |  |  | (594,580 | )
Fate Therapeutics, Inc. |  |  | 87 |  |  |  | 08/19/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 216 |  |  |  | (14,355 | )
Genmab A/S |  |  | 365 |  |  |  | 08/19/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 1,186 |  |  |  | (143,262 | )
Globus Medical, Inc., Class A |  |  | 166 |  |  |  | 08/19/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 932 |  |  |  | (35,690 | )
Guardant Health, Inc. |  |  | 248 |  |  |  | 08/19/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,000 |  |  |  | (89,280 | )
Halozyme Therapeutics, Inc. |  |  | 402 |  |  |  | 08/19/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,769 |  |  |  | (101,505 | )
Horizon Therapeutics PLC |  |  | 430 |  |  |  | 08/19/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 3,430 |  |  |  | (53,750 | )
IQVIA Holdings, Inc. |  |  | 90 |  |  |  | 08/19/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,953 |  |  |  | (91,350 | )
IQVIA Holdings, Inc. |  |  | 141 |  |  |  | 08/19/22 |  |  | USD |  |  | 230.00 |  |  | USD |  |  | 3,060 |  |  |  | (90,240 | )
Karuna Therapeutics, Inc. |  |  | 51 |  |  |  | 08/19/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 645 |  |  |  | (160,905 | )
Krystal Biotech, Inc. |  |  | 138 |  |  |  | 08/19/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 906 |  |  |  | (129,030 | )
Legend Biotech Corp. |  |  | 158 |  |  |  | 08/19/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 869 |  |  |  | (81,370 | )
Neurocrine Biosciences, Inc. |  |  | 469 |  |  |  | 08/19/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 4,572 |  |  |  | (365,820 | )
Omnicell, Inc. |  |  | 450 |  |  |  | 08/19/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 5,119 |  |  |  | (151,875 | )
Penumbra, Inc. |  |  | 250 |  |  |  | 08/19/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 3,113 |  |  |  | (266,250 | )
Pfizer, Inc. |  |  | 250 |  |  |  | 08/19/22 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 1,311 |  |  |  | (58,000 | )
Pulmonx Corp. |  |  | 240 |  |  |  | 08/19/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 353 |  |  |  | (63,600 | )
Qiagen NV |  |  | 1,266 |  |  |  | 08/19/22 |  |  | USD |  |  | 47.00 |  |  | USD |  |  | 5,976 |  |  |  | (354,542 | )
Quest Diagnostics, Inc. |  |  | 345 |  |  |  | 08/19/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 4,588 |  |  |  | (150,075 | )
Quest Diagnostics, Inc. |  |  | 144 |  |  |  | 08/19/22 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 1,915 |  |  |  | (18,360 | )
R1 RCM, Inc. |  |  | 1,000 |  |  |  | 08/19/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 2,096 |  |  |  | (92,500 | )
Rapt Therapeutics, Inc. |  |  | 571 |  |  |  | 08/19/22 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 1,042 |  |  |  | (155,597 | )
Sarepta Therapeutics, Inc. |  |  | 897 |  |  |  | 08/19/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 6,724 |  |  |  | (213,037 | )
Seagen, Inc. |  |  | 170 |  |  |  | 08/19/22 |  |  | USD |  |  | 180.00 |  |  | USD |  |  | 3,008 |  |  |  | (230,350 | )
SI-BONE, Inc. |  |  | 655 |  |  |  | 08/19/22 |  |  | USD |  |  | 15.00 |  |  | USD |  |  | 865 |  |  |  | (99,887 | )
Sotera Health Co. |  |  | 1,258 |  |  |  | 08/19/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 2,464 |  |  |  | (40,885 | )
Tandem Diabetes Care, Inc. |  |  | 165 |  |  |  | 08/19/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 977 |  |  |  | (61,050 | )
Twist Bioscience Corp. |  |  | 327 |  |  |  | 08/19/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 1,143 |  |  |  | (168,405 | )
Twist Bioscience Corp. |  |  | 327 |  |  |  | 08/19/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,143 |  |  |  | (74,392 | )
United Therapeutics Corp. |  |  | 84 |  |  |  | 08/19/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,979 |  |  |  | (204,960 | )
Waters Corp. |  |  | 98 |  |  |  | 08/19/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 3,244 |  |  |  | (86,240 | )
Zentalis Pharmaceuticals, Inc. |  |  | 354 |  |  |  | 08/19/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 995 |  |  |  | (177,000 | )
Zimmer Biomet Holdings, Inc. |  |  | 351 |  |  |  | 08/19/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 3,688 |  |  |  | (115,830 | )

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust II (BMEZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ABIOMED, Inc. |  |  | 167 |  |  |  | 09/16/22 |  |  | USD |  |  | 270.00 |  |  | USD |  |  | 4,133 |  |  | $ | (236,305 | )
Halozyme Therapeutics, Inc. |  |  | 402 |  |  |  | 09/16/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,769 |  |  |  | (154,770 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (17,364,128) |

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Daiichi Sankyo Co. Ltd. |  | Goldman Sachs International |  |  | 344,000 |  |  |  | 07/06/22 |  |  |  | JPY |  |  |  | 3,500.12 |  |  |  | JPY |  |  |  | 1,182,328 |  |  | $ | (97,236 | )
Alkermes PLC |  | Citibank N.A. |  |  | 88,600 |  |  |  | 07/07/22 |  |  |  | USD |  |  |  | 31.06 |  |  |  | USD |  |  |  | 2,639 |  |  |  | (45,550 | )
Sonova Holding AG |  | UBS AG |  |  | 14,500 |  |  |  | 07/08/22 |  |  |  | CHF |  |  |  | 338.98 |  |  |  | CHF |  |  |  | 4,408 |  |  |  | (4,119 | )
Alcon, Inc. |  | Barclays Bank PLC |  |  | 39,100 |  |  |  | 07/11/22 |  |  |  | USD |  |  |  | 75.62 |  |  |  | USD |  |  |  | 2,733 |  |  |  | (4,651 | )
Alcon, Inc. |  | Citibank N.A. |  |  | 54,100 |  |  |  | 07/11/22 |  |  |  | USD |  |  |  | 74.49 |  |  |  | USD |  |  |  | 3,781 |  |  |  | (12,296 | )
Convatec Group PLC |  | Barclays Bank PLC |  |  | 411,500 |  |  |  | 07/12/22 |  |  |  | GBP |  |  |  | 2.33 |  |  |  | GBP |  |  |  | 923 |  |  |  | (10,984 | )
Gerresheimer AG |  | Goldman Sachs International |  |  | 26,300 |  |  |  | 07/13/22 |  |  |  | EUR |  |  |  | 72.12 |  |  |  | EUR |  |  |  | 1,631 |  |  |  | (17,065 | )
Convatec Group PLC |  | Goldman Sachs International |  |  | 500,000 |  |  |  | 07/19/22 |  |  |  | GBP |  |  |  | 2.23 |  |  |  | GBP |  |  |  | 1,122 |  |  |  | (45,125 | )
Amplifon SpA |  | Goldman Sachs International |  |  | 61,000 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 32.83 |  |  |  | EUR |  |  |  | 1,784 |  |  |  | (9,888 | )
Daiichi Sankyo Co. Ltd. |  | Goldman Sachs International |  |  | 62,000 |  |  |  | 07/20/22 |  |  |  | JPY |  |  |  | 3,517.50 |  |  |  | JPY |  |  |  | 213,094 |  |  |  | (33,041 | )
Gerresheimer AG |  | Morgan Stanley & Co. International PLC |  |  | 35,000 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 72.46 |  |  |  | EUR |  |  |  | 2,170 |  |  |  | (36,316 | )
Sonova Holding AG |  | Barclays Bank PLC |  |  | 10,200 |  |  |  | 07/20/22 |  |  |  | CHF |  |  |  | 352.87 |  |  |  | CHF |  |  |  | 3,101 |  |  |  | (7,954 | )
Alcon, Inc. |  | Bank of America N.A. |  |  | 71,300 |  |  |  | 07/25/22 |  |  |  | USD |  |  |  | 76.85 |  |  |  | USD |  |  |  | 4,983 |  |  |  | (29,196 | )
Alkermes PLC |  | Citibank N.A. |  |  | 88,400 |  |  |  | 07/26/22 |  |  |  | USD |  |  |  | 30.69 |  |  |  | USD |  |  |  | 2,633 |  |  |  | (77,509 | )
Genmab A/S |  | Goldman Sachs International |  |  | 1,900 |  |  |  | 07/26/22 |  |  |  | DKK |  |  |  | 2,231.01 |  |  |  | DKK |  |  |  | 4,364 |  |  |  | (36,659 | )
Teleflex, Inc. |  | Barclays Bank PLC |  |  | 9,200 |  |  |  | 07/26/22 |  |  |  | USD |  |  |  | 261.64 |  |  |  | USD |  |  |  | 2,262 |  |  |  | (35,900 | )
UCB SA |  | Goldman Sachs International |  |  | 55,000 |  |  |  | 07/26/22 |  |  |  | EUR |  |  |  | 85.75 |  |  |  | EUR |  |  |  | 4,435 |  |  |  | (24,436 | )
West Pharmaceutical Services, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 6,200 |  |  |  | 07/26/22 |  |  |  | USD |  |  |  | 316.62 |  |  |  | USD |  |  |  | 1,875 |  |  |  | (42,640 | )
908 Devices, Inc. |  | Citibank N.A. |  |  | 7,200 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 21.51 |  |  |  | USD |  |  |  | 148 |  |  |  | (9,716 | )
Agilent Technologies, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 28,400 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 118.64 |  |  |  | USD |  |  |  | 3,373 |  |  |  | (134,961 | )
Gerresheimer AG |  | JPMorgan Chase Bank N.A. |  |  | 16,500 |  |  |  | 07/28/22 |  |  |  | EUR |  |  |  | 0.00 |  |  |  | EUR |  |  |  | 1,023 |  |  |  | (44,158 | )
H Lundbeck, Class B |  | JPMorgan Chase Bank N.A. |  |  | 192,400 |  |  |  | 07/28/22 |  |  |  | DKK |  |  |  | 33.55 |  |  |  | DKK |  |  |  | 6,632 |  |  |  | (81,984 | )
Insulet Corp. |  | Barclays Bank PLC |  |  | 17,500 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 216.11 |  |  |  | USD |  |  |  | 3,814 |  |  |  | (258,728 | )
Quest Diagnostics, Inc. |  | Bank of America N.A. |  |  | 17,300 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 139.79 |  |  |  | USD |  |  |  | 2,301 |  |  |  | (32,322 | )
Wuxi Biologics Cayman, Inc. |  | Goldman Sachs International |  |  | 394,000 |  |  |  | 07/28/22 |  |  |  | HKD |  |  |  | 70.29 |  |  |  | HKD |  |  |  | 28,289 |  |  |  | (319,937 | )
H Lundbeck, Class B |  | JPMorgan Chase Bank N.A. |  |  | 192,400 |  |  |  | 08/03/22 |  |  |  | DKK |  |  |  | 33.55 |  |  |  | DKK |  |  |  | 6,632 |  |  |  | (70,496 | )
Ionis Pharmaceuticals, Inc. |  | Barclays Bank PLC |  |  | 74,800 |  |  |  | 08/03/22 |  |  |  | USD |  |  |  | 35.48 |  |  |  | USD |  |  |  | 2,769 |  |  |  | (270,407 | )
Amplifon SpA |  | Goldman Sachs International |  |  | 32,400 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 28.08 |  |  |  | EUR |  |  |  | 948 |  |  |  | (78,980 | )
Convatec Group PLC |  | Morgan Stanley & Co. International PLC |  |  | 500,000 |  |  |  | 08/09/22 |  |  |  | GBP |  |  |  | 2.24 |  |  |  | GBP |  |  |  | 1,122 |  |  |  | (55,391 | )
Daiichi Sankyo Co. Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 62,000 |  |  |  | 08/09/22 |  |  |  | JPY |  |  |  | 3,226.10 |  |  |  | JPY |  |  |  | 213,094 |  |  |  | (141,880 | )
UCB SA |  | Morgan Stanley & Co. International PLC |  |  | 55,200 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 85.43 |  |  |  | EUR |  |  |  | 4,451 |  |  |  | (52,968 | )
Genmab A/S |  | Goldman Sachs International |  |  | 9,200 |  |  |  | 08/11/22 |  |  |  | DKK |  |  |  | 2,371.95 |  |  |  | DKK |  |  |  | 21,132 |  |  |  | (113,854 | )
Lonza Group AG |  | Goldman Sachs International |  |  | 6,100 |  |  |  | 08/11/22 |  |  |  | CHF |  |  |  | 522.31 |  |  |  | CHF |  |  |  | 3,105 |  |  |  | (113,412 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,349,759 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 3,825,451 |  |  | $ | (7,361,706 | ) |  | $ | (19,713,887) |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust II (BMEZ)

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 19,713,887 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19,713,887 |

For the period ended June 30, 2022, 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) |  | $ | — |  |  | $ | — |  |  | $ | (3,612 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,612 | )
Options written |  |  | — |  |  |  | — |  |  |  | 40,270,755 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40,270,755 |
|  | $ | — |  |  | $ | — |  |  | $ | 40,267,143 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 40,267,143 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (1,866,111 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,866,111 | )

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts purchased |  | $ | — | (a)
Average value of option contracts written |  | $ | 24,328,627 |

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

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 19,713,887 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 19,713,887 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (17,364,128 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 2,349,759 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust II (BMEZ)

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. |  | $ | 61,518 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 61,518 |
Barclays Bank PLC |  |  | 588,624 |  |  |  | — |  |  |  | (588,624 | ) |  |  | — |  |  |  | — |
Citibank N.A. |  |  | 145,071 |  |  |  | — |  |  |  | (125,071 | ) |  |  | (20,000 | ) |  |  | — |
Goldman Sachs International |  |  | 889,633 |  |  |  | — |  |  |  | (889,633 | ) |  |  | — |  |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 516,119 |  |  |  | — |  |  |  | (516,119 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 144,675 |  |  |  | — |  |  |  | (128,675 | ) |  |  | (16,000 | ) |  |  | — |
UBS AG |  |  | 4,119 |  |  |  | — |  |  |  | (4,119 | ) |  |  | — |  |  |  | — |
|  | $ | 2,349,759 |  |  | $ | — |  |  | $ | (2,252,241 | ) |  | $ | (36,000 | ) |  | $ | 61,518 |

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

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

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Biotechnology |  | $ | 632,392,781 |  |  | $ | 38,216,709 |  |  | $ | — |  |  | $ | 670,609,490 |
Diversified Financial Services |  |  | 48,190,538 |  |  |  | — |  |  |  | — |  |  |  | 48,190,538 |
Electronic Equipment, Instruments & Components |  |  | 5,643,390 |  |  |  | — |  |  |  | — |  |  |  | 5,643,390 |
Health Care Equipment & Supplies |  |  | 425,054,154 |  |  |  | 27,403,789 |  |  |  | — |  |  |  | 452,457,943 |
Health Care Providers & Services |  |  | 244,436,822 |  |  |  | 15,215,076 |  |  |  | — |  |  |  | 259,651,898 |
Health Care Technology |  |  | 7,180,627 |  |  |  | — |  |  |  | — |  |  |  | 7,180,627 |
Life Sciences Tools & Services |  |  | 239,232,606 |  |  |  | 37,479,223 |  |  |  | — |  |  |  | 276,711,829 |
Pharmaceuticals |  |  | 68,447,931 |  |  |  | 70,884,306 |  |  |  | — |  |  |  | 139,332,237 |
Other Interests |  |  | — |  |  |  | — |  |  |  | 3,961,905 |  |  |  | 3,961,905 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 198,464,978 |  |  |  | 198,464,978 |
Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified Financial Services |  |  | 27,339 |  |  |  | 8,915 |  |  |  | — |  |  |  | 36,254 |
Health Care Providers & Services |  |  | 41,475 |  |  |  | — |  |  |  | — |  |  |  | 41,475 |
Pharmaceuticals |  |  | 19,287 |  |  |  | — |  |  |  | — |  |  |  | 19,287 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 81,844,430 |  |  |  | — |  |  |  | — |  |  |  | 81,844,430 |
|  | $ | 1,752,511,380 |  |  | $ | 189,208,018 |  |  | $ | 202,426,883 |  |  |  | 2,144,146,281 |
Investments Valued at NAV (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,855,495 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,151,001,776 |
Derivative Financial Instruments (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (16,128,457 | ) |  | $ | (3,585,430 | ) |  | $ | — |  |  | $ | (19,713,887 | )

| (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. |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Health Sciences Trust II (BMEZ)

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the 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:

|  | Other Interests |  |  | Preferred Stocks |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2021 |  | $ | 4,000,000 |  |  | $ | 232,701,012 |  |  | $ | 236,701,012 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | 18,407,243 |  |  |  | 18,407,243 |
Net change in unrealized appreciation (depreciation) (a)(b) |  |  | (38,095 | ) |  |  | (28,000,651 | ) |  |  | (28,038,746 | )
Purchases |  |  | — |  |  |  | 3,764,616 |  |  |  | 3,764,616 |
Sales |  |  | — |  |  |  | (28,407,242 | ) |  |  | (28,407,242 | )
Closing balance, as of June 30, 2022 |  | $ | 3,961,905 |  |  | $ | 198,464,978 |  |  | $ | 202,426,883 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 (b) |  | $ | (38,095 | ) |  | $ | (11,412,430 | ) |  | $ | (11,450,525 | )

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

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 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 financial instruments as of period end.

|  | Value |  |  | Valuation Approach |  |  | Unobservable Inputs |  | Range of Unobservable Inputs Utilized (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  | $ | 198,464,978 |  |  |  | Market |  |  | Revenue Multiple |  |  | 1.75x - 8.75x |  |  |  | 5.56x |
|  |  |  |  |  |  |  |  |  | EBITDA Multiple |  |  | 10.25x |  |  |  | — |
|  |  |  |  |  |  |  |  |  | Volatility |  |  | 50% - 90% |  |  |  | 67% |
|  |  |  |  |  |  |  |  |  | Time to Exit |  |  | 1.0 - 4.0 years |  |  |  | 2.4 years |
|  |  |  |  |  |  |  |  |  | Market Adjustment Multiple |  |  | 0.45x - 2.05x |  |  |  | 0.99x |
|  |  |  |  |  |  | Income |  |  | Discount Rate |  |  | 3% |  |  |  | — |
Other Interests |  |  | 3,961,905 |  |  |  | Income |  |  | Discount Rate |  |  | 3% |  |  |  | — |
|  | $ | 202,426,883 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

The Trust valued certain of its Level 3 investments using recent prior transaction prices as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction process, for which inputs are unobservable, is $12,148,340 as of June 30, 2022.
See notes to financial statements.

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

Schedule of Investments (unaudited) June 30, 2022 |  | BlackRock Innovation and Growth Trust (BIGZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |
Aerospace & Defense — 4.7% |
Axon Enterprise, Inc. (a)(b) |  |  | 651,666 |  |  | $ | 60,715,721 |
HEICO Corp. |  |  | 336,633 |  |  |  | 44,139,319 |
|  |  |  |  |  |  | 104,855,040 |
Auto Components — 1.8% |
Fox Factory Holding Corp. (b) |  |  | 493,110 |  |  |  | 39,715,079 |
Biotechnology — 1.7% |
Halozyme Therapeutics, Inc. (b) |  |  | 862,474 |  |  |  | 37,948,856 |
Building Products — 0.5% |
AZEK Co., Inc. (b) |  |  | 725,567 |  |  |  | 12,145,992 |
Capital Markets — 2.5% |
Tradeweb Markets, Inc., Class A |  |  | 804,964 |  |  |  | 54,938,793 |
Diversified Consumer Services — 3.4% |
Duolingo, Inc. (b) |  |  | 483,017 |  |  |  | 42,288,138 |
Ideal Image, Class A, (Acquired 05/05/21, Cost: $50,000,000) (c)(d) |  |  | 6,224 |  |  |  | 33,064,138 |
|  |  |  |  |  |  | 75,352,276 |
Electronic Equipment, Instruments & Components — 0.6% |
908 Devices, Inc. (b) |  |  | 664,622 |  |  |  | 13,684,567 |
Entertainment — 1.2% |
Kahoot! ASA (b) |  |  | 14,075,911 |  |  |  | 26,152,890 |
Equity Real Estate Investment Trusts (REITs) — 1.2% |
Innovative Industrial Properties, Inc. |  |  | 104,585 |  |  |  | 11,490,754 |
Rexford Industrial Realty, Inc. |  |  | 259,006 |  |  |  | 14,916,156 |
|  |  |  |  |  |  | 26,406,910 |
Food Products — 0.5% |
Freshpet, Inc. (b) |  |  | 215,820 |  |  |  | 11,198,900 |
Health Care Equipment & Supplies (b) — 1.2% |
Figs, Inc., Class A |  |  | 2,000,216 |  |  |  | 18,221,968 |
Inmode Ltd. |  |  | 407,065 |  |  |  | 9,122,326 |
|  |  |  |  |  |  | 27,344,294 |
Health Care Technology (b) — 4.0% |
Certara, Inc. |  |  | 1,484,355 |  |  |  | 31,854,258 |
Doximity, Inc., Class A |  |  | 1,007,602 |  |  |  | 35,084,702 |
Phreesia, Inc. (a)(e) |  |  | 909,979 |  |  |  | 22,758,575 |
|  |  |  |  |  |  | 89,697,535 |
Hotels, Restaurants & Leisure — 5.1% |
Evolution AB (f) |  |  | 532,304 |  |  |  | 48,695,692 |
Penn National Gaming, Inc. (a)(b) |  |  | 369,706 |  |  |  | 11,246,456 |
Planet Fitness, Inc., Class A (b)(e) |  |  | 813,885 |  |  |  | 55,352,319 |
|  |  |  |  |  |  | 115,294,467 |
Interactive Media & Services — 2.2% |
Match Group, Inc. (b) |  |  | 711,953 |  |  |  | 49,616,005 |
Internet & Direct Marketing Retail (b) — 1.9% |
Etsy, Inc. |  |  | 284,635 |  |  |  | 20,838,128 |
Fiverr International Ltd. |  |  | 620,702 |  |  |  | 21,345,942 |
|  |  |  |  |  |  | 42,184,070 |
IT Services — 5.3% |
DigitalOcean Holdings, Inc. (b) |  |  | 860,272 |  |  |  | 35,580,850 |

Security |  | Shares |  |  | Value |
IT Services (continued) |  |  |  |  |  |  |  |
Globant SA (b) |  |  | 305,438 |  |  | $ | 53,146,212 |
Salt Payments, Inc., Series C, (Acquired 11/16/21, Cost: $49,999,974) (c)(d) |  |  | 25,742 |  |  |  | 30,433,994 |
|  |  |  |  |  |  | 119,161,056 |
Life Sciences Tools & Services — 10.6% |
10X Genomics, Inc., Class A (b)(e) |  |  | 443,515 |  |  |  | 20,069,054 |
Azenta, Inc. |  |  | 611,504 |  |  |  | 44,089,438 |
Bio-Techne Corp. (a)(e) |  |  | 185,128 |  |  |  | 64,172,770 |
Charles River Laboratories International, Inc. (b) |  |  | 102,495 |  |  |  | 21,930,855 |
Olink Holding AB, ADR (b) |  |  | 807,928 |  |  |  | 12,280,506 |
Repligen Corp. (b) |  |  | 307,574 |  |  |  | 49,950,017 |
West Pharmaceutical Services, Inc. |  |  | 80,337 |  |  |  | 24,291,499 |
|  |  |  |  |  |  | 236,784,139 |
Machinery — 2.4% |
Chart Industries, Inc. (b) |  |  | 326,858 |  |  |  | 54,709,492 |
Road & Rail — 0.9% |
Saia, Inc. (b) |  |  | 111,834 |  |  |  | 21,024,792 |
Semiconductors & Semiconductor Equipment — 8.4% |
Ambarella, Inc. (b) |  |  | 593,772 |  |  |  | 38,868,315 |
Entegris, Inc. (e) |  |  | 683,028 |  |  |  | 62,927,370 |
Lattice Semiconductor Corp. (b) |  |  | 353,895 |  |  |  | 17,163,907 |
Monolithic Power Systems, Inc. (a) |  |  | 178,789 |  |  |  | 68,662,128 |
|  |  |  |  |  |  | 187,621,720 |
Software — 17.9% |
Avalara, Inc. (b)(e) |  |  | 373,554 |  |  |  | 26,372,913 |
Bill.Com Holdings, Inc. (b) |  |  | 452,261 |  |  |  | 49,721,574 |
Confluent, Inc., Class A (b) |  |  | 2,169,474 |  |  |  | 50,418,576 |
Five9, Inc. (b) |  |  | 633,658 |  |  |  | 57,751,590 |
Gitlab, Inc., Class A (b) |  |  | 917,444 |  |  |  | 48,752,974 |
Grammarly, Inc., (Acquired 11/17/21, Cost: $26,250,012) (c)(d) |  |  | 1,001,454 |  |  |  | 21,371,028 |
HubSpot, Inc. (b) |  |  | 97,991 |  |  |  | 29,460,994 |
Patreon, Inc., (Acquired 08/19/21, Cost: $11,732,736) (c)(d) |  |  | 208,333 |  |  |  | 8,039,571 |
Paylocity Holding Corp. (a)(b) |  |  | 335,189 |  |  |  | 58,463,666 |
SiteMinder Ltd. (b) |  |  | 11,692,607 |  |  |  | 28,487,912 |
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $2,999,997) (c)(d) |  |  | 199,738 |  |  |  | 1,909,495 |
Snyk Ltd., (Acquired 09/02/21, Cost: $25,961,537) (c)(d) |  |  | 1,809,860 |  |  |  | 18,587,262 |
|  |  |  |  |  |  | 399,337,555 |
Total Common Stocks — 78.0% (Cost: $2,492,595,509) |  |  |  |  |  |  | 1,745,174,428 |
|  | Par (000) |  |  |  |
Convertible Notes |  |  |  |  |  |
Specialty Retail — 0.6% |
Super73, Inc.(Acquired: 12/21/21, Cost: $12,000,000), 0.00% (c)(d) |  | $ | 12,000 |  |  |  | 12,240,000 |
Total Convertible Notes — 0.6% (Cost: $12,000,000) |  |  |  |  |  |  | 12,240,000 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Innovation and Growth Trust (BIGZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 21.8% (c)(d) |
Aerospace & Defense — 1.7% |  |  |  |  |  |
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $50,000,009) |  |  | 2,189,612 |  |  | $ | 37,814,599 |
Banks — 0.7% |  |  |  |  |  |
Varo Money Inc., Series E, (Acquired 08/27/21, Cost: $40,000,001) |  |  | 4,316,904 |  |  |  | 16,102,052 |
Capital Markets — 2.1% |  |  |  |  |  |
The Production Board LLC, Series A3, (Acquired 06/04/21, Cost: $50,000,001) |  |  | 16,666,667 |  |  |  | 47,666,668 |
Entertainment — 0.6% |  |  |  |  |  |
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $17,999,912) |  |  | 32,690 |  |  |  | 12,975,315 |
Food Products — 1.1% |  |  |  |  |  |
Motif Food Works, Inc., (Acquired 06/08/21, Cost: $39,999,986) |  |  | 1,972,240 |  |  |  | 24,810,779 |
Hotels, Restaurants & Leisure — 0.7% |  |  |  |  |  |
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost: $29,999,945) |  |  | 191,067 |  |  |  | 11,152,581 |
Underdog Sports, Inc., Series B, (Acquired 01/11/22, Cost: $4,109,441) |  |  | 79,740 |  |  |  | 4,596,213 |
|  |  |  |  |  |  | 15,748,794 |
Internet Software & Services — 1.0% |
Via Transportation, Inc., Series G, (Acquired 11/05/21, Cost: $24,999,974) |  |  | 549,357 |  |  |  | 21,622,692 |
IT Services — 1.0% |  |  |  |  |  |
Open Space Labs Inc., Series D, (Acquired 01/31/22, Cost: $15,000,003) |  |  | 1,687,916 |  |  |  | 13,553,966 |
Wagestream Holdings Ltd., Series C, (Acquired 02/11/22, Cost: $10,024,684) |  |  | 762,746 |  |  |  | 7,752,899 |
|  |  |  |  |  |  | 21,306,865 |
Leisure Products — 1.7% |  |  |  |  |  |
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost: $49,999,982) |  |  | 2,172,486 |  |  |  | 39,083,023 |
Semiconductors & Semiconductor Equipment — 2.1% |
PsiQuantum Corp., Series C, (Acquired 05/21/21, Cost: $39,999,990) |  |  | 1,525,192 |  |  |  | 38,983,907 |
Rivos, Inc., Series A, (Acquired 12/03/21, Cost: $7,996,292) |  |  | 2,997,684 |  |  |  | 7,194,442 |
|  |  |  |  |  |  | 46,178,349 |
Software — 8.0% |  |  |  |  |  |
Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost: $9,999,995) |  |  | 428,785 |  |  |  | 5,985,839 |
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost: $14,999,995) |  |  | 2,745,894 |  |  |  | 12,383,982 |
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $44,999,983) |  |  | 898,024 |  |  |  | 30,434,033 |
Deepgram, Inc., Series B, (Acquired 10/22/21, Cost: $11,999,997) |  |  | 2,165,400 |  |  |  | 11,000,232 |
Dragos, Inc., Series D, (Acquired 09/28/21, Cost: $39,999,959) |  |  | 900,760 |  |  |  | 34,877,427 |

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |  |  |
Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost: $30,000,101) |  |  | 4,651,163 |  |  | $ | 23,023,257 |
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $8,750,004) |  |  | 333,818 |  |  |  | 7,123,676 |
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $23,333,352) |  |  | 416,667 |  |  |  | 16,079,179 |
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost: $4,999,999) |  |  | 909,438 |  |  |  | 4,756,361 |
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $10,999,994) |  |  | 732,373 |  |  |  | 7,001,486 |
Snyk Ltd., Series B, (Acquired 09/02/21, Cost: $24,038,470) |  |  | 1,675,797 |  |  |  | 17,210,435 |
Validere Technologies, Inc., Series B, (Acquired 10/21/21, Cost: $10,000,000) |  |  | 4,684,060 |  |  |  | 9,602,323 |
|  |  |  |  |  |  | 179,478,230 |
Wireless Telecommunication Services — 1.1% |
Loft Orbital Solutions, Inc., Series B, (Acquired 10/14/21, Cost: $24,999,992) |  |  | 1,365,305 |  |  |  | 24,138,592 |
|  |  |  |  |  |  | 486,925,958 |
Total Preferred Securities — 21.8% (Cost: $639,252,061) |  |  |  | 486,925,958 |
Total Long-Term Investments — 100.4% (Cost: $3,143,847,570) |  |  |  | 2,244,340,386 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 0.4% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (g)(h) |  |  | 9,128,990 |  |  |  | 9,128,990 |
Total Short-Term Securities — 0.4% (Cost: $9,128,990) |  |  |  | 9,128,990 |
Total Investments Before Options Written — 100.8% (Cost: $3,152,976,560) |  |  |  | 2,253,469,376 |
Options Written — (0.5)% (Premiums Received: $(11,526,685)) |  |  |  | (9,846,179 | )
Total Investments, Net of Options Written — 100.3% (Cost: $3,141,449,875) |  |  |  | 2,243,623,197 |
Liabilities in Excess of Other Assets — (0.3)% |  |  |  | (7,544,276 | )
Net Assets — 100.0% |  |  | $ | 2,236,078,921 |

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

(b) | Non-income producing security.

(c) | 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 $612,571,446, representing 27.4% of its net assets as of period end, and an original cost of $818,196,317.

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

(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) | Affiliate of the Trust.

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

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Innovation and Growth Trust (BIGZ)

Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/21 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/22 |  |  | Shares Held at 06/30/22 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
908 Devices, Inc. (a) |  | $ | 59,749,533 |  |  | $ | — |  |  | $ | (23,460,919 | ) |  | $ | (58,510,510 | ) |  | $ | 44,486,096 |  |  | $ | N/A |  |  |  | N/A |  |  | $ | — |  |  | $ | — |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  |  | 1,836,203 |  |  |  | 7,292,787 | (b) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,128,990 |  |  |  | 9,128,990 |  |  |  | 32,878 |  |  |  | — |
SL Liquidity Series, LLC, Money Market Series (c) |  |  | 5,204,477 |  |  |  | — |  |  |  | (5,203,286 | ) (b) |  |  | (1,495 | ) |  |  | 304 |  |  |  | — |  |  |  | — |  |  |  | 3,961 | (d) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (58,512,005 | ) |  | $ | 44,486,400 |  |  | $ | 9,128,990 |  |  |  |  |  |  | $ | 36,839 |  |  | $ | — |

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

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

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

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

Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ambarella, Inc. |  |  | 157 |  |  |  | 07/01/22 |  |  | USD |  |  | 87.00 |  |  | USD |  |  | 1,028 |  |  | $ | (11,775) |
Match Group, Inc. |  |  | 143 |  |  |  | 07/01/22 |  |  | USD |  |  | 86.00 |  |  | USD |  |  | 997 |  |  |  | (4,290) |
Penn National Gaming, Inc. |  |  | 368 |  |  |  | 07/08/22 |  |  | USD |  |  | 36.00 |  |  | USD |  |  | 1,119 |  |  |  | (6,624) |
Lattice Semiconductor Corp. |  |  | 196 |  |  |  | 07/12/22 |  |  | USD |  |  | 51.50 |  |  | USD |  |  | 951 |  |  |  | (12,116) |
10X Genomics, Inc., Class A |  |  | 749 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 3,389 |  |  |  | (528,045) |
908 Devices, Inc. |  |  | 275 |  |  |  | 07/15/22 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 566 |  |  |  | (112,062) |
Ambarella Inc. |  |  | 108 |  |  |  | 07/15/22 |  |  | USD |  |  | 76.00 |  |  | USD |  |  | 707 |  |  |  | (6,210) |
Ambarella, Inc. |  |  | 212 |  |  |  | 07/15/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 1,388 |  |  |  | (6,890) |
Avalara, Inc. |  |  | 401 |  |  |  | 07/15/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 2,831 |  |  |  | (58,145) |
Axon Enterprise, Inc. |  |  | 478 |  |  |  | 07/15/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 4,454 |  |  |  | (11,950) |
AZEK Co., Inc. |  |  | 1,058 |  |  |  | 07/15/22 |  |  | USD |  |  | 20.94 |  |  | USD |  |  | 1,771 |  |  |  | (5,358) |
Bio-Techne Corp. |  |  | 54 |  |  |  | 07/15/22 |  |  | USD |  |  | 400.00 |  |  | USD |  |  | 1,872 |  |  |  | (25,920) |
Brooks Automation, Inc. |  |  | 297 |  |  |  | 07/15/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 2,141 |  |  |  | (61,627) |
Charles River Laboratories International, Inc. |  |  | 76 |  |  |  | 07/15/22 |  |  | USD |  |  | 260.00 |  |  | USD |  |  | 1,626 |  |  |  | (7,220) |
Chart Industries, Inc. |  |  | 173 |  |  |  | 07/15/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 2,896 |  |  |  | (40,222) |
Confluent, Inc., Class A |  |  | 329 |  |  |  | 07/15/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 765 |  |  |  | (5,758) |
Confluent, Inc., Class A |  |  | 485 |  |  |  | 07/15/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 1,127 |  |  |  | (46,075) |
DigitalOcean Holdings, Inc. |  |  | 100 |  |  |  | 07/15/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 414 |  |  |  | (750) |
DigitalOcean Holdings, Inc. |  |  | 784 |  |  |  | 07/15/22 |  |  | USD |  |  | 40.96 |  |  | USD |  |  | 3,243 |  |  |  | (241,937) |
Doximity, Inc., Class A |  |  | 600 |  |  |  | 07/15/22 |  |  | USD |  |  | 42.50 |  |  | USD |  |  | 2,089 |  |  |  | (16,500) |
Duolingo, Inc., Class A |  |  | 325 |  |  |  | 07/15/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 2,845 |  |  |  | (102,375) |
Etsy, Inc. |  |  | 120 |  |  |  | 07/15/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 879 |  |  |  | (2,880) |
Five9, Inc. |  |  | 165 |  |  |  | 07/15/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 1,504 |  |  |  | (9,075) |
Five9, Inc. |  |  | 385 |  |  |  | 07/15/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 3,509 |  |  |  | (54,862) |
Fiverr International Ltd. |  |  | 330 |  |  |  | 07/15/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,135 |  |  |  | (3,300) |
Fiverr International Ltd. |  |  | 601 |  |  |  | 07/15/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 2,067 |  |  |  | (10,518) |
Fox Factory Holding Corp. |  |  | 439 |  |  |  | 07/15/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 3,536 |  |  |  | (65,850) |
Freshpet, Inc. |  |  | 403 |  |  |  | 07/15/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,091 |  |  |  | (88,660) |
Gitlab, Inc., Class A |  |  | 532 |  |  |  | 07/15/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,827 |  |  |  | (10,640) |
Gitlab, Inc., Class A |  |  | 173 |  |  |  | 07/15/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 919 |  |  |  | (91,690) |
Globant SA |  |  | 144 |  |  |  | 07/15/22 |  |  | USD |  |  | 250.00 |  |  | USD |  |  | 2,506 |  |  |  | (11,520) |
Globant SA |  |  | 120 |  |  |  | 07/15/22 |  |  | USD |  |  | 195.00 |  |  | USD |  |  | 2,088 |  |  |  | (27,900) |
Halozyme Therapeutics, Inc. |  |  | 696 |  |  |  | 07/15/22 |  |  | USD |  |  | 46.00 |  |  | USD |  |  | 3,062 |  |  |  | (71,340) |
HEICO Corp. |  |  | 188 |  |  |  | 07/15/22 |  |  | USD |  |  | 139.68 |  |  | USD |  |  | 2,465 |  |  |  | (7,181) |
HubSpot, Inc. |  |  | 73 |  |  |  | 07/15/22 |  |  | USD |  |  | 390.00 |  |  | USD |  |  | 2,195 |  |  |  | (17,338) |
Inmode Ltd. |  |  | 610 |  |  |  | 07/15/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 1,367 |  |  |  | (30,500) |
Lattice Semiconductor Corp. |  |  | 18 |  |  |  | 07/15/22 |  |  | USD |  |  | 55.52 |  |  | USD |  |  | 87 |  |  |  | (621) |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Innovation and Growth Trust (BIGZ)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lattice Semiconductor Corp. |  |  | 316 |  |  |  | 07/15/22 |  |  | USD |  |  | 50.00 |  |  | USD |  |  | 1,533 |  |  | $ | (51,350) |
Monolithic Power Systems, Inc. |  |  | 112 |  |  |  | 07/15/22 |  |  | USD |  |  | 460.00 |  |  | USD |  |  | 4,301 |  |  |  | (29,960) |
Olink Holding AB, ADR |  |  | 497 |  |  |  | 07/15/22 |  |  | USD |  |  | 17.50 |  |  | USD |  |  | 755 |  |  |  | (67,095) |
Olink Holding AB, ADR |  |  | 494 |  |  |  | 07/15/22 |  |  | USD |  |  | 12.50 |  |  | USD |  |  | 751 |  |  |  | (143,260) |
Paylocity Holding Corp. |  |  | 117 |  |  |  | 07/15/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 2,041 |  |  |  | (83,070) |
Paylocity Holding Corp. |  |  | 124 |  |  |  | 07/15/22 |  |  | USD |  |  | 191.00 |  |  | USD |  |  | 2,163 |  |  |  | (32,998) |
Phreesia, Inc. |  |  | 750 |  |  |  | 07/15/22 |  |  | USD |  |  | 35.00 |  |  | USD |  |  | 1,876 |  |  |  | (22,500) |
Phreesia, Inc. |  |  | 469 |  |  |  | 07/15/22 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 1,173 |  |  |  | (243,880) |
Planet Fitness, Inc., Class A |  |  | 557 |  |  |  | 07/15/22 |  |  | USD |  |  | 78.33 |  |  | USD |  |  | 3,788 |  |  |  | (13,306) |
Repligen Corp. |  |  | 270 |  |  |  | 07/15/22 |  |  | USD |  |  | 170.00 |  |  | USD |  |  | 4,385 |  |  |  | (122,850) |
Rexford Industrial Realty, Inc. |  |  | 73 |  |  |  | 07/15/22 |  |  | USD |  |  | 65.00 |  |  | USD |  |  | 420 |  |  |  | (6,570) |
Saia, Inc. |  |  | 71 |  |  |  | 07/15/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,335 |  |  |  | (14,023) |
Tradeweb Markets, Inc., Class A |  |  | 631 |  |  |  | 07/15/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 4,307 |  |  |  | (69,410) |
Ambarella, Inc. |  |  | 290 |  |  |  | 07/22/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 1,898 |  |  |  | (14,500) |
Bill.Com Holdings, Inc. |  |  | 240 |  |  |  | 07/22/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 2,639 |  |  |  | (24,000) |
Match Group, Inc. |  |  | 338 |  |  |  | 07/22/22 |  |  | USD |  |  | 84.00 |  |  | USD |  |  | 2,356 |  |  |  | (14,872) |
Penn National Gaming, Inc. |  |  | 564 |  |  |  | 07/22/22 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 1,716 |  |  |  | (10,152) |
Ambarella, Inc. |  |  | 123 |  |  |  | 07/29/22 |  |  | USD |  |  | 78.00 |  |  | USD |  |  | 805 |  |  |  | (14,145) |
Bill.Com Holdings, Inc. |  |  | 186 |  |  |  | 07/29/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 2,045 |  |  |  | (60,450) |
Etsy, Inc. |  |  | 200 |  |  |  | 07/29/22 |  |  | USD |  |  | 91.00 |  |  | USD |  |  | 1,464 |  |  |  | (38,400) |
Match Group, Inc. |  |  | 290 |  |  |  | 07/29/22 |  |  | USD |  |  | 78.00 |  |  | USD |  |  | 2,021 |  |  |  | (50,025) |
Bill.Com Holdings, Inc. |  |  | 252 |  |  |  | 08/05/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 2,770 |  |  |  | (123,480) |
Etsy, Inc. |  |  | 106 |  |  |  | 08/05/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 776 |  |  |  | (18,497) |
Axon Enterprise, Inc. |  |  | 220 |  |  |  | 08/12/22 |  |  | USD |  |  | 99.00 |  |  | USD |  |  | 2,050 |  |  |  | (108,287) |
Bio-Techne Corp. |  |  | 133 |  |  |  | 08/15/22 |  |  | USD |  |  | 390.00 |  |  | USD |  |  | 4,610 |  |  |  | (74,359) |
908 Devices, Inc. |  |  | 58 |  |  |  | 08/19/22 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 119 |  |  |  | (16,385) |
908 Devices, Inc. |  |  | 317 |  |  |  | 08/19/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 653 |  |  |  | (52,305) |
Avalara, Inc. |  |  | 159 |  |  |  | 08/19/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 1,123 |  |  |  | (32,993) |
Brooks Automation, Inc. |  |  | 347 |  |  |  | 08/19/22 |  |  | USD |  |  | 75.00 |  |  | USD |  |  | 2,502 |  |  |  | (144,005) |
Certara, Inc. |  |  | 1,000 |  |  |  | 08/19/22 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 2,146 |  |  |  | (275,000) |
Certara, Inc. |  |  | 613 |  |  |  | 08/19/22 |  |  | USD |  |  | 22.50 |  |  | USD |  |  | 1,315 |  |  |  | (306,500) |
Charles River Laboratories International, Inc. |  |  | 77 |  |  |  | 08/19/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 1,648 |  |  |  | (89,705) |
Chart Industries, Inc. |  |  | 144 |  |  |  | 08/19/22 |  |  | USD |  |  | 185.00 |  |  | USD |  |  | 2,410 |  |  |  | (99,360) |
Confluent, Inc., Class A |  |  | 1,415 |  |  |  | 08/19/22 |  |  | USD |  |  | 22.42 |  |  | USD |  |  | 3,288 |  |  |  | (560,641) |
DigitalOcean Holdings, Inc. |  |  | 486 |  |  |  | 08/19/22 |  |  | USD |  |  | 55.00 |  |  | USD |  |  | 2,010 |  |  |  | (76,545) |
Doximity, Inc., Class A |  |  | 609 |  |  |  | 08/19/22 |  |  | USD |  |  | 47.50 |  |  | USD |  |  | 2,121 |  |  |  | (70,035) |
Duolingo, Inc., Class A |  |  | 245 |  |  |  | 08/19/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 2,145 |  |  |  | (115,150) |
Entegris, Inc. |  |  | 1,024 |  |  |  | 08/19/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 9,434 |  |  |  | (414,720) |
Figs, Inc., Class A |  |  | 1,500 |  |  |  | 08/19/22 |  |  | USD |  |  | 10.00 |  |  | USD |  |  | 1,367 |  |  |  | (127,500) |
Fox Factory Holding Corp. |  |  | 300 |  |  |  | 08/19/22 |  |  | USD |  |  | 80.00 |  |  | USD |  |  | 2,416 |  |  |  | (202,500) |
Freshpet, Inc. |  |  | 12 |  |  |  | 08/19/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 62 |  |  |  | (3,420) |
Gitlab, Inc., Class A |  |  | 440 |  |  |  | 08/19/22 |  |  | USD |  |  | 51.00 |  |  | USD |  |  | 2,338 |  |  |  | (344,773) |
Gitlab, Inc., Class A |  |  | 304 |  |  |  | 08/19/22 |  |  | USD |  |  | 50.83 |  |  | USD |  |  | 1,615 |  |  |  | (240,743) |
Globant SA |  |  | 194 |  |  |  | 08/19/22 |  |  | USD |  |  | 220.00 |  |  | USD |  |  | 3,376 |  |  |  | (61,110) |
Halozyme Therapeutics, Inc. |  |  | 298 |  |  |  | 08/19/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,311 |  |  |  | (75,245) |
HEICO Corp. |  |  | 128 |  |  |  | 08/19/22 |  |  | USD |  |  | 140.00 |  |  | USD |  |  | 1,678 |  |  |  | (34,880) |
HEICO Corp. |  |  | 188 |  |  |  | 08/19/22 |  |  | USD |  |  | 135.00 |  |  | USD |  |  | 2,465 |  |  |  | (86,480) |
HubSpot, Inc. |  |  | 73 |  |  |  | 08/19/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 2,195 |  |  |  | (129,575) |
Innovative Industrial Properties, Inc. |  |  | 156 |  |  |  | 08/19/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 1,714 |  |  |  | (43,290) |
Match Group, Inc. |  |  | 280 |  |  |  | 08/19/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 1,951 |  |  |  | (27,860) |
Monolithic Power Systems, Inc. |  |  | 78 |  |  |  | 08/19/22 |  |  | USD |  |  | 450.00 |  |  | USD |  |  | 2,996 |  |  |  | (78,780) |
Olink Holding AB, ADR |  |  | 220 |  |  |  | 08/19/22 |  |  | USD |  |  | 10.00 |  |  | USD |  |  | 334 |  |  |  | (112,200) |
Paylocity Holding Corp. |  |  | 261 |  |  |  | 08/19/22 |  |  | USD |  |  | 175.00 |  |  | USD |  |  | 4,552 |  |  |  | (378,450) |
Phreesia, Inc. |  |  | 390 |  |  |  | 08/19/22 |  |  | USD |  |  | 20.00 |  |  | USD |  |  | 975 |  |  |  | (235,950) |
Repligen Corp. |  |  | 150 |  |  |  | 08/19/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 2,436 |  |  |  | (206,250) |
Saia, Inc. |  |  | 96 |  |  |  | 08/19/22 |  |  | USD |  |  | 210.00 |  |  | USD |  |  | 1,805 |  |  |  | (78,240) |
Tradeweb Markets, Inc., Class A |  |  | 576 |  |  |  | 08/19/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 3,931 |  |  |  | (161,280) |
Figs, Inc., Class A |  |  | 1,500 |  |  |  | 09/16/22 |  |  | USD |  |  | 9.96 |  |  | USD |  |  | 1,367 |  |  |  | (169,485) |
Halozyme Therapeutics, Inc. |  |  | 298 |  |  |  | 09/16/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,311 |  |  |  | (114,730) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (8,433,248) |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Innovation and Growth Trust (BIGZ)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Kahoot! ASA |  | UBS AG |  |  | 598,000 |  |  |  | 07/06/22 |  |  |  | NOK |  |  |  | 25.29 |  |  |  | NOK |  |  |  | 10,944 |  |  | $ | (51) |
AZEK Co., Inc. |  | Barclays Bank PLC |  |  | 68,000 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 23.81 |  |  |  | USD |  |  |  | 1,138 |  |  |  | (5) |
Siteminder Ltd. |  | UBS AG |  |  | 100,000 |  |  |  | 07/19/22 |  |  |  | AUD |  |  |  | 4.93 |  |  |  | AUD |  |  |  | 353 |  |  |  | (138) |
Kahoot! ASA |  | Goldman Sachs International |  |  | 518,400 |  |  |  | 07/20/22 |  |  |  | NOK |  |  |  | 26.44 |  |  |  | NOK |  |  |  | 9,487 |  |  |  | (2,741) |
Axon Enterprise, Inc. |  | Goldman Sachs International |  |  | 28,000 |  |  |  | 07/25/22 |  |  |  | USD |  |  |  | 110.68 |  |  |  | USD |  |  |  | 2,609 |  |  |  | (32,159) |
Monolithic Power Systems, Inc. |  | Barclays Bank PLC |  |  | 7,800 |  |  |  | 07/26/22 |  |  |  | USD |  |  |  | 433.62 |  |  |  | USD |  |  |  | 2,996 |  |  |  | (52,803) |
West Pharmaceutical Services, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 12,000 |  |  |  | 07/26/22 |  |  |  | USD |  |  |  | 316.62 |  |  |  | USD |  |  |  | 3,628 |  |  |  | (82,529) |
Brooks Automation, Inc. |  | Barclays Bank PLC |  |  | 27,300 |  |  |  | 07/27/22 |  |  |  | USD |  |  |  | 81.20 |  |  |  | USD |  |  |  | 1,968 |  |  |  | (88,715) |
Siteminder Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 59,800 |  |  |  | 07/27/22 |  |  |  | AUD |  |  |  | 4.91 |  |  |  | AUD |  |  |  | 211 |  |  |  | (296) |
908 Devices, Inc. |  | Citibank N.A. |  |  | 34,600 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 21.51 |  |  |  | USD |  |  |  | 712 |  |  |  | (46,689) |
Bio-Techne Corp. |  | JPMorgan Chase Bank N.A. |  |  | 9,000 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 350.65 |  |  |  | USD |  |  |  | 3,120 |  |  |  | (129,582) |
Chart Industries, Inc. |  | Barclays Bank PLC |  |  | 17,300 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 182.14 |  |  |  | USD |  |  |  | 2,896 |  |  |  | (75,623) |
Confluent, Inc., Class A |  | JPMorgan Chase Bank N.A. |  |  | 102,500 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 26.12 |  |  |  | USD |  |  |  | 2,382 |  |  |  | (152,336) |
Duolingo, Inc., Class A |  | Citibank N.A. |  |  | 18,900 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 102.37 |  |  |  | USD |  |  |  | 1,655 |  |  |  | (69,438) |
Planet Fitness, Inc., Class A |  | JPMorgan Chase Bank N.A. |  |  | 66,300 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 69.42 |  |  |  | USD |  |  |  | 4,509 |  |  |  | (187,827) |
Evolution AB |  | Morgan Stanley & Co. International PLC |  |  | 79,800 |  |  |  | 08/02/22 |  |  |  | SEK |  |  |  | 966.29 |  |  |  | SEK |  |  |  | 74,679 |  |  |  | (342,100) |
Kahoot! ASA |  | Goldman Sachs International |  |  | 550,000 |  |  |  | 08/02/22 |  |  |  | NOK |  |  |  | 27.98 |  |  |  | NOK |  |  |  | 10,065 |  |  |  | (4,860) |
Five9, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 40,000 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 116.76 |  |  |  | USD |  |  |  | 3,646 |  |  |  | (54,566) |
Kahoot! ASA |  | Barclays Bank PLC |  |  | 445,000 |  |  |  | 08/09/22 |  |  |  | NOK |  |  |  | 20.35 |  |  |  | NOK |  |  |  | 8,144 |  |  |  | (52,515) |
Rexford Industrial Realty, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 31,500 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 61.99 |  |  |  | USD |  |  |  | 1,814 |  |  |  | (37,958) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,412,931) |

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 4,418,721 |  |  | $ | (2,738,215 | ) |  | $ | (9,846,179) |

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 |  | $ | — |  |  | $ | — |  |  | $ | 9,846,179 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9,846,179 |

For the period ended June 30, 2022, 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) |  | $ | — |  |  | $ | — |  |  | $ | (4,444) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4,444) |
Options written |  |  | — |  |  |  | — |  |  |  | 44,408,727 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 44,408,727 |
|  | $ | — |  |  | $ | — |  |  | $ | 44,404,283 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 44,404,283 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (4,733,943 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4,733,943 | )

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Innovation and Growth Trust (BIGZ)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  |  | $(10,712,177) |

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 |  | $ | — |  |  | $ | 9,846,179 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 9,846,179 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (8,433,248 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 1,412,931 |

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged |  |  |  | Net Amount of Derivative Liabilities | (b)
Barclays Bank PLC |  | $ | 269,661 |  |  | $ | — |  |  | $ | (269,661 | ) |  | $ | — |  |  | $ | — |
Citibank N.A. |  |  | 116,127 |  |  |  | — |  |  |  | (116,127 | ) |  |  | — |  |  |  | — |
Goldman Sachs International |  |  | 39,760 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 39,760 |
JPMorgan Chase Bank N.A. |  |  | 644,798 |  |  |  | — |  |  |  | (644,798 | ) |  |  | — |  |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 342,396 |  |  |  | — |  |  |  | (268,691 | ) |  |  | — |  |  |  | 73,705 |
UBS AG |  |  | 189 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 189 |
|  | $ | 1,412,931 |  |  | $ | — |  |  | $ | (1,299,277 | ) |  | $ | — |  |  | $ | 113,654 |

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

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

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Defense |  | $ | 104,855,040 |  |  | $ | — |  |  | $ | — |  |  | $ | 104,855,040 |
Auto Components |  |  | 39,715,079 |  |  |  | — |  |  |  | — |  |  |  | 39,715,079 |
Biotechnology |  |  | 37,948,856 |  |  |  | — |  |  |  | — |  |  |  | 37,948,856 |
Building Products |  |  | 12,145,992 |  |  |  | — |  |  |  | — |  |  |  | 12,145,992 |
Capital Markets |  |  | 54,938,793 |  |  |  | — |  |  |  | — |  |  |  | 54,938,793 |
Diversified Consumer Services |  |  | 42,288,138 |  |  |  | — |  |  |  | 33,064,138 |  |  |  | 75,352,276 |
Electronic Equipment, Instruments & Components |  |  | 13,684,567 |  |  |  | — |  |  |  | — |  |  |  | 13,684,567 |
Entertainment |  |  | — |  |  |  | 26,152,890 |  |  |  | — |  |  |  | 26,152,890 |
Equity Real Estate Investment Trusts (REITs) |  |  | 26,406,910 |  |  |  | — |  |  |  | — |  |  |  | 26,406,910 |
Food Products |  |  | 11,198,900 |  |  |  | — |  |  |  | — |  |  |  | 11,198,900 |
Health Care Equipment & Supplies |  |  | 27,344,294 |  |  |  | — |  |  |  | — |  |  |  | 27,344,294 |
Health Care Technology |  |  | 89,697,535 |  |  |  | — |  |  |  | — |  |  |  | 89,697,535 |
Hotels, Restaurants & Leisure |  |  | 66,598,775 |  |  |  | 48,695,692 |  |  |  | — |  |  |  | 115,294,467 |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Innovation and Growth Trust (BIGZ)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Common Stocks (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interactive Media & Services |  | $ | 49,616,005 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,616,005 |
Internet & Direct Marketing Retail |  |  | 42,184,070 |  |  |  | — |  |  |  | — |  |  |  | 42,184,070 |
IT Services |  |  | 88,727,062 |  |  |  | — |  |  |  | 30,433,994 |  |  |  | 119,161,056 |
Life Sciences Tools & Services |  |  | 236,784,139 |  |  |  | — |  |  |  | — |  |  |  | 236,784,139 |
Machinery |  |  | 54,709,492 |  |  |  | — |  |  |  | — |  |  |  | 54,709,492 |
Road & Rail |  |  | 21,024,792 |  |  |  | — |  |  |  | — |  |  |  | 21,024,792 |
Semiconductors & Semiconductor Equipment |  |  | 187,621,720 |  |  |  | — |  |  |  | — |  |  |  | 187,621,720 |
Software |  |  | 320,942,287 |  |  |  | 28,487,912 |  |  |  | 49,907,356 |  |  |  | 399,337,555 |
Convertible Notes |  |  | — |  |  |  | — |  |  |  | 12,240,000 |  |  |  | 12,240,000 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 486,925,958 |  |  |  | 486,925,958 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 9,128,990 |  |  |  | — |  |  |  | — |  |  |  | 9,128,990 |
|  | $ | 1,537,561,436 |  |  | $ | 103,336,494 |  |  | $ | 612,571,446 |  |  | $ | 2,253,469,376 |
Derivative Financial Instruments (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (6,621,443) |  |  | $ | (3,224,736) |  |  | $ | — |  |  | $ | (9,846,179) |

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

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the 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:

|  | Asset-Backed Securities |  |  | Common Stocks |  |  | Corporate Bonds |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2021 |  | $ | 167,039,627 |  |  | $ | 12,000,000 |  |  | $ | 544,568,505 |  |  | $ | 723,608,132 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in unrealized appreciation (depreciation) (a)(b) |  |  | (53,634,139 | ) |  |  | 240,000 |  |  |  | (131,776,657 | ) |  |  | (185,170,796 | )
Purchases |  |  | — |  |  |  | — |  |  |  | 74,134,110 |  |  |  | 74,134,110 |
Sales |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Closing balance, as of June 30, 2022 |  | $ | 113,405,488 |  |  | $ | 12,240,000 |  |  | $ | 486,925,958 |  |  | $ | 612,571,446 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 (b) |  | $ | (53,634,139 | ) |  | $ | 240,000 |  |  | $ | (131,776,657 | ) |  | $ | (185,170,796 | )

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

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 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 financial instruments as of period end.

|  |  | Value |  |  |  | Valuation Approach |  |  |  | Unobservable Inputs (a) |  |  |  | Range of Unobservable Inputs Utilized | (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 113,405,488 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 10.00x - 25.00x |  |  |  | 15.33x |
|  |  |  |  |  |  |  |  |  |  | EBITDA Multiple |  |  |  | 18.00x |  |  |  | — |
Convertible Notes |  |  | 12,240,000 |  |  |  | Income |  |  |  | Discount Rate |  |  |  | 23% |  |  |  | — |
|  |  |  |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 2.20x |  |  |  | — |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 63% |  |  |  | — |
Preferred Stocks |  |  | 486,925,958 |  |  |  | Market |  |  |  | Revenue Multiple |  |  |  | 1.30x - 25.00x |  |  |  | 11.33x |
|  |  |  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 2.0 - 5.0 years |  |  |  | 3.2 years |
|  |  |  |  |  |  |  |  |  |  | Volatility |  |  |  | 45% - 90% |  |  |  | 66% |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Innovation and Growth Trust (BIGZ)

|  |  | Value |  |  |  | Valuation Approach |  |  | Unobservable Inputs (a) |  |  | Range of Unobservable Inputs Utilized | (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
|  |  |  |  |  |  |  |  |  | Market Adjustment Multiple |  |  | 0.90x - 1.00x |  |  |  | 0.95x |
|  | $ | 612,571,446 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

See notes to financial statements.

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

Schedule of Investments (unaudited) June 30, 2022 |  | BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Chemicals — 13.5% |
Albemarle Corp. (a) |  |  | 39,976 |  |  | $ | 8,354,185 |
CF Industries Holdings, Inc. |  |  | 152,792 |  |  |  | 13,098,858 |
FMC Corp. (a) |  |  | 238,833 |  |  |  | 25,557,519 |
Koninklijke DSM NV |  |  | 92,957 |  |  |  | 13,316,140 |
Nutrien Ltd. |  |  | 491,648 |  |  |  | 39,179,429 |
Sociedad Quimica y Minera de Chile SA, ADR (a) |  |  | 225,379 |  |  |  | 18,825,908 |
|  |  |  |  |  |  | 118,332,039 |
Containers & Packaging — 0.5% |  |  |  |
Packaging Corp. of America (a) |  |  | 33,028 |  |  |  | 4,541,350 |
Electrical Equipment — 0.5% |  |  |  |
Vestas Wind Systems A/S |  |  | 224,068 |  |  |  | 4,764,133 |
Food Products — 7.2% |  |  |  |
Bunge Ltd. (a)(b) |  |  | 255,485 |  |  |  | 23,169,935 |
Darling Ingredients, Inc. (a)(c) |  |  | 156,591 |  |  |  | 9,364,142 |
Hofseth International A/S, (Acquired 05/26/21, Cost: $10,198,056) (c)(d)(e) |  |  | 18,993,283 |  |  |  | 10,682,841 |
Kerry Group PLC, Class A |  |  | 129,883 |  |  |  | 12,420,968 |
Nestle SA, Registered Shares |  |  | 62,375 |  |  |  | 7,289,933 |
|  |  |  |  |  |  | 62,927,819 |
Machinery (a) — 4.4% |  |  |  |
AGCO Corp. |  |  | 168,181 |  |  |  | 16,599,466 |
Deere & Co. |  |  | 73,217 |  |  |  | 21,926,295 |
|  |  |  |  |  |  | 38,525,761 |
Metals & Mining — 24.6% |  |  |  |  |  |
Alcoa Corp. (a) |  |  | 174,140 |  |  |  | 7,937,301 |
Anglo American PLC |  |  | 162,903 |  |  |  | 5,823,549 |
ArcelorMittal SA, Registered Shares (a) |  |  | 612,749 |  |  |  | 13,848,128 |
First Quantum Minerals Ltd. |  |  | 695,612 |  |  |  | 13,196,741 |
Franco-Nevada Corp. (a) |  |  | 64,719 |  |  |  | 8,515,726 |
Freeport-McMoRan, Inc. (a) |  |  | 96,413 |  |  |  | 2,821,044 |
Glencore PLC |  |  | 8,764,363 |  |  |  | 47,471,611 |
Newcrest Mining Ltd. |  |  | 757,397 |  |  |  | 10,790,046 |
Newmont Corp. (a) |  |  | 378,867 |  |  |  | 22,606,994 |
Norsk Hydro ASA |  |  | 1,955,124 |  |  |  | 11,048,916 |
Polyus PJSC, Registered Shares, GDR (d)(f) |  |  | 209,464 |  |  |  | 2,095 |
Stelco Holdings, Inc. |  |  | 459,581 |  |  |  | 11,489,525 |
Teck Resources Ltd., Class B (a) |  |  | 419,788 |  |  |  | 12,832,919 |
Vale SA, ADR (a) |  |  | 2,009,197 |  |  |  | 29,394,552 |
Wheaton Precious Metals Corp. (a) |  |  | 511,930 |  |  |  | 18,444,838 |
|  |  |  |  |  |  | 216,223,985 |
Oil, Gas & Consumable Fuels — 44.5% |  |  |  |
Cenovus Energy, Inc. |  |  | 243,150 |  |  |  | 4,626,121 |
Chevron Corp. (a)(b) |  |  | 299,104 |  |  |  | 43,304,277 |
ConocoPhillips (a) |  |  | 395,703 |  |  |  | 35,538,087 |
EOG Resources, Inc. (a) |  |  | 149,421 |  |  |  | 16,502,055 |
Equinor ASA |  |  | 314,700 |  |  |  | 10,965,843 |

Security |  | Shares |  |  | Value |
Oil, Gas & Consumable Fuels (continued) |
Exxon Mobil Corp. (a)(b) |  |  | 850,199 |  |  | $ | 72,811,042 |
Gazprom PJSC, ADR (d) |  |  | 2,715,000 |  |  |  | 1,005 |
Hess Corp. (a) |  |  | 101,335 |  |  |  | 10,735,430 |
Marathon Petroleum Corp. (a) |  |  | 108,259 |  |  |  | 8,899,972 |
Phillips 66 (a) |  |  | 162,182 |  |  |  | 13,297,302 |
Pioneer Natural Resources Co. (a) |  |  | 55,534 |  |  |  | 12,388,525 |
Repsol SA |  |  | 309,150 |  |  |  | 4,557,489 |
Shell PLC, ADR (a) |  |  | 929,232 |  |  |  | 48,589,541 |
Suncor Energy, Inc. |  |  | 887,996 |  |  |  | 31,154,366 |
TC Energy Corp. |  |  | 348,250 |  |  |  | 18,040,173 |
TotalEnergies SE |  |  | 1,140,334 |  |  |  | 60,023,723 |
|  |  |  |  |  |  | 391,434,951 |
Paper & Forest Products — 2.5% |  |  |  |  |  |
Precious Woods Holding AG, Registered Shares (c) |  |  | 20,000 |  |  |  | 268,161 |
UPM-Kymmene OYJ |  |  | 708,034 |  |  |  | 21,710,658 |
|  |  |  |  |  |  | 21,978,819 |
Total Long-Term Investments — 97.7% (Cost: $749,620,553) |  |  |  | 858,728,857 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 2.9% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (g)(h) |  |  | 25,116,689 |  |  |  | 25,116,689 |
Total Short-Term Securities — 2.9% (Cost: $25,116,689) |  |  |  | 25,116,689 |
Total Investments Before Options Written — 100.6% (Cost: $774,737,242) |  |  |  | 883,845,546 |
Options Written — (0.4)% (Premiums Received: $(10,340,170)) |  |  |  | (3,865,208 | )
Total Investments, Net of Options Written — 100.2% (Cost: $764,397,072) |  |  |  | 879,980,338 |
Liabilities in Excess of Other Assets — (0.2)% |  |  |  | (1,362,524 | )
Net Assets — 100.0% |  |  |  |  |  | $ | 878,617,814 |

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

(e) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $10,682,841, representing 1.2% of its net assets as of period end, and an original cost of $10,198,056.

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

(g) | Affiliate of the Trust.

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

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/21 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/22 |  |  | Shares Held at 06/30/22 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 16,654,313 |  |  | $ | 8,462,376 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25,116,689 |  |  |  | 25,116,689 |  |  | $ | 39,871 |  |  | $ | — |

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

Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pioneer Natural Resources Co. |  |  | 104 |  |  |  | 07/01/22 |  |  | USD |  |  | 290.00 |  |  | USD |  |  | 2,320 |  |  | $ | (520) |
AGCO Corp. |  |  | 410 |  |  |  | 07/15/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 4,047 |  |  |  | (20,500) |
Albemarle Corp. |  |  | 150 |  |  |  | 07/15/22 |  |  | USD |  |  | 240.00 |  |  | USD |  |  | 3,135 |  |  |  | (15,375) |
ArcelorMittal SA |  |  | 560 |  |  |  | 07/15/22 |  |  | USD |  |  | 31.00 |  |  | USD |  |  | 1,266 |  |  |  | (6,160) |
Bunge Ltd. |  |  | 412 |  |  |  | 07/15/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 3,736 |  |  |  | (2,060) |
Bunge Ltd. |  |  | 533 |  |  |  | 07/15/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 4,834 |  |  |  | (15,990) |
Cenovus Energy Inc. |  |  | 641 |  |  |  | 07/15/22 |  |  | CAD |  |  | 26.50 |  |  | CAD |  |  | 1,570 |  |  |  | (19,670) |
Darling Ingredients, Inc. |  |  | 220 |  |  |  | 07/15/22 |  |  | USD |  |  | 85.00 |  |  | USD |  |  | 1,316 |  |  |  | (3,300) |
Exxon Mobil Corp. |  |  | 470 |  |  |  | 07/15/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 4,025 |  |  |  | (5,170) |
FMC Corp. |  |  | 451 |  |  |  | 07/15/22 |  |  | USD |  |  | 125.00 |  |  | USD |  |  | 4,826 |  |  |  | (33,825) |
HESS Corp. |  |  | 220 |  |  |  | 07/15/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 2,331 |  |  |  | (9,900) |
Marathon Petroleum Corp. |  |  | 270 |  |  |  | 07/15/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 2,220 |  |  |  | (3,105) |
Newmont Corp. |  |  | 380 |  |  |  | 07/15/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,267 |  |  |  | (2,090) |
Packaging Corp. of America |  |  | 122 |  |  |  | 07/15/22 |  |  | USD |  |  | 145.00 |  |  | USD |  |  | 1,678 |  |  |  | (11,285) |
Phillips 66 |  |  | 95 |  |  |  | 07/15/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 779 |  |  |  | (713) |
Shell PLC, ADR |  |  | 597 |  |  |  | 07/15/22 |  |  | USD |  |  | 57.50 |  |  | USD |  |  | 3,122 |  |  |  | (13,432) |
Shell PLC, ADR |  |  | 496 |  |  |  | 07/15/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 2,594 |  |  |  | (3,720) |
Sociedad Quimica y Minera de Chile SA, ADR |  |  | 486 |  |  |  | 07/15/22 |  |  | USD |  |  | 100.00 |  |  | USD |  |  | 4,060 |  |  |  | (18,225) |
Stelco Holdings Inc. |  |  | 668 |  |  |  | 07/15/22 |  |  | CAD |  |  | 52.00 |  |  | CAD |  |  | 2,150 |  |  |  | (20,239) |
Stelco Holdings Inc. |  |  | 200 |  |  |  | 07/15/22 |  |  | CAD |  |  | 41.00 |  |  | CAD |  |  | 644 |  |  |  | (1,942) |
Vale SA, ADR |  |  | 1,208 |  |  |  | 07/15/22 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 1,767 |  |  |  | (22,348) |
Alcoa Corp. |  |  | 160 |  |  |  | 07/22/22 |  |  | USD |  |  | 64.00 |  |  | USD |  |  | 729 |  |  |  | (1,680) |
ArcelorMittal SA |  |  | 560 |  |  |  | 07/22/22 |  |  | USD |  |  | 31.00 |  |  | USD |  |  | 1,266 |  |  |  | (4,480) |
ConocoPhillips |  |  | 294 |  |  |  | 07/22/22 |  |  | USD |  |  | 127.00 |  |  | USD |  |  | 2,640 |  |  |  | (11,172) |
Deere & Co. |  |  | 37 |  |  |  | 07/22/22 |  |  | USD |  |  | 370.00 |  |  | USD |  |  | 1,108 |  |  |  | (2,720) |
EOG Resources, Inc. |  |  | 144 |  |  |  | 07/22/22 |  |  | USD |  |  | 153.20 |  |  | USD |  |  | 1,590 |  |  |  | (5,040) |
Exxon Mobil Corp. |  |  | 492 |  |  |  | 07/22/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 4,213 |  |  |  | (5,658) |
Exxon Mobil Corp. |  |  | 413 |  |  |  | 07/22/22 |  |  | USD |  |  | 109.00 |  |  | USD |  |  | 3,537 |  |  |  | (3,304) |
Marathon Petroleum Corp. |  |  | 239 |  |  |  | 07/22/22 |  |  | USD |  |  | 120.00 |  |  | USD |  |  | 1,965 |  |  |  | (3,824) |
Teck Resources Ltd., Class B |  |  | 695 |  |  |  | 07/22/22 |  |  | USD |  |  | 41.00 |  |  | USD |  |  | 2,125 |  |  |  | (18,070) |
Vale SA, ADR |  |  | 2,400 |  |  |  | 07/22/22 |  |  | USD |  |  | 16.00 |  |  | USD |  |  | 3,511 |  |  |  | (54,000) |
Shell PLC, ADR |  |  | 808 |  |  |  | 07/25/22 |  |  | USD |  |  | 59.50 |  |  | USD |  |  | 4,225 |  |  |  | (22,548) |
Darling Ingredients, Inc. |  |  | 360 |  |  |  | 07/27/22 |  |  | USD |  |  | 79.00 |  |  | USD |  |  | 2,153 |  |  |  | (2,231) |
ArcelorMittal SA |  |  | 571 |  |  |  | 07/29/22 |  |  | USD |  |  | 30.00 |  |  | USD |  |  | 1,290 |  |  |  | (7,709) |
Chevron Corp. |  |  | 250 |  |  |  | 07/29/22 |  |  | USD |  |  | 165.00 |  |  | USD |  |  | 3,620 |  |  |  | (24,500) |
ConocoPhillips |  |  | 312 |  |  |  | 07/29/22 |  |  | USD |  |  | 127.00 |  |  | USD |  |  | 2,802 |  |  |  | (10,296) |
ConocoPhillips |  |  | 206 |  |  |  | 07/29/22 |  |  | USD |  |  | 95.00 |  |  | USD |  |  | 1,850 |  |  |  | (54,590) |
Deere & Co. |  |  | 113 |  |  |  | 07/29/22 |  |  | USD |  |  | 355.00 |  |  | USD |  |  | 3,384 |  |  |  | (10,566) |
EOG Resources, Inc. |  |  | 241 |  |  |  | 07/29/22 |  |  | USD |  |  | 138.20 |  |  | USD |  |  | 2,662 |  |  |  | (11,448) |
Freeport-McMoRan, Inc. |  |  | 178 |  |  |  | 07/29/22 |  |  | USD |  |  | 33.00 |  |  | USD |  |  | 521 |  |  |  | (12,282) |
Newmont Corp. |  |  | 500 |  |  |  | 07/29/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 2,984 |  |  |  | (13,500) |
Phillips 66 |  |  | 205 |  |  |  | 07/29/22 |  |  | USD |  |  | 94.00 |  |  | USD |  |  | 1,681 |  |  |  | (20,500) |
Pioneer Natural Resources Co. |  |  | 101 |  |  |  | 07/29/22 |  |  | USD |  |  | 245.00 |  |  | USD |  |  | 2,253 |  |  |  | (53,530) |
Vale SA, ADR |  |  | 1,460 |  |  |  | 07/29/22 |  |  | USD |  |  | 15.50 |  |  | USD |  |  | 2,136 |  |  |  | (59,860) |
Wheaton Precious Metals Corp. |  |  | 840 |  |  |  | 07/29/22 |  |  | USD |  |  | 41.00 |  |  | USD |  |  | 3,027 |  |  |  | (23,100) |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Franco-Nevada Corp. |  |  | 120 |  |  |  | 08/01/22 |  |  | USD |  |  | 147.00 |  |  | USD |  |  | 1,579 |  |  | $ | (12,348) |
Alcoa Corp. |  |  | 289 |  |  |  | 08/05/22 |  |  | USD |  |  | 58.00 |  |  | USD |  |  | 1,317 |  |  |  | (22,686) |
ArcelorMittal SA |  |  | 576 |  |  |  | 08/05/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 1,302 |  |  |  | (37,152) |
Chevron Corp. |  |  | 397 |  |  |  | 08/05/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 5,748 |  |  |  | (138,950) |
Conocophillips |  |  | 403 |  |  |  | 08/05/22 |  |  | USD |  |  | 102.00 |  |  | USD |  |  | 3,619 |  |  |  | (54,808) |
Deere & Co. |  |  | 67 |  |  |  | 08/05/22 |  |  | USD |  |  | 315.00 |  |  | USD |  |  | 2,006 |  |  |  | (54,940) |
EOG Resources, Inc. |  |  | 167 |  |  |  | 08/05/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 1,844 |  |  |  | (25,885) |
Exxon Mobil Corp. |  |  | 1,770 |  |  |  | 08/05/22 |  |  | USD |  |  | 94.00 |  |  | USD |  |  | 15,158 |  |  |  | (305,325) |
Hess Corp. |  |  | 155 |  |  |  | 08/05/22 |  |  | USD |  |  | 114.00 |  |  | USD |  |  | 1,642 |  |  |  | (62,000) |
Marathon Petroleum Corp. |  |  | 157 |  |  |  | 08/05/22 |  |  | USD |  |  | 94.00 |  |  | USD |  |  | 1,291 |  |  |  | (21,666) |
Newmont Corp. |  |  | 521 |  |  |  | 08/05/22 |  |  | USD |  |  | 66.00 |  |  | USD |  |  | 3,109 |  |  |  | (41,940) |
Phillips 66 |  |  | 211 |  |  |  | 08/05/22 |  |  | USD |  |  | 90.00 |  |  | USD |  |  | 1,730 |  |  |  | (46,420) |
Shell PLC, ADR |  |  | 1,000 |  |  |  | 08/05/22 |  |  | USD |  |  | 54.50 |  |  | USD |  |  | 5,229 |  |  |  | (159,354) |
Teck Resources Ltd., Class B |  |  | 528 |  |  |  | 08/05/22 |  |  | USD |  |  | 37.00 |  |  | USD |  |  | 1,614 |  |  |  | (30,096) |
Vale SA, ADR |  |  | 1,209 |  |  |  | 08/05/22 |  |  | USD |  |  | 17.00 |  |  | USD |  |  | 1,769 |  |  |  | (23,575) |
Wheaton Precious Metals Corp. |  |  | 638 |  |  |  | 08/05/22 |  |  | USD |  |  | 40.00 |  |  | USD |  |  | 2,299 |  |  |  | (35,090) |
Chevron Corp. |  |  | 459 |  |  |  | 08/12/22 |  |  | USD |  |  | 155.00 |  |  | USD |  |  | 6,645 |  |  |  | (185,895) |
Shell PLC, ADR |  |  | 367 |  |  |  | 08/12/22 |  |  | USD |  |  | 55.78 |  |  | USD |  |  | 1,919 |  |  |  | (51,753) |
Teck Resources Ltd., Class B |  |  | 330 |  |  |  | 08/12/22 |  |  | USD |  |  | 37.01 |  |  | USD |  |  | 1,009 |  |  |  | (22,442) |
Vale SA, ADR |  |  | 1,157 |  |  |  | 08/12/22 |  |  | USD |  |  | 16.11 |  |  | USD |  |  | 1,693 |  |  |  | (50,460) |
Wheaton Precious Metals Corp. |  |  | 416 |  |  |  | 08/12/22 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 1,499 |  |  |  | (52,000) |
AGCO Corp. |  |  | 212 |  |  |  | 08/19/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 2,092 |  |  |  | (87,980) |
Alcoa Corp. |  |  | 195 |  |  |  | 08/19/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 889 |  |  |  | (18,427) |
Cenovus Energy Inc. |  |  | 584 |  |  |  | 08/19/22 |  |  | CAD |  |  | 31.00 |  |  | CAD |  |  | 1,430 |  |  |  | (18,602) |
ConocoPhillips |  |  | 249 |  |  |  | 08/19/22 |  |  | USD |  |  | 105.00 |  |  | USD |  |  | 2,236 |  |  |  | (39,714) |
Deere & Co. |  |  | 53 |  |  |  | 08/19/22 |  |  | USD |  |  | 350.00 |  |  | USD |  |  | 1,587 |  |  |  | (19,345) |
FMC Corp. |  |  | 432 |  |  |  | 08/19/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 4,623 |  |  |  | (183,600) |
Franco-Nevada Corp. |  |  | 120 |  |  |  | 08/19/22 |  |  | USD |  |  | 150.00 |  |  | USD |  |  | 1,579 |  |  |  | (18,600) |
Freeport-McMoRan, Inc. |  |  | 178 |  |  |  | 08/19/22 |  |  | USD |  |  | 34.00 |  |  | USD |  |  | 521 |  |  |  | (15,842) |
Phillips 66 |  |  | 145 |  |  |  | 08/19/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 1,189 |  |  |  | (5,075) |
Shell PLC, ADR |  |  | 170 |  |  |  | 08/19/22 |  |  | USD |  |  | 56.50 |  |  | USD |  |  | 889 |  |  |  | (25,613) |
Sociedad Quimica y Minera de Chile SA, ADR |  |  | 350 |  |  |  | 08/19/22 |  |  | USD |  |  | 106.17 |  |  | USD |  |  | 2,924 |  |  |  | (35,690) |
Stelco Holdings Inc. |  |  | 832 |  |  |  | 08/19/22 |  |  | CAD |  |  | 38.00 |  |  | CAD |  |  | 2,677 |  |  |  | (59,789) |
Suncor Energy Inc. |  |  | 1,114 |  |  |  | 08/19/22 |  |  | CAD |  |  | 49.00 |  |  | CAD |  |  | 5,031 |  |  |  | (154,049) |
Suncor Energy Inc. |  |  | 1,001 |  |  |  | 08/19/22 |  |  | CAD |  |  | 52.00 |  |  | CAD |  |  | 4,521 |  |  |  | (82,432) |
TC Energy Corp. |  |  | 664 |  |  |  | 08/19/22 |  |  | CAD |  |  | 72.00 |  |  | CAD |  |  | 4,428 |  |  |  | (26,824) |
Suncor Energy Inc. |  |  | 1,001 |  |  |  | 09/16/22 |  |  | CAD |  |  | 52.00 |  |  | CAD |  |  | 4,521 |  |  |  | (120,537) |
Suncor Energy Inc. |  |  | 265 |  |  |  | 09/16/22 |  |  | CAD |  |  | 56.00 |  |  | CAD |  |  | 1,197 |  |  |  | (18,117) |
TC Energy Corp. |  |  | 624 |  |  |  | 09/16/22 |  |  | CAD |  |  | 70.00 |  |  | CAD |  |  | 4,161 |  |  |  | (69,323) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,100,521) |

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Anglo American PLC |  | Morgan Stanley & Co. International PLC |  |  | 26,900 |  |  |  | 07/06/22 |  |  |  | GBP |  |  |  | 34.76 |  |  |  | GBP |  |  |  | 790 |  |  | $ | (52) |
Norsk Hydro ASA |  | Merrill Lynch International |  |  | 370,000 |  |  |  | 07/06/22 |  |  |  | NOK |  |  |  | 74.76 |  |  |  | NOK |  |  |  | 20,409 |  |  |  | (14) |
Koninklijke Dsm N.V. |  | Goldman Sachs International |  |  | 26,800 |  |  |  | 07/12/22 |  |  |  | EUR |  |  |  | 145.67 |  |  |  | EUR |  |  |  | 3,674 |  |  |  | (27,705) |
Total SA |  | Morgan Stanley & Co. International PLC |  |  | 162,000 |  |  |  | 07/12/22 |  |  |  | EUR |  |  |  | 54.27 |  |  |  | EUR |  |  |  | 8,160 |  |  |  | (20,643) |
Kerry Group PLC |  | Goldman Sachs International |  |  | 49,200 |  |  |  | 07/13/22 |  |  |  | EUR |  |  |  | 100.65 |  |  |  | EUR |  |  |  | 4,494 |  |  |  | (4,560) |
Anglo American PLC |  | Morgan Stanley & Co. International PLC |  |  | 33,384 |  |  |  | 07/19/22 |  |  |  | GBP |  |  |  | 40.65 |  |  |  | GBP |  |  |  | 980 |  |  |  | (36) |
UPM Kymmene OYJ |  | Morgan Stanley & Co. International PLC |  |  | 90,000 |  |  |  | 07/19/22 |  |  |  | EUR |  |  |  | 34.05 |  |  |  | EUR |  |  |  | 2,611 |  |  |  | (3,139) |
Nestle SA |  | Morgan Stanley & Co. International PLC |  |  | 13,000 |  |  |  | 07/20/22 |  |  |  | CHF |  |  |  | 125.32 |  |  |  | CHF |  |  |  | 1,449 |  |  |  | (813) |
Koninklijke Dsm N.V. |  | Credit Suisse International |  |  | 7,600 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 160.28 |  |  |  | EUR |  |  |  | 1,042 |  |  |  | (2,588) |
Total SA |  | UBS AG |  |  | 108,500 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 57.38 |  |  |  | EUR |  |  |  | 5,465 |  |  |  | (14,837) |
UPM Kymmene OYJ |  | Goldman Sachs International |  |  | 172,000 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 34.28 |  |  |  | EUR |  |  |  | 4,990 |  |  |  | (9,895) |
Newcrest Mining Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 78,000 |  |  |  | 07/28/22 |  |  |  | AUD |  |  |  | 24.54 |  |  |  | AUD |  |  |  | 1,629 |  |  |  | (2,218) |
Statoil ASA |  | Morgan Stanley & Co. International PLC |  |  | 58,200 |  |  |  | 07/28/22 |  |  |  | NOK |  |  |  | 350.73 |  |  |  | NOK |  |  |  | 19,936 |  |  |  | (75,758) |
Nestle SA |  | Morgan Stanley & Co. International PLC |  |  | 10,100 |  |  |  | 08/09/22 |  |  |  | CHF |  |  |  | 111.46 |  |  |  | CHF |  |  |  | 1,126 |  |  |  | (29,990) |
Repsol SA |  | Credit Suisse International |  |  | 145,600 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 14.41 |  |  |  | EUR |  |  |  | 2,046 |  |  |  | (84,345) |

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Statoil ASA |  | Morgan Stanley & Co. International PLC |  |  | 58,200 |  |  |  | 08/09/22 |  |  |  | NOK |  |  |  | 350.68 |  |  |  | NOK |  |  |  | 19,936 |  |  | $ | (91,475 | )
Total SA |  | JPMorgan International Bank Ltd. |  |  | 156,400 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 50.96 |  |  |  | EUR |  |  |  | 7,878 |  |  |  | (291,232 | )
Newcrest Mining Ltd. |  | UBS AG |  |  | 202,300 |  |  |  | 08/11/22 |  |  |  | AUD |  |  |  | 22.28 |  |  |  | AUD |  |  |  | 4,226 |  |  |  | (72,687 | )
Norsk Hydro ASA |  | Morgan Stanley & Co. International PLC |  |  | 353,400 |  |  |  | 08/11/22 |  |  |  | NOK |  |  |  | 65.28 |  |  |  | NOK |  |  |  | 19,494 |  |  |  | (32,700 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (764,687 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 6,709,495 |  |  | $ | (234,533 | ) |  | $ | (3,865,208) |

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 |  | $ | — |  |  | $ | — |  |  | $ | 3,865,208 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,865,208 |

For the period ended June 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased (a) |  | $ | — |  |  | $ | — |  |  | $ | (1,311 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,311 | )
Options written |  |  | — |  |  |  | — |  |  |  | (40,509,948 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (40,509,948 | )
|  | $ | — |  |  | $ | — |  |  | $ | (40,511,259 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (40,511,259 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased (b) |  | $ | — |  |  | $ | — |  |  | $ | 1,311 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,311 |
Options written |  |  | — |  |  |  | — |  |  |  | 7,850,011 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,850,011 |
|  | $ | — |  |  | $ | — |  |  | $ | 7,851,322 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,851,322 |

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

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | 9,375,481 |

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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 |  | $ | — |  |  | $ | 3,865,208 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 3,865,208 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (3,100,521 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 764,687 |

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)
Credit Suisse International |  | $ | 86,933 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 86,933 |
Goldman Sachs International |  |  | 42,160 |  |  |  | — |  |  |  | (42,160 | ) |  |  | — |  |  |  | — |
JPMorgan International Bank Ltd. |  |  | 291,232 |  |  |  | — |  |  |  | (291,232 | ) |  |  | — |  |  |  | — |
Merrill Lynch International |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14 |
Morgan Stanley & Co. International PLC |  |  | 256,824 |  |  |  | — |  |  |  | (256,824 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 87,524 |  |  |  | — |  |  |  | (87,524 | ) |  |  | — |  |  |  | — |
|  | $ | 764,687 |  |  | $ | — |  |  | $ | (677,740 | ) |  | $ | — |  |  | $ | 86,947 |

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

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

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chemicals |  | $ | 105,015,899 |  |  | $ | 13,316,140 |  |  | $ | — |  |  | $ | 118,332,039 |
Containers & Packaging |  |  | 4,541,350 |  |  |  | — |  |  |  | — |  |  |  | 4,541,350 |
Electrical Equipment |  |  | — |  |  |  | 4,764,133 |  |  |  | — |  |  |  | 4,764,133 |
Food Products |  |  | 32,534,077 |  |  |  | 19,710,901 |  |  |  | 10,682,841 |  |  |  | 62,927,819 |
Machinery |  |  | 38,525,761 |  |  |  | — |  |  |  | — |  |  |  | 38,525,761 |
Metals & Mining |  |  | 141,087,768 |  |  |  | 75,134,122 |  |  |  | 2,095 |  |  |  | 216,223,985 |
Oil, Gas & Consumable Fuels |  |  | 315,886,891 |  |  |  | 75,547,055 |  |  |  | 1,005 |  |  |  | 391,434,951 |
Paper & Forest Products |  |  | — |  |  |  | 21,978,819 |  |  |  | — |  |  |  | 21,978,819 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 25,116,689 |  |  |  | — |  |  |  | — |  |  |  | 25,116,689 |
|  | $ | 662,708,435 |  |  | $ | 210,451,170 |  |  | $ | 10,685,941 |  |  | $ | 883,845,546 |
Derivative Financial Instruments (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (2,718,082 | ) |  | $ | (1,147,126 | ) |  | $ | — |  |  | $ | (3,865,208 | )

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Resources & Commodities Strategy Trust (BCX)

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the 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 |
Assets |  |  |  |
Opening balance, as of December 31, 2021 |  | $ | 9,834,654 |
Transfers into Level 3 (a) |  |  | 28,028,121 |
Transfers out of Level 3 (b) |  |  | — |
Accrued discounts/premiums |  |  | — |
Net realized gain (loss) |  |  | (45,466 | )
Net change in unrealized appreciation (depreciation) (c)(d) |  |  | (40,936,039 | )
Purchases |  |  | 14,219,305 |
Sales |  |  | (414,634 | )
Closing balance, as of June 30, 2022 |  | $ | 10,685,941 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 (d) |  | $ | (40,936,039 | )

| (a) | As of December 31, 2021, the Trust used observable inputs in determining the value of certain investments. As of June 30, 2022, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. |

| (b) | As of December 31, 2021, the Trust used significant unobservable inputs in determining the value of certain investments. As of June 30, 2022, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. |

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

| (d) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 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 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $3,100. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

|  |  | Value |  |  |  | Valuation Approach |  |  |  | Unobservable Inputs |  |  |  | Range of Unobservable Inputs Utilized | (a)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 10,682,841 |  |  |  | Market |  |  |  | EBITDA Multiple |  |  |  | 22.00x |
|  | $ | 10,682,841 |  |  |  |  |  |  |  |  |  |  |  |  |

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

See notes to financial statements.

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

Consolidated Schedule of Investments (unaudited) June 30, 2022 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Automobiles — 2.1% |  |  |  |  |  |
Tesla, Inc. (a)(b) |  |  | 34,250 |  |  | $ | 23,064,635 |
Banks — 1.8% |  |  |  |  |  |
Klarna Holdings AB, (Acquired 08/07/19, Cost: $7,971,978) (c)(d) |  |  | 26,430 |  |  |  | 19,274,271 |
Capital Markets — 0.7% |  |  |  |  |  |
S&P Global, Inc. (a) |  |  | 23,134 |  |  |  | 7,797,546 |
Diversified Consumer Services — 0.4% |  |  |  |
Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $1,524,948) (c)(d) |  |  | 997 |  |  |  | 3,827,869 |
Electronic Equipment, Instruments & Components — 1.7% |
CDW Corp. (a) |  |  | 54,202 |  |  |  | 8,540,067 |
Samsung SDI Co. Ltd. |  |  | 23,749 |  |  |  | 9,793,727 |
|  |  |  |  |  |  | 18,333,794 |
Entertainment — 0.3% |  |  |  |  |  |
Roku, Inc. (a)(b) |  |  | 45,568 |  |  |  | 3,742,956 |
Hotels, Restaurants & Leisure (a)(b) — 0.9% |  |  |  |
Airbnb, Inc., Class A |  |  | 32,494 |  |  |  | 2,894,562 |
Booking Holdings, Inc. |  |  | 3,769 |  |  |  | 6,591,943 |
|  |  |  |  |  |  | 9,486,505 |
Interactive Media & Services — 5.9% |  |  |  |
Alphabet, Inc., Class A (a)(b) |  |  | 13,882 |  |  |  | 30,252,489 |
Kakao Corp. |  |  | 216,792 |  |  |  | 11,746,895 |
Snap, Inc., Class A (a)(b) |  |  | 242,590 |  |  |  | 3,185,207 |
Tencent Holdings Ltd. |  |  | 164,500 |  |  |  | 7,446,114 |
Z Holdings Corp. |  |  | 1,485,700 |  |  |  | 4,320,525 |
ZoomInfo Technologies, Inc., CLass A (a)(b) |  |  | 196,066 |  |  |  | 6,517,234 |
|  |  |  |  |  |  | 63,468,464 |
Internet & Direct Marketing Retail — 2.7% |  |  |  |
Amazon.com, Inc. (a)(b) |  |  | 167,970 |  |  |  | 17,840,092 |
Cazoo Group Ltd. (b) |  |  | 438,236 |  |  |  | 315,530 |
Jasper Infotech Private Ltd., Series I, (Acquired 08/18/15, Cost: $1,998,435) (c)(d) |  |  | 168,640 |  |  |  | 213,970 |
Meituan, Class B (b)(e) |  |  | 203,300 |  |  |  | 5,073,206 |
MercadoLibre, Inc. (a)(b) |  |  | 8,263 |  |  |  | 5,262,457 |
|  |  |  |  |  |  | 28,705,255 |
IT Services — 15.1% |  |  |  |  |  |
Accenture PLC, Class A (a) |  |  | 50,752 |  |  |  | 14,091,293 |
Adyen NV (b)(e) |  |  | 4,805 |  |  |  | 6,934,249 |
Automatic Data Processing, Inc. (a) |  |  | 24,107 |  |  |  | 5,063,434 |
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $7,999,945) (c)(d) |  |  | 94,117 |  |  |  | 5,078,553 |
AvidXchange Holdings, Inc. (a)(b) |  |  | 124,651 |  |  |  | 765,357 |
Block, Inc. (a)(b) |  |  | 73,706 |  |  |  | 4,529,971 |
GMO Payment Gateway, Inc. |  |  | 64,700 |  |  |  | 4,608,644 |
Mastercard, Inc., Class A (a) |  |  | 90,717 |  |  |  | 28,619,399 |
MongoDB, Inc. (a)(b) |  |  | 31,339 |  |  |  | 8,132,471 |
Okta, Inc. (a)(b) |  |  | 72,383 |  |  |  | 6,543,423 |
PayPal Holdings, Inc. (a)(b) |  |  | 90,553 |  |  |  | 6,324,222 |
Salt Payments, Inc., Series C, (Acquired 12/17/21, Cost: $24,999,987) (c)(d) |  |  | 12,871 |  |  |  | 15,216,997 |
Snowflake, Inc., Class A (a)(b) |  |  | 13,175 |  |  |  | 1,832,116 |
Thoughtworks Holding, Inc. (a)(b) |  |  | 448,130 |  |  |  | 6,323,114 |
TRAX Ltd., (Acquired 09/12/19, Cost: $4,000,013) (c)(d) |  |  | 106,667 |  |  |  | 4,342,414 |

Security |  | Shares |  |  | Value |
IT Services (continued) |  |  |  |  |  |
TRAX Ltd., Series D, (Acquired 02/18/21, Cost: $1,999,990) (c)(d) |  |  | 38,361 |  |  | $ | 1,561,676 |
Twilio, Inc., Class A (a)(b) |  |  | 67,897 |  |  |  | 5,690,448 |
Visa, Inc., Class A (a) |  |  | 122,365 |  |  |  | 24,092,445 |
Voltron Data, Inc., Series A, (Acquired 01/18/22, Cost: $10,000,000) (c)(d) |  |  | 6,201,935 |  |  |  | 9,116,844 |
Wise PLC, Class A (b) |  |  | 1,002,310 |  |  |  | 3,640,000 |
|  |  |  |  |  |  | 162,507,070 |
Professional Services — 0.4% |  |  |  |  |  |
Planet Labs, Inc., (Acquired 01/06/22, Cost: $10,000,000) (d) |  |  | 1,000,000 |  |  |  | 4,330,000 |
Road & Rail — 0.5% |  |  |  |  |  |
Ant Group Co., Ltd, Series C, (Acquired 05/18/18, Cost: $6,492,863) (c)(d) |  |  | 1,703,548 |  |  |  | 5,570,602 |
Semiconductors & Semiconductor Equipment — 14.8% |
Advanced Micro Devices, Inc. (a)(b) |  |  | 110,640 |  |  |  | 8,460,641 |
Alphawave IP Group PLC (b) |  |  | 1,844,013 |  |  |  | 3,016,900 |
Analog Devices, Inc. (a) |  |  | 39,090 |  |  |  | 5,710,659 |
ASML Holding NV |  |  | 33,209 |  |  |  | 15,689,191 |
Broadcom, Inc. (a) |  |  | 10,711 |  |  |  | 5,203,511 |
Credo Technology Group Holding Ltd., (Acquired 01/27/22, Cost: $5,404,499) (d) |  |  | 1,071,061 |  |  |  | 12,419,642 |
Globalfoundries, Inc. (a)(b) |  |  | 128,800 |  |  |  | 5,195,792 |
Lam Research Corp. (a) |  |  | 29,879 |  |  |  | 12,732,936 |
Marvell Technology, Inc. (a) |  |  | 565,155 |  |  |  | 24,601,197 |
Monolithic Power Systems, Inc. (a) |  |  | 22,095 |  |  |  | 8,485,364 |
NVIDIA Corp. (a) |  |  | 54,473 |  |  |  | 8,257,562 |
Qualcomm, Inc. (a) |  |  | 35,732 |  |  |  | 4,564,406 |
Renesas Electronics Corp. (b) |  |  | 810,800 |  |  |  | 7,337,217 |
Soitec SA (b) |  |  | 75,893 |  |  |  | 10,901,270 |
STMicroelectronics NV |  |  | 171,818 |  |  |  | 5,433,754 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (a) |  |  | 113,378 |  |  |  | 9,268,651 |
Wolfspeed, Inc. (a)(b) |  |  | 199,937 |  |  |  | 12,686,003 |
|  |  |  |  |  |  | 159,964,696 |
Software — 21.2% |  |  |  |  |  |
Adobe, Inc. (a)(b) |  |  | 18,274 |  |  |  | 6,689,381 |
ANSYS, Inc. (a)(b) |  |  | 35,186 |  |  |  | 8,419,658 |
AppLovin Corp., Class A (a)(b) |  |  | 164,804 |  |  |  | 5,675,850 |
Atlassian Corp. PLC, Class A (a)(b) |  |  | 37,822 |  |  |  | 7,087,843 |
AvidXchange, Inc., (Acquired 07/29/20, Cost: $2,022,088) (d) |  |  | 165,028 |  |  |  | 1,013,272 |
Cadence Design Systems, Inc. (a)(b) |  |  | 107,937 |  |  |  | 16,193,788 |
Constellation Software, Inc |  |  | 3,049 |  |  |  | 4,526,292 |
Crowdstrike Holdings, Inc., Class A (a)(b) |  |  | 43,297 |  |  |  | 7,298,142 |
CS Disco, Inc. (a)(b) |  |  | 215,329 |  |  |  | 3,884,535 |
Databricks, Inc., (Acquired 07/24/20, Cost: $960,476) (c)(d) |  |  | 19,999 |  |  |  | 3,668,616 |
DataRobot, Inc., (Acquired 03/01/21, Cost: $583,275) (c)(d) |  |  | 38,789 |  |  |  | 434,437 |
Elastic NV (a)(b) |  |  | 47,198 |  |  |  | 3,193,889 |
Gitlab, Inc., Class A (a)(b) |  |  | 144,364 |  |  |  | 7,671,503 |
Grammarly, Inc., (Acquired 11/17/21, Cost: $18,749,975) (c)(d) |  |  | 715,323 |  |  |  | 15,264,993 |
Intuit, Inc. (a) |  |  | 33,520 |  |  |  | 12,919,949 |
Microsoft Corp. (a) |  |  | 254,052 |  |  |  | 65,248,175 |
Oracle Corp. (a) |  |  | 104,180 |  |  |  | 7,279,057 |
Patreon, Inc., (Acquired 08/19/21, Cost: $3,352,226) (c)(d) |  |  | 59,524 |  |  |  | 2,297,031 |

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |  |  |
Salesforce, Inc. (a)(b) |  |  | 54,803 |  |  | $ | 9,044,687 |
ServiceNow, Inc. (a)(b) |  |  | 29,283 |  |  |  | 13,924,652 |
SiteMinder Ltd. (b) |  |  | 2,145,680 |  |  |  | 5,227,743 |
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $997,636) (c)(d) |  |  | 66,422 |  |  |  | 634,994 |
Snyk Ltd., (Acquired 09/02/21, Cost: $5,192,307) (c)(d) |  |  | 361,972 |  |  |  | 3,717,452 |
Unity Software, Inc. (a)(b) |  |  | 114,284 |  |  |  | 4,207,937 |
Xero Ltd. (b) |  |  | 130,197 |  |  |  | 6,944,789 |
Zscaler, Inc. (a)(b) |  |  | 43,943 |  |  |  | 6,569,918 |
|  |  |  |  |  |  | 229,038,583 |
Technology Hardware, Storage & Peripherals — 6.1% |
Apple, Inc. (a) |  |  | 483,817 |  |  |  | 66,147,460 |
Total Common Stocks — 74.6% (Cost: $540,790,983) |  |  |  |  |  |  | 805,259,706 |
|  | Par (000) |  |  |  |
Convertible Notes |  |  |  |  |  |  |  |
Software — 0.9% |  |  |  |  |  |
Warhol, Inc.(Acquired: 12/14/21, Cost: $8,000,000), 0.00% (c)(d) |  | $ | 80 |  |  |  | 9,640,000 |
Total Convertible Notes — 0.9% (Cost: $8,000,000) |  |  |  |  |  |  | 9,640,000 |
|  | Shares |  |  |  |
Preferred Securities |  |  |  |  |  |  |  |
Preferred Stocks — 20.4% (c)(d) |  |  |  |  |  |
Chemicals — 0.6% |  |  |  |  |  |
Solugen, Inc., (Acquired 09/02/21, Cost: $9,999,977) |  |  | 269,284 |  |  |  | 6,923,291 |
Diversified Consumer Services — 0.4% |  |  |  |
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $3,052,975) |  |  | 1,054 |  |  |  | 4,046,714 |
Diversified Financial Services — 0.8% |  |  |  |
Trumid Holdings LLC, Class L, (Acquired 09/15/21, Cost: $9,999,695), 07/16/22 (f) |  |  | 11,420 |  |  |  | 8,511,783 |
Entertainment — 0.5% |  |  |  |  |  |
Discord, Inc., Series I, (Acquired 09/13/21, Cost: $7,000,088) |  |  | 12,713 |  |  |  | 5,046,044 |
Food & Staples Retailing — 1.5% |  |  |  |  |  |
Grubmarket, Inc., Series E, (Acquired 10/18/21, Cost: $6,999,994) |  |  | 709,724 |  |  |  | 15,670,706 |
Food Products — 0.9% |  |  |  |  |  |
Farmer’s Business Network, Inc. (Acquired 09/15/21, Cost: $6,999,963) |  |  | 112,616 |  |  |  | 5,399,937 |
Series F, (Acquired 07/31/20, Cost: $2,999,886) |  |  | 90,750 |  |  |  | 4,161,795 |
|  |  |  |  |  |  | 9,561,732 |
Interactive Media & Services — 1.4% |  |  |  |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $9,999,959) |  |  | 91,262 |  |  |  | 15,105,319 |

Security |  | Shares |  |  | Value |
IT Services — 1.8% |  |  |  |  |  |
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $2,999,391) |  |  | 493,493 |  |  | $ | 2,418,115 |
Trumid Holdings LLC (f) |  |  |  |  |  |  |  |
Class J-A, (Acquired 07/24/20, Cost: $2,499,716) |  |  | 5,038 |  |  |  | 3,755,023 |
Class J-B, (Acquired 07/24/20, Cost: $1,499,830) |  |  | 5,038 |  |  |  | 3,755,023 |
Voltron Data, Inc., (Acquired 07/14/21, Cost: $5,000,000) |  |  | 9,090,909 |  |  |  | 9,909,091 |
|  |  |  |  |  |  | 19,837,252 |
Road & Rail — 0.4% |  |  |  |  |  |
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $5,482,937) |  |  | 275 |  |  |  | 3,845,269 |
Semiconductors & Semiconductor Equipment — 4.1% |
PsiQuantum Corp. |  |  |  |  |  |  |  |
Series C, (Acquired 09/09/19, Cost: $3,200,234) |  |  | 690,003 |  |  |  | 14,200,262 |
Series C, (Acquired 05/21/21, Cost: $5,000,025) |  |  | 190,650 |  |  |  | 4,873,014 |
Rivos, Inc., Series A, (Acquired 12/03/21, Cost: $12,003,705) |  |  | 4,500,000 |  |  |  | 10,800,000 |
SambaNova Systems, Inc., Series C, (Acquired 02/20/20, Cost: $9,972,125) |  |  | 187,300 |  |  |  | 14,231,054 |
|  |  |  |  |  |  | 44,104,330 |
Software — 8.0% |  |  |  |  |  |
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost: $29,999,955) |  |  | 598,682 |  |  |  | 20,289,333 |
Databricks, Inc. |  |  |  |  |  |  |  |
Series F, (Acquired 10/22/19, Cost: $3,999,999) |  |  | 93,135 |  |  |  | 17,084,684 |
Series G, (Acquired 02/01/21, Cost: $4,500,001) |  |  | 25,371 |  |  |  | 4,654,056 |
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $2,999,996) |  |  | 228,276 |  |  |  | 2,565,822 |
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost: $6,249,992) |  |  | 238,441 |  |  |  | 5,088,331 |
MNTN Digital, Inc., (Acquired 11/05/21, Cost: $24,999,980) |  |  | 1,088,598 |  |  |  | 15,773,785 |
Patreon, Inc., Series D, (Acquired 07/14/21, Cost: $6,666,632) |  |  | 119,047 |  |  |  | 4,594,024 |
Prosimo, Inc., Series B, (Acquired 11/04/21, Cost: $4,999,998) |  |  | 2,515,811 |  |  |  | 4,327,195 |
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $4,999,985) |  |  | 332,896 |  |  |  | 3,182,486 |
Snyk Ltd., Series B, (Acquired 09/02/21, Cost: $4,807,688) |  |  | 335,159 |  |  |  | 3,442,083 |
Unqork, Inc. |  |  |  |  |  |  |  |
Series B, (Acquired 09/19/19, Cost: $3,198,416) |  |  | 281,080 |  |  |  | 4,938,576 |
Series C, (Acquired 09/18/20, Cost: $1,303,260) |  |  | 47,600 |  |  |  | 836,332 |
|  |  |  |  |  |  | 86,776,707 |
|  |  |  |  |  |  | 219,429,147 |
Total Preferred Securities — 20.4% (Cost: $203,436,402) |  |  |  |  |  |  | 219,429,147 |

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Science and Technology Trust (BST) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Warrants |  |  |  |  |  |  |  |
IT Services — 0.0% |  |  |  |  |  |
TRAX Ltd., (Expires 09/15/2023), (Acquired 09/12/19, Cost: $0) (c)(d) |  |  | 17,065 |  |  | $ | 42,321 |
Total Warrants — 0.0% (Cost: $ — ) |  |  |  | 42,321 |
Total Long-Term Investments — 95.9% (Cost: $752,227,385) |  |  |  | 1,034,371,174 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 4.5% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (g)(h) |  |  | 49,223,180 |  |  |  | 49,223,180 |
Total Short-Term Securities — 4.5% (Cost: $49,223,180) |  |  |  | 49,223,180 |
Total Investments Before Options Written — 100.4% (Cost: $801,450,565) |  |  |  | 1,083,594,354 |
Options Written — (0.4)% (Premiums Received: $(10,312,473)) |  |  |  | (4,802,220 | )
Total Investments, Net of Options Written — 100.0% (Cost: $791,138,092) |  |  |  | 1,078,792,134 |
Other Assets Less Liabilities — 0.0% |  |  |  | 107,061 |
Net Assets — 100.0% |  |  | $ | 1,078,899,195 |

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

(b) | Non-income producing security.

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

(d) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $337,095,101, representing 31.2% of its net assets as of period end, and an original cost of $325,687,043.

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

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

(g) | Affiliate of the Trust.

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

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry
sub-classifications
used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry
sub-classifications
for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/21 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/22 |  |  | Shares Held at 06/30/22 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 42,574,872 |  |  | $ | 6,648,308 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 49,223,180 |  |  |  | 49,223,180 |  |  | $ | 70,631 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series (b) |  |  | 840,396 |  |  |  | — |  |  |  | (840,061 | ) (a) |  |  | (335 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18,028 | (c) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (335 | ) |  | $ | — |  |  | $ | 49,223,180 |  |  |  |  |  |  | $ | 88,659 |  |  | $ | — |

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

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

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

Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adobe, Inc. |  |  | 56 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 435.00 |  |  |  | USD |  |  |  | 2,050 |  |  | $ | (392 | )
Analog Devices, Inc. |  |  | 55 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 803 |  |  |  | (4,125 | )
Atlassian Corp. PLC, Class A |  |  | 40 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 750 |  |  |  | (800 | )

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Booking Holdings, Inc. |  |  | 11 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 2,250.00 |  |  |  | USD |  |  |  | 1,924 |  |  | $ | (2,915 | )
Crowdstrike Holdings, Inc., Class A |  |  | 59 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 995 |  |  |  | (3,688 | )
Lam Research Corp. |  |  | 70 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 525.00 |  |  |  | USD |  |  |  | 2,983 |  |  |  | (70 | )
S&P Global, Inc. |  |  | 90 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 350.00 |  |  |  | USD |  |  |  | 3,034 |  |  |  | (4,950 | )
ServiceNow, Inc. |  |  | 59 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 485.00 |  |  |  | USD |  |  |  | 2,806 |  |  |  | (11,210 | )
Unity Software, Inc. |  |  | 149 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 549 |  |  |  | (447 | )
Accenture PLC, Class A |  |  | 103 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 315.00 |  |  |  | USD |  |  |  | 2,860 |  |  |  | (6,695 | )
Analog Devices, Inc. |  |  | 75 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 1,096 |  |  |  | (7,500 | )
Atlassian Corp. PLC, Class A |  |  | 34 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 637 |  |  |  | (2,890 | )
Crowdstrike Holdings, Inc., Class A |  |  | 86 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 1,450 |  |  |  | (2,924 | )
Intuit, Inc. |  |  | 101 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 405.00 |  |  |  | USD |  |  |  | 3,893 |  |  |  | (26,512 | )
MercadoLibre, Inc. |  |  | 16 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 890.00 |  |  |  | USD |  |  |  | 1,019 |  |  |  | (3,680 | )
MongoDB, Inc. |  |  | 7 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 182 |  |  |  | (1,523 | )
MongoDB, Inc. |  |  | 19 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 315.00 |  |  |  | USD |  |  |  | 493 |  |  |  | (998 | )
Oracle Corp. |  |  | 71 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 496 |  |  |  | (7,987 | )
Tesla, Inc. |  |  | 45 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 810.00 |  |  |  | USD |  |  |  | 3,030 |  |  |  | (5,018 | )
Twilio, Inc., Class A |  |  | 139 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 1,165 |  |  |  | (7,714 | )
Accenture PLC, Class A |  |  | 108 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 2,999 |  |  |  | (24,570 | )
Adobe, Inc. |  |  | 28 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 425.00 |  |  |  | USD |  |  |  | 1,025 |  |  |  | (1,148 | )
Alphabet Inc., Class A |  |  | 18 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 2,425.00 |  |  |  | USD |  |  |  | 3,923 |  |  |  | (14,580 | )
Amazon.com, Inc. |  |  | 200 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 2,124 |  |  |  | (3,600 | )
Amazon.com, Inc. |  |  | 401 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 117.00 |  |  |  | USD |  |  |  | 4,259 |  |  |  | (29,874 | )
ANSYS, Inc. |  |  | 83 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 260.00 |  |  |  | USD |  |  |  | 1,986 |  |  |  | (24,070 | )
ANSYS, Inc. |  |  | 79 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 250.00 |  |  |  | USD |  |  |  | 1,890 |  |  |  | (35,945 | )
Apple, Inc. |  |  | 23 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 314 |  |  |  | (759 | )
Apple, Inc. |  |  | 157 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 2,147 |  |  |  | (1,963 | )
AppLovin Corp., Class A |  |  | 553 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,905 |  |  |  | (11,060 | )
Atlassian Corp. PLC, Class A |  |  | 17 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 319 |  |  |  | (4,718 | )
Atlassian Corp. PLC, Class A |  |  | 33 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 618 |  |  |  | (16,665 | )
Automatic Data Processing, Inc. |  |  | 96 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 212.50 |  |  |  | USD |  |  |  | 2,016 |  |  |  | (35,520 | )
AvidXchange Holdings, Inc. |  |  | 134 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 10.00 |  |  |  | USD |  |  |  | 82 |  |  |  | (12,060 | )
Broadcom, Inc. |  |  | 48 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 530.00 |  |  |  | USD |  |  |  | 2,332 |  |  |  | (6,720 | )
Cadence Design Systems, Inc. |  |  | 42 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 630 |  |  |  | (5,985 | )
Cadence Design Systems, Inc. |  |  | 221 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 3,316 |  |  |  | (64,090 | )
CDW Corp. |  |  | 121 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 1,906 |  |  |  | (38,417 | )
Crowdstrike Holdings, Inc., Class A |  |  | 55 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 927 |  |  |  | (11,605 | )
CS Disco, Inc. |  |  | 92 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 166 |  |  |  | (3,220 | )
CS Disco, Inc. |  |  | 250 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 451 |  |  |  | (45,000 | )
Elastic NV |  |  | 128 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 67.46 |  |  |  | USD |  |  |  | 866 |  |  |  | (51,008 | )
Elastic NV |  |  | 27 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 183 |  |  |  | (1,418 | )
Gitlab, Inc., Class A |  |  | 189 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,004 |  |  |  | (100,170 | )
Globalfoundries Inc. |  |  | 400 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,614 |  |  |  | (6,000 | )
Globalfoundries Inc. |  |  | 256 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,033 |  |  |  | (5,120 | )
Intuit, Inc. |  |  | 28 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 420.00 |  |  |  | USD |  |  |  | 1,079 |  |  |  | (6,720 | )
Lam Research Corp. |  |  | 50 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 515.00 |  |  |  | USD |  |  |  | 2,131 |  |  |  | (1,675 | )
Lam Research Corp. |  |  | 30 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 480.00 |  |  |  | USD |  |  |  | 1,278 |  |  |  | (6,240 | )
Mastercard, Inc., Class A |  |  | 68 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 355.00 |  |  |  | USD |  |  |  | 2,145 |  |  |  | (2,924 | )
MercadoLibre, Inc. |  |  | 7 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 900.00 |  |  |  | USD |  |  |  | 446 |  |  |  | (350 | )
Microsoft Corp. |  |  | 136 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 280.00 |  |  |  | USD |  |  |  | 3,493 |  |  |  | (8,296 | )
MongoDB, Inc. |  |  | 19 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 493 |  |  |  | (6,650 | )
MongoDB, Inc. |  |  | 19 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 493 |  |  |  | (2,850 | )
Monolithic Power Systems, Inc. |  |  | 21 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 460.00 |  |  |  | USD |  |  |  | 806 |  |  |  | (5,618 | )
NVIDIA Corp. |  |  | 65 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 985 |  |  |  | (2,275 | )
Okta, Inc. |  |  | 80 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 723 |  |  |  | (760 | )
Oracle Corp. |  |  | 115 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 72.50 |  |  |  | USD |  |  |  | 804 |  |  |  | (6,728 | )
PayPal Holdings, Inc. |  |  | 232 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 1,620 |  |  |  | (1,624 | )
Roku, Inc. |  |  | 38 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 312 |  |  |  | (1,520 | )
salesforce.com, Inc. |  |  | 100 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 185.00 |  |  |  | USD |  |  |  | 1,650 |  |  |  | (6,600 | )
ServiceNow, Inc. |  |  | 23 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 500.00 |  |  |  | USD |  |  |  | 1,094 |  |  |  | (20,700 | )
Snap, Inc., Class A |  |  | 142 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 17.00 |  |  |  | USD |  |  |  | 186 |  |  |  | (1,065 | )
Snowflake, Inc., Class A |  |  | 24 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 334 |  |  |  | (1,560 | )
Tesla, Inc. |  |  | 17 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 905.00 |  |  |  | USD |  |  |  | 1,145 |  |  |  | (1,173 | )

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Thoughtworks Holding, Inc. |  |  | 439 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 619 |  |  | $ | (43,900 | )
Twilio, Inc., Class A |  |  | 95 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 796 |  |  |  | (5,605 | )
Unity Software, Inc. |  |  | 200 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 736 |  |  |  | (10,500 | )
Visa, Inc., Class A |  |  | 102 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 2,008 |  |  |  | (4,437 | )
Visa, Inc., Class A |  |  | 157 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 202.50 |  |  |  | USD |  |  |  | 3,091 |  |  |  | (46,707 | )
Wolfspeed, Inc. |  |  | 240 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 1,523 |  |  |  | (18,000 | )
ZoomInfo Technologies, Inc. |  |  | 479 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,592 |  |  |  | (16,765 | )
ZoomInfo Technologies, Inc. |  |  | 250 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 831 |  |  |  | (7,500 | )
Zscaler, Inc. |  |  | 31 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 463 |  |  |  | (713 | )
Zscaler, Inc. |  |  | 34 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 508 |  |  |  | (10,047 | )
Adobe, Inc. |  |  | 22 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 445.00 |  |  |  | USD |  |  |  | 805 |  |  |  | (836 | )
Advanced Micro Devices, Inc. |  |  | 187 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 98.00 |  |  |  | USD |  |  |  | 1,430 |  |  |  | (3,366 | )
Alphabet Inc., Class A |  |  | 19 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 2,520.00 |  |  |  | USD |  |  |  | 4,141 |  |  |  | (14,250 | )
Alphabet Inc., Class A |  |  | 7 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 2,375.00 |  |  |  | USD |  |  |  | 1,525 |  |  |  | (16,240 | )
Amazon.com, Inc. |  |  | 78 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 828 |  |  |  | (6,357 | )
Analog Devices, Inc. |  |  | 75 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 1,096 |  |  |  | (6,188 | )
Apple, Inc. |  |  | 244 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 3,336 |  |  |  | (6,466 | )
Atlassian Corp. PLC, Class A |  |  | 84 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 1,574 |  |  |  | (60,060 | )
Booking Holdings, Inc. |  |  | 7 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 2,070.00 |  |  |  | USD |  |  |  | 1,224 |  |  |  | (5,005 | )
Crowdstrike Holdings, Inc., Class A |  |  | 23 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 388 |  |  |  | (14,260 | )
Crowdstrike Holdings, Inc., Class A |  |  | 22 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 371 |  |  |  | (5,698 | )
Intuit, Inc. |  |  | 21 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 390.00 |  |  |  | USD |  |  |  | 809 |  |  |  | (29,505 | )
Lam Research Corp. |  |  | 32 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 495.00 |  |  |  | USD |  |  |  | 1,364 |  |  |  | (7,072 | )
Marvell Technology, Inc. |  |  | 434 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,889 |  |  |  | (32,550 | )
Mastercard, Inc., Class A |  |  | 146 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 380.00 |  |  |  | USD |  |  |  | 4,606 |  |  |  | (2,628 | )
Mastercard, Inc., Class A |  |  | 36 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 335.00 |  |  |  | USD |  |  |  | 1,136 |  |  |  | (13,410 | )
Microsoft Corp. |  |  | 313 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 285.00 |  |  |  | USD |  |  |  | 8,039 |  |  |  | (23,475 | )
MongoDB, Inc. |  |  | 30 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 779 |  |  |  | (9,225 | )
Okta, Inc. |  |  | 44 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 398 |  |  |  | (3,234 | )
Qualcomm, Inc. |  |  | 104 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 1,328 |  |  |  | (14,924 | )
S&P Global, Inc. |  |  | 14 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 335.00 |  |  |  | USD |  |  |  | 472 |  |  |  | (15,680 | )
ServiceNow, Inc. |  |  | 25 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 475.00 |  |  |  | USD |  |  |  | 1,189 |  |  |  | (59,625 | )
Snap, Inc., Class A |  |  | 154 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 16.00 |  |  |  | USD |  |  |  | 202 |  |  |  | (9,009 | )
Tesla, Inc. |  |  | 22 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 850.00 |  |  |  | USD |  |  |  | 1,482 |  |  |  | (10,230 | )
Twilio, Inc., Class A |  |  | 36 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 302 |  |  |  | (6,030 | )
Twilio, Inc., Class A |  |  | 35 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 293 |  |  |  | (3,675 | )
Zscaler, Inc. |  |  | 39 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 583 |  |  |  | (31,102 | )
Airbnb, Inc., Class A |  |  | 50 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 445 |  |  |  | (575 | )
Airbnb, Inc., Class A |  |  | 30 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 267 |  |  |  | (2,925 | )
Apple, Inc. |  |  | 158 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 140.00 |  |  |  | USD |  |  |  | 2,160 |  |  |  | (72,285 | )
Apple, Inc. |  |  | 357 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 4,881 |  |  |  | (95,497 | )
Marvell Technology, Inc. |  |  | 210 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 54.00 |  |  |  | USD |  |  |  | 914 |  |  |  | (5,985 | )
Marvell Technology, Inc. |  |  | 320 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 56.00 |  |  |  | USD |  |  |  | 1,393 |  |  |  | (4,320 | )
Mastercard, Inc., Class A |  |  | 117 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 335.00 |  |  |  | USD |  |  |  | 3,691 |  |  |  | (73,125 | )
MercadoLibre, Inc. |  |  | 16 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 820.00 |  |  |  | USD |  |  |  | 1,019 |  |  |  | (11,040 | )
Microsoft Corp. |  |  | 115 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 265.00 |  |  |  | USD |  |  |  | 2,954 |  |  |  | (87,400 | )
MongoDB, Inc. |  |  | 18 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 315.00 |  |  |  | USD |  |  |  | 467 |  |  |  | (10,350 | )
NVIDIA Corp. |  |  | 89 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 1,349 |  |  |  | (22,561 | )
Okta, Inc. |  |  | 80 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 723 |  |  |  | (30,600 | )
Oracle Corp. |  |  | 282 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 1,970 |  |  |  | (60,771 | )
Roku, Inc. |  |  | 57 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 97.00 |  |  |  | USD |  |  |  | 468 |  |  |  | (21,660 | )
salesforce.com, Inc. |  |  | 40 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 660 |  |  |  | (11,820 | )
Snap, Inc., Class A |  |  | 141 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 16.00 |  |  |  | USD |  |  |  | 185 |  |  |  | (9,447 | )
Snowflake, Inc., Class A |  |  | 35 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 487 |  |  |  | (15,925 | )
Tesla, Inc. |  |  | 14 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 775.00 |  |  |  | USD |  |  |  | 943 |  |  |  | (28,945 | )
Unity Software, Inc. |  |  | 89 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 328 |  |  |  | (14,818 | )
Zscaler, Inc. |  |  | 29 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 434 |  |  |  | (4,452 | )
Zscaler, Inc. |  |  | 24 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 359 |  |  |  | (11,160 | )
Accenture PLC, Class A |  |  | 17 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 285.00 |  |  |  | USD |  |  |  | 472 |  |  |  | (13,175 | )
Adobe, Inc. |  |  | 17 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 405.00 |  |  |  | USD |  |  |  | 622 |  |  |  | (9,435 | )
Advanced Micro Devices, Inc. |  |  | 158 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 94.00 |  |  |  | USD |  |  |  | 1,208 |  |  |  | (15,721 | )
Airbnb, Inc., Class A |  |  | 66 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 588 |  |  |  | (6,765 | )

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amazon.com, Inc. |  |  | 300 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 3,186 |  |  | $ | (40,500 | )
Analog Devices, Inc. |  |  | 12 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 175 |  |  |  | (3,600 | )
Apple, Inc. |  |  | 82 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 1,121 |  |  |  | (15,908 | )
Block Inc., Class A |  |  | 210 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 1,291 |  |  |  | (20,475 | )
Gitlab, Inc., Class A |  |  | 376 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 48.00 |  |  |  | USD |  |  |  | 1,998 |  |  |  | (311,987 | )
Marvell Technology, Inc. |  |  | 510 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 53.00 |  |  |  | USD |  |  |  | 2,220 |  |  |  | (23,970 | )
Microsoft Corp. |  |  | 124 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 3,185 |  |  |  | (81,220 | )
Okta, Inc. |  |  | 151 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 1,365 |  |  |  | (48,924 | )
PayPal Holdings, Inc. |  |  | 48 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 335 |  |  |  | (4,656 | )
Qualcomm, Inc. |  |  | 76 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 971 |  |  |  | (37,810 | )
Roku, Inc. |  |  | 55 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 452 |  |  |  | (10,945 | )
salesforce.com, Inc. |  |  | 82 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 1,353 |  |  |  | (30,340 | )
Snap, Inc., Class A |  |  | 142 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 18.00 |  |  |  | USD |  |  |  | 186 |  |  |  | (5,751 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 122 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 93.00 |  |  |  | USD |  |  |  | 997 |  |  |  | (7,259 | )
Tesla, Inc. |  |  | 17 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 790.00 |  |  |  | USD |  |  |  | 1,145 |  |  |  | (36,720 | )
Visa, Inc., Class A |  |  | 169 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 205.00 |  |  |  | USD |  |  |  | 3,327 |  |  |  | (92,105 | )
Adobe, Inc. |  |  | 15 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 395.00 |  |  |  | USD |  |  |  | 549 |  |  |  | (15,825 | )
Advanced Micro Devices, Inc. |  |  | 152 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 90.06 |  |  |  | USD |  |  |  | 1,162 |  |  |  | (28,384 | )
Apple, Inc. |  |  | 315 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 147.68 |  |  |  | USD |  |  |  | 4,307 |  |  |  | (93,309 | )
Block Inc., Class A |  |  | 102 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 81.33 |  |  |  | USD |  |  |  | 627 |  |  |  | (17,195 | )
Marvell Technology, Inc. |  |  | 880 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 51.77 |  |  |  | USD |  |  |  | 3,831 |  |  |  | (79,728 | )
Microsoft Corp. |  |  | 96 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 265.00 |  |  |  | USD |  |  |  | 2,466 |  |  |  | (84,960 | )
Snap, Inc., Class A |  |  | 618 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 17.17 |  |  |  | USD |  |  |  | 811 |  |  |  | (35,076 | )
Snap, Inc., Class A |  |  | 137 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 16.54 |  |  |  | USD |  |  |  | 180 |  |  |  | (9,876 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 136 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 91.14 |  |  |  | USD |  |  |  | 1,112 |  |  |  | (14,690 | )
Alphabet Inc., Class A |  |  | 18 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 2,500.00 |  |  |  | USD |  |  |  | 3,923 |  |  |  | (57,420 | )
Apple, Inc. |  |  | 357 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 150.00 |  |  |  | USD |  |  |  | 4,881 |  |  |  | (88,357 | )
AppLovin Corp., Class A |  |  | 455 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 1,567 |  |  |  | (45,500 | )
Block Inc., Class A |  |  | 49 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 301 |  |  |  | (1,103 | )
Cadence Design Systems, Inc. |  |  | 222 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 3,331 |  |  |  | (125,430 | )
CDW Corp. |  |  | 121 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 1,906 |  |  |  | (81,070 | )
CS Disco, Inc. |  |  | 250 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 22.50 |  |  |  | USD |  |  |  | 451 |  |  |  | (28,750 | )
Elastic NV |  |  | 118 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 799 |  |  |  | (30,975 | )
Gitlab, Inc., Class A |  |  | 295 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 50.83 |  |  |  | USD |  |  |  | 1,568 |  |  |  | (233,616 | )
Marvell Technology, Inc. |  |  | 231 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 1,006 |  |  |  | (17,440 | )
Mastercard, Inc., Class A |  |  | 41 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 345.00 |  |  |  | USD |  |  |  | 1,293 |  |  |  | (25,830 | )
Microsoft Corp. |  |  | 105 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 270.00 |  |  |  | USD |  |  |  | 2,697 |  |  |  | (75,337 | )
MongoDB, Inc. |  |  | 60 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 1,557 |  |  |  | (103,800 | )
Monolithic Power Systems, Inc. |  |  | 39 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 450.00 |  |  |  | USD |  |  |  | 1,498 |  |  |  | (39,390 | )
NVIDIA Corp. |  |  | 104 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 215.00 |  |  |  | USD |  |  |  | 1,577 |  |  |  | (5,512 | )
Okta, Inc. |  |  | 43 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 389 |  |  |  | (7,568 | )
PayPal Holdings, Inc. |  |  | 127 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 887 |  |  |  | (17,145 | )
Roku, Inc. |  |  | 55 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 452 |  |  |  | (12,622 | )
salesforce.com, Inc. |  |  | 24 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 396 |  |  |  | (11,880 | )
ServiceNow, Inc. |  |  | 25 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 500.00 |  |  |  | USD |  |  |  | 1,189 |  |  |  | (66,625 | )
Taiwan Semiconductor Manufacturing Co. Ltd., ADR |  |  | 252 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 2,060 |  |  |  | (17,388 | )
Tesla, Inc. |  |  | 21 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 840.00 |  |  |  | USD |  |  |  | 1,414 |  |  |  | (42,000 | )
Tesla, Inc. |  |  | 18 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 790.00 |  |  |  | USD |  |  |  | 1,212 |  |  |  | (55,575 | )
Unity Software, Inc. |  |  | 190 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 700 |  |  |  | (22,895 | )
Wolfspeed, Inc. |  |  | 240 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 1,523 |  |  |  | (21,600 | )
Zscaler, Inc. |  |  | 40 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 598 |  |  |  | (13,500 | )
Wolfspeed, Inc. |  |  | 190 |  |  |  | 09/16/22 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 1,206 |  |  |  | (57,950 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,415,173 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Soitec SA |  | Goldman Sachs International |  |  | 5,500 |  |  |  | 07/06/22 |  |  |  | EUR |  |  |  | 173.51 |  |  |  | EUR |  |  |  | 745 |  |  | $ | (8 | )
STMicroelectronics NV |  | Goldman Sachs International |  |  | 40,300 |  |  |  | 07/06/22 |  |  |  | EUR |  |  |  | 39.72 |  |  |  | EUR |  |  |  | 1,209 |  |  |  | — |

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yahoo Japan Corp. |  | BNP Paribas SA |  |  | 509,000 |  |  |  | 07/08/22 |  |  |  | JPY |  |  |  | 499.86 |  |  |  | JPY |  |  |  | 201,768 |  |  | $ | — |
Wolfspeed, Inc. |  | Bank of America N.A. |  |  | 13,200 |  |  |  | 07/11/22 |  |  |  | USD |  |  |  | 81.32 |  |  |  | USD |  |  |  | 838 |  |  |  | (543 | )
Wolfspeed, Inc. |  | Citibank N.A. |  |  | 9,000 |  |  |  | 07/11/22 |  |  |  | USD |  |  |  | 101.52 |  |  |  | USD |  |  |  | 571 |  |  |  | — |
Soitec SA |  | Morgan Stanley & Co. International PLC |  |  | 5,300 |  |  |  | 07/12/22 |  |  |  | EUR |  |  |  | 181.71 |  |  |  | EUR |  |  |  | 718 |  |  |  | (27 | )
Kakao Corp. |  | JPMorgan Chase Bank N.A. |  |  | 59,500 |  |  |  | 07/13/22 |  |  |  | USD |  |  |  | 85,917.68 |  |  |  | USD |  |  |  | 4,159,050 |  |  |  | (298 | )
Renesas Electronics Corp. |  | UBS AG |  |  | 334,000 |  |  |  | 07/13/22 |  |  |  | JPY |  |  |  | 1,596.86 |  |  |  | JPY |  |  |  | 411,822 |  |  |  | (1,882 | )
Samsung SDI Co. Ltd. |  | Goldman Sachs International |  |  | 10,600 |  |  |  | 07/13/22 |  |  |  | USD |  |  |  | 593,827.14 |  |  |  | USD |  |  |  | 5,639,200 |  |  |  | (9,235 | )
Alphawave IP Group PLC |  | Goldman Sachs International |  |  | 67,000 |  |  |  | 07/19/22 |  |  |  | GBP |  |  |  | 1.91 |  |  |  | GBP |  |  |  | 90 |  |  |  | (205 | )
Siteminder Ltd. |  | UBS AG |  |  | 60,000 |  |  |  | 07/19/22 |  |  |  | AUD |  |  |  | 4.93 |  |  |  | AUD |  |  |  | 211 |  |  |  | (83 | )
Soitec SA |  | Morgan Stanley & Co. International PLC |  |  | 13,600 |  |  |  | 07/19/22 |  |  |  | EUR |  |  |  | 177.89 |  |  |  | EUR |  |  |  | 1,843 |  |  |  | (812 | )
Wise PLC, Class A |  | Goldman Sachs International |  |  | 100,000 |  |  |  | 07/19/22 |  |  |  | GBP |  |  |  | 3.77 |  |  |  | GBP |  |  |  | 297 |  |  |  | (2,753 | )
Xero Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 8,500 |  |  |  | 07/19/22 |  |  |  | AUD |  |  |  | 92.84 |  |  |  | AUD |  |  |  | 654 |  |  |  | (2,712 | )
GMO Payment Gateway, Inc. |  | UBS AG |  |  | 14,700 |  |  |  | 07/20/22 |  |  |  | JPY |  |  |  | 11,145.60 |  |  |  | JPY |  |  |  | 140,385 |  |  |  | (9,206 | )
Kakao Corp. |  | UBS AG |  |  | 55,500 |  |  |  | 07/21/22 |  |  |  | USD |  |  |  | 84,721.47 |  |  |  | USD |  |  |  | 3,879,450 |  |  |  | (1,660 | )
Thoughtworks Holding, Inc. |  | Barclays Bank PLC |  |  | 22,300 |  |  |  | 07/25/22 |  |  |  | USD |  |  |  | 18.99 |  |  |  | USD |  |  |  | 315 |  |  |  | (756 | )
Alphawave IP Group PLC |  | Goldman Sachs International |  |  | 62,000 |  |  |  | 07/26/22 |  |  |  | GBP |  |  |  | 1.92 |  |  |  | GBP |  |  |  | 83 |  |  |  | (424 | )
ASML Holding NV |  | Goldman Sachs International |  |  | 8,300 |  |  |  | 07/26/22 |  |  |  | EUR |  |  |  | 555.95 |  |  |  | EUR |  |  |  | 3,784 |  |  |  | (7,926 | )
Monolithic Power Systems, Inc. |  | Barclays Bank PLC |  |  | 3,900 |  |  |  | 07/26/22 |  |  |  | USD |  |  |  | 433.62 |  |  |  | USD |  |  |  | 1,498 |  |  |  | (26,402 | )
STMicroelectronics NV |  | UBS AG |  |  | 15,900 |  |  |  | 07/26/22 |  |  |  | EUR |  |  |  | 38.50 |  |  |  | EUR |  |  |  | 477 |  |  |  | (578 | )
Yahoo Japan Corp. |  | JPMorgan Chase Bank N.A. |  |  | 396,800 |  |  |  | 07/26/22 |  |  |  | JPY |  |  |  | 457.10 |  |  |  | JPY |  |  |  | 157,292 |  |  |  | (1,834 | )
Adyen NV |  | Goldman Sachs International |  |  | 2,100 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 1,544.77 |  |  |  | EUR |  |  |  | 2,915 |  |  |  | (54,355 | )
GMO Payment Gateway, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 8,200 |  |  |  | 07/27/22 |  |  |  | JPY |  |  |  | 11,372.61 |  |  |  | JPY |  |  |  | 78,310 |  |  |  | (5,953 | )
Siteminder Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 33,200 |  |  |  | 07/27/22 |  |  |  | AUD |  |  |  | 4.91 |  |  |  | AUD |  |  |  | 117 |  |  |  | (164 | )
Soitec SA |  | UBS AG |  |  | 1,900 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 184.80 |  |  |  | EUR |  |  |  | 257 |  |  |  | (186 | )
Xero Ltd. |  | BNP Paribas SA |  |  | 50,000 |  |  |  | 07/27/22 |  |  |  | AUD |  |  |  | 86.76 |  |  |  | AUD |  |  |  | 3,848 |  |  |  | (63,337 | )
Alphawave IP Group PLC |  | UBS AG |  |  | 62,000 |  |  |  | 08/02/22 |  |  |  | GBP |  |  |  | 1.75 |  |  |  | GBP |  |  |  | 83 |  |  |  | (1,694 | )
GMO Payment Gateway, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 8,200 |  |  |  | 08/02/22 |  |  |  | JPY |  |  |  | 11,074.00 |  |  |  | JPY |  |  |  | 78,310 |  |  |  | (11,081 | )
Renesas Electronics Corp. |  | JPMorgan Chase Bank N.A. |  |  | 87,800 |  |  |  | 08/02/22 |  |  |  | JPY |  |  |  | 1,543.36 |  |  |  | JPY |  |  |  | 108,257 |  |  |  | (652 | )
STMicroelectronics NV |  | Goldman Sachs International |  |  | 25,500 |  |  |  | 08/03/22 |  |  |  | EUR |  |  |  | 34.17 |  |  |  | EUR |  |  |  | 765 |  |  |  | (10,000 | )
Thoughtworks Holding, Inc. |  | Barclays Bank PLC |  |  | 22,300 |  |  |  | 08/04/22 |  |  |  | USD |  |  |  | 19.00 |  |  |  | USD |  |  |  | 315 |  |  |  | (1,773 | )
ASML Holding NV |  | JPMorgan Chase Bank N.A. |  |  | 6,700 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 487.54 |  |  |  | EUR |  |  |  | 3,054 |  |  |  | (86,220 | )
Soitec SA |  | Morgan Stanley & Co. International PLC |  |  | 4,500 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 162.00 |  |  |  | EUR |  |  |  | 610 |  |  |  | (6,102 | )
Soitec SA |  | UBS AG |  |  | 3,300 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 151.69 |  |  |  | EUR |  |  |  | 447 |  |  |  | (10,944 | )
ZoomInfo Technologies, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 18,100 |  |  |  | 08/09/22 |  |  |  | USD |  |  |  | 44.37 |  |  |  | USD |  |  |  | 602 |  |  |  | (9,645 | )
Thoughtworks Holding, Inc. |  | Bank of America N.A. |  |  | 69,000 |  |  |  | 08/11/22 |  |  |  | USD |  |  |  | 17.74 |  |  |  | USD |  |  |  | 974 |  |  |  | (15,553 | )
Thoughtworks Holding, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 44,200 |  |  |  | 09/01/22 |  |  |  | USD |  |  |  | 15.60 |  |  |  | USD |  |  |  | 624 |  |  |  | (42,044 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (387,047 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 6,166,169 |  |  | $ | (655,916 | ) |  | $ | (4,802,220 | )

Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 4,802,220 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,802,220 |

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Science and Technology Trust (BST)

For the period ended June 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased (a) |  | $ | — |  |  | $ | — |  |  | $ | (381 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (381 | )
Options written |  |  | — |  |  |  | — |  |  |  | 43,628,929 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43,628,929 |
|  | $ | — |  |  | $ | — |  |  | $ | 43,628,548 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 43,628,548 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (274,650 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (274,650 | )

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | (8,200,814 | )

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 4,802,220 |
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities |  |  | — |  |  |  | 4,802,220 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (4,415,173 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 387,047 |

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. |  | $ | 16,096 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,096 |
Barclays Bank PLC |  |  | 28,931 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28,931 |
BNP Paribas SA |  |  | 63,337 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 63,337 |
Goldman Sachs International |  |  | 84,906 |  |  |  | — |  |  |  | — |  |  |  | (40,000 | ) |  |  | 44,906 |
JPMorgan Chase Bank N.A. |  |  | 157,727 |  |  |  | — |  |  |  | — |  |  |  | (150,000 | ) |  |  | 7,727 |
Morgan Stanley & Co. International PLC |  |  | 9,817 |  |  |  | — |  |  |  | — |  |  |  | (9,817 | ) |  |  | — |
UBS AG |  |  | 26,233 |  |  |  | — |  |  |  | — |  |  |  | (26,233 | ) |  |  | — |
|  | $ | 387,047 |  |  | $ | — |  |  | $ | — |  |  | $ | (226,050 | ) |  | $ | 160,997 |

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

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

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Science and Technology Trust (BST)

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobiles |  | $ | 23,064,635 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,064,635 |
Banks |  |  | — |  |  |  | — |  |  |  | 19,274,271 |  |  |  | 19,274,271 |
Capital Markets |  |  | 7,797,546 |  |  |  | — |  |  |  | — |  |  |  | 7,797,546 |
Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 3,827,869 |  |  |  | 3,827,869 |
Electronic Equipment, Instruments & Components |  |  | 8,540,067 |  |  |  | 9,793,727 |  |  |  | — |  |  |  | 18,333,794 |
Entertainment |  |  | 3,742,956 |  |  |  | — |  |  |  | — |  |  |  | 3,742,956 |
Hotels, Restaurants & Leisure |  |  | 9,486,505 |  |  |  | — |  |  |  | — |  |  |  | 9,486,505 |
Interactive Media & Services |  |  | 39,954,930 |  |  |  | 23,513,534 |  |  |  | — |  |  |  | 63,468,464 |
Internet & Direct Marketing Retail |  |  | 23,418,079 |  |  |  | 5,073,206 |  |  |  | 213,970 |  |  |  | 28,705,255 |
IT Services |  |  | 112,007,693 |  |  |  | 15,182,893 |  |  |  | 35,316,484 |  |  |  | 162,507,070 |
Professional Services |  |  | — |  |  |  | 4,330,000 |  |  |  | — |  |  |  | 4,330,000 |
Road & Rail |  |  | — |  |  |  | — |  |  |  | 5,570,602 |  |  |  | 5,570,602 |
Semiconductors & Semiconductor Equipment |  |  | 108,183,622 |  |  |  | 51,781,074 |  |  |  | — |  |  |  | 159,964,696 |
Software |  |  | 189,835,256 |  |  |  | 13,185,804 |  |  |  | 26,017,523 |  |  |  | 229,038,583 |
Technology Hardware, Storage & Peripherals |  |  | 66,147,460 |  |  |  | — |  |  |  | — |  |  |  | 66,147,460 |
Convertible Notes |  |  | — |  |  |  | — |  |  |  | 9,640,000 |  |  |  | 9,640,000 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 219,429,147 |  |  |  | 219,429,147 |
Warrants |  |  | — |  |  |  | — |  |  |  | 42,321 |  |  |  | 42,321 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 49,223,180 |  |  |  | — |  |  |  | — |  |  |  | 49,223,180 |
|  | $ | 641,401,929 |  |  | $ | 122,860,238 |  |  | $ | 319,332,187 |  |  | $ | 1,083,594,354 |
Derivative Financial Instruments (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  |  | (3,540,304 | ) |  |  | (1,261,916 | ) |  |  | — |  |  |  | (4,802,220 | )
|  | $ | (3,540,304 | ) |  | $ | (1,261,916 | ) |  | $ | — |  |  | $ | (4,802,220 | )

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

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

|  | Common Stocks |  |  | Convertible Notes |  |  | Preferred Stocks |  |  | Warrant |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance, as of December 31, 2021 |  | $ | 119,431,663 |  |  | $ | 8,000,000 |  |  | $ | 240,189,562 |  |  | $ | 117,749 |  |  | $ | 367,738,974 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in unrealized appreciation (depreciation) (a)(b) |  |  | (39,210,941 | ) |  |  | 1,640,000 |  |  |  | (45,355,871 | ) |  |  | (75,428 | ) |  |  | (83,002,240 | )
Purchases |  |  | 11,998,433 |  |  |  | — |  |  |  | 29,999,955 |  |  |  | — |  |  |  | 41,998,388 |
Sales |  |  | (1,998,436 | ) |  |  | — |  |  |  | (5,404,499 | ) |  |  | — |  |  |  | (7,402,935 | )
Closing balance, as of June 30, 2022 |  | $ | 90,220,719 |  |  | $ | 9,640,000 |  |  | $ | 219,429,147 |  |  | $ | 42,321 |  |  | $ | 319,332,187 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 (b) |  | $ | (40,956,670 | ) |  | $ | 1,640,000 |  |  | $ | (42,384,673 | ) |  | $ | (75,428 | ) |  | $ | (81,776,771 | )

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

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 is generally due to investments no longer held or categorized as Level 3 at period end. |

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Science and Technology Trust (BST)

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

|  |  | Value |  |  |  | Valuation Approach |  |  | Unobservable Inputs |  |  | Range of Unobservable Inputs Utilized | (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 90,220,719 |  |  |  | Market |  |  | Revenue Multiple |  |  | 3.25x - 29.00x |  |  |  | 13.49x |
|  |  |  |  |  |  |  |  |  | Volatility |  |  | 39% - 75% |  |  |  | 61% |
|  |  |  |  |  |  |  |  |  | Time to Exit |  |  | 0.5 - 4.0 years |  |  |  | 2.6 years |
Convertible Notes |  |  | 9,640,000 |  |  |  | Income |  |  | Discount Rate |  |  | 21% |  |  |  | — |
|  |  |  |  |  |  | Market |  |  | Volatility |  |  | 80% |  |  |  | — |
|  |  |  |  |  |  |  |  |  | Revenue Multiple |  |  | 7.00x |  |  |  | — |
Preferred Stocks |  |  | 219,429,147 |  |  |  | Market |  |  | Revenue Multiple |  |  | 3.35x - 29.00x |  |  |  | 15.00x |
|  |  |  |  |  |  |  |  |  | Volatility |  |  | 50% - 75% |  |  |  | 62% |
|  |  |  |  |  |  |  |  |  | Time to Exit |  |  | 3.0 - 5.0 years |  |  |  | 4.2 years |
|  |  |  |  |  |  |  |  |  | Market Adjustment Multiple |  |  | 0.90x - 1.00x |  |  |  | 0.93x |
|  |  |  |  |  |  |  |  |  | Gross Profit Multiple |  |  | 11.89x |  |  |  | — |
Warrants |  |  | 42,321 |  |  |  | Market |  |  | Volatility |  |  | 39% |  |  |  | — |
|  |  |  |  |  |  |  |  |  | Time to Exit |  |  | 0.5 year |  |  |  | — |
|  |  |  |  |  |  |  |  |  | Revenue Multiple |  |  | 7.50x |  |  |  | — |
|  | $ | 319,332,187 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

See notes to financial statements.

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

Consolidated Schedule of Investments (unaudited) June 30, 2022 |  | BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |
Automobiles (a) — 3.2% |  |  |  |  |  |  |  |
Arrival SA (b) |  |  | 1,315,613 |  |  | $ | 2,078,668 |
Tesla, Inc. (c) |  |  | 81,949 |  |  |  | 55,186,096 |
|  |  |  |  |  |  | 57,264,764 |
Banks — 3.5% |
Klarna Holdings AB, (Acquired 08/07/19, Cost: $23,354,997) (d)(e) |  |  | 86,839 |  |  |  | 63,327,976 |
Chemicals — 0.8% |
CNGR Advanced Material Co. Ltd., Class A |  |  | 355,813 |  |  |  | 6,607,512 |
Shenzhen Dynanonic Co. Ltd., Class A |  |  | 117,919 |  |  |  | 7,207,331 |
|  |  |  |  |  |  | 13,814,843 |
Diversified Consumer Services — 1.0% |
Think & Learn Private Ltd., (Acquired 09/30/20, Cost: $7,113,729) (d)(e) |  |  | 4,651 |  |  |  | 17,856,989 |
Electrical Equipment — 0.4% |
Yantai Zhenghai Magnetic Material Co. Ltd., Class A (a) |  |  | 3,296,300 |  |  |  | 7,551,689 |
Electronic Equipment, Instruments & Components — 3.4% |
E Ink Holdings, Inc. |  |  | 1,648,000 |  |  |  | 10,522,915 |
Jabil, Inc. |  |  | 286,456 |  |  |  | 14,669,412 |
Samsung SDI Co. Ltd. |  |  | 69,838 |  |  |  | 28,800,131 |
Xiamen Faratronic Co. Ltd., Class A |  |  | 230,177 |  |  |  | 7,069,965 |
|  |  |  |  |  |  | 61,062,423 |
Entertainment (a) — 1.8% |
CTS Eventim AG & Co. KGaA |  |  | 135,310 |  |  |  | 7,137,500 |
Roku, Inc. |  |  | 91,612 |  |  |  | 7,525,010 |
Take-Two Interactive Software, Inc. |  |  | 150,638 |  |  |  | 18,457,674 |
|  |  |  |  |  |  | 33,120,184 |
Hotels, Restaurants & Leisure — 0.9% |
Trip.com Group Ltd., ADR (a) |  |  | 566,559 |  |  |  | 15,552,045 |
Interactive Media & Services — 3.9% |
Eventbrite, Inc., Class A (a) |  |  | 590,053 |  |  |  | 6,059,845 |
Kakao Corp. |  |  | 586,837 |  |  |  | 31,797,820 |
Kanzhun Ltd., ADR (a) |  |  | 286,357 |  |  |  | 7,525,462 |
Snap, Inc., Class A (a) |  |  | 815,133 |  |  |  | 10,702,696 |
ZoomInfo Technologies, Inc., CLass A (a) |  |  | 403,742 |  |  |  | 13,420,384 |
|  |  |  |  |  |  | 69,506,207 |
Internet & Direct Marketing Retail — 1.5% |
Cazoo Group Ltd. (a) |  |  | 1,261,764 |  |  |  | 908,470 |
MercadoLibre, Inc. (a) |  |  | 17,594 |  |  |  | 11,205,091 |
Prosus NV |  |  | 218,962 |  |  |  | 14,178,574 |
|  |  |  |  |  |  | 26,292,135 |
IT Services — 12.4% |
Adyen NV (a)(f) |  |  | 14,422 |  |  |  | 20,812,850 |
Automattic, Inc., Series E, (Acquired 02/03/21, Cost: $34,000,000) (d)(e) |  |  | 400,000 |  |  |  | 21,584,000 |
AvidXchange Holdings, Inc. (a) |  |  | 440,210 |  |  |  | 2,702,889 |
Block, Inc. (a)(c) |  |  | 166,588 |  |  |  | 10,238,499 |
Cloudflare, Inc., Class A (a) |  |  | 182,701 |  |  |  | 7,993,169 |
Dlocal Ltd. (a) |  |  | 314,034 |  |  |  | 8,243,393 |
Endava PLC, ADR (a) |  |  | 348,375 |  |  |  | 30,751,061 |
GMO Payment Gateway, Inc. |  |  | 168,900 |  |  |  | 12,030,912 |
Grid Dynamics Holdings, Inc. (a) |  |  | 912,609 |  |  |  | 15,350,083 |
Kakaopay Corp. (a)(b) |  |  | 117,382 |  |  |  | 5,476,376 |
Locaweb Servicos de Internet SA (a)(f) |  |  | 7,824,775 |  |  |  | 8,402,724 |
MongoDB, Inc. (a) |  |  | 70,836 |  |  |  | 18,381,942 |

Security |  | Shares |  |  | Value |
IT Services (continued) |  |  |  |  |  |
Okta, Inc. (a) |  |  | 134,592 |  |  | $ | 12,167,117 |
Shift4 Payments, Inc., Class A (a) |  |  | 288,406 |  |  |  | 9,534,702 |
Thoughtworks Holding, Inc. (a) |  |  | 639,995 |  |  |  | 9,030,329 |
TRAX Ltd., (Acquired 09/12/19, Cost: $10,999,987) (d)(e) |  |  | 293,333 |  |  |  | 11,941,586 |
TRAX Ltd., Series D, (Acquired 02/18/21, Cost: $9,999,998) (d)(e) |  |  | 191,806 |  |  |  | 7,808,422 |
Twilio, Inc., Class A (a) |  |  | 137,627 |  |  |  | 11,534,519 |
|  |  |  |  |  |  | 223,984,573 |
Media — 0.9% |
Informa PLC (a) |  |  | 2,592,672 |  |  |  | 16,750,244 |
Professional Services — 2.4% |
Legalzoom.com, Inc. (a) |  |  | 543,138 |  |  |  | 5,969,087 |
TransUnion |  |  | 290,023 |  |  |  | 23,198,940 |
Wolters Kluwer NV |  |  | 135,382 |  |  |  | 13,120,944 |
|  |  |  |  |  |  | 42,288,971 |
Semiconductors & Semiconductor Equipment — 16.5% |
Alphawave IP Group PLC (a)(b) |  |  | 3,558,396 |  |  |  | 5,821,719 |
Ambarella, Inc. (a) |  |  | 79,596 |  |  |  | 5,210,354 |
ASM International NV |  |  | 48,772 |  |  |  | 12,134,823 |
BE Semiconductor Industries NV |  |  | 197,861 |  |  |  | 9,454,624 |
CNEX Labs, Inc., (Acquired 12/14/21, Cost: $5,699,998) (d)(e) |  |  | 1,161,804 |  |  |  | 2,672,149 |
Credo Technology Group Holding Ltd., (Acquired 01/27/22, Cost: $21,617,979) (e) |  |  | 4,284,241 |  |  |  | 49,678,534 |
Lasertec Corp. |  |  | 199,700 |  |  |  | 23,784,995 |
Lattice Semiconductor Corp. (a) |  |  | 332,782 |  |  |  | 16,139,927 |
MACOM Technology Solutions Holdings, Inc., Class H (a) |  |  | 198,725 |  |  |  | 9,161,223 |
Marvell Technology, Inc. (c) |  |  | 1,174,171 |  |  |  | 51,111,664 |
Monolithic Power Systems, Inc. |  |  | 73,209 |  |  |  | 28,115,184 |
Nordic Semiconductor ASA (a) |  |  | 276,836 |  |  |  | 4,370,681 |
Silergy Corp. |  |  | 217,000 |  |  |  | 17,546,471 |
Soitec SA (a) |  |  | 175,858 |  |  |  | 25,260,241 |
StarPower Semiconductor Ltd. |  |  | 117,200 |  |  |  | 6,775,077 |
Wolfspeed, Inc. (a)(c) |  |  | 484,481 |  |  |  | 30,740,319 |
|  |  |  |  |  |  | 297,977,985 |
Software — 17.0% |  |  |  |  |  |
Altair Engineering, Inc., Class A (a) |  |  | 13,531 |  |  |  | 710,378 |
Altium Ltd. |  |  | 793,379 |  |  |  | 14,787,757 |
AppLovin Corp., Class A (a) |  |  | 348,719 |  |  |  | 12,009,882 |
Aspen Technology, Inc. (a) |  |  | 59,873 |  |  |  | 10,997,473 |
Atlassian Corp. PLC, Class A (a) |  |  | 80,415 |  |  |  | 15,069,771 |
Avalara, Inc. (a) |  |  | 122,135 |  |  |  | 8,622,731 |
AvidXchange, Inc., (Acquired 07/29/20, Cost: $7,474,330) (e) |  |  | 610,000 |  |  |  | 3,745,400 |
Confluent, Inc., Class A (a) |  |  | 194,486 |  |  |  | 4,519,855 |
Crowdstrike Holdings, Inc., Class A (a) |  |  | 103,985 |  |  |  | 17,527,712 |
Databricks, Inc., (Acquired 07/24/20, Cost: $5,501,686) (d)(e) |  |  | 114,553 |  |  |  | 21,013,602 |
DataRobot, Inc., (Acquired 03/01/21, Cost: $1,384,813) (d)(e) |  |  | 92,093 |  |  |  | 1,031,442 |
Elastic NV (a) |  |  | 163,870 |  |  |  | 11,089,083 |
Freee KK (a) |  |  | 361,800 |  |  |  | 8,883,408 |
Gitlab, Inc., Class A (a) |  |  | 530,473 |  |  |  | 28,189,335 |
Glodon Co. Ltd., Class A |  |  | 244,400 |  |  |  | 1,990,433 |
Lightspeed Commerce, Inc. (a) |  |  | 475,880 |  |  |  | 10,610,438 |
Palo Alto Networks, Inc. (a) |  |  | 31,415 |  |  |  | 15,517,125 |
Samsara, Inc., Class A (a)(b) |  |  | 461,448 |  |  |  | 5,154,374 |

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Science and Technology Trust II (BSTZ) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Software (continued) |  |  |  |  |  |
SiteMinder Ltd. (a) |  |  | 7,182,558 |  |  | $ | 17,499,612 |
Snorkel AI, Inc., (Acquired 10/13/20, Cost: $2,017,593) (d)(e) |  |  | 500,250 |  |  |  | 4,782,390 |
Snyk Ltd., (Acquired 11/02/20, Cost: $9,287,400) (d)(e) |  |  | 1,267,643 |  |  |  | 13,018,694 |
Synopsys, Inc. (a) |  |  | 120,424 |  |  |  | 36,572,769 |
Unity Software, Inc. (a) |  |  | 237,004 |  |  |  | 8,726,487 |
Xero Ltd. (a) |  |  | 262,237 |  |  |  | 13,987,885 |
Zscaler, Inc. (a)(c) |  |  | 124,012 |  |  |  | 18,541,034 |
ZWSOFT Co. Ltd. Guangzhou, Class A |  |  | 63,942 |  |  |  | 2,000,842 |
|  |  |  |  |  |  | 306,599,912 |
Technology Hardware, Storage & Peripherals — 1.3% |
Pure Storage, Inc., Class A (a) |  |  | 931,063 |  |  |  | 23,937,630 |
Total Common Stocks — 70.9% (Cost: $1,067,928,679) |  |  |  | 1,276,888,570 |
Preferred Securities |
Preferred Stocks — 25.5% (d)(e) |
Communications Equipment — 0.7% |  |  |  |  |  |
Astranis Space Technologies Corp., Series C, (Acquired 03/19/21, Cost: $17,000,010) |  |  | 775,515 |  |  |  | 12,183,341 |
Diversified Consumer Services — 1.0% |
Think & Learn Private Ltd., Series F, (Acquired 09/30/20, Cost: $14,251,080) |  |  | 4,920 |  |  |  | 18,889,785 |
Diversified Financial Services — 0.1% |
Snorkel Al, Inc., Series B, (Acquired 10/13/20, Cost: $999,996) |  |  | 247,943 |  |  |  | 2,370,335 |
Food & Staples Retailing — 2.2% |
GrubMarket, Inc. , Series D, (Acquired 07/23/20, Cost: $8,000,001) |  |  | 1,762,969 |  |  |  | 38,926,356 |
Food Products — 0.9% |
Farmer’s Business Network, Inc., Series F, (Acquired 07/31/20, Cost: $11,961,002) |  |  | 361,834 |  |  |  | 16,593,707 |
Interactive Media & Services — 3.2% |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $35,000,075) |  |  | 319,419 |  |  |  | 52,868,947 |
ResearchGate GmbH, Series D, (Acquired 09/24/20, Cost: $6,999,988) |  |  | 424,688 |  |  |  | 5,856,447 |
|  |  |  |  |  |  | 58,725,394 |
IT Services — 2.2% |
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $12,000,008) |  |  | 1,974,374 |  |  |  | 9,674,433 |
Trumid Holdings LLC (g) |
Class J-A, (Acquired 07/24/20, Cost: $9,999,857) |  |  | 20,154 |  |  |  | 15,021,582 |
Class J-B, (Acquired 07/24/20, Cost: $5,999,914) |  |  | 20,154 |  |  |  | 15,021,582 |
|  |  |  |  |  |  | 39,717,597 |
Road & Rail — 0.7% |  |  |  |  |  |
FlixMobility GmbH, Series F, (Acquired 07/26/19, Cost: $16,947,253) |  |  | 850 |  |  |  | 11,885,377 |
Semiconductors & Semiconductor Equipment — 6.6% |
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $7,000,000) |  |  | 1,018,908 |  |  |  | 5,257,565 |
PsiQuantum Corp. Series C, (Acquired 09/09/19, Cost: $9,101,310) |  |  | 1,962,335 |  |  |  | 40,384,854 |

Security |  | Shares |  |  | Value |
Semiconductors & Semiconductor Equipment (continued) |
PsiQuantum Corp. (continued) |  |  |  |  |  |  |  |
Series C, (Acquired 05/21/21, Cost: $19,999,969) |  |  | 762,595 |  |  | $ | 19,491,928 |
SambaNova Systems, Inc. |  |  |  |  |  |  |  |
Series C, (Acquired 02/20/20, Cost: $33,904,161) |  |  | 636,800 |  |  |  | 48,384,064 |
Series D, (Acquired 04/09/21, Cost: $6,999,979) |  |  | 73,670 |  |  |  | 5,597,447 |
|  |  |  |  |  |  | 119,115,858 |
Software — 7.9% |  |  |  |  |  |
Databricks, Inc. |  |  |  |  |  |  |  |
Series F, (Acquired 10/22/19, Cost: $13,200,019) |  |  | 307,346 |  |  |  | 56,379,550 |
Series G, (Acquired 02/01/21, Cost: $18,500,004) |  |  | 104,303 |  |  |  | 19,133,342 |
DataRobot, Inc., Series F, (Acquired 10/27/20, Cost: $11,499,999) |  |  | 875,059 |  |  |  | 9,835,663 |
Rapyd Financial Network Ltd., Series E, (Acquired 03/31/21, Cost: $13,999,978) |  |  | 190,705 |  |  |  | 13,376,049 |
Snyk Ltd. , (Acquired 11/02/20, Cost: $13,212,590) |  |  | 2,663,936 |  |  |  | 27,358,623 |
Unqork, Inc. |  |  |  |  |  |  |  |
Series B, (Acquired 09/19/19, Cost: $6,801,016) |  |  | 597,680 |  |  |  | 10,501,238 |
Series C, (Acquired 09/18/20, Cost: $7,994,787) |  |  | 292,000 |  |  |  | 5,130,440 |
|  |  |  |  |  |  | 141,714,905 |
|  |  |  |  |  |  | 460,122,655 |
Total Preferred Securities — 25.5% (Cost: $301,372,996) |  |  |  | 460,122,655 |
Warrants |  |  |  |  |  |  |  |
IT Services — 0.0% |  |  |  |  |  |  |  |
TRAX Ltd., (Expires 09/15/2023), (Acquired 09/12/19, Cost: $0) (d)(e) |  |  | 46,928 |  |  |  | 116,381 |
Total Warrants — 0.0% (Cost: $ — ) |  |  |  |  |  |  | 116,381 |
Total Long-Term Investments — 96.4% (Cost: $1,369,301,675) |  |  |  | 1,737,127,606 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 5.9% |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (h)(i) |  |  | 102,224,041 |  |  |  | 102,224,041 |
SL Liquidity Series, LLC, Money Market Series, 1.73% (h)(i)(j) |  |  | 4,923,583 |  |  |  | 4,922,598 |
Total Short-Term Securities — 5.9% (Cost: $107,145,982) |  |  |  | 107,146,639 |
Total Investments Before Options Written — 102.3% (Cost: $1,476,447,657) |  |  |  | 1,844,274,245 |
Options Written — (0.7)% (Premiums Received: $(19,442,641)) |  |  |  | (13,353,619 | )
Total Investments, Net of Options Written — 101.6% (Cost: $1,457,005,016) |  |  |  | 1,830,920,626 |
Liabilities in Excess of Other Assets — (1.6)% |  |  |  | (28,025,355 | )
Net Assets — 100.0% |  |  | $ | 1,802,895,271 |

(a) | Non-income producing security.

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

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

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

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Science and Technology Trust II (BSTZ)

(e) | Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $678,700,220, representing 37.7% of its net assets as of period end, and an original cost of $439,825,506.

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

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

(h) | Affiliate of the Trust.

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

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

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry
sub-classifications
used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry
sub-classifications
for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/21 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/22 |  |  | Shares Held at 06/30/22 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 46,915,934 |  |  | $ | 55,308,107 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 102,224,041 |  |  |  | 102,224,041 |  |  | $ | 114,104 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | 1,949,219 |  |  |  | 2,971,804 | (a) |  |  | — |  |  |  | 918 |  |  |  | 657 |  |  |  | 4,922,598 |  |  |  | 4,923,583 |  |  |  | 161,102 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 918 |  |  | $ | 657 |  |  | $ | 107,146,639 |  |  |  |  |  |  | $ | 275,206 |  |  | $ | — |

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

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

Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ambarella, Inc. |  |  | 139 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 87.00 |  |  |  | USD |  |  |  | 910 |  |  | $ | (10,425 | )
Atlassian Corp. PLC, Class A |  |  | 52 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 974 |  |  |  | (1,040 | )
Crowdstrike Holdings, Inc., Class A |  |  | 131 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 2,208 |  |  |  | (8,188 | )
Unity Software, Inc. |  |  | 332 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 1,222 |  |  |  | (996 | )
Atlassian Corp. PLC, Class A |  |  | 116 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 2,174 |  |  |  | (9,860 | )
Crowdstrike Holdings, Inc., Class A |  |  | 187 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 3,152 |  |  |  | (6,358 | )
MercadoLibre, Inc. |  |  | 32 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 890.00 |  |  |  | USD |  |  |  | 2,038 |  |  |  | (7,360 | )
MongoDB, Inc. |  |  | 19 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 493 |  |  |  | (4,133 | )
MongoDB, Inc. |  |  | 39 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 315.00 |  |  |  | USD |  |  |  | 1,012 |  |  |  | (2,048 | )
Tesla, Inc. |  |  | 100 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 810.00 |  |  |  | USD |  |  |  | 6,734 |  |  |  | (11,150 | )
Twilio, Inc., Class A |  |  | 241 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 2,020 |  |  |  | (13,375 | )
Ambarella, Inc. |  |  | 32 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 209 |  |  |  | (1,040 | )
AppLovin Corp., Class A |  |  | 1,105 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 3,806 |  |  |  | (22,100 | )
Aspen Technology, Inc. |  |  | 200 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 3,674 |  |  |  | (66,500 | )
Atlassian Corp. PLC, Class A |  |  | 47 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 210.00 |  |  |  | USD |  |  |  | 881 |  |  |  | (13,042 | )
Atlassian Corp. PLC, Class A |  |  | 117 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 2,193 |  |  |  | (59,085 | )
Avalara, Inc. |  |  | 73 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 515 |  |  |  | (10,585 | )
AvidXchange Holdings, Inc. |  |  | 246 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 10.00 |  |  |  | USD |  |  |  | 151 |  |  |  | (22,140 | )
Cloudflare, Inc., Class A |  |  | 272 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 1,190 |  |  |  | (1,904 | )
Confluent, Inc., Class A |  |  | 307 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 713 |  |  |  | (5,373 | )
Confluent, Inc., Class A |  |  | 333 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 774 |  |  |  | (31,635 | )
Crowdstrike Holdings, Inc., Class A |  |  | 117 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 1,972 |  |  |  | (24,687 | )
Dlocal Ltd. |  |  | 512 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 23.82 |  |  |  | USD |  |  |  | 1,344 |  |  |  | (163,215 | )
Elastic NV |  |  | 302 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 67.46 |  |  |  | USD |  |  |  | 2,044 |  |  |  | (120,348 | )
Elastic NV |  |  | 45 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 305 |  |  |  | (2,363 | )
Endava PLC, ADR |  |  | 483 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 4,263 |  |  |  | (123,165 | )
Eventbrite, Inc., Class A |  |  | 1,112 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 12.50 |  |  |  | USD |  |  |  | 1,142 |  |  |  | (11,120 | )

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gitlab, Inc., Class A |  |  | 198 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 70.00 |  |  |  | USD |  |  |  | 1,052 |  |  | $ | (3,960 | )
Gitlab, Inc., Class A |  |  | 699 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 3,714 |  |  |  | (370,470 | )
Grid Dynamics Holdings, Inc. |  |  | 1,711 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 2,878 |  |  |  | (34,220 | )
Jabil, Inc. |  |  | 381 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 1,951 |  |  |  | (9,525 | )
Lattice Semiconductor Corp. |  |  | 808 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 55.52 |  |  |  | USD |  |  |  | 3,919 |  |  |  | (27,867 | )
Lattice Semiconductor Corp. |  |  | 616 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 2,988 |  |  |  | (100,100 | )
Legalzoom.com, Inc. |  |  | 971 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 12.61 |  |  |  | USD |  |  |  | 1,067 |  |  |  | (15,265 | )
Lightspeed Commerce, Inc. |  |  | 958 |  |  |  | 07/15/22 |  |  |  | CAD |  |  |  | 34.00 |  |  |  | CAD |  |  |  | 2,749 |  |  |  | (33,863 | )
MACOM Technology Solutions Holdings, Inc., Class H |  |  | 433 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 56.00 |  |  |  | USD |  |  |  | 1,996 |  |  |  | (2,785 | )
MercadoLibre, Inc. |  |  | 16 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 900.00 |  |  |  | USD |  |  |  | 1,019 |  |  |  | (800 | )
MongoDB, Inc. |  |  | 38 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 300.00 |  |  |  | USD |  |  |  | 986 |  |  |  | (13,300 | )
MongoDB, Inc. |  |  | 39 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 1,012 |  |  |  | (5,850 | )
Monolithic Power Systems, Inc. |  |  | 140 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 460.00 |  |  |  | USD |  |  |  | 5,377 |  |  |  | (37,450 | )
Okta, Inc. |  |  | 200 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 1,808 |  |  |  | (1,900 | )
Palo Alto Networks, Inc. |  |  | 33 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 520.00 |  |  |  | USD |  |  |  | 1,630 |  |  |  | (22,440 | )
Pure Storage, Inc., Class A |  |  | 1,281 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 28.93 |  |  |  | USD |  |  |  | 3,293 |  |  |  | (16,370 | )
Pure Storage, Inc., Class A |  |  | 264 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 679 |  |  |  | (2,640 | )
Roku, Inc. |  |  | 65 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 534 |  |  |  | (2,600 | )
Samsara, Inc., Class A |  |  | 455 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 508 |  |  |  | (6,825 | )
Samsara, Inc., Class A |  |  | 980 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 15.00 |  |  |  | USD |  |  |  | 1,095 |  |  |  | (7,350 | )
Shift4 Payments, Inc., Class A |  |  | 772 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 2,552 |  |  |  | (23,160 | )
Snap, Inc., Class A |  |  | 437 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 17.00 |  |  |  | USD |  |  |  | 574 |  |  |  | (3,278 | )
Synopsys, Inc. |  |  | 130 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 3,948 |  |  |  | (46,800 | )
Take-Two Interactive Software, Inc. |  |  | 86 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 1,054 |  |  |  | (5,805 | )
Take-Two Interactive Software, Inc. |  |  | 181 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 130.00 |  |  |  | USD |  |  |  | 2,218 |  |  |  | (26,245 | )
Tesla, Inc. |  |  | 43 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 905.00 |  |  |  | USD |  |  |  | 2,896 |  |  |  | (2,967 | )
Thoughtworks Holding, Inc. |  |  | 427 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 602 |  |  |  | (42,700 | )
TransUnion |  |  | 432 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 3,456 |  |  |  | (92,880 | )
TransUnion |  |  | 341 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 93.73 |  |  |  | USD |  |  |  | 2,728 |  |  |  | (611 | )
Trip.com Group Ltd., ADR |  |  | 130 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 26.00 |  |  |  | USD |  |  |  | 357 |  |  |  | (29,250 | )
Trip.com Group Ltd., ADR |  |  | 1,068 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 2,932 |  |  |  | (320,400 | )
Twilio, Inc., Class A |  |  | 145 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 1,215 |  |  |  | (8,555 | )
Unity Software, Inc. |  |  | 300 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 45.00 |  |  |  | USD |  |  |  | 1,105 |  |  |  | (15,750 | )
Wolfspeed, Inc. |  |  | 503 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 3,192 |  |  |  | (37,725 | )
ZoomInfo Technologies, Inc. |  |  | 1,024 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 3,404 |  |  |  | (35,840 | )
ZoomInfo Technologies, Inc. |  |  | 378 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 1,256 |  |  |  | (11,340 | )
Zscaler, Inc. |  |  | 69 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 220.00 |  |  |  | USD |  |  |  | 1,032 |  |  |  | (1,587 | )
Zscaler, Inc. |  |  | 259 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 3,872 |  |  |  | (76,534 | )
Ambarella, Inc. |  |  | 8 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 52 |  |  |  | (400 | )
Atlassian Corp. PLC, Class A |  |  | 84 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 200.00 |  |  |  | USD |  |  |  | 1,574 |  |  |  | (60,060 | )
Block Inc., Class A |  |  | 130 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 79.00 |  |  |  | USD |  |  |  | 799 |  |  |  | (8,125 | )
Crowdstrike Holdings, Inc., Class A |  |  | 50 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 180.00 |  |  |  | USD |  |  |  | 843 |  |  |  | (31,000 | )
Crowdstrike Holdings, Inc., Class A |  |  | 51 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 195.00 |  |  |  | USD |  |  |  | 860 |  |  |  | (13,209 | )
Marvell Technology, Inc. |  |  | 795 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 65.00 |  |  |  | USD |  |  |  | 3,461 |  |  |  | (59,625 | )
MongoDB, Inc. |  |  | 40 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 1,038 |  |  |  | (12,300 | )
Okta, Inc. |  |  | 48 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 434 |  |  |  | (3,528 | )
Palo Alto Networks, Inc. |  |  | 85 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 525.00 |  |  |  | USD |  |  |  | 4,198 |  |  |  | (74,800 | )
Snap, Inc., Class A |  |  | 396 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 16.00 |  |  |  | USD |  |  |  | 520 |  |  |  | (23,166 | )
Take-Two Interactive Software, Inc. |  |  | 275 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 3,370 |  |  |  | (31,625 | )
Tesla, Inc. |  |  | 43 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 850.00 |  |  |  | USD |  |  |  | 2,896 |  |  |  | (19,995 | )
Twilio, Inc., Class A |  |  | 82 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 687 |  |  |  | (13,735 | )
Twilio, Inc., Class A |  |  | 82 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 687 |  |  |  | (8,610 | )
Zscaler, Inc. |  |  | 66 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 987 |  |  |  | (52,635 | )
Ambarella, Inc. |  |  | 139 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 78.00 |  |  |  | USD |  |  |  | 910 |  |  |  | (15,985 | )
Cloudflare, Inc., Class A |  |  | 320 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,400 |  |  |  | (34,720 | )
Marvell Technology, Inc. |  |  | 339 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 54.00 |  |  |  | USD |  |  |  | 1,476 |  |  |  | (9,662 | )
Marvell Technology, Inc. |  |  | 480 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 56.00 |  |  |  | USD |  |  |  | 2,089 |  |  |  | (6,480 | )
MercadoLibre, Inc. |  |  | 22 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 820.00 |  |  |  | USD |  |  |  | 1,401 |  |  |  | (15,180 | )
MongoDB, Inc. |  |  | 39 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 315.00 |  |  |  | USD |  |  |  | 1,012 |  |  |  | (22,425 | )
Okta, Inc. |  |  | 200 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 1,808 |  |  |  | (76,500 | )
Roku, Inc. |  |  | 90 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 97.00 |  |  |  | USD |  |  |  | 739 |  |  |  | (34,200 | )
Snap, Inc., Class A |  |  | 436 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 16.00 |  |  |  | USD |  |  |  | 572 |  |  |  | (29,212 | )

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Take-Two Interactive Software, Inc. |  |  | 275 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 3,370 |  |  | $ | (43,312 | )
Tesla, Inc. |  |  | 20 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 775.00 |  |  |  | USD |  |  |  | 1,347 |  |  |  | (41,350 | )
Unity Software, Inc. |  |  | 223 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 43.00 |  |  |  | USD |  |  |  | 821 |  |  |  | (37,129 | )
Zscaler, Inc. |  |  | 65 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 972 |  |  |  | (9,978 | )
Zscaler, Inc. |  |  | 41 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 170.00 |  |  |  | USD |  |  |  | 613 |  |  |  | (19,065 | )
Block Inc., Class A |  |  | 306 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 1,881 |  |  |  | (29,835 | )
Gitlab, Inc., Class A |  |  | 1,394 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 48.00 |  |  |  | USD |  |  |  | 7,408 |  |  |  | (1,156,674 | )
Marvell Technology, Inc. |  |  | 1,005 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 53.00 |  |  |  | USD |  |  |  | 4,375 |  |  |  | (47,235 | )
Okta, Inc. |  |  | 175 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 105.00 |  |  |  | USD |  |  |  | 1,582 |  |  |  | (56,700 | )
Roku, Inc. |  |  | 133 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 115.00 |  |  |  | USD |  |  |  | 1,092 |  |  |  | (26,467 | )
Snap, Inc., Class A |  |  | 218 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 18.00 |  |  |  | USD |  |  |  | 286 |  |  |  | (8,829 | )
Take-Two Interactive Software, Inc. |  |  | 414 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 5,073 |  |  |  | (114,885 | )
Tesla, Inc. |  |  | 40 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 790.00 |  |  |  | USD |  |  |  | 2,694 |  |  |  | (86,400 | )
Block Inc., Class A |  |  | 173 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 81.33 |  |  |  | USD |  |  |  | 1,063 |  |  |  | (29,164 | )
Marvell Technology, Inc. |  |  | 1,975 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 51.77 |  |  |  | USD |  |  |  | 8,597 |  |  |  | (178,935 | )
Snap, Inc., Class A |  |  | 1,525 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 17.17 |  |  |  | USD |  |  |  | 2,002 |  |  |  | (86,554 | )
Snap, Inc., Class A |  |  | 1,063 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 16.54 |  |  |  | USD |  |  |  | 1,396 |  |  |  | (76,633 | )
AppLovin Corp., Class A |  |  | 719 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 50.00 |  |  |  | USD |  |  |  | 2,476 |  |  |  | (71,900 | )
Avalara, Inc. |  |  | 427 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 3,015 |  |  |  | (143,045 | )
Avalara, Inc. |  |  | 18 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 127 |  |  |  | (3,735 | )
Block Inc., Class A |  |  | 91 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 559 |  |  |  | (2,048 | )
Cloudflare, Inc., Class A |  |  | 320 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,400 |  |  |  | (50,720 | )
Confluent, Inc., Class A |  |  | 332 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 22.42 |  |  |  | USD |  |  |  | 772 |  |  |  | (131,543 | )
Dlocal Ltd. |  |  | 744 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,953 |  |  |  | (133,920 | )
Elastic NV |  |  | 372 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 2,517 |  |  |  | (97,650 | )
Endava PLC, ADR |  |  | 455 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 95.00 |  |  |  | USD |  |  |  | 4,016 |  |  |  | (220,675 | )
Gitlab, Inc., Class A |  |  | 230 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 51.00 |  |  |  | USD |  |  |  | 1,222 |  |  |  | (180,222 | )
Gitlab, Inc., Class A |  |  | 611 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 50.83 |  |  |  | USD |  |  |  | 3,247 |  |  |  | (483,862 | )
Grid Dynamics Holdings, Inc. |  |  | 969 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 17.50 |  |  |  | USD |  |  |  | 1,630 |  |  |  | (179,265 | )
Jabil, Inc. |  |  | 764 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 3,912 |  |  |  | (26,740 | )
Kanzhun Ltd. |  |  | 572 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 30.00 |  |  |  | USD |  |  |  | 1,503 |  |  |  | (111,540 | )
Kanzhun Ltd. |  |  | 572 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 35.00 |  |  |  | USD |  |  |  | 1,503 |  |  |  | (51,480 | )
Legalzoom.com, Inc. |  |  | 1,008 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 15.00 |  |  |  | USD |  |  |  | 1,108 |  |  |  | (25,200 | )
Lightspeed Commerce, Inc. |  |  | 1,213 |  |  |  | 08/19/22 |  |  |  | CAD |  |  |  | 35.00 |  |  |  | CAD |  |  |  | 3,481 |  |  |  | (160,672 | )
MACOM Technology Solutions Holdings, Inc., Class H |  |  | 425 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,959 |  |  |  | (40,375 | )
Marvell Technology, Inc. |  |  | 169 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 52.50 |  |  |  | USD |  |  |  | 736 |  |  |  | (12,759 | )
MongoDB, Inc. |  |  | 140 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 290.00 |  |  |  | USD |  |  |  | 3,633 |  |  |  | (242,200 | )
Monolithic Power Systems, Inc. |  |  | 79 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 450.00 |  |  |  | USD |  |  |  | 3,034 |  |  |  | (79,790 | )
Okta, Inc. |  |  | 49 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 443 |  |  |  | (8,624 | )
Pure Storage, Inc., Class A |  |  | 2,179 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 28.00 |  |  |  | USD |  |  |  | 5,602 |  |  |  | (201,557 | )
Roku, Inc. |  |  | 78 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 120.00 |  |  |  | USD |  |  |  | 641 |  |  |  | (17,901 | )
Samsara, Inc., Class A |  |  | 870 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 12.50 |  |  |  | USD |  |  |  | 972 |  |  |  | (78,300 | )
Shift4 Payments, Inc., Class A |  |  | 670 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 40.00 |  |  |  | USD |  |  |  | 2,215 |  |  |  | (128,975 | )
Synopsys, Inc. |  |  | 175 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 310.00 |  |  |  | USD |  |  |  | 5,315 |  |  |  | (273,875 | )
Take-Two Interactive Software, Inc. |  |  | 275 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 3,370 |  |  |  | (103,125 | )
Tesla, Inc. |  |  | 44 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 840.00 |  |  |  | USD |  |  |  | 2,963 |  |  |  | (88,000 | )
Tesla, Inc. |  |  | 37 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 790.00 |  |  |  | USD |  |  |  | 2,492 |  |  |  | (114,237 | )
TransUnion |  |  | 415 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 81.93 |  |  |  | USD |  |  |  | 3,320 |  |  |  | (139,624 | )
Trip.com Group Ltd., ADR |  |  | 1,068 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 25.08 |  |  |  | USD |  |  |  | 2,932 |  |  |  | (427,430 | )
Unity Software, Inc. |  |  | 330 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,215 |  |  |  | (39,765 | )
Wolfspeed, Inc. |  |  | 660 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 90.00 |  |  |  | USD |  |  |  | 4,188 |  |  |  | (59,400 | )
Zscaler, Inc. |  |  | 120 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 190.00 |  |  |  | USD |  |  |  | 1,794 |  |  |  | (40,500 | )
Endava PLC, ADR |  |  | 455 |  |  |  | 09/07/22 |  |  |  | USD |  |  |  | 96.00 |  |  |  | USD |  |  |  | 4,016 |  |  |  | (270,520 | )
Grid Dynamics Holdings, Inc. |  |  | 969 |  |  |  | 09/16/22 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 1,630 |  |  |  | (133,237 | )
Legalzoom.com, Inc. |  |  | 736 |  |  |  | 09/16/22 |  |  |  | USD |  |  |  | 15.00 |  |  |  | USD |  |  |  | 809 |  |  |  | (27,600 | )
Synopsys, Inc. |  |  | 175 |  |  |  | 09/16/22 |  |  |  | USD |  |  |  | 320.00 |  |  |  | USD |  |  |  | 5,315 |  |  |  | (286,125 | )
Wolfspeed, Inc. |  |  | 390 |  |  |  | 09/16/22 |  |  |  | USD |  |  |  | 80.00 |  |  |  | USD |  |  |  | 2,475 |  |  |  | (118,950 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (9,963,650 | )

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Science and Technology Trust II (BSTZ)

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BE Semiconductor Industries NV |  | Goldman Sachs International |  |  | 61,000 |  |  | 07/06/22 |  |  | EUR |  |  |  | 56.37 |  |  |  | EUR |  |  |  | 2,798 |  |  | $ | (53) |
Soitec SA |  | Goldman Sachs International |  |  | 11,500 |  |  | 07/06/22 |  |  | EUR |  |  |  | 173.51 |  |  |  | EUR |  |  |  | 1,558 |  |  |  | (17) |
Wolfspeed, Inc. |  | Bank of America N.A. |  |  | 22,400 |  |  | 07/11/22 |  |  | USD |  |  |  | 81.32 |  |  |  | USD |  |  |  | 1,421 |  |  |  | (921) |
Wolfspeed, Inc. |  | Citibank N.A. |  |  | 16,000 |  |  | 07/11/22 |  |  | USD |  |  |  | 101.52 |  |  |  | USD |  |  |  | 1,015 |  |  |  | (1) |
Soitec SA |  | Morgan Stanley & Co. International PLC |  |  | 11,700 |  |  | 07/12/22 |  |  | EUR |  |  |  | 181.70 |  |  |  | EUR |  |  |  | 1,585 |  |  |  | (59) |
Altium Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 135,300 |  |  | 07/13/22 |  |  | AUD |  |  |  | 30.85 |  |  |  | AUD |  |  |  | 3,641 |  |  |  | (11,553) |
Kakao Corp. |  | JPMorgan Chase Bank N.A. |  |  | 196,800 |  |  | 07/13/22 |  |  | USD |  |  |  | 85,917.68 |  |  |  | USD |  |  |  | 13,756,320 |  |  |  | (986) |
Samsung SDI Co. Ltd. |  | Goldman Sachs International |  |  | 27,900 |  |  | 07/13/22 |  |  | USD |  |  |  | 593,827.14 |  |  |  | USD |  |  |  | 14,842,800 |  |  |  | (24,308) |
Alphawave IP Group PLC |  | Goldman Sachs International |  |  | 122,000 |  |  | 07/19/22 |  |  | GBP |  |  |  | 1.91 |  |  |  | GBP |  |  |  | 164 |  |  |  | (374) |
Altium Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 37,600 |  |  | 07/19/22 |  |  | AUD |  |  |  | 29.88 |  |  |  | AUD |  |  |  | 1,012 |  |  |  | (9,502) |
Informa PLC |  | Goldman Sachs International |  |  | 311,200 |  |  | 07/19/22 |  |  | GBP |  |  |  | 5.59 |  |  |  | GBP |  |  |  | 1,646 |  |  |  | (17,591) |
Nordic Semiconductor ASA |  | Goldman Sachs International |  |  | 25,400 |  |  | 07/19/22 |  |  | NOK |  |  |  | 201.06 |  |  |  | NOK |  |  |  | 3,881 |  |  |  | (1,063) |
Siteminder Ltd. |  | UBS AG |  |  | 130,000 |  |  | 07/19/22 |  |  | AUD |  |  |  | 4.93 |  |  |  | AUD |  |  |  | 456 |  |  |  | (179) |
Soitec SA |  | Morgan Stanley & Co. International PLC |  |  | 27,000 |  |  | 07/19/22 |  |  | EUR |  |  |  | 177.89 |  |  |  | EUR |  |  |  | 3,659 |  |  |  | (1,612) |
Xero Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 14,800 |  |  | 07/19/22 |  |  | AUD |  |  |  | 92.84 |  |  |  | AUD |  |  |  | 1,139 |  |  |  | (4,723) |
BE Semiconductor Industries NV |  | Goldman Sachs International |  |  | 25,800 |  |  | 07/20/22 |  |  | EUR |  |  |  | 59.22 |  |  |  | EUR |  |  |  | 1,183 |  |  |  | (4,160) |
GMO Payment Gateway, Inc. |  | UBS AG |  |  | 25,200 |  |  | 07/20/22 |  |  | JPY |  |  |  | 11,145.60 |  |  |  | JPY |  |  |  | 240,660 |  |  |  | (15,782) |
Kakao Corp. |  | UBS AG |  |  | 63,300 |  |  | 07/21/22 |  |  | USD |  |  |  | 84,721.47 |  |  |  | USD |  |  |  | 4,424,670 |  |  |  | (1,893) |
Thoughtworks Holding, Inc. |  | Barclays Bank PLC |  |  | 46,700 |  |  | 07/25/22 |  |  | USD |  |  |  | 19.00 |  |  |  | USD |  |  |  | 659 |  |  |  | (1,583) |
Alphawave IP Group PLC |  | Goldman Sachs International |  |  | 114,000 |  |  | 07/26/22 |  |  | GBP |  |  |  | 1.92 |  |  |  | GBP |  |  |  | 153 |  |  |  | (780) |
Altium Ltd. |  | Goldman Sachs International |  |  | 85,000 |  |  | 07/26/22 |  |  | AUD |  |  |  | 27.87 |  |  |  | AUD |  |  |  | 2,287 |  |  |  | (66,425) |
Informa PLC |  | Goldman Sachs International |  |  | 424,600 |  |  | 07/26/22 |  |  | GBP |  |  |  | 5.28 |  |  |  | GBP |  |  |  | 2,245 |  |  |  | (92,188) |
Monolithic Power Systems, Inc. |  | Barclays Bank PLC |  |  | 7,900 |  |  | 07/26/22 |  |  | USD |  |  |  | 433.62 |  |  |  | USD |  |  |  | 3,034 |  |  |  | (53,480) |
Nordic Semiconductor ASA |  | Goldman Sachs International |  |  | 42,650 |  |  | 07/26/22 |  |  | NOK |  |  |  | 202.33 |  |  |  | NOK |  |  |  | 6,517 |  |  |  | (2,923) |
Wolters Kluwer N.V. |  | Morgan Stanley & Co. International PLC |  |  | 40,600 |  |  | 07/26/22 |  |  | EUR |  |  |  | 86.87 |  |  |  | EUR |  |  |  | 3,758 |  |  |  | (265,253) |
Adyen NV |  | Goldman Sachs International |  |  | 5,700 |  |  | 07/27/22 |  |  | EUR |  |  |  | 1,544.77 |  |  |  | EUR |  |  |  | 7,912 |  |  |  | (147,534) |
GMO Payment Gateway, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 23,600 |  |  | 07/27/22 |  |  | JPY |  |  |  | 11,372.61 |  |  |  | JPY |  |  |  | 225,380 |  |  |  | (17,133) |
Siteminder Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 72,500 |  |  | 07/27/22 |  |  | AUD |  |  |  | 4.91 |  |  |  | AUD |  |  |  | 254 |  |  |  | (359) |
Soitec SA |  | UBS AG |  |  | 3,400 |  |  | 07/27/22 |  |  | EUR |  |  |  | 184.80 |  |  |  | EUR |  |  |  | 461 |  |  |  | (333) |
Xero Ltd. |  | BNP Paribas S.A. |  |  | 90,000 |  |  | 07/27/22 |  |  | AUD |  |  |  | 86.76 |  |  |  | AUD |  |  |  | 6,926 |  |  |  | (114,006) |
CTS Eventim AG & Co. KGaA |  | Goldman Sachs International |  |  | 13,600 |  |  | 07/28/22 |  |  | EUR |  |  |  | 55.83 |  |  |  | EUR |  |  |  | 680 |  |  |  | (6,150) |
E Ink Holdings Ltd., GDR |  | Goldman Sachs International |  |  | 390,000 |  |  | 07/28/22 |  |  | USD |  |  |  | 215.07 |  |  |  | USD |  |  |  | 73,515 |  |  |  | (50,497) |
Freee KK |  | Goldman Sachs International |  |  | 43,200 |  |  | 07/28/22 |  |  | JPY |  |  |  | 3,417.40 |  |  |  | JPY |  |  |  | 141,696 |  |  |  | (90,722) |
Prosus N.V. |  | Goldman Sachs International |  |  | 21,300 |  |  | 07/28/22 |  |  | EUR |  |  |  | 50.45 |  |  |  | EUR |  |  |  | 1,331 |  |  |  | (266,754) |
Alphawave IP Group PLC |  | UBS AG |  |  | 108,000 |  |  | 08/02/22 |  |  | GBP |  |  |  | 1.75 |  |  |  | GBP |  |  |  | 145 |  |  |  | (2,950) |
Altium Ltd. |  | JPMorgan Chase Bank N.A. |  |  | 39,300 |  |  | 08/02/22 |  |  | AUD |  |  |  | 29.00 |  |  |  | AUD |  |  |  | 1,058 |  |  |  | (24,693) |
Asm International NV |  | Barclays Bank PLC |  |  | 20,300 |  |  | 08/02/22 |  |  | EUR |  |  |  | 260.83 |  |  |  | EUR |  |  |  | 4,844 |  |  |  | (138,045) |
Freee KK |  | JPMorgan Chase Bank N.A. |  |  | 110,600 |  |  | 08/02/22 |  |  | JPY |  |  |  | 3,586.09 |  |  |  | JPY |  |  |  | 362,768 |  |  |  | (198,199) |
GMO Payment Gateway, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 23,600 |  |  | 08/02/22 |  |  | JPY |  |  |  | 11,074.00 |  |  |  | JPY |  |  |  | 225,380 |  |  |  | (31,893) |
Prosus N.V. |  | Credit Suisse International |  |  | 21,300 |  |  | 08/03/22 |  |  | EUR |  |  |  | 50.45 |  |  |  | EUR |  |  |  | 1,331 |  |  |  | (271,399) |
Eventbrite, Inc., Class A |  | Citibank N.A. |  |  | 124,800 |  |  | 08/04/22 |  |  | USD |  |  |  | 12.23 |  |  |  | USD |  |  |  | 1,282 |  |  |  | (26,370) |
Thoughtworks Holding, Inc. |  | Barclays Bank PLC |  |  | 46,700 |  |  | 08/04/22 |  |  | USD |  |  |  | 19.00 |  |  |  | USD |  |  |  | 659 |  |  |  | (3,713) |
Altium Ltd. |  | Morgan Stanley & Co. International PLC |  |  | 39,300 |  |  | 08/09/22 |  |  | AUD |  |  |  | 27.23 |  |  |  | AUD |  |  |  | 1,058 |  |  |  | (48,956) |
E Ink Holdings Ltd., GDR |  | Goldman Sachs International |  |  | 270,000 |  |  | 08/09/22 |  |  | USD |  |  |  | 197.92 |  |  |  | USD |  |  |  | 50,895 |  |  |  | (97,054) |
Nordic Semiconductor ASA |  | Goldman Sachs International |  |  | 42,600 |  |  | 08/09/22 |  |  | NOK |  |  |  | 161.76 |  |  |  | NOK |  |  |  | 6,509 |  |  |  | (42,227) |
Prosus N.V. |  | Goldman Sachs International |  |  | 40,200 |  |  | 08/09/22 |  |  | EUR |  |  |  | 51.86 |  |  |  | EUR |  |  |  | 2,512 |  |  |  | (461,387) |
Soitec SA |  | Morgan Stanley & Co. International PLC |  |  | 12,100 |  |  | 08/09/22 |  |  | EUR |  |  |  | 162.00 |  |  |  | EUR |  |  |  | 1,640 |  |  |  | (16,407) |
Soitec SA |  | UBS AG |  |  | 2,200 |  |  | 08/09/22 |  |  | EUR |  |  |  | 151.68 |  |  |  | EUR |  |  |  | 298 |  |  |  | (7,296) |
ZoomInfo Technologies, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 25,700 |  |  | 08/09/22 |  |  | USD |  |  |  | 44.37 |  |  |  | USD |  |  |  | 854 |  |  |  | (13,694) |
Silergy Corp. |  | Morgan Stanley & Co. International PLC |  |  | 86,000 |  |  | 08/11/22 |  |  | USD |  |  |  | 2,795.43 |  |  |  | USD |  |  |  | 205,970 |  |  |  | (284,961) |
Thoughtworks Holding, Inc. |  | Bank of America N.A. |  |  | 77,000 |  |  | 08/11/22 |  |  | USD |  |  |  | 17.74 |  |  |  | USD |  |  |  | 1,086 |  |  |  | (17,356) |
Lasertec Corp. |  | UBS AG |  |  | 79,800 |  |  | 08/16/22 |  |  | JPY |  |  |  | 18,278.86 |  |  |  | JPY |  |  |  | 1,288,770 |  |  |  | (391,760) |
Thoughtworks Holding, Inc. |  | JPMorgan Chase Bank N.A. |  |  | 42,800 |  |  | 09/01/22 |  |  | USD |  |  |  | 15.60 |  |  |  | USD |  |  |  | 604 |  |  |  | (40,712) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,389,969) |

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 9,288,916 |  |  | $ | (3,199,894 | ) |  | $ | (13,353,619) |

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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 Consolidated Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written at value |  | $ | — |  |  | $ | — |  |  | $ | 13,353,619 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13,353,619 |

For the period ended June 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options purchased (a) |  | $ | — |  |  | $ | — |  |  | $ | (371 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (371 | )
Options written |  |  | — |  |  |  | — |  |  |  | 74,585,111 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 74,585,111 |
|  | $ | — |  |  | $ | — |  |  | $ | 74,584,740 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 74,584,740 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | (937,621 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (937,621 | )

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | (17,158,685) |

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 13,353,619 |
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities |  |  | — |  |  |  | 13,353,619 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (9,963,650 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 3,389,969 |

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | 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. |  | $ | 18,277 |  |  | $ | — |  |  | $ | — |  |  | $ | (18,277 | ) |  | $ | — |
Barclays Bank PLC |  |  | 196,821 |  |  |  | — |  |  |  | — |  |  |  | (196,821 | ) |  |  | — |
BNP Paribas S.A. |  |  | 114,006 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 114,006 |
Citibank N.A. |  |  | 26,371 |  |  |  | — |  |  |  | — |  |  |  | (26,371 | ) |  |  | — |
Credit Suisse International |  |  | 271,399 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 271,399 |
Goldman Sachs International |  |  | 1,372,207 |  |  |  | — |  |  |  | — |  |  |  | (1,372,207 | ) |  |  | — |
JPMorgan Chase Bank N.A. |  |  | 338,863 |  |  |  | — |  |  |  | — |  |  |  | (338,863 | ) |  |  | — |
Morgan Stanley & Co. International PLC |  |  | 631,832 |  |  |  | — |  |  |  | — |  |  |  | (470,000 | ) |  |  | 161,832 |
UBS AG |  |  | 420,193 |  |  |  | — |  |  |  | — |  |  |  | (30,000 | ) |  |  | 390,193 |
|  | $ | 3,389,969 |  |  | $ | — |  |  | $ | — |  |  | $ | (2,452,539 | ) |  | $ | 937,430 |

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

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

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Automobiles |  | $ | 57,264,764 |  |  | $ | — |  |  | $ | — |  |  | $ | 57,264,764 |
Banks |  |  | — |  |  |  | — |  |  |  | 63,327,976 |  |  |  | 63,327,976 |
Chemicals |  |  | — |  |  |  | 13,814,843 |  |  |  | — |  |  |  | 13,814,843 |
Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 17,856,989 |  |  |  | 17,856,989 |
Electrical Equipment |  |  | — |  |  |  | 7,551,689 |  |  |  | — |  |  |  | 7,551,689 |
Electronic Equipment, Instruments & Components |  |  | 14,669,412 |  |  |  | 46,393,011 |  |  |  | — |  |  |  | 61,062,423 |
Entertainment |  |  | 25,982,684 |  |  |  | 7,137,500 |  |  |  | — |  |  |  | 33,120,184 |
Hotels, Restaurants & Leisure |  |  | 15,552,045 |  |  |  | — |  |  |  | — |  |  |  | 15,552,045 |
Interactive Media & Services |  |  | 37,708,387 |  |  |  | 31,797,820 |  |  |  | — |  |  |  | 69,506,207 |
Internet & Direct Marketing Retail |  |  | 12,113,561 |  |  |  | 14,178,574 |  |  |  | — |  |  |  | 26,292,135 |
IT Services |  |  | 144,330,427 |  |  |  | 38,320,138 |  |  |  | 41,334,008 |  |  |  | 223,984,573 |
Media |  |  | — |  |  |  | 16,750,244 |  |  |  | — |  |  |  | 16,750,244 |
Professional Services |  |  | 29,168,027 |  |  |  | 13,120,944 |  |  |  | — |  |  |  | 42,288,971 |
Semiconductors & Semiconductor Equipment |  |  | 146,300,390 |  |  |  | 149,005,446 |  |  |  | 2,672,149 |  |  |  | 297,977,985 |
Software |  |  | 205,859,289 |  |  |  | 60,894,495 |  |  |  | 39,846,128 |  |  |  | 306,599,912 |
Technology Hardware, Storage & Peripherals |  |  | 23,937,630 |  |  |  | — |  |  |  | — |  |  |  | 23,937,630 |
Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stocks |  |  | — |  |  |  | — |  |  |  | 460,122,655 |  |  |  | 460,122,655 |
Warrants |  |  | — |  |  |  | — |  |  |  | 116,381 |  |  |  | 116,381 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 102,224,041 |  |  |  | — |  |  |  | — |  |  |  | 102,224,041 |
|  | $ | 815,110,657 |  |  | $ | 398,964,704 |  |  | $ | 625,276,286 |  |  |  | 1,839,351,647 |
Investments Valued at NAV (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,922,598 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,844,274,245 |

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

Consolidated Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Science and Technology Trust II (BSTZ)

Fair Value Hierarchy as of Period End (continued)

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative Financial Instruments (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (6,456,028 | ) |  | $ | (6,897,591 | ) |  | $ | — |  |  | $ | (13,353,619 | )

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

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

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the 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, 2021 |  | $ | 246,829,600 |  |  | $ | 565,071,190 |  |  |  | 323,803 |  |  | $ | 812,224,593 |
Transfers into Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accrued discounts/premiums |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net realized gain (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net change in unrealized appreciation (depreciation) (a)(b) |  |  | (81,792,350 | ) |  |  | (83,330,556 | ) |  |  | (207,422 | ) |  |  | (165,330,328 | )
Purchases |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Sales |  |  | — |  |  |  | (21,617,979 | ) |  |  | — |  |  |  | (21,617,979 | )
Closing balance, as of June 30, 2022 |  | $ | 165,037,250 |  |  | $ | 460,122,655 |  |  |  | 116,381 |  |  | $ | 625,276,286 |
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 (b) |  | $ | (81,792,350 | ) |  | $ | (71,445,770 | ) |  |  | (207,422 | ) |  | $ | (153,445,542) |

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

| (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2022 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 financial instruments as of period end.

|  |  | Value |  |  | Valuation Approach |  |  | Unobservable Inputs |  |  |  | Range of Unobservable Inputs Utilized | (a) |  |  | Weighted Average of Unobservable Inputs Based on Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  | $ | 165,037,250 |  |  | Market |  |  | Revenue Multiple |  |  |  | 2.75x - 29.00x |  |  |  | 13.99x |
|  |  |  |  |  |  |  |  | Volatility |  |  |  | 39% - 70% |  |  |  | 43% |
|  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 0.5 year - 2.0 years |  |  |  | 0.7 year |
Preferred Stocks |  |  | 460,122,655 |  |  | Market |  |  | Revenue Multiple |  |  |  | 3.35x - 29.00x |  |  |  | 15.80x |
|  |  |  |  |  |  |  |  | Volatility |  |  |  | 31% - 63% |  |  |  | 49% |
|  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 3.0 - 4.0 years |  |  |  | 3.9 years |
|  |  |  |  |  |  |  |  | Market Adjustment Multiple |  |  |  | 1.00x - 1.00x |  |  |  | 1.00x |
|  |  |  |  |  |  |  |  | Gross Profit Multiple |  |  |  | 11.89x |  |  |  | — |
Warrants |  |  | 116,381 |  |  | Market |  |  | Volatility |  |  |  | 39% |  |  |  | — |
|  |  |  |  |  |  |  |  | Time to Exit |  |  |  | 0.5 year |  |  |  | — |
|  |  |  |  |  |  |  |  | Revenue Multiple |  |  |  | 7.50x |  |  |  | — |
|  | $ | 625,276,286 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

See notes to financial statements.

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

Schedule of Investments (unaudited) June 30, 2022 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Common Stocks |  |  |  |  |  |  |  |
Building Products — 5.7% |
Johnson Controls International PLC (a) |  |  | 260,709 |  |  | $ | 12,482,747 |
Kingspan Group PLC |  |  | 101,015 |  |  |  | 6,074,143 |
Trane Technologies PLC (a) |  |  | 67,050 |  |  |  | 8,707,783 |
|  |  |  |  | 27,264,673 |
Chemicals — 4.1% |
Air Liquide SA |  |  | 41,268 |  |  |  | 5,554,787 |
LG Chem Ltd. |  |  | 10,800 |  |  |  | 4,290,644 |
Linde PLC (b) |  |  | 20,728 |  |  |  | 5,963,451 |
Sika AG, Registered Shares |  |  | 15,490 |  |  |  | 3,575,668 |
|  |  |  |  | 19,384,550 |
Commercial Services & Supplies (a) — 6.0% |
Waste Connections, Inc. |  |  | 93,600 |  |  |  | 11,602,656 |
Waste Management, Inc. |  |  | 112,850 |  |  |  | 17,263,793 |
|  |  |  |  | 28,866,449 |
Construction & Engineering — 3.1% |
Quanta Services, Inc. (a) |  |  | 53,160 |  |  |  | 6,663,075 |
Vinci SA |  |  | 89,200 |  |  |  | 8,006,718 |
|  |  |  |  | 14,669,793 |
Electric Utilities — 29.7% |
American Electric Power Co., Inc. (a) |  |  | 166,900 |  |  |  | 16,012,386 |
Duke Energy Corp. (a) |  |  | 125,368 |  |  |  | 13,440,703 |
Edison International (a) |  |  | 121,050 |  |  |  | 7,655,202 |
EDP - Energias de Portugal SA |  |  | 1,747,750 |  |  |  | 8,145,094 |
Enel SpA |  |  | 3,975,525 |  |  |  | 21,802,654 |
Exelon Corp. (a) |  |  | 161,558 |  |  |  | 7,321,808 |
FirstEnergy Corp. (a) |  |  | 185,750 |  |  |  | 7,130,942 |
Iberdrola SA |  |  | 944,175 |  |  |  | 9,830,187 |
Neoenergia SA |  |  | 1,083,900 |  |  |  | 3,090,082 |
NextEra Energy, Inc. (a)(c) |  |  | 535,030 |  |  |  | 41,443,424 |
Xcel Energy, Inc. (a) |  |  | 88,990 |  |  |  | 6,296,932 |
|  |  |  |  | 142,169,414 |
Electrical Equipment — 7.7% |
Eaton Corp. PLC (a) |  |  | 35,940 |  |  |  | 4,528,080 |
ITM Power PLC (b)(d) |  |  | 598,850 |  |  |  | 1,262,660 |
Prysmian SpA |  |  | 199,700 |  |  |  | 5,486,337 |
Schneider Electric SE |  |  | 68,982 |  |  |  | 8,219,583 |
Sunrun, Inc. (a)(b) |  |  | 89,000 |  |  |  | 2,079,040 |
Vertiv Holdings Co. |  |  | 256,700 |  |  |  | 2,110,074 |
Vestas Wind Systems A/S |  |  | 408,021 |  |  |  | 8,675,341 |
Xinjiang Goldwind Science & Technology Co. Ltd., Class H |  |  | 2,274,400 |  |  |  | 4,267,300 |
|  |  |  |  | 36,628,415 |
Electronic Equipment, Instruments & Components — 0.9% |
Samsung SDI Co. Ltd. |  |  | 10,700 |  |  |  | 4,412,518 |
Independent Power and Renewable Electricity Producers — 10.4% |
AES Corp. (a) |  |  | 418,140 |  |  |  | 8,785,121 |
China Longyuan Power Group Corp. Ltd., Class H |  |  | 3,129,000 |  |  |  | 6,063,895 |
EDP Renovaveis SA |  |  | 450,792 |  |  |  | 10,648,872 |
ReNew Energy Global PLC, Class A (b) |  |  | 506,500 |  |  |  | 3,277,055 |
RWE AG |  |  | 510,150 |  |  |  | 18,868,428 |
Sunnova Energy International, Inc. (a)(b) |  |  | 116,700 |  |  |  | 2,150,781 |
|  |  |  |  | 49,794,152 |

Security |  | Shares |  |  | Value |
Machinery — 4.0% |
Atlas Copco AB, B Shares |  |  | 1,094,800 |  |  | $ | 9,173,240 |
Ingersoll Rand, Inc. (a) |  |  | 239,100 |  |  |  | 10,061,328 |
|  |  |  |  | 19,234,568 |
Multi-Utilities — 13.3% |
CMS Energy Corp. (a) |  |  | 151,160 |  |  |  | 10,203,301 |
Dominion Energy, Inc. (a)(c) |  |  | 183,548 |  |  |  | 14,648,966 |
National Grid PLC |  |  | 928,474 |  |  |  | 11,931,758 |
Public Service Enterprise Group, Inc. (a) |  |  | 186,042 |  |  |  | 11,772,738 |
Sempra Energy (a) |  |  | 99,000 |  |  |  | 14,876,730 |
|  |  |  |  | 63,433,493 |
Oil, Gas & Consumable Fuels — 10.1% |
Cheniere Energy, Inc. (a) |  |  | 55,200 |  |  |  | 7,343,256 |
Enterprise Products Partners LP (a) |  |  | 266,963 |  |  |  | 6,505,888 |
TC Energy Corp. |  |  | 386,750 |  |  |  | 20,034,563 |
Williams Cos., Inc. (a) |  |  | 468,855 |  |  |  | 14,632,965 |
|  |  |  |  | 48,516,672 |
Semiconductors & Semiconductor Equipment — 2.4% |
Analog Devices, Inc. (a) |  |  | 24,374 |  |  |  | 3,560,798 |
Canadian Solar, Inc. (b) |  |  | 82,140 |  |  |  | 2,557,839 |
First Solar, Inc. (a)(b) |  |  | 32,984 |  |  |  | 2,247,200 |
Infineon Technologies AG |  |  | 137,500 |  |  |  | 3,344,757 |
|  |  |  |  | 11,710,594 |
Total Long-Term Investments — 97.4% (Cost: $360,756,459) |  |  |  | 466,085,291 |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 3.1% |  |  |  |  |  |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33% (e)(f) |  |  | 14,388,466 |  |  |  | 14,388,466 |
SL Liquidity Series, LLC, Money Market Series, 1.73% (e)(f) |  |  | 529,428 |  |  |  | 529,322 |
Total Short-Term Securities — 3.1% (Cost: $14,917,841) |  |  |  | 14,917,788 |
Total Investments Before Options Written — 100.5% (Cost: $375,674,300) |  |  |  | 481,003,079 |
Options Written — (0.7)% (Premiums Received: $(4,345,001)) |  |  |  | (3,245,148 | )
Total Investments, Net of Options Written — 99.8% (Cost: $371,329,299) |  |  |  | 477,757,931 |
Other Assets Less Liabilities — 0.2% |  |  |  | 885,017 |
Net Assets — 100.0% |  |  |  |  |  | $ | 478,642,948 |

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

(e) | Affiliate of the Trust.

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

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

S C H E D U L E O F I N V E S T M E N T S |  | 119

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 12/31/21 |  |  | Purchases at Cost |  |  | Proceeds from Sales |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 06/30/22 |  |  | Shares Held at 06/30/22 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Class |  | $ | 7,380,748 |  |  | $ | 7,007,718 | (a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,388,466 |  |  |  | 14,388,466 |  |  | $ | 20,337 |  |  | $ | — |
SL Liquidity Series, LLC, Money Market Series |  |  | — |  |  |  | 529,384 | (a) |  |  | — |  |  |  | (9 | ) |  |  | (53 | ) |  |  | 529,322 |  |  |  | 529,428 |  |  |  | 1,355 | (b) |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (9 | ) |  | $ | (53 | ) |  | $ | 14,917,788 |  |  |  |  |  |  | $ | 21,692 |  |  | $ | — |

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

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

Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Analog Devices, Inc. |  |  | 24 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 175.00 |  |  |  | USD |  |  |  | 351 |  |  | $ | (1,800) |
First Solar, Inc. |  |  | 55 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 69.00 |  |  |  | USD |  |  |  | 375 |  |  |  | (2,008) |
Waste Management, Inc. |  |  | 175 |  |  |  | 07/01/22 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 2,677 |  |  |  | (7,875) |
Analog Devices, Inc. |  |  | 26 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 380 |  |  |  | (2,600) |
Eaton Corporation PLC |  |  | 80 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 1,008 |  |  |  | (800) |
Waste Management, Inc. |  |  | 219 |  |  |  | 07/08/22 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 3,350 |  |  |  | (6,570) |
American Electric Power Co., Inc. |  |  | 319 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 100.00 |  |  |  | USD |  |  |  | 3,060 |  |  |  | (9,570) |
Analog Devices, Inc. |  |  | 10 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 152.50 |  |  |  | USD |  |  |  | 146 |  |  |  | (1,825) |
Cheniere Energy, Inc. |  |  | 52 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 692 |  |  |  | (4,420) |
Dominion Energy, Inc. |  |  | 351 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 85.00 |  |  |  | USD |  |  |  | 2,801 |  |  |  | (3,510) |
Duke Energy Corp. |  |  | 241 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 110.00 |  |  |  | USD |  |  |  | 2,584 |  |  |  | (15,063) |
Eaton Corporation PLC |  |  | 45 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 145.00 |  |  |  | USD |  |  |  | 567 |  |  |  | (675) |
Exelon Corp. |  |  | 282 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 49.00 |  |  |  | USD |  |  |  | 1,278 |  |  |  | (2,820) |
First Solar, Inc. |  |  | 60 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 72.00 |  |  |  | USD |  |  |  | 409 |  |  |  | (7,170) |
FirstEnergy Corp. |  |  | 335 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 44.00 |  |  |  | USD |  |  |  | 1,286 |  |  |  | (16,750) |
Ingersoll Rand, Inc. |  |  | 493 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 45.71 |  |  |  | USD |  |  |  | 2,075 |  |  |  | (23,504) |
Johnson Controls International PLC |  |  | 394 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 55.00 |  |  |  | USD |  |  |  | 1,886 |  |  |  | (3,940) |
NextEra Energy, Inc. |  |  | 456 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 75.00 |  |  |  | USD |  |  |  | 3,532 |  |  |  | (157,320) |
Public Service Enterprise Group, Inc. |  |  | 217 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 60.00 |  |  |  | USD |  |  |  | 1,373 |  |  |  | (75,950) |
Quanta Services, Inc. |  |  | 34 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 120.50 |  |  |  | USD |  |  |  | 426 |  |  |  | (24,017) |
Quanta Services, Inc. |  |  | 62 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 777 |  |  |  | (26,040) |
Sempra Energy |  |  | 173 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 165.00 |  |  |  | USD |  |  |  | 2,600 |  |  |  | (6,055) |
Sempra Energy |  |  | 173 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 2,600 |  |  |  | (14,705) |
Sunnova Energy International, Inc. |  |  | 150 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 276 |  |  |  | (10,875) |
Sunrun, Inc. |  |  | 311 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 726 |  |  |  | (30,633) |
Trane Technologies PLC |  |  | 117 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 135.00 |  |  |  | USD |  |  |  | 1,519 |  |  |  | (19,305) |
Waste Connections, Inc. |  |  | 115 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 125.00 |  |  |  | USD |  |  |  | 1,426 |  |  |  | (18,975) |
Williams Cos., Inc. |  |  | 266 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 32.00 |  |  |  | USD |  |  |  | 830 |  |  |  | (13,965) |
Analog Devices, Inc. |  |  | 25 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 160.00 |  |  |  | USD |  |  |  | 365 |  |  |  | (2,063) |
Waste Management, Inc. |  |  | 87 |  |  |  | 07/22/22 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 1,331 |  |  |  | (23,055) |
American Electric Power Co., Inc. |  |  | 225 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 93.00 |  |  |  | USD |  |  |  | 2,159 |  |  |  | (93,795) |
Exelon Corp. |  |  | 283 |  |  |  | 07/29/22 |  |  |  | USD |  |  |  | 43.50 |  |  |  | USD |  |  |  | 1,283 |  |  |  | (67,509) |
Analog Devices, Inc. |  |  | 12 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 155.00 |  |  |  | USD |  |  |  | 175 |  |  |  | (3,600) |
Enterprise Products Partners LP |  |  | 253 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 25.00 |  |  |  | USD |  |  |  | 617 |  |  |  | (12,271) |
Williams Cos., Inc. |  |  | 512 |  |  |  | 08/05/22 |  |  |  | USD |  |  |  | 33.00 |  |  |  | USD |  |  |  | 1,598 |  |  |  | (35,840) |
NextEra Energy, Inc. |  |  | 708 |  |  |  | 08/08/22 |  |  |  | USD |  |  |  | 83.00 |  |  |  | USD |  |  |  | 5,484 |  |  |  | (69,552) |
Enterprise Products Partners LP |  |  | 428 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 25.30 |  |  |  | USD |  |  |  | 1,043 |  |  |  | (18,513) |
Williams Cos., Inc. |  |  | 512 |  |  |  | 08/12/22 |  |  |  | USD |  |  |  | 33.09 |  |  |  | USD |  |  |  | 1,598 |  |  |  | (39,428) |
AES Corp. |  |  | 1,463 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 20.00 |  |  |  | USD |  |  |  | 3,074 |  |  |  | (237,737) |
American Electric Power Co., Inc. |  |  | 40 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 106.25 |  |  |  | USD |  |  |  | 384 |  |  |  | (1,231) |
Cheniere Energy, Inc. |  |  | 156 |  |  |  | 08/19/22 |  |  |  | USD |  |  |  | 141.35 |  |  |  | USD |  |  |  | 2,075 |  |  |  | (80,023) |

120 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

Exchange-Traded Options Written (continued)

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CMS Energy Corp. |  |  | 530 |  |  |  | 08/19/22 |  |  | USD |  |  | 63.75 |  |  | USD |  |  | 3,578 |  |  | $ | (243,370 | )
Dominion Energy, Inc. |  |  | 291 |  |  |  | 08/19/22 |  |  | USD |  |  | 77.75 |  |  | USD |  |  | 2,322 |  |  |  | (108,241 | )
Duke Energy Corp. |  |  | 197 |  |  |  | 08/19/22 |  |  | USD |  |  | 110.00 |  |  | USD |  |  | 2,112 |  |  |  | (41,862 | )
Edison International |  |  | 423 |  |  |  | 08/19/22 |  |  | USD |  |  | 62.50 |  |  | USD |  |  | 2,675 |  |  |  | (111,037 | )
Enterprise Products Partners LP |  |  | 253 |  |  |  | 08/19/22 |  |  | USD |  |  | 25.00 |  |  | USD |  |  | 617 |  |  |  | (14,674 | )
FirstEnergy Corp. |  |  | 315 |  |  |  | 08/19/22 |  |  | USD |  |  | 38.00 |  |  | USD |  |  | 1,209 |  |  |  | (48,825 | )
Ingersoll Rand, Inc. |  |  | 343 |  |  |  | 08/19/22 |  |  | USD |  |  | 45.00 |  |  | USD |  |  | 1,443 |  |  |  | (39,445 | )
Johnson Controls International PLC |  |  | 518 |  |  |  | 08/19/22 |  |  | USD |  |  | 52.50 |  |  | USD |  |  | 2,480 |  |  |  | (37,555 | )
NextEra Energy, Inc. |  |  | 708 |  |  |  | 08/19/22 |  |  | USD |  |  | 78.76 |  |  | USD |  |  | 5,484 |  |  |  | (191,728 | )
Public Service Enterprise Group, Inc. |  |  | 217 |  |  |  | 08/19/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,373 |  |  |  | (95,480 | )
Quanta Services, Inc. |  |  | 90 |  |  |  | 08/19/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 1,128 |  |  |  | (53,550 | )
Sunnova Energy International, Inc. |  |  | 258 |  |  |  | 08/19/22 |  |  | USD |  |  | 21.00 |  |  | USD |  |  | 475 |  |  |  | (39,297 | )
TC Energy Corp. |  |  | 678 |  |  |  | 08/19/22 |  |  | CAD |  |  | 72.00 |  |  | CAD |  |  | 4,521 |  |  |  | (27,390 | )
Trane Technologies PLC |  |  | 117 |  |  |  | 08/19/22 |  |  | USD |  |  | 130.00 |  |  | USD |  |  | 1,519 |  |  |  | (72,540 | )
Waste Connections, Inc. |  |  | 212 |  |  |  | 08/19/22 |  |  | USD |  |  | 124.00 |  |  | USD |  |  | 2,628 |  |  |  | (92,196 | )
Williams Cos., Inc. |  |  | 350 |  |  |  | 08/19/22 |  |  | USD |  |  | 32.00 |  |  | USD |  |  | 1,092 |  |  |  | (44,625 | )
Xcel Energy, Inc. |  |  | 153 |  |  |  | 08/19/22 |  |  | USD |  |  | 70.00 |  |  | USD |  |  | 1,083 |  |  |  | (42,457 | )
Public Service Enterprise Group, Inc. |  |  | 217 |  |  |  | 09/16/22 |  |  | USD |  |  | 60.00 |  |  | USD |  |  | 1,373 |  |  |  | (101,990 | )
TC Energy Corp. |  |  | 675 |  |  |  | 09/16/22 |  |  | CAD |  |  | 68.00 |  |  | CAD |  |  | 4,501 |  |  |  | (115,629 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,715,248 | )

OTC Options Written

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LG Chem Ltd. |  | Goldman Sachs International |  |  | 4,400 |  |  |  | 07/06/22 |  |  |  | USD |  |  |  | 539,143.36 |  |  |  | USD |  |  |  | 2,270,400 |  |  | $ | (13,401) |
Linde PLC |  | Morgan Stanley & Co. International PLC |  |  | 3,500 |  |  |  | 07/06/22 |  |  |  | EUR |  |  |  | 304.85 |  |  |  | EUR |  |  |  | 959 |  |  |  | (40 | )
Neoenergia SA |  | Citibank N.A. |  |  | 130,400 |  |  |  | 07/06/22 |  |  |  | USD |  |  |  | 18.09 |  |  |  | USD |  |  |  | 1,946 |  |  |  | — |
RWE AG |  | Goldman Sachs International |  |  | 41,000 |  |  |  | 07/06/22 |  |  |  | EUR |  |  |  | 41.98 |  |  |  | EUR |  |  |  | 1,438 |  |  |  | (14 | )
China Longyuan Power Group Corp., Ltd., Class H |  | Morgan Stanley & Co. International PLC |  |  | 550,000 |  |  |  | 07/08/22 |  |  |  | HKD |  |  |  | 16.79 |  |  |  | HKD |  |  |  | 8,338 |  |  |  | (4,483 | )
Vinci SA |  | Goldman Sachs International |  |  | 5,000 |  |  |  | 07/08/22 |  |  |  | EUR |  |  |  | 92.16 |  |  |  | EUR |  |  |  | 425 |  |  |  | (250 | )
Air Liquide SA |  | Goldman Sachs International |  |  | 14,520 |  |  |  | 07/13/22 |  |  |  | EUR |  |  |  | 153.61 |  |  |  | EUR |  |  |  | 1,860 |  |  |  | (23 | )
Atlas Copco AB, B Shares |  | UBS AG |  |  | 227,553 |  |  |  | 07/13/22 |  |  |  | SEK |  |  |  | 96.51 |  |  |  | SEK |  |  |  | 19,465 |  |  |  | (3,970) |
EDP Renovaveis S/A |  | UBS AG |  |  | 42,200 |  |  |  | 07/13/22 |  |  |  | EUR |  |  |  | 23.54 |  |  |  | EUR |  |  |  | 950 |  |  |  | (10,112 | )
EDP-Energias de Portugal SA |  | Goldman Sachs International |  |  | 211,700 |  |  |  | 07/13/22 |  |  |  | EUR |  |  |  | 4.81 |  |  |  | EUR |  |  |  | 942 |  |  |  | (1,661 | )
ITM Power PLC |  | Goldman Sachs International |  |  | 104,600 |  |  |  | 07/13/22 |  |  |  | GBP |  |  |  | 3.19 |  |  |  | GBP |  |  |  | 181 |  |  |  | — |
Samsung SDI Co. Ltd. |  | Goldman Sachs International |  |  | 3,700 |  |  |  | 07/13/22 |  |  |  | USD |  |  |  | 593,827.14 |  |  |  | USD |  |  |  | 1,968,400 |  |  |  | (3,224 | )
Xcel Energy, Inc. |  | Barclays Bank PLC |  |  | 15,800 |  |  |  | 07/15/22 |  |  |  | USD |  |  |  | 74.43 |  |  |  | USD |  |  |  | 1,118 |  |  |  | (2,450 | )
China Longyuan Power Group Corp., Ltd., Class H |  | BNP Paribas SA |  |  | 545,000 |  |  |  | 07/19/22 |  |  |  | HKD |  |  |  | 17.52 |  |  |  | HKD |  |  |  | 8,262 |  |  |  | (7,162 | )
Kingspan Group PLC |  | Goldman Sachs International |  |  | 33,000 |  |  |  | 07/19/22 |  |  |  | EUR |  |  |  | 76.58 |  |  |  | EUR |  |  |  | 1,894 |  |  |  | (1,052) |
Prysmian SpA |  | Merrill Lynch International |  |  | 68,700 |  |  |  | 07/19/22 |  |  |  | EUR |  |  |  | 30.92 |  |  |  | EUR |  |  |  | 1,801 |  |  |  | (773 | )
Vinci SA |  | UBS AG |  |  | 26,800 |  |  |  | 07/19/22 |  |  |  | EUR |  |  |  | 92.89 |  |  |  | EUR |  |  |  | 2,277 |  |  |  | (5,860 | )
EDP Renovaveis S/A |  | Credit Suisse International |  |  | 81,000 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 24.26 |  |  |  | EUR |  |  |  | 1,824 |  |  |  | (15,115 | )
Iberdrola SA |  | Credit Suisse International |  |  | 240,100 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 10.74 |  |  |  | EUR |  |  |  | 2,376 |  |  |  | (9,300 | )
ITM Power PLC |  | Goldman Sachs International |  |  | 105,000 |  |  |  | 07/20/22 |  |  |  | GBP |  |  |  | 3.07 |  |  |  | GBP |  |  |  | 181 |  |  |  | (4 | )
Schneider Electric SE |  | Barclays Bank PLC |  |  | 13,300 |  |  |  | 07/20/22 |  |  |  | EUR |  |  |  | 133.36 |  |  |  | EUR |  |  |  | 1,502 |  |  |  | (663 | )
Neoenergia SA |  | Citibank N.A. |  |  | 124,500 |  |  |  | 07/21/22 |  |  |  | USD |  |  |  | 18.44 |  |  |  | USD |  |  |  | 1,858 |  |  |  | (2 | )
Linde PLC |  | JPMorgan International Bank Ltd. |  |  | 3,800 |  |  |  | 07/26/22 |  |  |  | EUR |  |  |  | 285.67 |  |  |  | EUR |  |  |  | 1,041 |  |  |  | (14,486) |
Rwe AG |  | Morgan Stanley & Co. International PLC |  |  | 43,300 |  |  |  | 07/26/22 |  |  |  | EUR |  |  |  | 43.01 |  |  |  | EUR |  |  |  | 1,519 |  |  |  | (1,095 | )
EDP-Energias de Portugal SA |  | Goldman Sachs International |  |  | 400,000 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 4.58 |  |  |  | EUR |  |  |  | 1,781 |  |  |  | (31,087 | )
Enel SpA |  | Credit Suisse International |  |  | 708,900 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 5.74 |  |  |  | EUR |  |  |  | 3,700 |  |  |  | (3,055 | )
Infineon Technologies AG |  | Credit Suisse International |  |  | 25,000 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 29.57 |  |  |  | EUR |  |  |  | 577 |  |  |  | (799 | )
Schneider Electric SE |  | Goldman Sachs International |  |  | 13,300 |  |  |  | 07/27/22 |  |  |  | EUR |  |  |  | 132.69 |  |  |  | EUR |  |  |  | 1,502 |  |  |  | (1,912 | )
National Grid PLC |  | Morgan Stanley & Co. International PLC |  |  | 129,400 |  |  |  | 07/28/22 |  |  |  | GBP |  |  |  | 10.62 |  |  |  | GBP |  |  |  | 1,361 |  |  |  | (35,010 | )
Neoenergia SA |  | Morgan Stanley & Co. International PLC |  |  | 124,500 |  |  |  | 07/28/22 |  |  |  | USD |  |  |  | 17.03 |  |  |  | USD |  |  |  | 1,858 |  |  |  | (603 | )
Sika AG, Registered Shares |  | Goldman Sachs International |  |  | 5,600 |  |  |  | 07/28/22 |  |  |  | CHF |  |  |  | 226.41 |  |  |  | CHF |  |  |  | 1,232 |  |  |  | (38,860 | )
Xinjiang Goldwind Science And Technology Ltd., Class H |  | JPMorgan International Bank Ltd. |  |  | 400,000 |  |  |  | 07/28/22 |  |  |  | HKD |  |  |  | 13.19 |  |  |  | HKD |  |  |  | 5,872 |  |  |  | (90,457 | )

S C H E D U L E O F I N V E S T M E N T S |  | 121

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

OTC Options Written (continued)

Description |  | Counterparty |  | Number of Contracts |  |  | Expiration Date |  |  | Exercise Price |  |  | Notional Amount (000) |  |  | Value |
Call (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlas Copco AB, B Shares |  | Goldman Sachs International |  |  | 156,000 |  |  |  | 08/02/22 |  |  |  | SEK |  |  |  | 103.29 |  |  |  | SEK |  |  |  | 13,344 |  |  | $ | (4,195 | )
Rwe AG |  | Barclays Bank PLC |  |  | 94,300 |  |  |  | 08/03/22 |  |  |  | EUR |  |  |  | 37.58 |  |  |  | EUR |  |  |  | 3,308 |  |  |  | (75,886 | )
EDP Renovaveis S/A |  | Goldman Sachs International |  |  | 34,500 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 22.63 |  |  |  | EUR |  |  |  | 777 |  |  |  | (34,358 | )
Enel SpA |  | Barclays Bank PLC |  |  | 381,800 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 5.46 |  |  |  | EUR |  |  |  | 1,993 |  |  |  | (16,474 | )
Enel SpA |  | Goldman Sachs International |  |  | 300,800 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 5.67 |  |  |  | EUR |  |  |  | 1,570 |  |  |  | (10,534 | )
Iberdrola SA |  | Morgan Stanley & Co. International PLC |  |  | 90,400 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 10.37 |  |  |  | EUR |  |  |  | 895 |  |  |  | (16,301 | )
Infineon Technologies AG |  | Goldman Sachs International |  |  | 23,100 |  |  |  | 08/09/22 |  |  |  | EUR |  |  |  | 25.93 |  |  |  | EUR |  |  |  | 533 |  |  |  | (9,441 | )
National Grid PLC |  | UBS AG |  |  | 195,600 |  |  |  | 08/11/22 |  |  |  | GBP |  |  |  | 10.99 |  |  |  | GBP |  |  |  | 2,058 |  |  |  | (25,129 | )
Xinjiang Goldwind Science And Technology Ltd., Class H |  | UBS AG |  |  | 396,000 |  |  |  | 08/11/22 |  |  |  | HKD |  |  |  | 14.99 |  |  |  | HKD |  |  |  | 5,813 |  |  |  | (40,659 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (529,900 | )

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

Description |  | Swap Premiums Paid |  |  | Swap Premiums Received |  |  | Unrealized Appreciation |  |  | Unrealized Depreciation |  |  | Value |
Options Written |  | $ | N/A |  |  | $ | N/A |  |  | $ | 2,098,842 |  |  | $ | (998,989) |  |  | $ | (3,245,148 | )

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 |  | $ | — |  |  | $ | — |  |  | $ | 3,245,148 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,245,148 |

For the period ended June 30, 2022, 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 |  | $ | — |  |  | $ | — |  |  | $ | 4,135,012 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,135,012 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options written |  | $ | — |  |  | $ | — |  |  | $ | 2,305,388 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,305,388 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Options: |  |  |  |
Average value of option contracts written |  | $ | 5,679,079 |

Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:

|  | Assets |  |  | Liabilities |
Derivative Financial Instruments |  |  |  |  |  |  |  |
Options |  | $ | — |  |  | $ | 3,245,148 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |  |  | — |  |  |  | 3,245,148 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |  |  | — |  |  |  | (2,715,248 | )
Total derivative assets and liabilities subject to an MNA |  | $ | — |  |  | $ | 529,900 |

122 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2022 |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)

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

Counterparty |  |  | Derivative Liabilities Subject to an MNA by Counterparty |  |  |  | Derivatives Available for Offset |  |  |  | Non-Cash Collateral Pledged | (a) |  |  | Cash Collateral Pledged | (a) |  |  | Net Amount of Derivative Liabilities | (b)
Barclays Bank PLC |  | $ | 95,473 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 95,473 |
BNP Paribas SA |  |  | 7,162 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,162 |
Citibank N.A. |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |
Credit Suisse International |  |  | 28,269 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28,269 |
Goldman Sachs International |  |  | 150,016 |  |  |  | — |  |  |  | — |  |  |  | (150,016 | ) |  |  | — |
JPMorgan International Bank Ltd. |  |  | 104,943 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 104,943 |
Merrill Lynch International |  |  | 773 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 773 |
Morgan Stanley & Co. International PLC |  |  | 57,532 |  |  |  | — |  |  |  | (57,532 | ) |  |  | — |  |  |  | — |
UBS AG |  |  | 85,730 |  |  |  | — |  |  |  | (85,730 | ) |  |  | — |  |  |  | — |
|  | $ | 529,900 |  |  | $ | — |  |  | $ | (143,262 | ) |  | $ | (150,016 | ) |  | $ | 236,622 |

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

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

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Building Products |  | $ | 21,190,530 |  |  | $ | 6,074,143 |  |  | $ | — |  |  | $ | 27,264,673 |
Chemicals |  |  | — |  |  |  | 19,384,550 |  |  |  | — |  |  |  | 19,384,550 |
Commercial Services & Supplies |  |  | 28,866,449 |  |  |  | — |  |  |  | — |  |  |  | 28,866,449 |
Construction & Engineering |  |  | 6,663,075 |  |  |  | 8,006,718 |  |  |  | — |  |  |  | 14,669,793 |
Electric Utilities |  |  | 102,391,479 |  |  |  | 39,777,935 |  |  |  | — |  |  |  | 142,169,414 |
Electrical Equipment |  |  | 8,717,194 |  |  |  | 27,911,221 |  |  |  | — |  |  |  | 36,628,415 |
Electronic Equipment, Instruments & Components |  |  | — |  |  |  | 4,412,518 |  |  |  | — |  |  |  | 4,412,518 |
Independent Power and Renewable Electricity Producers |  |  | 14,212,957 |  |  |  | 35,581,195 |  |  |  | — |  |  |  | 49,794,152 |
Machinery |  |  | 10,061,328 |  |  |  | 9,173,240 |  |  |  | — |  |  |  | 19,234,568 |
Multi-Utilities |  |  | 51,501,735 |  |  |  | 11,931,758 |  |  |  | — |  |  |  | 63,433,493 |
Oil, Gas & Consumable Fuels |  |  | 48,516,672 |  |  |  | — |  |  |  | — |  |  |  | 48,516,672 |
Semiconductors & Semiconductor Equipment |  |  | 8,365,837 |  |  |  | 3,344,757 |  |  |  | — |  |  |  | 11,710,594 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 14,388,466 |  |  |  | — |  |  |  | — |  |  |  | 14,388,466 |
|  | $ | 314,875,722 |  |  | $ | 165,598,035 |  |  | $ | — |  |  |  | 480,473,757 |
Investments Valued at NAV (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 529,322 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 481,003,079 |
Derivative Financial Instruments (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Contracts |  | $ | (1,622,844 | ) |  | $ | (1,622,304 | ) |  | $ | — |  |  | $ | (3,245,148 | )

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

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

See notes to financial statements.

S C H E D U L E O F I N V E S T M E N T S |  | 123

Statements of Assets and Liabilities
(unaudited)
June 30, 2022

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated (a) |  | $ | 352,628,211 |  |  | $ | 808,808,268 |  |  | $ | 1,621,217,564 |  |  | $ | 715,228,389 |
Investments, at value — affiliated (b) |  |  | 1,406,858 |  |  |  | 9,203,965 |  |  |  | 82,052,911 |  |  |  | 2,371,617 |
Cash |  |  | 322,157 |  |  |  | 220,859 |  |  |  | 1,380,969 |  |  |  | — |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,880,000 |
Collateral — OTC derivatives |  |  | — |  |  |  | 50,000 |  |  |  | — |  |  |  | 26,000 |
Foreign currency, at value (c) |  |  | 138,690 |  |  |  | — |  |  |  | 906 |  |  |  | 108,257 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 4,715,180 |  |  |  | 5,228,567 |  |  |  | 9,328,925 |  |  |  | 299,757 |
Options written |  |  | 209,236 |  |  |  | 1,018,909 |  |  |  | 605,584 |  |  |  | 517,803 |
Dividends — unaffiliated |  |  | 916,182 |  |  |  | 632,320 |  |  |  | 1,963,817 |  |  |  | 2,769,360 |
Dividends — affiliated |  |  | 3,654 |  |  |  | 10,358 |  |  |  | 65,631 |  |  |  | 6,133 |
Total assets |  |  | 360,340,168 |  |  |  | 825,173,246 |  |  |  | 1,716,616,307 |  |  |  | 726,207,316 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 94,288 |
Options written, at value (d) |  |  | 2,083,915 |  |  |  | 8,671,931 |  |  |  | 15,848,170 |  |  |  | 6,470,808 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 696,021 |  |  |  | 1,482,827 |  |  |  | 7,253,162 |  |  |  | 7,691,695 |
Accounting services fees |  |  | 25,509 |  |  |  | 28,395 |  |  |  | 54,469 |  |  |  | 34,200 |
Capital shares redeemed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 318,497 |
Custodian fees |  |  | 25,942 |  |  |  | 39,516 |  |  |  | 88,354 |  |  |  | 65,956 |
Income dividend distributions |  |  | 73,762 |  |  |  | 239,043 |  |  |  | 338,008 |  |  |  | 152,363 |
Investment advisory fees |  |  | 314,293 |  |  |  | 586,536 |  |  |  | 1,143,715 |  |  |  | 494,866 |
Trustees’ and Officer’s fees |  |  | 399,001 |  |  |  | 215,794 |  |  |  | 877,565 |  |  |  | 617,126 |
Options written |  |  | 20,721 |  |  |  | 153,727 |  |  |  | 27,738 |  |  |  | 177,247 |
Other accrued expenses |  |  | 38,580 |  |  |  | 38,510 |  |  |  | 93,483 |  |  |  | 73,936 |
Professional fees |  |  | 58,316 |  |  |  | 81,722 |  |  |  | 164,082 |  |  |  | 135,765 |
Transfer agent fees |  |  | 29,991 |  |  |  | 34,352 |  |  |  | 75,877 |  |  |  | 41,543 |
Other liabilities |  |  | 191,579 |  |  |  | — |  |  |  | — |  |  |  | — |
Total liabilities |  |  | 3,957,630 |  |  |  | 11,572,353 |  |  |  | 25,964,623 |  |  |  | 16,368,290 |
NET ASSETS |  | $ | 356,382,538 |  |  | $ | 813,600,893 |  |  | $ | 1,690,651,684 |  |  | $ | 709,839,026 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital (e)(f)(g) |  | $ | 535,130,504 |  |  | $ | 561,558,505 |  |  | $ | 1,309,265,007 |  |  | $ | 713,456,233 |
Accumulated earnings (loss) |  |  | (178,747,966 | ) |  |  | 252,042,388 |  |  |  | 381,386,677 |  |  |  | (3,617,207 | )
NET ASSETS |  | $ | 356,382,538 |  |  | $ | 813,600,893 |  |  | $ | 1,690,651,684 |  |  | $ | 709,839,026 |
Net asset value (e)(f)(g) |  | $ | 12.51 |  |  | $ | 18.44 |  |  | $ | 9.09 |  |  | $ | 11.17 |
(a) Investments, at cost — unaffiliated |  | $ | 245,104,027 |  |  | $ | 619,870,762 |  |  | $ | 1,464,188,211 |  |  | $ | 697,252,623 |
(b) Investments, at cost — affiliated |  | $ | 1,406,858 |  |  | $ | 9,203,965 |  |  | $ | 82,052,911 |  |  | $ | 2,371,617 |
(c) Foreign currency, at cost |  | $ | 138,405 |  |  | $ | — |  |  | $ | 1,035 |  |  | $ | 109,005 |
(d) Premiums received |  | $ | 5,472,215 |  |  | $ | 11,579,401 |  |  | $ | 21,753,162 |  |  | $ | 7,763,333 |
(e) Shares outstanding |  |  | 28,497,366 |  |  |  | 44,132,101 |  |  |  | 186,003,434 |  |  |  | 63,536,835 |
(f) Shares authorized |  |  | Unlimited |  |  |  | 200 million |  |  |  | Unlimited |  |  |  | Unlimited |
(g) Par value |  | $ | 0.001 |  |  | $ | 0.10 |  |  | $ | 0.001 |  |  | $ | 0.001 |

See notes to financial statements.

124 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities
(unaudited) (continued)
June 30, 2022

|  | BGY |  |  | BME |  |  | BMEZ |  |  | BIGZ |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated (a)(b) |  | $ | 581,610,381 |  |  | $ | 540,528,222 |  |  | $ | 2,038,910,871 |  |  | $ | 2,244,340,386 |
Investments, at value — affiliated (c) |  |  | 8,325,690 |  |  |  | 32,301,459 |  |  |  | 112,090,905 |  |  |  | 9,128,990 |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | 5,611,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Collateral — OTC derivatives |  |  | 355,000 |  |  |  | — |  |  |  | 36,000 |  |  |  | — |
Foreign currency, at value (d) |  |  | 234,488 |  |  |  | 16,681 |  |  |  | 86,810 |  |  |  | 1,021 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 719 |  |  |  | 2,662,029 | (e) |  |  | 4,806 |  |  |  | — |
Options written |  |  | 352,480 |  |  |  | 282,858 |  |  |  | 369,515 |  |  |  | 400,311 |
Securities lending income — affiliated |  |  | — |  |  |  | 2,421 |  |  |  | 22,691 |  |  |  | 5 |
Capital shares sold |  |  | — |  |  |  | 250,269 |  |  |  | — |  |  |  | — |
Dividends — unaffiliated |  |  | 2,902,640 |  |  |  | 538,374 |  |  |  | 751,056 |  |  |  | 432,773 |
Dividends — affiliated |  |  | 9,329 |  |  |  | 27,644 |  |  |  | 84,575 |  |  |  | 24,255 |
Deferred offering costs |  |  | — |  |  |  | 87,474 |  |  |  | — |  |  |  | — |
Prepaid expenses |  |  | — |  |  |  | 10,822 |  |  |  | — |  |  |  | 3,760 |
Total assets |  |  | 599,401,727 |  |  |  | 576,708,253 |  |  |  | 2,152,357,229 |  |  |  | 2,254,331,501 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | 137,718 |  |  |  | 7,610 |  |  |  | 69,804 |  |  |  | 128,337 |
Collateral on securities loaned |  |  | — |  |  |  | 588,915 |  |  |  | 6,858,153 |  |  |  | — |
Options written, at value (f) |  |  | 5,937,531 |  |  |  | 6,201,260 |  |  |  | 19,713,887 |  |  |  | 9,846,179 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 720,487 |  |  |  | 2,684,421 |  |  |  | 388 |  |  |  | — |
Accounting services fees |  |  | 28,395 |  |  |  | 16,825 |  |  |  | 184,476 |  |  |  | 36,283 |
Capital shares redeemed |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,588,971 |
Custodian fees |  |  | 78,801 |  |  |  | 38,415 |  |  |  | 161,624 |  |  |  | 171,872 |
Income dividend distributions |  |  | 171,946 |  |  |  | — |  |  |  | 3,109,671 |  |  |  | 2,748,304 |
Investment advisory fees |  |  | 498,245 |  |  |  | 454,860 |  |  |  | 2,163,015 |  |  |  | 2,395,681 |
Trustees’ and Officer’s fees |  |  | 522,587 |  |  |  | 32,057 |  |  |  | 133,204 |  |  |  | 106,769 |
Options written |  |  | 135,771 |  |  |  | 522,448 |  |  |  | 85,920 |  |  |  | 96,406 |
Other accrued expenses |  |  | 83,254 |  |  |  | 25,784 |  |  |  | 245,326 |  |  |  | 27,423 |
Professional fees |  |  | 133,954 |  |  |  | 47,655 |  |  |  | 20,815 |  |  |  | 24,083 |
Transfer agent fees |  |  | 39,294 |  |  |  | 27,074 |  |  |  | 63,533 |  |  |  | 82,272 |
Total liabilities |  |  | 8,487,983 |  |  |  | 10,647,324 |  |  |  | 32,809,816 |  |  |  | 18,252,580 |
NET ASSETS |  | $ | 590,913,744 |  |  | $ | 566,060,929 |  |  | $ | 2,119,547,413 |  |  | $ | 2,236,078,921 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital (g)(h)(i) |  | $ | 604,107,672 |  |  | $ | 409,987,529 |  |  | $ | 2,243,866,545 |  |  | $ | 4,566,212,446 |
Accumulated earnings (loss) |  |  | (13,193,928 | ) |  |  | 156,073,400 |  |  |  | (124,319,132 | ) |  |  | (2,330,133,525 | )
NET ASSETS |  | $ | 590,913,744 |  |  | $ | 566,060,929 |  |  | $ | 2,119,547,413 |  |  | $ | 2,236,078,921 |
Net asset value (g)(h)(i) |  | $ | 5.69 |  |  | $ | 41.95 |  |  | $ | 18.91 |  |  | $ | 9.48 |
(a) Investments, at cost — unaffiliated |  | $ | 554,589,060 |  |  | $ | 390,761,723 |  |  | $ | 2,212,459,262 |  |  | $ | 3,143,847,570 |
(b) Securities loaned, at value |  | $ | — |  |  | $ | 566,567 |  |  | $ | 6,706,992 |  |  | $ | — |
(c) Investments, at cost — affiliated |  | $ | 8,325,690 |  |  | $ | 32,301,485 |  |  | $ | 112,224,197 |  |  | $ | 9,128,990 |
(d) Foreign currency, at cost |  | $ | 236,064 |  |  | $ | 16,647 |  |  | $ | 86,021 |  |  | $ | 1,047 |
(e) $1,767,466 is expected to be collected after December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(f) Premiums received |  | $ | 6,072,338 |  |  | $ | 4,879,676 |  |  | $ | 16,177,632 |  |  | $ | 11,526,685 |
(g) Shares outstanding |  |  | 103,847,663 |  |  |  | 13,493,047 |  |  |  | 112,083,890 |  |  |  | 235,796,174 |
(h) Shares authorized |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |
(i) Par value |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 125

Statements of Assets and Liabilities
(unaudited) (continued)
June 30, 2022

|  | BCX |  |  | BST (a) |  |  | BSTZ (a) |  |  | BUI |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated (b)(c) |  | $ | 858,728,857 |  |  | $ | 1,034,371,174 |  |  | $ | 1,737,127,606 |  |  | $ | 466,085,291 |
Investments, at value — affiliated (d) |  |  | 25,116,689 |  |  |  | 49,223,180 |  |  |  | 107,146,639 |  |  |  | 14,917,788 |
Cash |  |  | — |  |  |  | 41,743 |  |  |  | 18,625 |  |  |  | — |
Cash pledged as collateral for OTC derivatives |  |  | — |  |  |  | 400,000 |  |  |  | 3,600,000 |  |  |  | 603,500 |
Foreign currency, at value (e) |  |  | 33,952 |  |  |  | 12,921,931 |  |  |  | — |  |  |  | 71,670 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 4,890,982 |  |  |  | 1,614,258 |  |  |  | 7,336,979 |  |  |  | 219 |
Options written |  |  | 600,685 |  |  |  | 240,640 |  |  |  | 680,614 |  |  |  | 160,668 |
Securities lending income — affiliated |  |  | — |  |  |  | 241 |  |  |  | 35,132 |  |  |  | 1,355 |
Dividends — unaffiliated |  |  | 2,252,922 |  |  |  | 122,427 |  |  |  | 130,270 |  |  |  | 1,295,447 |
Dividends — affiliated |  |  | 22,187 |  |  |  | 40,714 |  |  |  | 63,387 |  |  |  | 11,748 |
Due from broker |  |  | — |  |  |  | — |  |  |  | 510,000 |  |  |  | — |
Deferred offering costs |  |  | — |  |  |  | 177,517 |  |  |  | — |  |  |  | 100,997 |
Prepaid expenses |  |  | — |  |  |  | 27,433 |  |  |  | — |  |  |  | — |
Total assets |  |  | 891,646,274 |  |  |  | 1,099,181,258 |  |  |  | 1,856,649,252 |  |  |  | 483,248,683 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | 15,424 |  |  |  | — |  |  |  | — |  |  |  | 53,595 |
Foreign bank overdraft (f) |  |  | — |  |  |  | — |  |  |  | 487,417 |  |  |  | — |
Collateral on securities loaned |  |  | — |  |  |  | — |  |  |  | 4,921,030 |  |  |  | 529,383 |
Options written, at value (g) |  |  | 3,865,208 |  |  |  | 4,802,220 |  |  |  | 13,353,619 |  |  |  | 3,245,148 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 7,535,688 |  |  |  | 12,921,016 |  |  |  | 23,723,853 |  |  |  | 115 |
Accounting services fees |  |  | 34,203 |  |  |  | 28,395 |  |  |  | 189,339 |  |  |  | 28,395 |
Custodian fees |  |  | 47,181 |  |  |  | 79,223 |  |  |  | 147,670 |  |  |  | 40,348 |
Deferred capital gain tax |  |  | — |  |  |  | 732,470 |  |  |  | 5,543,618 |  |  |  | — |
Income dividend distributions |  |  | 145,945 |  |  |  | 572,521 |  |  |  | 2,601,116 |  |  |  | — |
Investment advisory fees |  |  | 796,877 |  |  |  | 940,993 |  |  |  | 1,985,948 |  |  |  | 405,584 |
Offering costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,505 |
Trustees’ and Officer’s fees |  |  | 257,506 |  |  |  | 24,311 |  |  |  | 137,741 |  |  |  | 8,739 |
Options written |  |  | 12,910 |  |  |  | 3,399 |  |  |  | 1,040 |  |  |  | 100,488 |
Other accrued expenses |  |  | 154,284 |  |  |  | 91,870 |  |  |  | 366,411 |  |  |  | 118,836 |
Professional fees |  |  | 114,454 |  |  |  | 39,973 |  |  |  | 230,163 |  |  |  | 48,093 |
Transfer agent fees |  |  | 48,780 |  |  |  | 45,672 |  |  |  | 65,016 |  |  |  | 23,506 |
Total liabilities |  |  | 13,028,460 |  |  |  | 20,282,063 |  |  |  | 53,753,981 |  |  |  | 4,605,735 |
NET ASSETS |  | $ | 878,617,814 |  |  | $ | 1,078,899,195 |  |  | $ | 1,802,895,271 |  |  | $ | 478,642,948 |
NET ASSETS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital (h)(i)(j) |  | $ | 1,106,191,760 |  |  | $ | 795,779,092 |  |  | $ | 1,514,886,596 |  |  | $ | 392,606,910 |
Accumulated earnings (loss) |  |  | (227,573,946 | ) |  |  | 283,120,103 |  |  |  | 288,008,675 |  |  |  | 86,036,038 |
NET ASSETS |  | $ | 878,617,814 |  |  | $ | 1,078,899,195 |  |  | $ | 1,802,895,271 |  |  | $ | 478,642,948 |
Net asset value (h)(i)(j) |  | $ | 9.95 |  |  | $ | 33.61 |  |  | $ | 22.96 |  |  | $ | 21.66 |
(a) Consolidated Statement of Assets and Liabilities. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b) Investments, at cost — unaffiliated |  | $ | 749,620,553 |  |  | $ | 752,227,385 |  |  | $ | 1,369,301,675 |  |  | $ | 360,756,459 |
(c) Securities loaned, at value |  | $ | — |  |  | $ | — |  |  | $ | 4,633,190 |  |  | $ | 505,064 |
(d) Investments, at cost — affiliated |  | $ | 25,116,689 |  |  | $ | 49,223,180 |  |  | $ | 107,145,982 |  |  | $ | 14,917,841 |
(e) Foreign currency, at cost |  | $ | 33,878 |  |  | $ | 12,921,777 |  |  | $ | — |  |  | $ | 71,669 |
(f) Foreign bank overdraft, at cost |  | $ | — |  |  | $ | — |  |  | $ | 486,402 |  |  | $ | — |
(g) Premiums received |  | $ | 10,340,170 |  |  | $ | 10,312,473 |  |  | $ | 19,442,641 |  |  | $ | 4,345,001 |
(h) Shares outstanding |  |  | 88,315,994 |  |  |  | 32,098,789 |  |  |  | 78,538,036 |  |  |  | 22,101,468 |
(i) Shares authorized |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |  |  |  | Unlimited |
(j) Par value |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.001 |

See notes to financial statements.

126 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations
(unaudited)
Six Months Ended June 30, 2022

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 8,047,580 |  |  | $ | 5,321,524 |  |  | $ | 23,720,170 |  |  | $ | 12,982,094 |
Dividends — affiliated |  |  | 7,015 |  |  |  | 21,813 |  |  |  | 118,850 |  |  |  | 10,303 |
Securities lending income — affiliated — net |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | — |
Foreign withholding tax claims |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 336,828 |
Foreign taxes withheld |  |  | (385,582 | ) |  |  | (117,739 | ) |  |  | (727,379 | ) |  |  | (1,009,894 | )
Total investment income |  |  | 7,669,013 |  |  |  | 5,225,598 |  |  |  | 23,111,651 |  |  |  | 12,319,331 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 2,221,477 |  |  |  | 3,795,359 |  |  |  | 7,370,926 |  |  |  | 3,917,580 |
Transfer agent |  |  | 34,409 |  |  |  | 40,378 |  |  |  | 80,287 |  |  |  | 46,677 |
Custodian |  |  | 24,585 |  |  |  | 37,069 |  |  |  | 67,583 |  |  |  | 57,349 |
Accounting services |  |  | 21,845 |  |  |  | 24,296 |  |  |  | 46,641 |  |  |  | 29,276 |
Registration |  |  | 4,583 |  |  |  | 7,107 |  |  |  | 17,618 |  |  |  | 10,073 |
Professional |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 84,921 |
Trustees and Officer |  |  | (75,696 | ) |  |  | (10,735 | ) |  |  | (121,287 | ) |  |  | (90,051 | )
Miscellaneous |  |  | 61,543 |  |  |  | 73,159 |  |  |  | 106,203 |  |  |  | 44,035 |
Total expenses |  |  | 2,292,746 |  |  |  | 3,966,633 |  |  |  | 7,567,971 |  |  |  | 4,099,860 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (408,317 | ) |  |  | (2,837 | ) |  |  | (14,166 | ) |  |  | (687,002 | )
Total expenses after fees waived and/or reimbursed |  |  | 1,884,429 |  |  |  | 3,963,796 |  |  |  | 7,553,805 |  |  |  | 3,412,858 |
Net investment income |  |  | 5,784,584 |  |  |  | 1,261,802 |  |  |  | 15,557,846 |  |  |  | 8,906,473 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 37,205,569 |  |  |  | 56,991,809 |  |  |  | 137,950,109 |  |  |  | 21,768,232 |
Foreign currency transactions |  |  | (12,610 | ) |  |  | — |  |  |  | (125,347 | ) |  |  | (70,057 | )
Options written |  |  | (22,929,880 | ) |  |  | 21,229,943 |  |  |  | 5,531,647 |  |  |  | 5,691,315 |
Payment by affiliate |  |  | — |  |  |  | — |  |  |  | 1,577 |  |  |  | — |
|  |  | 14,263,079 |  |  |  | 78,221,752 |  |  |  | 143,357,986 |  |  |  | 27,389,490 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 35,394,774 |  |  |  | (218,520,320 | ) |  |  | (318,384,740 | ) |  |  | (157,774,977 | )
Foreign currency translations |  |  | (17,091 | ) |  |  | — |  |  |  | (52,105 | ) |  |  | (65,324 | )
Options written |  |  | 2,067,367 |  |  |  | 3,506,035 |  |  |  | 7,748,497 |  |  |  | 2,914,829 |
|  |  | 37,445,050 |  |  |  | (215,014,285 | ) |  |  | (310,688,348 | ) |  |  | (154,925,472 | )
Net realized and unrealized gain (loss) |  |  | 51,708,129 |  |  |  | (136,792,533 | ) |  |  | (167,330,362 | ) |  |  | (127,535,982 | )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | 57,492,713 |  |  | $ | (135,530,731 | ) |  | $ | (151,772,516 | ) |  | $ | (118,629,509 | )

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 127

Statements of Operations
(unaudited) (continued)
Six Months Ended June 30, 2022

|  | BGY |  |  | BME |  |  | BMEZ |  |  | BIGZ |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 12,465,576 |  |  | $ | 3,773,765 |  |  | $ | 3,678,456 |  |  | $ | 1,815,168 |
Dividends — affiliated |  |  | 13,794 |  |  |  | 58,372 |  |  |  | 167,503 |  |  |  | 32,878 |
Securities lending income — affiliated — net |  |  | — |  |  |  | 6,274 |  |  |  | 102,720 |  |  |  | 3,961 |
Other income — unaffiliated |  |  | 588 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign withholding tax claims |  |  | 521,921 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign taxes withheld |  |  | (1,366,286 | ) |  |  | (76,171 | ) |  |  | (236,587 | ) |  |  | (41,997 | )
Total investment income |  |  | 11,635,593 |  |  |  | 3,762,240 |  |  |  | 3,712,092 |  |  |  | 1,810,010 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 3,239,639 |  |  |  | 2,863,985 |  |  |  | 14,850,320 |  |  |  | 17,996,067 |
Professional |  |  | 107,551 |  |  |  | — |  |  |  | — |  |  |  | — |
Custodian |  |  | 69,590 |  |  |  | 26,037 |  |  |  | 116,045 |  |  |  | 129,755 |
Transfer agent |  |  | 43,859 |  |  |  | 34,221 |  |  |  | 74,904 |  |  |  | 45,522 |
Accounting services |  |  | 24,296 |  |  |  | 14,408 |  |  |  | 131,878 |  |  |  | 168,322 |
Registration |  |  | 16,548 |  |  |  | 5,781 |  |  |  | 33,753 |  |  |  | 55,439 |
Trustees and Officer |  |  | (75,935 | ) |  |  | 11,247 |  |  |  | 49,489 |  |  |  | 81,850 |
Miscellaneous |  |  | 41,746 |  |  |  | 78,661 |  |  |  | 355,770 |  |  |  | 641,143 |
Total expenses |  |  | 3,467,294 |  |  |  | 3,034,340 |  |  |  | 15,612,159 |  |  |  | 19,118,098 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (275,753 | ) |  |  | (7,222 | ) |  |  | (20,437 | ) |  |  | (2,696 | )
Total expenses after fees waived and/or reimbursed |  |  | 3,191,541 |  |  |  | 3,027,118 |  |  |  | 15,591,722 |  |  |  | 19,115,402 |
Net investment income (loss) |  |  | 8,444,052 |  |  |  | 735,122 |  |  |  | (11,879,630 | ) |  |  | (17,305,392 | )
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 15,005,251 | (a) |  |  | 11,038,395 |  |  |  | (23,637,929 | ) |  |  | (1,065,174,072 | )
Investments — affiliated |  |  | — |  |  |  | (184 | ) |  |  | (1,164 | ) |  |  | (58,512,005 | )
Foreign currency transactions |  |  | (68,840 | ) |  |  | 665 |  |  |  | (205,461 | ) |  |  | 33,433 |
Options written |  |  | 935,870 |  |  |  | 6,064,252 |  |  |  | 40,270,755 |  |  |  | 44,408,727 |
|  |  | 15,872,281 |  |  |  | 17,103,128 |  |  |  | 16,426,201 |  |  |  | (1,079,243,917 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (121,947,468 | ) (b) |  |  | (82,531,395 | ) |  |  | (757,500,275 | ) |  |  | (532,389,854 | )
Investments — affiliated |  |  | — |  |  |  | (18 | ) |  |  | (54,322 | ) |  |  | 44,486,400 |
Foreign currency translations |  |  | (88,542 | ) |  |  | (5,587 | ) |  |  | (34,075 | ) |  |  | (675 | )
Options written |  |  | 2,361,202 |  |  |  | 2,413,383 |  |  |  | (1,866,111 | ) |  |  | (4,733,943 | )
|  |  | (119,674,808 | ) |  |  | (80,123,617 | ) |  |  | (759,454,783 | ) |  |  | (492,638,072 | )
Net realized and unrealized loss |  |  | (103,802,527 | ) |  |  | (63,020,489 | ) |  |  | (743,028,582 | ) |  |  | (1,571,881,989 | )
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | (95,358,475 | ) |  | $ | (62,285,367 | ) |  | $ | (754,908,212 | ) |  | $ | (1,589,187,381 | )
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of |  | $ | 368,770 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(b) Net of reduction in deferred foreign capital gain tax of |  | $ | 231,371 |  |  | $ | — |  |  | $ | — |  |  | $ | — |

See notes to financial statements.

128 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations
(unaudited) (continued)
Six Months Ended June 30, 2022

|  | BCX |  |  | BST (a) |  |  | BSTZ (a) |  |  | BUI |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — unaffiliated |  | $ | 19,041,147 |  |  | $ | 1,680,806 |  |  | $ | 1,800,819 |  |  | $ | 7,413,424 |
Dividends — affiliated |  |  | 39,871 |  |  |  | 70,631 |  |  |  | 114,104 |  |  |  | 20,337 |
Interest — unaffiliated |  |  | 39,629 |  |  |  | — |  |  |  | — |  |  |  | — |
Securities lending income — affiliated — net |  |  | — |  |  |  | 18,028 |  |  |  | 161,102 |  |  |  | 1,355 |
Non-cash dividends — unaffiliated |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 485,363 |
Other income — unaffiliated |  |  | 58 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign withholding tax claims |  |  | 16,193 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign taxes withheld |  |  | (935,301 | ) |  |  | (60,250 | ) |  |  | (155,435 | ) |  |  | (460,515 | )
Total investment income |  |  | 18,201,597 |  |  |  | 1,709,215 |  |  |  | 1,920,590 |  |  |  | 7,459,964 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 4,894,235 |  |  |  | 6,699,043 |  |  |  | 14,401,630 |  |  |  | 2,596,569 |
Transfer agent |  |  | 59,599 |  |  |  | 59,654 |  |  |  | 77,291 |  |  |  | 31,809 |
Professional |  |  | 48,654 |  |  |  | — |  |  |  | — |  |  |  | — |
Custodian |  |  | 43,043 |  |  |  | 59,627 |  |  |  | 116,780 |  |  |  | 35,872 |
Accounting services |  |  | 29,275 |  |  |  | 24,296 |  |  |  | 138,789 |  |  |  | 24,296 |
Registration |  |  | 13,785 |  |  |  | 10,884 |  |  |  | 12,210 |  |  |  | 7,593 |
Offering |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,295 |
Trustees and Officer |  |  | (19,469 | ) |  |  | 38,423 |  |  |  | 49,054 |  |  |  | 14,662 |
Miscellaneous |  |  | 56,634 |  |  |  | 265,494 |  |  |  | 489,220 |  |  |  | 80,570 |
Total expenses |  |  | 5,125,756 |  |  |  | 7,157,421 |  |  |  | 15,284,974 |  |  |  | 2,794,666 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (4,966 | ) |  |  | (8,317 | ) |  |  | (12,846 | ) |  |  | (2,328 | )
Total expenses after fees waived and/or reimbursed |  |  | 5,120,790 |  |  |  | 7,149,104 |  |  |  | 15,272,128 |  |  |  | 2,792,338 |
Net investment income (loss) |  |  | 13,080,807 |  |  |  | (5,439,889 | ) |  |  | (13,351,538 | ) |  |  | 4,667,626 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 152,075,729 |  |  |  | 4,727,011 |  |  |  | 31,113,478 |  |  |  | 9,226,078 |
Investments — affiliated |  |  | — |  |  |  | (335 | ) |  |  | 918 |  |  |  | (9 | )
Foreign currency transactions |  |  | (156,384 | ) |  |  | 9,077 |  |  |  | (171,301 | ) |  |  | (27,872 | )
Options written |  |  | (40,509,948 | ) |  |  | 43,628,929 |  |  |  | 74,585,111 |  |  |  | 4,135,012 |
|  |  | 111,409,397 |  |  |  | 48,364,682 |  |  |  | 105,528,206 |  |  |  | 13,333,209 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (132,496,060 | ) |  |  | (597,366,933 | ) (b) |  |  | (1,246,829,382 | ) (b) |  |  | (96,629,197 | )
Investments — affiliated |  |  | — |  |  |  | — |  |  |  | 657 |  |  |  | (53 | )
Foreign currency translations |  |  | (46,071 | ) |  |  | 2,281 |  |  |  | (843 | ) |  |  | (42,601 | )
Options written |  |  | 7,850,011 |  |  |  | (274,650 | ) |  |  | (937,621 | ) |  |  | 2,305,388 |
|  |  | (124,692,120 | ) |  |  | ( 597,639,302 | ) |  |  | (1,247,767,189 | ) |  |  | (94,366,463 | )
Net realized and unrealized loss |  |  | (13,282,723 | ) |  |  | (549,274,620 | ) |  |  | (1,142,238,983 | ) |  |  | (81,033,254 | )
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |  | $ | (201,916 | ) |  | $ | (554,714,509 | ) |  | $ | (1,155,590,521 | ) |  | $ | (76,365,628 | )
(a) Consolidated Statement of Operations. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(b) Net of reduction in/(increase in) deferred capital gain tax of |  | $ | — |  |  | $ | 708,764 |  |  | $ | (73,396 | ) |  | $ | — |

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 129

Statements of Changes in Net Assets

|  | BGR |  |  | CII |
|  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended 12/31/21 |  |  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended 12/31/21 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 5,784,584 |  |  | $ | 8,259,703 |  |  | $ | 1,261,802 |  |  | $ | 1,953,464 |
Net realized gain (loss) |  |  | 14,263,079 |  |  |  | (18,995,472 | ) |  |  | 78,221,752 |  |  |  | 70,684,499 |
Net change in unrealized appreciation (depreciation) |  |  | 37,445,050 |  |  |  | 99,469,573 |  |  |  | (215,014,285 | ) |  |  | 107,574,675 |
Net increase (decrease) in net assets resulting from operations |  |  | 57,492,713 |  |  |  | 88,733,804 |  |  |  | (135,530,731 | ) |  |  | 180,212,638 |
DISTRIBUTIONS TO SHAREHOLDERS (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (7,392,254 | ) (b) |  |  | (8,262,936 | ) |  |  | (26,346,881 | ) |  |  | (48,643,844 | )
Return of capital |  |  | — |  |  |  | (4,835,876 | ) |  |  | — |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  | (7,392,254 | ) |  |  | (13,098,812 | ) |  |  | (26,346,881 | ) |  |  | (48,643,844 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 236,509 |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (7,221,391 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net increase (decrease) in net assets derived from capital share transactions |  |  | (7,221,391 | ) |  |  | — |  |  |  | — |  |  |  | 236,509 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 42,879,068 |  |  |  | 75,634,992 |  |  |  | (161,877,612 | ) |  |  | 131,805,303 |
Beginning of period |  |  | 313,503,470 |  |  |  | 237,868,478 |  |  |  | 975,478,505 |  |  |  | 843,673,202 |
End of period |  | $ | 356,382,538 |  |  | $ | 313,503,470 |  |  | $ | 813,600,893 |  |  | $ | 975,478,505 |

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

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

See notes to financial statements.

130 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets
(continued)

|  | BDJ |  |  | BOE |
|  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended 12/31/21 |  |  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended 12/31/21 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 15,557,846 |  |  | $ | 27,412,185 |  |  | $ | 8,906,473 |  |  | $ | 12,147,742 |
Net realized gain |  |  | 143,357,986 |  |  |  | 226,450,882 |  |  |  | 27,389,490 |  |  |  | 64,174,290 |
Net change in unrealized appreciation (depreciation) |  |  | (310,688,348 | ) |  |  | 71,456,248 |  |  |  | (154,925,472 | ) |  |  | 43,778,131 |
Net increase (decrease) in net assets resulting from operations |  |  | (151,772,516 | ) |  |  | 325,319,315 |  |  |  | (118,629,509 | ) |  |  | 120,100,163 |
DISTRIBUTIONS TO SHAREHOLDERS (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease in net assets resulting from distributions to shareholders |  |  | (60,413,916 | ) |  |  | (161,603,504 | ) |  |  | (24,171,158 | ) |  |  | (48,404,308 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | — |  |  |  | — |  |  |  | (5,080,918 | ) |  |  | (205,246 | )
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | (212,186,432 | ) |  |  | 163,715,811 |  |  |  | (147,881,585 | ) |  |  | 71,490,609 |
Beginning of period |  |  | 1,902,838,116 |  |  |  | 1,739,122,305 |  |  |  | 857,720,611 |  |  |  | 786,230,002 |
End of period |  | $ | 1,690,651,684 |  |  | $ | 1,902,838,116 |  |  | $ | 709,839,026 |  |  | $ | 857,720,611 |

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

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 131

Statements of Changes in Net Assets
(continued)

|  | BGY |  |  | BME |
|  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended 12/31/21 |  |  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended 12/31/21 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 8,444,052 |  |  | $ | 9,366,746 |  |  | $ | 735,122 |  |  | $ | 41,823 |
Net realized gain |  |  | 15,872,281 |  |  |  | 45,489,816 |  |  |  | 17,103,128 |  |  |  | 46,771,259 |
Net change in unrealized appreciation (depreciation) |  |  | (119,674,808 | ) |  |  | 19,983,472 |  |  |  | (80,123,617 | ) |  |  | 12,306,248 |
Net increase (decrease) in net assets resulting from operations |  |  | (95,358,475 | ) |  |  | 74,840,034 |  |  |  | (62,285,367 | ) |  |  | 59,119,330 |
DISTRIBUTIONS TO SHAREHOLDERS (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (21,120,139 | ) (b) |  |  | (30,180,220 | ) |  |  | (16,909,995 | ) |  |  | (30,764,942 | )
Return of capital |  |  | — |  |  |  | (12,098,701 | ) |  |  | — |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  | (21,120,139 | ) |  |  | (42,278,921 | ) |  |  | (16,909,995 | ) |  |  | (30,764,942 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | — |  |  |  | 18,653,247 |  |  |  | 49,710,285 |
Reinvestment of distributions |  |  | — |  |  |  | — |  |  |  | 828,233 |  |  |  | 1,760,978 |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (2,117,512 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net increase (decrease) in net assets derived from capital share transactions |  |  | (2,117,512 | ) |  |  | — |  |  |  | 19,481,480 |  |  |  | 51,471,263 |
Capital contribution from affiliate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,661 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | (118,596,126 | ) |  |  | 32,561,113 |  |  |  | (59,713,882 | ) |  |  | 79,838,312 |
Beginning of period |  |  | 709,509,870 |  |  |  | 676,948,757 |  |  |  | 625,774,811 |  |  |  | 545,936,499 |
End of period |  | $ | 590,913,744 |  |  | $ | 709,509,870 |  |  | $ | 566,060,929 |  |  | $ | 625,774,811 |

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

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

See notes to financial statements.

132 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets
(continued)

|  | BMEZ |  |  | BIGZ |
|  |  | Six Months Ended 06/30/22 (unaudited | ) |  |  | Year Ended 12/31/21 |  |  |  | Six Months Ended 06/30/22 (unaudited | ) |  |  | Period from 03/29/21 to 12/31/21 | (a)
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment loss |  | $ | (11,879,630 | ) |  | $ | (36,221,355 | ) |  | $ | (17,305,392 | ) |  | $ | (35,735,376 | )
Net realized gain (loss) |  |  | 16,426,201 |  |  |  | 370,126,396 |  |  |  | (1,079,243,917 | ) |  |  | (199,723,871 | )
Net change in unrealized appreciation (depreciation) |  |  | (759,454,783 | ) |  |  | (621,751,428 | ) |  |  | (492,638,072 | ) |  |  | (405,188,632 | )
Net decrease in net assets resulting from operations |  |  | (754,908,212 | ) |  |  | (287,846,387 | ) |  |  | (1,589,187,381 | ) |  |  | (640,647,879 | )
DISTRIBUTIONS TO SHAREHOLDERS (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (97,900,689 | ) |  |  | (192,905,388 | ) |  |  | (135,581,361 | ) (c) |  |  | — |
Return of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (170,149,458 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (97,900,689 | ) |  |  | (192,905,388 | ) |  |  | (135,581,361 | ) |  |  | (170,149,458 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,861,848,440 |
Reinvestment of distributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,569,561 |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (9,529,955 | ) |  |  | — |  |  |  | (20,804,846 | ) |  |  | (74,068,155 | )
Net increase (decrease) in net assets derived from capital share transactions |  |  | (9,529,955 | ) |  |  | — |  |  |  | (20,804,846 | ) |  |  | 4,792,349,846 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | (862,338,856 | ) |  |  | (480,751,775 | ) |  |  | (1,745,573,588 | ) |  |  | 3,981,552,509 |
Beginning of period |  |  | 2,981,886,269 |  |  |  | 3,462,638,044 |  |  |  | 3,981,652,509 |  |  |  | 100,000 |
End of period |  | $ | 2,119,547,413 |  |  | $ | 2,981,886,269 |  |  | $ | 2,236,078,921 |  |  | $ | 3,981,652,509 |

(a) | Commencement of operations.

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

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

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 133

Statements of Changes in Net Assets
(continued)

|  | BCX |  |  | BST (a) |
|  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended 12/31/21 |  |  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended 12/31/21 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 13,080,807 |  |  | $ | 25,955,087 |  |  | $ | (5,439,889 | ) |  | $ | (12,070,576 | )
Net realized gain |  |  | 111,409,397 |  |  |  | 56,049,452 |  |  |  | 48,364,682 |  |  |  | 148,321,617 |
Net change in unrealized appreciation (depreciation) |  |  | (124,692,120 | ) |  |  | 115,553,664 |  |  |  | (597,639,302 | ) |  |  | (287,749 | )
Net increase (decrease) in net assets resulting from operations |  |  | (201,916 | ) |  |  | 197,558,203 |  |  |  | (554,714,509 | ) |  |  | 135,963,292 |
DISTRIBUTIONS TO SHAREHOLDERS (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (22,962,159 | ) (c) |  |  | (33,607,537 | ) |  |  | (48,128,911 | ) |  |  | (126,451,369 | )
Return of capital |  |  | — |  |  |  | (8,784,140 | ) |  |  | — |  |  |  | — |
Decrease in net assets resulting from distributions to shareholders |  |  | (22,962,159 | ) |  |  | (42,391,677 | ) |  |  | (48,128,911 | ) |  |  | (126,451,369 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,814,651 |
Proceeds from rights offering (Note 10) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 359,278,213 |
Reinvestment of distributions |  |  | — |  |  |  | — |  |  |  | 576,177 |  |  |  | 2,217,548 |
Net increase in net assets derived from capital share transactions |  |  | — |  |  |  | — |  |  |  | 576,177 |  |  |  | 374,310,412 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | (23,164,075 | ) |  |  | 155,166,526 |  |  |  | (602,267,243 | ) |  |  | 383,822,335 |
Beginning of period |  |  | 901,781,889 |  |  |  | 746,615,363 |  |  |  | 1,681,166,438 |  |  |  | 1,297,344,103 |
End of period |  | $ | 878,617,814 |  |  | $ | 901,781,889 |  |  | $ | 1,078,899,195 |  |  | $ | 1,681,166,438 |

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

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

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

See notes to financial statements.

134 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets
(continued)

|  | BSTZ (a) |  |  |  |  |  | BUI |
|  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended 12/31/21 |  |  |  |  |  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended 12/31/21 |
INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | (13,351,538 | ) |  | $ | (40,100,308 | ) |  |  |  |  |  | $ | 4,667,626 |  |  | $ | 4,908,839 |
Net realized gain |  |  | 105,528,206 |  |  |  | 258,715,033 |  |  |  |  |  |  |  | 13,333,209 |  |  |  | 10,994,095 |
Net change in unrealized appreciation (depreciation) |  |  | (1,247,767,189 | ) |  |  | 29,935,008 |  |  |  |  |  |  |  | (94,366,463 | ) |  |  | 53,132,360 |
Net increase (decrease) in net assets resulting from operations |  |  | (1,155,590,521 | ) |  |  | 248,549,733 |  |  |  |  |  |  |  | (76,365,628 | ) |  |  | 69,035,294 |
DISTRIBUTIONS TO SHAREHOLDERS (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income and net realized gain |  |  | (90,475,840 | ) |  |  | (240,726,364 | ) |  |  |  |  |  |  | (15,992,324 | ) (c) |  |  | (20,325,579 | )
Return of capital |  |  | — |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  | (9,081,858 | )
Decrease in net assets resulting from distributions to shareholders |  |  | (90,475,840 | ) |  |  | (240,726,364 | ) |  |  |  |  |  |  | (15,992,324 | ) |  |  | (29,407,437 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of shares |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 10,628,517 |  |  |  | 74,073,395 |
Reinvestment of distributions |  |  | — |  |  |  | 17,394,255 |  |  |  |  |  |  |  | 567,690 |  |  |  | 1,577,468 |
Net increase in net assets derived from capital share transactions |  |  | — |  |  |  | 17,394,255 |  |  |  |  |  |  |  | 11,196,207 |  |  |  | 75,650,863 |
NET ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | (1,246,066,361 | ) |  |  | 25,217,624 |  |  |  |  |  |  |  | (81,161,745 | ) |  |  | 115,278,720 |
Beginning of period |  |  | 3,048,961,632 |  |  |  | 3,023,744,008 |  |  |  |  |  |  |  | 559,804,693 |  |  |  | 444,525,973 |
End of period |  | $ | 1,802,895,271 |  |  | $ | 3,048,961,632 |  |  |  |  |  |  | $ | 478,642,948 |  |  | $ | 559,804,693 |

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

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

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

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 135

Statements of Cash Flows
(unaudited)
Six Months Ended June 30, 2022

|  | BGR |  |  | CII |  |  | BDJ |  |  | BOE |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 57,492,713 |  |  | $ | (135,530,731 | ) |  | $ | (151,772,516 | ) |  | $ | (118,629,509 | )
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  | 169,079,153 |  |  |  | 132,706,386 |  |  |  | 533,285,410 |  |  |  | 174,141,594 |
Purchases of long-term investments |  |  | (140,016,386 | ) |  |  | (129,182,694 | ) |  |  | (468,896,715 | ) |  |  | (166,701,962 | )
Net proceeds from sales (purchases) of short-term securities |  |  | 1,318,422 |  |  |  | 1,093,788 |  |  |  | (19,790,896 | ) |  |  | 8,890,977 |
Premiums paid on closing options written |  |  | (42,444,928 | ) |  |  | (27,310,614 | ) |  |  | (96,586,121 | ) |  |  | (26,652,876 | )
Premiums received from options written |  |  | 21,503,615 |  |  |  | 47,779,932 |  |  |  | 99,668,216 |  |  |  | 31,588,705 |
Net realized gain on investments and options written |  |  | (14,252,911 | ) |  |  | (78,221,752 | ) |  |  | (143,481,684 | ) |  |  | (27,446,728 | )
Net unrealized (appreciation) depreciation on investments, options written and foreign currency translations |  |  | (37,462,141 | ) |  |  | 215,014,285 |  |  |  | 310,636,243 |  |  |  | 154,860,148 |
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | (3,636 | ) |  |  | (10,317 | ) |  |  | (65,305 | ) |  |  | (6,071 | )
Dividends — unaffiliated |  |  | (317,312 | ) |  |  | (157,126 | ) |  |  | 248,427 |  |  |  | (1,214,915 | )
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting services fees |  |  | 14,508 |  |  |  | 16,125 |  |  |  | 30,969 |  |  |  | 19,439 |
Custodian fees |  |  | 16,441 |  |  |  | 32,714 |  |  |  | 43,647 |  |  |  | 39,247 |
Investment advisory fees |  |  | 57,214 |  |  |  | (103,997 | ) |  |  | (137,924 | ) |  |  | (92,551 | )
Trustees’ and Officer’s fees |  |  | (208,193 | ) |  |  | (91,886 | ) |  |  | (431,962 | ) |  |  | (281,689 | )
Other accrued expenses |  |  | 11,926 |  |  |  | 13,852 |  |  |  | 39,018 |  |  |  | 27,194 |
Professional fees |  |  | (10,669 | ) |  |  | (23,460 | ) |  |  | (32,343 | ) |  |  | 8,432 |
Transfer agent fees |  |  | 18,402 |  |  |  | 20,692 |  |  |  | 42,172 |  |  |  | 23,623 |
Other liabilities |  |  | 191,579 |  |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by operating activities |  |  | 14,987,797 |  |  |  | 26,045,197 |  |  |  | 62,798,636 |  |  |  | 28,573,058 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  | (7,376,474 | ) |  |  | (26,107,838 | ) |  |  | (62,014,631 | ) |  |  | (24,160,847 | )
Net payments on redemption of capital shares including change in redemptions payable |  |  | (7,221,391 | ) |  |  | — |  |  |  | — |  |  |  | (4,762,421 | )
Increase in bank overdraft |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 94,288 |
Net cash used for financing activities |  |  | (14,597,865 | ) |  |  | (26,107,838 | ) |  |  | (62,014,631 | ) |  |  | (28,828,980 | )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  | (4 | ) |  |  | — |  |  |  | (62 | ) |  |  | (746 | )
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency |  |  | 389,928 |  |  |  | (62,641 | ) |  |  | 783,943 |  |  |  | (256,668 | )
Restricted and unrestricted cash and foreign currency at beginning of period |  |  | 70,919 |  |  |  | 333,500 |  |  |  | 597,932 |  |  |  | 5,270,925 |
Restricted and unrestricted cash and foreign currency at end of period |  | $ | 460,847 |  |  | $ | 270,859 |  |  | $ | 1,381,875 |  |  | $ | 5,014,257 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 322,157 |  |  | $ | 220,859 |  |  | $ | 1,380,969 |  |  | $ | — |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,880,000 |
Collateral — OTC derivatives |  |  | — |  |  |  | 50,000 |  |  |  | — |  |  |  | 26,000 |
Foreign currency at value |  |  | 138,690 |  |  |  | — |  |  |  | 906 |  |  |  | 108,257 |
|  | $ | 460,847 |  |  | $ | 270,859 |  |  | $ | 1,381,875 |  |  | $ | 5,014,257 |

See notes to financial statements.

136 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Cash Flows
(unaudited) (continued)
Six Months Ended June 30, 2022

|  | BGY |  |  | BME |  |  | BMEZ |  |  | BIGZ |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net decrease in net assets resulting from operations |  | $ | (95,358,475 | ) |  | $ | (62,285,367 | ) |  | $ | (754,908,212 | ) |  | $ | (1,589,187,381 | )
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used for) operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  | 158,128,543 |  |  |  | 156,379,142 |  |  |  | 956,593,402 |  |  |  | 931,585,106 |
Purchases of long-term investments |  |  | (138,199,793 | ) |  |  | (160,524,253 | ) |  |  | (849,499,299 | ) |  |  | (776,074,628 | )
Net purchases of short-term securities |  |  | (2,739,450 | ) |  |  | (4,508,857 | ) |  |  | (22,145,462 | ) |  |  | (2,089,501 | )
Premiums paid on closing options written |  |  | (24,170,117 | ) |  |  | (16,285,452 | ) |  |  | (34,219,786 | ) |  |  | (8,991,154 | )
Premiums received from options written |  |  | 24,819,327 |  |  |  | 21,689,552 |  |  |  | 69,037,027 |  |  |  | 47,336,334 |
Net realized (gain) loss on investments and options written |  |  | (15,928,917 | ) |  |  | (17,071,643 | ) |  |  | (16,619,035 | ) |  |  | 1,079,277,381 |
Net unrealized depreciation on investments, options written and foreign currency translations |  |  | 119,817,637 |  |  |  | 80,118,030 |  |  |  | 759,420,708 |  |  |  | 492,637,397 |
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | (9,288 | ) |  |  | (27,499 | ) |  |  | (84,422 | ) |  |  | (24,233 | )
Dividends — unaffiliated |  |  | (1,364,028 | ) |  |  | (98,727 | ) |  |  | 8,124 |  |  |  | 26,943 |
From the Manager |  |  | — |  |  |  | 12,661 |  |  |  | — |  |  |  | — |
Securities lending income — affiliated |  |  | — |  |  |  | (963 | ) |  |  | (6,125 | ) |  |  | 2,389 |
Prepaid expenses |  |  | — |  |  |  | (10,822 | ) |  |  | 48,373 |  |  |  | 86,057 |
Deferred offering costs |  |  | — |  |  |  | 4,027 |  |  |  | — |  |  |  | — |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral on securities loaned |  |  | — |  |  |  | 377,343 |  |  |  | 1,917,516 |  |  |  | (5,206,475 | )
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting services fees |  |  | 16,125 |  |  |  | 9,571 |  |  |  | 81,250 |  |  |  | (103,824 | )
Custodian fees |  |  | 48,745 |  |  |  | 17,570 |  |  |  | 72,282 |  |  |  | 101,210 |
Deferred capital gain tax |  |  | (231,371 | ) |  |  | — |  |  |  | — |  |  |  | — |
Federal income tax |  |  | — |  |  |  | (12,114 | ) |  |  | — |  |  |  | — |
Investment advisory fees |  |  | (30,895 | ) |  |  | (61,192 | ) |  |  | (935,653 | ) |  |  | (1,877,558 | )
Trustees’ and Officer’s fees |  |  | (239,525 | ) |  |  | 380 |  |  |  | 3,366 |  |  |  | 47,174 |
Other accrued expenses |  |  | 31,368 |  |  |  | (8,953 | ) |  |  | 45,034 |  |  |  | (19,486 | )
Professional fees |  |  | 25,762 |  |  |  | (21,761 | ) |  |  | (13,882 | ) |  |  | 12,602 |
Transfer agent fees |  |  | 22,988 |  |  |  | 16,614 |  |  |  | 42,871 |  |  |  | 136 |
Net cash provided by (used for) operating activities |  |  | 24,638,636 |  |  |  | (2,292,713 | ) |  |  | 108,838,077 |  |  |  | 167,538,489 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  | (21,110,237 | ) |  |  | (16,081,762 | ) |  |  | (99,411,772 | ) |  |  | (137,147,448 | )
Payments for offering costs |  |  | — |  |  |  | (20,427 | ) |  |  | — |  |  |  | — |
Net payments on redemption of capital shares including change in redemptions payable |  |  | (2,117,512 | ) |  |  | — |  |  |  | (9,529,955 | ) |  |  | (30,409,647 | )
Increase (decrease) in bank overdraft |  |  | 137,718 |  |  |  | 7,610 |  |  |  | 69,804 |  |  |  | (11,441 | )
Proceeds from issuance of capital shares |  |  | — |  |  |  | 18,402,978 |  |  |  | — |  |  |  | — |
Net cash provided by (used for) for financing activities |  |  | (23,090,031 | ) |  |  | 2,308,399 |  |  |  | (108,871,923 | ) |  |  | (167,568,536 | )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  | (1,949 | ) |  |  | 35 |  |  |  | 773 |  |  |  | (33 | )
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency |  |  | 1,546,656 |  |  |  | 15,721 |  |  |  | (33,073 | ) |  |  | (30,080 | )
Restricted and unrestricted cash and foreign currency at beginning of period |  |  | 4,653,832 |  |  |  | 960 |  |  |  | 155,883 |  |  |  | 31,101 |
Restricted and unrestricted cash and foreign currency at end of period |  | $ | 6,200,488 |  |  | $ | 16,681 |  |  | $ | 122,810 |  |  | $ | 1,021 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of distributions |  | $ | — |  |  | $ | 828,233 |  |  | $ | — |  |  | $ | — |

F I N A N C I A L S T A T E M E N T S |  | 137

Statements of Cash Flows
(unaudited) (continued)
Six Months Ended June 30, 2022

|  | BGY |  |  | BME |  |  | BMEZ |  |  | BIGZ |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — exchange-traded options written |  | $ | 5,611,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Collateral — OTC derivatives |  |  | 355,000 |  |  |  | — |  |  |  | 36,000 |  |  |  | — |
Foreign currency at value |  |  | 234,488 |  |  |  | 16,681 |  |  |  | 86,810 |  |  |  | 1,021 |
|  | $ | 6,200,488 |  |  | $ | 16,681 |  |  | $ | 122,810 |  |  | $ | 1,021 |

See notes to financial statements.

138 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Cash Flows
(unaudited) (continued)
Six Months Ended June 30, 2022

|  | BCX |  |  | BST (a) |  |  | BSTZ (a) |  |  | BUI |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net decrease in net assets resulting from operations |  | $ | (201,916 | ) |  | $ | (554,714,509 | ) |  | $ | (1,155,590,521 | ) |  | $ | (76,365,628 | )
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  | 489,272,893 |  |  |  | 279,277,075 |  |  |  | 543,229,159 |  |  |  | 94,452,834 |
Purchases of long-term investments |  |  | (433,429,812 | ) |  |  | (242,874,215 | ) |  |  | (456,508,918 | ) |  |  | (91,943,048 | )
Net purchases of short-term securities |  |  | (8,462,376 | ) |  |  | (5,808,246 | ) |  |  | (58,279,912 | ) |  |  | (7,007,718 | )
Premiums paid on closing options written |  |  | (83,079,702 | ) |  |  | (10,759,648 | ) |  |  | (23,894,734 | ) |  |  | (13,606,700 | )
Premiums received from options written |  |  | 44,485,294 |  |  |  | 49,061,212 |  |  |  | 90,245,972 |  |  |  | 17,626,383 |
Net realized gain on investments and options written |  |  | (109,914,300 | ) |  |  | (48,188,694 | ) |  |  | (105,700,486 | ) |  |  | (13,362,149 | )
Net unrealized depreciation on investments, options written and foreign currency translations |  |  | 124,646,049 |  |  |  | 598,350,347 |  |  |  | 1,247,692,950 |  |  |  | 94,323,862 |
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | (22,122 | ) |  |  | (40,427 | ) |  |  | (62,939 | ) |  |  | (11,716 | )
Dividends — unaffiliated |  |  | (553,580 | ) |  |  | 63,063 |  |  |  | 90,093 |  |  |  | (365,257 | )
Securities lending income — affiliated |  |  | — |  |  |  | 41,692 |  |  |  | (28,699 | ) |  |  | (1,355 | )
Prepaid expenses |  |  | — |  |  |  | (22,220 | ) |  |  | — |  |  |  | — |
Deferred offering costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (85,329 | )
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral on securities loaned |  |  | — |  |  |  | (841,775 | ) |  |  | 2,971,824 |  |  |  | 529,383 |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting services fees |  |  | 19,437 |  |  |  | 16,125 |  |  |  | 87,018 |  |  |  | 16,125 |
Custodian fees |  |  | 29,280 |  |  |  | 35,763 |  |  |  | 79,956 |  |  |  | 24,280 |
Deferred capital gain tax |  |  | — |  |  |  | (708,764 | ) |  |  | 73,396 |  |  |  | — |
Investment advisory fees |  |  | 53,077 |  |  |  | (433,600 | ) |  |  | (1,271,985 | ) |  |  | (56,327 | )
Trustees’ and Officer’s fees |  |  | (103,066 | ) |  |  | 17,058 |  |  |  | 1,401 |  |  |  | 6,669 |
Other accrued expenses |  |  | 22,110 |  |  |  | 9,079 |  |  |  | 47,870 |  |  |  | 33,638 |
Professional fees |  |  | (5,467 | ) |  |  | (43,381 | ) |  |  | 22,058 |  |  |  | (16,625 | )
Transfer agent fees |  |  | 32,512 |  |  |  | 29,100 |  |  |  | 43,704 |  |  |  | 14,644 |
Net cash provided by operating activities |  |  | 22,788,311 |  |  |  | 62,465,035 |  |  |  | 83,247,207 |  |  |  | 4,205,966 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to shareholders |  |  | (22,941,193 | ) |  |  | (51,006,359 | ) |  |  | (87,874,724 | ) |  |  | (15,424,634 | )
Payments for offering costs |  |  | — |  |  |  | (4,000 | ) |  |  | — |  |  |  | (23,883 | )
Increase (decrease) in bank overdraft |  |  | (170,513 | ) |  |  | — |  |  |  | 487,417 |  |  |  | 53,595 |
Proceeds from issuance of capital shares |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,201,367 |
Net cash used for financing activities |  |  | (23,111,706 | ) |  |  | (51,010,359 | ) |  |  | (87,387,307 | ) |  |  | (4,193,555 | )
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash impact from foreign exchange fluctuations |  |  | (498 | ) |  |  | 182 |  |  |  | (1,044 | ) |  |  | 1 |
CASH AND FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash and foreign currency |  |  | (323,893 | ) |  |  | 11,454,858 |  |  |  | (4,141,144 | ) |  |  | 12,412 |
Restricted and unrestricted cash and foreign currency at beginning of period |  |  | 357,845 |  |  |  | 1,908,816 |  |  |  | 8,269,769 |  |  |  | 662,758 |
Restricted and unrestricted cash and foreign currency at end of period |  | $ | 33,952 |  |  | $ | 13,363,674 |  |  | $ | 4,128,625 |  |  | $ | 675,170 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of distributions |  | $ | — |  |  | $ | 576,177 |  |  | $ | — |  |  | $ | 567,690 |

F I N A N C I A L S T A T E M E N T S |  | 139

Statements of Cash Flows
(unaudited) (continued)
Six Months Ended June 30, 2022

|  | BCX |  |  | BST (a) |  |  | BSTZ (a) |  |  | BUI |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | — |  |  | $ | 41,743 |  |  | $ | 18,625 |  |  | $ | — |
Cash pledged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral — OTC derivatives |  |  | — |  |  |  | 400,000 |  |  |  | 3,600,000 |  |  |  | 603,500 |
Foreign currency at value |  |  | 33,952 |  |  |  | 12,921,931 |  |  |  | — |  |  |  | 71,670 |
Due from Broker |  |  | — |  |  |  | — |  |  |  | 510,000 |  |  |  | — |
|  | $ | 33,952 |  |  | $ | 13,363,674 |  |  | $ | 4,128,625 |  |  | $ | 675,170 |

(a) | Consolidated Statement of Cash Flows.

See notes to financial statements.

140 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights
(For a share outstanding throughout each period)

|  | BGR |
|  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of period |  | $ | 10.77 |  |  | $ | 8.17 |  |  | $ | 12.57 |  |  | $ | 11.98 |  |  | $ | 15.79 |  |  | $ | 16.33 |
Net investment income (a) |  |  | 0.20 |  |  |  | 0.28 |  |  |  | 0.32 |  |  |  | 0.34 |  |  |  | 0.28 |  |  |  | 0.40 | (b)
Net realized and unrealized gain (loss) |  |  | 1.80 |  |  |  | 2.77 |  |  |  | (4.06 | ) |  |  | 1.18 |  |  |  | (3.16 | ) |  |  | (0.01 | )
Net increase (decrease) from investment operations |  |  | 2.00 |  |  |  | 3.05 |  |  |  | (3.74 | ) |  |  | 1.52 |  |  |  | (2.88 | ) |  |  | 0.39 |
Distributions (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.26 | ) (d) |  |  | (0.28 | ) |  |  | (0.32 | ) |  |  | (0.34 | ) |  |  | (0.27 | ) |  |  | (0.40 | )
Return of capital |  |  | — |  |  |  | (0.17 | ) |  |  | (0.34 | ) |  |  | (0.59 | ) |  |  | (0.66 | ) |  |  | (0.53 | )
Total distributions |  |  | (0.26 | ) |  |  | (0.45 | ) |  |  | (0.66 | ) |  |  | (0.93 | ) |  |  | (0.93 | ) |  |  | (0.93 | )
Net asset value, end of period |  | $ | 12.51 |  |  | $ | 10.77 |  |  | $ | 8.17 |  |  | $ | 12.57 |  |  | $ | 11.98 |  |  | $ | 15.79 |
Market price, end of period |  | $ | 10.97 |  |  | $ | 9.48 |  |  | $ | 7.10 |  |  | $ | 11.88 |  |  | $ | 10.45 |  |  | $ | 14.18 |
Total Return (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 18.75 | % (f) |  |  | 38.36 | % (g) |  |  | (29.03 | )% |  |  | 13.74 | % |  |  | (18.84 | )% |  |  | 3.49 | %
Based on market price |  |  | 18.30 | % (f) |  |  | 40.14 | % |  |  | (34.74 | )% |  |  | 23.23 | % |  |  | (21.16 | )% |  |  | 5.11 | %
Ratios to Average Net Assets (h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.24 | % (i) |  |  | 1.33 | % |  |  | 1.37 | % |  |  | 1.35 | % |  |  | 1.29 | % |  |  | 1.31 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.02 | % (i) |  |  | 1.11 | % |  |  | 1.15 | % |  |  | 1.16 | % |  |  | 1.14 | % |  |  | 1.18 | %
Net investment income |  |  | 3.12 | % (i) |  |  | 2.88 | % |  |  | 3.77 | % |  |  | 2.67 | % |  |  | 1.87 | % |  |  | 2.69 | % (b)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 356,383 |  |  | $ | 313,503 |  |  | $ | 237,868 |  |  | $ | 374,896 |  |  | $ | 357,391 |  |  | $ | 471,062 |
Portfolio turnover rate |  |  | 39 | % |  |  | 61 | % |  |  | 62 | % |  |  | 24 | % |  |  | 32 | % |  |  | 24 | %

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

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

(f) | Aggregate total return.

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

(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) | Annualized.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 141

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

|  | CII |
|  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of period |  | $ | 22.10 |  |  | $ | 19.12 |  |  | $ | 17.96 |  |  | $ | 15.28 |  |  | $ | 17.19 |  |  | $ | 15.08 |
Net investment income (a) |  |  | 0.03 |  |  |  | 0.04 |  |  |  | 0.13 |  |  |  | 0.18 |  |  |  | 0.17 |  |  |  | 0.15 |
Net realized and unrealized gain (loss) |  |  | (3.09 | ) |  |  | 4.04 |  |  |  | 2.08 |  |  |  | 3.50 |  |  |  | (1.09 | ) |  |  | 2.95 |
Net increase (decrease) from investment operations |  |  | (3.06 | ) |  |  | 4.08 |  |  |  | 2.21 |  |  |  | 3.68 |  |  |  | (0.92 | ) |  |  | 3.10 |
Distributions (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.60 | ) |  |  | (0.04 | ) |  |  | (0.13 | ) |  |  | (0.19 | ) |  |  | (0.17 | ) (c) |  |  | (0.15 | )
From net realized gain |  |  | — |  |  |  | (1.06 | ) |  |  | (0.92 | ) |  |  | (0.44 | ) |  |  | (0.28 | ) (c) |  |  | — |
Return of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.37 | ) |  |  | (0.54 | ) |  |  | (0.84 | )
Total distributions |  |  | (0.60 | ) |  |  | (1.10 | ) |  |  | (1.05 | ) |  |  | (1.00 | ) |  |  | (0.99 | ) |  |  | (0.99 | )
Net asset value, end of period |  | $ | 18.44 |  |  | $ | 22.10 |  |  | $ | 19.12 |  |  | $ | 17.96 |  |  | $ | 15.28 |  |  | $ | 17.19 |
Market price, end of period |  | $ | 17.58 |  |  | $ | 22.12 |  |  | $ | 17.40 |  |  | $ | 17.25 |  |  | $ | 14.08 |  |  | $ | 16.38 |
Total Return (d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | (13.99 | )% (e) |  |  | 21.97 | % |  |  | 13.94 | % |  |  | 25.08 | % |  |  | (5.44 | )% |  |  | 21.69 | %
Based on market price |  |  | (18.08 | )% (e) |  |  | 34.15 | % |  |  | 7.97 | % |  |  | 30.38 | % |  |  | (8.56 | )% |  |  | 27.54 | %
Ratios to Average Net Assets (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 0.89 | % (g) |  |  | 0.90 | % |  |  | 0.91 | % |  |  | 0.91 | % |  |  | 0.90 | % |  |  | 0.93 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.89 | % (g) |  |  | 0.90 | % |  |  | 0.91 | % |  |  | 0.91 | % |  |  | 0.90 | % |  |  | 0.93 | %
Net investment income |  |  | 0.28 | % (g) |  |  | 0.21 | % |  |  | 0.78 | % |  |  | 1.08 | % |  |  | 1.00 | % |  |  | 0.94 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 813,601 |  |  | $ | 975,479 |  |  | $ | 843,673 |  |  | $ | 792,638 |  |  | $ | 674,077 |  |  | $ | 758,400 |
Portfolio turnover rate |  |  | 14 | % |  |  | 27 | % |  |  | 46 | % |  |  | 32 | % |  |  | 27 | % |  |  | 32 | %

(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) | Aggregate total return.

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

(g) | Annualized.

See notes to financial statements.

142 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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

|  | BDJ |
|  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of period |  | $ | 10.23 |  |  | $ | 9.35 |  |  | $ | 10.03 |  |  | $ | 8.74 |  |  | $ | 9.96 |  |  | $ | 9.22 |
Net investment income (a) |  |  | 0.08 |  |  |  | 0.15 |  |  |  | 0.18 |  |  |  | 0.18 |  |  |  | 0.18 | (b) |  |  | 0.16 |
Net realized and unrealized gain (loss) |  |  | (0.90 | ) |  |  | 1.60 |  |  |  | (0.26 | ) |  |  | 1.86 |  |  |  | (0.84 | ) |  |  | 1.14 |
Net increase (decrease) from investment operations |  |  | (0.82 | ) |  |  | 1.75 |  |  |  | (0.08 | ) |  |  | 2.04 |  |  |  | (0.66 | ) |  |  | 1.30 |
Distributions (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.32 | ) |  |  | (0.28 | ) |  |  | (0.15 | ) |  |  | (0.08 | ) |  |  | (0.18 | ) (d) |  |  | (0.17 | )
From net realized gain |  |  | — |  |  |  | (0.59 | ) |  |  | (0.45 | ) |  |  | (0.67 | ) |  |  | (0.38 | ) (d) |  |  | (0.39 | )
Total distributions |  |  | (0.32 | ) |  |  | (0.87 | ) |  |  | (0.60 | ) |  |  | (0.75 | ) |  |  | (0.56 | ) |  |  | (0.56 | )
Net asset value, end of period |  | $ | 9.09 |  |  | $ | 10.23 |  |  | $ | 9.35 |  |  | $ | 10.03 |  |  | $ | 8.74 |  |  | $ | 9.96 |
Market price, end of period |  | $ | 8.83 |  |  | $ | 10.08 |  |  | $ | 8.47 |  |  | $ | 9.92 |  |  | $ | 7.77 |  |  | $ | 9.23 |
Total Return (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | (8.07 | )% (f)(g) |  |  | 19.33 | % |  |  | 0.77 | % |  |  | 24.52 | % |  |  | (6.59 | )% |  |  | 15.06 | %
Based on market price |  |  | (9.37 | )% (g) |  |  | 29.80 | % |  |  | (7.70 | )% |  |  | 38.53 | % |  |  | (10.39 | )% |  |  | 20.63 | %
Ratios to Average Net Assets (h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 0.82 | % (i) |  |  | 0.85 | % |  |  | 0.86 | % |  |  | 0.87 | % |  |  | 0.85 | % |  |  | 0.86 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.82 | % (i) |  |  | 0.85 | % |  |  | 0.86 | % |  |  | 0.87 | % |  |  | 0.85 | % |  |  | 0.86 | %
Net investment income |  |  | 1.69 | % (i) |  |  | 1.44 | % |  |  | 2.15 | % |  |  | 1.99 | % |  |  | 1.85 | % (b) |  |  | 1.73 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 1,690,652 |  |  | $ | 1,902,838 |  |  | $ | 1,739,122 |  |  | $ | 1,881,675 |  |  | $ | 1,638,237 |  |  | $ | 1,868,457 |
Portfolio turnover rate |  |  | 26 | % |  |  | 40 | % |  |  | 48 | % |  |  | 40 | % |  |  | 34 | % |  |  | 42 | %

(a) | Based on average shares outstanding.

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

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

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

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

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

(g) | Aggregate total return.

(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) | Annualized.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 143

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

|  | BOE |
|  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of period |  | $ | 13.40 |  |  | $ | 12.28 |  |  | $ | 12.32 |  |  | $ | 11.07 |  |  | $ | 13.22 |  |  | $ | 13.38 |
Net investment income (a) |  |  | 0.14 |  |  |  | 0.19 |  |  |  | 0.26 |  |  |  | 0.30 |  |  |  | 0.31 |  |  |  | 0.17 |
Net realized and unrealized gain (loss) |  |  | (1.99 | ) |  |  | 1.69 |  |  |  | 0.46 |  |  |  | 1.71 |  |  |  | (1.61 | ) |  |  | 1.96 |
Net increase (decrease) from investment operations |  |  | (1.85 | ) |  |  | 1.88 |  |  |  | 0.72 |  |  |  | 2.01 |  |  |  | (1.30 | ) |  |  | 2.13 |
Distributions (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.38 | ) |  |  | (0.19 | ) |  |  | (0.26 | ) |  |  | (0.31 | ) |  |  | (0.31 | ) (c) |  |  | (0.19 | )
From net realized gain |  |  | — |  |  |  | (0.57 | ) |  |  | — |  |  |  | — |  |  |  | (0.52 | ) (c) |  |  | (2.10 | )
Return of capital |  |  | — |  |  |  | — |  |  |  | (0.50 | ) |  |  | (0.45 | ) |  |  | (0.02 | ) |  |  | — |
Total distributions |  |  | (0.38 | ) |  |  | (0.76 | ) |  |  | (0.76 | ) |  |  | (0.76 | ) |  |  | (0.85 | ) |  |  | (2.29 | )
Net asset value, end of period |  | $ | 11.17 |  |  | $ | 13.40 |  |  | $ | 12.28 |  |  | $ | 12.32 |  |  | $ | 11.07 |  |  | $ | 13.22 |
Market price, end of period |  | $ | 9.77 |  |  | $ | 12.18 |  |  | $ | 10.91 |  |  | $ | 10.99 |  |  | $ | 9.37 |  |  | $ | 12.51 |
Total Return (d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | (13.71 | )% (e) |  |  | 16.21 | % |  |  | 7.65 | % |  |  | 19.54 | % |  |  | (9.63 | )% |  |  | 17.22 | % (f)
Based on market price |  |  | (16.96 | )% (e) |  |  | 18.89 | % |  |  | 7.22 | % |  |  | 25.98 | % |  |  | (19.16 | )% |  |  | 28.28 | %
Ratios to Average Net Assets (g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.05 | % (h) |  |  | 1.07 | % |  |  | 1.09 | % |  |  | 1.12 | % |  |  | 1.08 | % |  |  | 1.09 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.87 | % (h) |  |  | 0.90 | % |  |  | 0.92 | % |  |  | 0.94 | % |  |  | 0.94 | % |  |  | 1.02 | %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes |  |  | 0.86 | % (h) |  |  | 0.90 | % |  |  | 0.92 | % |  |  | 0.94 | % |  |  | 0.94 | % |  |  | 1.02 | %
Net investment income |  |  | 2.27 | % (h) |  |  | 1.46 | % |  |  | 2.33 | % |  |  | 2.62 | % |  |  | 2.52 | % |  |  | 1.20 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 709,839 |  |  | $ | 857,721 |  |  | $ | 786,230 |  |  | $ | 807,712 |  |  | $ | 754,602 |  |  | $ | 911,227 |
Portfolio turnover rate |  |  | 22 | % |  |  | 65 | % |  |  | 61 | % |  |  | 26 | % |  |  | 28 | % |  |  | 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.

(e) | Aggregate total return.

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

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

(h) | Annualized.

See notes to financial statements.

144 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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

|  | BGY |
|  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of period |  | $ | 6.81 |  |  | $ | 6.49 |  |  | $ | 6.47 |  |  | $ | 5.79 |  |  | $ | 7.06 |  |  | $ | 6.28 |
Net investment income (a) |  |  | 0.08 |  |  |  | 0.09 |  |  |  | 0.12 |  |  |  | 0.16 |  |  |  | 0.17 | (b) |  |  | 0.09 |
Net realized and unrealized gain (loss) |  |  | (1.00 | ) |  |  | 0.64 |  |  |  | 0.31 |  |  |  | 0.93 |  |  |  | (1.00 | ) |  |  | 1.15 |
Net increase (decrease) from investment operations |  |  | (0.92 | ) |  |  | 0.73 |  |  |  | 0.43 |  |  |  | 1.09 |  |  |  | (0.83 | ) |  |  | 1.24 |
Distributions (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.20 | ) (d) |  |  | (0.14 | ) |  |  | (0.13 | ) |  |  | (0.16 | ) |  |  | (0.16 | ) (e) |  |  | (0.09 | )
From net realized gain |  |  | — |  |  |  | (0.15 | ) |  |  | — |  |  |  | (0.19 | ) |  |  | (0.28 | ) (e) |  |  | — |
Return of capital |  |  | — |  |  |  | (0.12 | ) |  |  | (0.28 | ) |  |  | (0.06 | ) |  |  | — |  |  |  | (0.37 | )
Total distributions |  |  | (0.20 | ) |  |  | (0.41 | ) |  |  | (0.41 | ) |  |  | (0.41 | ) |  |  | (0.44 | ) |  |  | (0.46 | )
Net asset value, end of period |  | $ | 5.69 |  |  | $ | 6.81 |  |  | $ | 6.49 |  |  | $ | 6.47 |  |  | $ | 5.79 |  |  | $ | 7.06 |
Market price, end of period |  | $ | 5.06 |  |  | $ | 6.28 |  |  | $ | 5.87 |  |  | $ | 5.89 |  |  | $ | 4.98 |  |  | $ | 6.52 |
Total Return (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | (13.36 | )% (g) |  |  | 11.92 | % |  |  | 8.18 | % |  |  | 20.20 | % |  |  | (11.48 | )% |  |  | 20.88 | % (h)
Based on market price |  |  | (16.45 | )% (g) |  |  | 14.11 | % |  |  | 7.49 | % |  |  | 27.22 | % |  |  | (17.55 | )% |  |  | 27.23 | %
Ratios to Average Net Assets (i) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.07 | % (j) |  |  | 1.09 | % |  |  | 1.10 | % |  |  | 1.13 | % |  |  | 1.09 | % |  |  | 1.12 | %
Total expenses after fees waived and/or reimbursed |  |  | 0.99 | % (j) |  |  | 0.99 | % |  |  | 1.00 | % |  |  | 1.03 | % |  |  | 0.99 | % |  |  | 1.02 | %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes |  |  | 0.97 | % (j) |  |  | 0.99 | % |  |  | 1.00 | % |  |  | 1.03 | % |  |  | 0.99 | % |  |  | 1.02 | %
Net investment income |  |  | 2.61 | % (j) |  |  | 1.34 | % |  |  | 1.99 | % |  |  | 2.57 | % |  |  | 2.59 | % (b) |  |  | 1.31 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 590,914 |  |  | $ | 709,510 |  |  | $ | 676,949 |  |  | $ | 683,247 |  |  | $ | 623,234 |  |  | $ | 769,678 |
Portfolio turnover rate |  |  | 21 | % |  |  | 71 | % |  |  | 60 | % |  |  | 28 | % |  |  | 60 | % |  |  | 90 | %

(a) | Based on average shares outstanding.

(b) | Net investment income per share and the ratio of net investment income to average net assets includes $0.10 per share and 29%, respectively, resulting from a non-recurring dividend.

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

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

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

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

(g) | Aggregate total return.

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

(i) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(j) | Annualized.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 145

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

|  | BME |
|  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of period |  | $ | 47.96 |  |  | $ | 45.66 |  |  | $ | 41.19 |  |  | $ | 35.87 |  |  | $ | 35.69 |  |  | $ | 31.30 |
Net investment income (a) |  |  | 0.06 |  |  |  | — |  |  |  | 0.01 |  |  |  | 0.06 |  |  |  | 0.07 |  |  |  | 0.02 |
Net realized and unrealized gain (loss) |  |  | (4.79 | ) |  |  | 4.74 |  |  |  | 6.86 |  |  |  | 7.66 |  |  |  | 2.51 |  |  |  | 6.77 |
Net increase (decrease) from investment operations |  |  | (4.73 | ) |  |  | 4.74 |  |  |  | 6.87 |  |  |  | 7.72 |  |  |  | 2.58 |  |  |  | 6.79 |
Distributions (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (1.28 | ) |  |  | (0.00 | ) (c) |  |  | (0.05 | ) |  |  | (0.12 | ) |  |  | (0.07 | ) (d) |  |  | (0.04 | )
From net realized gain |  |  | — |  |  |  | (2.44 | ) |  |  | (2.35 | ) |  |  | (2.28 | ) |  |  | (2.33 | ) (d) |  |  | (2.11 | )
Return of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.25 | )
Total distributions |  |  | (1.28 | ) |  |  | (2.44 | ) |  |  | (2.40 | ) |  |  | (2.40 | ) |  |  | (2.40 | ) |  |  | (2.40 | )
Net asset value, end of period |  | $ | 41.95 |  |  | $ | 47.96 |  |  | $ | 45.66 |  |  | $ | 41.19 |  |  | $ | 35.87 |  |  | $ | 35.69 |
Market price, end of period |  | $ | 42.40 |  |  | $ | 48.50 |  |  | $ | 47.59 |  |  | $ | 42.50 |  |  | $ | 36.45 |  |  | $ | 36.50 |
Total Return (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | (9.93 | )% (f) |  |  | 10.66 | % (g) |  |  | 17.50 | % |  |  | 22.26 | % |  |  | 7.26 | % |  |  | 22.17 | %
Based on market price |  |  | (9.97 | )% (f) |  |  | 7.37 | % |  |  | 18.69 | % |  |  | 24.15 | % |  |  | 6.57 | % |  |  | 23.17 | %
Ratios to Average Net Assets (h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.06 | % (i) |  |  | 1.08 | % |  |  | 1.10 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.12 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.06 | % (i) |  |  | 1.08 | % |  |  | 1.10 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.12 | %
Net investment income |  |  | 0.26 | % (i) |  |  | 0.01 | % |  |  | 0.01 | % |  |  | 0.16 | % |  |  | 0.19 | % |  |  | 0.06 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 566,061 |  |  | $ | 625,775 |  |  | $ | 545,936 |  |  | $ | 446,773 |  |  | $ | 352,675 |  |  | $ | 331,858 |
Portfolio turnover rate |  |  | 27 | % |  |  | 49 | % |  |  | 28 | % |  |  | 47 | % |  |  | 37 | % |  |  | 38 | %

(a) | Based on average shares outstanding.

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

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

(d) | 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) | Aggregate total return.

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

(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) | Annualized.

See notes to financial statements.

146 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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

|  | BMEZ |
|  |  | Six Months Ended 06/30/22 (unaudited | ) |  |  | Year Ended 12/31/21 |  |  |  | Period from 01/30/20 to 12/31/20 | (a)
Net asset value, beginning of period |  | $ | 26.47 |  |  | $ | 30.73 |  |  | $ | 20.00 |
Net investment loss (b) |  |  | (0.11 | ) |  |  | (0.32 | ) |  |  | (0.22 | )
Net realized and unrealized gain (loss) |  |  | (6.58 | ) |  |  | (2.23 | ) |  |  | 11.85 |
Net increase (decrease) from investment operations |  |  | (6.69 | ) |  |  | (2.55 | ) |  |  | 11.63 |
Distributions (c) |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.87 | ) |  |  | — |  |  |  | — |
From net realized gain |  |  | — |  |  |  | (1.71 | ) |  |  | (0.90 | )
Total distributions |  |  | (0.87 | ) |  |  | (1.71 | ) |  |  | (0.90 | )
Net asset value, end of period |  | $ | 18.91 |  |  | $ | 26.47 |  |  | $ | 30.73 |
Market price, end of period |  | $ | 16.43 |  |  | $ | 25.36 |  |  | $ | 28.65 |
Total Return (d) |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | (25.17 | )% (e) |  |  | (8.31 | )% |  |  | 59.62 | % (e)(f)
Based on market price |  |  | (32.14 | )% (e) |  |  | (5.76 | )% |  |  | 48.82 | % (e)
Ratios to Average Net Assets (g) |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.31 | % (h) |  |  | 1.30 | % |  |  | 1.29 | % (h)
Total expenses after fees waived and/or reimbursed |  |  | 1.31 | % (h) |  |  | 1.30 | % |  |  | 1.28 | % (h)
Net investment loss |  |  | (1.00 | )% (h) |  |  | (1.10 | )% |  |  | (1.00 | )% (h)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 2,119,547 |  |  | $ | 2,981,886 |  |  | $ | 3,462,638 |
Portfolio turnover rate |  |  | 36 | % |  |  | 44 | % |  |  | 43 | %

(a) | Commencement of operations.

(b) | Based on average shares outstanding.

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

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

(e) | Aggregate total return.

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

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

(h) | Annualized.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 147

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

|  | BIGZ |
|  |  | Six Months Ended 06/30/22 (unaudited | ) |  |  | Period from 03/29/21 to 12/31/21 | (a)
Net asset value, beginning of period |  | $ | 16.72 |  |  | $ | 20.00 |
Net investment loss (b) |  |  | (0.07 | ) |  |  | (0.15 | )
Net realized and unrealized loss |  |  | (6.60 | ) |  |  | (2.43 | )
Net decrease from investment operations |  |  | (6.67 | ) |  |  | (2.58 | )
Distributions (c) |  |  |  |  |  |  |  |
From net investment income |  |  | (0.57 | ) (d) |  |  | — |
Return of capital |  |  | — |  |  |  | (0.70 | )
Total distributions |  |  | (0.57 | ) |  |  | (0.70 | )
Net asset value, end of period |  | $ | 9.48 |  |  | $ | 16.72 |
Market price, end of period |  | $ | 7.94 |  |  | $ | 14.54 |
Total Return (e)(f) |  |  |  |  |  |  |  |
Based on net asset value |  |  | (40.12 | )% |  |  | (13.03 | )%
Based on market price |  |  | (42.33 | )% |  |  | (24.37 | )%
Ratios to Average Net Assets (g)(h) |  |  |  |  |  |  |  |
Total expenses |  |  | 1.33 | % |  |  | 1.29 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.33 | % (g) |  |  | 1.28 | %
Net investment loss |  |  | (1.20 | )% |  |  | (1.02 | )%
Supplemental Data |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 2,236,079 |  |  | $ | 3,981,653 |
Portfolio turnover rate |  |  | 26 | % |  |  | 55 | %

(a) | Commencement of operations.

(b) | Based on average shares outstanding.

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

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

(e) | Aggregate total return.

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

(g) | Annualized.

(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

148 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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

|  | BCX |
|  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of period |  | $ | 10.21 |  |  | $ | 8.45 |  |  | $ | 9.04 |  |  | $ | 8.44 |  |  | $ | 10.64 |  |  | $ | 9.86 |
Net investment income (a) |  |  | 0.15 |  |  |  | 0.29 |  |  |  | 0.20 |  |  |  | 0.23 |  |  |  | 0.22 |  |  |  | 0.20 | (b)
Net realized and unrealized gain (loss) |  |  | (0.15 | ) |  |  | 1.95 |  |  |  | (0.26 | ) |  |  | 0.99 |  |  |  | (1.80 | ) |  |  | 1.19 |
Net increase (decrease) from investment operations |  |  | — |  |  |  | 2.24 |  |  |  | (0.06 | ) |  |  | 1.22 |  |  |  | (1.58 | ) |  |  | 1.39 |
Distributions (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.26 | ) (d) |  |  | (0.38 | ) |  |  | (0.23 | ) |  |  | (0.23 | ) |  |  | (0.19 | ) |  |  | (0.24 | )
Return of capital |  |  | — |  |  |  | (0.10 | ) |  |  | (0.30 | ) |  |  | (0.39 | ) |  |  | (0.43 | ) |  |  | (0.37 | )
Total distributions |  |  | (0.26 | ) |  |  | (0.48 | ) |  |  | (0.53 | ) |  |  | (0.62 | ) |  |  | (0.62 | ) |  |  | (0.61 | )
Net asset value, end of period |  | $ | 9.95 |  |  | $ | 10.21 |  |  | $ | 8.45 |  |  | $ | 9.04 |  |  | $ | 8.44 |  |  | $ | 10.64 |
Market price, end of period |  | $ | 8.98 |  |  | $ | 9.35 |  |  | $ | 7.41 |  |  | $ | 8.07 |  |  | $ | 7.06 |  |  | $ | 9.77 |
Total Return (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | (0.05 | )% (f) |  |  | 27.20 | % |  |  | 1.56 | % |  |  | 15.88 | % |  |  | (14.90 | )% |  |  | 15.60 | %
Based on market price |  |  | (1.50 | )% (f) |  |  | 32.83 | % |  |  | (0.23 | )% |  |  | 23.67 | % |  |  | (22.47 | )% |  |  | 26.55 | %
Ratios to Average Net Assets (g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.05 | % (h) |  |  | 1.07 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.08 | % |  |  | 1.08 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.05 | % (h) |  |  | 1.07 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.08 | % |  |  | 1.08 | %
Total expenses after fees waived and/or reimbursed and excluding professional fees for foreign withholding taxes |  |  | 1.05 | % (h) |  |  | 1.07 | % |  |  | 1.09 | % |  |  | 1.11 | % |  |  | 1.08 | % |  |  | 1.08 | %
Net investment income |  |  | 2.67 | % (h) |  |  | 3.05 | % |  |  | 2.62 | % |  |  | 2.56 | % |  |  | 2.17 | % |  |  | 2.06 | % (b)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 878,618 |  |  | $ | 901,782 |  |  | $ | 746,615 |  |  | $ | 822,754 |  |  | $ | 798,282 |  |  | $ | 1,027,472 |
Portfolio turnover rate |  |  | 45 | % |  |  | 66 | % |  |  | 78 | % |  |  | 69 | % |  |  | 66 | % |  |  | 73 | %

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

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

(f) | Aggregate total return.

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

(h) | Annualized.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 149

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

|  | BST |
|  |  | Six Months Ended 06/30/22 (unaudited) | (a) |  |  | Year Ended December 31, |
|  |  | 2021 | (a) |  |  | 2020 | (a) |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Net asset value, beginning of period |  | $ | 52.40 |  |  | $ | 51.94 |  |  | $ | 32.45 |  |  | $ | 26.21 |  |  | $ | 27.73 |  |  | $ | 20.10 |
Net investment loss (b) |  |  | (0.17 | ) |  |  | (0.43 | ) |  |  | (0.28 | ) |  |  | (0.17 | ) |  |  | (0.13 | ) |  |  | (0.05 | )
Net realized and unrealized gain (loss) |  |  | (17.12 | ) |  |  | 5.84 |  |  |  | 21.82 |  |  |  | 9.92 |  |  |  | 0.37 |  |  |  | 8.96 |
Net increase (decrease) from investment operations |  |  | (17.29 | ) |  |  | 5.41 |  |  |  | 21.54 |  |  |  | 9.75 |  |  |  | 0.24 |  |  |  | 8.91 |
Distributions (c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (1.50 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — | (d) |  |  | (0.05 | )
From net realized gain |  |  | — |  |  |  | (4.27 | ) |  |  | (2.05 | ) |  |  | (3.51 | ) |  |  | (1.76 | ) (d) |  |  | (0.22 | )
Return of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1.01 | )
Total distributions |  |  | (1.50 | ) |  |  | (4.27 | ) |  |  | (2.05 | ) |  |  | (3.51 | ) |  |  | (1.76 | ) |  |  | (1.28 | )
Dilutive effect of rights offer (Note 10) |  |  | — |  |  |  | (0.68 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net asset value, end of period |  | $ | 33.61 |  |  | $ | 52.40 |  |  | $ | 51.94 |  |  | $ | 32.45 |  |  | $ | 26.21 |  |  | $ | 27.73 |
Market price, end of period |  | $ | 32.49 |  |  | $ | 49.97 |  |  | $ | 53.30 |  |  | $ | 33.27 |  |  | $ | 27.48 |  |  | $ | 26.69 |
Total Return (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | (33.40 | )% (f) |  |  | 9.44 | % |  |  | 68.76 | % (g) |  |  | 37.82 | % |  |  | 0.24 | % |  |  | 45.73 | %
Based on market price |  |  | (32.49 | )% (f) |  |  | 1.70 | % |  |  | 68.92 | % |  |  | 34.77 | % |  |  | 9.18 | % |  |  | 57.15 | %
Ratios to Average Net Assets (h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.07 | % (i) |  |  | 1.05 | % |  |  | 1.09 | % |  |  | 1.08 | % |  |  | 1.09 | % |  |  | 1.09 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.07 | % (i) |  |  | 1.00 | % |  |  | 0.99 | % |  |  | 0.92 | % |  |  | 0.89 | % |  |  | 0.89 | %
Net investment loss |  |  | (0.81 | )% (i) |  |  | (0.78 | )% |  |  | (0.73 | )% |  |  | (0.52 | )% |  |  | (0.43 | )% |  |  | (0.19 | )%
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 1,078,899 |  |  | $ | 1,681,166 |  |  | $ | 1,297,344 |  |  | $ | 742,672 |  |  | $ | 587,908 |  |  | $ | 620,300 |
Portfolio turnover rate |  |  | 18 | % |  |  | 31 | % |  |  | 20 | % |  |  | 32 | % |  |  | 53 | % |  |  | 41 | %

(a) | Consolidated Financial Highlights.

(b) | Based on average shares outstanding.

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

(d) | 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) | Aggregate total return.

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

(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) | Annualized.

See notes to financial statements.

150 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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

|  | BSTZ
|  |  | Six Months Ended 06/30/22 (unaudited) | (a) |  |  | Year Ended December 31, (a) |  |  |  | Period from 06/27/19 to 12/31/19 | (b)
|  | 2021 |  |  | 2020 |
Net asset value, beginning of period |  | $ | 38.82 |  |  | $ | 38.72 |  |  | $ | 20.95 |  |  | $ | 20.00 |
Net investment loss (c) |  |  | (0.17 | ) |  |  | (0.51 | ) |  |  | (0.30 | ) |  |  | (0.05 | )
Net realized and unrealized gain (loss) |  |  | (14.54 | ) |  |  | 3.69 |  |  |  | 19.32 |  |  |  | 1.50 |
Net increase (decrease) from investment operations |  |  | (14.71 | ) |  |  | 3.18 |  |  |  | 19.02 |  |  |  | 1.45 |
Distributions (d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (1.15 | ) |  |  | — |  |  |  | — |  |  |  | — |
From net realized gain |  |  | — |  |  |  | (3.08 | ) |  |  | (1.10 | ) |  |  | — |
Return of capital |  |  | — |  |  |  | — |  |  |  | (0.15 | ) |  |  | (0.50 | )
Total distributions |  |  | (1.15 | ) |  |  | (3.08 | ) |  |  | (1.25 | ) |  |  | (0.50 | )
Net asset value, end of period |  | $ | 22.96 |  |  | $ | 38.82 |  |  | $ | 38.72 |  |  | $ | 20.95 |
Market price, end of period |  | $ | 19.59 |  |  | $ | 38.94 |  |  | $ | 36.38 |  |  | $ | 20.50 |
Total Return (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | (38.15 | )% (f) |  |  | 8.41 | % |  |  | 94.60 | % (g) |  |  | 7.40 | % (f)
Based on market price |  |  | (47.39 | )% (f) |  |  | 15.75 | % |  |  | 86.85 | % |  |  | 5.10 | % (f)
Ratios to Average Net Assets (h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.33 | % (i) |  |  | 1.31 | % |  |  | 1.33 | % |  |  | 1.32 | % (i)
Total expenses after fees waived and/or reimbursed |  |  | 1.33 | % (i) |  |  | 1.31 | % |  |  | 1.33 | % |  |  | 1.30 | % (i)
Net investment loss |  |  | (1.16 | )% (i) |  |  | (1.25 | )% |  |  | (1.16 | )% |  |  | (0.48 | )% (i)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 1,802,895 |  |  | $ | 3,048,962 |  |  | $ | 3,023,744 |  |  | $ | 1,635,966 |
Portfolio turnover rate |  |  | 20 | % |  |  | 18 | % |  |  | 45 | % |  |  | 16 | %

(a) | Consolidated Financial Highlights.

(b) | Commencement of operations.

(c) | Based on average shares outstanding.

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

(e) | 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) | Aggregate total return.

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

(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) | Annualized.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 151

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

|  | BUI |
|  | Six Months Ended 06/30/22 (unaudited) |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net asset value, beginning of period |  | $ | 25.86 |  |  | $ | 23.80 |  |  | $ | 22.02 |  |  | $ | 18.77 |  |  | $ | 21.12 |  |  | $ | 19.42 |
Net investment income (a) |  |  | 0.21 |  |  |  | 0.24 |  |  |  | 0.33 |  |  |  | 0.37 |  |  |  | 0.49 |  |  |  | 0.56 |
Net realized and unrealized gain (loss) |  |  | (3.68 | ) |  |  | 3.27 |  |  |  | 2.90 |  |  |  | 4.33 |  |  |  | (1.39 | ) |  |  | 2.59 |
Net increase (decrease) from investment operations |  |  | (3.47 | ) |  |  | 3.51 |  |  |  | 3.23 |  |  |  | 4.70 |  |  |  | (0.90 | ) |  |  | 3.15 |
Distributions (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.73 | ) (c) |  |  | (0.24 | ) |  |  | (0.20 | ) |  |  | (0.24 | ) |  |  | (0.63 | ) (d) |  |  | (0.47 | )
From net realized gain |  |  | — |  |  |  | (0.76 | ) |  |  | (1.08 | ) |  |  | (1.06 | ) |  |  | (0.81 | ) (d) |  |  | (0.98 | )
Return of capital |  |  | — |  |  |  | (0.45 | ) |  |  | (0.17 | ) |  |  | (0.15 | ) |  |  | (0.01 | ) |  |  | — |
Total distributions |  |  | (0.73 | ) |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | ) |  |  | (1.45 | )
Net asset value, end of period |  | $ | 21.66 |  |  | $ | 25.86 |  |  | $ | 23.80 |  |  | $ | 22.02 |  |  | $ | 18.77 |  |  | $ | 21.12 |
Market price, end of period |  | $ | 21.88 |  |  | $ | 26.62 |  |  | $ | 25.04 |  |  | $ | 22.31 |  |  | $ | 19.76 |  |  | $ | 21.62 |
Total Return (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | (13.61 | )% (f) |  |  | 15.13 | % |  |  | 15.87 | % |  |  | 25.63 | % |  |  | (4.40 | )% |  |  | 16.62 | %
Based on market price |  |  | (15.22 | )% (f) |  |  | 12.65 | % |  |  | 20.32 | % |  |  | 20.91 | % |  |  | (1.68 | )% |  |  | 25.93 | %
Ratios to Average Net Assets (g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.08 | % (h) |  |  | 1.08 | % |  |  | 1.13 | % |  |  | 1.12 | % |  |  | 1.12 | % |  |  | 1.11 | %
Total expenses after fees waived and/or reimbursed |  |  | 1.08 | % (h) |  |  | 1.07 | % |  |  | 1.10 | % |  |  | 1.10 | % |  |  | 1.09 | % |  |  | 1.09 | %
Net investment income |  |  | 1.80 | % (h) |  |  | 0.97 | % |  |  | 1.58 | % |  |  | 1.78 | % |  |  | 2.46 | % |  |  | 2.70 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 478,643 |  |  | $ | 559,805 |  |  | $ | 444,526 |  |  | $ | 383,337 |  |  | $ | 318,933 |  |  | $ | 357,776 |
Portfolio turnover rate |  |  | 17 | % |  |  | 20 | % |  |  | 39 | % |  |  | 39 | % |  |  | 28 | % |  |  | 31 | %

(a) | Based on average shares outstanding.

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

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

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

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

(f) | Aggregate total return.

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

(h) | Annualized.

See notes to financial statements.

152 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements
(unaudited)

1. | ORGANIZATION

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

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

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the 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
open-end
non-index
fixed-income funds and all BlackRock-advised
closed-end
funds referred to as the BlackRock Fixed-Income Complex.
Basis of Consolidation:
The accompanying consolidated financial statements of BST include the accounts of BST Subsidiary, LLC (the “BST Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BST. The BST Taxable Subsidiary enables BST to hold an investment in an operating partnership and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the BST Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BST. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BST. BST may invest up to 25% of its total assets in the BST Taxable Subsidiary. The net assets of the BST Taxable Subsidiary as of period end were $16,023,088, which is 1.5% of BST’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BST Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BST.
The accompanying consolidated financial statements of BSTZ include the accounts of BSTZ Subsidiary, LLC (the “BSTZ Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BSTZ. The BSTZ Taxable Subsidiary enables BSTZ to hold an investment in an operating partnership and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the BSTZ Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for BSTZ. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BSTZ. BSTZ may invest up to 25% of its total assets in the BSTZ Taxable Subsidiary. The net assets of the BSTZ Taxable Subsidiary as of period end were $30,045,968, which is 1.7% of BSTZ’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The BSTZ Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BSTZ.

2. | SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition:
For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.
Dividend income and capital gain distributions, if any, are recorded on the
ex-dividend
dates.
Non-cash
dividends, if any, are recorded on the
ex-dividend
dates at fair value.
Dividends from foreign securities where the
ex-dividend
dates may have passed are subsequently recorded when the Trusts are informed of the
ex-dividend
dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.
Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation:
Each Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

N O T E S T O F I N A N C I A L S T A T E M E N T S |  | 153

Notes to Financial Statements
(unaudited) (continued)
Each Trust does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes:
The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Trust invests. These foreign taxes, if any, are paid by each Trust and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.
The Trusts file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trusts may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Segregation and Collateralization:
In cases where a Trust enters into certain investments (e.g., 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 investments to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
Distributions:
Distributions paid by the Trusts are recorded on the
ex-dividend
dates. Subject to the Trusts’ managed distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.
The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a
non-taxable
return of capital.
Deferred Compensation Plan:
Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.
Indemnifications:
In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.
Other:
Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies:
Each Trust’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies:
The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

| • |  | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

| • |  | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round

154 |  | 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements
(unaudited) (continued)

| lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

| • |  | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

| • |  | The Trusts value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets.

| • |  | Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an
arm’s-length
transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
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. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.
Fair Value Hierarchy:
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

N O T E S T O F I N A N C I A L S T A T E M E N T S |  | 155

Notes to Financial Statements
(unaudited) (continued)

| • |  | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access;

| • |  | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

| • |  | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors.
The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
As of June 30, 2022, certain investments of BME, BMEZ, BSTZ and BUI were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4. | SECURITIES AND OTHER INVESTMENTS

Preferred Stocks:
Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
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.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments. Any
non-cash
collateral received cannot be sold,
re-invested
or pledged by the Trust, except in the event of borrower default. The securities on loan, if any, are disclosed in the Trusts’ Schedules of Investments. The market value of any securities on loan and the value of 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, respectively.
Securities lending transactions are entered into by the Trusts under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the
non-defaulting
party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Trusts, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or
re-pledge
the loaned securities, and the Trusts can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or
re-pledge
the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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Notes to Financial Statements
(unaudited) (continued)
As of period end, the following table is a summary of the Trusts’ securities on loan by counterparty which are subject to offset under an MSLA:

Trust Name/Counterparty |  |  | Securities Loaned at Value |  |  |  | Cash Collateral Received | (a) |  |  | Non-Cash Collateral Received, at Fair Value | (a) |  |  | Net Amount | (b)
BME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Barclays Capital, Inc. |  | $ | 462,260 |  |  | $ | (462,260 | ) |  | $ | — |  |  | $ | — |
Citigroup Global Markets, Inc. |  |  | 42,146 |  |  |  | (41,747 | ) |  |  | — |  |  |  | 399 |
Morgan Stanley |  |  | 24,602 |  |  |  | (24,600 | ) |  |  | — |  |  |  | 2 |
State Street Bank & Trust Co. |  |  | 35,839 |  |  |  | (35,839 | ) |  |  | — |  |  |  | — |
Toronto-Dominion Bank |  |  | 1,720 |  |  |  | (1,300 | ) |  |  | — |  |  |  | 420 |
|  | $ | 566,567 |  |  | $ | (565,746 | ) |  | $ | — |  |  | $ | 821 |
BMEZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Barclays Capital, Inc. |  | $ | 2,061,484 |  |  | $ | (2,061,484 | ) |  | $ | — |  |  | $ | — |
BNP Paribas SA |  |  | 391,635 |  |  |  | (391,635 | ) |  |  | — |  |  |  | — |
BofA Securities, Inc. |  |  | 231,439 |  |  |  | (231,439 | ) |  |  | — |  |  |  | — |
Citigroup Global Markets, Inc. |  |  | 435,731 |  |  |  | (435,731 | ) |  |  | — |  |  |  | — |
Credit Suisse Securities (USA) LLC |  |  | 51,300 |  |  |  | (51,300 | ) |  |  | — |  |  |  | — |
Goldman Sachs & Co. LLC |  |  | 380,864 |  |  |  | (379,964 | ) |  |  | — |  |  |  | 900 |
Morgan Stanley |  |  | 452,866 |  |  |  | (452,631 | ) |  |  | — |  |  |  | 235 |
National Financial Services LLC |  |  | 2,488,520 |  |  |  | (2,434,845 | ) |  |  | — |  |  |  | 53,675 |
State Street Bank & Trust Co. |  |  | 204,981 |  |  |  | (203,070 | ) |  |  | — |  |  |  | 1,911 |
Toronto-Dominion Bank |  |  | 8,172 |  |  |  | (8,096 | ) |  |  | — |  |  |  | 76 |
|  | $ | 6,706,992 |  |  | $ | (6,650,195 | ) |  | $ | — |  |  | $ | 56,797 |
BSTZ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Barclays Capital, Inc. |  | $ | 2,388,957 |  |  | $ | (2,388,957 | ) |  | $ | — |  |  | $ | — |
BNP Paribas SA |  |  | 15,800 |  |  |  | (15,800 | ) |  |  | — |  |  |  | — |
Goldman Sachs & Co. LLC |  |  | 2,190,513 |  |  |  | (2,190,513 | ) |  |  | — |  |  |  | — |
Toronto-Dominion Bank |  |  | 37,920 |  |  |  | (37,920 | ) |  |  | — |  |  |  | — |
|  | $ | 4,633,190 |  |  | $ | (4,633,190 | ) |  | $ | — |  |  | $ | — |
BUI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goldman Sachs & Co. LLC |  | $ | 505,064 |  |  | $ | (505,064 | ) |  | $ | — |  |  | $ | — |

| (a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Trust is disclosed in the Trust’s Statements of Assets and Liabilities. |

| (b) | The market value of the loaned securities is determined as of June 30, 2022. Additional collateral is delivered to each Trust on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. |

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Trusts benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Trust could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Trusts.

5. | DERIVATIVE FINANCIAL INSTRUMENTS

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.
Options:
The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.
Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

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Notes to Financial Statements
(unaudited) (continued)
In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.
Master Netting Arrangements:
In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements:
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the
mark-to-market
amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trust and the counterparty.
Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements
of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively.
Non-cash
collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell,
re-pledge
or use cash and
non-cash
collateral it receives. A Trust generally agrees not to use
non-cash
collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from the counterparties are not fully collateralized, each Trust bears the risk of loss from counterparty
non-performance.
Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory:
Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.
For such services, each Trust, except BCX pays the Manager a monthly fee at the following annual rates:
Average weekly value of each Trust’s net assets:

|  | BGR |  |  | BDJ |  |  | BOE |  |  | BME |
Investment advisory fees |  |  | 1.20 | % |  |  | 0.80 | % |  |  | 1.00 | % |  |  | 1.00 | %

Average daily value of each Trust’s net assets:

|  | CII |  |  | BGY |  |  | BUI |
Investment advisory fees |  |  | 0.85 | % |  |  | 1.00 | % |  |  | 1.00 | %

Average daily value of each Trust’s managed assets:

|  | BMEZ |  |  | BIGZ |  |  | BST |  |  | BSTZ |
Investment advisory fees |  |  | 1.25 | % |  |  | 1.25 | % |  |  | 1.00 | % |  |  | 1.25 | %

For such services, BCX pays the Manager a monthly fee of 1.00% of the sum of the average daily value of the net assets of the Trust (excluding the value of the Trust’s interest in the BCX Subsidiary, LLC (the “BCX Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BCX) and the average daily value of the net assets of its subsidiary, which fee is allocated pro rata between the Trust and the BCX Taxable Subsidiary based on the average daily value of their respective net assets (excluding, in the case of the Trust, the value of the Trust’s interest in the BCX Taxable Subsidiary). The BCX Taxable Subsidiary had no net assets or activity during the period ended June 30, 2022.
For purposes of calculating these fees, “net assets” mean the total assets of CII and BCX minus the sum of its accrued liabilities.
For purposes of calculating these fees, “managed assets” are determined as total assets of BMEZ, BIGZ, 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).
For purposes of calculating these fees, “net assets” mean the total assets of BGR, BDJ, BOE, BGY, BME and BUI minus the sum of its accrued liabilities (which includes liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares).

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Notes to Financial Statements
(unaudited) (continued)
With respect to BGR, BOE, BGY, BCX and BUI, the Manager entered into separate
sub-advisory
agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of each Trust for which BIL acts as
sub-adviser,
a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.
The Manager provides investment management and other services to BST Taxable Subsidiary and BSTZ Taxable Subsidiary. The Manager does not receive separate compensation from the BST Taxable Subsidiary or BSTZ Taxable Subsidiary for providing investment management or administrative services. However, BST and BSTZ pay the Manager based on the Trust’s net assets, which includes the assets of the BST Taxable Subsidiary and BSTZ Taxable 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, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BME’s, BST’s and BUI’s common shares and a portion of such commission is
re-allowed
to broker-dealers engaged by BRIL. The commissions retained by BRIL during the six months ended June 30, 2022 amounted to $37,695, $0, and $21,497 for each of BME, BST and BUI, respectively.
Expense Limitations, Waivers and Reimbursements:
The Manager voluntarily agreed to waive a portion of the investment advisory fees on the following Trusts as a percentage of their average weekly net assets (BGR and BOE) or average daily net assets (BGY), as follows:

|  | BGR |  |  | BOE |  |  | BGY |
|  |  | 0.220 | % |  |  | 0.175 | % |  |  | 0.100 | %

These voluntary waivers may be reduced or discontinued at any time without notice. Effective June 1, 2022, the voluntary waiver agreement between the Manager and BGY was terminated.
For the six months ended June 30, 2022, the investment advisory fees waived, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations, were as follows:

Trust Name |  | Fees Waived and/or Reimbursed by the Manager |
BGR |  | $ | 407,271 |
BOE |  |  | 685,576 |
BGY |  |  | 274,077 |

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, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2022, the amounts waived were as follows:

Trust Name |  | Fees Waived and/or Reimbursed by the Manager |
BGR |  | $ | 1,046 |
CII |  |  | 2,837 |
BDJ |  |  | 14,166 |
BOE |  |  | 1,426 |
BGY |  |  | 1,676 |
BME |  |  | 7,222 |
BMEZ |  |  | 20,437 |
BIGZ |  |  | 2,696 |
BCX |  |  | 4,966 |
BST |  |  | 8,317 |
BSTZ |  |  | 12,846 |
BUI |  |  | 2,328 |

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, 2023. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the six months ended June 30, 2022, there were no fees waived by the Manager pursuant to this arrangement.
Securities Lending:
The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Trusts, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Trusts are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company, Money Market Series, managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Trusts. The Money Market Series may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule
2a-7
under the 1940 Act.

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Notes to Financial Statements
(unaudited) (continued)
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.
The share of securities lending income earned by each Trust is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended June 30, 2022, each Trust paid BIM the following amounts for securities lending agent services:

Trust Name |  | Amounts |
BDJ |  | $ | 2 |
BME |  |  | 1,251 |
BMEZ |  |  | 20,228 |
BIGZ |  |  | 948 |
BST |  |  | 3,821 |
BSTZ |  |  | 32,033 |
BUI |  |  | 242 |

Trustees and Officers:
Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.
Other Transactions:
During the period ended June 30, 2022, BDJ received a reimbursement of $1,577 from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.
The Trusts may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2022, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule
17a-7
under the 1940 Act were as follows:

Trust Name |  | Purchases |  |  | Sales |  |  | Net Realized Gain (Loss) |
BOE |  | $ | — |  |  | $ | 5,730,635 |  |  | $ | (144,921 | )
BGY |  |  | — |  |  |  | 8,487,966 |  |  |  | (212,936 | )

7. | PURCHASES AND SALES

For the six months ended June 30, 2022, purchases and sales of investments, excluding short-term investments, were as follows:

Trust Name |  | Purchases |  |  | Sales |
BGR |  | $ | 140,712,200 |  |  | $ | 173,661,921 |
CII |  |  | 130,665,522 |  |  |  | 137,934,953 |
BDJ |  |  | 474,178,478 |  |  |  | 541,438,438 |
BOE |  |  | 174,393,657 |  |  |  | 174,441,351 |
BGY |  |  | 138,905,275 |  |  |  | 155,899,089 |
BME |  |  | 150,726,856 |  |  |  | 156,316,971 |
BMEZ |  |  | 849,432,780 |  |  |  | 955,843,056 |
BIGZ |  |  | 776,070,184 |  |  |  | 925,654,708 |
BCX |  |  | 431,494,155 |  |  |  | 492,778,299 |
BST |  |  | 247,478,248 |  |  |  | 271,004,000 |
BSTZ |  |  | 480,232,400 |  |  |  | 550,566,063 |
BUI |  |  | 91,135,913 |  |  |  | 93,849,056 |

8. | INCOME TAX INFORMATION

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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Notes to Financial Statements
(unaudited) (continued)
Management has analyzed tax laws and regulations and their application to the Trusts as of June 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.
As of December 31, 2021, the Trusts had
non-expiring
capital loss carryforwards available to offset future realized capital gains as follows:

Trust Name |  | Non-Expiring |
BGR |  | $ | 269,130,117 |
BIGZ |  |  | 168,343,640 |
BCX |  |  | 412,547,801 |

As of June 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Trust Name |  | Tax Cost |  |  | Gross Unrealized Appreciation |  |  | Gross Unrealized Depreciation |  |  | Net Unrealized Appreciation (Depreciation) |
BGR |  | $ | 269,530,343 |  |  | $ | 117,528,480 |  |  | $ | (29,635,454 | ) |  | $ | 87,893,026 |
CII |  |  | 630,746,155 |  |  |  | 240,871,534 |  |  |  | (50,697,986 | ) |  |  | 190,173,548 |
BDJ |  |  | 1,553,586,665 |  |  |  | 256,776,866 |  |  |  | (101,188,064 | ) |  |  | 155,588,802 |
BOE |  |  | 702,842,038 |  |  |  | 94,072,268 |  |  |  | (78,021,775 | ) |  |  | 16,050,493 |
BGY |  |  | 569,312,134 |  |  |  | 85,832,056 |  |  |  | (65,073,312 | ) |  |  | 20,758,744 |
BME |  |  | 423,597,964 |  |  |  | 171,376,299 |  |  |  | (23,466,166 | ) |  |  | 147,910,133 |
BMEZ |  |  | 2,330,629,822 |  |  |  | 240,044,780 |  |  |  | (423,209,081 | ) |  |  | (183,164,301 | )
BIGZ |  |  | 3,177,679,100 |  |  |  | 20,475,073 |  |  |  | (943,004,291 | ) |  |  | (922,529,218 | )
BCX |  |  | 795,548,527 |  |  |  | 189,661,002 |  |  |  | (94,889,021 | ) |  |  | 94,771,981 |
BST |  |  | 803,265,374 |  |  |  | 410,166,067 |  |  |  | (124,326,834 | ) |  |  | 285,839,233 |
BSTZ |  |  | 1,477,880,873 |  |  |  | 569,221,582 |  |  |  | (196,739,188 | ) |  |  | 372,482,394 |
BUI |  |  | 374,408,600 |  |  |  | 125,956,924 |  |  |  | (18,262,592 | ) |  |  | 107,694,332 |

9. | PRINCIPAL RISKS

In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments. BME’s, BST’s and BUI’s prospectuses provide details of the risks to which each Trust is subject.
The Trusts may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.
Market Risk:
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
Valuation Risk:
The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.
The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and

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Notes to Financial Statements
(unaudited) (continued)
assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk:
The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.
A derivative contract may suffer a
mark-to-market
loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each Trust deposits collateral with its counterparty to a written option.
With exchange-traded options purchased, there is less counterparty credit risk to the Trusts since the exchange-traded 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).
Concentration Risk:
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Trust’s portfolio are disclosed in its Schedule of Investments.
As of period end, the Trusts listed below invested a significant portion of their assets in securities in the following sectors:

Sectors |  | Trust Name |
Energy |  |  | BGR, BCX |
Financials |  |  | BDJ |
Health Care |  |  | BME, BMEZ |
Information Technology |  |  | BST, BSTZ |
Materials |  |  | BCX |
Utilities |  |  | BUI |

Changes in economic conditions affecting such sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.
Certain Trusts invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Trust concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.
Certain Trusts invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a Trust concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Trust’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Trust’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be
more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.
Certain Trusts invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Trusts’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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Notes to Financial Statements
(unaudited) (continued)
LIBOR Transition Risk:
The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Trusts may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Trusts is uncertain.

10. | CAPITAL SHARE TRANSACTIONS

Each Trust is authorized to issue an unlimited number of shares, with the exception of CII, all of which were initially classified as Common Shares.​​​​​​​ CII is authorized to issue 200 million Common Shares. The par value for each Trust’s Common Shares is $0.001, except for CII, which is $0.10. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.
BME, BST and BUI have each filed a prospectus with the SEC allowing it to issue an additional 4,000,000, 18,000,000 and 8,000,000 Common Shares, respectively, through an equity Shelf Offering. Under the Shelf Offerings, BME, BST and BUI, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Trust’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 4,000,000, 18,000,000 and 7,991,336 Common Shares, respectively, remain available for issuance under the Shelf Offerings. During the period ended, June 30, 2022, BME, BST and BUI issued 426,681, 0 and 425,622 shares, respectively, under the Trust’s respective current Shelf Offering and the Trust’s prior Shelf Offering. See Additional Information — Shelf Offering Program for additional information.
Initial costs incurred by each of BME, BST and BUI in connection with its Shelf Offering are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against
paid-in-capital.
Any remaining deferred charges at the end of the shelf offering period will be charged to expense.
For the periods shown, shares issued and outstanding increased by the following amounts as a result of shares issued through the Shelf Offering:

Trust Name |  | Six Months Ended 06/30/22 |  |  | Year Ended 12/31/21 |
BME |  |  | 426,681 |  |  |  | 1,053,578 |
BST |  |  | — |  |  |  | 242,731 |
BUI |  |  | 425,622 |  |  |  | 2,910,832 |

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

Trust Name |  | Six Months Ended 06/30/22 |  |  | Year Ended 12/31/21 |
CII |  |  | — |  |  |  | 10,701 |
BME |  |  | 19,097 |  |  |  | 37,877 |
BIGZ |  |  | — |  |  |  | 231,136 |
BST |  |  | 15,418 |  |  |  | 40,859 |
BSTZ |  |  | — |  |  |  | 448,074 |
BUI |  |  | 24,183 |  |  |  | 63,066 |

The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2021 through November 30, 2022, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2021, for each Trust (other than BIGZ, BSTZ and BMEZ) or November 18, 2021 (for BIGZ, BSTZ and BMEZ) subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts. For the six months ended June 30, 2022, CII, BDJ, BME, BCX, BST, BSTZ and BUI did not repurchase any shares.
The total cost of the shares repurchased is reflected in the Trusts’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:

|  | BGR |
|  | Shares |  |  | Amounts |
Six Months Ended June 30, 2022 |  |  | 611,105 |  |  | $ | 7,221,391 |

|  | BOE |
|  | Shares |  |  | Amounts |
Six Months Ended June 30, 2022 |  |  | 488,481 |  |  | $ | 5,080,918 |
Year Ended December 31, 2021 |  |  | 18,558 |  |  |  | 205,246 |

|  | BGY |
|  | Shares |  |  | Amounts |
Six Months Ended June 30, 2022 |  |  | 390,308 |  |  | $ | 2,117,512 |

N O T E S T O F I N A N C I A L S T A T E M E N T S |  | 163

Notes to Financial Statements
(unaudited) (continued)

|  | BMEZ |
|  | Shares |  |  | Amounts |
Six Months Ended June 30, 2022 |  |  | 585,935 |  |  | $ | 9,529,955 |

|  | BIGZ |
|  | Shares |  |  | Amounts |
Six Months Ended June 30, 2022 |  |  | 2,389,535 |  |  | $ | 20,804,846 |
Year Ended December 31, 2021 |  |  | 5,142,849 |  |  |  | 74,068,155 |

For the period ended June 30, 2022, shares issued and outstanding remained constant for CII, BDJ, BCX and BSTZ. For the year ended December 31, 2021, shares issued and outstanding remained constant for BGR, BDJ, BGY, BMEZ and BCX.
With respect to BST, for the year ended December 31, 2021, shares issued and outstanding increased by 40,859 as a result of dividend reinvestment, 242,731 from the shelf offering and 6,822,923 from the rights issue.
As of June 30, 2022, BlackRock Financial Management, Inc., an affiliate of the Trust, owned 5,000 Shares of BIGZ.

11. | SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:
The Trusts declared and paid or will pay distributions to Common Shareholders as follows:

Trust Name |  | Declaration Date |  |  | Record Date |  |  | Payable/ Paid Date |  |  | Dividend Per Common Share |
BGR |  |  | 07/01/22 |  |  |  | 07/15/22 |  |  |  | 07/29/22 |  |  | $ | 0.049000 |
|  |  | 08/01/22 |  |  |  | 08/15/22 |  |  |  | 08/31/22 |  |  |  | 0.049000 |
CII |  |  | 07/01/22 |  |  |  | 07/15/22 |  |  |  | 07/29/22 |  |  |  | 0.099500 |
|  |  | 08/01/22 |  |  |  | 08/15/22 |  |  |  | 08/31/22 |  |  |  | 0.099500 |
BDJ |  |  | 07/01/22 |  |  |  | 07/15/22 |  |  |  | 07/29/22 |  |  |  | 0.056200 |
|  |  | 08/01/22 |  |  |  | 08/15/22 |  |  |  | 08/31/22 |  |  |  | 0.056200 |
BOE |  |  | 07/01/22 |  |  |  | 07/15/22 |  |  |  | 07/29/22 |  |  |  | 0.063000 |
|  |  | 08/01/22 |  |  |  | 08/15/22 |  |  |  | 08/31/22 |  |  |  | 0.063000 |
BGY |  |  | 07/01/22 |  |  |  | 07/15/22 |  |  |  | 07/29/22 |  |  |  | 0.033800 |
|  |  | 08/01/22 |  |  |  | 08/15/22 |  |  |  | 08/31/22 |  |  |  | 0.033800 |
BME |  |  | 07/01/22 |  |  |  | 07/15/22 |  |  |  | 07/29/22 |  |  |  | 0.213000 |
|  |  | 08/01/22 |  |  |  | 08/15/22 |  |  |  | 08/31/22 |  |  |  | 0.213000 |
BMEZ |  |  | 07/01/22 |  |  |  | 07/15/22 |  |  |  | 07/29/22 |  |  |  | 0.145000 |
|  |  | 08/01/22 |  |  |  | 08/15/22 |  |  |  | 08/31/22 |  |  |  | 0.145000 |
BIGZ |  |  | 07/01/22 |  |  |  | 07/15/22 |  |  |  | 07/29/22 |  |  |  | 0.070000 |
|  |  | 08/01/22 |  |  |  | 08/15/22 |  |  |  | 08/31/22 |  |  |  | 0.070000 |
BCX |  |  | 07/01/22 |  |  |  | 07/15/22 |  |  |  | 07/29/22 |  |  |  | 0.045000 |
|  |  | 08/01/22 |  |  |  | 08/15/22 |  |  |  | 08/31/22 |  |  |  | 0.045000 |
BST |  |  | 07/01/22 |  |  |  | 07/15/22 |  |  |  | 07/29/22 |  |  |  | 0.250000 |
|  |  | 08/01/22 |  |  |  | 08/15/22 |  |  |  | 08/31/22 |  |  |  | 0.250000 |
BSTZ |  |  | 07/01/22 |  |  |  | 07/15/22 |  |  |  | 07/29/22 |  |  |  | 0.192000 |
|  |  | 08/01/22 |  |  |  | 08/15/22 |  |  |  | 08/31/22 |  |  |  | 0.192000 |
BUI |  |  | 07/01/22 |  |  |  | 07/15/22 |  |  |  | 07/29/22 |  |  |  | 0.121000 |
|  |  | 08/01/22 |  |  |  | 08/15/22 |  |  |  | 08/31/22 |  |  |  | 0.121000 |

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Disclosure of Investment Advisory Agreements and
Sub-Advisory
Agreements
The Boards of Directors/Trustees, as applicable (collectively, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Energy and Resources Trust (“BGR”), BlackRock Enhanced Capital and Income Fund, Inc. (“CII”), BlackRock Enhanced Equity Dividend Trust (“BDJ”), BlackRock Enhanced Global Dividend Trust (“BOE”), BlackRock Enhanced International Dividend Trust (“BGY”), BlackRock Health Sciences Trust (“BME”), BlackRock Health Sciences Trust II (“BMEZ”), BlackRock Innovation & Growth Trust (“BIGZ”), BlackRock Resources & Commodities Strategy Trust (“BCX”), BlackRock Science and Technology Trust (“BST”), BlackRock Science and Technology Trust II (“BSTZ”) and BlackRock Utilities, Infrastructure & Power Opportunities Trust (“BUI” and collectively with BGR, CII, BDJ, BOE, BGY, BME, BMEZ, BCX, BST and BSTZ, the “Funds” and each, a “Fund”) met on April 14, 2022 (the “April Meeting”) and May
19-20,
2022 (the “May Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the
sub-advisory
agreements (the
“Sub-Advisory
Agreements”) between the Manager, BlackRock International Limited (the
“Sub-Advisor”)
and each of BGR, BOE, BGY, BCX and BUI. The Manager and the
Sub-Advisor
are referred to herein as “BlackRock.” The Advisory Agreements and the
Sub-Advisory
Agreements are referred to herein as the “Agreements.”
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members who are not “interested persons” of each Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional
one-day
meeting to consider specific information surrounding the renewal of the Agreements. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for
one-year,
three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (g) the nature, character and scope of
non-investment
management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (i) BlackRock’s implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the
open-end
fund,
closed-end
fund,
sub-advised
mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; (n) periodic updates on BlackRock’s business; and (o) each Fund’s market discount/premium compared to peer funds.
Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on Lipper classifications, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of
fall-out
benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts,
sub-advised
mutual funds,
closed-end
funds, and
open-end
funds, under similar investment mandates, as applicable; (e) a review of
non-management
fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.
At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.
At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any
fall-out
benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T S A N D S U B - A D V I S O R Y A G R E E M E N T S |  | 165

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements
(continued)
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to it on a
fund-by-fund
basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of
closed-end
funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other
non-investment
advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents registration statements in connection with each of BME’s, BUI’s and BST’s equity shelf program and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain
closed-end
funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans, including in light of the ongoing
COVID-19
pandemic.
B. The Investment Performance of each Fund and BlackRock
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2021, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the
ex-date
at a fund’s
ex-date
NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics (“Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.
In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board reviewed and considered BGR’s performance relative to BGR’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGR generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGR, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered CII’s performance relative to CII’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, CII generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for CII, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BDJ’s performance relative to BDJ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BDJ generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BDJ, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BOE’s performance relative to BOE’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BOE generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BOE, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BOE’s underperformance relative to the Performance Metrics.

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
(continued)
The Board reviewed and considered BGY’s performance relative to BGY’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGY generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGY, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BME’s performance relative to BME’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BME generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BME, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BMEZ’s performance relative to BMEZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BMEZ generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BMEZ, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BIGZ’s performance relative to BIGZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BIGZ generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BIGZ, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BCX’s performance relative to BCX’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BCX generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BCX, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BST’s performance relative to BST’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BST generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BST, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BSTZ’s performance relative to BSTZ’s Performance Metrics. Based on an overall rating relative to the Performance Metrics, BSTZ generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BSTZ, and that BlackRock has explained its rationale for this belief to the Board.
The Board reviewed and considered BUI’s performance relative to BUI’s Performance Metrics. Based on an overall rating relative to the Performance metrics, BUI generally performed above expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BUI, and that BlackRock has explained its rationale for this belief to the Board.
C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund
The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and
sub-advised
mutual funds (including mutual funds sponsored by third parties).
The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2021 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.
The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the
open-end
fund,
closed-end
fund,
sub-advised
mutual fund, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that BGR’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers. In addition, the Board noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
(continued)
payable by BGR. An advisory fee waiver has been in effect since 2015, the amount of which may have varied from time to time. After discussions between the Board, including Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 22 basis points voluntary advisory fee waiver.
The Board noted that CII’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.
The Board noted that BDJ’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.
The Board noted that BOE’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers. In addition, the Board noted that BlackRock had agreed to voluntarily waive a portion of the advisory fee payable by BOE. An advisory fee waiver has been in effect since 2015, the amount of which may have varied from time to time. After discussion between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the current 17.5 basis points voluntary advisory fee waiver.
The Board noted that BGY’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the second and third quartiles, respectively, relative to the Expense Peers.
The Board noted that BME’s contractual management fee rate ranked first out of four funds, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.
The Board noted that BMEZ’s contractual management fee rate ranked third out of four funds, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Expense Peers.
The Board noted that BIGZ’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Expense Peers.
The Board noted that BCX’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers.
The Board noted that BST’s contractual management fee rate ranked first out of four funds, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.
The Board noted that BSTZ’s contractual management fee rate ranked third out of four funds, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the Expense Peers.
The Board noted that BUI’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Expense Peers.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee was appropriate.
Based on the Board’s review and consideration of the issue, the Board concluded that most
closed-end
funds do not have fund level breakpoints because
closed-end
funds generally do not experience substantial growth after the initial public offering.
Closed-end
funds are typically priced at scale at a fund’s inception. The Board noted that although each of BME, BUI and BST may from
time-to-time
make additional share offerings pursuant to its equity shelf program, the growth of each of BME, BUI and BST’s assets will occur primarily through the appreciation of its investment portfolio.
E. Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or
“fall-out”
benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. 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.
The Board noted the competitive nature of the
closed-end
fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.
The Board also considered the various notable initiatives and projects BlackRock performed in connection with its
closed-end
fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements
(continued)
evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its
closed-end
funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of
closed-end
funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with
closed-end
fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the
closed-end
funds; and maintaining and enhancing its
closed-end
fund website.
Conclusion
At the May Meeting, as a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, approved, by unanimous vote of those present, the continuation of the Advisory Agreements between the Manager and each Fund for a
one-year
term ending June 30, 2023, and the
Sub-Advisory
Agreements among the Manager, the
Sub-Advisor
and each of BGR, BOE, BGY, BCX and BUI for a
one-year
term ending June 30, 2023. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as
all-important
or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

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Additional Information
Trust Certification
The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule
18f-4”).
The Trusts will be required to implement and comply with Rule
18f-4
by August 19, 2022. Once implemented, Rule
18f-4
will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Environmental, Social and Governance (“ESG”) Integration
Although a Trust does not seek to implement a specific ESG, impact or sustainability strategy unless otherwise disclosed, Trust management will consider ESG characteristics as part of the investment process for actively managed Trusts. These considerations will vary depending on a Trust’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. Trust management will consider those ESG characteristics it deems relevant or additive when making investment decisions for a Trust. The ESG characteristics utilized in a Trust’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. ESG characteristics are not the sole considerations when making investment decisions for a Trust. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Trust may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Trust’s exposure to certain companies or industries and a Trust may forego certain investment opportunities. While Trust management views ESG considerations as having the potential to contribute to a Trust’s long-term performance, there is no guarantee that such results will be achieved.
Dividend Policy
Each Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust.
The distributions paid by a Trust for any particular month may be more or less than the amount of net investment income earned by a Trust during such month. Furthermore, the final tax characterization of distributions is determined after the
year-end
of a Trust and is reported in each Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a
non-taxable
return of capital.
A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.
Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.
General Information
The Trusts, other than BME, BST and BUI, do not make available copies of their Statements of Additional Information because the Trusts’ shares, other than BME, BST and BUI, are not continuously offered, which means that the Statement of Additional Information of each Trust, other than BME, BST and BUI, has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.
BME’s, BST’s and BUI’s Statements of Additional Information include additional information about the Board and are available, without charge upon request by calling
(800)882-0052.
The following information is a summary of certain changes since December 31, 2021. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.
Except if noted otherwise herein, there were no changes to the Trusts’ charters or
by-laws
that would delay or prevent a change of control of the Trusts that were not approved by the shareholders.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

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Additional Information
(continued)
General Information (continued)
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at
blackrock.com
. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for
e-mail
notifications of quarterly statements, annual and semi-annual shareholder reports and, for BME, BST and BUI only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BME, BST and BUI only, prospectuses, are available on BlackRock’s website.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.
Householding
The Trusts will mail only one copy of shareholder documents, including for BME, BST and BUI only, prospectuses, annual and semi-annual reports, Rule
30e-3
notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800)
882-0052.
Availability of Quarterly Schedule of Investments
The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form
N-PORT.
The Trusts’ Forms
N-PORT
are available on the SEC’s website at
sec.gov
. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at
blackrock.com/fundreports
.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent
12-month
period ended June 30 is available without charge, upon request (1) by calling (800)
882-0052;
(2) on the BlackRock website at
blackrock.com
; and (3) on the SEC’s website at
sec.gov
.
Availability of Trust Updates
BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the
“Closed-end
Funds” section of
blackrock.com
as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.
Shelf Offering Program
From time to time, BME, BST and BUI may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BME, BST and BUI may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BME’s, BST’s and BUI’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BME, BST and BUI to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.
On April 26, 2022, BME filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of BME are not offers to sell BME Common Shares or solicitations of an offer to buy BME Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of BME contains important information about BME, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of BME carefully and in its entirety before investing. Copies of the final prospectus for can be obtained from
BlackRock at blackrock.com
.
On May 10, 2022, BST filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of BST are not offers to sell BST Common Shares or solicitations of an offer to buy BST Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of BST contains important information about BST, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of BST carefully and in its entirety before investing. Copies of the final prospectus for can be obtained from
BlackRock at blackrock.com
.
On March 10, 2022, BUI filed a final prospectus with the SEC in connection with its Shelf Offering. This report and the prospectus of BUI are not offers to sell BUI Common Shares or solicitations of an offer to buy BUI Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of BUI contains important information about BUI, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of BUI carefully and in its entirety before investing. Copies of the final prospectus for can be obtained from
BlackRock at blackrock.com
.

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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.
Trust and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited
(a)
Edinburgh, EH3 8BL
United Kingdom
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02111
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
Distributor
BlackRock Investments, LLC
(b)
New York, NY 10022
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Trusts
100 Bellevue Parkway
Wilmington, DE 19809
(a)
For BGR, BOE, BGY, BCX and BUI.
(b)
For BME, BST and BUI.

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Glossary of Terms Used in this Report

Currency Abbreviation
AUD |  | Australian Dollar
CAD |  | Canadian Dollar
CHF |  | Swiss Franc
DKK |  | Danish Krone
EUR |  | Euro
GBP |  | British Pound
HKD |  | Hong Kong Dollar
JPY |  | Japanese Yen
MXN |  | Mexican Peso
NOK |  | Norwegian Krone
SEK |  | Swedish Krona
SGD |  | Singapore Dollar
USD |  | United States Dollar
Portfolio Abbreviation
ADR |  | American Depositary Receipt
GDR |  | Global Depositary Receipt
LP |  | Limited Partnership
PJSC |  | Public Joint Stock Company
REIT |  | Real Estate Investment Trust
S&P |  | Standard & Poor’s
SAB |  | Special Assessment Bonds

G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |  | 173

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CEF-BK9-06/22-SAR

(b) Not Applicable

Item 2 – | Code of Ethics – Not Applicable to this semi-annual report

Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – | Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 – | Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 – | Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – 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 – Not applicable to this semi-annual report

Item 13 – | Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

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(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

(c) Notices to the registrant’s common shareholders in accordance with the order under Section 6(c) of the 1940 Act granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 under the 1940 Act, dated May 9, 20091

(101) Inline Interactive Data File -the instance document does not appear in the Interactive Data File because itsXBRL tags are embedded within the inline XBRL document.

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: August 19, 2022

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: August 19, 2022

|  | By: |  | /s/ Trent Walker
|  |  |  | Trent Walker
|  |  |  | Chief Financial Officer (principal financial officer) of
|  |  |  | BlackRock Utilities, Infrastructure & Power Opportunities Trust

Date: August 19, 2022

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